The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
r
Reproduced from the Unclassified I Declassified Holdings of the National Archives
ew
ior
Reproduced from the Unclassified / Declassified Holdings of the National Archives
EXHIBITS SUBMITTED AT HEARING IN
NEW YORK
EXHIBIT NO.
Bizallion, Henry H., - outline of nine districts,
1.
Bradstreet Co., New York, - list of names reported for 1913 and
1914 books,
2.
Carpenter, Henry S., - general outline of districts,
3.
Clearing House Association, New Haven, Conn., stating tjbat bank
ers of- tiiat Association preferred to become members of the
Federal Reserve of New York,
4.
Clearing House Association, Scranton, Pa., request tnat Scranton
be included in tiie New York district,
5*
Clearing House Association, Syracuse, N. Y., - resolution stating
tliat tne Federal Reserve Banks located at New York City would
best serve the banking interests of New York State,
6,
Clearing House Association, Rochester, H. Y., - statistics,
7*
Clement, P. W., Rutland, Vt., - letter stating that business of Vt.
West , <§
>£ tiie Green Mountains is done almost entirely witiL
New York,
8,
Conant, C. A., - General outline of districts,
9.
Connecticut Bankers Association of South Norwalk, Conn., enclosed
74 replies received to circular letters sent to 115 banks and
Trust companies in State of Connecticut,
10.
de Lima, 1. A., of the Battery Park National Bank, N. Y., - Brief,
11#
Dun Co., R. G., New York,- statement as to location of districts,
12*
First National Bank, Canton, N. Y., - letter,
13 .
<3013
Reproduced from the Unclassified I Declassified Holdings of the National Archives
HEW YORK- EXHIBITS, - 2.
EXHIBIT NO.
Flannagan, W. W., Montclair, IT. J*, - additional statement,
14.
Hepburn, A. B*, of the Chase National Bank, N. Y., encloses letter
from former Congressman, E. J. Hill,
15.
Hine, Francis, - location of Reserve Banks,
16.
Kones, G-. Ellsworth, IT. Y. City, - Suggestions for the estab
lishment of Federal Reserve districts,
17.
Kuehn, loeb & Co., - suggestions as to districts,
18.
La Monte, George Mason, Commissioner of Banking and Insurance
for Hew Jersey forwards map and memorandum relative to dis
tricts,
19*
Marshall, H. C., - general outline of districts,
20.
Merchants National Batik, N.Y., requests that Sayre, Pa., be in
cluded in the Hew York district,
21.
Newburyport Morning Herald, - editorial,
22.
Outerbridge, E. H., - statements,
23.
Page, Edward D., - general outline of districts,
24.
Rockville National Bank, Connecticut, prefers to be located
in Hew York district,
25.
Rothschild, Y* Sidney, - encloses newspaper clipping regard
remarks at hearing,
26
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Exhibit No.
1 - Z &
'T ^ L t^ r
sep'roduced from the Unclassified I Declassified Holdings of the National Aich ves
(9717)
T h e G o th a m Na t io n a l Ba n k o f N e w Yo rk
CAPITAL $ 2 0 0 ,0 0 0
SURPLUS $ 1 0 0,0 00
COLUMBUS CIRCLE AND EIGHTH AVENUE
^|ENR¥
Fr &
/v
H .B i z a l l io n , Pr esid ent
e r ic k
Th o m a s
Fo w l e r , v ic e
p r e s id e n t
NEW YORK
G . F r y , C a sh ie r
/
Jan. 28, 1914
Organization Committee,
Federal Reserve Bank,
Washington, D. C.
Gentleraen:During your sessions in t h is City you very
kindly afforded me the p riv ilege of placing before you my
ideas as to the establishment of the Federal Reserve Banks,
as required by law.
X very resp ectfu lly submit herewith outline
map of the United States showing nine Federal Reserve D is tr ic t s ,
and attached to t h is map i s an eetimate of the capital of the
nine Federal Reserve Banks*
0
>
Reproduced from the Unclassified I Declassified Holdings of the National Archives
PLAN OF THE ESTABLISHMENT OF MINE FEEERAL RESERVE DISTRICTS.
D is tr ic t No. 1
New England States.
Federal Reserve Bank located in
Boston.
Estimated banking capital and surplus o f the
D is tr ic t $203,000,000.
Estimated capital Federal
Reserve Bank $12,000*000.
D istr ic t No, 2
Federal Reserve Bank located in New York City.
Comprising New York City and Metropolitan D is tr ic t of
New Jersey.
Estimated banking capital and surplus
of the D istr ic t $420,000,000,
Estimated capital
Federal Reserve Bank $25,000,000.
D is tr ic t Mo. 3
Federal Reserve Bank located in Philadelphia.
Comprising Eastern Pennsylvania, Hew Jersey (except
Metropolitan D istrict in D istrict No. 2), Delaware, Mary
land, D is tr ic t o f Columbia, Virginia and North Carolina.
Estimated banking capital and surplus $240,000,000.
Estimated capital Federal Reserve Bank $15,000,000.
D istr ic t No. 4
Federal Reserve Bank located in Cincinnati, 0.
Comprising Western Pennsylvania, Ohio, West Virginia,
and Kentucky.
Estimated capital and surplus
$288,000,000.
Estimated capital Federal Reserve Bank
$17,000,000.
D is tr ic t Ho. 5
Federal Reserve Bank located in Chicago, 111,
Comprising I l l i n o i s , Indiana, Michigan, Wisconsin and
Minnesota.
Estimated capital and surplus $260,000,000.
Estimated capital Federal Reserve Bank $17,000,000.
D istr ic t No. 6
Federal Reserve Bank locsted in St, Louis, Mo.
Comprising Missouri, Iowa, Kansas, Arkansas, Oklahoma
and Tennessee,
Estimated capital and surplus $160,000,00
Esimated capital Federal Reserve Bank $10,000,000,
D istrict No. 7
Federal Reserve Bank located in New Orleans, La.
Comprising Louisiana, M ississip p i, Alabama, Georgia,
South Carolina, Florida and Tftxas.
Estimated capital
end surplus $172,000,000.
Estimated capital Federal
Reserve Bank $10,000,000.
D istr ic t No. 8
Federal Reserve Bank located in Denver, Colo.
Comprising Colorado, North Dakota, South Dakota, Wyoming,
New Mexico, Arizona, Utah, Montana and Nebraska.
Estimated capital and surplus $84,000,000.
Estimated capital Federal Reserve Bank $5,000,000.
D istr ic t No. 9
Federal Reserve Bank located in San Francisco, Cal.
Comprising California, Oregon, Washington, Idaho and
Nevada.
Estimated capital and surplus $39,000,000.
Estimated capital Federal Reserve Bank 1-8,000,000.
In giving an estimate of the banking capital and surplus in each
of the above D is tr ic ts I have taken the National banks capital, surplus
and undivided p ro fits; undivided p r o f it s , for I f e e l that much of th is
w i l l be carried to surplus account, and State banks w ill no doubt largely
join the System.
Respectfully submitted,
Henry H. B iza llio n ,
President, Gotham National Bank
New York, N. Y.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
January 12, 1914*
lly dear Sirs
%
your letter of January 7th, encloting
a l i s t of the total® of names reported by the o f fic e s
of your organization for the Fall, 1913, iasue of your
book, and thank you for aamsu
The Ceamittaa would fc« glad to have tfe* f l g u m
rapraeenting the eoatottt® of your January, 1914, volume,
which you kixidly o ffer to submit.
Very truly yovr»»
Mr* Henry 1* Duma,
President, The Bradstreet Co.,
flew York, ti# T.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
^■JZ^CTJTTVE OFFTCES
ESTAJBZISITJ5& 18^9 .
ZMCOJRPORATJZJD .1876.
JVJSW YOJEiH:.
O F F I C E S IN T H E P R IN C IP A L C I T I E S O F T H E U N I T E D S T A T E S , C A N A D A ,C U B A , M E X I C O , A U S T R A L IA , A N D IN L O N D O N , E N G L A N D , W I T H AN
E S T A B L I S H E D L IS T O F C O R R E S P O N D E N T S T H R O U G H O U T T H E C IV IL IZ E D W O R L D .
R epresented, th ro u g h o u t the E uro p ean C ontinent b y In stitu te
HED-B8
W.
Sohim m elpfeng.
Jannary ?
1914-
Ronoruble William 6 . KoAdoo,
Hew York City, N. Y.
Dear Sir;
In ooarplianoe with your request, wo beg leave to enclose herewith a l i s t of
the to ta l* o f names reported by the o f f lo e s of our Organisation for the Pall 1913
issu e of our book.
It should perhaps be noted that in making these d iv isio n s of
our work, we are governed more by the convenience in reporting than any other f a c to r .
the revised figu res representing the contents of the January 1914 Volume w i l l
be ready in a few days and we s h a ll be pleased to furnish them, i f the information
i s of any value to your Committee*
You w i l l , of course, oomamad us I f there i s anything e ls e that we oar. supply.
Yours very t r u ly ,
(Enclosure)
_____Z.--------- — ----------------------------
f r e s id e n t.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
SUMMARY OF NAMES BY DISTRICTS AND STATES.
Volume 183.
States.
ALABAM A.
A L A S K A ......................................
A R I Z O N A ....................................
A R K A N S A S ...............................
C A L I F O R N I A ......................
C O L O R A D O .................................
C O N N E C T IC U T ........................
D E L A W A R E .............................
D I S T R I C T O F C O L U M B IA
F L O R I D A .....................................
G E O R G IA ...................................
H A W A I I A N IS L A N D S
I D A H O .................................
IL L IN O IS
..........................
IN D IA N A
IO W A .
K A N S A S ___
KENTUCKY.
L O U I S I A N A ...........
M A I N E ......................
M A R Y L A N D .............
M ASSACHUSETTS
M IC H IG A N
.............
M I N N E S O T A ........
M I S S I S S I P P I ..........
M IS S O U R I ...............
M O N T A N A ...............
N E B R A S K A .............
N E V A D A ....................
N E W H A M P S H IR E
N E W J E R S E Y .......
N E W M E X IC O ....
N E W Y O R K ...........
Names.
M o n tg o m e r y .........
6,347
M o b ile ....................
2,893
B irm in g h am .........
7,864
N a s h v ille ................
2,378
Chattanooga .........
854
S e attle ....................
939
A lb u q u erq u e ........
133
Los A n g e le s ...........
1,2(31
P h oenix.....................
1,544
L itt le R o ck .............
8,941
F o r t S m it h .............
3,103
T e x a r k a n a .............
3,199
M e m p h is ................
3,235
San F ranc isco_____38,938
Los A n geles........... ..19,787
Sacram ento.............
1,508
D e n v e r .................... ..1 5,848
N e w H a v e n _____ _16,854
H a rtfo rd ............... .
6,533
B r id g e p o r t.............
2,8 0 6
P h ila d e lp h ia ...........
2,549
B a lt im o r e ...............
1,548
W a s h in g to n ...........
7,053
Jacksonville .........
6,319
T am pa ....................
4,646
1,645
M o b ile ....................
S a v a n n a h .................
5,858
A t la n t a .................... ..15,515
A u g u s ta .................
2,299
M a c o n ......................
3,784
Chattanooga .........
897
A l b a n y ....................
4,942
San F ran c isco ........
648
B o is e ........................
2,434
S a lt L a k e C i t y ___
1,316
S p o k a n e ...................
2,1 6 8
Chicago ................... 104 ,267
St. L ou is.....................19.983
B u r lin g t o n .............
183
P e o ria........................
3,823
D aven p o rt .............
3,049
D u b u q u e .................
494
Q u in cy......................
1,189
C in c in n a ti...............
5,583
L o u is v ille ...............
1,995
In dianapolis ......... ..2 2,988
9,953
Chicago ...................
E v a n s v ille .............
5,163
T e rre H a u te ...........
2,116
T o le d o ......................
3,530
6,485
B u r lin g t o n .............
Cedar R apids.........
2,589
Omaha ....................
5,171
D a v e n p o rt...............
5,161
D es M o in es......... .....1 1,088
D u b u q u e .................
6,796
Sioux C ity ...............
3,711
W a t e r lo o .................
3,121
Kansas C i t y ........... ..17,579
St. Jo s ep h ...............
5,000
W ic h ita ..................
6,760
H u n tin g to n .............
2,124
C in c in n a ti............... ..1 0,617
L o u is v ille .................11.990
N a s h v ille ...............
343
E v a n s v ille ...............
2,587
K n o x v i ll e ...............
1,438
St. L o u is ..................
2,240
N e w O rle a n s ......... ..1 7,523
S h re v e p o rt.............
2,331
P o rtlan d ...................17,684
B a ltim o re ...................2 3,862
B o sto n ...................... ..47,835
S p rin g fie ld .............
8,357
W o rc e s te r ...............
6,741
P ro v id e n c e .............
612
B a y C ity ..................
8,539
D e tro it .................... ..28,157
M ilw a u k e e .............
2,368
G rand R a p id s ..........11,734
Chicago ...................
1,499
D u l u t h ....................
2,112
D u l u t h ....................
3,801
St. P a u l.................... ..28,822
M in n e a p o lis ...........
6,414
F a r g o ........................
385
N e w O rlean s .........
5,290
M e m p h is .................
8,501
M o b ile ....................
460
Jackson ...................
3,987
St. L o u is .................. ..42,037
Kansas C i t y ........... ..15,792
St. J o s e p h ...............
5,456
H e le n a ....................
7,575
B u t t e ........................
1,053
Omaha .................. ....22,400
Lincoln ...................
1,032
1,813
Sioux C it y ...............
San Francisco........
1,486
Los A ngeles...........
261
S a lt L ak e C ity . . . .
428
Boston ....................
8,566
Easton ....................
1,371
N e w a r k .................... ...2 2,681
N e w Y o r k ............... ...20,320
P h iladelphia ......... ...11,479
A lb u q u e r q u e ........
3,300
N e w Y o rk ............. ...96,740
A lb a n y .................... ...12,103
4,543
B ingh am ton .........
B u ff a lo .................... ...19,524
E lm ir a ....................
3,303
Jam e s to w n .............
1,844
R o c h e s te r............... ...14,265
S y ra c u s e ................... 15,823
T r o y ..........................
5,711
U t i c a ........................
8,296
B ro o k ly n ....................4 3,8 2 3
Fall, 1913.
States.
Totals.
P o rtlan d .................
B o is e ........................
P E N N S Y L V A N IA .
E a sto n .........
Philadelphia
P it ts b u r g h ______
B u ffalo
B ingham ton .
E lm ir a ...........
Jam estow n . . .
Scranton.........
W ilk e s -B a rre
R e a d in g ____
H a rris b u rg . . .
W illia m s p o rt.
Y o ungstow n .
E r i e ..................
A lle n to w n ___
,813
,060
43 ,093
,689
408
648
922
,919
,327
,649
620
429
229
,720
439
163.965
R H O D E IS L A N D ....
P ro v id e n c e .............
11,282
11,282
S O U T H C A R O L IN A
A u g u sta . . .
C h arleston ..
C harlotte . . .
G re en ville ..
S a van n ah ...
14,349
SOUTH DAKO TA.
S ioux F a lls .............
Omaha ....................
Sioux C it y ...............
2.557
6,306
1,363
3,685
438
10,035
1,398
445
11,878
TENNESSEE
B ris to l......................
N a s h v ille .................
M e m p h is .................
K n o x v i ll e ...............
Chattanooga . . . . . .
1,442
10,239
6,557
3,491
3,566
25,295
D a lla s ........................
A lb uq uerque ........
W a c o ........................
F o r t W o r th .............
H o uston .................
San A n to n io...........
T e x a rk a n a ...............
Galveston .'.............
19,058
766
718
12,488
10,604
8,521
2,934
942
56,031
U T A H ..........
VERMONT
S a lt Lak e C i t y ___
5,396
5,396
B o sto n......................
7,668
7,668
V IR G IN IA
B r is t o l......................
B a lt im o r e ...............
R ic h m o n d ...............
L y n c h b u r g .............
N o rfo lk ..................
W a s h in g to n ...........
Seattle ....................
T a c o m a ....................
P o rtlan d ........... .
S p o k a n e ..................
2,576
5,625
8,069
5,793
4,300
464
12,459
3,651
2,961
7,290
NORTH D A K O TA .
O H I O ........................ ..
18,478
60,233
15,848
26,193
4,097
7,053
12,610
OKLAHOM A.
33,295
648
5,918
132,988
51,328
........
44,1 2 2
29,339
31,339
19,854
17,684
23,862
Names.
O R E G O N ....................
20,336
939
2,938
Offices.
709
8,791
1,962
2,007
4 ,601
5,534
2,449
9 ,285
1,878
4,068
28,609
18,353
1,126
11,612
2,455
8,295
7,649
6,603
3,395
3,909
15,568
3.209
892
4 ,843
1 6,576
192
N O R T H C A R O L IN A .
W A S H IN G T O N
B ris to l......................
R ic h m o n d ...............
N o rfo lk ..................
K n o x v i ll e ...............
C h a r lo tte ....... .........
Greensboro . . . ........
F a r g o ........................
St. P a u l ..................
H u n tin g to n .............
Canton ....................
C leveland.................
C in c in n a ti...............
E r ie ............................
T o le d o ......................
S p rin g fie ld .............
Colum bus.................
D a y t o n ....................
W heelin g ...............
Y oun gstow n...........
Z a n e s v ille ...............
O k la h o m a ...............
D a llas ......................
F o rt S m it h .............
M u s k o g e e ...............
.
.
.
.
23,604
11,734
97,952
24,512
16,768
63,545
W E S T V IR G IN IA .
H u n tin g to n .............
B a lt im o r e ........
C h a rle s to n ___
Clarksburg ___
W h e e lin g ..........
L y n c h b u rg ___
1,911
1,528
5,349
867
54,409
W IS C O N S IN
D n l u t h .............
M ilw a u k e e .............
St. P a u l ...................
G reen B a y ...............
1,769
35,443
4,070
7,203
48,485
39,422
W Y O M IN G .
D e n v e r ....................
S a lt Lak e C ity . . . .
H e le n a ....................
1,666
477
330
2,4 7 3
A L B E R T A .........................
C a lg a ry ....................
E d m o n to n ...............
5,757
3,3 0 5
9,062
B R IT IS H C O L U M B IA .
455
7,978
1,061
8,5 0 0
9,494
8,500
5,778
18,238
S,361
970
18,986
8,628
M A N I T O B A ..................
C a lg a ry ....................
V a n c o u v e r .............
V ic to ria ....................
W in n ip e g ...............
N E W B R U N S W IC K .
St. J o h n ...................
5,778
25,245
N E W F O U N D L A N D ..
H a lifa x ...
1,266
1,266
N O V A S C O T IA ...........
H a lifa x . . .
8,368
O N T A R I O ........................
Toronto ..
M o n tre a l .
W in n ip eg
O ttaw a . . .
H a m ilto n
London . . .
8,368
29,276
4,992
1,188
5,279
6,251
8,557
55,543
P R IN C E E D W A R D IS L A N D
St. John
1,047
1,047
Q U E B E C .................................
M o n t r e a l.................
Q u e b e c ....................
O tta w a ......................
H a l i f a x ....................
W in n ip e g ...............
E d m o n to n ...............
H a lifa x ..................
V a n c o u v e r .............
63,285
2,175
8,5 6 6
55,851
3,3 0 0
SASKATCHEW AN
S T . P I E R R E E T M IQ U E L O N
Y U K O N T E R R I T O R Y .............
2 2 5 ,9 7 5
28,693
10,543
1,793
48
9,193
1,056
68
115
41,077
10,249
68
115
1,869,874
kui
4ftui,JIItitik fliul^
Reproduced from the Unclassified / Declassified Holdings of the National Archives
EJi^CZmVE OFJFXCJES
ESTABLISH ED 2 8 4 9 .
' ‘3 '/6 ‘ ' I‘ d s ', i
JVEWYOTiJfC.
IN^COJRPOJRATEZ) 1876.
O F F J C E S IN T H E P R IN C IP A L C I T I E S O F T H E U N I T E D S T A T E S , C A N A D A , C U B A , M E X I C O , A U S T R A L IA , A N D IN L O N D O N , E N G L A N D , W I T H AN
E S T A B L I S H E D L I S T O F C O R R E S P O N D E N T S T H R O U G H O U T T H E C IV IL IZ E D W O R L D .
R ep resen ted th ro u g h o u t the E uropean C ontinent b y In stitu te W. Schim ruelpfeng.
Honorable W illi hoi (J. McAdoo,
Washington, D. C.
Bear Sir:
I am In receipt o f your favor of the lath in » t. and, in compliance with your
request, take pleasure in enclosing herewith the l i s t o f t o t a l s of names reported
by our o f f i c e s for the January 1V14 e d itio n o f our boo*, recen tly Issued.
(Snclosure)
president
Reproduced from the Unclassified I Declassified Holdings of the National Archives
SUMMARY OF NAMES BY DISTRICTS AND STATES.
Volume 184.
States.
ALABAM A.
A L A S K A ......................................
A R I Z O N A .....................................
A R K A N S A S ...............................
C A L I F O R N I A ...........................
C O L O R A D O .................................
C O N N E C T IC U T ........................
D E L A W A R E ..............................
D I S T R I C T O F C O L U M B IA
F L O R I D A ......................................
G E O R G IA ...................................
H A W A I I A N IS L A N D S
I D A H O .................................
IL L IN O IS
..........................
IN D IA N A
IO W A .
K A N S A S ___
KENTUCKY.
L O U I S I A N A ...........
M A I N E ......................
M A R Y L A N D .............
M ASSACHUSETTS
M IC H IG A N
.............
M I N N E S O T A ...........
M I S S I S S I P P I .............
M IS S O U R I ......... "___
M O N T A N A . . ...............
N E B R A S K A ........... .
N E V A D A ......................
N E W H A M P S H IR E .
N E W J E R S E Y ..........
N E W M E X IC O
N E W Y O R K ...
Names.
6,369
M o n tg o m e r y .........
M o b ile .................... ..2,866
B irm in g h am .........
7,838
N a s h v ille ...................2.377
Chattanooga .........
933
S e attle ....................
963
A lb u q u erq u e ........
155
Los A n g e le s ...........
1,287
P h o en ix.....................
1,552
L itt le R ook.............
9,021
3,106
F o r t S m it h .............
T e x a r k a n a .............
3,253
M e m p h is ...................3,298
San F ran c isco..........39,185
Los A n geles........... .. 20 .467
Sacram ento............. ..1,532
D e n v e r .................... ...15,805
N e w H a v e n ........... .. 16,955
H a rtfo rd ................... 6,540
B r id g e p o r t............. .. 2,8 4 3
P h ila d e lp h ia ........... ..2,593
B a lt im o r e ............... .. 1,575
W a s h in g to n ........... .. 7,201
Jacksonville ......... .. 6,479
Tam p a .................... .. 4,394
M o b ile .................... .. 1,629
S a v a n n a h .................
5,910
A t la n t a .................... .. 13,7 3 8
A u g u s ta ................... 2,301
M a c o n ...................... ..3,742
Chattanooga .........
898
A l b a n y .................... .. 4,921
San F ra n c is c o ........
708
B o is e ........................ ...2,437
S a lt L ak e C i t y ____1,337
S p o k a n e ............. ....... 2,1 1 6
Chicago ................... 105,221
St. L ou is..................... 20.111
B u r lin g t o n .............
176
Peoria. .......................3,864
3,117
D a ven p o rt .............
D u b u q u e .................
496
Q u iu cy...................... .. 1,185
C in c in n a ti................. 5,560
L o u is v ille ............... .. 1,912
In d ianapolis ......... .. 23,117
Chicago ..................... 10,165
E v a n s v ille ............. .. 5,332
T e rre H a u te ........... .. 2,132
T o le d o ...................... ...3,5 8 4
6,552
B u r lin g t o n .............
Cedar R apid s.........
2,499
O m aha ....................
5,245
D a v e n p o rt-............
5,152
Des M o in es ............. ..11,040
D u b u q u e ...................6,884
Sioux C ity ............... .. 3,708
W a t e r lo o ...................3,029
Kansas C i t y ........... ..17,598
St. Jo s ep h ..................5,001
W ic h ita .................. ...6,687
H u n tin g t o n .............
2,204
C in c in n a ti............... ..10,753
L o u is v ille .................12.126
N a s h v ille ...............
353
E v a n s v ille ............... ..2,565
K n o x v i ll e ...............
1,378
St. L o u is ........... .........2,133
N e w O rle a n s ......... ...17,728
S h re v e p o rt............. ...2,360
P o rtlan d ....................17,589
B a ltim o re ....................23,917
B o sto n ...................... ...47,543
S p rin g fie ld ............. .. 8,458
W o rc e s te r............... .. 6,746
P ro v id e n c e .............
608
B a y C ity .....................8,476
D e tro it .................... ..27,251
M ilw a u k e e ............... 3,032
G rand R a p id s ..........11,854
1,528
Chicago ..................
D u l u t h .................... .. 2,089
D u l u t h .................... ..3,817
St. P a u l.................... .. 28,916
M in n e a p o lis ........... .. 6,450
F a r g o ........................
391
N e w O rle a n s ......... .. 5,380
M e m p h is ...................8,753
461
M o b ile ....................
Jackson .....................4,030
St. L o u is .................. .. 40,103
Kansas C i t y ........... ..15,965
St. J o s e p h ............... ..5,443
H e le n a ....................
7,552
B u t t e ........................
1,050
O m aha .................... ..22,485
Lincoln ................... .. 1,004
Sioux C it y ..................1,791
San Francisco.......... 1.3 4 0
261
Los A n geles...........
S a lt L ak e C ity . . . .
420
Boston .................... ...8,563
E a s to n ..................... .. 1,397
N e w a r k .................... .. 22,952
N e w Y o r k ............... ..20,671
P h ila d e lp h ia ............ 11,444
T re n to n .................... ...5,284
A lb u q u e r q u e ...........3,115
N e w Y o rk ............. ..97,056
A l b a n y .................... ..12,185
Bingh am ton ......... ..4,558
B u ff a lo .................... .. 19,783
E lm ir a .................... ..3,284
J a m e s to w n ............. ..1,860
R o c h e s te r............... ..14,316
S y ra c u s e ...................15,888
T r o y ............................5,726
U t i c a ........................ ..8,341
B r o o k ly n ................... 44 ,1 3 4
January, 1914.
States.
Totals.
N O R T H C A R O L IN A
20,383
963
NORTH DA KO TA.
2,994
O H I O ........................ .
18,678
6 1 ,184
15,805
2 6 ,338
24,3 2 0
15,913
190
16,103
P E N N S Y L V A N IA .
E a sto n......................
P h iladelphia .........
P it ts b u r g h .............
B u ff a lo ....................
B ingham ton .........
E lm ira ....................
J a m e s to w n .............
S cranton...................
W ilk e s -B a r r e ........
R e a d in g ..................
H a r r is b u r g ............
W illia m s p o rt.........
Y o u n g s to w n .........
E r i e . . . ......................
A lle n to w n ...............
2,838
58,575
4 2 ,406
2,705
1,425
1,634
925
5,983
6,095
9,596
11,663
7,460
1,274
7,724
3,461
163.764
R H O D E IS L A N D . . . .
P ro v id e n c e .............
11,378
11,378
S O U T H C A R O L IN A
A u g u sta .................
C harleston...............
C h a r lo tte .................
G r e e n v ille ..............
S avannah.................
SOUTH DAKO TA.
S io u x F a lls ______
Omaha ....................
Sioux C ity ...............
10,018
1,424
423
11,865
TENNESSEE
B ris to l...................... ......1,462
N a s h v ille ...................... 9,990
M e m p h is ...................... 6,572
K n o x v i ll e ............... ..... 3,194
Chattanooga ................3,576
24,794
TEXAS
D a lla s ........................
A lb uq uerque ........
W a c o ........................
F o rt W o r th .............
H o uston .................
San A n to n io ...........
T e x a rk a n a ...............
G a lv e s to n ...............
19,065
797
742
12,730
10,809
8,698
2,996
924
50,761
U T A H ..........
S a lt L a k e C ity
B o sto n ...............
5,455
5,455
7,612
7,612
V IR G IN IA
B r i s t o l ..................
B a lt im o r e ...........
R ic h m o n d ...........
L y n c h b u r g .............
N o rfo lk ...................
W a s h in g to n ...........
,605
,667
,178
5 ,851
4 ,367
469
2 7 ,1 3 7
W A S H IN G T O N
S eattle ....................
T a c o m a ....................
P o rtlan d .................
S p o k a n e ...................
12 ,642
3 ,590
3,005
7,202
26,439
W E S T V IR G IN IA .
H u n tin g to n .............
B a lt im o r e ...............
Charleston ..........
Clarksburg ..........
W h e e lin g .............
L y n c h b u r g .............
1 ,970
1 544
,363
903
,519
948
1 9,247
W IS C O N S IN
D u l u t h ....................
M ilw a u k e e ______
St. P a u l ...................
Green B a y ...............
D e n v e r .....................
S a lt Lak e C ity ..
H e le n a .................
C a lg a ry ....................
E d m o n to n ...............
1,816
35 332
4,082
72 7 7
1 ,653
472
335
5,929
3,544
M A N I T O B A ..................
C a lg a ry ....................
V a n c o u v e r .............
V ic to r ia ....................
W in n ip e g ...............
522
7,871
1,014
8,5 4 4
9,407
8 ,5 4 4
N E W B R U N S W IC K .
St. J o h n ...................
5,695
5,6 9 5
N E W F O U N D L A N D ..
H a l i f a x ....................
1,304
1,304
N O V A S C O T IA ...........
H a l i f a x ....................
8,441
8 ,441
O N T A R I O ........................
Toronto ...................
M o n t r e a l.................
W in n ip e g ...............
O t t a w a .....................
H a m ilto n ...............
L o n d o n ....................
29,790
4,995
1,223
5,365
6,366
8,601
5 6,3 4 0
P R IN C E E D W A R D IS L A N D
St. J o h n ...................
1,053
1,053
Q U E B E C ..........................................
M o n t r e a l.................
Q u e b e c ....................
O tta w a ......................
H a li f a x ....................
W in n ip e g ...............
E d m o n to n ...............
H a lifa x ...................
V a n c o u v e r .........
28,746
10,592
1,808
51
9,357
1,114
69
118
........
2 9 ,286
VERMONT
31,512
54,230
39,574
W Y O M IN G .
18,624
A L B E R T A .........................
61,511
B R IT IS H C O L U M B IA .
2 5 ,280
2,021
8,5 6 3
61,7 4 8
3,1 1 5
SA SKATCHEW AN
S T . P I E R R E E T M IQ U E L O N
Y U K O N T E R R I T O R Y .............
227,131
97,759
P o rtlan d . . .
......................
B o is e ...........
44,109
8,602
11,916
O R E G O N .....................
134 ,170
63,3 5 5
23,740
15,326
3,235
904
4,855
5,890
2 0 ,0 8 8
17,589
2 3 ,917
T o ta ls.
O klahom a ..
D a ll a s .........
F o r t S m ith .
M uskogee ..
31,510
708
51,802
N a m es.
686
9,048
2,011
1,711
4,648
5,636
2,390
9,526
1,841
3,926
28,558
18,607
1,151
11,709
2,423
8,091
7,522
6,548
3,479
3,904
OKLAHOM A.
4,168
7,2 0 1
12,502
B r is to l......................
R ic h m o n d ...............
N o rfo lk ...................
K n o x v i ll e ...............
C h a r lo tte .................
G reensboro.............
F a r g o ........... - ..........
St. P a u l ..................
H u n tin g to n .............
Canton ....................
C leve lan d .................
C in c in n a ti...............
E r ie ............................
T o le d o ......................
S p rin g fie ld .............
Colum bus.................
D a y t o n ....................
W heelin g ...............
Y o u n gstow n............
Z a n e s v ille ...............
Total.
2,605
6,269
1,393
3,779
469
14,515
48,5 0 7
2,460
9,473
4 1 ,1 9 7
1 0 ,471
69
118
,880,432
/ k
-
1 " mu j i .nj U.UI
..
.... I ... II. .J ....... ..
r^eelas^fteci'H Mm 1 <>fth-[hthnrl-1 11-
P - p r o d u c e d fro m tlie I
January 12, 1914.
Dtar Mr. Carpantar:
Flaaaa l#t m thank you fo r your* of the 7th
in*tant iad for thf suggaationa you submit.
Tou m f bo
•uro that thoy shall havf Tory taraful consideration.
I t m * a pleasure to fff you vhile I was in How
Tort thf othor day.
l&th kindest regards for lira. Carpenter and
yourfflft I tm ,
Vary sincerely yours,
Herbert S . Carpantar, Saq.(
Ardeley-on-Hudson,
i f f York.
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N EW
HAVEN
CLEA R IN G
SAMUEL
e muHLES
C.
C.
HOUSE
ASSOCIATION.
HEMINGWAY,
a.
u u h t i b
B AR LO W ,
,
Pres.
ib i m '
S ec’v .
New Haven, C o n n .,............... .................................... 1 9 ( ) / l 4
W. G. M e A d o o , Chairman,
Re ser ve Bank O r g a n i z a t i o n Committee,
Boston, Mass.
Sir
R e p l yi ng to your l et te r
of D e ce mb er 27th, our Clearing House
A s s o c i a t i o n met today, and pas se d
the fol lo wi ng vote:
That the m e m b e r * o f the
N e w Hav en Cl ea ri ng Ho us e A ss oc ia ti on
wo u ld mu c h pr e f e r to become me mbe rs
of the Fed era l R e s e r v e Bank at Ne w
York sh ou l d such R es e r v e Bank be de si g
nated.
R es p e c t fully
CCB-EL
JiHl.iiHLtiMJ*
r — ........................ :.......-............
Reproduced from the Unclassified I Declassified Holdings of the National Archives
m
S c r a n t o n , Pa. t January 1 4 , 1914
To
Hon. W illia m G. McAdoo, Chairm an,
O r g a n i z a t i o n C o m m ittee , R e g i o n a l R e s e r v e B anks,
W a s h i n g t on,
D. C.
S ir :
The u n d e r s ig n e d C o m m ittee , r e p r e s e n t i n g t h e S c r a n to n
C l e a r i n g House o f t h e C i t y o f S c r a n t o n , beg t o
subm it h e r e w it h
a R e s o l u t i o n u n a n im o u s ly p a s s e d a t a m e e t in g o f s a id C l e a r i n g
House h e l d t h i s d a y ,
January 1 4 t h , 1 9 1 4 ;
s a id
R e s o l u t i o n b e in g
as fo llo w s :
"RESOLVED, That i n t h e unanim ous o p i n i o n o f t h e
C l e a r i n g House o f S c r a n t o n , t h e c o n v e n i e n c e and c u sto m a ry
c o u r s e o f b u s i n e s s o f S c r a n t o n would be b e s t s e r v e d and
l e s s i n t e r f e r e d w ith th rou gh th e i n c l u s i o n of Scranton
in th e r e g io n a l r e s e r v e d i s t r i c t t r i b u t a r y to th e C ity
o f New Y ork, but i f S t a t e l i n e s a r e t o be r e g a r d e d , t h e n
t h e C l e a r i n g House would u n h e s i t a t i n g l y and u n q u a l i f i e d l y
fa v o r P h i l a d e l p h i a . "
Your C om m ittee would f u r t h e r
sub m it t h a t
s i o n o f t h e A c t , nam ely NThat t h e D i s t r i c t
th e p r o v i
s h a l l be a p p o r t io n e d
w i t h due r e g a r d t o t h e c o n v e n i e n c e and c u s to m a r y c o u r s e of
b u s in e s s * ' c l e a r l y
i n g House t h a t
j u s t i f i e s th e r e q u e st o f t h e Scran ton C le a r
S c r a n to n s h a l l be i n c l u d e d
in th e D i s t r i c t
s u p p o s e d l y t o be s e r v e d by New York C i t y .
The r e q u e s t i s
b a sed upon no t h o u g h t or d e s i r ^ o f i n c r e a s i n g any p r e p o n d e r a t in g
i n f l u e n c e o f New York C i t y , bu t s im p ly upon t h e ground t h a t
New York i s t h e o n l y p r o p o se d r e g i o n a l r e s e r v e c i t y t h a t c o u ld
s e r v e S c r a n t o n w i t h o u t i n t e r f e r e n c e b o th w it h t h e c o n v e n i e n c e
and t h e e x i s t i n g
c u sto m a ry c o u r s e o f S c r a n t o n ' s b a n k in g and
g e n e r a l b u s i n e s s r e l a t i o n s - S c r a n t o n b e in g w i t h i n t h r e e and
o n e - h a lf hours of r a i l
co m m u n ica tio n w i t h New York, w i t h a l
m ost p e r f e c t t r a n s p o r t a t i o n
f a c i l i t i e s #- w h i l e
from P h i l a d e l p h i a
t h e n e x t n e a r e s t p r o p o se d c i t y , we a r e f i v e and o n e - h a l f h o u r s ,
w ith f a c i l i t i e s
fa cto ry ,
a s compared w i t h New York, v e r y much l e s s
ev en more u n s a t i s f a c t o r y th a n i s
d i f f e r e n c e i n tim e *
i n d i c a t e d by t h e
sa tis
Reproduced from the Unclassified I Declassified Holdings of the National Archives
As b etw een P h i l a d e l p h i a ,
P h i l a d e l p h i a w o u ld ,
B a l t i m o r e and W a s h in g to n ,
o f c o u r s e , be t h e f i r s t
c h o ic e of
S c r a n t o n , a s w i t h e i t h e r o f t h e l a t t e r two c i t i e s ,
c o u ld n o t have t h i r t y - s i x
hour c o m m u n ic a tio n ,
Scranton
su ch a s now
e x i s t s w i t h New York*
Your Com m ittee beg f u r t h e r t o
subm it t h a t t h e
im p o r t a n c e o f S c r a n t o n a s a b a n k in g c e n t e r , i t
o n ly t h e t h i r d
c ity
o f th e S t a t e ,
bu t h a v in g a n n u a l bank
c le a r in g s of over | 1 6 0 , 0 0 0 ,0 0 0 .0 0 , c l e a r l y
th e c o n sid e r a tio n
so c l e a r l y
set
b e in g n o t
e n title
it
to
f o r t h and u n e q u i v o c a b l y
p ro m ised i n t h e Act e s t a b l i s h i n g F e d e r a l R e s e r v e Banks*
)
(
c
6
'I
R IC H A R D H.HJfe©»NS
ANSW ERED
VICE PRESIDENT
■'•" N .C 6 1914
J anuaryj
T w e n t y - $ * 0 p$
4
xj 2
Nin et ©en"'Fo urt bBii, —-----^V \
Mr. MeAdoo,-
t
As you doubtless remember, I am
Director in the First National Bank of Scranton,
and am enclosing youJiAEein one of the l a s t s ta t e
ments which I h a ? a n d frbm which you w ill see
what s iz e banj^it i s .
I haNw been a Director in
thin Bank t y f quite a aCSkber o \ years, and have betn
fam iliar wirch the bus filet s of t j e City of Scranton
for the p^at $ 9 $t y jwfam ,
\
rk
j Ij
joncif in the Resolution .
of the Scrl^tdrf C^eaiHktg Hous/panks, original of
which was s« itA o /y o u as Chapman of the Organiz
ation CommiMls# of the Regjronal Reserve Banks.
X am taking the lib e r ty of writing
you in th eir behalf, and would eay that i f you care
t o , or think i t advisable, a committed would be very
glad to meet with you or any one you should name, at
any time or place desired, and go over the matter
thoroughly.
http://fraser.stlouisfed.org/
of the
Federal Reserve Bank of St. Louis
With kindest regards, believe me,
Most sin cerely yours.
Q jy t L u - r ii
U.S.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
T
DIRECTORS.
J, A . L I N E N .
CHAIRMAN OF THE BOARD.
F
N
ir s t
he
a t io n a l
B
ank
O F S C R A N T O N , PA.
G. L. D I C K S O N .
W . W . SCRANTON.
G E O . B. S M I T H .
C H A S . H. W E L L E S .
F. E. P L A T T .
C . S. W E S T O N .
R I C H A R D H. H I G G I N S .
OFFICERS.
T H O S . E. C L A R K E .
C. S. W e s t o n ,
H E N R Y B E L I N , JR.
G. L. D ic k so n ,
v ic e p r e s .
Isaac P o s t,
J. B E N J A M I N D I M M I C K .
A. G. Ives,
a s s t , c a s h ie r .
p r e s id e n t .
j . B e n j. Dimmick.
v ic e pres
c a s h ie r .
A l f r e d T . H u n t,
a s s t , c a s h ie r
Reproduced from the Unclassified / Declassified Holdings of the National Archives
CHARTER
NUMBER
77
The First National Bank of Scranton, Pa.
CO M PTROLLER’S
S T A T E M E N T OF C O N D I T I O N
OCTOBER
RESOURCES.
(CONDENSED)
1913.
LIABILITIES.
1,992,324.89
C a p i t a l ........................................ $ 1, 0 0 0 , 0 0 0 .00
S u r p l u s ........................................
1,500,000.00
1 17,457.02
U n d i v i d e d P r o f i t s ....................
R e s e r v e d f o r I n t e r e s t ...........
70,000.00
D i v i d e n d s U n p a i d .................
1,578.00
C i r c u l a t i o n ................................
986,595.00
D e p o s i t s ( I n d i v i d u a l —Ba n k s ) 1 1 , 1 3 3 , 5 6 8 . 9 2
$ 14,809, 198.94
$14 ,8 0 9 , 198.94
Loans and D iscounts • • • • $
O v e r d r a f t s ...............................
Bonds and o th e r S e c u r it ie s
Bank Building a n d oth e r
Re al E s t a t e ....................
Du e f r o m T r e a s u r e r of U. S.
a n d B a n k s ..........................
C a s h in B a n k a n d w i t h
R e s e r v e A g e n t s ..............
21st,
CALL.
5,1 3 1 , 2 0 7 . 7 3
1,398.33
7,4 16,442.27
106,904.37
160,921.35
N a t io n a l B a n k o f S y r a c u s e
C A P IT A L A * U S U R P L U S
$ 050,000
W. L. SM ITH
C H A I R M A N OF T H E B O A R D
Sy r
C . H . S A N F O R D , P RE SI DENT
F . C . S O U L E , V I C E PRES.
J . F . D U R S T O N , VI CE PRES.
W . S . P E C K , VI CE PRES.
acuse
Jan. 2, 1913
,N .Y .
G . L . T I C K N E R , SECRETARY
P . L . B A R N E S , CA S H I E R
Hon. I. G-. McAdoo, Chairman,
Reserve Bank Organization Committee,
Washington, D.C.
Dear Sir:
A special meeting of the Syracuse Clearing
House Association was held January 2, 1914, and the following
resolution was carried unanimously:
RESOLVED, That it is the sentiment of the Syracuse
Clearing House Association that a Federal Reserve Bank
located
in the City of New York would 'best serve the 'banking interest of
....... . iimirnim n
New York State.
j:3 a n y
ation
at
the
can
furnish,
hearings
in
or
if
your
statistics
committee
New York City,
kindly
would
that
thi3
like
a
associ
representative
advise.
Very truly yours,
Secretary,Syracuse
Clear!g House Ass'n.
isssxtUfeWrtMMft
Reproduced from the Unclassified I Declassified Holdings of the National Archives
CLEARING HOUSE COM M ITTEE
CRAIG POW ERS, PRESIDENT
P. A. VAY, V i c e - P r e s i d e n t
W . J. TRIMBLE, SEC Y a n d T r e a s .
WILLIAM G. W ATSON, M a n a g e r
A. F. C. K IN G IA N , A s s t. M g r .
JAMES S. WATSON (c h a i r m a n )
P. R. McPHAIL
H. P. BREWSTER
T. J. SWANTON
ROBERT C. WATSON
S '*
j w
Jan« 3, 1914.
W. G. McAdoo, Esq.,, Chairman,
Reserve Bank Organization Committee,
Treasury Department,
Washington, D. C,
Dear Sir:**
In reply to your letter of December 27th,
addressed to the President of the Rochester Clearing House
Association, I beg to submit the following statistics which
may be of use to you at your hearing to be held in New York
on the 5th, 6th, 7th, 8th and 9th of January.
The Capital of the three National Banks in this
City amount to ............................$2,250,000.00
Surplus and Undivided Profits.............. $2,753,490.95
Deposits of same.......................... $30,934,488.24
Capital of the State Banks and Trust
Companies in the City amount to ..........
$2,425,000.00
Surplus of same........................... $3,178,991.02
Deposits of same........................ . $79,868,517.57
The total deposits of all the banks including
Savings Banks in the City amount to ......$177,065,431.50
Clearings for the past six years are
as follows:**
YEAR
1908
AMOUNTS
$175,959,356.13
Reproduced from the Unclassified I Declassified Holdings of the National Archives
JO H N CRAIG POW ERS, PRESIDENT
P. A. VAY, V i c e - P r e s i d e n t
W. J. TRIMBLE, SEC'Y a n d TREAS.
CLEARING HOUSE COM M ITTEE
WILLIAM G. W ATSO N, MANAGER
A. F. C. KINEMAN, A ss t . Mg r .
(Ekarmg
JAMES S. WATSON (c h a i r m a n )
P. R. McPHAIL
H. P. BREWSTER
T. J. SWANTON
ROBERT C. WATSON
JVsstrcmium
^
1EL........... Janv_ 3rd, 1914.
1909
$199,589,937.59
1910
210,842,070.59
1911
223,546,084.24
1912
250,370,987.24
1913
258,262,201.26
If there are any further s t a t i s t i c * that
you d esire, they w i l l be immediately forwarded for
the use of your Committee.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
PERCIVAL W.CLEMENT
RUTLAND VERM O N T
Rutland, Vt., Jan. 16, 1914
Honorable William G. leAdoo,
Washington, D. 0
■^
;
%
Dear sir
1 am one o f the directors and principal stoakholders of the
Clamant lational Bank at this place*
I saclose oopy of our last
published statement*
Jha business of the west aide of Teraont* vast of the/irean. Jfts. t
-I
which divides the state# north and south, la done alaost Entirely
with Saw York.
fhia Bank draws tan drafts am Sew Y o r k A here it
draws one on Boston*
If our reserve bank ware located la lew York
I think that wa could make the aaaomat a live ana*
If the clement Bank
should ha assigned to a Boston reserve hank* we should not he ahle to
do any business with it*
I, thereforet request that we he assigned
to the law York reserve hank*
All other hankers on this side of the
State, with whoa X have talked, prefer to he connected with a lew xork
reserve hank, rather than Boston*
fhe other day whan you ware in lew Tort I had some directors meet
ings to attend in Boston, and on Friday the day you were in Boston I
had directors meetings in lew Yoifc, so I missed your committee, and
that is the reason I take the liberty of calling this matter to yam$
attention.
?lease notice that my s o n f Bobert Clement* whom you know is a
director in this institution*
Yours respectfully
32
LI B E R T Y S T R E E T
N EW VO R K
February 13, 1914.
M y dear Mr. McAdoo:
I enclose herewith a more formal letter in regard
to the division of the country into federal reserve districts.
It is proper to advise you that I was consulted hy
the Richmond people in the preparation of their case and might
not he regarded, therefore, as an entirely disinterested wit
ness in regard to the southern districts.
I am sending this personal letter separately, in
case you should wish to use the other for more general p u r
poses.
Yours very sincerely,
The Hon. William Gr. McAdoo,
Department of the Treasury,
Washington, D. C.
ggf
si*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
32
LIBERTY
STREET
N E W VO R K
February 13, 1914.
M y dear Mr. Secretary:
In accordance with your suggestion at the hearings
in Hew York by the Organization Committee under the new cur
rency law, I enclose herewith a map of the United States,
showing roughly the outlines of suggested districts, and I
enclose also tables showing the national bank capital avail
able in each district.
It is to be understood, of course, that I made these
up chiefly by states and have based the figures upon the sub
division of the totals for certain states, without working
out the problem by individual banks and communities, as should
perhaps be done before the official plan is adopted.
I have set forth in the tables, in the case of some
of the southern districts, the resources of the state banks,
because these would probably be available in part to make up
the slight deficiency in the capital required to constitute
a reserve district or to enlarge the capital provided by the
national banks alone.
lot all of the state banks would be
able to enter the system, even if they desired, because their
capital falls below the required minimum; but on the other
Reproduced from the Unclassified / Declassified Holdings of the National Archives
hand, certain amounts might be subscribed b y trust companies
in the states, whose capital and surplus do not appear in the
tables.
In the plan which I submit, I have allotted a d i s
trict to Boston, because there appears to be a strong desire
for such a district, and there is, of course, abundant capital
among the national banks of New England for its formation.
It seems to me highly desirable, however, as set forth in my
testimony before the Organization Committee, that the Hew York
and Chicago districts should be of considerable capitalization,
and that the northeastern territory should not be split up into
small subdivisions, when their principal cities are within a
few hours reach of each other.
I believe that in my testimony before the Committee,
I suggested the advisability of a federal reserve bank at the
City of Washington.
On further reflection, I am inclined to
doubt the wisdom of creating such an institution.
Washington
is not in any real sense a business center and her bankers, so
far as I am advised, do not rediscount largely for the growers
of cotton, tobacco, and other southern products, and are not
especially familiar by experience with such discounts.
It would probably be convenient to have a federal
reserve office at Washington, but it seems to me that it would
be advisable to have the Washington office a branch of the fed
eral reserve bank at Hew York.
As the office at Washington
Reproduced from the Unclassified I Declassified Holdings of the National Archives
would deal largely with government funds, and the bank at Hew
York would naturally be the largest holder of such funds, through
payments for customs there, it might avoid needless correspond
ence and transfer of funds between different reserve banks to
have the ?/ashington office attached to New York.
Transfers of
go.ld and other funds could then be made within the limits of the
New York district without exciting the comment and perhaps n e e d
less uneasiness which would be caused by shifting funds in such
a manner between different reserve banks.
One of the points which has impressed me in conversa
tion with bankers in the south and west is the general indispo
sition to be connected with a reserve bank which would necessi
tate sending funds in the direction away from New York rather
than towards that city.
As bankers generally have more or less
business in New York, and frequently visit the city, it would
subject them to inconvenience, if they were located in the south,
for instance, to have to look south instead of north for their
rediscount accommodations.
The same observation would apply
to western bankers if they were connected with a reserve bank
to the west instead of in the direction of New York and other
eastern financial centers.
I think this element should be kept
in mind in allotting the territory of the reserve districts and
fixing the reserve centers for such districts.
The hearings given by the Committee at different
points have placed them in the possession of so many facts and
side-lights on the situation which have not been brought to my
~
'
——
.
jij...... . . 111■"
Mfei . .
.**
.■
ls .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-4-
attention that it does not seem to me necessary to go at
greater length at present into the problem involved in the
delimitation of the districts.
It will undoubtedly be a dif
ficult problem to meet the views of different interests and
communities, but I presume that the Committee has been great
l y aided by the evidence presented at the hearings which it
has given.
Yours very respectfully,
The Hon. William Gr. McAdoo,
Secretary of the Treasury,
Washington, D. C.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Hew York District.
State or
city.
Capital.
Surplus.
Total.
Three
per cent,
payment.
New York, - -
$ 4 9 ,3 1 3 ,0 0 0
$ 3 6 ,3 4 6 ,0 0 0
$ 8 5 ,6 5 9 ,0 0 0
$ 2 ,5 6 9 ,7 7 0
Albany, - - **
2 ,1 0 0 ,0 0 0
2 ,2 0 0 ,0 0 0
4 ,3 0 0 ,0 0 0
129,000
Brooklyn, - -
£ ,2 5 2 ,0 0 0
2 ,7 0 0 ,0 0 0
4 ,9 5 2 ,0 0 0
148,560
New York City,
1 1 9 ,7 0 0 ,0 0 0
1 2 9 ,6 0 5 ,0 0 0
2 4 9 ,3 0 5 ,0 0 0
7 ,4 7 9 ,1 5 0
New Jersey, -
2 2 ,4 2 5 ,0 0 0
2 3 ,1 9 1 ,0 0 0
4 5 ,6 1 6 ,0 0 0
1 ,3 6 8 ,4 8 0
Connecticut,
1 9 ,2 3 9 ,0 0 0
1 2 ,0 9 2 ,0 0 0
3 1 ,3 3 1 ,0 0 0
939,930
Pennsylvania
(threequarters) ,
5 1 ,0 8 6 ,0 0 0
5 5 ,7 4 8 ,0 0 0
1 0 6 ,8 3 4 ,0 0 0
3 ,2 0 5 ,0 2 0
Philadelphia,
2 2 ,0 5 5 ,0 0 0
4 0 ,0 1 0 ,0 0 0
6 2 ,0 6 5 ,0 0 0
1 ,8 6 1 ,9 5 0
Delaware, - -
1 ,6 8 8 ,0 0 0
1 ,6 1 3 ,0 0 0
3 ,3 0 1 ,0 0 0
99,030
Maryland, * «
5 ,1 9 2 ,0 0 0
3 ,8 9 7 ,0 0 0
9 ,0 8 9 ,0 0 0
272,670
1 1 ,7 9 0 ,0 0 0
7 ,9 7 0 ,0 0 0
1 9 ,7 6 0 ,0 0 0
592,800
District of
Columbia, -
252,000
252,000
504,000
15,120
Washington, «
6 ,5 0 0 ,0 0 0
4 ,8 4 0 ,0 0 0
1 1 ,3 4 0 ,0 0 0
340,200
Baltimore,
$ 3 1 3 , 8
9
8
, 0
0
0
$ 3 2 0
, 4
6
4
, 0
0
0
$ 6
3 4
, 0
5 6
, 0
0
0
$
1 9
, 0
2
1 , 6
8
0
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Hew England District:
State.
Capital.
Hew England,
except Connecticut,
#82,847,000
Surplus.
Total.
Three
per cent*
payment.
$51,598,000
$134,445,000
$4,033,350
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
Richmond District:
Three
per cent.
payment.
State or
city.
Capital.
Virginia, -
$17,683,500
$11,672,520
$29,356,020
N. Carolina,
8,460,000
2,859,525
11,319,525
339,586
S. Carolina,
6,365,000
2,151,400
8,516,400
255,492
Georgia
(one-third),
4,756,000
2,877,000
7,633,000
228,990
900,000
700,000
1,600,000
48,000
Florida
fone-half),
3,752,000
1,544,000
5,296,000
158,880
W. Virginia
(one-half),
5,082,500
3,214,725
8,297,185
248,915
$46,999,000
$25,019,170
$72,018,170
$2,160,543
$
Savannah, ~
Surplus.
Total.
$
880,680
State banks:
Virginia, •»
$ 7,454,000
$ 4,666,000
$ 12 ,120,000
H. Carolina,
7,522,000
2,394,000
9,916,000
297,480
S. Carolina,
10,179,000
3,725,000
13,904,000
417,120
Georgia
(one-third),
6,952,000
1,998,000
8,950,000
268,500
W. Virginia
(one-half},
3,788,000
2,198,000
5,986,000
179,580
$35,895,000
$14,981,000
$50,876,000
$1,526,280
363,600
SBPT^
Reproduced from the Unclassified I Declassified Holdings of the National Archives
MFebruary •'■■fcgyl'O1 4%
Atlanta District:
State or
city.
Capital.
Georgia
(two-thirds), $ 9,512,000
Surplus.
Three
per cent.
payment.
Total.
$ 5,756,000
$15,268,000
$
458,040
Florida
(one~half),
3,752,000
1,544,000
5,296,000
158,880
Alabama, - «
10,180,000
5,851,000
16,031,000
480,930
Mississippi,
3,385,000
1,644,000
5,029,000
150,870
Tennessee, «
13,217,000
5,553,000
18,770,000
563,100
$40,046,000
$20,348,000
$60,394,000
$1,811,820
$ 3,996,000
$17,901,000
$
State Banks:
Georgia
(two«thirds), $13,905,000
534,030
Alabama, ~ «
9,134,000
2,616,000
11,750,000
352,500
Mississippi,
10,3419000
2,357,000
12,698,000
380,940
Tennessee, **
9,380,000
3,294,000
12,674,000
350,220
$42,760,000
$12,263,000
$5G,023,000
$1,650,690
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Pittsburgh District:
States and
cities.
Capital.
Surplus.
Total*
Three
per cent.
payment .
Pittsburgh, -
| 25,900,000
|22,614,000
$48,514,000
|l,455,420
Pennsylvania
fone-fourth),
17,000,000
18,500,000
35,500,000
1,065,000
Ohio , —
35,529,000
18,964,000
54,493,000
1,634,790
28,500,000
12,923,000
41,423,000
1,242,690
5,495,000
2,730,000
8,225,000
246,750
Kentucky
(two-thirds) ,
8,242,000
3,519,000
11,761,000
352,830
Indianapolis,
6,400,000
3 ,010,000
9,410,000
282,300
10,786,000
4,922,000
15,708,000
471,240
5,000,000
2 ,000,000
7,000,000
210,000
6,840,000
3,822,000
10,662,000
319,860
—
OitleS ,
—
«•*
mm pm
Louisville,
-
Indiana
(one-half) ,
Detroit,
- -
Michigan,
(two-thirds) ,
% /f}' ? $ *
/ ^ , 7 7 h , in m
<?r%.) it-, tr w
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Chicago Districts
fotal.
Three
per cent.
payment.
$26,300,000
# 69,050,000
#2,071,500
33,070,000
18,592,000
51,662*000
1*539,860
10,786,000
4*922,000
15*708,000
471,240
3,420,000
1,910,000
5*330,000
159,900
Wisconsin, -
17,800,000
8,077,000
25,877,000
776,310
Minnesota, -
11,966,000
6,509,000
18,475,000
554,250
Cities,
13,400,000
9,910,000
23,310,000
699,300
18,695,000
7 ,7 5 9 ,0 0 0
26,454*000
793,620
4 ,5 0 0 ,0 0 0
1,758,000
6*258,000
187,740
10,470,000
4*628*000
15,098,000
452,940
- -
5,800,000
3,725,000
9 ,5 2 5 ,0 0 0
285,750
H. Dakota, -
5 ,2 7 5 ,0 0 0
2*087,000
7,362,000
220,860
3. Dakota, -
4 ,2 4 5 ,0 0 0
1 ,3 3 2 ,0 0 0
5,577,000
167,310
Wyoming, - -
1,735,000
1,177,000
2 ,9 1 2 ,0 0 0
87,360
# 1 8 3 ,9 1 2 ,0 0 0
#98,686*000
# 2 8 2 ,5 9 8 ,0 0 0
#8*477*940
State or
city.
Capital.
Chicago, - -
| 43,730,000
Illinois,
Indiana
(one-half),
Michigan
(one-third),
-*• -
Iowa,
Cities,
«* «•
Hehraska,
Cities,
Surplus.
zsmzss&Bm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
JMirSl'y'1'©,.
St* L ouis D is t r ic t :
ghree
per cent*
T o ta l.
State*
C apital*
Surplus.
M issou ri, - ~
♦ 6 ,4 9 0 ,0 0 0
| 8,880,000
80,800,000
8,940,000
89,140,000
874,800
Kansas C ity ,
8,850,000
3,405,000
11,655,000
349,650
St* Joseph, -
1 ,100,000
700,000
1,800,000
54,000
Arkansas
( o n e -k a lf ) #
8,671,000
1,084,000
3,755,000
118,650
Oklahoma
( tw o - th ir d s ) ,
8,188,000
8,188,000
10,304,000
309,180
Kansas, - - -
10,918,000
5,096,000
16,008,000
480,840
Kansas c i t i e s ,
1,400,000
1,055,000
8,455,000
73,650
Colorado, - •
10,940,000
7,640,000
18,580,000
557,400
Kentucky
(o n e -tM r d ),
4 ,1 8 1 ,0 0 0
1 ,7 5 9 ,0 0 0
5 ,8 8 0 ,0 0 0
176,400
r| igTTgyy;ooo
HI* »n r ? J i&
St* L ou is,
$
9,310,000
$
879,300
Reproduced from the Unclassified I Declassified Holdings of the National Archives
tp ^ Y rn n n r . .3 ft i...
New Orleans District:
Three
per cent.
payment..
States and
cities.
Capital.
Louisiana, -
$ 8 ,220,000
| 5,381,000
|13,601,000
Texas, ~ « -
34,020,000
17,881,000
51,901,000
1,557,030
Cities,
16,475,000
7,992,000
24,467,000
734,010
lew Mexico,
2,215,000
996,000
3,211,000
96,330
Arkansas
(one«half),
2,671,000
1,084,000
3,755,000
112,650
Oklahoma
(one-third),
4,061,000
1,091,000
5,152,000
154,560
$34,425,000 $102,087,000
$3,062,610
«• •*
$67,662,000
Surplus.
Total.
$
408,030
San Francisco District
States and
cities.
Capital.
Surplus.
Total.
Three
per cent.
payment.
Pac. States,
|89,220,000
$41,135,000
$130,355,000
$3,910,650
Montana, - «
5,200,000
2,784,000
7,984,000
239,520
#94,420,000
#43,919,000
$138,339,000
$4,150,170
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Jasoazy ’ ■ " ' i
Vy 4*ar sirs
Hi tb t
of 0<K**0tJ£rgr
flftMeo, *tm I* crat of tl» city , I beto
r«e«4jit ©f i^raar latter
of $mmm& lmt* *igfiw**ag a p artial
m w h of CoaaGctliiafc eowsexttlag the
©* m gfoatf. recerte
to
thafe I t
aaft
I# texwisfeft to *fat
9e«p«tary»* attention el it* flan*
opportunity*
V *iy tm ly ycnara.
T'rlTOfc# ,3aarotar/«
E»q**
Ooxmectifldat B»a»r» A**oeiation,
Sooth Horwailc* Gorau
Reproduced from the Unclassified I Declassified Holdings of the National Archives
QIIjp (Eannertirut H ankera’ A aau riatu n t
(MUp of tlj? §>prretani
S outli Norwa Ik, C onn • January 1 t 1914
Secretary KcAdoc
Washington, D. C*
Dear Sir:I have already received 74 replies to the letter seit
to the 115 "banks and trust companion in the state of Connecti
cut, 6? have expressed a preference to have Connecticut placed
in oli«•* How York Regional Hdserve Bank District and
four trust
companies and $hroe national banks prefer Boston* the national
hanks are located in Norwich, Naugatuck and Danielson, the
trust companies are in Bristol, Branford, T7illixnantic and a non
trust company in Hartford.
Yours very truly
wm
fi§pWQted from the Unclassified / Declassified Holdings of the National Archives
December 3 0 , 193-3•
Senator Me Addo, S e c ’
y of Treasury,
Washington, D. C.
Dear Sir:
At a meeting of the Executive Committee of the,
Connecticut Bankers* Association, it was their opii
that the "batiks of Connecticut wished to be
Hew York Regional Bank District, rather th a n ^
the Boston
District, if a Reserve Bank is placed
In order to get a correct expression of the wishes
of our bankers, I am today sending Ijffeia a notice asking them
to express their preference,
adyj.»e you of their
decision later.
We would therefore ask
if it is the tiaought
to place Connecticut in the Boston District^ that you wait
until I can forward you the decision of the bankers in the
mtter.
Yours very truly.
Secretary*
,”^53^@3e?5SE5eB?ase^BS36nBfi5aeaaB5BHHBBi
Reproduced from the Unclassified / Declassified Holdings of the National Archives
°^ce Comptroller
THE BATTERY PARK NATIONAL BANK
IQ
OF N EW YORK
W WJftRLNQY'
\
ork
January 8, 1914*
TO,-
i'
The Beserve Bank Organization Committee,
Washington, B.C.
Dear Sirs*-
In conformity with the o f fe r made to Secretary Me Adoo, I beg
to submit to you the following b r ie f on the question of the n e c e s s ity for
the establishment of as large a Regional Bank as p ossib le at some point in
the country where the lo c a l conditions are such as to embody a l l the essen
t i a l requirements*
There were three fundamental e s s e n t i a ls of reform necessary in
our currency system, and I consider that these have been amply provided f o r
by the 4 c t , as follows*
ANSWERED
JAN 2 31514
/■-, /' ( y
1*
2*
3*
concentration of reserves.
A note issue responsive to the needs o f business.
A liq u ify in g of the cred it o f the country.
' ^ f T ___Jhe concentration of reserves has teen provided for by the es-
tablishment of Regional Banks.
2fhe responsive note issue w i l l be brought about by u t i l i z i n g com
mercial paper as i t s b a s i s .
She c red it o f the country w i l l be rendered liq u id by the re
discount provision.
Under a system of misconception resu ltin g in undue r e s t r ic t io n s ,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-2we have "been consistently unjust to ourselves, by dwarfing and localizing our
oreditf that of the individual merchant has been restricted and confined to his
t
particular bank; the credit-granting facility of the bank has been narrowed to
the limit of its cash resources} and the aggregate credit of all our banks has
been held within the confines of our shores.
This condition has been one of the
main elements of weakness in our system, and it has shown its dire results when
ever circumstances have arisen that have placed an abnormal strain on the credit
situation.
It is, therefore, no exaggeration to say that the provisions of tixe
Aot regarding rediscounts and bank acceptances are of the most vital importance
in correcting the evils under which we have been laboring*
Ihe system of re
discount will carry the credit of the individual merchant beyond the portfolio
of the bank and desseminate it throughout the country by means of federal Beserve
Notes;
it will amplify the credit-granting facility of the bank by permitting
it to utilize its portfolio, and so long as the portfolio is sound and conserva
tive there will be no reason for a bank to withold credit from a solvent client.
If the discount and acceptance privilege were by themselves all-sufficient
for the purpose to be accomplished, it would undoubtedly not be necessary to pro
vide for any predominantly large Regional Bank; but there is a very much larger
consideration to be borne in mind. In order that the nation shall benefit to the
fullest extent by this system, it is of paramount importance that there be a discount market where the operation of dealing freely in short-time bills, either
commercial or bank acceptances, can be carried on in the quickest and least ex
pensive manner.
A study of the operation in European centers teaches us that the
normal method is for banks to buy and sell short-time bills in an open discount
market according to their needs and resources, to meet their temporary condition;
and to discount at a central bank only for the purpose of meeting their more
r
Reproduced from the Unclassified I Declassified Holdings of the National Archives
permanent requirements.
In order to accomplish this, there must be a recog
nized, centralized and focused market, where there must he as
ments*
n ecessa ry
ele
(a) frequent and rapid mail connections, both
domestic and foreign,
(b)
The largest possible aggregation of banking
capital,
(c)
The largest concentration of personal capital.
With these elements present, it would be possible for both the
regional and member banks of the whole country to find a common meeting place,
where by purchase and sale of short-time bills, there would be developed a
finely adjusted balance for controlling the machinery of credit; it would also
be in such a central, open market, that the foreign exchange operations must
naturally concentrate so that their full power may be utilized in controlling
the gold supply.
It must be borne in mind that the member banks will in the future in
vest their surplus funds mainly in short-time bills instead of in the call money
market as hitherto?
and the provision of bank acceptances should be a very im
portant factor in developing a class of paper which will provide such a form of
investment.
2he converse is also true, that when a member bank is under the
necessity of realizing on its holdings of such paper to meet a temporary call
for funds, there should be a facile and ready market where it may dispose of
a part of Its portfolio for this purpose;
it is only by this means that a finely
adjusted balance can be maintained, a recourse to re-discount with the Regional
Bank should not be necessary except to provide for the more permanent needs of
the member banks,
therefore, it follows that if there is no central, open mar
ket, big enough to meet all the demands, then the result would be a number of
isolated and inadequate markets for the purpose, none of which would be im
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-4 -
portant enough, to do the work, and aa a consequence the several Regional Banks
would liave to bear the burden which ought properly to be taken up by the mar
ket*
In this connection it must be remembered that the purchasers in such a
market will not necessarily be only banks, but will be made up of private in
vestors, and more important than all, there will be the purchases made for ac
count of European banks*
©lis last-mentioned development, of the purchases by the Buropean Banks,
is to my mind one of the great possibilities under the new system, and it flows
directly from the provision for bank acceptances*
Shis privilege of bank ac
ceptances is a radical and welcome innovation, and its beneficial results to
the nation can hardly be over-estimated*
It will furnish a credit facility
that will not impose the necessity of a cash disbursement by a bank*
It will
be the means of financing our foreign trade with economy to our merchants and
profit to ourselves, which advantages have hitherto been poured needlessly into
the lap of the European banker#.
It will result in a form of investment for our
banka upon which, they may easily realize in case of need through the resultant
discount market*
It will take our credit over the seas instead of confining it
to our shores, for the American bank acceptance will find a ready purchaser in
any money center of the world where the interest rate is lower than ours, whereas
the individual obligation of our highest grade merchant cannot be so taken*
With such a perfected system the credit of the country will have an
ebb and flow abroad which it has never adequately enjoyed before, and it will
be the greatest possible force in equalizing interest rates.
But in order to
accomplish this, there must be a central point of negotiation, for without it
there is no conceivable way in which it can be made effective.
All this leads to the irresistable conclusion that there must go
r
Reproduced from the Unclassified I Declassified Holdings of the National Archives
&
hand in hand with such a centralized, open market* a large and predominating
Regional Bank which can cope with the situation.
To my mind it matters little
where this large hank may be situated, so long as the location furnishes the
essential conditions of adequate mail connections, both domestic and foreign;
the largest possible aggregation of banking capital, and the largest concen
tration of private capital.
I am.
Very respectfully yours,
president.
M. C, E l liott, Esq.,
Se c ’
y Pro-tem Reserve Bank Organization Committee
of the United States Government,
Chamber of Commerce, New York City.
Dear Sir:One of our secretaries informed us this morning that
he received on our behalf, from you, by telephone late yesterday
afternoon, an invitation that we attend the meeting of the Committee
this morning, and express to the Committee any opinions we have as
to the proper number and the proper location of the Federal Reserve
Banks,
We are at present without any opinion upon either
subject, excepting only that we think the number should be about
as small as the statute permits.
The questions in the first in
stance are concerned with matters which require a far greater know
ledge than we have of the course and practice of banking as dis
tinguished from its principles.
That kind of knowledge seldom
comes but to a worker in the banking business.
A secondary, but
highly important ground for the forming of an intelligent opinion
upon the subject is a knowledge of the general nature, the particular
current of commercial credits and transactions, and their magni
tude as between different cities, states and sections of the country.
f1ft#l3’n e 0^lfiS rd*fD^(5l&ssifiecl Holdings of the National Archives
That knowledge, or the means of acquiring it, we have, but we could
not upon any short notice arrange it or
30
lay it out in our own
minds as to enable us to forra an opinion upon the subject which
we would be willing to state, and which we could justify to our own
satisfaction.
Because we think that any opinion we might express
to the Committee would neither afford a ground for its action, nor
be any substantial support for any action it might take, we venture
to ask that we be relieved from the duty of attending before the
Committee.
There is another reason, personal to ourselves, for
that request.
We suppose that there are or may be rivalries
between banks, cities,, states and sections in respect to the sub
ject.
Our business extends to every part of the country, our
business relations are substantial with nearly every bank and
banker in the country, and we highly esteem the good-will of all
of them.
Very likely, because naturally, any of them who thought
opinions expressed by us were either erroneous, or were opposed
to their interests, would have some shade of displeasure with us.
Were they to say that we were incompetent to express an opinion
upon the subject, we could not dispute their saying with any con
fidence that we were right.
We wish to thank you for the invitation and its
honor, and to assure you that if we thought we could be helpful
gdfrom the Unclassified / Declassified Holdings of the National Archives
<£§wce6&i/e'
-3to the Committee, we should in the discharge of our duty promptly
contribute whatever help we could.
Yours very truly,
(Signed) H. 0. DUN & CO.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Sir:
At a M eeting o f t h t Board o f D iroe to r s o f t h is
Bank h old January 22, 1914, your communication o f Dacember
26 , 19 1 3 > to g e th e r w ith a lt e r n a t iv e r e s o lu tio n s a ccep tin g
or r e j e c t in g th e p r o v isio n s of th e F ed eral R eserve A ct, were
duly subm itted and a f t e r co n sid er a b le d is c u s s io n th e reso*»
lu t io n o f accep tan ce was unanimously adopted and ie en clo sed
h ere w ith .
A su g g e stio n has been made in th e p u b lic p ress that
t h is t e r r it o r y (northern Hew York) might p o s s ib ly be p laced
in a F ederal R eserve D is t r ic t w ith Boston and t h is p o s s ib il
i t y assumed prominent p rop ortion s in th e d isc u ss io n by our
D irecto rs*
There ie very l i t t l e in common between t h is se c
t io n and Boston* P r a c t ic a lly a l l o f our b u sin e ss i s w ith Hew
York and i t would indeed be a se v ere hardship were we p laced
in any D i s t r i c t o th er than w ith Hew York City*
I t has not seemed l i k e l y to our D ir e c to r s th a t your
Committee would co n sid er fo r a moment ty in g t h is s e c t io n up
to any other R eserve D is t r ic t than Hew York. We f e e l c o n fi
dent th a t th e O rganisation Committee w i l l s u f f i c i e n t l y inform
i t s e l f as to e x i s t i n g b u sin e ss and banking r e la t io n s th a t no
such hardship may be i n f l i c t e d as would be our unfortun ate
predicam ent I f p laced oth erw ise than w ith Hew York*
2 was
in s tr u c te d by unanimous v o te o f our Board o f D ir e c to r s to make
i t d e a r in tr a n sm ittin g th e r e s o lu tio n of accep tan ce th a t the
a c tio n had been taken by our Board in f u l l f a i t h and con fid en ce
th a t when th e F ederal R eserve D is t r ic t s were e s ta b lis h e d , we
would be w ith Hew York City*
I f we were included in any D i s t r i c t other than New
York C it y, i t i s a grave q u e stio n indeed whether we would fin d
f
e
n a tio n a l System advantageous; and i f th ere
o f in clu d in g northern Hew York in a Boston
or oth er D is t r ic t than Hew York C ity , we ask: th at due oon sid era tiW .
IflWen t f our p le a f o r a s s o c ia tio n /w ith Hew York and
none other*
R M p a ctfu ll
'h
f
"> v '
■
C
Reproduced from the Unclassified / Declassified Holdings of the National Archives
D&ar «r* Flaanagan:
I hsre your letter of the 12%h instant,
enclosing & statement recording the inaoearation
of the new currency
$*>** «hicfc pleaee
accept jay thsaJca# j J m r wxfg&stlam will reoeive
the careful considW4,tion of the Organisation
Committee*
S in c e re ly years*
W* w* Flannagsn, E»$*f
Montclair, K* J*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
/'C
'
/i * / ^
C}*'
£ )C c < ^
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fa ix .
TT c v v v
.
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t/
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v-vee
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kJ
&
vC
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^
vC o2^
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-% ^ \a 4 .^ 0 c«^jf
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< a v a «- C?pf^XX^< j /C c - ^ v x /v t^ ^
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Reproduced from the Unclassified I Declassified Holdings of the National Archives
(7^<~A C Q
C iA
~^o
'T ;Cv<,
&0
^<j^,
*v*
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v 'C c ^ c
?-v\
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•
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Additional Statement by
William W. -Flannagan,
of Montclair, N. J.
Purpose of the Law.
The spirit of the law (Federal Reserve Act) according to
my interpretation is to promote the general welfare of the whole
country, by encouraging and facilitating the development of the
material interests of the several districts, preserving as far
as possible their separate financial independence.
To attain this result I believe it would nave been
better, if under the law the capital of each Federal Reserve
Bank Had been made the same, allotting- to the Government any
deficiency in subscription below the minimum fixed, with the
right on the part of the Secretary of the Treasury to dispose
of such allotted stock to the general public.
But we must
take the law as we find it, and with the requirement that
the capital stock must be 6ji> of the aggregate capital and
the spirit of the law, if the limits of the districts are
to approximate present Geographical lines.
New York C i t y .
The preponderance of New York Oity and the territory
contiguous thereto,seems to present the greatest stumbling
Ulock.
It would hurt local pride immensely, not to locate
a parent bank in that City, and would probably be construed
as an antagonism or unfriendliness on the part of the adminis
tration, not to do so. Yet with a branch of a parent bank in
CCSnitt
Exeter,*lt
difficult problem so to divide the districts as to preserve
mith
r.Neb
surplus of the banks in each district, it becomes a very
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-
2
-
Philadelphia, and another branch from a parent bank in Boston,
the dividing-line between the districts being so drawn as to
separate into approximately equal amounts, the banking capital
of the City, New York would have from these two branches greater
advantages than any other city.
Indeed these branches would
probably dominate the balance of the respective districts,
measured by the volume of business done.
The law prescribes that the districts -shall be apportioned with due regard to the convenience, and customary course of busi
ness* and it becomes a question to consider how these terms are to
be construed.
Convenience.
Under this provision,
MConvenience" becomes a big word,
if the federal Reserve board, fully realizes and utilizes,all the
provisions of the law for the benefit of the people.
The board
can do so, so that it will be immaterial where any of the banks
are located, so far as banking functions are concerned, and lo
cality may be determined by accessibility,
in the way of mail,
and transportation facilities.
The Act provides that checks on member banks shall be
accepted for deposit at par.
This opens a great field for the
utilization of current deposits, irrespective of the place of
deposit.
As deposits constitute about 95$ of the circulating
medium of the country, through the instrumentality of checks,
this form of circulating medium will have the same parity of
availability everywhere, as National Bank note^'how have.
The
merchant in Dallas, Texas, may pay his creditor in New York
or Chicago, by his own check on his home bank, without any
Mk i c k M coming as to "exchange charges.*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-
3
-
It will not be necessary for the Dallas bank to maintain
large balances in other cities for “
exchange purposes11, nor as a
basis for asking rediscounts.
The reserve bank of its district
is prepared to meet these demands, irrespective of its location,
and its draft on such reserve bank will be accepted at par by
any other reserve bank,and hence by any member bank;
consequently
by any depositor of a member bank.
Customary Course of business.
One is apt to regard the volume of bank balances as b e
tween two localities, as evidencing the customary course of business
and to draw the conclusion*, that credit bank balances in cities are
kept as the result of accumulations from differences in trade^ and
are held there to adjust these differences.
I suppose this is normally true, and would be true with
us, except for artificial consequences, which have resultec^Trom
certain provisions of our banking laws, which have given prefer
ential advantage to certain localities.
Due from Reserve Agents.
I refer to the provision of the National Bank Act, which
allows the debts of banks in reserve cities to be counted and con
sidered as legal reserve money by other banks.
I venture the asser
tion, though I have not accessible the data to prove it, that if an
analysis is made showing the reserves of other banks held by New
York, Chicago,and St. Louis banks, and to a lesser extent by other
Reserve Cities, it will be found that balances ar^held by banks in
those cities/rom banks in far distant points where the respective
communities have little, if any. commercial intercourse, thus
showing anything but the "customary course of business.«
These
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-
4
-
balances have grown up primarily from the fact that they can be under
the law "counted as r e s erve,M and&ecaixse of inducements held out in
the way of rediscounts, or interest on balances, and in many cases,
because of friendly and personal relations between the respective
bank officers.
That isf if these balances are not indicative of
commercial relations between the sections, it cannot be inferred
therefrom, that the product of one locality has found a market in
the other* and therefore is no criterion to 3udge “
the customary
course of business.«
B y the federal Reserve Act, after three years, this defect
of the law will be entirely remedied,and it is therefore needless
now to discuss how far this provision has been a contributory cause
of financial predominance.
Volume of Exchanges.
Nor does it follow that the relative amount of the "Exchanges
through the swapping of checks by the banks a't the Clearing houses, in
dicates the relative volume of commercial business done by the respect
ive cities.
It is impossible to determine from available data what
proportion of these checks originate at the locality where the ex
change i 3 made, and what proportion represents movements of commodities
from one locality to another.
It fcs safe to say however, that a great
portion of such checks represent exchanges of commodities or services
originating at far distant points, and that the checks given in settle
ment may represent movements of commodities between other points en
tirely distinct from the place at which settlement is finally made.
For example, cotton snipped from Texas to New Orleans for export,or
grain shipped from Kansas to Galveston,may be settled by a check or
draft on New York Gity or Chicago, and the “
business”would be shown
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-
0
-
as a part of the volume of New York's or Chicago’s Exchanges,
while in point of fact, neither city may have had any other
connection with the rnov e me n t .
The same cause which creates the volume of the hank
n
balances in reserve cities,increases the volume of the exchange^,
at the Clearing houses.
*
Checks in settlement of outside trans
actions thus appear because hank ‘
balances are there available ^
these balances being created by reason of the operation of law,
as before explained.
It follows therefore;that in designating reserve districts
and locating
reserve banks, you cannot be governed by the volume
of the exchanges at Clearing houses, as indicating the "convenience
and customary course of business.«
I would suggest to the Committee, to inquire concerning
the customary markets of the agricultural and industrial products
of the various sections, the channels of transportation they follow,
to have statistics on the subject, furnished to them by the InterState Commerce Commission, to inquire as to the movements of cur
rency to and from the various localities, and from the facts thus
gathered to determine “
the customary course of bus i n e s s 1' in d e s
ignating the various districts.
If therefore the usual course of business is not to be
determined by the amounts of bank balances kept, nor by the volume
of the “
exchange" in any particular City, and one place is equally
convenient as another on which drafts may be drawn for the purpose
of effecting exchanges of commodities and services, the question
of locality may really resolve itself into one of accessibility,
and the preferences of the several banks which are not located
in any reserve City, and have no expectations of being so, may
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-
Q
«
reasonably become the determining factor.
Benefit not dependent upon location.
Banks are but intermediaries for the transfer of debts
created by trade and commerce.
They create no trade, they only
facilitate the transfer essential to its proper development.
are not producers, distributors, nor consumers.
They
The member banks
come in direct contact with the participants in, and creators of
social development, but the reserve banks have no such contact.
The member bank must be the intermediary.
The reserve bank offers
no facilities for the transfer of property or service, except through
the member bank.
Hence it follows that when men of particular loca
tions are clamoring for the establishment of Reserve banks in their
midst, because of the volume of trade already developed there, and
its assumed necessity for the preservation and growth of that develop
ment, they lose sight of the true functions of such bank.
The locality
has nothing whatever to do with the exercise of those functions,'such
exercise depending entirely upon membership, the creation of commercial
paper, and the ability to provide the required gold reserve against
liabilities assumed.
The membership is only a matter of volition;
unless commercial paper is created by actual business, no proper demand
for the credit facilities of the reserve bank can exist, and unless the
required reserve is readily available, it is prima facie, if not con
clusive, evidence that the credit facilities of the community are al
ready extended beyond the bounds of prudence, or, in other words that
the volume of debts lias assumed an unsafe proportion to the community’s
capital employed, and should be restrained.
So many figures showing the combinations of Capital, Surplus
and deposits in the different localities will be furnished you, that I
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-
7
-
do not believe it w i l l be productive of any good, for me to add to
the number.
I would suggest however, that y o u eliminate b a n k d e
posits - i. e.
"due to other banks*1 entirely f r o m consideration
as bearing on the desig n a t i o n of boundaries, or location of r e
serve cities.
F e d e r a l Reserve Bank of Washington, D. G.
There is one thought,
in connection with the knotty pro blem
presented, by the great preponderance of the New York district, wh i c h
m a y lead to a solution satisfactory to a l l parties.
I believe it to be very undesirable to have any one b a n k
so predominant both in capital and resources, as to overshadow the
rest of/the system.
I do not consider such a condition to be in
k e e ping with the spirit of the law.
M y thought is to have ore-bank outside of New York City,
with a capital of at least $25,000,000 anci- locate this bank in
the 0i$y of Washington.
Take into the Washington district such contiguous territory
as is 'conveniently accessible,
including Baltimore* say Maryland and
V i r g i n i a , a n d offer the public or allot to the U. 3. w h a t e v e r amount
of capital may be necessary to make up the capital stock to w h a t
e v e r amount may be d e t e r m i n e d upon, but not less than §25,000,000,
in accordance with Section
2 of the Federal Reserve Act.
Then d e s
ignate nine cities additional, tentatively as the places where F e d
e ral Reserve banks will be located, and announce that the preferences
of the banks situated in the territory contiguous to these cities as
to membership, wo u l d be follov/ed as far as possible "with due regard
to the convenience and customary course of b u s i n e s s . M
if any City
thus designated did not show sufficient capital subscriptions by
Reproduced from the Unclassified I Declassified Holdings of the National Archives
preferences,to reach the m i n imum of $4*000,000 (on basis of
&$)
then It. w o u l d be time to consider w h e t her the commit tee would
offer the unsiib scribed amount to the public or allot it to the
U. S.
The law seems to contemplate the d e s ignation of the reserve
c i t i e s , p r i o r to the division of the country into districts.
The Cities I w o u l d tentatively suggest are Boston, Nevf York,
Philadelphia, Washington, New Orleans, Atlanta, Chicago, St. Louis,
Denver, San Francisco.
This w o u l d leave the Reserve board, .with a
m a r g i n of two banks to readjust the districts,
if experience d e m o n
strated this was desirable.
In addition to the reason stated, other advantages of having
one b ank of equal predominance in Washington, are that it wi l l be u n
de r the direct supervision of the Fede r a l Reserve board, and in close
contact with the Treasury Department.
T h r o 1 its instrumentality the
board, or the Treasury, can readily make any transfer of funds it
may desire, and if it becomes necessary to utilize foreign markets
in any w a y ? for the negotiations of loans or otherwise, the fact
of its location in W a s h i n g t o n , w o u l d associate it in the mind of the
fore i g n e r w i t h the Government itself, and the more readily enable
the c oordination and unity of the whole system by the Board,for
any concerted or general movement,acting t h r o ’ this bank,
n e c e s s i t y required.
if
Reproduced from the Unclassified / Declassified Holdings of the National Archives
/h
Clmi*i' H a t i x m a l B m t k
K V t t f W t f f k Jan. 8, 1914.
A .B a rto n H e p b u rn ,
CHAIRMAN O F TH E B O A R D .
Hon. Y/illiam G. McAdoo,
Secretary of the Treasury,
New York City.
lly dear Mr. Secretary:
I enclose letter from Hon. E. J. Hill,
w hi c h may be of interest in the consideration of the
subject you have in hand.
He says that his bank did 19,000,000 of
business last year with its Hew York co r re s p o n d e n t , and
less than ^350,000 with all Boston, and insists that
everything west of the Connecticut River should be i n
cluded in the Hew York district.
You may keep his letter if you choose.
Very truly yours,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
January 12, 1914
My dear tor* Hepburn:
I have your letter #f the 8th instant t enclosing a
letter from Hon* I* J« Hill relating to the organisation of
the wmt currency ayate*.
It will receive the due coasidera~
tion of the Cecomittee •
Ver* truly your#*
A# B« H e
Glia
£ e i |» f
f the Beard ♦
» Matleaal Bank,
«•* Tork, M* f «
Reproduced from the Unclassified / Declassified Holdings of the National Archives
S i x t y -F ir s -h C o n g r e s s .
E B E N E Z E T i J. HljCL, CC^N N., C h a i r m a n .
A R T H U R 4 . B A tfE S , P f .
H E R M A N P. GOEB EL /O HIO .
W I L L I A M B .M c K IN J tE Y , ILL.
JOH N L A M b / v A .
JOHN N. Gi/RN E f ^ T E X .
W I L L I A M A . C U L L O P , IND.
OH A S . S . G R E E N W O O D , C l e r k .
Ijnuse n f fc p fe m la tiiifs l . § .
g i w n , £1. C .
c
£ gl
'5Lsol~g -^J~*Zl*c. a .0 a.
C x -X -£ £ z= r
X fy L ^ e jj b z - S X - . £ f i a - / z
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La
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J< m
.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
S ix t y -F ir s t C o n g r e s s .
E B E N E Z E R J. H I L L , C O N N . , C h a i r m a n .
A R T H U R L. B A T E S , PA.
H E R M A N ?. G O E B E L ,O H IO .
W I L L I A M B . M C K I N L E Y , ILL.
JOHN L A M B, V A .
JC H N
IjousE o f feprestnlattttfs
(tatntiuee on
VxpnftilutK in tip fe a s u t s lejmrtmmt
N . G A R N E R ,T E X .
W I L L I A M A . C U L L O P , IND.
C M AS . S. G R E E N W O O D , C l e r k .
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Reproduced from the Unclassified I Declassified Holdings of the National Archives
Six
t y
-Fir
st
Co
ngress
.
E BENEZEft J . H ILL,C O N N .,C h a i r m a n ,
A R T H U R 'r. B A T E S , PA.
H E R M A N R G O E B E L ,O H IO .
W I L L I A M B . M C K I N L E Y , IL L .
JOHN L A M B . V A .
JO HN N. G A R N E R , T E X .
W I L L I A M A . C U L L O P , IND.
CM A S. S. G R E E N W O O D , C l e r k .
Wianst at
l.§.
(EmmmUi'p mi
£x£m&itun?s in Uje (Fmtsur^
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t^ z h
R eproduced from the Unclassified7 Declassified Holdings ot the National Archives
Reserve Bank Organization Committee,
Office of Chanfcer of Commerce,
Hew York City.
Sirs;
Supplementing the few words I addressed to
you on the 5th instant, I "beg to submit the enclosed
memorandum containing my suggestions as to the loca
tion and extent of eight Regional Reserve Banks#
President#
L*EncX*
x
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Mailed in N•Y.
6 P.M.
ARRIVES
Mailed in
Phila . 6 P.M.
ARRIVES
Mailed in
Boston 6 I
ARRIVES
Rochester, H. Y.
5:15 A. M.
Ogdensburg, N. Y.
8:40 A. M.
Plattsburgh, N• Y.
5:35 A. M.
Olean, H. Y.
6:32 A. M.
Burlington, Vt.
4:25 A. M.
4:25 A, M
Newport, Vt.
6:35 P. M. -
5:20 A. M
Bennington, Vt,
1:20 A. M.
8:55 A. M
10:20 P. M.
4:32 A. M
12:47 A. M.
3:27 A. M
Springfield, Mass.
1:30 A. M.
2:30 A. M
Greenfield, Mass.
5:57 A. M.
3:50 A. M
Tyrone, Pa.
5:09 A. M.
3:53 A. M.
Altoona, Pa.
5:33 A, M.
4:17 A. M.
Sayre, Pa.
3:33 A. M.
3:43 A • M.
Scranton, Pa.
1:06 A. M.
6:08 A. M.
10:18 P* M.
3:59 A. M.
Hazleton, Pa.
6:43 A. M.
5:45 A. M.
Lock Haven, Pa.
6:30 A. M.
2:40 A. M.
New Haven, Conn.
X
Hartford, Conn*
Has ton, pa.
*X" means same day
X
Reproduced from the Unclassified I Declassified Holdings of the National Archives
federal
3eserve
Bank of
Including
f 1J
Boston
few
States
)
A ll Hew England
except Conn*
York City (9)
Philadelphia or
Pittsburgh
Chicago
Atlanta or
wew Orleans
Hat.Banks
capital &
surplus in
millions
Conn., H.Y* &
northern Hew Jersey
24,300.
.....
C.
358.
81„480.
&
Mich*, Wis*, 111.,
Ind..Ohio. Ky*
330.
19,800.
s>
H*C., S .C ., Ga., ? la *,
A la*t Miss., Tenn*, L a .,
Ark*. Tex*. Okla.. H.M.
815.
12,900e
145.
8.700.
94.
5,640.
10S.
6,120.
107,040.
California, Nevada,
&> U
tah. Arizona
Portland, Seattle9/ t\ fash., Ore*, Idaho,
Minneapolis or [XI Montana. Wyoming, H.B.
S.X>.. Minn.
St. Paul
8,100.
Southern H.J., Pa.,
D el., Ya., W.Ta.t
m u . D.
St.|»ouis, Kansas /T) Missouri, Iowa, Kansas
City or Denver O ' Hebraska, Colorido
San Pranoisco
135.
6%of
Hat.
$anks cap
i t a l & sur
plus in
thousands
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Table showing amount of Capital stock & surplus; amount of 6%
subcription;total reserve required(18-15-12; ^ ); amount to be held
in v a u lt(6-5-4$) divided into eight sections as suggested by
Pres. F.L.Hine.
(In m illions)
**♦ ******** *********: **#*******] ************ *************
Total
Net
Reserve
6$
Cap.&
Location
to be
of F.R,
Reserve
held
in
Surpl,
Subscr.
Deposits required
BANK
vault
BOatCPN
1
135.
NEW YORK
a
PHILA. or
PTTTRRfJ,
CHICAGO
8, ICC
509,668.
e§34i
33,747
405
34,300
1,744,057
376,300
93,067
3
358
31.480
1,318,343
174,668
58,233
4
330
19,800
1,44$, 337
303,576
67,858
315
IE, 900
636,613
78,954
36,318
ATLANTA or 5
NEW ORLEANS
ST.L. K.C. 6
or DENVER
SAN FRANC.
7
PORTLAND
8
SEATTLE
MINNEAPOLIS
ST. PAUL.
145
'8, TO0
6i:73,909
94,481
31,494
94
5,640
338,176:
4®, 103^
15,367
10_3_
>1784.
^517,035^ _ §7,983^^
107,040 7,169,018 1,010,304
__ §3^660_
336,734
Reproduced fro m the Unclassified / Declassified Holdings o f the National Archives
mac
k J
X
January 20th, 1C
JXA*
Sir*-*
I bee to sctaaowled^s ro c eip t o f yours of the
10th ©soloslng,a» stated, stateiaent covering ymar
suggestion for the eotmbliaisaent of ^ Federal eserve
Bioti-icts wrdch will be treated as am exhibit and filed
with the testisxniy at the immting in lew losft*
Bespectfally,
Secretary, Beeerre Sadk Organization c<*amittee
George Ellsworth
Beg*#
145 ?*•% ^urlgr-Fifth Street*
S e w T o if e C its y *
Reproduced from the Unclassified / Declassified Holdings of the National Archives
145 East Thirty - fifth S treet
S '
■
P ,
’®K
is
-
H
^
LJ"
vi5 lCIM.fr
yf
/
& * X W $ S H S U q O SQM2A2H
t j^ z Z z r c
V /* *
f's~p'>sf-^ 5/
-2<'
*
'
Reproduced from the Unclassified / Declassified Holdings of the National Archives
m
m
1 have separated the Hew Sagland
New York and suggested Boston as the seat of a Reserve Bank in order
to release some of the congested oapltal and power now concentrated
In the City of Hew York.
A Branch Bank In Hartford would meet the needs of the
Connecticut Talley.
w j s b l
If, by the 23rd February, the correspondence and general
knowledge of The Beserve Board Organisation Committee strongly in
dicates that the great Trust Companies and State Banks of the City
of Hew York and of the State In general are likely to become amber
banks, I would decrease the district indicated on the map as the
district of the Reserve Bank of Hew York - that of the entire State
and Hew Jersey north of Trenton - and add to the district of the
Beserve Bank of Boston that part of the State of Hew York north of a
line drawn from but excluding the City of Binghamton, easterly to the
north line of the State of Connecticut, or, 1 would divide the state
north of the lines above named and the north boundary of the State
of Pennsylvania and add the territory east of a line drawn north and
south through the state immediately west of Syracuse, to the Reserve
Bank of Boston, and add the territory west of the north and south
line to the Reserve Bank of Cleveland.
If this latter division
is made, 1 would place a branch of the Reserve Bank of Boston in
either Syracuse or Utica, preferably in Utica because of its cotton
and woolen mills and its lack of sufficient banking oapltal.
WASHI8GTQH
1 have suggested the national Capital as the seat of a
Reserve Baade with a district embracing Pennsylvania, Hew Jersey south
of Trenton, Delaware, Maryland, Virginia and West Virginia which
furnishes the basis ($S53,000,000) to r a capital as large as that
of the Beserve Bank of Hew York in the belief that it would act in
the nature of an esoapenent in co-ordinating the several Reserve
Banks, and also, with the thought that the Secretary of the Treasury
might, in the exercise of the discretion conferred by the Act, con
stitute it the principal reservoir for deposit of government moneys
from which transfers could be made to other Reserve Banks and batik
again with the greatest dispatch and with the least disturbance to
the general money market.
I would not have any other Reserve Bank
become accustomed or habituated to the use of government deposits.
If they became dependent on the use of such deposits It would sonawhat lessen the elasticity of the currency.
Branch Banks undoubtedly would be established in Phila
delphia, Pittsburgh and Baltimore.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
- 2~
The deposits now held by the Philadelphia Banin will he
greatly reduced when the provision of the Act for Collections
throughout the country becomes operative.
ATLANTA
To place one of the Beserve Banks in the South Atlast ie
States would be like using yeast in staking bread, and as necessary.
They are at the same time a one crop country and a grow
ing manufacturing district and the need for increased credit
facilities are great.
There seem to be no doubt that a Beserve
Batik should be established in Atlanta with Branch Bancs at a point
in North Carolina, in Charleston, Savannah and Mobile.
This
arrangement would greatly relieve the congestion of capital in
cotton bills in Hew Tone City and provide Foreign Credits for
Reserve Banks. Their crop of cotton is only a little less than
50$ of the .hols.
If the Reserve Bask Organisation Committee should con
sider that the needs of the distrlot outlined on the map for the
Beserve Bank of Atlanta calls for a larger capital stock than the
Indicated basis of #76,000,000 affords, they have the power, under
the Act, to allot to the United States such an amount of said stock
as said Conmlttee shall deten&lne*
MILAS or HOUSTON
As one of the largest original sources of Cotton Bills
In the country, the needs of Dallas calls ffcr the establishment of
a Reserve Batik in that city.
Texas produced last year - crop
1912-13 - about 35^ of the total cotton crop of the country - while
Oklahoma added 1,057,000, Arkansas 005,000, and Louisiana 393,000
bales - about 16$ - making a total of about 50$ of the crop of the
entire United states produced in the district Indicated on the map
for Dallas.
The basis of #130,000,000 capital and surplus of
existing National Banks in the district famishes sufficient capital
for a Beserve Bask.
The recent and enormous development of Texas and Oklahoma
seems to call for the establishment of a Reserve Bank in Dallas,
rather than in New Orleans, which, somehow notwithstanding its
ooams&ding geographical situation has allowed business to seek other
channels. The exports of cotton from New Orleans during the crop
year - 1912-13 - were 1,350,000 bales against 2,459,000 bales in
1904-05 - a decrease of 1,109,000 bales , or nearly 50^;whlle the
exports from Galveston were 3,217,000 bales against 2,304,000 bales an Increase of 913,000 bales or about 40^. This, however, does not
help Galveston for the ootton goes to foreign ports on through bills
of lading, and Galveston profits only by the stevedore and port
charges. This may also be the case at New Orleans but 1 have not
exact knowledge.
Neither have 1 at hand statistics of the grain
R e p ro d u c e d fro m th e U n c la s s ifie d / D e c la s s ifie d H o ld in g s o f th e N a tio n a l A rc h iv e s
-3-
and other e x p o rts, but i f a Beaerre Bank Is placed a t Atlanta tlie
o th e r one in th e Southern S ta te s should be, in my opinion, In
Texas and not * t New O rleansBranch Banks suggested a t San Antonio and Houston, Texas
and a t Hew Orleans , La.
CLJKY
iilL
M
V_.l
IMA
U
l. D
dB.
The d i s t r i c t of the Eeserve Bank o f Cleveland as in
d icated on th e map would seem to be a n a tu ra l one between th e Kast
and the Uiddle West the only question in my mind being whether
th e Beaarvo Bank should be a t Cleveland o r at C incinnati, As a
counterpoise to th e manufacturing in te r e s ts o f Michigan, Ohio,
and Indiana I hare included th e a g ric u ltu ra l products o f Kentucky
and Tennessee.
Branch Banks a re stages ted at C incinnati and a t Memphis.
Chicago, S t * Louie and San Franc isco need no comnent»
Branoh Banks suggested fbr S t. Paul and Butte* Kansas
C ity, Omaha and D e n v e r S e a ttle or P o rtlan d , S alt Lake City and
Los Angeles.
00
Mafcty M
CCSniltH CC
Exeter,.til Ext
KUHN, L.OEB & C O „
NEW YORK.
SSSCami
Reproduced from the Unclassified I Declassified Holdings of the National Archives
In t r y in g to d iv id e the U nited S ta te s in to e ig h t F e d e ra l
Reserve D is t r ic t s # we a re meeting a p e c u lia r problem*
c o m e r on the map m afotm&ng
The l i t t l e
new York, Hew rnglim d and Pennsylvania
would con tain $800,000*000. o f n a t io n a l bank c a p i t a l and su rp lu s
a s compared to a t o t a l o f the U nited S ta te s o f # 1*700,ODD,000, and
i f we draw a l i n e from north to South, ending in Kansas C ity , and
a l i n e from th ere through S t. Louis to the E a s t, we f in d th a t t h i s
s e c t o r , which i s l e s s than a s ix t h o f the a re a o f the whole United
S ta te s , would con tain $1*250.000,000. a s a g a in s t the t o t a l o f
| 1 , 7 0 0,00 0 ,0 0 0 1
T h is allows c le a r l y the d i f f i c u l t y we meet in o rg a n iz in g
the rem aining t e r r i t o r y o u tsid e o f t h is s e c t o r , f o r in o rd e r to
cover f i v e - s i x t h s o f the e n t ir e t e r r i t o r y o f the U nited S ta te s,
th ere a re on ly l e f t $460,000,000. o f n a tio n a l banking power.
Of
th ese* §80,000,000. would b elo n g to C a l i f o r n i a and about $30,000,000.
to Washington and Oregon, so th at f o r the whole rem aining t e r r i t o r y ,
b e in g tw e n t y -s ix o f the g e o g r a p h ic a lly la r g e s t .sta te s, th ere remains
o n ly a n a tio n a l banking power o f $340*000*000.
S ix p e r cent o f th ese $340,000*000. would produce
#20*000,000. o f F ed e ra l Heserve c a p i t a l ,
i f f u l l y p a id , and these
|E0,000,000., - out o f §102,000,000* would have to cov er the two
V i r g i n i a s , the two C a ro lin e s , Kentucky, Tennessee, Alabama, G eo rgia,
F lo r id a , M is s is s ip p i,
r& u iaian a, Arkansas, Oklahoma, p a r t o f Kansas,
Texas* Hew lle x io o , A riso n a , C olorado, Utah, Hevada, Idaho, .Montana,
Wyoming, Behraska and B erth and South. Dakota.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
W IT j f j W T
T h in adis&ta o f aeireriti coneln^lonfi:
F i r s t * th at the f i n a n c i a l preponderance o f the n orth eastern
tn tm
a n g le o f the United
1b m< h th a t no m atter how the country
w i l l be d iv id e d , i t w i l l have to r e l y f o r I t s fin a n c in g l a r g e l y tipon
the benM n g power o f t h is s e c tio n o f the country*
Second* th in bein g s o § thiit the f l u i d i t y o f cred t which
w i l l f o llo w the development o f discount jsarkets and which t h is law
i s d e stin e d to b rin g a b o u t, m n n t depend upon th e stren g th and e f
f i c i e n t o r g a n !s a t5on o f th ia s e c t io n , etna th at consequently rmy a t torapt a r t i f i c i a l l y to reduce this* stren g th would o f n e c e s s it y weaken
the e n t ir e s tru c tu re *
T h ird * th at in e o n s tm e tin g the ?ederel Reserve Banka, c are
should be t a k ^ i th a t the o en ters of each d i a t r i e t a re s itu a te d towards
the Eastern b o rd e r o f th
e n te m d i s t r i c t s , and towards th- northern
h erd er ra t h e r of the southern c lie t r io t a ,
b oauae f i n a n c i a l l y and
o o o m e r e la llj the d ir e c t io n Mint o f nm seealty ho towarda the f in a n c ia l
c e n te r, and from an a d m in is tra tiv e p oin t o f view* i t
i s im portant
th at theae branches be w ith in the n ea re st p o s s ib le reach o f t/aahln^ton#
th e d ista n c e to be covered by eaoh head o f a F e d e ra l Keaerve Bank or
b y the mxabera o f the F ed e ra l Teaerve Beard ahonld be reduced to a
mini^mra, m
fr - r ae f e a s i b l e , w h ile nenbera o f the branehea ly in g f a r *
th er to the West o r
*onth would h m & to o a rry the burden o f t r a v e lin g
a lit t le
fu rth e r Kaat e r n o r t h
Banka*
For c le n tin g e and t r a n a fe r a i t w i l l be e q u a lly im portant
to the m eeting* o f the F e d e ra l Reaerv#
Reproduced from the Unclassified / Declassified Holdings of the National Archives
th at th e l e t t e r t r a v a l in tho f i g h t d ir e c t io n , which in the m j o r l t ?
o f tho e ases w i l l be to the Bast and Jforth*
Leavin g a s id e f o r a nonent th ese g o n e ra l q u est! ona o f p r in
c i p le s upon which to proceed* X b e lie v e that the heat way o f approach
would be to h e g i n w ith C a l i f o r n i a , and to e s t a b lis h a t the outset
which o f the n ta te s a re to becorae t r i b u t a r i e s to tho ve d e r a l
Bank
o f ;>m ? m o i w o , In p a r t i c u l a r whether Washington and oregon a r e
to be headed SoTsth or West* and whether Hamate and A r i m m
headed f e a t o r E a st*
a re to be
1 b e lle v a the P a c i f ic Coast w i l l have to he
tre a te d a s an e n t i r e ly d i s t i n c t d i s t r i c t which g e n e r a lly w i l l take
e a re o f I t s e l f *
As f a r aa nan F ran cisco and h e r t e r r i t o r y i & c e a -
earned, branches o f cou rse w i l l havo to head towards th at c i t y , and
the theory o f having the resm inine country g r a v it a t e towards the
n o rth eastern r n g le would not a p p ly to t h is d i s t r i c t *
A ft e r h avin g decided upon the c o n s t it u t io n o f the P a c i f ic
Coast F e d e ra l Keserve D l a t r l o t ,
I b e lie v e the next step would be to
e s t a b lis h hov f a r i t be p o s s ib le to l e t the banking power o f the
H o rth eaatem a n g le r a d ia t e in to the p o o rer d i e t r i e t s #
Drawing a l i n e fr o ® S t* L o u is through D earer and fo llo w in g
the H le s le s lp p t tT tm S t* Stools Bonth, wo a lg h t eons tro u t the F ed e ra l
Beserve D i s t r i c t o f S t* T,ouis which would in c lu d e a l l the s t a t e s
covered by th at a n g le * e x c e p tin g L o u isia n a and the t e r r i t o r y a l l o t t e d
to Ian PruneIftoo*
f h l s would g ir o th at d i s t r i c t an approxim ate n at
io n a l banldn g power o f 1193*000*000*
Taking the
a s te rn h o rd er-X in es
Reproduced from the Unclassified / Declassified Holdings of the National Archives
o f Illin o is
m ii
litoonaiii a s the b o r d e r -lin e f o r the northw estern
F e d e ra l B©serve D i s t r i c t o f Chicago, wo would In clu d e l a th at d i s t r i c t
a l l tho northwestern s t a t e s s itu a te d
north o f the
it# Louis Bcrnver
l i n e * which would not have boon a ll o t t e d to tho Ban F ran cisco d i a t r i o t *
The qu estion o f the Hew O rleans d i s t r i c t i s s p e rp le x in g
one* because Ifew Orlea n a does not l i e
tio n #
in the r ig h t l i n e o f concentra
I t l a s itu a te d to o f a r South* and a l l co n cen tratio n th at would
take p la c e by way o f c le a r in g s , oofarounieatioiis, o r by way o f m eetings
o f member?* o f branches a t Hew O rlean s, would le a d away from the Nor
thern co u rse, s?hioh* in moat c a s e s , would ibe t h e i r n a tu ra l d ir e c t io n *
F o r in sta n c e , A t la n t a , Savannah would n a t u r a lly tend north f o r t h e ir
tra d e mid not South*
X a® th e re fo re r a t h e r reaching the con clu sion that Hew Or
le a n s should not be a h e a d -o f f l e e but a bran ch , and that the head*
o f f l e e should be fu r t h e r -forth*
How f a r th at should b e , and which
p la c e that should be ia v e ry hard f o r m
to d ec id e *
The b e at Hyntem
would o f course be procured by having tho southern d is t r ic t ,
as f a r Worth as p o s s ib le *
draw in t o the system sorse
m (l m ak in g i t as la r g e m
extend
p o s s ib le * so as to
a r t o f the r ic h e r ‘fo rth , but I t w i l l prob
a b ly not he p o s s ib le to go fu r t h e r north than the Ohio K lv e r, and sake
p a r t o f Kentucky and the two V i r g in ia s the Northern b o rd e r o f the
Southeastern d i s t r i c t *
I t has been su ggested th at t h is F ed e ra l He*
se rv e Bank might be lo c a t e d a t Washington* which would havo jaany ad~
v a n ta g e s, although the disadvan tage would he that Washington i s not a
Reproduced from the Unclassified I Declassified Holdings of the National Archives
c oisn ercial c e n te r and th at the F ed eral Reserve Board would n a t u r a lly
fee under the d a l l y in flu e n c e o f th is southeastern w ing, w h ile tfee
F e d e ra l Reserve Board might p r e f e r to be in a more p ro tec te d p o s it io n *
to make Richmond the Federal Reserve Bank place or
I t might prove the bent a o lu t io # ' to in c lu d e 'f&rylend in the Southeast*
e ra d i s t r i c t and make Baltim ore the se a t o f the F e d e ra l Reserve Bank#
fh e stro n g e st system woultf o f course ho secured i f a l l
the
b a lan ce o f the country would c o n s titu te one d i s t r i c t , because t h is
would fo rm th o b a s is o f a B fste n o f enormous s tre n g th *
however# m
Inanm ch,
th ere s t i l l remain fo u r F e d e ra l Reserve Banks to be
placed# t h is rem ainder o f the country w i l l have to be d iv id e d in to
fo u r d i s t r i c t s *
I f i t sh ould bo found f e a s i b l e to d iv id e the south
in to two d i s t r i c t s *
i t would be a l l tho b e t t o r f o r the
.hole country#
because then t h is Horthea te rn c o rn er could be d iv id e d in to th re e
d i s t r i c t s o n ly , and the few er the north eastern d i s t r i c t s the s tro n g e r
the e n t ir e system*
In
o rd e r to d iv id e tho n orth eastern c o m e r in to fo u r d i s
t r i c t s * one F e d e ra l R eserve D i s t r i c t might in c lu d e Michigan* In dian a
and Ohio* to which p ro b a b ly ou^ht to be added a l l *
Northern p a r t o f Kentucky*
or a t le a s t the
In t h is case the F e d e ra l Reserve Bank
would p ro b a b ly be lo c a te d a t C in c in n a ti.
I f Kentucky should be l e f t
ou t, C levelan d might have a stron g c la im upon the seat o f the F e d e ra l
Reserve Bank*
The next F e d e ra l Reserve Bank# the s ix t h * would be that o f
P h ila d e lp h ia * in c lu d in g Pennsylvania* !fnryland and Delaware and the
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Southern p a rt o f Hew Jersey*
Tho s t a te o f
few York* Connect le n t
ana the Northern p a r t o f Hew Jersey would form the seventh* and the
Hew England a ta t e s and Maine would form the e ig h th F e d e ra l Keserve
Bank*
In ord er to re n d e r f e a s i b l e the d iv is io n o f the country
In to d i s t r i c t s , having each at le a n t a c e r t a in in t r i n s i c f i n a n c i a l
power, Hew York has he on reduced to such a d e g re e , under t h is pl**n f
th at two o f the la r ^ e Hew York hanks would each have re so u rc e s o f
about tw ic e the amount o f the f u l l p aid c a p it a l stock o f the Hew York
F e d e ra l Reserve Bank*
f h i n i s an anorsaly which, i f p o s s ib le , should
he avoid ed , because a t hone and abroad the system would g a in in d ig
n it y find e f f i c i e n c y i f the Hew York d i s t r i c t could r e c e iv e a more
adequate allotm ent o f t e r r i t o r y *
!Phis could p o s s ib ly he brought
about by d iv id in g the Southeastern t e r r i t o r y In to two d i s t r i c t s o r
by c r e a t in g an a d d it io n a l d i s t r i c t in the W est, in case i t
should
be found th at Oregon h Washington would ra th e r t i e up to /ftnneapolis
than San F ra n c isc o *
W hile i t
la to ho wished that i t may be found
p r a c t ic a b le to c rea te t h is a d d it io n a l F ed e ra l Reserve D i s t r i c t end thus
to remove the n e c e s s it y o f e s t a b lis h in g too many u n its in the north-*
Hast* the dajnage done by too d r a s t i c a l l y c u ttin g up th is t e r r i t o r y
might g r e a t l y he reduced i f care bo taken th at b y th is c u ttin g up
p rocess the s t a b i l i t y and f in a n c ia l power o f t h is n orth east coner
be not in t e r fe r e d w ith , f o r i f i t should not he p o s s ib le to d evelop .
In due cou rse, so me discou nt markets In th is t e r r i t o r y , there i s no
Reproduced from the Unclassified I Declassified Holdings of the National Archives
hope whatever th at the system abould e v er develop in the remainder
o f the country#
M oreover, the d if f ic u lt :/ aunt foe overcome th at
by c r e a t in g so la r g e a number in t h is n orth east c o rn e r, the F ed eral
Beserve Board w ight fin d i t extrem ely hard to handle the qu estion s
th a t w i l l oooe up b e fo re I t f o r d e c is io n *
From t h is p o in t o f v ie w ,
i t i b v e ry d e s ir a b le th at* in an a d m in is tra tiv e way, the F ed e ra l Re
se rv e Banks w i l l bo grouped in f i v e l a r g e d iv is io n s *
fh e re wotild
be a JTortheastsra d iv is io n , con tain in g the F ed e ra l Reserve Banks
o f Kew ’"Ji^lnnd, Hew York and P h ila d e lp h ia ;
c o n tain in g Chicago and C in c in n a ti;
Tlew O rle a n s, w ith
a northwestern d iv is io n *
a sou th eastern d i v i s i o n , con tain in g
a f e d e r a l Reserve branch at a p o in t to he decided
upon, p o B B lb ly Vaf?hln^ton or B altim o re; a southwestern d iv is i o n , in
c lu d in g :'t * L o u is; and a p a c i f i c d i v is io n , in c lu d in g Hawaii#
The F ed eral Heaerve Board would n a t u r a lly d e s ir e to d iv id e
i t a fu n c tio n s and would p ro b a b ly a l l o t one d iv is io n to one gtedber
o f the Board, tho C o » p t r o l l « r o f the Currency bein g in charge o f
exam inations, a u d it in g , s u p e rv is io n in gen eral and o f note is su e in
p a r t ic u la r #
In order to enable the F ederal Keserve Banks o f the
n orth eastern a n g le to develop any kind o f jo in t discount p o l l e y tisfoieh
would be n ecessary to b u ild up a discount m r k o t , i t might prove a d v is
a b le th at Hew York, Boston and P h ila d e lp h ia for.® a coismittee of their
own, and Chicago and C in cin n ati would form a ooramittee*
such Com
m ittee would d isc u ss qu estion s o f p o lic y and o f isutual a s s is ta n c e
between the th re e or two -e d e r a l Reserve Banks, r e s p e c t iv e ly *
If
ii
....................................................... ................................................
wn
----"----- *Ijr,# .-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
•***.$**«*
the ?edfiral Reserve Board would want to c a l l upon the n orth eastern
S t a t e s , o r the northwestern s t a te s f o r any r e i s c o u n t o p e ra tio n in
fa v o r o f any oth er F ed e ra l Reserve Bank M s t r l c t * I t would eotammi©ate w ith th ese Ooramittees* ar*d i t would be l e f t w ith each Coramittee
to ap p o rtio n amongst i t s c o n stitu en ts the amount to be red iscou n ted
by each F e d e ra l Reserve Bank*
In ease o f disagreem ent amongst
th ese F e d e ra l Reserve Banks* the f e d e r a l Beserve Board i t s e l f
dec >d* how to ap p o rtio n the anounts to ho re d isc o u n te d *
ould
I b e lie v e that
by a slraple arrangement o f this* kind the oh jo e ta o f the l e g i s l a t i o n *
which are the developnent o f the f l u i d i t y o f c r e d it and the c r e a t io n
o f discount rnarkets. would hc« g r e a t ly helped*
Because in t h is way
co o p eratio n w i l l he secured between v a rio u s f in a n c ia l d i s t r i c t s ,
the
la c k o f which might otherw ise prevent the n ecessary degree o f con fid
ence in tho s t a b i l i t y and power o f the o rga n isa tio n # most e s s e n t ia l
p r e r e q u is it e s f o r a s u c c e s s fu l o p e ra tio n o f the system.
When p u b lis h in g the w eekly ntatencnta o f the F ed eral Beserve
Banks a j o i n t sta tu s o f each d iv is io n should be p u b lish e d in a d d it io n
to th at showing the c o n d itio n o f a l l d iv is io n s combined.
In t h is
way not o n ly a c le a r e r p ic tu re would be g iv en which w i l l be l e s s con
fu s in g than the statement o f e ig h t F ed e ra l Reserve Banks* but a t hose
and p a r t i c u l a r l y abroad the l a r g e r figures w i l l c re a te more confidence
and w i l l he b e t t e r understood*
I f e it h e r the Southeast o r the Northwest should he d iv id e d
in to two s e c tio n s * these would o f course f o r a one a d m in is tra tiv e d i v i -
Reproduced from the Unclassified I Declassified Holdings of the National Archives
— 9 --
sio n and op erate e x a c t ly on the same l i n e s as here su ggested f o r
the N orth east*
In v e n tu rin g to submit these id e a s ,
I hope they w i l l he
looked upon as su ggestio n s o n ly, and v e ry hasty ones at th a t*
I
am f u l l y aware o f the f a c t that the s t a te l i n e cannot he observed
in a l l oases where I have d e a lt w ith S t a t e s .
S p e c ific knowledge o f l o c a l c o n d itio n s , such as the O rgani
z a tio n Committee i s about to a c q u ire , would be apt to le a d to a m o d ifi
c a tio n in many re sp e c ts o f the thoughts as here expressed*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
C
G E O R G E M A S O N LA M O N T E
35
N A SSA U
N EW
STREET
YORK
January 10, 19Hk
Hon. W illiam G. McAdoo,
S e creta ry o f the T re asu ry ,
Washington, D. C.
S ir
In accordance w ith your request at the
h ea rin g h e ld re c e n tly in the Chamber o f Commerce
in t h is c i t y , I am sending you my su ggestio n fo r
the lo c a t io n o f eigjit f e d e r a l Reserve banks, and
have based my f ig u r e s upon the 1912 re p o rt o f
the Com ptroller o f the Currency.
In working t h is out I re g r e t t e d to fin d
th at the two western se c tio n s or d iv is io n s c o v e r
ed such a v e ry la r g e amount o f t e r r i t o r y * Never
t h e le s s , a f t e r a c a r e fu l study o f the f ig u r e s
I am in c lin e d to th in k th at t h is cannot be h elp ed .
The f ig u r e s I g iv e in the en closed memo
randum rep resen t the c a p i t a l , su rp lu s and undivided
p r o f i t s o f a l l the re p o rtin g banks in the v a rio u s
s e c t io n s .
I enclose h erew ith a map and a memorandum
o f the banks re p o rtin g in each State surrounding
each F ed eral Reserve bank and a summary fo r each
o f the e igh t c i t i e s mentioned.
I f I can be o f fu rth e r s e rv ic e to you in
t h is connection I should be g la d to have you c a l l
upon me, and I am,
Commissioner of Banking and Insurance
f o r the State o f New Jersey.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
New York::
New T o y &,
Uew J e rse y , •one h a l f -
,
,
887 2 0 0 0 0 0.0 0
59 *0 0 0 , 000.00
9 * 4 - 6 ,2 0 0 , 0 0 0 * 0 0
Boston:
M aine,
Hew Hampshire,
Vermont,
M assach usetts,
Rhode Is la n d ,
C on n ecticu t,
,
29,700 0 0 0 .0 0
20,500 ,0 0 0 .0 0
16,200 , 000.00
238,000 , 000.00
36,500 000.00
,
68,700 , 0 0 0 . 0 0
*K>9»600 , 0 0 0 . 0 0
washingtonMfew J ersey one h a l f ,
P en n sy lvan ia,
D elaw are,
M aryland,
V irg in ia ,
West V i r g i n i a ,
D is t r ic t o f Columbia,
59 , 000 , 000.00
585 >800, 000.00
12 , 000 ,000.00
69.000,000.00
5 1 f6 0 0 ,0 0 0 .0 0
36 . 300 . 000.00
27 . 200. 000.00
3*40,900,000.00
A t la n t a :
N orth C a r o lin a ,
South C a ro lin a ,
G e o rg ia ,
F lo r id a ,
Alabama,
M is s is s ip p i,
L o u is ia n a ,
Tennessee,
26,600,000.00
28,200,000.00
69>300 , 000.00
18,800,000.00
36 ,300 ,000.00
23 ,600 ,000.00
38 , 000 , 000.00
40.800.000.00
2 8 1 ,6 0 0 ,0 0 0 .0 0
Chicago:
O hio,
In d ia n a ,
Illin o is ,
M ichigan,
KentucKyifi
179*500,000.00
, ,
8 3 ,1 * 0 0 ,0 0 0 .0 0
262 300 000.00
75.900.000.00
55.800.000.00
656.900.000.00
St. L o u is :
Arkansas,
W isconsin,
M innesota,
Iowa,
M is s o u ri,
2 1 . 700. 000.00
57.300.000.00
67.300.000.00
91.000.000.00
16 2 , 700, 000*00
*100,000,000.00
Omaha:
IT* Dakota,
s . Dakota,
Hefcras&a,
Montana,
coming,
K ansas,
C olorado,
Hew M exico,
Oklahoma,
Texas,
san E ra n c isc o ;
Washington,
Oregon,
C a li f o r n i a ,
Idah o,
Utah,
Nevada,
A r iz o n a ,
18,H00,000.00
16.800.000.00
44.400.000.00
18.800.000.00
5,700,000.00
4-7,900,000.00
29.900.000.00
4-, 900, 000.00
30.600.000.00
117.700.000.00
335 . 100 . 000.00
37,700 ,000.00
25,900 , 000.00
196,200 , 0 0 0 . 0 0
9,700 000.00
,
12,300 ,0 0 0 .0 0
4-, 500 , 000.00
4-, 700 000.00
291,0(80 000.00
,
,
WM— g^WJHW1!.... "
Will I., _
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Uew YorK,
946.200.000.00
Boston,
4-09,600,000.00
m sh in g to n ,
8 4 0 .9 0 0 .0 0 0 .0 0
A t la n ta ,
2 8 1 .6 0 0 .0 0 0 .0 0
C hicago,
656.900.000.00
S t. L o u is ,
4-00,000,000.00
Onaha,
3 3 5 .1 0 0 .0 0 0 .0 0
San F ran c isc o ,
291,000,000.00
4- f 1 6 1 * 3 0 0 » 0 0 0 d 0 0
Reproduced from the Unclassified
k
ql»6,2 0 0 ,0 0 0 ,0 0 ]
St. Louis,
4-00*000
900,000.00
I Declassified Holdings of the National Archives
iw < j,* o o „ o o o .o o
WWWi».,Wni
Reproduced from the Unclassified / Declassified Holdings of the National Archives
BCW.
Sir:
On behalf of the Org «ii*atio*i Com-
mittee 1 beg to acknowledge the receipt of
your letter of the 15th inclosing* as stated,
four copies of an outlin© map of the United
States with suggested division of the ootmtry
into districts)
also let tor giving the re a*
eons for sich suggestions* «k! tables gitiiig
figures as to population,
In r e p l y I be^ t o ad v ise t h a t these
e x h i b i t s w i l l be su b m itted to >md &>m idermd
'by'tin Co»»i4Mw in d e te rm in in g these* qu®#~
tlo n s *
Respectfully,
Secretary,
E ssorve Bank O rg a n iia tlo n Coranlttee*
Mr* H e rb e rt C* M a rsh a ll,
27 Cedar S t r e e t ,
Hew York, H. T*
z o
Reproduced from the Unclassified / Declassified Holdings of the National Archives
H E R B E R T
C. M A R S H A L L ,
CO U N SELO R AT
27
LAW ,
CEDAR STREET,
NEW
YORK.
Hew York City, January 15 » 191*+
Hon, William G-. McAdoo,
Secretary of the Treasury
Washington, D.C.
- and
JAN 2 1191^
iron. David P. Houston,
Secretary of Agriculture,
W ash in g to n ,
D .C .
Dear Sirs:I beg to send herewith four copies of an outline map of the
United States, each with a different division of the country into
districts, hut with most of the districts substantially the same in
all.
Accompanying these maps, there is a long letter directed to
The Reserve Bank Organization Committee, giving reasons for the sug
gested divisions, and four tables giving figures as to population,
area and hanking capital of the various suggested districts.
I should like to have gone farther and made some estimateof hank
capital other than that of National Banks and also to have made some
discussion of the the variety of industr3^ shown in these various dis
tricts, such as is of course in a measure desirable for smooth working
of the system being installed.
But such an extended discussion would
have required a good de&l of time, ana the locating of centers of in
dustry, mining etc., on the maps would have greatly encumbered them.
As the maps stand, they are sufficient to support the argument in
favor of following "natural boundaries”, and that was the chief point
in view in preparing the maps and the accompanying letter.
A full set of the maps is enclosed in the large envelope addressed
to Secretary McAdoo.
Yours
very
truly
■raw
Reproduced from the Unclassified I Declassified Holdings of the National Archives
H E R B E R T C. M A R S H A L L ,
C O U N S E L O R AT LAW,
27
CEDAR STREET,
NEW
YORK.
New York C ity ,
January 10, 1914.
To The Reserve Bank O rg an isatio n Committee,
Washington, D. C.
Dear S i r s : In connection w ith the task undertaken by you,
in accordance
w ith the requirem ents o f S ection 2 o f the “F ed e ra l Reserve A c t",
to
“d esig n a te not l e s s than e ig h t nor more than tw elve c i t i e s to be known
as F e d e ra l re se rv e c i t i e s ,
excltiding A la sk a ,
a n d .d iv id e the c o n tin e n ta l U n ited S ta te s,
in to d i s t r i c t s ,
each d i s t r i c t to contain only one
o f such F e d e ra l re se rv e c i t i e s ” , w ith the s p e c ia l p ro v is o ,
"t h a t the
d i s t r i c t s s h a ll be apportioned w ith due regard to the convenience o f
b u sin e ss and s h a l l not n e c e s s a r ily be coterminous w ith any S ta te or
States*1, i t may not be aftiiss to urge the importance o f g iv in g much
c o n sid e ra tio n to c e rt a in n a tu ra l li n e s o f d iv is io n between d i f f e r e n t
se c tio n s o f the country.
In e s t a b lis h in g the p o l i t i c a l b o d ie s that have u ltim a te ly
become s t a t e s , both under o ld c o lo n ia l gran ts and under a c ts o f Congress
sin c e the adoption o f the C o n stitu tio n ,
the g e n e ra l o u tlin e o f each o f
these p o l i t i c a l communities has r e g u la r ly been determined b e fo re any
c o n sid e ra b le number o f in h a b ita n ts has moved in to the d i s t r i c t ,
it
b e in g n ecessary th at there should be some d e f in it e d iv is io n o f lan d
and s e c u rity o f tenure to a t t r a c t s e t t l e r s ;
and in consequence bound
a r i e s have u s u a lly been determined by the p u re ly mechanical method o f
fo llo w in g m eridians o f lo n g itu d e and p a r a l l e l s o f la t it u d e ,
ra th e r
than by the u ltim a te ly more d e s ir a b le method o f in c lu d in g w ith in each
o f the p ro sp e c tiv e s t a te s some economic and s o c i a l community, such as
— — — — — i— mmi ii i
■pii ."MW—
— ii
i
'■
i
Reproduced from the Unclassified I Declassified Holdings of the National Archives
R .B .O .C .
#2 .
1/10/14.
the e a s ie s t and most d ir e c t ro u tes o f t r a v e l and the l a t e r a g r i c u l t u r a l ,
in d u s t r ia l and commercial development o f the d i s t r i c t should determ ine.
Even i f
there had been f u l l a p p re c ia tio n o f the importance o f making
the p o l i t i c a l communities, subsequen tly to "become s t a t e s ,
approxim ately to fu tu re s o c i a l and economic communities,
conform
i t would not
have "been p o s s ib le a t th at time, w ith the e x is t in g inadequate knowledge
o f the reso u rces o f the v a rio u s se c tio n s,
c en ters o f in d u stry ,
trad e and p o p u latio n ;
to fo re s e e the lo c a t io n o f
and i t was perhaps in e v i
t a b le that the s t a t e d iv is io n s as o r i g i n a l l y l a i d out should w ith the
development o f the country f a i l
to conform to any s o rt o f u ltim ate
r e a l d iv is io n o f the people and t h e ir in t e r e s t s .
W ith the la t it u d e
a llo w e d by the f e d e r a l Reserve Act'*, however, i t w i l l be p o s s ib le to
make the proposed re se rv e d i s t r i c t s conform much more c lo s e ly to
n a tu ra l lin e s and d iv is io n s than do the e x is t in g s t a t e s ,
thereby
making them Mr e g i o n a l” , not m erely in extant o f t e r r i t o r y , b u t a ls o
in conforming to "n a t u r a l b o u n d a rie s” and in se rv in g ’’ the convenience
and customary course o f b u s in e s s ” .
In d e s ig n a tin g the c i t i e s in which f e d e r a l re se rv e banks s h a ll
be o rga n ized and in f i x i n g the g eo gra p h ica l lim it s o f the F e d e ra l
re s e rv e d i s t r i c t s ,
the committee w i l l o f course endeavor to s e le c t
la r g e cen ters o f p op u lation w ith important banking in t e r e s t s as such
c i t i e s and w i l l no doubt in clu d e w ith each c it y as i t s p a r t ic u la r
d i s t r i c t such a d ja ce n t t e r r i t o r y as i s in an e s p e c ia l degree commer
c i a l l y t r ib u t a r y to that c it y .
In the d iv is io n o f counsel as to what
c i t i e s are o f importance and may be expected to be o f importance in
the fu tu re in the banking and commercial w o rld and as to what o u tly in g
d i s t r i c t s now are and may in
the fu tu re be expected to be t r ib u t a r y to
■’R e p 'fe te e d from the Unclassified I Declassified Holdings of the National Archives
#5 .
E.E.O.C.
X/lO/l4.
each particular city, it will perhaps be of assistance to recall
certain well reeognlxtd principles which could not fail to receive the
approval of all.
Briefly stated, some of the more important of these
principles are the following:(1)
Large centers of population should be as nearly as pos
sible the centers of the various districts, and boundaries should
follow the lines of the more sparsely settled regions.
(2 )
Water-sheds and boundaries of river systems are usually
sparsely inhabited, and transportation across them is usually diffi
cult,
Water-sheds should therefore ordinarily ba boundaries.
This
is particularly true of the great Continental Divide between the M iss
issippi Valley and the Pacific Coast and of the Appalachian Water-shed.
It is true in lesser degree of the water-shed bounding the Connecticut
Valley on the west and of that between the Valley of the Columbia on
the north and the territory lying to the southward.
It is only in a
measure true of the water-sheds between the rivers of the Atlantic
Coast Plain and between various branches of the Mississippi: System*
(>)
River valleys usually constitute economic communities and
should either alone or in combination with others constitute such '
districts or divisions.
Good examples are the Columbia, the Sacra
mento and San Joaquin, the Upper Mississippi, the Upper Missouri, the
Upper Ohio, the Tennesee and Cumberland, the Hudson, Delaware and
Susquehanna.
(4 )
In some instances, rivers are so large or so difficul
of passagsas to serve better as boundaries, particularly where the
entire river Valley cannot be included in the same division.
Examples
are the Lower Mississippi, the impassable Grand Canon of the Colorado,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
R .B .O .C .
#4 .
p o s s ib ly the Lower Ohio,
l/ l0 / l4 .
. Even in such in stan ces, however,
the mouth
o f any such r i v e r is apt to he such a cen ter o f p o p u latio n and trade
as to make i t d e s ir a b le th at both sid e s o f the r i v e r a t th at p oin t
should he in clu d ed w ith in the same p o l i t i c a l d iv is io n ,
w ith in the same hanking d i s t r i c t .
and p a r t i c u l a r l y
Hew York C ity and the near by
c i t i e s o f Hew Jersey s u f f e r much b u sin e ss and other inconvenience from
t h e ir d iv is io n in to se p arate p o l i t i c a l and l e g a l j u r i s d ic t i o n s ,
and
other cen ters o f p o p u latio n s i m ila r ly s itu a t e d s u f f e r from s im ila r
inconvenience only in l e s s e r degree.
Hew O rlean s and the adjacen t
re g io n about the mouth o f the M is s is s ip p i escape th is inconvenience
by be in g in clu d e d e n t ir e ly w ith in the same 8 ta te o f L o u is ia n a .
d e fin in g the boundaries o f the F e d e ra l re se rv e d i s t r i c t s ,
In
s t a te bound
a r i e s w i l l no doubt be ignored, where they pass through la r g e cen ters
o f p o p u la tio n ,
as a t s e v e r a l p o in ts on the A t la n t ic Sea Board.
(5 )
The lo c a t io n and d ire c t io n o f g re a t ra ilw a y systems,
one o f the p r in c ip a l in d ic a tio n s o f the "convenience and customary
course o f b u s in e s s ” , w i l l o f course be an element o f very g re a t import
ance in d e s ig n a tin g F e d e ra l re se rv e c i t i e s and in lim it in g the bounda
r ie s of d is t r ic t s .
riv e rs ,
These however u s u a lly f a l l o w the course o f la r g e
do not often c ro ss w ater-sh ed s o f even minor im portance, and
u s u a lly r a d ia t e from la r g e c en ters o f p op u lation and connect them w ith
more s p a rs e ly s e t t le d re g io n s in the v i c i n i t y .
R ailw ay t r a f f i c
and
communication g e n e r a lly are th e re fo re in la r g e measure determined by
" n a t u r a l b o u n d a rie s11, p a r t i c u l a r l y the more im portant w a ter-sh ed s;
these same bou ndaries w i l l undoubtedly c o n tro l in the fu t u r e .
boundaries a re the r e a l element in c o t r o l li n g communication,
than m eridians o f lo n g itu d e and p a r a l l e l s o f la t i t u d e .
and
Such
ra th e r
Reproduced from the Unclassified / Declassified Holdings of the National Archives
r .b .o .c
.
#5.
(6 )
l/lO/l4.
In order th at each re se rv e d i s t r i c t may as f a r ae 506
w ith in i t s e l f be capable o f meeting i t s own l o c a l demands f o r banking
accommodations, p a r t i c u l a r l y season al demands,
it is
d e s ir a b le th at
each d i s t r i c t should in clud e a c o n sid e ra b le v a r ie t y o f b u sin e ss in t e r
e s ts ,
a t l e a s t to such extent as i s c o n siste n t w ith reaso n ab le com
pactness o f t e r r i t o r y and convenience in other re s p e c ts .
In accordance v/ith the fo re g o in g c o n sid e ra tio n s o r p r in c ip le s ,
I have attempted a d iv is io n o f the country in to d i s t r i c t s ,
and I b eg
to submit the r e s u lt s on fo u r se p arate o u tlin e maps o f the country,
w ith the l i n e s o f d iv is io n in d ic a te d thereon,
lo u r se p arate maps are
subm itted, because, w h ile the g e n e ra l d iv is io n i s the same in a l l ,
there are some very c o n sid e ra b le d iffe r e n c e s o f d e t a i l th at can b e t t e r
be p resen ted on se p arate maps.
In g e n e ra l,
a l l New England as f a r west as the w a ter-sh ed o f
the Connecticut R iv e r,
s u b s t a n t ia lly the l i n e o f the Green Mountains
and the B e rk sh ire H i l l s ,
c o n s titu te s one d i s t r i c t ,
the t e r r i t o r y be
tween that l i n e and the M is s is s ip p i R iv e r c o n s titu te s f i v e d i s t r i c t s ,
the t e r r i t o r y between the M is s is s ip p i R iv e r and the C on tin en tal D ivid e
c o n s titu te s th ree d i s t r i c t s ,
and the t e r r it o r y west o f the C on tin en tal
D iv id e c o n s titu te s one d i s t r i c t ,
making ten d i s t r i c t s in a l l ,
A
s l i g h t v a r ia t io n from th is g e n e ra l d iv is io n on a l l the maps i s to
perm it the d i s t r i c t s a t the headwaters o f the M is s is s ip p i and at i t s
mouth to c ro ss the r i v e r ,
as seems to accord w ith g re a te r convenience
o f b u s in e s s .
In view o f the con centration o f banking c a p it a l,
la t i o n as w e ll,
in that
and o f popu
in the n o rth -e a s te rn p a rt o f the country,
s e c tio n are somewhat sm all and compact in area,
the d i s t r i c t s
although the
^
W— j — —WWP——
— 11 I 1 11 1 I ■ 1
I I
I
Reproduced from the Unclassified I Declassified Holdings of the National Archives
R .B .O .C .
#6 .
l/ lO / l4 .
t o t a l ’banking c a p it a l in each o f these d i s t r i c t s i s c o n sid e ra b ly l a r g e r
than o f other d i s t r i c t s ,
d is t ric ts
as ap^s a rs from the ta b le s given below .
in the West and South a re n e c e s s a r ily la r g e in a rea,
The
some
o f them la r g e in p o p u lation , because o f the com parative la c k o f banking
c a p it a l in that p a rt o f the country.
The d i s t r i c t s west o f the M iss
i s s i p p i R iv e r a re o f much g re a t e r le n g th from east to west than from
n orth to south,
the grefct ra ilw a y systems in that re g io n running from
east to west, both because o f the usu al d ir e c t io n o f t r a f f i c between
the l a r g e r c i t i e s and the r u r a l d i s t r i c t s and because o f the usu al
d ir e c t io n o f the r iv e r s t r ib u t a r y to the M i s s i s s i p p i .
The h ead -w aters
o f the M is s is s ip p i and o f the M isso u ri f a l l n a t u r a lly w ith in one d is
tric t,
although i t becomes an extrem ely lo n g d i s t r i c t from east to
w est, because o f the u su al course o f communication and b u sin e ss in
th at re gio n ,
as in d ic a te d by the course o f the three or fo u r g re a t
r a ilw a y systems that furnisl^tjifcuineans o f communication.
The t e r r i t o r y
west of the O cn tin en tal D iv id e w i l l c e r t a in ly a t the p re se n t time be
in cluded w ith in a s in g le d i s t r i c t ,
although i t s a re a i s more than one-
fo u rt h th at o f the e n t ir e country, both because o f i t s com paratively
sm all p o p u latio n and because o f «its somewhat lim it e d bank c a p it a l.
W ith the very ra p id growth in p op u lation in th at regio n , however,
it
i s but re aso n a ble to expect that the V a lle y o f the Columbia w i l l be
made a se p a ra te d i s t r i c t in the not very d is ta n t fu tu r e .
Upon two o f the maps h erew ith subm itted,
the d i s t r i c t in c lu d in g
Hew York C ity i s made to embrace a s t r i p o f Western Hew England, sub
s t a n t i a l l y a l l (p o s s i b ly e n t ir e ly a l l )
o f Hew York S ta te ,
Jersey, %nd a l l o f E astern Penn sylvan ia,
a l l o f Hew
in other words the v a lle y s o f
the Hudson, Delaware and Susquehanna and a d jacen t t e r r it o r y *
One very
Reproduced from the Unclassified I Declassified Holdings of the National Archives
#7.
R .B .O .C .
l/l0 /l4 .
important reason for including such a district embracing some
of
the entire capital (and surplus) of all the national banks of the
country, approximately $560,OOO,000, and some 17,000,000 of population,
is the large banking interests here centered and the desirability that
the reserve bank here located will on the basis of six per cent of the
capital and surplus of the national banks of the district be substan^i
tially as large as any of the constituent banks.
Moreover, as appears
from tables 1 and 4 below, the area included within the district will
even then be, next to Hew England, as small as any other district.
For the same reason, the su g m stion is made on map 1 that the Chicago
district be made large enough to include 12^0,000,000 of national bank
capital, in accordance with which the capital of its reserve bank will
be almost as great as the capital of the largest of its constituent
banks.
Moreover, in view of the usual course of business and the
usual course of communication, there will perhaps much reason be found
for including all this territory in the Hew York district and for
including with Chicago the greater part of Iowa, as indicate on map 1 *
If it be thought undesirable that any one district should include so
m uch as
of the entire national banking capital, the limitation of
the New York district to only a part of Few Jersey and iis entire
exclusion from Pennsylvania, as on maps 2 and 2 , is suggested.
The
district would then include approximately f$80,000,000 of national
banking capital, approximately 20fo of the banking capital of the entire
country.
There seems no valid reason whatever for extending the Hew
York district beyond the Appalachian Watershed, so as to include
Western Pennsylvania, on the one hand, or to limit it substantially to
Hew York City on the other.
The latter suggestion would entirely
Reproduced from the Unclassified / Declassified Holdings of the National Archives
R.B.O.C.
sacrifice the advantage of bringing a certain amount of outside terri
tory into immediate touch with the large "banking capital centered in
Hew Y ork City, without any possible compensating advantage.
The region a'fe.out the headwaters of the Ohio/is a “
banking
\
/
(iisld "business center of kiuch importance; and reasons will undoubtedly
be advanced for i n c l u d i n g ^ t in a district with/Philadelphia on the
\
one side or with Chicago on vthe other, just as reasons have already
\
\
/
/
been advanced for including apportion of it/a't least in the same dis\\
trict with Hew York City.
/
-v'
The he is however in that region about one\
J
V
f
ninth of the entire national banking c o i t a l of the entire country,
■%
x /f
particularly if that prrtion of K e n ^ C k y adjacent to Cincinnati be
K
included, and the banking capital
^ b u s i n e s s interests there centered
\
are almost as great as those wh.icM center about Chicago.
/
\
In other respects, the /ivisions\indicated on the maps herewith
/
i,
submitted perhaps sufficiently explain th^iselves.
In general, state
f
\
boundaries have been f o l l o w ^ , except whereithere seem to be a good
/
\
deal of reason for suggesting a different li^e of division.
$
The 37 th
%
parallel of latitude seegls to serve as an excellent (or at least an
/
\
approximately correct) d i v i d i n g line for the southern part of the Miss
issippi Valley, inasir^tch as it crosses Southern ll^ntucky, passes near
/
\
the mouth of the Ohjp, crosses the Ozark Mountains % n d follov/s the
£
\
boundary line of Oklahoma and Kansas.
Northern Ken^icky is probably
f
\
more closely contacted in its business interests with ^ n c i n n a t i ,
0
’\
Louisville and j&e North, while Southern Kentuckjr is probaly more
closely connected with Nashville and the South.
so indic 44 e.
■:
The railroad lines
Four tables and four maps are submitted herewith.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
#9.
Table I corresponding to Map 1 .
District.
Area,
sq.. mi.
Population.
inc.
Nat’
1 Sank
Capital.
1
Hew England (e x c
w n part)
60,000
6,000,000
2
Hew York, Hew Jersy, Penna.
100,000
17,000,000
Maryland, Virginia, Carolinas 125,000
7,500,000
$100,000,000
8 , 5 0 0,000/
$190,000,000
.
.
r-'
Mich
0
s
Mo
7
K y ,, Tenn.,Ga.,F l a . ,Ala,
8
L a . , Tex,,pt.Ark.,Okl. ,H.M. \
440,000
9
Y/is. ,Minn. ,Dakotas, Montana.
Pacific Coast
10
. ,
.
,
Ind
Kan
. ,
.
,
111
Hebr
. ,
. ,
Iowa
pt Ark
.
200,000
15,500,000
430,000
8,p00,000
s s . 310,000
12,000,000
.
. ,
Okl
.
1
1230,000,000
19/°
#135,000,000
15>
4105,000,000
7,000,000
30)g
$100,000,000
460,000
6,000,000
25^
#90,000,000
8 i \ 000
6,000,000
75/o
#1^0,000,000
1 7%
$150,000,000
2
'
\
.-y
\
Table 2 corresponding, to Map 2 ,
\
60,000 ■
New England (exc. wn. part)
\ 6,000,000
\
Hew York and part Hew Jersey
60,000 \ l , 000,000
3
In.Penna,Md.,Va.,pt.H. r.
85,000
4
Headwaters of Ohio JP.iver.
90,000
5
M i c h . ,Ind.,111 .
145,000
6
Iowa,Mo.,K a n .,JeL r.,p t .C o l .
380,000
1^,000,000
\
3 ^ 00,000
\%
11,^)0,000
\
8,50^,000
7
K y .,Tenn.,Carolinas and Gulf. 390,000
15,500X000
l
On L a . ,Tex.,A r k . ,O kl.,pt.M.M.
9
10
$560,000,000
H
?
2y/°/
V so
o \
Headwaters of Ohio River.
$150,000,000
00
90,000
4
1 r/°
¥is. ,Mirai. ,Dakotas, Montana.
4 b 0 , 000
9 , ooo, o\o
\
6,ooo,ooo\
Pacific Coast.
810,000
6,000,000
545,000
#380,000,000
20fo
$250,000,000
$190,000, 000
lAfo
$205,000,000
1 Ofo
$ 140 ,000,000
i5fo
$125,000,000
$120,000,000
r'rS/
17/0
$90,000,000
%7i/°
$130,000,000
It is to be noted that the 10- year growth of population for the
Western Gulf states in this and tha following tables is somewhat excess
ive because of including Oklahoma, which was really opened up for set
tlement in large part in that decade.
30;© would probably be a more
accurate estimate of the 10 year increase of population.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
#10.
Table 3 » corre spondins to Map 3 .
District.
Area.
Population
1910 .
1
New England (exc. wn. part)
60,000
b,000,000
2
Hew York and part Hew Jersey.
60,000
11,000,000
10 yr. Nat*l Bank
inc.
Capital.
/
#1^,000,000
17/6
jf
^380,000,000
27^
3
E n .P e n n a . ,14., V a ., pt,/TST.J .; H .C .120,000
11,500,000
20% /
4
Headwaters of
5
60.. mi.
#260,000,000
( i n c l . K y . ) 110,000
9,300,000
M ic h . ,I n d . ,111 .,p \ v i s .,K y .
155,000
12,200,000
13$
$215,000,000
6
Iowa,Mo. ,Kan.,H e b r . ,|*t.Col.
380,000
8,500.00#
10 %
$ 140 ,000,000
7
In. Gulf, excl.pt.Ky.,¥"^.
535,000
lj,000*000
8
Wn. Grulf, excl.Hew 0 r l e a n s \
535,000
8,700,000
35> ?
9
W i s . ,Minn.,Dakotas,Montana.
\
*\ 4 6 0 ,000
6.900,900
25^
$90,000,000
6,000,000
75%
$130;300,000
10
Pacific Coast.
Si'Q.OOQ: ^
\
£
$200,000,000
$105,000,000
$110,000,000
K
Table 4 , corresprfdingkto Map 4 .
7“
J:4.-'
District.
#
Area.
s %«
\
\■%
P opulation.
\ l 910
~
10 yr, H a t 1! Bank
inc.
Capital.
1
Hew England (exc. wn. pajA)
2
Hew York, Hew Jersey, jfh.Pa.
100,000
Maryland,Virginia,C^folinas.
125*000
7,500,000
13/£
#100,000,000
4
Headwaters of OliijS (incl.Ky.) 110,000
9,300,oo\
17%
#200,000,000
5
M i c h . ,I n d . ,111 /' pt.Wis. ,Ky.
f'
Iowa,Mo. ,Kan/(Hebr.,p t .Col.
155,000
380,000
\
12,200,000 \ v>>
\
8,500,000
295,000
11,000,000
8
Tenn.^ G a ., / l a ., A l a ., Mi s s .
(pt.La./Ky.)
Wn. £ulf>f excl. Hew Orleans.
535,000
8,500,000
9
Wis.,Mlnn.,Dakotas,Montana.
460,000
6,000,000
Pacific Coast.
810,000
6,000,000
6
7
10
60,000
6y9«|p-, p00‘
\
17,000^000
25>
$150,000,000
#560,000,000
#215,000,000
# 140 ,000,000
#90,000,000
l^f
\
#110,000,000
35^\?
%\
25^ "i\% #90,000,000
\
"#130,000,000
75%
Reproduced from the Unclassified I Declassified Holdings of the National Archives
08C
March 26t h , 1914 .
Sir-*
As req u e ste d l a your l o t t o r o f March
24t h # I have g iv o n in s tru c tio n ® t h a t pagoa
8 to 13 and tho 4 a d d it i o n a l t a b l e s o n clo so d ,
th e re w ith , ar® to be s u b s ti t u t e d f o r pages 8t
t and 10 o f th o b r i e f p re v io u s ly su b m itted con
t a i n lag s u g g e s tio n s re g a rd in g th o d iv is io n o f
th o c o u n try in to F a d o ra l Reserve D i s t r i c t s *
R e sp e c tfu lly *
S e c re ta r y ,
Rasenro Bank Organization Committoo*
Mr* H e rb ert C. M a rsh a ll,
27 Cadar S t r e e t ,
Sow Tor* C ity .
i of the National Archives
H E R B E R T C. MA R S H A L L ,
C O U N S E L O R AT LAW,
27
CEDAR STREET,
NEW
YORK.
Hew York City, March. 24 , 1914 .
Reserve B a n k Organisation Committee,
Treasury Department,
Washington, D.C.
Dear Sirs:Under date of January 10 th, I wrote to your committee making
certain suggestions regarding the division of the c o u n tr y into
Federal Reserve Districts, and enclosing four maps showing the sug
gested divisions.
It has besn ray desire to present certain phases of the matter
more fully than they were presented in that letter; hut it was not
possible to give sufficient attention to the matter until within the
last few days.
I have now however be~n able to add several pages to
what was presented before; and I beg to present the same herewith.
If you will kindly cancel the last three pages of the foraer
letter, pages 8, 9 and 10, and will substitute in their stead the
enclosed pages 8 to 18 and the four additional tables of tabular
matter, it will make a much more satisfactory presentation of the
entire subject.
Yours very truly,
j^ S W E R E D
M A R 26 19M
Reproduced from the Unclassified I Declassified Holdings of the National Archives
E.B.O.C.
1 / 10 / 1 4 .
# 8 .
sacrifice tbe advantage of bring i n g a certain amount of outside terri
tory into iinmediAte touch w i t h the large banking capital cente r e d in
H e w Y o r k City, and w o u l d make the reserve bank altogether too small to
serve as a real factor in the great banking activities, either foreign
or domestic, centering in H e w Yo r k City.
The region about the headwaters of the Ohio River is a b a n k i n g
and business center of m u c h importance, and this in combination w i t h
the adjacent Lake region seems fully entitled to recognition as a
separate district.
Reasons are be i n g advanced for including this
region w i t h Hew Y o r k or Philadelphia on the east or with Chicago on
the west.
There is, however,
in this region more than one-te n t h of
the entire national b a n k i n g capital of the country,
even when confined
to the smallest dimensions indicated on the maps h e r e w i t h submitted,
a p p r o x i mately one-ninth of such capital,
if that portion of K e n t u c k y
adjacent to Cincinnati is included, and more than one-eighth of such
capital,
if Toledo, Detroit and adjacent territory are included.
Since this region is separated from the eastern cities b y the m o u n t a i n
chains of central Pennsylvania,
since it is not in any sense tributary
to Chicago a n d its bank i n g and business interests are substantially
equal to those whi c h center in Chicago, and since the country is to be
divided into at least eight districts,
it seems inevitable that this
region should constitute one of them.
As to whether P i t t sbu r g or
Clev e l a nd shall be the location of the reserve b a n k will perhaps
de p e n d upon the extent of territory included in the district,
the
former being a more important b a n king canter at the presnt time, but
the latter b e i n g a more rapidly growing city and being more centrally
lo c a t e d w i t h reference to the Lake cities.
^ K ^ r e S t t o d f r o m the Unclassified / Declassified Holdings of the National Archives
R.B.O.C.
#9.
l/ lO / l4 .
Whether the New York d i s t r i c t be made l a r g e r or sm a lle r,
it
seems in e v it a b le thAt there should be an a d d it io n a l d i s t r i c t on the
A t la n t ic seaboard to the southward o f that d i s t r i c t ;
and it . seems
e q u a lly in e v it a b le that there should be two d i s t r i c t s embracing the
southern re gio n b o rd e rin g upon the G u lf o f Mexico,
The A t la n t ic
seaboard d i s t r i c t w i l l ofcourse be lo c a t e d fa r t h e r north or f a r t h e r
south,
accordin g to the g re a te r or le s s extent o f the Hew York d i s t r i c t ;
but the Appalachian mountain ranges c o n stitu te a r e a l b a r r i e r to com
munication w ith the i n t e r i o r as f a r south as northern G eorgia,
and
render the coast s t a te s in a la r g e measure a se p arate b u sin e ss community.
Twenty or t h ir t y ye a rs ago,
the G u lf s t a te s would h a rd ly have
been thought o f other than a s in g le b u sin e ss community c en te rin g in
the predominant commercial c it y o f Hew O rlean s.
e ra tio n , however,
W ithin the l a s t gen
the M is s is s ip p i has ceased to be the p r in c ip a l high
way o f commerce to the northward, and the r a p id ly growing cen ters o f
in the in t e r io r ,
p o p u latio n a re / a t a d istan ce from, ra th e r than b o rd e rin g upon, that
riv e r.
riv e r,
Perhaps la r g e l y because o f the u n c o n tro lla b le flo o d s o f the
i t has become a boundary between two b u sin e ss d i s t r i c t s ,
than the p r in c ip a l highway o f .commerce w itM n a s in g le d i s t r i c t ;
rath er
and
the in d u s t r ia l development o f the i n t e r i o r to the eastw ard and the
a g r i c u l t u r a l development o f the i n t e r i o r to the westward have accen
tu ated th is d iv is io n in to two b u sin e ss communities.
a
In order that the Eastern G u lf d i s t r i c t s h a ll h a v e / su b sta n tia l
amount o f ban& c a p it a l,
bank c a p it a l,
say,
approxim ately #100,000,000 of n a tio n a l
betv/een o n e -fift e e n t h and o n e-tw en tieth of the •entire
n a tio n a l bank c a p it a l o f the country,
w ith subm itted,
as appears from the t a b le s h ere
i t i s e s s e n t ia l that i t extend as f a r north as the
from the Unclassified f Declassified Holdings of the National Archives
k.b.o.c.
#10.
1 /1 0 /1 4 .
southern boundary of Kentucky, or perhaps the thirty-seventh parallel
of latitude.
If the reserve hank is to he located at Atlanta or at
Birmingham, and particularly if it should he located a t .lew Orleans,
the business affiliations of Louisville, Hewport and other cities in
Northern Kentucky v/ill certainly he rather with the districts to the
northward*
Moreover, the v i c i n i t y of the thirty-seventh parallel
seems to he the most sparsely settled portion of that immediate region,
as well as containing a rather important watershed, with little railway
communication across it.
In order that the Western Gulf district shall have substantially
an eq.ual amount of hanking capital, it is essential that it extend as
far north as the thirty-fifth or thirty-seventh parallel.
The
thirty-seventh parallel is the boundary line between the states of
Oklahoma and Hew Mexico on the south and Kansas and Colorado on the
noifcthj* is substantially on a watershed line throughout and passes
through the most sparsely settled part of that region.
Obviously, it
should constitute the boundary line, unless the business relations of
central Oklahoma are found to be, predominantly with the territory to
the northward, or the district to the northward would be dispropor
tionately small, because of the amount of territory in that region
allotted to the Chicago district.
Maps 2 , 3 and 4 show the boundary
at the thirty-seventh parallel, the State of Iowa being tmfcirelyll
included in the district to the northward; and Map 1 shows the.bound
ary at the thirty-fifth parallel, the State of Iowa being transferred
from the district to the northward to the Chicago district.
The busi
ness affiliations of Oklahoma should however of course determine
whether the boundary be located at the one parallel or a t .the other .,
R.B.O.C.
#11.
1/10/14.
The suggested district embracing the headwaters of the M i s s i s
sippi and Missouri Rivers,
including also the Upper Pen i n s u l a of M i c h
igan, is perhaps the most clearly defined district of the Miss i s s i p p i
Valley.
On the north the Canadian "border, on the east Lakes Superior
a nd Michigan a n d on the west the Continental Divide form clearly
defi n e d boundaries.
There might perhaps be some question whether
the western bo u n d a r y of this district should not follow the M o n t a n a
state line rather than the Continental Divide, particularly in view
of the fact the City of Butte and the large copper mines and smelting
works,
the principal industries of that entire region, lie wi t h i n five
or ten miles of the Divide; but it will probably be found that the
b usiness relations of Butte and the adjacent district are ntther w i t h
the C olumbia V a l l e y and the Puget Bound cities, rather than w i t h M i n
neapolis and St. Paul,
the nearest cities of importance to the eastward.
The southern bound a r y of this district, for a distance of approximately
500
miles in the western part, falls naturally upon the forty - t h i r d yxr
parallel of latitude,
this parallel for substantially that distance
follo w i ng closely the important southern w a t e r s h e d of the Upp e r Missouri
a n d being c r o ssed by not more than three or four railroad lines, al
t hough throughout the greater part of that distance there are important
parallel lines b o t h to the northward and to the southward.
the greater part of the distance, moreover,
Throughout
this parallel serves as 4he
b o u n d a r y b e t w e e n the States of N e b r a s k a and South Dakota; and the
region is one of very little present or prospective population.
tinuing toward the eastward,
Con
the southern bound a r y as far as the M i s
sissippi River might continue to follow the forty-third parallel or
m i g h t follow the northern boundary of Iowa; and f r o m the Miss issippi
I from the Unclassified I Declassified Holdings of the National Archives
R.B.O.C.
#12.
1/10/14-.
to Lake Michigan it should either continue directly to the eastward or
should trend to the northward, following such route that the entire
population center immediately about Milwaukee shall fall within the
Chicago district, with which its commercial relations are of course
m u c h closer than with Minneapolis and St. Paul,
which will of course
he the location of the reserve hank of the northern district.
The northern and southern boundaries of the Great Plains
district, embracing Missouri, Kansas, Nebraska and adjacent territory,
have a l r e a d y been discussed.
The western boundary should of course
be the Continental Divide, and the eastern boundary should be in the
proximity of the Mississippi River, being determined somewhat by the
greater or less extent of territory allotted to the Chicago District.
The commercial relations of the greater part of Iowa are perhaps closer
with Chicago than with any city to the westward; and it would seem that
the greater part of that state .should fall within the Chicago district.
The choice of the Federal reserve city will perhaps lie betv/een St.
Louis and Kansas City, the former being a more important banking
center at the present time, and the latter being more centrally located
for the district and being a more rapidly growing city,
Denver has
been frequently suggested as a suitable location for a reserve bank;
but it is difficult to find sufficient ground for such a selection.
There is not another city of more than $0,000 inhabitants within a
radius of JOO miles, and only one city of more than $0,000 inhabitants
within that radius.
The total population within such radius is not
more than 2,000,000, and the entire national banking capital within
the same region does not greatly, if at all, exceed $ 20 ,000 ,000 .
The
population and banking capital within a similar radius of Kansas City
Dtthe^Natona! Archives^
R.B.O.C.
#13.
l/ lO / l4 .
are c e r t ainly at least fire times ae great.
to the last census,
The fact that, a c cording
the M o u ntain group of states, comprising more than
o n e - f o u rth of the total area of the entire country, has a population
cons i d e rably less than three millions,
is conclusive to the effect
that these states should constitute mer e l y the outlying portions of
F e d e r a l reserve districts and that Federal reserve cities should be
lo c a t e d to the eastward a n d to the we s t w a r d of this sparsely-settled
region.
As has been suggested above,
it. seems that there should be
little doubt that the entire Pacific Coast region should at the p r e s
ent time constitute a single district.
W i t h a population of more than'
foul? .millions in the three states of 'Washington, Oregon and California,
a n d a national b a n king capital in these three states of more than
$115,000,000,
there is here a sufficient nucleus for a single district,
$rhich m a y w i t h propriety be extended as far eastward as the Continental
Divide,
thereby including substantially one-fifteenth of the population
and c o n siderably more than one-fifteenth of the national b a n k i n g capi
tal of the entire country.
There yet remains to be considered the question wheth e r the
pr o p o s e d division into districts will provide a reasonable va r i e t y of
b usiness interests in each of the various districts,
such as is essen-
tail to the smooth working of the system^ and in this connection
special regard must be had to the possibility of such division as to
a v oid the excessive preponderance in certain districts of pro d u c t i o n
of f a r m crops and the consequent seasonal demand for b a n k i n g a c c o m m o
dations in the autumn months.
The four or five districts in the
no r t h - e astern part of the country, partic u l a r l y the more easterly ones,
f^eproduced from the Unclassified / Declassified Holdings of the National Archives
H.B.O.C.
#14
l/ l0 / l4 .
must necessarily predominate in manufacturing and in concentration of
"banking capital.
On the other hand, the cotton producing states of
the South and the grain producing states of the Ivlissiesippi Valley reg
ularly experience very great need of ciirrency in the crop-moving season,
which their inadequate banking capital is totally unable to meet; and
it is of importance to consider whether the proposed division into
districts is such as to combine these strictly agricultural communities
with other regions and
other interests and to bring them into relation
with banking centers in the best manner possible under a strictly
”regional” system.
Tables 1 to 4 , herewith submitted, give the comparative area,
population and national banking capital of the several proposed dis
tricts.
It would be a very large task indeed to obtain figures show
ing the comparative strength of the various industries or business
pursuits in each of these districts, since the census figures, the
only source of such information, are principally by states and groups
of states wherein the groups are based rather upon Similarity of
occupations than upon variety.
However, some light can be thrown on
the subject "by resort to the data presented in the last census; and a
calculation has been made, and the results are herewith submitted in
Table 5 , showing the per capita amount in each of the census groups of
states of (a) product of manufacturing industries (value added to
materials by process of manufacturing), (b) product of mines, quarries
and mineral wells, (c) value of all farm crops, and (d) value of live
stock products.
Prom this table, it is possible to form some estimate
of the comparative predominance of manufacturing in certain sections,
of mineral production in others and of agricultural production in yst
others.
R.B.O.C.
x/lO/lA.
#15.
As appears f r o m Table 5> manufac t u r i n g greatly predominates in
census groups I and II, comprising substantially the same territory as
propo s e d federal reserve districts numbered 1 and 2, if the latter be
made to include Eastern Pennsylvania, as shown on Maps 1 and 4.
In
census group III, comprising nea r l y all the territory include d in p r o
posed P ederal districts numbered 4 and 5, m a n ufacturing predominates
in somewhat lesser degree, and yet in greater degree, than the general
average for the entire country.
B y including the agricultural states
of K e n t u c k y and Iowa within these two districts, as is proposed,
the
comparative importance of farming and other pursuits will pro b a b l y no*t
be g r e a tly differant f r o m the general average for the enitre country.
In p r o p o s e d Fede r a l district numbered
whether it be made to include
E a s t e r n Pennsy l v a n i a or be located entirely to the southward o f that
state, there is a considerable distribution and a considerable growth
of m a n u f a c t u r i n g in recent years, and because of the fact that the
farming is on a small scale there is not the seasonal demand for
b a n k i n g accommodations in mov i n g the crops that is experienced in the
states farther west.
Moreover,
this p r o posed district,
including the
commercial city of Baltimore, with a national banking capital of
$20,000,000, and other cities of considerable commercial importance,
c o u l d undoubtedly sustain a federal reserve hank amply sufficient for
the needs of the district, even though P h i l adelphia and adjacent
t erritory be included within' the H e w Y o r k district.
I
"In district numbered 10, comprising the entire region west of the
Continental Divide, t&ere is very considerable variety of industrial
pursuits.
While the per--/:cap i t a p r o d uction of farm: er’
ops isrslightly
greater than the average for the entire county/,
the manufac t u r i n g
R.B.O.C.
l/l0 /l4 .
#16.
product per capita is almost as great as the general
a ve ra g e ,
and the
mineral product is very much above the average for the entire country.
In this Pacific Coast region, moreover, some account should be taken
of the production of raw, unmanufactured lumber, which as largely a
product of the winter season counterbalances in a measure the farm
crops of the summer, and the production of which in the coast states
is so large as to bring up the average for the entire region to $13.00
per capita, as compared with less than
country.
per capita for the entire
If the manufacturing, mineral and raw lumber production be
taken as representative of the non-seasonal production and the produc
tion of farm crops be taken as representative of seasonal production,
it is found that in the region west of the Continental Divide there is
proportionately less if seasonal production than the general average
for the entire country*
It may therefore reasonably be expected that
a Federal reserve bank for this entire region, with the banking capital
of San Francisco and other Coast cities as
a ^ b a s is ,
can meet the seasonal
demands of its own district, without much fesort to other banking
canters of the country for assistance.
The comparative independence
of the Pacific Coast region as a banking community in the past is
undoubtedly explained by this considerable variety of business jnarsuits.
It is in proposed Federal districts numbered 6 , 7> 8 , 9 , com
prising the strictly southern states and the western portion of the
Mississippi Valley, that there may be expected to be the greatest
demand for banking accommodations in the crop moving season, which
demand must in part be met by the banking centers outside the immediate
region.
This is a difficulty which is not entirely avoidable, and
which is perhaps as well met by the proposed scheme of division as ■by
R.B.O.C.
l/lO /l4
#17.
any "regional” system of division into districts that could “
be devised.
While these four proposed districts include nearly all the states of
census groups IV, VI and VII, the characteristic crop-producing groups
of states, they also include a large amount of adjacent territory
with greater proportion of non-seasonal manufactuirng and mineral pro
duction,
Proposed district numbered & includes the cotton manufactur
ing region of Georgia lad the Carolinas, as well as the iron manufac
turing region about Birmingham.
Proposed district numbered 7 includes
the greater part of the mining region of Hew Mexico, as well as a
rapidly developing petroleum field, now producing (if all Oklahoma be
included) more than one-third of the petroleum of the entire couniiry*
Proposed districts numbered 8 and
even if they included only the
agricultural states embraced in census group IV, would show a mineral
product substantially equal to the average of the entire country; but,
in addition, district numbered 8 includes two-thirds of Colorado, by
far the largest producer of precious metals and a large producer of
coal, the total mineral product of the state being considerably more
than f 50»00 per capita, and proposed district numbered 9 includes the
iron and copper mines in the vicinity of Lake Superior, furnishing
seven-eights of the iron and nearly one-fourth of the copper product
of the entire country.
In fact, although proposed district numbered
9 would ordinarily be regarded as almost exclusively an agricultural
region, its production of minerals according to the last census is
considerably more than IjO.OO per capita, and is not far from |40.00
per capita, if the copper producing region of Montana be included,
while its production of raw lumber is approximately #10.00 per capita,
this being an industry peciiiliarly of the winter season.
R.B.O.C.
#lS.
P r o m the foregoing discussion,
l/lO /l4.
it appears that there is ample
justification for due regard to natural topographical lines in deter
m i n i n g the division of the country into districts under the present
f ede r a l Reserve Act; and it is “
believed that the lines of division
h e r e i n suggested will "be found to he worthy of consideration.
The
principal centers of population and "business centers are usua l l y well
w i t h i n the particular districts, and the more sparsely settled regions
serve as boundaries.
Business convenience will he well served, because
of the direction of the principal railway lines and the course of
ordinary communication.
Particularly in the western part of the coun
try, the propo s e d lines of division will result in obtaining such,
v a r i e t y of business pursuits in each district as vri.ll tend to equalize
the seasonal demands for banking accommodations*
While the details
of the plan can be w o r k e d out only from information obtained by con
sultation of business interests of particular communities,
the natural
t opographical features of river valleys and mo u n t a i n chains certainly
constitute a permanent ana unchanging element in the situation that
should, control in all the larger problems involved.
Respe c t f u l l y submitted,
F o u r pages of tables are hereto appended.
^ ^ ^ ^ ^ ^ ^ ^ ^ M h e U r id ^ S e ^ ^ e c t e s ^ f ie ^ o ld in g ^ n h ^ a tio n a l^ h r e s
Table 1, corresponding to Map 1»
District,
Area,
sq. mi
Population 10 ?£• Nat »1 Bank
1910.
inc.
Capital.
1
New England (earn, wn. part)
60§000
6,000,000
17$
$150,000,000
2
N.Y., N.J.,Bp# Pa,, Wn. New Eng,
95,000
17,000,000
25$
#555,000,000
3
Md.,Del.,Va.,Carolinas.
125f000
7,500,000
13$
#100,000,000
4
Headwaters of Ohio River.
90,000
8,500,000
18$
#190,000,000
5
Ind.f111.,pt.Iowa,Wis.,Mich.,0hio. 200,000
13,500,000
11$
#230,000,000
6
Ky.,Tenn.,Ga.,Fla.,Ala.,Miss.
310,000
12,000,000
15$
#110,000,000
7
La.,Tax.,pt.Ark.,0kl.,N,M.
415,000
7,000,000
30$
#100,000,000
8
Mo.,Kan.tNebr.,pt.Ark.,0kl.,Col., 460,000
Wy. ,N.M."
Minn. ,Dak. ,Mont. ,pt*Wis. ,Mich. ,Wy. 460,000
8,500,000
19$
#135,000,000
6,000,000
25$
# 90,000,000
Pacific Coast.
6,000,000
75$
#130,000,000
9
10
810,000
Table 2. corresponding to Map 2,
District,
Area.
3a. mjL.
Population 10 yr. Nat'1 Bank
flapital.
mo.
"* Inc.
1
New England (exc. wn. part)
60,000
6,000,000
2
60,000
11,000,000
27% #380,000,000
3
New York^and part New Jersey,
<< W n . New EnsD
En. Penna. ,jyia.,va.TPT. N. J.
85,000
10,000,000
20%
#250,000,000
4
Headwaters of Ohio River.
90,000
8,500,000
18$
#190,000,000
5
Ind.,111.,pt.Mich.,Wis.,0hio.
145,000
11,500,000
14$
#205,000,000
6 Ky. ,Tenn,,Carolinas,Bn. C-ulf.
390,000
15,500,000
15$
#125,000,000
7
La.,Tex,,Ark,,0kl.,pt.N.M.
545,000
9,000,000
35$? $120,000,000
8
Iowa, Mo.,Kan.,Nebr.,pt.Col.,Wy.
380,000
8,500,000
10$
#140,000,000
9
Minn.,Dak. ,Mont. ,pt.Wis. ,Mich. ,Wy. 460,000
6,000,000
25$
# 90,000,000
Pacific Coast.
6,000,000
75$
#130,000,000
10
810,000
17$
#150,000,000
The 10-year growth of population for the W e s t e r n Gulf states if somav/hat
.ent in large
estimate.
.Table 3» corresponding to Map 3.
District,
Area
sa. mi
Population 10 yi>. Hat *1 Bank
Capital*
I §16.
Fnc.
1
Hew England (exc.wn.part)
60,000
6,000,000
17$
#150,000,000
2
60*000
11,000,000
27$
$380,000,000
3
Hew York and Dart Hew Jersey.
<CJtn* Hew Eng>
ln*Pa.,Md.,Va.,pt.H,J.,H.C.
120,000
11,500,000
20$
$260,000,000
4
Headwaters Ohio (incl.pt.Ky.)
110,000
9,300,000
11%
#200,000,000
5
Ind.,111.,pt.Mich.,Wis.,Ky.,Ohio.
155,000
12,200,000
13%
#215,000,000
6
Tenn.,S.C.,En.Gulf,pt*La.,Ky.
335,000
13,000,000
15$
#105,000,000
7
Wn. Gulf,(excl. Hew Orleans.)
535,000
8,500,000
35$
#110,000,000
8
Iowa,Mo.,Kan.,Hebr.,pt.Col.,Wy*
380,000
§,500,000
10$
$140,000,000
9
Minn. ,Dak. ,Mont. ,pt*Wis. ,Mich,Vy. . 460,000
6,000,000
25$
# 90,000,000
Pacific Coast.
6,000,000
75$
#130,000,000
10
810,000
Table 4. corresponding to Map 4,
Di strict
Area
Population 10 yi•* Hat 'l Bank
sq. m i .
1910
inc.
dapital.
1
Hew England (exc* wn* part)
60,000
6,900,000
17$
#150,000,000
2
H.Y.,H.J,,En.Pa., Wn. Hew Eng.
95,000
17,000,000
25$
#555,000,000
3
Md*,Del*, Va*, Carolinas
125,000
7,500,000
13$
#100,000,000
4
Headwaters Ohio (incl. pt* K y . )
110,000
9 ,3 0 0 ,0 0 0
17$
#200,000,000
5
Ind.,111.,pt.Mich*,Wis*,Ky. Ohio.
155,000
12,200,000
13$
#215,000,000
Tenn. f Ga., Fla., Ala.,Miss,
(pt* La.,Ky*)
7 Wn. Gulf (excl. Hew Orleans)
295,000
11,000,000
15$
# 90,000,000
535,000
8,500,000
35$? #110,000,000
8
Iowa*,Mo*,Kan.,Hebr.,pt*Col.,Wy.
380,000
8,500,000
10$
#140,000,000
9
Minn,,Dak.,Mont.,pt*Wis*,Mich.Wy.
460,000
6,000,000
25$
$ 90,000,000
Pacific Coast.
810,000
6,000,000
75$
#130,000,000
6
10
Oank*»*
OUTLINE
UNITED
P repared
by
E d w a r d C h a n n in g
of
D . C. H E A T H
&
B o s t o n . N ew V
MAP
STATES;
and
A lbert Bu sh n ell H
art,
H a r v a r d U n iv e r s it y .
Copyright , 1SS0,
C O .; P u b l i s h e r s ,
and
C h ic a g o .
By
E d w a r d C h a n n in g a n d A l b e r t
B.
H art
3 .
OUTLINE
MAP
OF THE
UNITED
P repared
by
E d w a r d C h a in in g
of
D . C. H E A T H
H
arvard
STATES,
and
A lbert Bu sh n ell H
art,
U n iv e r s it y .
Copyright, 1886,
& C O ., P u b l i s h e r s ,
B o s t o n . N e w Y o r k , a n d C h ic a g o .
By
E d w a r d C h a n n in g a n d A l b e r t
B.
H art
OUTLINE
MAP
OF TH E
UNITED
P repared
by
E d w a r d C h a n n in g
of
D. C. HEA.TH & C O .; P u b lis h e rs ,
B o sto n , N ew
Y o rk , a n d C h ic a g o .
Scalp
H
arvard
STATES.
and
Albert Bu sh n ell H
a rt,
U n iv e r s it y .
Copyright, /SSO,
B y E d w a r d C h a n n i n c ; a n d A j . b e r t B. H a r t
tefJltrdtKed from the Unclassified I Declassified Holdings of the National Archives
Table 5.
Population and Money Value of Per Capita Product In Certain
Pursuits by Groups of States, according to Data from Cenaus of 191Q+
Group. Population.
Manufacturing
Product.
Value added to
materials by
process of
manufacturing.
Mines
Quarries
and Wells.
All
Farm
Crops.
Farm Live
Stock
Products.
91,972,266
93
13
60
33
I
6,552,681
182
3
22
17
II
19,315,892
154
18
22
17
III
18,250,621
119
13
61
40
IV
11,637,921
48
11
124
83
V
12,194,895
48
8
61
16
VI
8,409,901
35
6
66
25
VII
8,784,534
28
3
72
30
VIII
2,633,517
51
65
62
62
IX
4,192,304
83
17
67
34
80
36
66
Est.
40
U.S.
West of
Continental
Divide
Group I, New Ingland Division, includes Maine, Hew Hampshire,
Massachusetts, Rhode Island and Connecticut.
Group II, Middle Atlantic Division, includes Hew York, Hew Jersey
and Pennsylvania.
Group III, East Horth Central Division, includes Ohio, Indiana,
Illinois, Michigan and Wisconsin.
Group IV, West Horth Central Division, includes Minnesota,Iowa,
Missouri, Horth Dakota, South Dakota, Bebraska and Kansas.
Group V, South Atlantic Division, includes Delaware, Maryland,
District of Columbia, Virginia, West Virginia, Horth Carolina, South
Carolina, Georgia and Florida.
Group VI, East South Central Division, includes Kentucky, Tennesee,
Alabama and Mississippi.
^p E ' ' Ffifrotfdhgdfrom the Unclassified
I Declassified
Holdings of the National Archives
Group VII, West South Central Division, includes Arkansas,
Louisiana, Oklahoma and Texas*
Group VIII, Mountain Division, includes Montana, Idaho,
Wyoming, Colorado, Hew Mexico, Arizona, Utah and Hevada.
Group IX, Pacific Division, includes Washington, Oregon and
California*
The last column in the above table, "Farm Live Stock Products",
includes animals sold or slaughtered, eggs produced, fowls raisedt
wool produced and dairy products. This column is not to be taken
in addition to the preceding column, "All Farm Crops", since by far
the greater part of the crops are consumed in producing the live
stock products* The column "All Farm Crops’
* ordinarily furnishes
the most accurate estimate of comparative agricultural production;
and the column "Farm Live Stock Products* is added merely as a sort
of corrective, in view of the fact that in the southern states the
crops, particularly cotton, constitute nearly the total of the farm
produce sold, while in other sections, as Hew Ingland and the grazing
sections of the West, the live stock products constitute a very
important part of the total farm produce sold*
lef)'roefuc§d from the Unclassified / Declassified Holdings of the National Archives
ROBERT
JOSEPH
JOSEPH
M. GALLAWAY,
W. H A R R I M A N ,
BYRNE,
P R E S ID E N T .
V IC E P R E S ID E N T .
V ICE P R E S ’T. Si C A SH IER .
A L B E R T S. C O X ,
O W E N E .P A Y N TE R ,
F R A N K L. H I LT O N,
A S S IS T A N T
A S S IS T A N T
A S S IS T A N T
Sir:
We learn from the public print that your Committee is hav
ing hearings in this city with regard to the organization of federal
reserve banks, and we have been requested by one of our correspondent a
located in Sayre, Pa.* to recommend that* in the event of your es
tablishing a federal reserve bank in New York* Sayre, Pa., be in
cluded in the New York district.
Our Sayre correspondent points out that there are n»ny rea
sons why this is desirable, perhaps the most important being that
their mail facilities with this city are excellent.
Hon. William G. IfcAdOO, Chairman,
Federal Reserve Organization Committee,
Chamber of Commerce,
New Yorfc City*
C A S H IE R .
C A S H IE R .
C A S H IE R .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
am*
s i r s
I fceg to
*
the roooipt of
letter 0f the Stfe* justiiyiag tlie organise*
tion C m d t t e e that
Pa.*, desires to tie
in the district to be ©er?&& %
Hew
7oark I f a F&d&ral ftoearva Seals is eati^Usbod
.at tSmt point* •T o w co*®2tHiicatloB will be
called to tJjo attention of tli® CoKiittec and
%
it tu deteftsittiug this question*
E e s s p e e tfttliy ,
B e e a p o te ijjp v
Beeerw Biwak Or^animttoa Coisaittee*
i S r * H o b e r t M« C t o l m f l j p , P r e s i d e n t ,
flie '
^ e t l o n a l Bixtifc.*
Hew Y o r k * ! ♦ T *
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
Gable Address TEKffRID G-E
N e w T o rk
O
OFFICE OF
'
)
Hon. Wm. G. Me Ad oo #
Secretary of the treasury, )
j
Hon. David F. Houston,
Secretary of the Interior, )
January 7, 1914,
Organisation Committee on
Federal R e s erve Districts
and Banks.
Washington, D*C.
Gentlemen,Confirming and supplementing m y r e m a r k s at the
opening of your Heari n g s on Monday morn i n g last, and in
accordance w i t h your verbal request, I am submitting herewit h
in w r i ting certain observations on the question of Federal
Reserve Districts and Banks*
I again desire to lay emphasis on eertain
considerations which appear to m e of fundamental importance as
conditions precedent to defining exact districts, and if
in your judgment such considerations are as important as I
think th e y are, and as apparently from the reported t e s timon y
of a number who followed me they also think, the adoption
of these considerations as a basic formula would have an
i m p o r t a n t ' b e a r i n g and I think m a t e r i a l l y assist in de f i n i n g the
districts*
3The first suggestion refers to the Districts in
general and w a s that they should be plotted so as to embrace
in e a ch as w i d e a di v e r s i t y of agricultural, industrial and
commercial interests as practicable.
The rea s o n for this seems to me so obvious as
scarcely to need e x p l a n a t i o n . However, brie f l y to point out
i t i m p o r t a n c e I woiild state, that while some may hold the v i e w
that the Fede r a l Reserve Ba n k s w i l l be regarded all together
as one cohesive Unit, for practical bu s i n e s s pu r p o s e s they will
u n d o u b t e d l y be r e g &rdei in a more individual ca p a c i t y b y the
c o m m u n ities which th e y each directly serve*
3?here is, therefore, a p s y c hological as well as
a b u s i n e s s consideration, and it is a matter of great import
ance that eaMi district should come to look upon its Reserve
B a n k w i t h the greatest confidence in its strength and ability
to serve the district at all times largely, if not exclusively,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
# 2.
on its own strength and resources*
If, therefore, a district
should be created w i t h i n w h i c h the great prep o n d e r a t i n g
v o l u m e of b u s i n e s s w a s of one class or character, known to ha v e
large seasonal requirements, the result wou l d inevitably be
that at an annually r e c urring period the member banks w o u l d
be extended to the full limit of their capacity and still
unable to finance the needs of the district, and that there
would thereupon ensue a large call for re-discounts, credits
and c u r r e n c y from the Re g i o n a l bank of that district, which,
in turn, w o u l d be unable to supply the full calls for the
territory*
To have a Regional Bank annually in the position
of h a v i n g v o l u n t a r i l y to seek, or compulsorily through the
action of the Reserve Board, to command assistance from
another Regional Rese r v e Bank would certainly lessen the
opinion of the people in that district of its ability to serve
their interests, and lessen their confidence in its strength
in times of stress or abnormal conditions.
On t&e other hand, if the districts are so arranged
as to embrace diversified interests the r e q u irements for
seasonal or extended credit will not all fa l l at the same
time and p r o d u c e this annual r e c u r r i n g embarrassment, thereby
each R eserve B a n k individually, irrespective of the consid
eration of them as a group, will attain a p o s i t i o n for strength
and serviceability, re-as s u r i n g alike to the bu s i n e s s interests
in the communities and to public opinion of the system as a
whole.
fhe second suggestion is that the Federal Reserve
B a n k of the Eastern District, and by that I mean e s p e cially to
suggest that it should be situated in Hew York City, should
embrace a t e r r i t o r y sufficiently large to give it b o t h capital
ization and re s o u r c e s to enable it to have a v e r y important
influence in the Foreign Exchange Market, and in the protection
of our gold reserves*
It is of prime importanoe that in revising the
Banking and Currency Systems of our c o u n t r y we should not be
so concentrated upon purely domestic considerations as to
o v e r l o o k the importance and bearing of the International
influences upon our m o n e y market and credits. We are apt to be
lulled into a false sense of security and into b e l i eving that
we hold a posit i o n of independence and power greater than
we r e a l l y do, because under all conditions of b u s i n e s s in the
pa s t our trade statistics g e n e r a l l y show what is called a
large balance of trade in our favor through the excess of
exports over and above imports* Great p u b l i c i t y is given to
these figures by the Press of the c o u n t r y and it is continual l y
spoken of in n e w s articles and editorials, and undoubtedly
belie v ed by the masses of the p e o p l e that this statistical
Reproduced from the Unclassified / Declassified Holdings of the National Archives
# 3.
b a l a n c © constitutes substantially a credit abroad always
available upon whi c h w e can d r a w in case of need, whereas
a limited number of more experienced bankers and merchants
k now that there is an invisible offset to such trade balance,
of w h i c h no accurate statistics can be obtained, but w h i c h
often equals or exceeds in amount the apparent balance from
trade statistics* This offset is composed in part of the
interest and div i d e n d s due upon our securities held abroad,
to f r e ig h t s and passage mon i e s paid to F o r e i g n transportatio n
L i nes w h i c h have to be remitted abroad, and to the volume of
e x p e n d itures of Americans whi l e travelling in foreign countries.
Furthermore Europe always ho l d s at its command
a tremendous power over our Exchange market and our gold
supply in the enormous volume of its investment in American
securities which, in times of stress or urgent need, can be
t h r o w n up o n our market for r e a l i z a t i o n in such quantities as
their needs require, d o m i nating at such times our Exchange
m a r k e t ,and commanding, if they so desire, the export of gold*
Further, as the population of our country
i ncr e a ses and its industrial operations expand, we are consu m i n g
annually a larger proportion of our agricultural products,
and t h erefore annually have a smaller prop o r t i o n of the who l e
to export, and while the export of manufactures has grown
amazingly, there is no c e r t a i n t y that our statistical balance
trade is £:oing to be maintained in the future at such p e r m a n e n t l y
large f i g u r e s as have prevailed in the past.
If a favorable b a l a n c e of trade as shown b y
statistics r e a l l y meant what the mass of people g e n erally
assume in this country, England must long ago have become
either bankrupt or the greatest debtor Bat ion in the world,
because dia m e t r i c a l l y opposite to the United States her trade
statistics annually show enormously greater imports than e x p o r t s t
w h i c h , b y the C u s t o m a r y method of interpretation of such figu r e s
in this country, would mean that she w a s either r u n n i n g enormous
l y into debt for such surplus imports or would have to export
enormous quantities of gold to p a y for them, but as we all k n o w
it simply m e a n s that England, b e i n g such an enormous creditor
l ati o n rtf the world is receiving tribute from all in produet s
and c o m m odities as w e l l as in money.
If we are going to have fluid and liquid credit
under the new System m y interpretation of those terms is that
it must b e fluid in that credit will flow f r e e l y to the p o i n t s
and at the times w h e n needed and Justified, and that by liquid
should be meant that those institutions issuigg or giving such
credit should in turn, in case of need, be able to realize
u p o n it themselves, and that means that the open discount market
m ust be an International as we l l as a National one.
The F e d e r a l Reserve Ba n k of the Eastern District,
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
#4.
therefore, in m y judgment, must be of sufficient strength and
b anking power to enable it to do as the great Central banks
of the different European c o u ntries do - c a r r y always a large
p ortfolio of foreign bills b y which it can regulate the
Exchange market and protect the gold reserve.
Also it must stand in the opinion of the great
Europ e an financial centers so strong that if to r e l i e v e domes**
tic n e e d s it desires itself to re-discount in f o r eign m a r k e t s
A m e r i c a n billa in its portfolio, the E u r o p e a a f i n a ncial mark e t s
m a y hold it so high in strength and credit as to deal f r e e l y
with it under those conditions.
We have in this country the greatest volume of g old
of any country In the world, but under the Banking conditions
e xist i ng in the past but a fraction of it h a s been effective
in b a n king reserves, and any system for increasing paper
circulation, lowering interest rates or creating what in
Bank parlance is called "Cheap m o n e y ”, has in itself a tendency
to d rive out gold, and pule 8 s there is given s coincident power
sufficient to protect our supply, it w i l l g r a d u a l l y filter aw a y
to other countries.
In this connection I desire to offer a suggestion
w h i c h is perhaps more administrative than fundamental, but
which I believe w i l l have an important bearing on the security
and p r o t ection of our stock of gold.
There is at present in circulation in the hands
of the people a large amount of gold certificates issued in
low denominations, such as 10s, 20s, 50s end 100s. This is
carried as pocket m o n e y by the people but in that capacity
serves no more useful function than an equal amount of green
backs, silver certificates, National Bank or F e d eral Reserve
n o t e s would do*
I beli e v e it would be wise supplementary
legislation to the present Banking Act if Congress w e r e tj>
p r o v i d e that Gold Certificates should n o t in the future be
issued in d e n o minations of less than #500 or §1000.
I fissmoe that g r a d u a l l y there w i l l be a t e n d e n c y
on the part of both member and Federal R e s erve Banks when gold
c e r t i f i cates eosre into their possession, to hold t h e m in their
R e s e r v e s and p a y out Fede r a l Rese r v e notes,so far as possible,
to meet demands for currency, and that therefore in a period of
y e a r s a large proportion of these smaller denominations of gold
certi f i cates m a y have been accumulated from the publio and
their place taken b y Federal Reserve notes.
This process would
be accelerated if, in the future, the issue of gold certifica t e s
were limited to a higher amount than people n o r m a l l y desire
to c a r r y as pocket mo n e y or in their tills, and so the gold
or its equivalent w o u l d become more largely accumulated in the
Reserve stores of the banks.
My suggestion, therefore, for arranging the distr i c t s
Reproduced from the Unclassified / Declassified Holdings of the National Archives
#5.
would be to draw the lines .generally speaking, north and south
instead of east and west, as b y that mea n s a greater div e r s i t y
of trade Interests could be embraced in e a c h district, while
the loe ation of the Federal Reserve B a n k in each district
should b e in such City as would not only give r e a s o n a b l y prompt
communication by mail betw e e n itself and its branches, but also
r e a d y and quick communication between the Federal Reserve Banks
themselves, w h i c h would mean that they should be situated,so
far as possible, in Cities where the great arteries of trans
p o r t a t i o n east and west,as w e l l as H o r t h and south, converge*
I call your attention to the fact that the reported
test i m ony of Ft . Yanderlip, w h i c h I did not hear, emphasized
v e r y strongly m y first contention, and that the testimony of
p r a c t i c a l l y all of those up to t h i s writing, which covers
the first two days of your Hearings, endorsed the second of m y
contentions, and I further point out that the testimony of Mr.
Ed* D.Page, merchant, w h o - h a d a ve r y wide distributing b u s i n e s s
throughout the country ma %ery familiar w i t h the busin e s s
conditions in different localities, though approaching the
matter of districts and location f o r Federal Reserve Banks
f r o m a somewhat different angle from m y own, n e v e r t h e l e s s exempli
fied in h i s discourse on the question of the paper created in
different districts, the v e r y same principles w h i c h I refer to
in m y first contention*
You will remember that he stron g l y excluded
Pitts b urg and Philadelphia, the first on the ground that it w a s
almost exclusively an iron and steel industry, and being
therefore of one class, would be a seasonal demand, and also
not a par t i c u l a r l y liquid one, and that Philadelphia, being
almost exclusively a manufacturing center, while somewhat
diversified in interests, would still not possess liquid quali
ties of a more diversified territory*
This paralleled and w a s in line ?/ith the example
I quoted of a district embracing almost exclusively a cotton
growing territory and w h e r e the seasonal demand would be an
a n n u a l l y r e c u r r i n g event o f great magnitude*
F o l l owing this communication I shall take pleasure
in m a i l i n g to you a Map pr o p e r l y marked to indicate suggested
districts and the location of Regional Banks within each district
for y o ur consideration.
I remain,
Yours very
Mer eh a n t ,.Manuf a e t u r e r , a.]
member of the Special Committee
of the Chamber of Commerce
to consider the Glass-Owen Bill.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Mr. Sftdnrtaiyt*
I
am enclosing* herewith, letter trrn
U v E . H* OttterbriAg* with attached it&tmmt tendered
&8 AU exhibit filed with M o testimony ^ t w York
h*arlnr>
This m * received fxoszi yotar office wltii
ln»traction* to wflcntfi'Iedg# said return. 1 &&▼* ack
nowledged receipt of eaae to Mr* Outerfcrldge*
B e n j^ e o tfttlly *
Doerotary* Beserve BatsSc Organisation CCEosittee
Honorable William G. Me Adoo,
ecret&ry o f the 'Jreasury,
ffc* J eff orson Hotelt
St* Louis,
Missouri.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
K .T .,
ja n u a o f 8 , 1 9 1 4 .
I$ r S t a r S i r s
*
I b a g t o a s k n o w lo d g a r a c a t p t o f a n d t^axO r
y im f o r y t m r l a t t o r o f J a n u a r y 7 tfr # a u p p lo n a n t in g y o w r
ra m a rtc * a t tfce h a a r t a g o f tfca B a a a r r o B a n k O r g a n i s a t i o n
C o o a i t t a a e n J a n u a r y 5 t h * and a a a m i y o u t h a t I t w i l l
r a o a i v a tfca d u a o o n a i d a r a t l o n o f t h * Com al t t a a .
T o ry tr u ly ya u ra ,
Sr. B,B. Owtarbridga,
1 1 B ro ad w a y ,
Haw Y o rlc
C ity ,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
OMC
A D D R E SS REPLY TO
R e s e r v e B a n k O r g a n iz a t io n C o m m it t e e
T R E A S U R Y D E PA R TM E N T
W a s h in g t o n , D . C .
R e s e r v e b a n k O r g a n iz a t io n C o m m it t e e
WASHINGTON, D. C.
Ja n u a ry 2 0 th , 1914*
-
Dear Mr. S e c r e t a r y ; -
/'
jf?
I am e n c l o s i n g , h e r e w i t h - J f e t t e r from
Mr. E . H. Out erb rid g e w ith a tta c h e d .S ta te m e n t te n d e re d
a s an e x h i b i t f i l e d w i t h h i s te stim o n y a t Hew York
h e a rin g .
‘T his was VeceivecyPTrom yo ur o f f i c e w ith
i n s t r u c t i o n s to aclmow ledge
Mlid
re tu rn .
I have ack
nowledged r e c e i p t o f s a fe jfo Mr. O u te rb rid g e .
R esp e ctfu lly ,
S e c r e t a r y , R eserve Bank; O rg a n iz a tio n Committee
Honorable W illiam G. Me Adoo,
S e c r e ta r y o f th e T re a s u ry ,
The J e f f e r s o n H o te l,
S t . L o u is,
M is s o u r i.
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
Gable AddressTERBRID &E"
N e w T o rk
OFFICE OF
THE H E SERVE B A H X ORG-AIIZATIOLT COMMITTEE,
Treasury D e p a r t m e n t ,
Washingt o n , D .C .
Gentlemen,F o l l owing m y letter of the 7th inst. handed to
yon in lev/ York in reference to suggested fundamental
p r i n c i p l e s to govern the creation of districts and location
of F e d era l Reserve Banks therein, and in conformance with
m y concluding statement that I would forward to you a chart
of specific suggestions relating to said districts and
Reserve B a n k s therein, I now have pleasure in handing you
attached hereto the proposed specification.
While undou b t e d l y it may be found convenient
or desirable in a few instances, to not follow strictly
State lines in creating districts, nevertheless I believe
that f ew such cases w i l l be found n e c e s s a r y and for the
convenience and availability of statistics f o r m y suggest
ions I have substantially dealt with State lines.
In eaeh district I have indicated the principal
d iversity of productive and trade interests, for the purpose
of i n d icating the avoidance pf p u r e l y seasonal demands all
maturing at one time in any given district.
I would point out that the proposed locations
of the head Reserve Bank in each District are at important
c e n t e r s of mail and transportation lines, so as to permit
of the easiest and promptest communication between each Bank
and the locations where it may be expected that it would have
branches, and what is perhaps equally as important, betw e e n
the Reserve Banks themselves for facilitating the prompt
movement of Exchanges.
I b e l i e - e this statement w i l l be sufficiently
clear without drawing a diagram upon the form of map of the
United States wh i c h you furnished at the Hearing in lew York.
Yours v e r y
tru ly,
................................................................................................................................................................ .
w ^.i
Reproduced from the Unclassified / Declassified Holdings of the National Archives
January 10,1914»
Suggested Organization of Districts and location of
F e d e r a l Heserve Banks therein.
She figures of natio n a l Bank Capital and Surplus
w i t h i n these districts used for the purp o s e of this
i l l ustration are those contained in the report of the
Comptroller of the Currency, Volume of 1912, and represent
the f i g u r e s of capitalization and Surplus as of June 1912,
in round millions.
Statistics showing the div e r s i t y of prod u c t i v e
interests of the States in each D i s t r i c t - b y giving the
three most important industries in each State in values
taken f r o m the Census of 1910, except where otherwise
stated.
Capital and Surplus Subscribed
Paid in on F irst
of national Banks
capital for
CaJLl to R e s erve
in t h i s District.
Beserve Bank
Bank
Pi gt-rifit #1 embracing
Maine, H e w Hampshire, Vermont,
(east of the Green Mountains)
Massachusetts, Rhode Island,
Reserve B ank at Boston
413 1 . OOP.OOP at 6$ l7_.800.000
$3,900,0 0 0
D ~ T S R S I T * OF IlQjgRBSTS II DISTRICT # !
~
Maine.
Hew Hampshire,
Vermont
M a n u f a c t u r e s 1 7 6^029,000 M anufa c t u r e s 164,581,000 Manufactures $68,310,000
Hay
1 5,115,821 Hay
7,846,000 A l l crops
$27, 4 4 6 , 0 0 0
10,224,714 Dairy Products! 5,589,711 Mining
Potatoes
f 8,221,323
M a s s a c husetts
Rhode Island
Manu f a c t u r e s | l , 490,529,000
Manufactures $280,544,000
A ll c rops
|
31,948,095
All crops
$ 3,937,077
Fishery
$
7,095,229
Foreign Commerce Boston 1912 #199,000,000
J 21§ £a^Sl# 2 ,e m bracing
Vermont (west of the Green
M o u n t a i n s ) , l e w York, Conn
e c t i c u t ^ l e w Jersey,
Pennsylvania.
Reserve B ank at H e w Y o r k City $660.000.000 at 6$ § 40.000.000
$ 2 0 . 0 0 0 .000
DI V E R S I T Y O F I I T B R S S T S tS DI S T R I C T #2
H e w York.
Connecticutt
Manu f a c t u r e s # 3 , 3 69,490,000
Manufactures $529,761,000
All c r o p s (hay #77,360,645) #209,168,236
Dairy Products | 7 ,669,183
F ^ e i g n commerce (H.Y.City 1913) $2,1^9,265,622 Tobacco
#4,415,948
H e w Jersey
Manu f a c t u r e s $ 1 , 145,529,000
All crops
I
40,340,491
Mining
#
8,347,501
Pennsylvania
M a n u factures $ 2 , 6 26,742,000 (largely iron &steel
Mini n g
349,059,782
Foreign Commerce(Philadelphia 1 9 1 2 )$155,000,000
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
page 2
Capital & Surplus
of latio n a l Banks
in this District*
Subscribed
capital for
Reserve Bank
Paid in on F i r s t
Call to Reserve
Bank
embracing
Delaware, Maryland,
District of Columbia,
Virginia, West Virginia,
■ K e n tu c k y .
;Zr500-000
$1 1 5 , 0 0 0 . 0 0 0 at 6$ £7,000.000
. jerve B a n k at Baltimore
DIVER S l T ¥ W IITTiSRESTS II DI S TRICT #3.
M a r yland
Dela w a r e
Manu f a c t u r e s $ 5 2 18 4 0 ,000 M a n u factures $315,069,000
f 43,920,149
A l l crops
§ 9,121,809 A l l c r o p s
5.782,045
Mining
Foreign Commerce (Baltimore 1912) $190,000,0 0 0
Kentucky
Virginia
West Virginia
Ma n u f a c t u r e s $ 2 1 9 ,794,000 Ma n u f a c t u r e s #161,950,000 Manufactures l223,754,GGD
39,868,755
Corn
$ 28,885,944 Mining
I 76,287,889 Tobacco
Tobacco
f 12,169,086 All c r o p s
$ 44,374,776 Distilled spirits
g a l l o n s ____$43 ,749,193
Mini n g
# 8,795,646 P e t r oleum g i f> 9,795,464
District £ 4 e m b r a o i n g
H o r t h Carolina, South Carolina,
Georgia, Florida, Alabama,
Mississippi, Tennessee,
Reserve Bank at Atlanta.Ga*
^
at e$ $5.400.000
>2P700 f000
Tnrmffl^cy~imrgRS'gTs Is d i s t r i c t 4 0
for t h £ ar o 1 ina
"
South Caro1 ina
Georgia
M-^uf a c t u r e s $ 2 1 6,656,000 Manufactures f 113,236,000 Manufa c t u r e s $2 0 2 , 8 6 3 , 0 0 0
I 80,337,945 Cotton
$126, 6 9 5 , 6 1 2
Cocton
f 4 2,0 6 6 , 0 9 9 Cotton
Corn
$ 31,286,102 Corn
I 20,682,632 Corn
$ 37 , 0 7 9 , 9 8 1
Tobacco
# 13,847,559
Mississippi
Florida
AAlfcbama
$83, 148,805
Ma n u f a c t u r e s
#72,8 9 0 , 0 0 0 Manufactures *145,962,000 Cotton
74,205,236 Jfanufacturea $80,5 5 5 , 0
Turpentine & r o s i n l l 9 , 1 6 8 ,000 Cotton
24,350,667 Corn
#26,0 3 0 , 3 7 6
Fishery
$ 3,388,690 Mining
T ennessee
M anu f a c t u r e s # 1 8 0 , 2 1 7 , 0 0 0
Corn
f 4 5 , 819,093
Cotton
I 17,966,517
M ining
$ 12,692,547
Pi strict 4 5 e m b r acing
Louisiana, Texas, Arkansas^
Oklahoma, Kansas, Missouri,
Reserve B a n k at St.Louis, Mo. #180.000.000 at 6 $
5ifep.sri?Y c3 iSragsiS a^iSTRici Is.
Louisiana
M a n u f a c t u r e s $ 2 2 3 ,949,000
Cotton
f 17,324,804
S ar
f 17,752,537
F ore i g n CommerceflTew Or leans) 1912 ^f>224,000,000
#10.800.000
#5.400 . 0 0 0
Texas
M a n u factures j>£72,896,000
Cotton
j>162 ,735,041
L i v e stock
I\ 78,647,800
Corn
\ j 50,564,618
Reproduced from the Unclassified / Declassified Holdings of the National Archives
page 3
District # 5 (continued)
Capital & Surplus
of Ua t i o n a l Banks
in tliis District,
Subscribed
capital for
Reserve Bank
Oklahoma
Arkansas
Man u f a c t u r e s # 7 4 , 9 1 6 , 0 0 0 Manuf a c t u r e s $53,682,000
Cot'ton
$ 5 4 , 559,50 3 C o m
$48,080,554
Corn
# 2 7 , 9 1 0 , 0 4 4 Mining
#25,637,892
Missouri
Mr^ u f a c t u r e s #574,100,000
C n and w h e a t $ 1 3 7,273,000
Lives t o c k
# 1 43,967,066
Paid in on Firfct
Call to Beserve
Bank
Kan sas
Manufactures ^325,104,000
L i v e stock
5130,736,764
J154,802,000
Corn
embracing
District
Ohio, Indiana, Michigan,
Illinois, Wisconsin,
- 0 0 0 .0 0 0
R eserve B a n k at Chicago, $500-000-000 at 6 $ t l S .QQQ-OOQ
w va g aiCT
Dismcg H.
Indiana
Michigan
Ohio
Manu f a c t u r e s #1,437,936, 000 Manufactures 1579,075,000 Manufactures #685,109,00)
All c r o p s
$ 230,337, 981 All crops
>202 ,209,812 All crops
$ 1 6 2 , 0 0 4 ,68L
Mini n g
#
63,767, 112 Mining
21,934,201 M i n i n g
# 67,714,4^
I llinois
Wisconsin
Manufactures
1,919,277,000
M anufactures #590,306,000
All eropsfcorn #198,350,496)
372,270,470
D airy Products §53,868,028
Mining
76,658,974
Hay
#40,866,396
J2ia±£iajuJl,,eml3r aciBg
M? m e sot a, lorth Dakota,
Sou.th Dakota, lebraska, Montana,
Wyoming, Colorado, Iowa
Reserve B a n k at Omaha, leb.
l l 3 5 .QQQ.Q0Q at 6$
DI V E R S I T Y Of IITBR^STS II 1)1 S T R I C T '#7. '
Minnesota
Uorth Dak o t a
South Dakota
M a n u f a c t u r e s $ 4 09,420,000 Manufactures # 19,138,000 Wheat
§42,878,223
Mining
$ 58,664,852 Wheat
#109,124,869 Oats
#24,114,3 4 5
Wheat
| 56,007,435
Manufactures #17,870,000
Nebraska
Montana
Wyoming
M anu f actures $‘
199,019,000 M a n u factures | 7 3 , 272,O90 Livestock §13,573,955
Corn
I 88,234,846 Mining
$54,991,961 M i n i n g
§10,572,188
■Theat
*$ 44,225,930
HvfiH+nnV
1520,346,948
9n
qaa Wool
Livestock
$<k 8,912,608
§ 31,729,691
Wool
§ 8,223,754
Colorado
Iowa
Manu f a c t u r e s $ 1 3 0 ,044,000
All or ops (eon* #167,622,834) #314,666,£98
Mining
$ 45,680,135
Manufactures
#259,238,000
livestock
$ 22,453,959
Hay
# 17,282,276
j2? ^ r i e t tt8 embr ac ing
Ci xfornia, Oregon,
Wasli ingt o n , H e v a d a ,
Arizona, Utah,Idaho,
l e w Mexico?
B >Serve Banfc at San ?rancisco
$ 1 2 5.000.000 at 6 $
& 7 -500.000 $ 3 . 7 5 0 . 0 0 0
T-.-W
Reproduced from the Unclassified / Declassified Holdings of the National Archives
page 4
Dist r i c t #8 (continued)
Capital & Surplus
of lational Banks
in this District
Subscribed
capital for
Heaerye Bank
Paid in on
First call to
Heserve Bank
D IV E R S I T Y OF I N TERESTS IH DISTBICE # 6
5 a Ii? o rn is
M a n u f a c t u r e s § 529,761,000
Mining
$ 63,382,454
All c r ops (orchard fru i t s $18,358,897} 1100,409,039
F o r e i g n comme r c e San Francisco 191£
$108,000,000
Oregon
A I j l crops (wheat $10,849,036)
>49,040,725
livestock
pl4,972,615
W a s h i ngton
Mantif actur e s
Mining
>93,005,000
All cropefwheat #35,102,570) >49,040,725
Arizona
Utah
Manu f a c t u r e s § 50,257,000 Manufactures *61,989,000
Mining
9 34,217,651 Min i n g
\2t 083, 280
A l l crops
118,484,615
U e w Mexico
livestock
110,099,489
Mining
5,587,744
Alfalfa
4 , 4 6 9,709
lev ad a
$ 23,271,597
Live
Mining
§11,791,655
| 8,649,342
v u l i: m e
NEWBURYPORT, MASSACHUSETTS, MONDAY, JANUARY 12, 1914
ENGLAND ACTS QUICKLY
c x x n , nvmv.k it
t
kn
PUICK ONE CJONT: T H R E E JK'JLLAUS VKAK
INFORMAL DISCUSSION
CONGRESS OPENS TODAY P a reAN
MARCH TO THE CHURCH
n t* to D iscus* BcHeHU o f Maminl
TODAY’S FEATURES
T raining; and Domestic* SoioHff
REBELS CUT BRITISH RAILWAY
C TU t MEXICO CITY
Sir Lionel Caxden Warns Huerta
That Road Must Be Better Policed
—Charge'1 O’Shaugnessy Isolated
Bv Break—Dictator, Not Worried,
Attends Bull Fight.
■(Associated P re s s L::spatcll)
M EX IC O C IT Y , M ex., J a n . 11—
T h e i n t e r r u p ti o n o£ t r a f f i c b e tw e e n
t h e M e x ic a n c a p ita l a n d V e ra C ruz
by t h e c u t t i n g M tlic M e x ic a n r a i l
w ay l a s t n i g h t by re b e ls a n d t h e a t
ta c k on a f r e i g h t t r a i n w i t h t h e co n
s e q u e n t is o la tio n o f t h e A m e ric a n
c h a r g e d e a f f a i r s . N e ls o n O’S ha^igneS sy a t a w a y s id e s t a t i o n , eauSftd
t h a B r i t is h m i n is t e r S ir J ,io n e l C a r
d e n to m a k e p e r s o n a l
r e p r e s e n ta
tio n s to P r e s i d e n t H u e r t a i'otlay r e
g a r d in g b e t t e r p o lic in g o f t h a t lin e
,«vnich ' Is B r itis h p r o p e r ty , a n d re
vived s p e c u la tio n in t h e c a p ita l as
lo h o w f a r th e B ritis ii g o v e r n m e n t
w ould go in p r o t e c t in g t h e p ro p e rty
■ i t s n a tio n a ls .
■Charge O’S iia u g n e s s y
and
III*
v ;fi! w e re o n ' th e t r a i n w h ic h lo ft
V era C ruz t h i s m o rn in g . T h e tr a i n
w a s s to p p e d a t O riz a b b a w h e re
it
re m a in e d rflf d a y w title Ttic w orK o t
c l e a r in g t h e t r a c k o f t h a t m f a t c a rs
w a s i n p ro g re s s .
m 't i i e c o n c e ssio n s g r a n te d Co th e
E n g lis h b u i l d e r s
*,h^ M ex ica n r a i l
w a y ' m oro t h a n 4 0 .y e a r s ag o . It w a s
p ro v id e d t h a t th e y s h o u ld h a v a a t
a n y tim e ' iia rv j'.it to p o lico
th e
p ro p e rty w ith ' B r itis h tro o p s . . .
T h e i n c id e n t o t tile t r a i n I n t e r
r u p tio n ' s c a rc e ly : h a d 'b e e tf R e p o rte d
!n t h a c a p i ta l w h e n t h e B r itis h m in
i s te r c a lle d On P r e s i d e n t H u e r t a a n d
in s is t e d t h a t ' 'b e t t e r p r o t e c t io n be
a tfo rd e d , ljfcjw a H teJjr,'
•P re sid e n t. H u e r t a a p p a r e n t l y d id
I . 1 n T ^ a a r to h o w o r rie d b y th e in -
I jOCAL HAPPENINGS
E v a n g e lis t C all H olds F& rth a t
M eth o d ist C hurch
f u n e r a l o f ' H e rb e r t A. G illett
P a re n t- T e a c h e r s ’ to D iscu ss
M anual T ra in in g
Local W. C. T. U. to O bserve
D ay of P ra y e r
H ig h and K elley P are n t-T q ac h ers* M eet T o n ig h t
H om e N u rsin g C lub to M eet a t
Y. Wl C. A.
flEXG IlA I, IVBWS
T haw N o t a M enace i f A llow ed
L ib erty on B ail
C ongress Opens Today
F ree zin g W e a th e r fo r
th e
W eek
P o rts m o u th M an B u rn ed to
D e ath
L ab o r T ro u b le s in So. A frica
E n g la n d A cts Q u ick ly W hen
M exican R ebels C u t R ailw ay .
S ervice
)
SPORTING N fJW S
K a rl Ijcm le, th e P e rfe c t Man
T w om ey’s C olts W in
T hose $3^,000 O ffers 1
P enn N ot to. M eet B row n
U niqu* T en n is M atcli
D alton .B ow ling A v e rag e s
J a c k m a n School Tekm T rim s
!HJgh School B o y s .
EDITORIAL rfcl^TTTHW,‘
T h e C ase fo r a L a rg e R eservo
B an k in New Y ork
E d ito ria l N otes
P o t P o u rri
L ookin g B ackw ard la th e H er
ald
CONDITIONS MORE QUIET
MARTIAL LAW NOT PROCLAIMED
IN JOHANNESBURG
Mass Meetings of Trades Federation
Proved Orderly—Government Re
tains Full Control—Loyalty of
Cape Men Pivot to Situation
In South Africa.
----------far*
(A ssociated P ress '
JOHAJP
s ttu a tio n v
way BtrSfcs*
v*
CALENDARS O'F BOTH HOUSES
CROWDED WITH WORK
Regulations of Trusts Will Hold At
tention From Time Sessions Be
gin—Rural Credits Legislation to
Receive Attention—Some of the
Problems to Be Handled.
{A ssociated P re s s D isp atch )
W A S H IN G T O N ,
Jan.
11— C ong re s w l 1 s t a r t to m o rro w u p o n t h e
sec o n d s ta g e o f- fh e lo n g - r e g u l a r s e s
sio n , w ith th e
c a le n d a r s o f
b o th
Houses c ro w d e d w i t h le g is la tio n o f
v a r ie d a n d f a r - r e a c h i n g c h a r a c t e r .
R e fr e s h e d b y n e a r ly t h r e e w e e k s ol
vacation., t h e f i r s t c o m p le te r e la x a
tio n s in c e P r e s id e n t
W ils o n
conv u h e a tiiu s p e c ia l ta r if f - c u r r e n c y ses
sio n l a s t A p r il, S e n a to r s a n d K e p re s e n x a tiv e s r e tu r n e d to ' W a s h in g to n
to d a y k e e n ly In te r e s te d in t h e p ro s
p e c tiv e d e v e lo p m e n ts o f t h e n e x t few
a io n tn s ,
.R e g u la tio n of th e tr u s t s , th r o u g h
f a r t h e r c o r re c tiv e
a n d p r o h ib ito r y
le g is la tio n , w i 1 h o ld m u c h o f t h e a t
te n tio n o f b o th h o u se s fro m th e tim e
w o rk b e g in s to m o rro w . T h e f i r s t o r
th o t r u s t b ills to b e a r a n y official
s ta tu s , a r e e x p e c te d to a p p e a r d uring:
che p r e s e n t w e ek w ith e n d o r s e m e n t
o f th e D e m o c ra tic m e m b e rs h ip of th e
ii.jusc: j u d ic ia r y c o m m itte e .
J’R lvSW ENT'S MASSAC,E
T h e P r e s i d e n t w ill r e a c h W a s h
in g to n T u e s d a y . H e w ill b r i n g w ith
h im a d r a f t , i f n o t t h e c o m p le te copy
o f h is m e s s a g e to C o n g re ss
upon
t r u s t le g is la tio n , .a n d t h i s w ill be
g o n e o v e r a t c o n f e re n c e s
b e tw e e n
t h e P r e s i d e n t a n d t r u s t - b i l l fr a m e rs
o r H o u s e a n d S e n a te b e fo re i t is s u b
m itte d to C o n g re s s .
H u r a l c r e d its le g is la tio n a ls o w ill
r e c e iv e a t t e n t i o n w h e n t h e P r e s id e n t
r e t u r n s fro m P a s a C h r i s ti a n . r i e h a s
h a d w i t b M m th e r e p o r t o f t h e R u r a l
m iss io n a n d a n o u t l in e of
i, S k
In o rd e r to h o ld a n in f o r m a l d is
c u s s io n o f t h e b e n e f its of the- p re s
e n t m a n u a l tra in in g c o u rse -a n d th e
H ig h s ch o o l d o m e s tic s c ie n c e c o u rs e ,
a ll p a r e n t s w h o n o w h a v e o r h a v e
h a d c h ild r e n in t h e 7 th , 8 th a n d 9 th
g ra d e s a n d th o s e w h o se g ir ls a r e t a
k in g th e d o m e s tic
s c ie n c e co u rse,
w ill h o ld a s p e c ia l m e e tin g to m o r
ro w e v e n in g in t h e A lb e r t C u r r i e r
s c h o o l h a ll. I t is h o p ed t h a t a la rg e
n u m b e r w ill be in a t t e n d a n c e a s i t
is d e s ira b le to o b ta in an e x p re s s io n
of o p in io n fro m t h e p a r e n ts of th e
courses- •
GIFT OF $100,000
Amltcrxt C ollege B enefited l*y AiuuiymoiiM D onor
(A ssociated r*resa D ispatch^
A M H E R S T , M ass., J a n . 11— A g i f t
o f $ 1 0 0 ,0 0 0 fro m a n a n o n y m o u s -d o n
o r w a s a n n o u n c e d by P r e s id e n t M eik-,
le jo h n o f A m h e rs t co lleg e to n ig h t.
I t i s to b e u s e d f o r f o u n d in g
th e ’
G e o rg e D a n ie l O lds p ro f e s s o rs h ip of
ec o n o m ic in h o n o r o f t h e d e a n o f
th e co lleg e w.bo Is a o w t b r a a d
on
le a v e of a b s e n c e . It’ is th e w is h of
t h e d o n o r t h a t t h e h o ld e r of th e n e w
c h a i r be p ro v id e d w i t h a ll p ro p e r
e q u ip m e n t fo r s tu d y a n d ts a c ttin g ,
a n d i f a d d i t i o n a l fu n d s a r e r e q u ir e d
fo r th is p u rp o s e , h e w ill c o n tr ib u te
th e m .
FREEZING WEATHER PREDICTED
(Awsoclat&d P re s s D isp atch )
.WASHINGTON,
.lan. 1 L.— F reezing
w e a th e r ex te n d in g 1 to p o u th ern Kloridc
w as p erdicted to d ay by the w e a th fi
bu re au e x p g fts fo r the first few days
f th e
i»ng cek.
“ T h e w eek w ill open.” said th e b u lle
tin “w ith -cold w e a th e r in th e n<>Fth
w e st t h a t w ill e x te n d th ro u g h th e u p
p er L ake re g io n d u rin g M onday, and
b y T u esd a y n ig h t
or
W e dnesday
m o rn in g w ill re ach th e n o rth A tla n tic
.stales b u t w ill p ro b a b ly n o t ex te n d v ery
fa r so u th o f th e la k e re g io n o w in g to
t h e p re v a ilin g h ig h p re s s u re o v er th e
Ohio and th e G ulf s ta te s . T h ere, w ill
a lso be h ea v y froB ts an d fr e e z in g 'te m
p e r a tu re s M onday an d T u e sd a y over
th e S outh A tla n tic an d G ulf eta te s, and
b y T u esd a y mor&iifeg th e fr o s ts w ill
METHOUISTS SING GOSPEL S01TGS
ENROUTE
Evangelist Call Beseeches Members
t o Seek Power of God—Preacher
Has No Use For “Lantern-Jawed
Christians Who Star'd Back and
Criticize,”
E v a n g e lis t P . hZ. C all c o n d u c te d
re v iv a l s e rv ic e s t o l i i ^ c o n g r e g a tio n s ,
b o th a f te r n o o n a n d e v e n in g , in th e
a u d ito r iu m o f t h e W a s h in g to n S tr e e t
3VI. E . C h u rc h , S u n d a y .
\
in t h e a f te r n o o n m e m b e rs o f th e
c h u r c h m e t a c o n t i n g e n t o f n e a rly
TO p e o p le fro m S a lis b u r y a t B a le h ’s
^corner, a n d e s c o rte d th e m to
th e
c h ^ c h , g o sp el s o n g s b e in g s u n g en
routfc*
^IVIr. ffhll w a s a s a r d e n t in h is p le a
to h is c o n g r e g a tio n , a s u p o n t h e oc
c a s io n o f h is f i r s t v is it to t h e c ity ,
b u t a s h e w a s co m p e lle d to t a k e t h e
8.21 t r a i n to B o s to n , w a s u n a b le to
s e e t h e re s u lt” o f h is. e x h o r ta tio n s .
B e fo re le a v in g h e a s k e d a n y p e rs o n s
p r e s e n t w h o d e s ire d p r a y e r s s a id forth e m to r a is e t h e i r h a n d s . N o n e re s p o n d ed .
T h e re v iv a lis t b e s o u g h t t h e m em
b e rs o f t h e c o n g r e g a tio n to s e e k t h e
p o w e r o f ’God w ith o u t d e la y , a n d i n
te rs p e rs e d h is p le a d in g s w ith m a n y
a n a n e c d o te w h ic h g r a p h ic a lly i l
l u s tr a t e d t h e p o in t h e w is h e d to con*’
v ey . A fe w e x t r a c t s t a k e n a t ra n d o m
fo llo w :
. ‘'.The c h u r c h . s h o u ld be a n i n s t i
t u t io n fo r t h e s a v in g a n d h e a lin g o f
s o u ls . I h a r e b ee n in c h u r c h e s w h e re
i t w a s so m u c h lik e a r e f r i g e r a t o r ,
t h a t t h e ic ic le s see m e d to h a n g do w n
m y br'ife. W h a te v e r _ s u c h e d ific e s a r e ,
they%. ^ i^ n o t. f*™ rp^r-Mne* sin n e r* .
W hat V .
som eV ^
t o
recovery tb m ore mod
w ill/b e a
tetnperatures th a t w ilt reach the,
i"-
Thw'g&rernmen
full eatttiNtt. and
_
at Capetown was
Wwwree to
a resolution either NSMF>a4a6M the
strike. This points ttf^tfce coatlnuud
loyalty of the Cape me* which lee tbo
pivot .ot th e situation"; Restricted
railway ••service cofftsues at all
points.
. ,
-j 1
T h e .w a r r a n ts f o r i i h # a r r e s t
*t
B a in a n d M asoir, tH S ‘le a d e r s o f t h e
t r a d e s F e d e r a t i o n , MMB n o t ? e t tfBon
e x e c u te d o w in g
v i g ila n c e o f
t h e i r fo llo w er* . J i f w f " th o u s a n d p e r
so n s a tte n d e d
j% # - i|t» r t:e t s g u a r e
m e e tin g . N o t a
p o lic e m a n o r
s o l d ie r . w e re v jrth te . ’.fK hO ugh - tb e r a
w e re p le n ty s e c re te # ^ w i t h i n h a l l .
M aso n d e liv e r e d a -iflo len t s p e e c h ,
b u t t h e o t h e r ■s p e a k e r* w e re u n e x
p e c te d ly m o d e ra te .
:
B a in , w h o i s s e c r e ta r y o l t h e F e d
e r a tio n , u rg e d , t b » t (jhera w as s t il l
tim e to c o m p ro m is e , jp n d s u g g e s te d
th e
f o r m a tio n 1
j a epnciU atioD
b o a rd .
f
A tlan tic sta tes about. Sfyttrad&y,.
creation n orth
•*A disturban ce now near sou thern
a s s o e i* tio n rf30 f* V « te h f a n s *
c o m m u n itie s c a n ' f in a n c e t h e i r
o w n o p e r a tio n s .
S c o re s o f O th er le g is la tiv e s u b je c ts
a r e p r e s s in g f o r c o n s id e r a tio n
in
b o th Houses, a n d C o n g re s s io n a l le a d
e rs w ho w e re
W a s h in g to n to d a y
p re d ic te d t h a t th e p r e s e n t
sessio n
w o u ld De c ro w d e d w ith w o rk u n til
w e ll in t o th e s u m m e r. E ff o rts a r e to
b e m ade, to co m p lo te th e m o re im
p o rta n t w o rk by J u n e .
~ 'f liis w ill b e d o n e so t h a t D em o
c r a tic C o n g re s s m e n c a n g e t o u t in to
t h e i r o w n s t a t e s to J o in In t h e liv e ly
c a m p a ig n t h a t is e x p e c te d to o c c u r
In e v e jy close d i s t r i c t ,in th e c o u n try
fo r t h e F a ll c o n g r e s s io n a l ele c tio n s.
P r e s i d e n t W ils o n h a s im p re s s e d u p o n
p a r ty le a d e rs in U oth h o u s e s h i s be:
lie f t h a t t h e e n a c tm e n t in t o la w of
le g is la tio n p ro m is e d by t h e D e m o
c r a t i c p la tfo r m s h o u ld
b e a c co m
p lish e d a s e a rly a s p o s s ib le fo r th is
re a s o n .
SOME OF T H E PRO BUJM S
S o m e o f Che p ro b le m s t h a t w ill re
p a s t F«nx)
A lask a is already cauein’g rain s on the
w a i l i n g ton coast, an d th is disturbance
w ill p ro b a tily m ove
eastw ard
and
sotftheastW ard o v er t h e , p la te a u and
R ocky m o u n tain re g io n .’ T h is . w ill
caude I’a in s an d sn o w s w e si
of
th e
m o u n ta in s an d o v er th e e x tre m e n o rth
w e st, b u t n o t m uch to th e e a s tw a rd
u n til a f te r th e m iddle o f th e w eek
w h e n sn o w s a n d ra in s m ay be expected'
fro m th e M issouri an d u p p er M ississip
pi v a lle y s e a s tw a rd , re a c h in g th e A t
la n tic s t a t e s T h u rs d a y o r F rid a y . I t
is n o t now p ro b a b le t h a t an y sev e rely
cold w e a th e r w ill follow to w a rd th e
end o f th e w eek.
“O ver th e S outh a n d s o u th w e s t the
w e a th e r w ill be g e n e ra lly f a ir d u r
i n g th e w eek, an d in th e n o rth w e s t
t h e re w ill be no p re c ip ita tio n o f con
seq u en ce u n til a f te r th e m iddle of th e
weok."
T h e .. B ellevfl
A sso c ia tio n - w ill
in g in th e A lt
H a ll, T u e s d a y <
w h e n t h e r e w ill
c u s s io n o f th e b.
p ia n u a l tra ln ln
"h ig h sc h o o l d o n
A il p a r e n t s wti
h a d c h ild r e n in
g ra d e s a n d t h o s
k i n g t h e d o m es'
e a r n e s t l y re q u e
is p a r ti c u la r l y
t im e to o b ta in
o p in io n o f tho:
th e s e c o u rse s.
BETUENS SOKE
D e p u ty M a r s h a l M u rp h y r e tu r n e d
y e s te r d a y fro m
B r a ttle b o r o ,
Ver*
m o a t.
Tbe Oceai
Nev
T he annual
h o ld e rs o f t h i s
o f d ire c to rs , a
a n y o t h e r b usi
co m e b e f o re t
ProbabQitiei
M onday u n s e ttle d ,
g e n e ra lly
fair, t h e i f .b a n k i n g
so m ew h a t w a rm e r; T u esd a y fa ir and J a n . 1'2, 1 914
colder, in c re a s in g w e s t w inds?
F. I
T h e W e a th e r
Midnight Condition* ,
T h e th e rm o m e te r a t T he rfieiald of*
floe a t m id n ig h t resr.^tered IT d e g rw e ,”
:d n o rth w e s t and cloudy.
Miniature Almanac.
TCING this morning
and
ming
through
the
week
we
COI
will sen -Cheribon Coffee free to our
ijfe will also give FR E E with
patrons
everv pi Sase of one pound of Cheribon
or Woo. jS ilt Edge Coffee a quarter
pound 9 Wood’s Primrose Tea, either
\t or Oolong as the customer
Orangt*
prefers.
Sun ris e s ................................................ 7.12
Sun s e t s ' ................................................ 4.S4
L e n g th ol day .................................... ft.22
D a y 's in cre ase .........................................
H igh tid e ...........11.15 a. m.: 11.4G p. m.
l.ig h t nu to lam p s ............................. 5.04
Hewburyport Five Cents Sav
ings Bank
Real I
at a bargain il
room dwelling
meats, situated
Ward 2.
Al
T h e a n n u a l m e e tin g o f t h e m e m
b ers of t h i s c o r p o ra tio n
w ill
be
h e ld a t i t s b a n k i n g ro o m s o n M o n
d ay , J a n u a r y 1 5 th , a t n in e o ’clo c k a.
in., fo r th e e le c tio n ' o f officers a n d
t h e tr a n s a c t i o n o f a n y o t h e r b u s in e s s
t h a t m ay p ro p e rly com e b e f o re th e m .
J . W IU L IS C U R R IE R . C le rk .
N e w b u ry p o rt, J a n . 12, 1914.
1
Ins
*nd F
M VSi
& Company
tore of Specialties”
State Street
W e d o a ll k in d s o f I n s u
th e b e s t o f c o m p a n
Chase & Lunt, Pleasan
O P P O S IT E P O S T O F F IC E
Reproduced from the Unclassified / Declassified Holdings of the National Archives
EDW ARD
D. PAGE
ROOM 700
OAKLAND, N. J.
31 NASSAU S T R E E T
N E W YORK
Jan. 10,1914.
Hon. William G. McAdoo,
Secretary of the Treasury
Hon. David Jr.Houston,
secretary of Agriculture
federal reserve Organization
Committee.
Washington, D. C.
Gentlemen
I am enclosing herewith a map
and maaerandum of a proposed distribution of
Federal Reserve DistrietSjWith my comments
thereon as requested by you at the hearing
on '.Tuesday last.
Yours traly,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
EDWARD
D. PAGE
ROOM 700
OAKLAND, N. J.
31 NASSAU S T R E E T
N EW YORK
M E M 0 R A 1 D U M RELATIVE TO THE C R E A M OH OF
F E D E R A L RESERVE DISTRICTS.
Inasmuch as the three functions to be p e r
formed b y the Fed eral Reserve Banks are:
First- tne massing of reserves f r o m their
m e m b e r banks, and their mo b i l i s a t i o n
second- to afford a p r i m a r y market for the
commercial p a p e r w h i c h is to be the chief asset of
these banks, and
third- the creation o f facilities w h e r e b y
f r o m operati ons of the forei gn exchange market the
flow, inward and outward, of gold and credits m a y
be controlled in the interest of our people.
T h e r efore,in m y judgment, the location of
these banks should be determined, as far as possible,
in the interest of these three factors b y three
eonsi derati o n s .
First; a c c e s s i b i l i t y to member banks.
The
reserve cities to be so located if possible, that
t n e y will not be more tnan eighteen or t w e n t y hours
a w a y from e a c h of t h e i r member banks.
Second- l i q u i d i t y of assets.
Each bank should
h ave the o p p o r t u n i t y w i t h i n its district to obtain
diversified commercial paper of good character.
This
mass
Reproduced from the Unclassified / Declassified Holdings of the National Archives
EDW ARD
D. PAGE
ROOM 700
OAKLAND, N. J.
31 NASSAU S T R E E T
NEW YORK
p a p e r should come to them axong the natural channels
of trade and credit, so that it w i l l come to t n e m by
i-cs own m o t i o n rather t h a n by dragging it upstream.
i\hird- $ o m e of -Che hanks should be especially
organized for the control of the f o r e i g n exenanges and
gold movements.
with these principles in m i n d I have as requested
divided the map into districts whose outlines are
indicated in red.
A taole of trie districts w i t h in
formation as to their area, banking power, and tne
c apital of the Federal Reserve sank at 6 ^ of the
total capital follows:
Reproduced from the Unclassified
Bank
I Declassified
Holdings of the National Archives
1tanks
Capital &* "Set
Population
St. Uatl. Surplus Deposits
of
Io.
Ho.
mln.
mln.
A rea
6/o of
€ap.& a
-M-
—
Sq.Mle s
1-San Francisco
771
416
108
460
4,479
542
6,496
2~Denver
423
280
39
167
2,064
528
2,358
3~Minneapolis
1903
585
57
286
3,717
351
3,399
4 - St. Louis
3717
1252
174
605
12,938
550
1 0,474
5-Chicago
3272
1810
336
1560
21,360
380
20,156
6-Atlanta
1776
390
78
206
11,195
301
4,692
7-Baltimore
862
496
112
343
8,044
139
7,749
8-Hew York
560
1801
717
3027
23,318
128
42,996
14
329
107
446
4,932
53
7,085
©-Boston
SUHMASY OF AEEA of regions.
1.
2.
3.
4 .
J5.
6
7#
8
S tates- Washington, Oregon, California, Ilevada and Arizona. A r e a m o r e
thaiiTwioe that o f the A u s t r i a n H u n garian E m p i r e .
States-* lew Mexido, Colorado, Utah, Wyoming, Idaho and w e s t e r n
Montana.
A r e a two and a ha l f times that of the German E m p i r e .
S tates-* Minnesota, South Dakota, Forth Dakota and eastern
Montana. A r e a more than three times that of Sreat Britain and I r e l a n d .
States-* Missouri, Kansas, Oklahoma, lexas, Arkansas, western
Hennlssee a.nd a corner o f K e n t u c k y and Illinois. A r e a £re&terthan
that of F r a n c e , Germany and Great B r i tain taken t o g e t h e r .
States- Hebraska, Iowa, Wisconsin, Illinois, Michigan, Indiana
K e n t u c k y and west e r n G h i o . Ar e a as m u c h as that of the German E m p i r e ,
one h a l f of France and all of the l e t h e r l a a d s v Switzer l a n d , B e l g i m
And D e n m a r k .
States-- Louisiana, Mississippi, Alabama), Florida, Georgia
South Carolina and Tennessee.
A r e a once and a half times that
Q -f
^
states- D e l e w a r e , Maryland, Virginia, l o r t h Carolina and w e s t e r n
V i r g i n i a and eastern Tenneessee.
Area that of Great Brit a i n and,
I reland w i t h the Ketherlands and s o m e thing to s p a r e .
^
---- "— S t a t e s - "Connecticut, IJew York, H e w Jersey, Pennsylvania,
eastern Ohio'and a stri p along the western boundaries of Massachu
setts and Tennant.
Area a little more than that of Sreat Britain
a n a _ l r e l | | a ^ Uain6i Kew Hampshire, Rhode island and all ^ t t h e
we stern”strip referred to of Massachusetts and Vermont.
Area__a
trifle more than that o f England and Wales.
SD W A B B IT. 1’AOTv
J KH i
O A K L A N D , N- J -
'^
1
1
\ “ ow4 i
1
I
north
«
o tl
°/?sgqa ,
MVUNNESOT/
flSUPERIOR
osHKoa
/0 ^ /V 0
SOUTH DAKOTA
lS » A V °
SAGINAWW
WQW
| LA CROSSE
milwauk^
Wyoming
_ it v
CEDAR RAPIDS
Y
'4 0 4
S ac"*m£^
S4ti c , r
NEBRASKA
IOWA
.
•
/
)AVENPORj W y
w
,‘**°"
ROC^ORD
a s s ''” J L " ‘kiki< * V L V * A ^ !N £ * P f --""''
SOU^H BEND
. - ' ‘^
5 .
" ' ' » U A l
J l 0 ,
0‘ 3 ? %
re h a u T e
Colorado
m ^ N C .N -
V
c o v in g t C n N e w p o r t
j
TOPEKA
KANSAS
I h u n t in g t o n
M!SSOURl Cfo«r sTluu.= /I icv_ j
LOUIS
•
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f t - —
jd ^ o u u M S U S
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L I NN^ I S I
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' % PB1NI? !k L D WCATUR W
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Spo^ J JU'* a f i B f g P
w iSlWf'j’’
CHICAQ^^^
AURORA^
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•KALAMAZOO JACKSON
v
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lan^ ng.
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ARKANSAS
MUSCOGEE0
OKLAHOMA CITY
NEW MEXICO
u TENI
i
OKLAHOMA
J
1
•
"
LITTLE ROCK
s. c.
BIRMINGHAM
MISS.
FORT WORTh J ^ J ^ A L L A S
CHATTANOOGA
Mem ph is
ALABAMA\ GEJ>W?IA \
MONTMMERV
/
SAVAN
W
k
TEXAS
______
LOUISIANA”
■ j a c k s o n v Il Le —
-LORIDA)
AUSTIN^
HOUSTON
SAN^OONIO
• CITIES HAVING AN ESTIMATED POPULATION OF 3 0 ,0 0 0 AND OVER IN 1311.
+ C IT IE S WITH A POPULATION OF 50,000 AND OVER, AS SHOWN BY CENSUS BULLETIN.
k%
GALVESTON
4
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
EDWARD
D. PAGE
ROOM 700
OAKLAND, N. J.
31 NASSAU S T R E E T
NEW YORK
1.
1- San jrranci s c o .
to have a
It w o u l d De impossible
system without a Federal Reserve JBanfc on the
Pacific Coast.
As the principal export marfeet San
Francisco is indicated.
It is also more or less
m i d w a y "between the n o r t h e r n and the southern e x t r e m
ities of the coast line.
It has a large export b u s
iness and facilities for attracting or shipping gold
to the far Bast.
!£ he railroad systemsof Arizona
and lievada trend toward the pacific Coast and com
m u n i c a t i o n w i t h that section is easier than w i t h others.
Coast industries are fairly w e l l diversified and w i l l
produce sound investment in commercial paper, though
perhaps not of the most liquid class.
Z- Denver.
i\he
Mountain states are too far
West o f t h e M i s s i s s i p p i ic iv e r to c o u p le them up w it h
any of tiie large cities in tiiat region.
The railroads
have a northwest and southwest trend w h i c h fits Denver
xor th e lo c a t io n o f a r e se r v e c e n te r .
The d i s t r i c t i s
nowever deficient in capital, and it is difficult
to see h o w the establishment of a reserve ba n k in that
the
district can be accomplished, except w i t h ^cooper at ion
of the state banks.
A
There is not a very well diversi-
fied supply of commercial paper in this district,
and at certain times of tne year it p r o bably will need c o n
siderable assistance from the Federal Reserve
Reproduced from the Unclassified / Declassified Holdings of the National Archives
EDWARD
D. PAGE
ROOM 700
OAKLAND, N. J.
NASSAU S T R E E T
NEW YORK
3- -Upon Minneapolis concentrates the r a i l w a y
sy s t e m of the Northwest; it is likewise their com
m erc i a l center.
The class of paper made b y this sec
t ion is fairly diversified, and as Minneapolis is a
v e r y quick market for the products wit k i n its t e r r i
tory, it has g e n erally beea able to finance itself
w i t h o u t m u c h trouble.
4- St. Louis is the distributing center of the
great Southwest,
it is well connected by railways
w i t h its territory, w h i c h in area is the most imp o r
tant of all of the proposed districts.
I endeavored
to find capital enough south of St. Louis to organize
a district but it seemed impossible.
I n excellent
class of p a p e r originates in the St. Louis territory,
a part o f w h i c h it handles, a n d a part of w h i c h it
passes to the isast.
The corners of K e n t u c k y and ‘
f en-
nesee added to this t e r r itory is d i s t inctly tributaiy
to St. Louis.
5-
The Chicago Bank will of course be the most
important of all outside of H e w York,
lot only does
a large amount of commercial paper originate in this
territory, but Chicago can aid m a t e r i a l l y in i n f l u e n
ci n g the movements o f fore i g n exchange.
If I a m not
mistaken, the flow o f capital and credit is d i s tinct
ly eastward in the eastern part of Ohio and as d i s t i n c t l y
we s t w a r d in the w e s t e r n part.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
EDWARD
D. PAGE
ROOM 700
OAKLAND, N. J.
31 NASSAU S T R E E T
N E W YORK
6-Atlanta.
i'Ms district, tiiough comparativ e
ly large, suffers xrom lack of capital and lack of
liquid investment.
Most of the paper made in this
country is crop paper or mill paper, w h i c h does not
possessas as much liquidity as paper based on completed
sales.
It is improving however every year in this re
spect.
As to Mew urleans it is a w e a k banking center,
and in general trade outside of cotton lives u p o n its h i s
tory and its hopes.
Some day it m a y qualify as a reserve
center if it and not Mobile gets tne isthmus trade.
7- Baltimore.
Baltimore is tne business and fi n a n
cial center for the district apportioned to it.
Its i n
fluence extends down the Shenandoah Valley to Knoxville,
and along the westward to Charleston.
It has a pretty
well diversified line of commercial paper and in large
measure based upon completed sales.
It understands
Southern credits and handles them successfully.
Its
merchants have good credit and are able to sell their
notes in Chicago and Hew York, to w h i c h they will for
the present be obliged to resort to on account o f the com
par a t i v e l y small accumulation of capital in the states
w i t h whiciL it deals.
Baltimore is a very old exchange
market and can be relied u p o n for^c&rtain influence
intturt
business.
8- ISTew York. While the territory apportioned to
H e w York is smaller t h a n to most of the others it has a
larger population. Its p o p u lation is only approached b y
that
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
EDWARD
D. PAGE
ROOM 700
OAKLAND, N.-J.
NASSAU S T R E E T
N E W YORK
of the Chicago t e r r i t o r y and it has the largest a c c u m u
lation of capital.
Upon le w lork will be t h r o w n the
chief burden of the foreign exchange operations of the
united states, p r o b a b l y for a good m a n y jrears to come.
The t e r r i t o r y apportioned to it is one w h i c h is distinct
l y linked w i t h it by -Grade cus t o m and banking connections.
The two largest cities w i t h i n this te r r i t o r y are not s u i t
able as reserve centers for the reason that they do not
h ave a d i v e rsified line of commercial paper,
rittsburgh's
supply is m o s t l y made by l^pe iron and steel, and Phil
a d e l phia has lost the place w h i c h it formerly held as
a distri b u t i n g center.
It is a great manufac t u r i n g town
but^maniifacture)<sylike iron and steel,do not give the
most liquid type of paper.
B o t h these cities are tnere-
fore always w e a k sisters wh e n there is m u c h liquidation.
9-
B o s t o n is the proper center for a JSew England r e gion
al Dank if you decide to have one.
For seventy five years
it has Deen the center o f the Eastern banking system,
uut it is no longer anything but a local d i s t r i b u t i n g m a r
ket.
Its banks have lost tou c h therefore w i t h a general
line of credits and it has lost prestige as a m o n e y market.
It has some p o w e r in the foreign exchanges.
i'he w e s t e r n
side of Vermont and the west e r n end of Massachusetts are
in business and finance
liKe Connecticut, more closely
linked w it h jtfew Y o r k than w i t h Boston, and tnerefore have
b e e n included in section eight.
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
EDW ARD
D. PAGE
ROOM 700
OAKLAND, N. J.
NASSAU S T R E E T
N E W YORK
1 think we w i l l all agree that it will be
more desirable at first to establish eight centers than
nine, and m y s u g g est ion of nine is so tnat it m a y be
easier to decide what to omit or use for a branch;
and it is easier to choose w h e n the natural centers nave
b een considered.
M inneapolis tnerefore migut De made an appen
dage to Chicago w n i c h -understands its credits, but not
to St. Louis w h i c h does not.
side of the Sierras, I think,
The f l o w of credit this
is all eastward. Denver
mignt tuerefore be a ttached to St. louis, out more effi
c iently to Chicago.
In the same w a y Boston mignt easily
be attacned to l e w Y o r k where its credits are p r e t t y w e l l
understood,
xhe same is n o t so true of Baltimore.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A D D R E SS REPLY TO
R e s e r v e B a n k O r g a n iz a t io n C o m m it t e e
T R E A S U R Y D E PA R TM E N T
W a s h in g to n ,
D. C.
R e s e r v e b a n k o r g a n iz a t io n C o m m it t e e
WASHINGTON, D. C.
^ p -u u u c e a rrom the Unclassified / Declassified Holdings of the National Archives
25ati«tal B a n k
A . P A R K HAMMOND, P r e s i d e n t
F R A N K GRANT, V i c e
C.E .HA RW OO D,
F. H . H O L T j A s s t . C a s h i e r
C a s h ie r
'Is
P r e s id e n t
FRANK GRANT, PHOT,
FRANCIS T . MAXWELL,VICE-PWSTFREDK. H. H O L T , c a s h ie r .
Jan .
13,
ly i4 .
Reserve Bank Organization Committee,
^ashin-ton, D« C.
Gentlemen:
',7e wish to express our decided preference
for the Federal Reserve Bank for this district
b-i-~r
c. located in New York City
w in preference
to Boston.
Very t m i f yours
Cashier
TT /
-V
T
Sirs
In ’behalf of the Organisation Ctfaftd. ttao* I beg
to 'acknowledge receipt of youra of the 24th inclosing
clipping f rcr? the Kew York fiooa which you, desire to be
treated as axi exhibit and f5.1ed with your statelet to
the cflwrr.ittee at the fTo** Yorlc hearing*
ftaepeetfally*
**,
Secretary,
Reserve Bank Organization Co®»ittee*
Ifr. V. Sydney Rothschild*
2$ Broad Street,
Hew York, I. T*
Ai! SWEREB
JAN 211914
-■'•»
....
Holdings of the National Archives
N EW Ir^ n C S R E S ER V E B A N K .
Good'Reasons W h y It Should 3e
L arg er and Stronger Than Others.
To the Editor of The N&w York Times:
I t is o n ly f a i r to t h e O r g a n iz a tio n C om
m itte e o f th e F e d e r a l r e s e r v e s y s te m to
c h a lle n g e th e a s s u m p tio n tTiat is m a d e h e r e
a b o u t t h a t t h e S e c r e ta r ie s h a v e a lr e a d y
m a d e u p t h e ir m in d s to li m it th e t e r r ito r y o f
th e N e w Y o rk re g io n a l b a n k —-th a t i t is th e ir
d e c isio n to k e e p th e N e w Y o rk b a n k a s s m a ll
a s i t c a n b e k e p t f o r f e a r o f I ts p re p o n d e r
a n c e o v e r th e o th e r s e v e n to e le v e n r e s e r v e
banks.
T h e w r i t e r -was p r e s e n t d u r in g m o s t o f
t h a s e s s io n h e re , a n d d id n o t o v e r h e a r th e
r e m a r k a t t r i b u t e d to S e c r e ta r y M cA doo o n
th i s s c o re , n a m e ly , t h a t h e “ w a s n o t a s
g re e n ” a s t h e N e w Y o rk b a n k e r s th o u g h t
h im . I c a n n o t re c o n c ile a n y s u c h e x p re s s io n
w ith t h e S e c r e ta r y o f t h e T r e a s u r y ’s m a r k e d
a b i lit y a n d ta c t.
N e w Y o rk a s to - d a y ’s f in a n c ia l c e n tr e o f
th e N e w W o rld is n o a c c id e n t, a n y m o re t h a n
L o n d o n , P a r is , A m s te r d a m , a n d B e r lin a r e
a c c id e n ts In t h e ir p ro m in e n c e ; a n d N ew
Y o rk is g o in g to r e m a in a c e n tr a l s p h e r e o f
in flu e n c e , d e s p ite a n y a r t i f i c i a l la w s o r lim
it a ti o n s t h a t m a y b e s e t u p o n it.
P o litic a l e x p e d ie n c y m a y h a v e m a d e th e
c e n tr a l b a n k id e a im p o ss ib le In th e p a s s a g e
o f a b a n k in g a n d c u r r e n c y m e a s u r e f o r th e
U n ite d S ta t e s ; b u t th e n a t u r a l la w s o f b a n k
in g a s a d v o c a te d b y v i r t u a l l y a l l th e g r e a t
p r a c t ic a l b a n k e r s o f t h e w o rld b e s p e a k a
c e n tr a l b a n k f o r a n y p e r f e c t m o d e rn b a n k
in g s y s te m .
I t h i n k i t m a y b e p ro p h e s ie d
t h a t in th e o rd e r ly w o r k in g o u t o f th e G la s s O w en m e a s u r e th e N e w Y o rk r e s e r v e b a n k
w ill a s s u m e th e le a d e r s h ip , w ith m o s t o f th e
o th e r re g io n a l b a n k s s u b s id ia r ie s o r b r a n c h e s
a l l b u t in n a m e , a n d w ith th i s in v ie w , th e
n u m b e r o f re s e r v e b a n k s m a y b e le g io n , d e
p e n d e n t u p o n c a p ita l re q u ir e m e n ts . T h e F e d
e r a l R e s e r v e a c t o ffe r s n o o b je c tio n to th i s
le a d e rs h ip , a n d r ig h t f u lly th e r e sh o u ld be
n b n e.
O n th e c o n tr a r y , in m y ju d g m e n t, th e m a k
in g o f th e N ew Y o rk b a n k la r g e a n d p o w e r
fu l s h o u ld p r o f ita b ly , to a l l th e c o u n tr y , bo
p u rs u e d . T h e N e w Y o rk b a n k w ill p r e s e n t
a d if f e re n t f r o n t to th e r e s t o f th e w o rld
th a n a n y o th e r o f o u r c i ty r e s e r v e b a n k s .
T h e w o r k it w ill h a v e c u t o u t f o r i t Will b e
on a la r g e r s c a le , a n d it m u s t b e p r e p a r e d
to f a c e I t w ith la r g e “r e s o u rc e s a n d u n q u e s
tio n e d c r e d i t a n d s ta b ility . B ig n e ss c a n o n ly
b e a n a d v a n ta g e to i t a n d to th e w h o le
s y ste m .
S u reJy th e A d m in is tr a tio n h a s e x
p r e s s e d it s e lf n o t a g a i n s t b ig n e s s p e r s e —b ig
in d u s tr i e s —b ig m e n .
T h e w h o le s y s te m is
u n d e r F e d e r a l c o n tro l.
T h e c h a in o f b a n k s
W;jU c o -o rd in a te ; th e g r e a tn e s s o f o n e w ill
a d d s tr e n g t h to th e w e a k e r m e m b e rs ; n o
d a n g e r lu r k s —: a t h e r th e r e a r e d a n g e r a n d u s e
le ss lo ss o f p restifee in v o lv e d b y u s in g e f f o r t
to h o ld N e w Y o rk a s s m a ll a s p o ssib le . F o r
h o ld in g N e w Y o rk s m a ll w ill b e a lo ss to th e
w h o le F e d e r a l re s e rv e s y s te m , in a s m u c h a s
i t w ill b u ild u p a t it s e x p e n se t h e N e w Y o rk
i t r u s t c o m p a n ie s a n d th e N e w Y o rk b a n k s
i o u ts id e o f th o F e d e r a l r e s e r v e s y s te m ; so b y
i a ll. m e a n s m a k e N ew Y o rk ’* t e r r ito r y a s la r g e
a s p o s sib le u n d e r th e s y ste m .
W h y tr y to b u ild a d a m o f A s s u a n to i n
j u r e a g a i n s t d r o u g h t a n d flo o d w h e n h e re
you h a v e a lr e a d y b u il t a n d a v a ila b le a n a t
u r a l re s e r v o ir to re c e iv e a n d d is tr ib u te n a t
u r a l ly th e w a te r s Of p le n ty th r o u g h o u t th e
c o u n try , a t th e d ir e c tio n of t h e F e d e r a l R e
s e rv e B o a rd in W a s h in g to n ?
V . S Y D N E Y R O T H S C H IL D .
N ew Y o rk , J a n . 10. 1914.
mmnnn—------;— wirm—i—r~n---------- n—i-------------- n
Reproduced from the Unclassified
n
I Declassified
1
^
------------ — rnrmnrnrTn---------
M il
J
LL""'- ------- |J..... -1"
Holdings of the National Archives
j_ . / y ,
©
v y
V. SYDNEY RO THSCHILD
25
BROAD STREET
NEW Y O R K
^
*
J. _____
^
-x
,
•
—
r
'■ -
L1- 1"
, ,i
i i i
t i ii mu
Reproduced from the Unclassified I Declassified Holdings of the National Archives
liar* Herbert C* B&r»I»ll#
2? Cedar S treet,
m
Totrk city*
% dear xr* Ifctrefcall*
I *gpr*e$*t® y w r eourteey In forwarding me the additional
&*t* In regard %e the d iiiiio n e f the eem try Into M m l Beeerte
Metrlcte. The Canmittee w ill be weary glad to $!*» th ie data
eoasideretloa*
Tery tru ly yours*
BeciNtoiy*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Me m orandum for the
R E S E R V E BANK ORGANIZATION COMMITTEE.
In relation to the hearings held in New York
January 5, 6, 7 and 8th.
P L A G E O F MEETING*
The Assem b l y Hall of the Chamber of
Commerce was tendered the Committee by the Secretary and
C h a i r m a n of the Chamber, and the rooms in the Custom House
wh i c h the Committee contemplated using were so tota l l y inade
quate and unsatisfactory that the invitation was accepted
after communication with Secretary Houston*
This is, perhaps, the most conveniently
located place for the meeting*
TIME OF HEARING*
In accordance with understanding, have
a n n o u n c e d that hearings will begin at 10:00 o*clock of each
day and be concluded at 4:00 or 4:30, with an intermission of
a half hour for lunch*
NOTE:
On Thursday the Chamber of Commerce
holds it regular maeting at 12:00 or 12:30, which continues
for p r o b a b l y an hour or an hour and a half, so that on this
day it will be necessary to make arrangements either to adjounn
the meeting to some other place or to have an adjournment that
will permit the Chambers meeting to be held*
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
3
I have not attempted to definitely arrange the
hour at whioh those who were invited to appear shall be heard,
not knowing definitely the C o m m i t t e e ^ p r e f erence as to the
order in whioh such appearances should be made.
I have assumed,
however, that the Committee will desire to hear in the early
stages suoh organizations as the Clearing House Association,
the Chamber of Commerce, the M e r c h a n t s ' Association, and the
Credit M e n ’
s Association;
and so have invited their representa
tives to be present at the opening on Monday*
Mr. Hine, representing the Clearing House
A s s o ciation will be present at 10:00 o folock, and representa
tives of the Chamber of Commerce will also be present.
Mr.
Trego, representing the Credit Men*s Association, will be
present at 2:30 on Monday.
The Merchants* Association,
however, does not hold its regular meeting until Monday,
so will select representatives to appear on Tuesday.
Arrangements were not completed for the place of
h e a r ing until very nea r l y 12:00 o*clock, so it was impossible
to get in communication by *phone with the bankers who were
invited to
appear.
Accordingly I arranged to *phone
those
that could be reached, and sent notices of the time and pla c e
of m e e t i n g to the others.
Erom what talk I have had with bankers,
it seems
manifest that they are somewhat in doubt as to the nature of
facts to be presented, and would therefore suggest that among
the first to be heard should be included Mr. Warburg, Mr. Conant,
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
and Mr. Willis, who are familiar with the provisions of the
Bill and the purpose of these hearings.
Mr. Qonant will be
•*v
o n h a n d shortly after 10:00 o fclock, and Mr. W a r burg will
al30
appear about this time.
Those with whom I have talked and who will be
p r e p a r e d to definitely appear on M o n d a y are .as follows:
1.
y F. L. Hines, Chairman Clearing House Association,
and President of the lat Nat'l Bank*
2 . V Representatives of the Chamber of Commerce.
3.
j/lfr. Hepburn orv6r. Wiggins of the Chase Nat*l Bank
4.
y Mr. (jonant.
5.
Mr. Trego, representing the Credit M e n fs Aissfn.
6.
yM r . James G. Cannon, President 4th Nat'l and
Chairman of the Chamber of Commerce.
7. \/Mr. Paul M. Warburg.
Mr. Martindale of the Chemical will be present
at 3:45 on Tuesday.
I have sent formal notices of the time and place
of hearing to the following:
J. S. Alexander, President Nat*l Bank of Commerce.
E. C. Converse, President Bankers Trust Co.
A. W. Krech, President Equitable Trust Co.
Edward Townsend, President Importers and Traders Jfeitfl.
F. A. Vanderlip, President National City Bank*
jr. N. Wallace, President Central Trust Co.
JSdward S. Marston, President Farmers Loan & Trust Co.
}/£. J. Hemphill, President Gu a r a n t y Trust Co.
J. P. Morgan of J. P. Morgan and Company.
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
Grates W. McGarrah, President Mechanics and Metals
National Bank.
Richard Delafield, President Nat*l P a r k Bank.
G. Bain, President Seaboard National.
Gr* Merrill, President Union Trust Company.
E* W. Sheldon, President U n i t e d States Trust Co.
Speyer and Company.
The Chamber of Commerce has also tendered the use
of one of the Committee Rooms during the hearing, and would
therefore suggest that at the opening of the'meeting the
C h a i r m a n ^ announcement might include a suggestion to the effect
that those who cannot conveniently remain in attendance during
the hearing, but who will appear before the Committee, can
make an arrangement for an approximately definite time to
appear and have the Secretary to fphone them in advance.
Respectfully,
Secretary Pro Tem.
M f t e d Holdings of the National Archives
HERBERT
C. M A R S H A L L ,
C O U N S E L O R A T LAW,
27
CEDAR S TR EE T,
NEW
YORK.
N ew Y o r k City, M a r c h 24, 1914.
Hon. D a v i d P. Houston,
Secretary of Agriculture,
Washington, D.C,
D ear Sir:Under date of Januery 10th, I prepared a letter makin g certain
suggestions regarding the division of the country into F e d e r a l Reserve
Districts; a n d under date of January lp t h I v/rote to you and Secretary
McAdoo,
sending to each, a copy of the former letter,
I have recently “
been able to make a somewhat more complete
d i scussion of certain pahses of the problem; a n d I am sending several
pages of additional matter b y this m a i l to the Reserve Bank O r g a n i z a
tion Committee.
Inasmuch as I sent two copies on the former occasion,
a n d inasmuch, as I had some brief discussion of the matter w i t h you
p e r sonally here in Hew York, I beg to send you h e r e w i t h an additional
copy of the additional pages.
The pages h e r e w i t h enclosed of course take the place of pages
8, 9 an(i 10 of the former letter.
I am also enclosing h e r e w i t h an
additional set of the maps.
I was somewhat inclined to make still a fifth map, with, the
division east of the Mississippi Ri v e r the same as in Map 2, and w i t h
the division west of the Mississippi River the same as in Map 1, p l a c
ing Hew Orleans also w i t h the territory west of the Mississippi; but
the four maps of course present all the possibilities of combination
S' fficiently well.
Yours very truly,
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
New York City, March 24, 1?14,
Reserve Bank Organization Committee,
Treasury Department,
Washington, B*G.
Bear Sirs:Under date of January 10th, I wrote to your committee making
certain suggestions regarding the division of the country into
Federal Reserve Districts, and enclosing four maps showing the sug
gested divisions*
It has been my desire to present certain phases of the matter
more fully than they were presented in that letteri hut it was not
%
possible to give sufficient attention to the matter until within the
last few days*
I have now however been able to add several page# to
what was presented before; and I beg to present the same herewith.
If you will kindly cancel the last three pages of the former
letter, pages 8, 9 and 10, and will substitute in their stead the
enclosed pages 8 to 18 and the four additional tables of tabular
matter, it will make a much more satisfactory presentation of the
entire subject*
Tours very truly,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Q2Q
ta m & ry
20 t J i f I 9 I 4 *
S in -
I
beg to actoioT.'ledcG receipt of your letter of
tbs 1 tfc addressed to the BeAe.rre 3sm<-: Organisation
Coi^ittee and submitting your sagagtftlon relating;
to tfto establiabnent of a Federal Beaerre District
aid tfte organization of a ban£ therein*
Your
jsugrreations M v e been forsmrddd t2» COtnmlttee for
t&eir consideration*
'espectfully*
Secretary, Keaerve £an& orcar.ization oo&dLttee
1% H* Guterbridg®, r»^*t
11
B ro ad w ay ,
Sew Yoifc City*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
auswered
JAN £
14
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Jsira a r^ 23* 1914#
s i r t
In going over my f i l e I an not
e n tir e ly oar© whether I have heretofore acScaowleaged your favor o f January 28* eu b oittin g
a b r ie f on the question of tim n e c e s sity for tho
establishm ent o f as large a region al bank as
p o ss ib le a t some p o in t ia 13m country where
the lo c a l con d ition s are eooh «u to embody a l l
tha e s s e n tia l requirements*.
I bog to advise that your brief has
been filed and
ill be submitted to and considered
by the Committee in determining this question*
Respectfully,
Secretary,
rsorv© Bank Organisation Conaittee*
U r* r,* A* d© I 4 m t ;resident,
Th» Battery Park i&tional B&&&,
“
:Ow i'ork# i* t *
Reproduced from the Unclassified / Declassified Holdings of the National Archives
BCW.
, A D D R E SS REPLY TO
P ^ E R V E BANK j ORGANIZATION COMMITTEE
\
TR EA SU R Y DEPARTM ENT
^ W a s h in g to n ,
D. C.
Y
R e s e r v e B a n k O r g a n iz a t io n
c o m m it t e e
WASHINGTON, D. C.
J a n u a r y 20, 1 9 1 4 .
D ear Mr* C a l l a n d e r :
The i n c l o s e d l e t t e r
from U r. Dunn
was w ith o t h e r s r e f e r r e d t o t h i j i o f f i c e *
It
Mr. W. F . C a l l a n d e r ,
A s s is ta n t S e c re ta ry ,
R e s e rv e Bank O r g a n i z a t i o n C om m ittee,
J e f f e r s o n H o te l,
S t.L o u is , M isso u ri.
s£
c jo l -
A e ~ J .
,
J< n <
(e J a U ,
/Ic y
& v -^
Reproduced from the Unclassified I Declassified Holdings of the National Archives
/&4-
r
Reproduced from the Unclassified / Declassified Holdings of the National Archives
SUMMARY OF NAMES BY DISTRICTS AND STATES.
Volume 182.
States.
ALABAM A.
A L A S K A .......................................
A R I Z O N A .....................................
A R K A N S A S ...............................
C A L I F O R N I A ...........................
C O L O R A D O .................................
C O N N E C T IC U T ........................
D E L A W A R E .............................
D IS T R IC T O F C O L U M B IA
F L O R I D A .....................................
G E O R G IA ...................................
H A W A I I A N IS L A N D S
I D A H O .................................
I L L I N O I S ..........................
IN D IA N A
K A N S A S ___
KENTUCKY.
L O U I S I A N A ...........
M A I N E ......................
M A R Y L A N D .............
M ASSACHUSETTS
M IC H IG A N .........
M IN N E S O T A ...........
M I S S I S S I P P I .............
M IS S O U R I .................
M O N T A N A ..................
N E B R A S K A ...............
N E V A D A ......................
N E W H A M P S H IR E
N E W J E R S E Y .........
N E W M E X IC O .......
N E W Y O R K ...............
Na
M o n tg o m e r y .........
6,564
M obile ....................
2,848
B irm in g h a m .........
7,738
N a s h v ille .................
2,419
C h a tta n o o g a .........
880
20,449
S e a ttle ....................
912
912
A lb u q u e rq u e ........
509
L o s A n g e le s ...........
1,324
P h o e n ix .....................
1,229
3,062
L ittle R o c k .............
8,954
F o r t S m i t h .............
3,087
T e x a rk a n a .............
3,175
M e m p h i s ................
3,313
18,529
S a u F ra n c is c o ____
38,001
L o s A n g e le s ...........
19,242
S a c ra m e n to .............
1,483
5 9 ,3 2 6
15,857
15,857
D e n v e r ....................
N e w H a v e n ...........
16,686
H a r tfo rd .................
6,510
B r id g e p o r t.............
2,768
2 5,964
P h ila d e lp h ia ...........
2,516
B a l tim o r e ...............
1,560
4,076
W a s h in g to n ...........
6,980
6,980
Ja c k s o n v ille .........
6,295
T a m p a ....................
4,712
M obile ....................
1,590
12,597
S a v a n n a h ................
6,017
A t l a n t a ....................
13,291
A u g u s ta .................
2,218
M a c o n ......................
4.014
C h attan o o g a .........
895
A l b a n y ....................
4,854
31,289
S an F r a n c is c o ........
624
624
B o i s e ........................
2,401
S a lt L a k e C i t y ___
1,329
S p o k a n e ................... 2,260
5 ,9 9 0
C hicago ...................103,172
20.178
S t. L o u is ..................
B u r l i n g t o n .............
178
P e o r ia ........................
3,832
3,064
D a v e n p o rt .............
D u b u q u e .................
488
Q u in c y ................
1,209
132,121
C in c in n a ti...............
5,577
L o u i s v i lle ...............
2,137
In d ia n a p o lis .........
23,042
C hicago ...................
9,936
E v a n s v i l l e ......... .
5,131
2,229
T e rre H a u t e ...........
T o le d o ......................
3,510
51,562
B u r l i n g t o n .............
6,537
C ed a r R a p id s ..........
2,628
O m aha ....................
5,155
D a v e n p o rt...............
5,204
D es M o in e s.............
10,939
D u b u q u e .................
6,794
S io u x C i t y .............
3,719
W a te r lo o ................. 3.123
4 4 ,099
K a n s a s C i t y ...........
17,541
S t. J o s e p h ...............
5,015
W i c h i t a .................. 6,824
2 9 ,3 8 0
H u n tin g t o n .............
2,160
C in c in n a ti...............
10,542
L o u i s v i lle ...............
11.899
N a s h v ille ...............
361
2,568
E v a n s v ille ...............
K n o x v ill e ...............
1,581
S t. L o u is ..................
2,233
3 1,344
N e w O r le a n s .........
17,358
S h r e v e p o r t.............
2,313
19,671
P o r tla n d ................. 17,603
17,603
B a ltim o re ................. 23,515
2 3,515
B o s t o n . . . . ...............
47,975
S p r in g f ie ld .............
8,294
6,666
W o r c e s te r ...............
P r o v id e n c e .............
603
63,538
B a y C ity ..................
8,568
D e tro it ....................
27,536
M ilw a u k e e .............
2,344
G ran d R a p i d s ........
11,647
C hicago ...................
1,511
D u l u t h ....................
2,112
53,718
D u l u t h ....................
3,800
S t. P a u l....................
28,610
M in n e a p o lis ...........
6,319
F a r g o ........................
397
39,126
N e w O rle a n s .........
5,116
M e m p h i s ........... .
8,598
M obile ....................
453
J a c k s o n ..................
4,039
18,206
S t. L o u is ..................
42,925
K a n s a s C i t y ...........
15,571
S t. J o s e p h ............... 5,420
63,916
H e l e n a ....................
7,338
B u t t e ........................ 1,097
8,435
O m ah a ..................
22,12 3
L incoln ....................
1,042
S ioux C ity ...............
1,788
2 4 ,9 5 3
S an F ra n c is c o ........
1,449
L os A n g e le s ...........
253
S a lt L a k e C ity . . . .
431
2,133
B o sto n ....................
8,518
8,518
E a s to n ....................
1,364
N e w a r k ....................
22,46 7
N e w Y o r k ...............
25,268
P h ila d e lp h i a ......... 11,411
6 0 ,510
A lb u q u e rq u e ........ 3,140
3 ,1 4 0
N e w Y o rk .............
96,069
A l b a n y ....................
12,104
B in g h a m to n .........
4,502
B u f f a l o ....................
19,687
E lm ir a ........ ...........
3,289
J a m e s t o w n .............
1,849
R o c h e s t e r ............... 14,090
S y r a c u s e ................. 15,656
T r o y ..........................
5,665
U t i c a ........................
8,215
B r o o k ly n ................. 43,374
224,500
July, 1913.
States.
N O R T H C A R O L IN A
NORTH D A K O TA .
O H I O ........................ ..
OKLAHOM A.
O R E G O N ....................
P E N N S Y L V A N IA .
R H O D E IS L A N D .. ..
S O U T H C A R O L IN A
SO U TH DAK O TA .
T E N N E S S E E ........
U T A H .........
VERM ONT
V IR G IN IA
W A S H IN G T O N
W E ST V IR G IN IA .
W IS C O N S IN
W Y O M IN G .
ALBERTA .
Offices.
N am e*.
B r is to l......................
708
R ic h m o n d ...............
8,828
N o rfo lk ..................
1 ,9 8 4
1,917
K n o x v ill e ...............
C h a r l o tte .................
4,562
G re e n s b o ro .............
5,550
F a r g o ........................
2,428
S t. P a u l . , ...............
9 ,231
H u n tin g to n .............
1,900
C an to n ....................
4,019
C le v e la n d ................. 2 8 ,3 2 6
C in c in n a ti...............
1 8,728
E r i e ...........................
1,141
T o le d o ......................
11,589
S p r in g f ie ld .............
2,469
C o lu m b u s.................
8 ,2 1 7
7,588
D a y t o n ....................
W h e e lin g ...............
6,589
Y o u n g s to w n ...........
3,377
Z a n e s v ille ...............
3,884
O k la h o m a ...............
15,828
D a l l a s ......................
3.275
F o r t S m i t h .............
907
M u s k o g e e ...............
4 ,7 9 0
P o r tla n d ................. 1 6 ,480
B o i s e ........................
189
E a s to n ......................
2,786
P h ila d e lp h ia .........
57,599
P i t t s b u r g h ............. 4 3 ,0 2 4
B u f f a l o ....................
2,715
B in g h a m to n .........
1,429
E lm ir a ............. .......
1,645
J a m e s t o w n .............
877
S c r a n to n ..................
5,860
W i lk e s - B a r r e ........
6,306
9,632
R e a d in g ..................
H a r r is b u r g .............
11,753
W illia m s p o r t.........
7 ,3 8 0
1,226
Y o u n g s to w n .........
E r i e ............................
7,702
A lle n to w n ...............
3,588
P r o v id e n c e ............. 11,179
A u g u s ta .................
2,679
C h a rle s to n ...............
6,402
C h a r l o tte .................
1,383
G r e e n v ille ...............
3 ,7 2 6
S a v a n n a h .................
437
S io u x F a lls ............. 1 0,119
O m ah a ....................
1,453
S io u x C ity ...............
442
B r is to l......................
1,429
N a s h v ille ................. 10,342
6,536
M e m p h is .................
K n o x v ill e ...............
3,747
C h a t ta n o o g a .........
3,532
D a lla s ................ .
18,576
A lb u q u e rq u e ........
775
W a c o ........................
740
F o r t W o r th .............
12,608
H o u sto n ................. 1 0,636
S a n A n to n io ...........
8,294
T e x a r k a n a ...............
2,890
G a lv e s to n ...............
928
S a lt L a k e C ity . . . .
5,310
7,593
B o s to n ......................
B r i s t o l ......................
2,591
B a l t i m o r e ...............
5,606
R ic h m o n d ...............
8,048
L y n c h b u r g .............
5,788
N o rfo lk ...................
4,336
W a s h i n g to n ...........
475
S e a ttle .................... 12,139
T a c o m a ....................
3,604
P o r tla n d .................
2,942
S p o k a n e ..................
7,345
H u n tin g to n .............
1,903
B a l tim o r e ...............
1,556
C h arlesto n ______
5,334
C la r k s b u r g .............
840
W h e e lin g .................
8,559
L y n c h b u r g .............
954
D u l u t h ....................
1,809
M ilw a u k e e ............ 3 5,339
S t, P a u l ........... .
4,018
G reen B a y ...............
7,303
D e n v e r .....................
1,644
S a lt L a k e C i t y ___
464
H e l e n a .....................
323
C a lg a r y ....................
5,656
E d m o n to n ...............
3,793
T o ta ls.
23 ,54 9
11,659
97,827
24 ,8 0 0
16 ,6 6 9
163,522
11,179
14,627
12,014
2 5 ,5 8 6
55,44 7
5 ,3 1 0
7,593
2 6 ,8 4 4
2 6,030
1 9 ,146
4 8 ,469
2,431
9,449
M A N I T O B A ..................
C a lg a r y ....................
V a n c o u v e r .............
V ic to ria ....................
W in n ip e g ...............
447
8,737
1,045
8,348
10,229
8,348
N E W B R U N S W IC K .
S t. J o h n ...................
5,735
5,735
N E W F O U N D L A N D ..
H a l i f a x ....................
1,249
1,249
N O V A S C O T IA ...........
O N T A R I O ........................
H a l i f a x ....................
T o ro n to ...................
M o n t r e a l ................
W in n ip e g ...............
O t t a w a ....................
H a m ilto n ...............
L o n d o n ....................
8,243
2 8,963
5,028
1,171
5 ,1 9 0
6,136
8,482
8 ,243
5 4 ,9 7 0
P R I N C E E D W A R D IS L A N D
S t. J o h n ...................
1,031
1,031
Q U E B E C ..........................................
M o n tr e a l.................
Q u e b e c ....................
O tta w a ......................
H a l i f a x ....................
W in n ip e g ...............
E d m o n to n ...............
H a lif a x ..................
V a n c o u v e r .............
2 8,149
10,445
1,763
48
8 ,998
1,016
68
Ill
B R I T I S H C O L U M B IA .
SASKATCHEW AN
S T . P I E R R E E T M IQ U E L O N
Y U K O N T E R R I T O R Y .............
40,405
10,014
68
111
,868,197
Reproduced from the Unclassified / Declassified Holdings of the National Archives
(
Hm
t
%
January 12, 1914,
S irs
I haw your fairer of the 5th instant, containing
copy of tha resolution adopted
by the
Kew Haven Clearing
House Aasociation, sxpressing a preference for membership
in the Hew York Federal Eaaerve Bank, i f one aheuld be
established there* rather than in a Boston Federal ftaaerira
Bank.
I t ahall havs eoaaideration by tha Cosmlttee,
Yery truly yours,
C. C. Bariev* Xaq««
Secretary, Waw Havaa Clearing House Association,
Haw Haren, Connecticut*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Boston# Maaa.,
January 9 , 1914,
My dear S ir:
1 an direoted by th« Reserve Bank Organisation
Coou<tee to acknowledge receip t of and thank you for
the map and data you submitted fo r use in connection with
the Inauguration of the new currency system*
I t w ill
receive the due consideration of the Committee.
Very truly yours.
Private Secretary to the
Secretary o f the treasury.
Mar* George £ • lo w s*
145 Cast 35th S tr e e t,
lew York, I* T*
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
HERBERT
C. M A R S H A L L ,
C O U N S E L O R A T LA W ,
27
CEDAR S TR EE T,
NEW
c
YORK.
Hew York City, January 15»
William 0, McAdoo,
Secretary of the Treasury,
Washington, B.C,
-andHon* -David 31, Houston,
Secretary of Agriculture,
Washington, B.C.
Bear Sirs:I beg to send herewith four copies of an outline map of the
United States, each with a different division of the country into
districts, but with most of the districts substantially the same in
all.
Accompanying these maps, there tf/% long letter directed to
The Beserve Bank Organization^ CoaEoit^e, firing reasons for the sug
gested divisions, and four tajples rffving figures as to population,
area and banking capital of t|iejlari©us suggested districts.
I should like to have gone farther and made some estimateof bank
capital other than that of national Basks and also to have made some
discussion of the the variety of industry shown in these various dis
tricts, such as is of course in a measure desirable for smooth working
of the system being installed.
But such an extended discussion would
have required a good dei.1 of time, and the locating of centers of in
dustry, mining etc., on the maps would have greatly encumbered them.
As the maps stand, they are sufficient to support the argument in
favor of following •natural boundaries*, and that was the chief point
in view in preparing the maps and the accompanying letter.
A full set of the maps is enclosed in the large envelope addressed
to Secretary McAdoo.
Tours very truly,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
HERBERT
C. M A R S H A L L ,
C O U N S E L O R A T LAW,
27
CEDAR STR EE T,
NEW
YORK .
Hew York City, January 10, 1914.
To The Reserve Bank Organisation Committee,
Washington, D, C,
Bear Sire:*
In connection with the task undertaken hy you, in accordance
with the requirements of Section 2 of the "Federal Meserre Act*, to
•designate not less than eight nor more than twelve cities to he known
as Federal reserve cities, and divide the continental United States,
excluding Alaska, into districts, each district to contain only one
of such Federal reserve cities", with the special proviso, “that the
districts shall fee apportioned with due regard to the convenience of
business and shall not necessarily he coterminous with any State or
Stales*, it may not he amiss to urge the importance of giving much
consideration to certain natural lines of division between different
sections of the country,
In establishing the political bodies that have ultimately
become states, both under old colonial grants and under acts of Congress
since the adoption of the Constitution, the genera.1 outline of each of
these political eomamnities has regularly been determined before any
considerable number of inhabitants han moved Into the district, it
being necessary that there should be some definite division of land
ana security of tenure to attract settlers; and in consequence bound
aries have usually been determined by the purely mechanical method of
fallowing meridians of longitude and parallels of latitude, rather
than by the ultimately more desirable method of including within each
of the prospective states some economic and social community, such as
Reproduced from the Unclassified / Declassified Holdings of the National Archives
a.B.G.C.
#2.
l/X O /1 4 .
the easiest and most direct routes of travel and the later agricultural,
industrial and commercial development of the district should determine.
Ivan if there had “
been full appreciation of the importance of making
the political communities, subsequently to become states, conform
approximately to future social and economic communities, it would not
have been possible at that time, with the existing inadequate knowledge
of the resources of the various sections, to foresee the location of
centers of industry, trade and population; and it was perhaps inevi
table that the state divisions as originally laid out should with the
development of the country fail to conform to any sort of ultimate
real division of the people and their interests*
With the latitude
allowed by tha HFederal Reserve Act", however, it will be possible to
aiak<s the proposed reserve districts conform much more closely to
natural lines and divisions than do the existing states, thereby
making them "regional*, not merely in extent of territory, but also
in conforming to "natural boundaries* and in serving "the convenience
and customary course of business".
In designating the citiee in which federal reserve banks shall
be organised ana in fixing the geographical limits of the federal
reserve districts, the committee will of course endeavor to select
larga centers of population with important banking interests as such
cities and will
no doubt include with each city as its particular
district such adjacent territory as is in an especial degree commer
cially tributary to that city.
In the division of counsel as to what
cities are of importance and may be expected to be of importance in
the future in the banking and commercial world and as to what outlying
districts now are and may in the future be expected to be tributary to
■»—
— ■HWBPi P" ... — W
II'.U,
-«'•" ‘
Reproduced from the Unclassified / Declassified Holdings of the National Archives
S.B.O.C.
#>.
1/10/14.
each particular city, it will perhaps be of assistance to recall
certain well recognised principles which eould not fail to receive the
approval of all.
Briefly stated, some of the more important of these
principles are the following:(1)
Large centers of population should he as nearly as pos
sible the centers of the various districts, and boundaries should
follow the lines of the more sparsely settled regions.
(2)
Water-sheds and boundaries of river system* are usually
sparsely inhabited, and transportation across them is usually diffi
cult.
Water-sheds should therefore ordinarily bft boundaries*
This
is particularly true of the great Continental Divide between the Miss
issippi Valley and the Pacific Coast and of the Appalachian Water-shed.
It is true in lesser degree of the water-shed bounding the Connecticut
Valley on the west and of that between the Valley of the Columbia oa
the north and the territory lying to the southward.
It is only in a
measure true of the water-sheds between the rivers of the Atlantic
Coast Plain and between various branches of the Mississippi System,
(i)
River valleys usually constitute economic communities and
should either alone or in combination with others constitute such
districts or divisions.
Good example b are the Columbia, the Sacra
mento and Ban Joaquin, the Upper Mississippi, the Upper Missouri, the
Upper Ohio, the 'iennesee and Cumberland, the Hudson, Delaware and
Susquehanna.
(4)
In some instances, rivers are so large or so difficul
of passageas to serve better as boundaries, particularly where the
entire river Valley cannot be included in the same division.
Examples
are the I»ower Mississippi} the impassable Grand Canon of the Colorado,
7s@aeseses@BBH«
Reproduced from the Unclassified I Declassified Holdings of the National Archives
#*.
H .B .O .C .
possibly the Lower Ohio*
1 / 10/ 1 4 .
Iren in such instances, however, the south
of any such river is apt to he such a center of population and trade
as to make it desirable that both sides of the river at that point
should he included within the same political division, and particularly
within the same hanking district.
Hew York City and the near by
cities of Hew Jersey suffer much business and other inconvenience from
their division into separate political and legal jurisdictions, and
other centers of population similarly situated suffer from similar
inconvenience only in lesser degree.
Hew Orleans and the adjacent
region about the mouth of the Mississippi escape this inconvenience
by being included entirely within the same State of Louisiana.
In
defining the boundaries of the Federal reserve districts, state bound*
artss will no doubt be ignored, where they pass through large centers
of population, as at several points on the Atlantic Sea Board.
(5)
The location and direction of great railway systems,
one of the principal indications of the "convenience and customary
course of business*, will of course be an element of very great import
ance in designating federal reserve cities and in limiting the bounda
ries of districts.
These however usually fallow the course of large
rivers, do not often cross wafcer-sheds of even minor importance, and
usually radiate from large centers of population and connect them with
more sparsely settled regions in the vicinity.
Hailway traffic and
communication generally are therefore in large measure determined by
•natural boundaries'*, particularly the more important water-sheds; and
these same boundaries will undoubtedly control in the future.
Such
boundaries are the real element in cotrolling communication, rather
than meridians of longitude and parallels of latitude.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
R.B.O.C.
#5.
(6}
l/l0/l4.
In order that each reserve district may as far as possible
within itself be capable of meeting its own local demands for banking
accommodations, particularly seasonal demands, it is desirable that
each district should include a considerable variety of business inter
ests, at least to such extent as is consistent with reasonable com
pactness of territory and convenience in other respects*
In accordance with the foregoing considerations or principles,
I have attempted a division of the country into districts, and X beg
to submit the results on four separate outline maps of the country,
with the lines of division indicated thereon.
Pour separate maps are
submitted, because, while the general division is the same in all,
there are some very considerable differences of detail that can better
be presented on separate maps*
In general, all New England as far west as the water-shed of
the Connecticut River, substantially the line of the Green Mountains
and the Berkshire Hills, constitutes one district, the territory be
tween that line and the Mississippi liver constitutes five districts,
the territory between the Mississippi Hiver and the Continental Divide
constitutes three districts, and the territory west of the Continental
divide constitutes one district-, making ten districts in all,
A
slight variation from this general division on all the maps is to
permit the districts at the headwaters of the Mississippi and at its
mouth to cross the river, as seems to accord with greater convenience
of business.
In view of the concentration of banking capital, and of popu
lation as well, in the north-eastern part of the country, the districts
in that section are somewhat small and compact in area, although the
Reproduced from the Unclassified / Declassified Holdings of the National Archives
R.B.O.C.
#6.
l/lO /l4,
total 'banking capital in each of these districts is considerably larger
than ©f other districts, as app are from the tables given below.
The
districts in the West and South are necessarily large in area, some
of them large in population, because of the comparative lack of banking
capital in that part of the country.
The districts west of the Miss*
issippi liver are of much greater length from east to west than from
north to south, the grefct railway systems in that region running from
east to west, both because of the usual direction of traffic between
the larger cities and the rural districts and because of the usual
direction of the rivers tributary to the Mississippi.
The he&d-watera
of the Mississippi and of the Missouri fall naturally within one dis*
trict, although it becomes an extremely long district from east to
west, because of the usual course of communication and business in
that region, as indicated by the course of the three or four great
railway systems that furaisJ^l& means of communication.
The territory
west of the Continental Divide will certainly at the present time be
included within a single district, although its area is more than one*
fourth that of the entire country, both because of its comparatively
small population and because of its somewhat limited bank capital.
With the very rapid growth in population in that region, however, it
is but reasonable to expect that the Valley of the Columbia will be
made a separate district in the not very distant future.
Upon two of the maps herewith submitted, the district including
Hew York City is made to embrace a strip of Western Sfew England, sub
stantially all (possibly entirely all) of Sew York State, all of lew
Jersey, %nd all of S a s t e m Pennsylvania, in other words the valleys of
the Hudson, Delaware and Susquehanna and adjacent territory.
One very
Reproduced from the Unclassified I Declassified Holdings of the National Archives
lUB.fr.C*
#?.
x/xo/14.
important reason for including such a district embracing acme $0$ of
the entire capital (and surplus) of all the national banks of the
country, approximately 15^0,000,000, and some 1/,000,000 of population,
is the large banking interests here centered and the desirability that
the reserve bank here located will on the basis of six per cent of the
capital and surplus of the national banks of the district be substanfci
iially as large as aay of the constituent banks.
Moreover, as appears
from tables 1 fuid 4 below, the area included within the district will
even then be, next to Hew England, as small as any other district,
For the same reason, the sugfp stion is made on map 1 that the Chicago
district be made large enough to include $ 250,000,000 of national bank
capital, in accordance with which the capital of its reserve bank will
be almost as great as the capital of the largest of its constituent
banks.
Moreover, in view of the usual course of business and the
usual course of communication, there will perhaps much reason be found
for Including all this territory in the Hew York district and for
including with Chicago the greater part of Iowa, as Indicate on map 1.
If it be thought undesirable that any one district should include so
much as
of the entire national banking capital, the limitation of
the Hew York district to only a part of Hew Jersey and it« entire
seclusion from Pennsylvania, as on maps 2 and 5, is suggested*
The
district would then include approximately $^80,000,000 ©f national
banking capital, approximately 20$ of the banking capital of ths entire
country.
There seems no valid reason whatever for extending the Hew
York district beyond the Appalachian Watershed, so as to include
Western Pennsylvania, on the one hand, or to limit it substantially to
Hew York City on the other*
The latter suggestion would entirely
Reproduced from the Unclassified / Declassified Holdings of the National Archives
a .B .e .o .
# 8 .
\/v a /x * .
sacrifice the advantage of bringing a certain amount ©f outside terri
tory into immediate touch with the large banking capital ©entered in
Hew York City, without any possible compensating advantage,
The region about the headwaters of the Ohio is a banking
(tfek business center of much Importance; and reasons will undoubtedly
be advanced for including it in a district with Philadelphia on the
one side or with Chicago on the other, Just as reasons have already
been advanced for including a portion of it at least in the same dis
trict with Sew York City*
there is however in that region about one-
ninth of the entire national banking capital ©f the entire country,
particularly if that psrtion of Kentucky adjacent to Cincinnati be
included, and the banking capital and business interests there centered
are almost as great as those which center about Chicago*
In other respects, the divisions indicated on the maps herewith
submitted perhaps sufficiently explain themselves*
In general, state
boundaries have been followed, except where there seem to be a good
deal of reason for suggesting a different line of division*
The Jfth
parallel of latitude seems to serve as an excellent (or at least an
approximately correct) dividing line for the southern part of the Miss
issippi Valley, inasmuch as it crosses Southern Kentucky, passes near
the mouth of the Ohio, crosses the Osark Mountains and follows the
boundary line of Oklahoma and Kansas.
northern Kentucky is probably
more closely connected in its business interests with Cincinnati,
Louisville and the Iforth, while Southern Kentucky is probaly more
closely connected with Nashville and the South*
so indices*
She railroad lines
Pour tables and four maps are submitted herewith*
Yours very truly,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
table 1 corresponding to ..i t..3^
Area.
sq.. mi.
District.
1
lew Bngland (exc. wn.part)
2 Hew York, Hew Jersy, Penna.
60,000
Population. 10 yr. Hat'l Bank
Capital.
Inc.
/<?/o
6,000,000
Xl%
#150,000,000
100,000 17 ,000,000
25 %
# 560,000,000
5
Maryland, Virginia, Carolina* 135,000
7 ,500,000
»#!
#100,000,900
4
Headwaters of Ohio River,
90,000
8,500,000
l 8>
# 199,000,000
5
Mich.,Ind.,111., Iowa*
200,000
13 ,500,000
11 #
#230,000,900
430,000
8,500,000
# 135 ,000,000
Ky,,Tenn.,Ga, yFla,,Ala. ,Miss. 510,000
12 ,000,000
19 %
15 %
440,000
7 ,000,000
3¥
# 100,000,000
460,000
6,000,000
25^
#90,900,000
819,000
6,000,000
7&
# 130,000,000
6 Mo.,Kan.,Kebr.,pt,Ark,,0kl.
?
8 La* fTex,,pt*Ark,,Okl *fH.lf*
9
Vis.fMinn.,Dakotas, Montana,
10 Pacific Coast
#105,000,000
Table 2 corresponding to Map 2,
X
Hew England (exc. wn. part)
a Hew York and part Hew Jersey
60,000
6,000,000
60,009
1 1 ,000,000
27%
# 380,000,000
20$
#250,000,000
18
#190,000,000
# 150 ,000,000
3
In. Penna, Md, fVa. ,pt,X,J.
85,000 10,000,000
4
Headwaters of Ohio Biver,
90,000
3 ,500,000
5
Mich.,Ind.,111.
145,000
1 1 ,500,000
\Af
# 205,000,000.
6
Iowa, Mo •#Kan »,£sbr«,pt.Col»
380,000
3 ,500,000
xo$
#140,000,000
7
Ky., Tenn.,Carol inas and Gulf. 390,000
15 ,500,000
545,000
9,000,000
35$
#120,000,000
Vis.fMian,,Bake tas, Montana,
460,000
6,000,000
25%
#90,000,000
Pacific Coast.
810,000
6,000,000
n$
♦ 150,000,000
§ La,,Tex.,Ark.,Okl,,pt,H.¥.
9
1©
# 125 ,000,000
It ia to be noted that the 10 year .growth of population for the
Western Gulf states in this and the following tables is somewhat excess*
ire because of including Oklahoma, which was really opened up for set*
tlament in large part in that decade*
Wfr would probably he a more
accurate estimate of the 10 year increase of population,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
# 10*
Table 3, corresponding to Map 3#
Area*
•4.« ml.
District.
Population
.. 1 m r ~
iao.
Hat'l Eaak
■fiMira."'
1
Few England (exc. wn. part}
60,000
6,000,000
17*
# 150 ,000,000
2
Wew York and part Hew Jersey.
60,000 11,000,000
27%
1580,000,000
5
’
E n*Vetma. ,Md.,Va.,pt/f.J.g^*C •120,000
1 1 ,500,000
4
Headwaters of Ohio (incl.Ky.) 110,000
9,>00,000
17*
#200,000,000
# 260,000,000
5 Mick*,Ind.,111*,pt.Wis.,Ky.
155,000
la, 200,000
13*
#215,000,000
6
Iowa, M o ,,Kan.,Webr.,pt.Col*
380,000
8,500,000
10*
#140,000,000
7
3Ba« Gulf, excl*pt*Kyv,W«C.
255,000
u r000,000
15*
#105 ,000,000
8
1ft* Ckilf, excl.STew Orleans.
50,000
8,500,000
35* ?
#110,000,000
9
Wis,,Minn•,Dakotaws,Montana,
460,000
6S^OOypOQ
25*
#90,000,000
Pacific Coast,
810,000
6,000,000
75*
# 130;000,000
10
Table 4, corresponding to Map 4»
B is t r ic t .
Area.
S4 . Ml.
Population.
i? id
60,000
6,foo,poo-
2 Bew York, Haw Jersey, Sr.Pa.
100,000
5
Maryland,Virginia,Carolina*).
1
Sew Qifland ( exe. va, part)
lO j f i. 'Tat11 Bank
j»&0•
6apii~aJ..
1 7%
#150,000,000
17,000,000
25*
#560,000,000
125,000
7 , 500,000
15*
#100,000,000
4
Headwaters o f Ohio ( in c l.K y .) 110 ,60 0
9,300,000
17 *
#200,000,000
5
K ieh .,lB d ., 111. , pt.V i * ., Ky.
155 ,00 0
12,200,000
13*
#215,000,000
6
Iowa,Wo.,Kan..Hebr., pt.Col.
380,000
8,500,000
10*
#140 , 0 0 0 ,0 0 0
295,000
11,000,000
15*
#90,000,000
555,000
8,500,000
35* »
W ia., Minn. ,T>akotae,Montana.
460 ,00 0
6,000,000
25*
#90,000,000
Pacific Coast.
810,000
6,000,000
75*
#130,000,000
Tenn.,»5 a . , 71 a .,A la ., H iss.
(p t.X a. ,Ky, >
8 Ws. Gulf, e i o l . Hew Orleans.
7
9
10
#110,000,000
, <~? a c/ &. 0 o&
/
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Reproduced from the Unclassified I Declassified Holdings of the National Archives
M. C. Elliott, Bsq.,
S e c * y P r o - t e m Reserve B a n k Organization Committee
of the United States G o v e r n m e n t ,
C hamber of Commerce, N e w Y o r k City.
D ear S i r:One of our secretaries informed, us this m o r n i n g that
he r eceived on our behalf, from you, b y telephone late yesterd a y
afternoon, an invitation that w e attend the m e e t i n g of the Committee
this morning, and express to the Committee any opinions we have as
to the proper number and the proper location of the fede r a l Reserve
Banks.
We are at present without any opinion upon either
subject, excepting only that w e think the number should be about
as small as the statute permits.
The questions in the first in
stance are concerned w i t h matters w h i c h require a far greater k n o w
ledge than w e have of the course and practice of b a n king as d i s
tinguished from its principles.
That kind of knowledge seldom
comes b u t to a w o r k e r in the banking business.
A secondary, but
h i g h l y Important ground for the forming of an intelligent opinion
u p o n the subject is a knowledge of the general nature, the particular
current of commercial credits and transactions, and their m a g n i
tude as b e t w e e n different cities, states and sections of the country.
iR
S W
^ H
s e ie w
iiiiP F e e e e m
im
w
iip p e iie iF * ^ —
———:—tt—
Reproduced from the Unclassified I Declassified Holdings of the National Archives
- 2 0
That knowledge, or the means of acquiring it, we have, “
but we could
not upon any short notice arrange it or so lay it out in our own
m inds as t o enable us to form an opinion upon the subject wh i c h
we w ould be w i l l i n g to state, and w h i c h we could justify to our own
satisfaction*
Because we think that any opinion we m i g h t express
to the Committee would neither afford a ground for its action, nor
be any substantial support for a n y action it might take, w e venture
to a s k that we be relieved fr o m the d u t y of attending before the
Committee •
There is another reason, personal to ourselves, for
that request.
W e suppose that there are or m a y b e rivalries
b etween banks, cities, states and sections in respect to the sub
ject.
Our business extends to every part of the country, our
b u s i n e s s relations are substantial w i t h n e a r l y every b a n k and
b a n k e r in the country, and w e highly e s t e e m the good-will of all
of them.
V e r y likely, because naturally, any of them who thought
opinions expressed b y us were either erroneous, or w e r e opposed
to their interests, would have some shade of displeasure w i t h us.
W e r e they to say that we were incompetent to express an opinion
u p o n the subject, we could not dispute their saying w i t h any c o n
fidence that w e were right.
We w i s h to thank you for the invitation and its
honor, and to assure you that if w e thought we could be helpful
^ ^ ^ ^ m S e ^ r o n ^ h e U r ic la s s if ie d / Declassified Holdings of the National Archives
to the Committee, we should in the discharge of our duty promptly
contribute whatever help we could.
Yours very truly,
W IL L IA M
A. N A S H , o
W A L T E R E. F R E W ,
PRESIDENT.
W IL L IA M H . N I C H O L S ,
W ILLIAM E. W ILLIAM S.
A S S T. C A S H IE
W I L L I A M H . K E T C H U M,
J O H N T. P E R K IN S ,
V I C £ P R ES I DE NT .
F R E D E R I C K T. M A R T I N ,
THOM AS NASH,
A S S T C A S HI E R .
JO H N S .W H E E L A N ,
A S S T. C A S H 1E R .
E D W A R D S .M A L M A R ,
AS S' T. C A S H I E R .
5^January 6th, 191.4*
Hon, W i l l i a m G. McAdoo
Chairman of the Reserve Bank: Organization Committee,
Chamber of Commerce, N e w Y o r k City.
My d ear Mr, McAdoo:
fieferring to your request I enclose to y o u a copy of a map
w ith the districts outlined which I offer as a suggestion.
The main point
that I h a d in mind in m a k i n g m y suggestion was to have these hanks located
where they would he most convenient for the hankers of the country to t r a n s
act their business, so that the change from their present reserve depos
itories to the N a t i o n a l Reserve Banks could he made with as little confu*sion as possible,
I have not paid any attention to the equalization of
c a p italization of these Reserve banks and I do not thi n k t h e y should be
considered.
I believe the future growth and development of the country
will adjust these differences in capitalization.
In the extreme Western district I have included Washington
Oregon, Idaho, Nev a d a and California, with a Reserve ba n k located at SanF r anciseo with b r a n c h e s at Portland and Los Angeles.
In t h » next district I have included Wyoming, Colorado, NewMexico, A r i z o n a and IJtah, with a Reserve ba n k located at Denver with a
b r a n c h at Salt Lake City.
In the N o r t h e r l y district I have included Montana, No r t h D a k o
ta, South Dakota, Nebraska, Minnesota, Iowa, Wisconsin, Illinois, Indiana
Reproduced from the Unclassified / Declassified Holdings of the National Archives
W IL L IA M
A. NASH,
ch a ir m an
o f
t h e
b o a r d
.
W ILLIAM
E. W I L L I A M S ,
A S S 'T . C A S H I E R .
W I L L I A M H. N I C H O L S ,
V IC E P R E S I D E N T .
W I L L I A M H. K E T C H U M ,
A S S 'T . C A S H I E R .
J O H N T. P E R K I NS,
V I C E P RE SI OE NT.
F R E D E R I C K T. M A R T I N ,
THOMAS
NASH,
A S S 'T C A S H I E R .
JO H N
C A S H IE R .
S . W HEELAN,
a s s 't . c a s h i e r .
E D W A R D S .M A L M A R ,
A S S ’T. C A S H I E R .
January 6th,1914
No. 2.
and Michigan, with Chicago as th© seat of the Reserve bank with a bran c h
at St P a u l or Minneapolis and another at Omaha*
In the St Louis district I have included Kansas, Oklahoma,
Missouri, and Arkansas with a Reserve bank at St Louis and a branch at K a n
sas City.
In the Southern district I have included Texas, Mississippi,
Louisiana and Alabama wi t h a Reserve bank at Hew Orleans and a bran c h at
Fort W o r t h or Dallas and another at Mobile.
I have also included in a district Ohio, Kemtu c k y and T e n n e s
see, with a Reserve bank at Cincinnati with branches at Cleveland and M e m
phis*
In the Washington district I have included Maryland, Virginia,
West Virginia,-North Carolina, South Carolina, Georg i8ll Florida, wi t h a
R eserve h a n k at Washington with a branch at Richmond, one at A t l a n t a and
one at Baltimore.
In the N e w York district I have included Maine, He w Hampshire,
Vermont, Massachusetts, Connecticut, Rhode Island, Hew
Pennsylvania,
H e w Jersey, and Delaware with a Reserve hank in N e w Y ork City and branches
at Buffalo, B o s t o n and Philadelphia*
As to the capitalisation of these Reserve banks, taking the
figures as given b y the September issue of the Bankers Encyclopedia, I
find them to be as follows:
Reproduced from the Unclassified / Declassified Holdings of the National Archives
w
W IL L IA M
A. N A S H ,
c h a i r m/IAN
an
%
o
h E
e B
bO
o /a f
o r tT H
W A L T E R E. F R E W ,
PRESIDENT.
W I L L I A M H. N I C H O L S ,
V I C E PR ESI D’ENT.
J O H N T. P E R K IN S ,
V I C E P RE SI D EN T .
F R E D E R I C K T. M A R T I N ,
CASHIER .
W IL L IA M E. W ILL IA M S,
ASS'T. C A S H IE R
W ILLIAM H .K E T C H U M ,
AS S 'T C A S H IE R .
TH O M A S NASH,
A S S T C AS HI E R.
J O H N S . W H E E LAN,
A S S ' T . G A S HI E R.
E D W A R D S. M A L M A R ,
A S S ’T. C A S HI E R.
January 6 t h ,1914.
Ho. 3.
DISTRICTS.
B'NKIHG
CAPITAL & SURPLUS
SIX I K B CENTUM
FOR CAPITAL OF RESERVE 3 A H K
333,989,000.
20,039,340.
68,952,000*
4,137,120.
H e w Orleans
244,436,000.
14,666,160.
Chicago
832,513,000.
49,950,780.
St Louis
288,860,000.
17,331,600.
W ashington
' 366,824,000.
22,009,440.
Hew Y o r k
2,043,894,000.
122,633,640.
296,119,000.
17,767,140.
San Francisco
Denver
Cincinnati
It is v e r y true the capital of the Reserve b a n k of the New
Y o r k district looks v e r y large, but considering the reserves of out of
town banks are to be kept at home and w i t h d r a w n from H e w Y o r k there will
in m y opinion be a movement towards reduction of capitalization, and
I
believe that there are a large number of Trust Companies with large cap
itals located in this district that will not become identified with the
system.
It is also imprdtant that the Federal Reserve B a n k at the f i n a n
cial center of the country should be a v e r y large strong bank, w h ich w ill
of itself help establish the system in the confidence of the banks and
the people and oommand p r o p e r respect abroad.
H oping these crude suggestions may be of some assistance,
and I mi&ht add that our b a n k has an o r g a nization which I consider quite
a successful one in ha n d l i n g branch banks, and if in your further w o r k
you t h i n k an investigation of our system would be of any assistance to
K#pfoduced from the Unclassified I Declassified Holdings of the National Archives
W IL L IA M
A. N A S H ,
c h a ir m an
o f
t h e
b o a r d
.
W ILLIAM
E. W ILLIAM S,
ASS'T. C A S H I E R .
W ILLIAM H .K E T C H U M ,
A S S ’T. C A S H I E R .
THOM AS NASH,
A S S ' T C A S H ! E R.
JO H N S .W H E E L A N ,
a s s ’t . c a s h i e r .
E D W A R D S .M A L M A R ,
A S S ’T. C A S H I E R .
U o.
January 6th, 191ft*.
4 «
you, y o u are w e l come to send a n y inspectors that y o u care? to to us and
we w i l l lie ve r y glad to show t h e m the w o r k i n g
om
organization,
Yours very tr u l y *
'.
.
i
ft k
? T a8ia9£lt
mm
’ e p 'M t K e d from the i i r p l ^ F f i e l
j H ch Jin js-df the National Archives
C l4
P tA 'W S 'iY y ls P p ^
rv~—
\ ^ / jt
<$ ^
^
j) \/t4 t ‘
H -vV
\
t/\A A A S ~ C * ,1 < y^-~ '
/**%
iA S
(?/T
( fe v r /U
y i
T * 6
Drjf Goods C. F. HOVEY & CO. department Store Tel. Ox. 3460
T H E COPLEY-PLAZA
C O P L .E V S Q U A R E
Iy,
Dry Goods C. F. HOVEY &CO. Department Store Tel, Ox. 3460
F e ^ f M u ^ l f t o m the i i n c h ^ i f e ' l
O la ^ itM
H c ld in i^ i f t f ^ N a.fonal A rch ive s
T H E C O P L E Y -P L A Z A
COPLEY SQUARE
B O S T O N * U-S.A*
Dry Goods C. F, HOVEY & CO. Department Store Tel. Ox. 3460
r
Reproduced from the Unclassified I Declassified Holdings of the National Archives
2
^
! S v
3 '/a^L<i /CiCuJsi/ (
S
U
r
?!*>/
C o.
^
'
T U os^ aa J .
$ U d i^ U cT
& lA s c < > 4
^bfa(yCc<0
krf
(^ j~
C ts C c ts ts C * ^ * ) ^
$
Sou**"
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D IR E C T O R S .
J A M E S S. A L E X A N D E R , Prest.Nat. Bank of Com merc e in N.Y.
S T E P H EN B A K E R , President Bank o f the Manhattan Co.
S A M U E L G. B A Y N E, President Seaboard Nat. Bank.
E D W I N M . B U L K L E Y , S p e n c e r Tras k & Co.Bankers.
J A M E S G . C A N N O N , President Fourth Nat.Bank.
E . C . C O N V E R S E , President.
T H O M A S D e W I T T C U Y L E R , Prest, Commercial Trust Co.Phila.
H E N R Y P. D A V I S O N , J . P. Morgan & Co. Bankers.
R U D U L P H E L L I S , President Fidelity Trust Co. Phila.
E . H A Y W A R D F E R RY, Vice President Hanover Nat.Bank.
W A L T E R E. F R E W , President Corn Exchange Bank.
F R E D K T . H A S K E L L , V . Prest. lll.Trust & Savings Bank Chicago.
A . B A R T O N H E P B U R N , Chairman Chase Nat.Bank.
F R A N C I S L . H I N E , President First Nat. Bank.
T H O M A S W . L A M O N T , J.P.Morgan & Co. Bankers.
E D G A R L. M A R S T O N , Blair & Co. Bankers.
J O S E P H B. M A R T IN D A L E , President Chemical Nat. Bank.
G A T E S W. M 9 G A R R A H , Prest.Mechanics'& Metals Nat.Bank.
C H A R L E S D. N O R T O N , Vice Prest. First. Nat. Bank.
W I L L I A M C . P O i L L O N , Vice President.
D A N I E L E . P 0 M E R 0 Y,Vi ce President.
W I L L I A M H. P O R T E R , J . P. Morgan & Co. Bankers.
S E W A R D P R O S S E R , Prest.Liberty Nat.Bank.
D A N I E L G. R E I D , Vice President Liberty Nat.Bank.
B E N J . S T R O NG , J r . Vice President,
E D W A R D F. S W I N N E Y , Prest.First Nat.Bank,Kansas City.
G I L B E R T G . T H O R N E , V i c e President Nat.Park Bank.
E D W A R D T O W N S E N D , Prest. Imp. & Tra ders' Nat.Bank.
A L B E R T H . W I G G I N , President Chase Nat.Bank.
S A M U E L W O O L V E R T O N , President Gallatin Nat.Bank.
OFFICERS.
Ban k er s Tr u s t
COMPANY
C A P IT A L
SURPLUS
$10,000,000
10, 000,000
CAB LE ADDRESS: BANKTRUST, NEW Y O R K .
16
WALL
STREET
N E W Yo R K
E .C .C O N V E R S E , P re s id e n t.
B EN J. STRON G, J R.,Vice President.
W IL L IA M C. P O ILL O N , Vice P resident.
D. E. P O M E R O Y , V ice P re s id e n t.
W. N. D U A N E ,V ic e P re s id e n t.
F. I . K ENT, V ice P re s id e n t.
HAROLD B .T H O R N E , Vice P re s id e n t.
F. N. B .C L O S E ,V ic e P re s id e n t.
GEO. G .T H O M S O N , S e c re ta ry .
GEORGE W. B E N T O N , T re a s u re r.
GUY R IC H A R D S , A s s t. S e c re ta ry .
H.W. DONOVAN, A s s t.T re a s u re r.
B E T H U N E W. J O N E S , A sst.S ecre tary.
H . F. WI LS O N , J R .,A sst. S e creta ry.
R .H .G IL E S , A s s t. T re a s u re r.
P E R R Y D. BOGU E , A s s t.S e c re ta ry .
H A R R Y N. D U N H A M , A s s t.T re a s u re r.
I. M IC H A E L S , T r u s t O ffic e r .
January 5f 1914*
Hon. W. G* MOAdoo,
Seoretary of the Ureasrary,
3S
T9WYork C ity *
Dear S i n
The invitation of tha Reserve Ban3c Organization Committee,
addressed to our Hr* Converse, has been referred to this office for
reply, as
Converse finds he "will "be unable to attend the hear
ings now being held in Few Y c r lc . I am instrue ted to advise you that
if some other offioer of this oompany can be of any assistance to the
Committee in that regard,. attendance of one of the officers can be
arranged at such hour as yon n&na*
Tory respectfully,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
W ILDER, EWEN
COUNSELORS
W IL L IA M
JO HN
PATTERSON
AT
LAW
45
CEDAR
STREET
N EW YO RK
R .W ILD E R .
EW EN.
C A B L E A D D R ESS “W I L D C E D A R "
W I L L I A M M. P A T T E R S O N .
C L I F F O R D S. B O S T W I C K -
J an uary 5 t h , 1914. WR.W
W A R D V. T O L B E R T .
JOHN
M .B O V E Y .
Hon, W i l l i a m G. McAdoo,
Secretary of the Treasury,
Cus t o m House, City,
M y dear Mr. McAdoo:
I take g r e a t pleasure in herewith introducing to you
m y friend, Mr. Henry H. Bizallion, President of the Gotham
N a t i o n a l Bank of H e w York,
M oses
In your capacity as our fina n c i a l
y o u may regard^for such purposes only, Mr. Bizallion
and myself as A a r o n and Hur.
We are prepared to do our u t
m o s t to insure the success of the financial policy of m y c l a s s
mate, the President, and your good self.
V e r y cordially yours, x
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Y. City, January 4, 1914
Hr. T m l $t. Warburg,
o/o Kuhn, Loeb and Conpany,
52 William Street,
Y. City.
Bear Mr. Warburg: Your letter of the 2d was received
this morning.
In view of the fact that you suggested that
it would he agreeable to you to Appear toy time
convenient to the Committee, 1 did not undertake
to telephone you this morning.
Arrangements hare been made to begin the
hearings at 10:00 o'clock on Monday morning in the
rooms of the Chamber of Commerce, and if you can
he present at that time, I am satisfied that an
hour can he agreed upon which will be mutually
convenient to you and to the-Committee.
Very respectfully,
Secretary, pro tem.
Reserve Bank Organisation
Committee
Reproduced from the Unclassified / Declassified Holdings of the National Archives
]'m Y. City, January 4, 1914
Messrs Speyer and Company,
Twenty-four P i n e Street,
N. Y. City*
Gentlemen:In reply to your letter to the Chairman
of the R e s e r v e Bank Organization Committee, I b e g
to advise that the hearings will begin at 10:00
o* clock Monday, and will be h e l d in the rooms of
the Chamber of C < m e r o e ,
I f srsro will k i n d l y communicate with iae there
I 'tflll er.de aror to arrange
v itli 5xe Cossatttee fo r
an h o u r T o r your appearance b e f o r e it sfcich mill
ncet yemr Mutual convenience*
V e ry r osjks c t fully f
Secretary, pro tea.
Reserve Bank Organiaation
Committee
Reproduced from the Unclassified / Declassified Holdings of the National Archives
2f» T» C ity January 4 f 1914
Mr* W* I . Van Deuaen,
Caahier,
National Newark B ailin g Company,
Hewark f H. J.
S ir s Your la t t e *
the 2d reached me th ia
morning.
The Committee haa made arrangement# to hold
it * meeting# at the Chamber o f Commerce, Hew Y«*lct
ha ginning at 10:00 o • clock on aaoh day*
I f you
oaxs conveniently appear on Wedneaday morning at
that tim e, X am a atiafied that an hour can he
arranged fo r you to he heard which w ill he mutual Xy
convenient to you and to the Committee,
Very r e a p e c tfu lly ,
Secretary, pro tem.
Eeaenre Bank Organisation
Committee
R e pro duced from the U n cla ssifie d
I D e classified
H o ldings of the N a tional A rchives
WESTEHH UNION
NUMBER
|
^
SEN T BV
|
REC'P B Y
^ f ^
Form 1
C ME C
T H E O . N . V A IL , P R E S ID E N T
Received at
riATFn
TO
^
W
O
VAiiOi-iikti- > i
^
^
■~/{g ,
3
__ 191
________________________________
_______________________________________
£m J
< y^
i - ____________ ; ____ _________ f / P
! Hill l.
^ ^
# s z y
'^ C ^C c x s l s y
q
~ J^
—>
t
f
3
____________________________
Reproduced from the Unclassified I Declassified Holdings of the National Archives
H. Y. City, January 3 y 1914
Mr* Edward Townsend,
President,
Importer* and Traders national Bank,
I. Y, City,
Sir: I b e g to advise that the hearings of the
Heserre B a n k Organization Committee will be
held at the C&aafoe^ of Commerce in l e w York on
Janu a r y €t&9 5thf 6th
?th, 4 $ C{a
These hearings will begin at 10:00 o'clock
and be concluded at 4:00 or 4: 30.
Very respectfully,
Copy sent to
Secretary, pro tem.
J, S. Alexander, President,
Reserve Bank Organisation
Na t * l B a n k of Commerce, N . Y . C i t y
Committee
Mr. E. C. Converse, President
Bankers* Trust Company, N . Y . C i t y
Mr. A. W. Krech, President,
Mr. Richard Delafield, Pres.
E q u i t a b l e Trust Company, II.Y.City
Nat’
l Park Bank, N.Y
Mr, E d w a r d Townsend, President,
Importers & Traders National Bank, N . Y . C i t y
Mr. F. A. Vanderlip, President,
U r# >. G, Bayne, Pres.
National City Bank, IT. Y, Ci t y
Seaboard Nat*l Bank, N Y
Mr. J. N. Wallace, President,
Central Trust Company, IT,Y,City
Mr. 1. G. Merrill, Pres
M r E d w a r d S, Marston. President,
Union Trust C o , , N.Y,
Farmers L o a n and Trust C o . , N . Y . C i t y
Mr. A, J, Hemphill, President,
Mr. E. W. Sheldon, Pres,
Guar a n t y Trust C o , , N . Y . C i t y
U.S.Trust Co,, N.Y,
Mr. J, P, Morgan,
J. P, M o r g an & Co# , N . Y . C i t y
Mr, Gates W. M c G a r r a h , President,
Me chanics 8c Metals National Bank, N . Y . C i t y
f
Reproduced from the Unclassified / Declassified Holdings of the National Archives
POSTAL TELEGRAPH - C O M M E R C IA L CABLES
CLARENCE
RECEIVED AT
POSTAL TELEGRAPH BUILDING
1346 PENNSYLVANIA AVENUE
W A S H IN G T O N , D. C.
telephone
:
m ain
«eoo
H. M A C K A Y ,
TELEGRAM
T h e Postal Telegraph-Cable Company (In c o rp o ra te d )tra n s m its and deliver s
1BW—7131
2-14
ELLIO TT
WA3HN
HAVE
...
NY- 5
. VH.iNEWYORK. JAN
M C
<?
DESIGN PATENT No.
Z 344
RESERVED
P resid en t.
ROOM
D
C
REQUESTED* THANKS
■*
I
DELIVERY No.
to the tE rm s and conditions p rin te d on the back of this blank
Reproduced from the Unclassified / Declassified Holdings of the National Archives
N
a t io n a l
N
e w a r k
B
a n k in g
C
o
.
N E W A R K , N.J.
ORGANIZED
1804
D .H .M E R R IT T , P r e s id e n t
A . H . B A L D W I N ,V ic e Pr e s id e n t
W .M .V A N D E U S E N ,C a s h ie r
C. G . H EM ING WA Y, A s s ’t C a s h i e r
T H E O L D E S T B A N K IN T H E S T A T E
A RM OR -PLA TE SAFE DEPOSIT VAULT
Jan* 2, 1914
Mr. M. C. Elliott,
Secretary pro tem,
Reserve Ba n k Organization Committee,
Sub-Treasury, I. Y. C.
D e a r Sir;I hsare y o u r letter of December 31st, in reg a r d to
an appointment for the Banking and C u r r e n c y Committee of the
l e w Jersey Bankers A s s o c i a t i o n to meet the Beserve B a n k Or
g a n i z a t i o n Committee. I will be the only representative of
the Committee, and will need only a few minutes to lay b e
fore the Committee the facts I desire to present. A n y time
during the four days will be convenient for me.
If y o u desire to telephone me, you can reach me
at the above bank, telephone - 8310-Market.
R espectfully yours,
r
Reproduced from the Unclassified I Declassified Holdings of the National Archives
K U H N , L O E B & CO.
D ear Mr* E l l i o t t :I am in receipt of your letter of the 31st of D e
cember.
On Saturday I shall he out of town, hut can he reached b y
telephone, and if you will communicate with m y offioe (Tel.Ho,John
4860} y o u will he connected w i t h me*
However, I believe I can save
you the trouble of telephoning to me, b y telling you that I shall
make it a point to meet the Committee at any time convenient to these
gentl e m e n on any of the dates set for the New York hearings.
p refer one of the later dates.
M. C* Elliott, Esf. Secretary: pro tern,
Reserve Bank Organization Committee
United States Sub-Treasury,
H
e w
Y o r k *
I would
January 1, l&l^*
Messrs, Redmond & Co*t
31 Pina Street,
Mew Tork'.City#
Gentlemen*
It is *he|intention of the Reserve Bank 'fir-
on the 5th, Stitt 7th and 8th of January, 2914, for the
purpose of enabling the Committee #o decide upon the
location of Fedaral Reserve Banks and the geographical
limits of th® districts to fee sarved by suoh hanks*
The Committee will be pleased to have you attend
and submit your views in the premises*
Respectfully,
n ■' S h a i 3Pm.«a:.-
Reserve Bank Organisation Committee*
D e p o s it a r y
M. A . A n d r e w s , Cashier.
of the
U n it e d S t a t e s .
C a p i t a l , $500,000.
L u c iu s A . B a r b o u r , President.
C H A R T E I U O A K . N A T I O N A L BANK,
H a r t f o r d , C o n n .,
Dec* 31, 1913.
Mr. W*'-0> MaAtLoo, Chairman,
DearnSiir;
P fc x m it
us to say that In view of
the nearness to lew York that in our opinion
it will be much better for Hartford to be
connected with the regional bank, which we
presume will be located in Uew York City.
Respectfully yours,
Cashier.
D ecem ber 3 1 $ 1 9 1 3 *
Kr* I* K* Van Deueen,
Chalrisan, Banking and Currency Committee,
Hew Jersey Bankers Aeeociatlon,
Newark» Sew Jersey.
Sir
1 beg to acknowledge receipt of your favor of the
30th, atating that the Banking and Currency Committee
of the Hew Jereey Bandera Aesociation would like to have
an appointment to be heard at the hearing to be held In
Hew Tork on January 5f 6# 7 and 8.
fhile the Co&slttee hae not had a formal fseetlag
elnee the receipt of your letter, 1
m eure that they will
be very -glad to hear your representative oa one of the
datee ffientloned*
By direction of the Committee I expect
to be In lew York at the Sub-Treaeury on Saturday* the
3rd, and if you will let m know where I can reach you
by telephone# I will endeavor to arrange an hour that
will he amtaally eatiefac tory to the CottBiitee and to
your representative.
Hespectfully,
Secretary pro ;te%
Keeerve Bank Organisation Committee
Ws^awirs^iJiidLiiiM
i.m
l'.!nJAi,1
Reproduced from the Unclassified / Declassified Holdings of the National Archives
N
a tio n a l
N
ew a r k
B
a n k in g
C
o
.
N E W A R K , N.U.
O R G A N IZ E D
TH E
O LD E S T
BA N K
180 4
IN
THE
D .H .M E R R I T T , P r e s i d e n t
A .H .B A L D W 1 N , V ic e P r e s i d e n t
W .M .V A N D E U S S N , C a s h i e r
C . G . H E M I N G W A Y , A s s ’t C a s h i e r
STATE
Dec.
1915
\
Hon. W. G. McAdoo,
S e cretary of the freasuiy,
Washington, D* CL
D e a r Sir:The Banking a n d Currency Commit
of the Hew Jersey Bankers A s s o c i a t i o n would
like to make a n appointment to he hea r d b y you
and the Secretary of Agrioulture, at the time
you are h o l ding y o u r hearings in lew York, re
g a r d i n g the establishment of Kegional reserve
banks.
We will need only a few minutes to
p resent our ideas.
W ill you k i n d l y advise me
w hat day a n d hour w© can be heard?
Bespec t f u l l y yours,
•J^4fes:4.ada^
Reproduced from the Unclassified / Declassified Holdings of the National Archives
o
"] h
traft? aiti* lui’tfarv of K rttr^ n tk '
OFFICERS
W IL L IA M A . M A R B L E , P R E S I D E N T
= M O R 8 E ’ ,S T V IC E -P R E S .
W IL L IA M F E L L O W E S M O R G A N . T R E A S U R E R
A L B E R T P L A U T , 2 D V IC E -P R E S .
S . C . M EAD, SECR ETA R Y
W A L D O H . M A R SH A L L . 3 D V IC E -P R E S .
F . B . D E B E R A R D . D IR E C T O R O F R E S E A R C H
J O H N W . G R IG G S . C O U N S E L
DIRECTORS
WILLIAM C . BREED, BREED ABBOTT « MORGAN
FRANK R. CHAMBERS, Pr es . Ro g e r s Pe e t C o .
HARRY DOWIE, S e c ' y - T reas . D e W in t e r « Co.
THOM A8 H . DOWNING, R. F . DOWNING 4 Co.
PROF. JO SEPH F . JO HNSON, NEW YORK UNIVERSITY
CHARLES R . IAM B , PRES. J . * R. U mb
WM. A . MARBLE, VfCE-PRES. R. A Q. CORSET CO.
WALDO H . MARSHALL, PRES. AMERICAN LOCOMOTIVE CO.
WILLIAM FELLOWES MORGAN, p r e s . B r o o k l y n Br id g e F r e e z in g a C o ld Sto r a g e Co
DANIEL p . MORSE, Pr es . Mo r s e a Ro ger s
J - CRAWFORD McCREERY, T h e J a m es Mc C r eer y R e a l t y C o rp .
GEORGE W . NEVILLE, W e l d a Ne v il l e
E . H . OUTERBRIDGE, TREA8. PANTASOTE LEATHER CO.
EDWARD D. PAGE
LEWIS E . PIERSON, p r e s . A u s t in N ic h o l s a C o .
233
BROADW AY
W OOLW ORTH
ALB ER T P LA U T, PRES. LEHN A FINK
WALTER S C O T T , VtCE-PRES. BUTLER BROTHERS, In c .
HENRY R. TO W N E , PRES. YALE * TOWNE MFG. CO.
G USTAV VINT8CHGER, PRES. MARKT a HAMMACHER CO.
SILA8 D. WEBB, PRES. CHINA A JAPAN TRADING CO.
J . G . W H ITE , PRES. J . G . WHITE A Co., INC.
WILLIAM R . WILLCOX
TELEPHONE:
7660
BARCLAY
B U IL D IN G
N E W YO RK
D e c e m b e r 31, 1913#
Mr. M. C. Elliott, Secretary pro-tem.,
R ese r ve Bank Organi z a t i o n Committee,
Treasury Department,
W ashi ngton, D. C.
M y dear Sir}
We are in receipt of a notice of the hearings
of the Reserve Bank Or g a n i z a t i o n Committee in Hew York next
week.
We would appreciate it if you w o u l d advise ua of the
h o u r and place of these hearings.
The Chairman of the Committee, in his letter dated
D e c e m b e r 27, stated that the Committee "will be pleased to
receive at that time any information w h i c h may assist them
i n d e t e r m i n i n g correctly these ques t i o n s . *
F o r the benefit of our own Committee, would you
be good enough to let us know just what information the Com
m i t t e e seeks.
This A s s o c i a t i o n wi l l be glad to co-operate
w i t h the Committee and render it any assistance that it can in
r e a c h i n g a correct d e t e rmination w i t h respect to these questions*
V e r y truly yours,
THE MERCHANTS! A S S O CIATION OF NEW YORK,
F L D .M D
Ass i s tant~t*r"Secre t a r y .
F R A N C IS
/ Dec* 31, 191-3
L . H I N E , P r e s id e n t
Mr* M» C* Elliott, Secretary pro tern,
Reserve Bank Organization Committee,
Washington,
D* C*
Dear Sir:
I beg to acknowledge receipt of your favor
of the 30th instant, and note the change of dates to
which you refer*
An engagement made sometime ago
at a distant city makes it necessary for me to be
absent on Jan* 8th, therefore at azgr time on Jan* 5th*
6th or 7th I shall be at the service of the Committee*
Kespeotfu’
1
LAD
President
ifsa
' Reproduced from the Unclassified I Declassified Holdings of the National Archives
T W E N T Y N A S S A U ST R E E T
NEW YO R K
December 31, 1913.
Mr. M. C. Elliott, Secretary pro ten,
Reserve Bank Organization Committee,
Treasury Department,
Washington, D.C.
Dear Sir:Your kind favor of the 30th instant, notifying me
of the change of dates for the hearings of the Reserve
Bank Organization Committee, to be held in Hew York, came
duly to hand.
The writer desires to be of every assistance
possible to the Committee, and for this reason begs to ad
vise you that either January 5th or January 7th would be
much more convenient days for hirn to appear before the
Committee, and he would appreciate it if you could, at the
proper time, name an hour on either of these days when the
Committee would prefer to have him present.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
IW iT E b S t a t i c 'I r u s t 6 o m p a n y ? j \ f . w V o p ^
4- 5 * 4-? W a l l
Stf^eet-
December 31, 1913.
The Hon* William G. McA&oo,
Chairman, Beserve Bank Organization Committee,
Washington, D. C.
By dear Sir;
Permit me to acknowledge your kind letter of December 27th
and the further communication of the Secretary of your Committee,
dated December 30th, with reference to the hearings which the Com
mittee purposes holding in the City of 3few York relative to the
location of the Federal Reserve Banks, and to thank you for your
courteous permission to attend these hearings and to submit any
views that I might have on the subject.
Trusting that the deliberations of the Committee will
result in a gratifying solution of this important question, believe
me, with muoh respect,
Yours sincerely,
President.
'
' rtepfofioced from the Uncfasslfied / Declassified Holdings of the National Archives
S P E Y K R
24- & 2 6
P IN E
Se CO.,
STREET,
C abi.k A d d r e s s : S P Y , N E W
LAZAHD
S P E T E R -E L IIS S E H ,
F i t A N K 1' O I S T
Y O R K .
SPE Y E R
M A I L A D D R E S S : P .O .B O X 4 7 7 .
"/M AITST.
B R O TH ER S,
L O S D O N .
New Yo
r k
,
December30* 1913
Hon, W. G. McAdoo, Chairman,
Reserve Bank Organization Committee,
Treasury Department,
J
f~ J
Washington, D.C,
Sir,
We beg to acknowledge receipt of your letter of December 24th, in
which you advise us that it is the intention of the Reserve Bank Organization
Committee to hold hearings in the City of Hew York in Januaiy, for the purpose
of enabling the Committee to decide upon the location of Federal Reserve Banks
etc.
We much appreciate your kind invitation that we attend such meetings,
and shall be most pleased to have one of our representatives do so.
Yours respectfully,
m /l g
Priv
Reproduced from the Unclassified / Declassified Holdings of the National Archives
F o rm 101
T h Western Union Telegraph Company
IN CO RPO R ATED
DEC 3 0.1913
.191...
M_
Your Telegram, dated
/v’ if • J
to
*
'
:
-c
is undelivered.
fS
^
Reason:
N.B.—Changes in the address must be paid for at the usual rates
Reproduced from the Unclassified / Declassified Holdings of the National Archives
THE SECRETARY OF THE TREASURY
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Form 101
The Western Union Telegraph Company
IN C O R P O R A T E D
191.
DEC 2 9 1913
is undelivered
Reason:
iSS::
N.B.—Changes in the address must be paid for at the usual rates
ppp»*S^s«—^
T
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Form 101
The Western Union Telegraph Company
IN C O R P O R A T E D
H.B.—Changes in the address must be paid for at the usual rates
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Form 101
The Western Union Telegraph Company
IN C O R P O R A T E D
H.B.—Changes in the address must be paid for at the usual rates
Reproduced from the Unclassified I Declassified Holdings of the National Archives
TREASURY DEPARTMENT TELEGRAM.
W HERE W R ITT E N :
Washington,
Decombor 29# 1313 •
TO
TYooldont of tho Olonrinc Hows© Aofcoc5ation#
How York, 1!.T»
Th® Conriitto© haft found it nocooaary to change it&t* of hearings in
Bow York to Jt\nuapy 5th# 6th, 7th and th*
Chairman Or^^nissation Corer.lttoo*
O FFIC IA L. B U S IN E S S .
G O VERNM ENT RATES.
C h a r g e T r e a s u r y D e p a r t m e n t , A p p r o p r ia t io n i= o r
■>—6827
The appropri
f r o m w h ic h p a y a b le m u s t b e s ta te d o n a b o v e lin e
D E P A R T M E N T A L S T O C K FO R M 2 1 2 8 .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
TREASURY DEPARTMENT TELEGRAM.
WHERE WRITTEN:
Washington,
December 29, 19X3.
TO
President of the Clearing House Association*
Sew York, H.Y.
The Conmittee has found it necessary to change date of hearings in
Hew York to January 5th, 6th, ?th and 8th*
Chairman Organisation Connittee*
O F F IC IA L B U S IN E S S .
GO VERNM ENT RATES.
C harge T reasury
®—6827
D e p a r t m e n t , A p p r o p r ia t io n
f o r
___________________
The appropriation from w hich payable m u st be stated on above line.
D E P A R T M E N T A L S T O C K FO R M 2 1 2 8 .
l§pWWti4d from the Unclassified / Declassified Holdings of the National Archives
Mon. William G. McAdoo,
Chairman, Reserve Bank Organization Committee,
Washington, D. C.
Sir:I beg to acknowledge the receipt of your favor
of the 27th inst., notifying the Clearing House Association
of the proposed mooting of the Reserve Bank Organization
Committee, to be held in the City of New York on the 2ndt
3rd, 7th, 8th and 9th of January 1914.
*V
i s. y
Now York Clearing House Association
gprtiduced from the Unclassified / Declassified Holdings of the National Archives
Hon* Wfcu G. McAdoo, Chairman
Reserve Bank Organization Committee,
Washington,
D. C.
Sir:
I beg to acknowledge receipt of your favor
of the 27th instant, and beg to say that I shall
he pleased to respond to your invitation at such
time as may he mutually convenient and agreeablet
and to render you any service in my power*
x.
\
President*
rs*
f
5
/'
.................................................................................................................................... ....
um
Reproduced from the Unclassified / Declassified Holdings of the National Archives
KUHN, LOEB & CO.
December £9
Sir:I have the honor of acknowledging receipt of your letter of D e
cember 27th, advising me that the Reserve Bank Organization Committee
is about to hold hearings in the City of New York on the 2nd, 3rd,
7th, Sth and 9th of January for the purpose of enabling the Committee
to decide u p o n the position of the Federal Reserve Banks, and the
geographical districts to be served b y such Banks, and inviting me to
submit m y views in the premises*
I sincerely appreciate your great courtesy in asking me to a p
pear before the Committee, and shall g l a d l y avail m y s e l f of the p r i v i l
ege*
X beg to remain, Sir
/
/
The Honorable
The S ecretary of the Treasury,
W a s h i n g t o n ,
D# C.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
TREASURY DEPARTMENT TELEGRAM.
\
h
E R E W R IT T E N :
T
,
.
Washington,
December 27, 1913*
X
q
Preeident of the Clearing Houee Association,
Boston, Hass*
The Cosasittee has found it neeessary to change date of hearings in
in Boston to January 9th and 10th«
Chairman Organisation fOffimittee
O F F IC IA L B U S IN E S S .
G O VERNM ENT RATES.
C harge T reasury
2__6827
D e p a r t m e n t , A p p r o p r ia t io n
f o r
------------------------------------------------------------------------------------------------------------
T he appropriation from w hich payable m u st bo stated on above line.
D E P A R T M E N T A L S T O C K FO R M 2 1 2 8 .
Reproduced from the Unclassified I Declassified Holdings of the National Archives
gepartmmit
Black
47WU
R 430ollsct GR
t e l e g r a m
GP isewYork Deo 26b 1913
£jr«©& R newton
Treaay Dept Wfaehn DG
,
Court room forty seven available Saturday/no room available during
week postoffice
rooms not suitable if advised date desired aad
v
length of time could possibly arrange with Judge for room msamx.
during coifing week
Morgan Custodian
35<sp»
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MrUTwl CMt«
Chamber ofCommarco,
fork*
Merchant* Association, Itew ?*rk*
Credit Mens Association.
L*
L» 01&rlt teJsrt$±n
Xatlonal Bank
Stephen Bak«r# Fr4ald*at# Bant © I th# Manhattan Co.
A* £. H^Vufrn* Chj*ir.*Aa of tha Board* Ch**t Rational Bank*
J* B. H&rtiad&to# Prctidftnt* Ohsndeal I* B*
falt«r E*
Cara Jfeehsagt Bank
Pranci* t». Hin% ?r*a:U«>nt 71?s% 3* !3*
WJllifiifl Woodard, Pra-jida/it of i&» Uatiowr £U B*
Edward Sofflrond, Pr?9l«!4ff6 Xa^irtsfV &ad fmttor* il. &*
Gate a *7, Mcflasmh* Praslilrtut ffaahaaivx asd Metala H* B.
J.S. Alex^ndsr, President !?•
6 1 Comoro#
?• A* VtmderlZp, PrtirAdvni lte.t5.ojuii C*iy Bmik
Richard D o l t t ?
Vr*i&i&'sn% Hs* 5
S. 0. B*y»9 # Pr^sluimt Se&bo&rd H. B*
Pari E&ttk
K* C* Cto'.w«ri*# Prcaidsnt Bankers? Truat Co*
J* H* f&ll&oe* Preii&U*&t C*btr<& Truat Go*
A* f* Kreoh# Praaiideni
Co.
Edward S. Karaton, President, F^msr# loan and Trust Co*
A* J*
ill, Pr*eldest Gusr&nij Trust Co*
15* (J* Merrill* President TJcion Trunt Co*
$. I* Sheldon, frcwj&ettt Ifel'tod Siatt** Trust Cc*
J* Pierpcut Morgan* 0/e J* P* Morpit 4 Cc*
Paid K* v*r%ur& C/o Kuhn, l»o*> & Co*
James G. Cannon, President Fourth National Bank.
Clearing House Associations at
Buffalo
Syracuse
Bochester
Albany
Newark, N. J.
Jersey City, ”, J.
Providence,, T». I.
Worcester, Mass
Springfield, Mass
Boston, Maas
Hew York
New Haven, Conn
St, Albans, Vt
Manchester, N H.
Hartford, Conn.
-v
\Pcrv*d£.
p
Reproduced from the Unclassified / Declassified Holdings of the National Archives
'^Clearing HouaeAsa'fe,
tf C r a M m , *tw Ttrk.
Verehante JUAtelatl^ lew Ttrk.
...i
y y y .j| l’
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v i . 1 . f y t t S t j r . ' f f t t M e i r t ■I $ t ti * t * & l e T r u s t J t # ^
* Id w a rd 8 . K a r t t o a , P r e s i d e n t , T a r « r » L ean m il
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^tX*»xXxx2 a*xjucri*xfx*;»±*«ii±
JjSpoyer & Co.
'k.Bro'vn Bros. & Co. ^
Clearing House Ass’
n.
Portland, Me.
Hartford, Conn.
New Haven, Con:
Worcester, Mass
Springfield, Mass
Boston, Mass
Providence, R. I.
Mancheettjr, K. H.
St. Albant. Vt
•RocHester, N. T.
'Buffalo, N. T.
■'Syracuse, U. Y.
"'Albany, N. Y.
rNewark, N. J.
4Jersey City, N.
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Reproduced from the Unclassified I Declassified Holdings of the National Archives
SBC
This form sent to following parties
Jan. 1, 1914.
Speyer & Co., 24 <fc 26 Pine St., New York, N*Y.
F. L. Hine, Esq., Pres., First National Bank, Npw York, N.Y.
Messrs. Kuhn, Loeb & Co., William & Pine Sts., $ew York, N.Y.
F. L. Hine, Esq., Pres., Ne w York Clearing House Ass’
n., New York, N.Y.
/
/}
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A D D R E S S R E P LY TO
R e s e r v e B a n k O rganization C om m ittee
TREASURY DEPARTM ENT
W a s h in g t o n , D. C.
R e s e r v e B a n k O r g a n iz a t io n C o m m it t e e
WASHINGTON, D. C.
December 31, 1913.
Sir:
T am directed by the Organization Committee to notify you that the
hearings of the Committee to be held in New York on January 5th, 6th,
7th and 8 h, will begin at 10:30 of each day and be concluded at 4:30,
with an intermission of one-half hour for lunch.
It is the present
purpose of the Committee to hold these hearings in the Customhouse, and
if any change should be made you will be notified.
In order to facilitate the business of the Committee and to sub
serve the convenience of those who desire to make oral or written state
ments at these hearings, I will be at the Subtreasury on Saturday morn
ing, the 3rd instant, and will endeavor to communicate with you from
there by telephone or otherwise, with a view of fixing an hour on one of
the above-named dates that will be mutually convenient to the Committee
and you.
Respectfully,
Secretary pro tem,
Reserve Bank Organization Committee.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Notification of meeting in New York sent by wire December 29, 1913, to the
Clearing House Associations in
-New York, N.Y.
>Buffalo, N.Y.
>Syracuse, N.Y.
^Albany, N.Y.
'Newark, N.J.
>Jersey City, N.J.
^Rochester, N.Y.
January 5,6,7, and
8
Notification of meeting in New York sent by mail December 30, 1913, to
/-* Chamber of Commerce, N.Y.-*
/ _
^
I O
"VMerchants Association, New York.VCredit Mens Association.
/
#L*L*Clark, American Exchange National Bank V New Yo^i
^Stephen Baker^ President 9 Bank of the Manhattan Coy
£ A.B.Hepburn/ Chairman of the B^ard, Chase National B^.nk
y J.B. Mart indale, President, Chemical National Bank.^
i Walter E.Frew, President Corn Exchange Bank. v
^Francis L Hine, President First National BankX^ }
^William Woodward, President Hanover National Bank.''
^Edward Townsend, President Importers and Traders National Bank
^ates W.McGarrafc, President Mechanics & Metals National Bank*
.S.Alexander, President National Bank of Commerce*
l#F.A*Vanderlip, President National City Bank*
^Richard Delafield, President National Park Bank.
^S.G-*Bayne, President Seaboard National Bank.
/ E.C.Converse, President Bankers Trust Co.
^J.N.Wallace, President Central Trust Co*
/A.W.Krech, President Equitable Trust Co*
7 Edward S.Marston, President Farmers Loan & Trust Co*
> A.J.Hemphill, President G-uaranty Trust Co*
7 E.G-.Merrill, President Union Trust Co*
^E.W.Sheldon, President United States Trust Co*
Pierpont Morgan, c/o J.P.Morgan <8: Co*
HCTarEorg, c'/rri5Ea7"^oyg'T ,T fy :—
James G-.Cannon, President Fourth National Bank* VC $ &U4l
^ -
"Hift-M.''
Reproduced from the Unclassified / Declassified Holdings of the National Archives
B eeeailm r 3 7 , I t 13#
D*»r Mr. Uliotts
Secretary Houaton called thin morning and stated that he had
had a talk with Secretary McAdoo and that the Secretary desires
that you, as Acting Secretary of the Organisation Committee, shall
today address letters to theFPresidents of the Clearly House# of
the cities of lew York and Boston., notifying them of the hearings
which are to he held in Hew Tork on the 2nd and 3rd, and 7th and 8th;
and in Boston on the 4th, 5th and 6th.
I understand that the session# will be held at lOoe* clock in the
United States Court House or Customs House, as way be arranged.
The
Secretary desires that you shall notify the Clearing Houses that at
thee* hearings the Coawittee will be pleased to receive representatives
of the Clearing Houses; of the Board of Trade, and Chamber of Commerce,
and in Hew York the Merchants and Manufacturers Association.
Please
also indicate to them that it is desired that the case of each organize*
tion shall be presented by one speaker, owing to the United time at
the disposal of the Committee.
The Secretary desires that you shall also notify the Presidents
of the Clearing Bouses of Springfield and Worcester, Mass., Portland;
Me., Providence, K. 1^, I4a**chesier/i?. H., and St. Albans, or other
principal town in Vermont; Hartford and Hew Haven, Conru, of the Boston
meetings,/and that you notify the Presidents of the Clearing Houses of
Buffalo, Syracuse, Rochester and Albany, B. I., and also of Hewatk and
Jersey City, H. I*, of the hearings in Sew Tork*
He also desires that you shall notify the Presidents of the Clearing
Houses in Philadelphia, Baltimore and Pittsburgh of the hearings which
are to be held in Washington and suggest to the® that the Committee
will be pleased to receive at that time a representative also of the
principal business luons* organizations, it being desired that each organ
isation shall be represented by not over one speaker.
He also dadirea
of the Clearing Houses
at Richmond, Wheeling and Washington of the hearings which are to be
held in Washington from tho 10th to the 16th*
Sincerely yours,
Assistant Secretary of the treasury*
Hon. M. C* Elliott,
Counsel to the Comptroller of the Currency.
ADDRESS m b &: >
SERVtE ®a "
k
Com.,m
tr e asu r y d epartm ent
,
Washington, D. c .
R e serve b a n k O r g a n iz a t io n C om mittee
WASHINGTON, D. C,
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fth^fJiti n , Archives'
d J '/) r
________ ^____________ «_ r ' i f L
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A
.................
.........._...........................
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Reproduced frorrU h ^n c te s s ifie ^^e cia ssifie ^o IX ig ^n h ^a tio n ^A rch ive s
< ■ ■ 11. ■ ■ ■ ■ ■ ■ ■ ■ ■ » ■ ■ ■ ■ ■ ■ ■ ■
YO UR
liJIBllNNI^iliailllillf ■ ■ ■
NUM BER
<L The number directly under the name
o f your bank is the A m erican Bankers
Association Transit Num ber, given to
you by
vh:e ~S.and - M c N ally
Bankers’
Directory u n d el the authority invested in
*
us by that Association.
C . This D irecto r^ is the only publication
in existence
N u m erical
(except the “ Key to the
System
of th€
A m e ric a n
Bankers Association,^ also compiled and
published exclusively ^y us) which can give
the num ber o f every new bank in the
U n ited States up to date of publication.
For explanation of the system see page 18
or write to us for free booklet.
The Rand-BflcNally Bankers9Directory
: IMBlilHiaillllfBllI
■ ■ a a a a a a u B B a a a a a a a a a a
a a a a a a a a a a a a a a_a_a__a _a__a a a a a a a a a
NUMERICAL SYSTEM BANK TRANSIT MAP.
INDEX
Prefix Num bers
CITIES
Minneapolis
It 9
“ j
M ilw aukee
45[
12
c
>,47
D ubu que I___
CedarvRapidsO
~~ "
\
S io u x C ity
41
A S K A 4
3
'C h ic a g o
H D es y
M o in e s(
Omahi
'
27
D e tr o it
33
L incoln °
43
° Pueblo
42
o W ic h ita
40
STATES
W ISCONSIN
17
31 S a lt L a k e C it y ,
U ta h
3 2 D a lla s , T e x .
3 3 D e s M o in e s, la .
3 4 T a c o m a , W a sh .
3 5 H o u s to n , T e x .
3 6 S t. J o s e p h , M o .
3 7 F t . W o rth , T e x .
3 8 S a v a n n a h , G a.
3 9 O k la h o m a C ity ,
O k la.
4 0 W ic h ita , K a n .
41 S io u x C ity , l a .
4 2 P u e b lo , C olo.
43 L in c o ln , N e b .
44 T opeka, K an.
45 D u b u q u e , la .
4 6 G a lv e s to n , T e x .
47 C e d a r R a p id s ,
la .
48 W aco, Tex.
49 M u sk o g e e , O k la.
5 0 N e w Y o rk
51 C o n n e c tic u t
5 2 M a in e
5 3 M a s s a c h u s e tts
5 4 N e w H a m p s h ir e
55 N ew Je rse y
5 6 O h io
5 7 R h o d e I s la n d
5 8 V e rm o n t
59 .............................
6 0 P e n n s y lv a n ia
61 A la b a m a
6 2 D e la w a re
6 3 F lo r id a
6 4 G e o rg ia
6 5 M a r y la n d
6 6 N o r t h C a r o lin a
6 7 S o u th C a r o lin a
6 8 V irg in ia
6 9 W e s t V irg in ia
7 0 Illin o is
71 I n d ia n a
7 2 Io w a
7 3 K e n tu c k y
7 4 M ic h ig a n
7 5 M in n e s o ta
76 N e b ra sk a
7 7 N o r th D a k o ta
7 8 S o u th D a k o ta
79 W isc o n sin
80 M is so u ri
81 A rk a n s a s
82 C o lo ra d o
83 K an sas
84 L o u isia n a
85 M is siss ip p i
8 6 O k la h o m a
87 T e n n e s se e
88 T exas
8 9
9 0 C a lifo rn ia
91 A riz o n a
92 Id a h o
9 3 M o n ta n a
94 N e v a d a
9 5 N e w M e x ic o
9 6 O reg o n
9 7 ’U ta h
9 8 W a s h in g to n
S 3 W y o m in g
I Declassified Holdings of the National Archives
1 N e w Y o rk , N .Y .
2 C h ic ag o , 111.
3 P h ila d e lp h ia ,P a .
4 S t. L o u is, M o .
5 B o s to n , M a s s .
6 C le v e la n d , O h io
7 B a ltim o re , M d .
8 P itts b u r g , P a .
9 D e tr o it, M ic h .
10 B u ffalo, N . Y .
11 S a n F ra n c isc o ,
C a l.
12 M ilw a u k e e , W is.
13 C in c in n a ti, O h io
14 N e w O rle a n s ,L a .
15 W a s h in g to n ,
D . C.
16 L o s A n g ele s,
C al.
17 M in n e a p o lis ,
M in n .
18 K a n s a s C ity ,
M o.
19 S e a ttle , W a sh .
2 0 I n d ia n a p o lis ,
In d .
21 L o u isv ille , K y .
2 2 S t. P a u l, M in n .
2 3 D e n v e r, C olo.
2 4 P o r tla n d , O re.
2 5 C o lu m b u s, O h io
2 6 M e m p h is , T e n n .
27 O m aha, N eb.
2 8 S p o k a n e , W a sh .
2 9 A lb a n y , N . Y .
3 0 S a n A n to n io ,
39
..
Oklahoma o
o
O K L A H O M A
-------------- 8 6 ---------------
A RKANSAS
81
D allas
32
"
W a co
48
l o u i s i \ ai
8A
San A n to n io
\
j3 0
c
H o u s to n o
35
G a lv e s to n
46
R A N D - M c N A L L Y & CO.
NUMERICAL SYSTEM
BANK T R A N S IT MAP
Copyright by Rand-McNally & Co.
____________ 1912_______________________
Reproduced from the Unclassified
1
,r o U n a
67 \
,
r i,MJ"UIUIL.... LJJ. '.. ' .. Ll
-
Reproduced from the Unclassified / Declassified Holdings of the National Archives
“ W h en y ou Compare P rices, Consider the Q u a lity ”
*
N O T I C E
Your
orddr for
referen ce
a
bo o k
su b sc rip tio n
or
for
the
to
this
v a lu a b le
p u b lic a tio n
of
the
n a m e of y o u r b a n k in ca p ita l letters w i ll receive
p ro m p t attention
P r i c e s :
r
S u b s c r ip tio n
o n ly
B o th E d itio n s __J u ly $ n d January__$10.00 p e r y e a r
O n e E d U * ^ n _ _ _ _ J u ly ^or J a n u a r y ____ 6.00 p er y e a r
--- -y -- ,---- LgM --------------------------:-------------—-------------------------------N am e
m f B a n k
L ette r s.
in
B la c fa -fa c e d
W ith o u t
.j
C a p ita l
./
S u b s c r ip tio n
In B o th E d itio n s
—
$7.00 per* yeafr
A MOST ‘PROFITABLE AND INEXPEN
SIVE FORM OF BANK ADVERTISING
‘■
C o m b in a tid ft^ * ^ ^ .
S u b s c r ip tio n
B o th E d itio n s
and
N am e
in
_
.............. ^
Caps
\
$15.00 p er y e a r
O n e E d it io n ___________ l i _____ _____ _____ 11.00 p e r y e a r
O th er a d v e rtisin g
rates
on
ap p licatio n .
Do
you
w is h y o u r s h a re of the great b u sin e ss .Which this
d ire c to ry g u id e s ?
T he
R a n d - M c N a lly
T h e
O rig ina l
B a n k e r s ’ D ir e c to r y
“ j a n k e r s ’
FOUNDED
O LD A N D R E L IA B L E
‘AC CEPT NO S U B S T I T U T E ”
{ B lu e
1872
%
Reproduced from the Unclassified I Declassified Holdings of the National Archives
*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I»f. Tsrk tote'
;;
\
Chmmbtr of Coameree, few Tori*
Mar«h*»ts Association, lev York.
Manufacturers Association
Cred Kfiis Association.
X»« L* Clark* Antri can Exchange National Bank
Stephea Baker, Preeldeat, Bank of tho Maahafctan Co*
A* B. Hepfeura, Chalraan of tha Board, Chase latioaal Bank.
J. B. Martindale, President, Chemical V. B«
Valter E. frew, President Cora Exchange Bank
Fraacie L. Hlae, Preeldeat Pirst R. B*
V lllia * Woodward, Preeldeat of the Hanover I* B*
Edward Townsend, Preeldeat Importers and Traders N, B«
Gatea W* MaGarrah, Preeldeat Mechanics aad MetaXe IT, B.
J.3. Alexander, Preeldeat I, B* of Coaaeree
t » A. Tandorllp, Preeldeat lational City Bank
Blehard Delafield, Preeldeat Hatloaal Park Baak
S. G. Baya*, President Seaboard I . B*
I* 0* Converse, Preeldeat Baaiers Truet Co.
J* K* Wallace, Preeldeat Central Trust Co,
A* V« Krech, Preeldeat Equitable Truet Co,
Edward 8* Marston, Preeldeat, Parmars Loan aad Trust Co*
A* J* Hemphill, President Guaranty Trust Co.
E. G* M errill, President Union Trust Co*
I . f . Sheldon, Preeldeat United States Trust Co* /
J* Pierpont Morgan, C/e J. P* Morgan * Co*
/'
Paul M* Warburg, C/e Kvha, Lee* & Co*
'
' R eproduced' from the U n cla ssified / D ecla ssified H oldings of the N ational A rchives
S###iaber 37, 19X3.
ffe# f*r«mMfmt of the Clearing lomit Association,
H w r tr iW
^ f ^ j ,-
O ftSft*
S ir *
fh« H###rf* Bank Or$M*!U«itt»R Co»«iit#» ist&ftf* to
hold hearing# In tto# City «f Boston on the 5th and 6th of
$UW*«*y* 1 $ M # and will b* £le&fl#4# ftt that ti?W», t« htar
repr##ifiifttl*«» of the 0iwiring Houe» Aeeoc ation and of the
j>rif&ijia3. Imtixmvi
#f y<mr «itf* Tgw will b#
advi*#! l»t«r #» to the hour and place.
la ndlition t# such oral statements a* roay be tub*
mitt#4# written statements oontainintf statistical or other im
formation bearing on the subject under #ea#tA##milim my be
presented nt th### hearing*, which, in acoordanoe with th«
provisions of th# Federal Reserve Act, will b# he.ld for the
purpose of enabling the Committee t# deoide upon fh# i8fl*l*an
of the Federal Reserve Banks and the geographical limit# «l
the dietrltf* to be served by thefte bank*.
?h# Ooamiitee will fee fXen*e4 to reteiv§# at that tiee*
my information *hi#h » y «<*fti*t then in determining correctly
these questions,
Reepeotfully,
0 w tim a n #
Reserve Bank ©rpmiiiitioh Coranittee.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
December 27, 19X3.
The President of the Clearing House Association,
Hew Raven,
Connecticut.
S Ip
i
the Reserve Bank Or®ani*atlon Connlttee Intends
to hold hearing# In the City of Boston on the Sth wad- 6th of
January, 1914, and will fee pleased, at that tine, to hear
representatives of the Clearing Hottee Assoelation and of the
principal organisation* of your city. You will be advised later
as to the hour and place•
In addition to such oral statements as m f he sub
mitted, written statements .containing statistical or other in
formation bearing on the subject under eonsIderation m f be pre
sented at these hearings, which, in accordance with the provisions
of the Federal Reserve Act, will be held for the purpose of enabling
the Cousnlttee to decide upon the location of the Federal Reserve
Banks and the geographical limits of the Iistrict* to be served by
these bankft*
Hie Committee will be pleased to receive at that time
any information which imy assist them in determining correctly
these questions*
Respectfully,
Chairman,
Reserve Bank Organisation C&imlttse.
pgpj M—
^
—
p i W— PSWPJJIl1 ^ M B B ^ ^;-.I;tV-.'^,j>^..---. ■•'■• .-Mll4-."''
'-.j;,'.
-
■ •. -
1^*8*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Decesber 27, 1913*
the President of the Clearing House Association,
Worcester, Maas.
Sin
The Reserve Bank Organisation Ctamittee intends to hold hearings
in the City of Boat on on the 4 t ! , 5th and 6th of January, 1914, and
will ho pleased, at that tine, to hear representative* of the Clearing
Bouse Association and of the principal business organisations of your
city* Touwwill ho advised later a* to the hour and place*
In addition to such oral statements aa nay he submitted, written
statements cobtaining statistical or other information hearing on tho
subject under consideration aay ho presented at these hearings, which,
in aeoordanoe with t) e profitlone of tho federal Heserve Act, will he
held for the purpose of enabling the Cosa&itteo to decide upon tho lo
cation of the federal teserve Banks and the geographical liwits of tho
district* to he served hy these banks*
the Co*fcitte# will be pleased to receive, at that tiao, any inforaation whioh aay assist them in determining correct1y these questions*
Respectfully,
Chatman,
Besorve Bank Organisation Coassittee*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
D#0*«afe#r 2?# 1913.
Sir*
tl» feu*anro Bt*nk Qrpml*«stlcn COwRlttiso iatimdf to htXI ho&rlflgi
1# til# City
S©*tea on the 4 ^ 5th and 6Hi of
1914* and
w ill to pleaatd fct that ttM# to hear representative® ef the Cleariag
Hotsm Aeeociation and of the principal fcaeinees orpi»S.i&tlins of your
eitjr#
ton #111 fre «dvi»ed later &« to the howr zM
In «**Ui«ft to « w h oral •tai*»ei8t* as m y M
wriito*
8tat*G«mt* containing #tgttii?ti©al or ether ia/cma-tlon taafizg m the
•abject
cwaitferatton m y he #ros«»t£d at tbm * hearing** wft&rit* la
accordance with the
oriel oits of the
f ! A o t * ifill fee held
f i r the purree of ena&Mng the Costs! tt«t to &raid# »$t>a the locaiio* i f
W n Federal $**«jrve Ba*%t afcfl the g^egmphisal ii«*lt* of the ilstriet*
to Ini terred %y theee tenka*
ftm Cowalttee w ill he $1mm& to reoeitr** a t that t t a » « any iu fo im *
t ie s which myauwilst the* It* d a t$ «»l»ljig com ic t ly thaoo question*) •
He&peotft&ljr*
C h a lr a a iK iif
3#ear?e B?„rifc Ortgsuaisattoa COiwdtteo#
ftm President of the Clearing Hotiee Association,
S p r in g fie ld *
M a te *
Reproduced from the Unclassified I Declassified Holdings of the National Archives
December 3f# I f 13*
Sir*
flit Tteesrv© Bank Oru&aisailoii OOBawitte© intouds to hold hoaritig*
in tlit City of Bmtm m the Bth uni 6t*i of January, 1014, and w ill
be pleased, at that tlMcf to hoar r9profi<mtatlv*» of ih* Clearing
Swat Aset<oiatl«ij* and of the priaolpEtl buaiti©y« or$Riii Rations of your
city, fen wiiil be advised later a« to tho hour an& piaee*
la aaailloa to m$h oral atateisieats as m y be. submitted* written
stateaeats containing statistical or othewr ir>Ioria&tion bearing oa Hit
subject imder «onsid^ratloa m ? be pr€m«mi»4 at tiiecm h^ri^gs* whiehg i n
•*e*rdaac« ©1th the prwisioas of the F#darai
iet# *111 bo held
ftr the purpose of ©idling Qm Ctoittee to decide upon tho Iw&ttm t f
III# federal R e a e m Banka and tho ^oo&raphictil liaita of the dietr lets
to be serv«d by these banks*
III* Coeuritleo w ill be plm m i If# receive* at that tie©,
any inforaatio* which nay aeelst the* ia d*temltt£ng eerrestly
theee question#*
Respdetfully*
Chair»a*t#
R e a w e Bank Org&nimtion Committee*
Hie Preeident of the Clearing Hone# Association,
Boston, Hass*
gSBWffiPIHW— —
^
p
W
pMimJiiu.i .
.'..,.:.■
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Dscember 27, 1913*
The Pres Ident of the Clearing Bousa JU*soeiatio«,
Providence, B. I.
S ir s
The Reserve Bank Organisation CoaraAttee intends to hold hearings
in the City «f Boston on the
5th and 6th of January, 1914, and
will bo p l e a s a n t that titan* to h«»r representatives of tho Clearing
Houoo Association and of the principal business organisations of your
oity. Ton will bo advised later as to the hour and place.
In addition to such oral statements as my be subaitted, written
statsnonts containing statistical or other information bearing on the
sub}sot under consideration »ay be presented at these hearings, which,
in accordance with the provision# of the Federal Reserve Act, will be
held for the purpose of enabling the Coamiit#* to decide upon the lo
cation of the Federal Resorve Bank# and the geographical limits of the
districts to be served by these banks.
The Co/umitt## will b# pleased to receive, at that tiw», any infor
mation which ta^r assist the« in determining correctly these questions.
Respectfully*
Chairman,
Reserve Bank Organisation Committee.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Deeember 27| X9X3»
The Preaidert,
Clearl
3&ucicheater, low Hais^shire.
sin
the Heserv© Bank Orgar3 - ' m Conraittee intends to hold hearing*
In the City of Bet ton or- tfr
/ 5th arc? Itfc of January 1914, auric? will
be pleased, at that tire* to hear roprea mtatlvea of the Clearing House
Association and of the principal b w ire m rvrgarilsatiene of' your city#
Tou will be advised la te r of 'the. hour and place*.
In addition to sueh oral etetenente as m y be sttfenitted* written
statements containing otatl/itioal or otfcii»r infora&tien bearing on the
sublet .imier etnaideration m j be presented at these tourings» which.
In *eeer4s>nee «it.fe the proviH cm® of the. Federal.Beeerre Aet> will be
held for ’
the purpose of enabling the Co^ittee to decide upon the
leeatlon of the Feds**! ftseerre B&r^o, *rd tl» geographical limits of
the district* to be served by theae bank#*
the Cflttndttee will be pleased to receive at that time any in fo rm *
tior which tmy sieolat ttoa in detmdnlytg eorreetly thefet questions*
Beepectfully,
O h a im ^ n ,
Reserve Bank Organisation Committee*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
t o . .Tart g i l l *
of 0©»h»**«*# low York.
M*rchant» ABsociation,
York*
Manufacturers Association
Crad Mono A*»o«l«tS©a»
Clark* Aaorioan Exohangs lational Boank
.
Stophon Bakor# Prooidont* Bank of tho Manhattan Co. X
A. B. Bos»kura# Chairnan of tho Board* Chan© lational Sank* w*"
J. S. Martindalo, Prooidont* Chemical I. B. ^
Valtor E» f M t , Prooidont C o m Exohaag® Bank
Pranoio L. U im § Prooidont first 5. B. v/
n n t m tood*ard# Prooidont of tho Hanovor 9* B. ^
Edward Townoond, Prooidont Xaportors and Tradoro f # B* ^
Qatoa I* MoGarrah, Prosidoat Ntohanioo and
9* B . ^
It* It.
J• S. Aloxandor, Prooidont I . 1* of Ceanoroo
?• A. Vandarlip, Prasidont Satioaal City Bank
^
Richard DoXafioXd* Prooidont lationaX Park Baak ^
S. 0. Baynf, Prooidont Soafeoard H. B. ^
s
■tm C. Convoroo* Prooidont Bankoro Trust Co. Y
J. I. fallaoo# Prooidont Contra! Traot Co. v""
A* f. Kroeh, Prooidont E$uitafcX« Truot Co./"
Edwafti S. Maroton# Prooidont* Fanooro Loan and Truot Co. w
A. J* Barashill# praoidont Guaranty Trust Co. ^
£• 0. MoxriXX, Prooidont Union Trust Co* ^
I. W. Sheldon, Prooidont United Statoo Truot Co.
J. Piorpont Morgan* C/o J. P. Morgan &
Co.
Paul If. farfeurg, C/o Kidm* too* ft Co*
- --
W—
.............'~.- H ^ fa^ k •■_.;?,,**»■#., .- .. ,-.-•f: '-J>••'.'•'•'■•••: :■
,'y...,!.AU-'-
Reproduced from the Unclassified / Declassified Holdings of the National Archives
J to e * * & e r
2?*
1913*
The President,
Portland, Maine.
Sirs
The Reserve Bank Organisation Co mid ttot intends to hold hiring®
In the City of Boston on the 4l\* 5th M l 6th of January 1$24$ and will
be fle&gred* at that time, to hear representatives of The Clearing House
litoiifttidii m i of the pfintlfftl b m im m organisation's of r m r city*
Ten will be advised later of the hour and place*
In addition to svefc oral statements as may. be submitted* written
st&tercente containing statistical or other infoimiicn bearing on the
subject under consideration m y be presented at these hearings, which*
irs accordance with the ^rovieiofm cf the Federal Reserve Act* will be
held for the purpose of enabling the 9ot%ittee to decide upon the
legation of the Federal Boeerve Banks* and the geographical 'limits of
the districts tc fee served by these banka*
The Cowltte# will h& ple&aed to receive at that time any informtion which way assist ihe» in deto raining correctly those Question®*
Respectfully*
Chalrnan*
Reserve toil: Organ!satien CosMttee*
@FedFRASER