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N? 4 - 8 2 3 .
HENRY KEPPEL,ff?
FRANK LAURIE,V. Prest.
National Bank|$j
CorRY,f
*y I6th.I9I4.
W. o, MoAdot), Chairman;Washington, D ./
Dear Sir;We enclose acceptance card dulyc^yt#ltied toT^rtiich was
adoepted by tlfe Board of Directors of the National Bank of Corry, held
January I5tj/ 1914. Our preference for a Regional Bank would be
Cleveland* Ohio.
Yours very truly,
National. Bank of Corry,
Cashier.
Reproduced from the Unclassified/ Declassified Holdings of the National Archives
(S
k
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Reproduced from the Unclassified I Declassified Holdings of the National Archives
C \e \^ e \a r)d
o^- C W v e \ a v ^ d i ^
Reproduced from the Unclassified I Declassified Holdings of the National Archives
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D7A\>5
APPEAL TO THE FEDERAL RESERVE BOARD IN
THE MATTER OF DESIGNATING THE FED
ERAL RESERVE CITY OF THE FOURTH
FEDERAL RESERVE DISTRICT.
BRIEF ON BEHALF OF THE MEMBER BANES
OF CLEVELAND, OHIO, APPELLEES.
HO
•M b
APPEAL TO THE FEDERAL RESERVE BOARD IN
THE MATTER OF DESIGNATING THE FED
ERAL RESERVE CITY OF THE FOURTH
FEDERAL RESERVE DISTRICT.
BRIEF ON BEHALF OF THE MEMBER BANKS
OF CLEVELAND, OHIO, APPELLEES.
J. J. Sullivan, Esquire, of Cleveland, Ohio, having
been duly designated as the representative of the M em
ber Banks of Cleveland, to act for them in this behalf,
respectfully submits the following brief upon this appeal.
The appeal involves the contention that the Reserve
Bank Organization Commiljfe^ ^which carefully and
patiently heard the evidence ^offered in respect of the
proper location for the Reserve Bank o f District Num
ber 4, erred in its conclusion.
This evidence was very
voluminous and claims of various cities in that district
were submitted fully and at great length.
The Com
mittee gave careful and thoughtful consideration to the
matter, and thereupon decided that Cleveland was the
proper location for the Reserve Bank of this District.
To upset such conclusion, reached in the above circum
stances, certainly casts upon the appellants a consider
able burden.
Two or three general considerations might be men
tioned in view of the present situation:
1.
It cannot be possible that there can be any m a
terial advantage, either to the City of Pittsburgh or its
1
2
industries, in the location of the Federal Bank in that
place.
I f it were possible, or if the bank conld be so
used as to derive any disproportionate local advantage,
the entire purpose of the Federal Reserve A ct would be
defeated, its purpose being that all sections shall have
entirely uniform treatment.
I f such a thing could be,
or if the attitude of the Pittsburgh banks towards the
Federal Reserve scheme were such as to lead them to
suppose that such a result could follow, this attitude
would furnish one of the best reasons in the world why
the bank should be located elsewhere.
2.
Directors of the Reserve Bank of the District
have already been chosen by the member banks, as fol
lows: Two from Pennsylvania, one of whom is located
at Pittsburgh; two from Ohio, neither of whom is lo
cated at Cleveland; and two from Kentucky; so that
Cleveland now has no representation at all upon the
board.
Your Honorable Board has the naming of the
remaining three directors, and if Pittsburgh has any
justifiable fears by reason of the location of the bank at
Cleveland, it has another remedy than the one now
sought, by applying to the Board, as no doubt it already
has, for additional places upon the directorate of the
District Reserve Bank.
There are no circumstances un
der which the Cleveland banks can exercise any control
over the Reserve Bank or unduly influence its action.
Pittsburgh, therefore, has nothing to fear in the present
situation.
3.
It has been a considerable time since the passage
of the Federal Reserve Act. Financial conditions during
that period have not been of the best.
It is predicted
that when the A ct is put into operation these conditions
will be much improved.
Certain it is that the country
3
is impatiently waiting for the inauguration of the sys
tem, and business interests, to a large extent, are held
back, pending such inauguration.
Certain preliminary
steps toward the organization o f the system have al
ready been taken by the Organization Committee and by
your Board.
The country at large has looked upon these
as steps in advance, and has not felt, nor is it anticipat
ing, that they are merely steps to be retaken.
Questions
like that raised by Pittsburgh are of no material im
portance to the system, and if mistakes have been made
it is in the power of your Honorable Board in the future
to correct such mistakes, if any, as develop in the work
ing of the system.
I f such contentions as this o f Pittsburgh are to be
entertained, there are yet controversies between Balti
more and Richmond, New Orleans, Atlanta and Dallas,
Denver, Kansas City and Omaha, and no doubt others,
which may occupy the time of your Honorable Board and
delay the inauguration of the system indefinitely. These
controversies are all over matters in no wise vital to the
system itself, but purely matters o f local pride.
I f in
the working out o f the system in the future any mis
takes are discovered, bringing hardship upon any section
of any district, it is within the power of your Honorable
Board at any time to correct them, without interfering
with the operation of the system when once inaugurated.
W e submit that they should not now be considered, but
that the system should be put into operation, as now
planned.
The petition filed by Member Banks of Pittsburgh,
and the brief filed in support thereof, seem principally
concerned with certain figures, which are supposed to
indicate the business “ supremacy’ ’ of Pittsburgh, which
that city is always quite ready to admit.
4
It is probable that Pittsburgh’s unwillingness to
submit to the decision of the Organization Committee,
and its complaint of the decision o f that Committee b e
fore this Board, is due rather to some feeling of wounded
pride in respect o f this supposed supremacy than to any
real consideration of the needs of the district.
The mere figures presented concern so little the real
reasons which it is believed induced the action of the
Organization Committee, and upon which the determina
tion of the matter in question ought to rest, that not much
space will be taken here, either in criticising those fig
ures or in submitting others testifying to the commer
cial greatness of Cleveland.
The Federal Reserve system was not created for the
special benefit of any city, even Pittsburgh, or for any
special business, even the iron and steel industry, as vast
as it is. One supposed evil to be met was the undue and
unsafe concentration of banking capital in certain great
centers, to the disadvantage of other sections of the
country out of touch with such centers, and which were
suffering from lack o f banking capital and facilities, and
of elasticity in our financial system.
It is fair to suppose, therefore, that the primary
purpose of the A ct was, not to assist congested financial
centers, but rather to procure a steady and uniform dis
tribution of banking facilities throughout more sparsely
settled territory suffering from lack of attention and in
ability to reach and procure accommodations from these
great centers, and that the effort of the Organization
Committee was, not the determination of which city was
the greater banking center, but what city, as the head
quarters of a Reserve Bank, in each district would be
most likely to correct the existing difficulty and meet the
normal trade demands of the entire territory.
5
The purpose would seem, therefore, to be to prevent
the flowing into great centers of an undue part of the
circulating medium of the territory, and distribute it
more equitably among all sections requiring its use. The
Pittsburgh banks do not seem to have recognized this
purpose.
In such a plan, other things being equal, the city
whose financial conditions are most stable, whose con
ditions o f trade and business are such that it is less
subject to fluctuations of financial and other business con
ditions, and which exhibits the most conservatively
steady progress of growth, is best fitted as the location
of the Reserve Bank.
A city whose industries in the way o f manufacture
and trade are so widely diversified as are those of Cleve
land, is a much better location for the Reserve Bank than
a city dependent, as Pittsburgh is, upon the iron and steel
industries, and the group of manufactures naturally in
cident thereto, can possibly be. This by reason o f the
fact that the failure or depression of no single industry
can have any wide-spread effect upon conditions in the
form er city.
For example, at the present moment, the industries
producing primary iron and steel (which products con
stitute, according to the manufacturing census of 1909,
33 per cent of the total output of Pittsburgh factories and
but 14 per cent of the total output of Cleveland factories)
are running at scarcely more than one-half capacity.
Nevertheless, a recent inquiry among a large list o f Cleve
land factories, with many diversified lines, indicates that
this city is even now producing, on the average of all
lines, practically 80 per cent of its normal industrial out
put.
6
The Cleveland brief presented to the Organization
Committee discussed at some length, not only the sug
gested lines of District Number 4, but the location of the
Reserve bank therein.
Copies of that brief are no doubt
now in your files, but additional copies are submitted
herewith for consideration, in so far as the matters here
involved are discussed.
There is no city in District Number 4 which can, as
can Chicago, Boston and New York, substantiate the
claim that the great bulk of the trade of the district cen
ters therein.
It must not be forgotten that, while Pitts
burgh may lead in certain lines of manufacture, District
Number 4 is very largely agricultural and contains many
small towns, scattered throughout the agricultural sec
tion, which have little in the way of manufacturing. For
example, the State o f Ohio, form ing the largest part of
the district, ranks fifth among the states in the number
of farms, sixth in value of farm property, sixth in pro
duction of corn, fifth in production of hay, sixth in
production of potatoes, third in production o f wool, sixth
in production of butter, sixth in product o f milk, third
in production of eggs, and the list might be extended
almost indefinitely.
In the location o f the Reserve Bank for District
Number 4 the Organization Committee had before it,
and this Honorable Board, in reviewing its procedure,
has to determine, not what might best satisfy Pittsburgh,
but what city will best meet the requirements o f the
entire district.
It seems to us that these requirements are substan
tially as follows:
1.
District.
Satisfactory communication with all parts of the
1
2.
Proximity to center of traffic and exchanges of
the District.
3.
Financial,
commercial,
industrial
and
civic
strength, conservatism, steadiness of growth, and free
dom from business or banking fluctuations or disturb
ances.
4.
Satisfactory relations to the entire District.
Taking these up in their order:
1.
Communication.
So far as communication by mail is concerned, there
is no considerable difference. A letter mailed from cities
in the remotest part of the District on one day would
reach either city in time to receive attention during
banking hours of the next day, but whatever difference
there is is in favor of Cleveland, as the mails from many
points reach that city and are distributed earlier in the
day.
It is not true that Pittsburgh is more convenient of
access, as claimed in appellants’ brief, than is Cleveland
in respect to the greater part of the District.
Of the
thirty-seven cities o f Ohio containing a population of
10,000 or more in 1910, taking those cities as indicating
density of population, twenty-nine, having a total p op u
lation o f 1,987,000, are nearer to Cleveland in time of
transit than they are to Pittsburgh, whereas but eight
o f these, with a population of 143,000, can reach Pitts
burgh more quickly than Cleveland, and the difference
of time even in those cases is very slight. This statement
is based upon a carefully compiled tabulation of the
passenger train service from these thirty-seven cities to
Pittsburgh and Cleveland respectively.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
7
W e have made the same investigation into that por
tion of the State of Kentucky included in District Num
ber 4.
There being few cities in Kentucky of more than
10,000 population, we have examined train service from
all Kentucky cities within the District having a popu
lation of 5,000 or more.
There are eleven such.
From
ten of them Cleveland can be reached in less time than
Pittsburgh.
From
the
eleventh— Middlesboro— both
Cleveland and Pittsburgh can be reached in exactly the
same time.
Even in that part of western Pennsylvania included
in the District, out of the twenty-two cities containing a
population o f 10,000 or more according to the census
of 1910, three are a shorter journey to Cleveland than
to Pittsburgh, and as to a fourth there is a difference of
seven minutes in favor of Pittsburgh.
As to the small section of West Virginia included in
the District, Wheeling, the largest point, has two direct
railway lines to Cleveland, and there is no difficulty in
reaching Cleveland from this section.
It must be ad
mitted, however, that Pittsburgh can be reached some
what more quickly.
2.
Location with respect to center of traffic and ex
changes.
Much of appellants ’ brief is taken up with the propo
sition that the general lines of trade in the United States
are between the east and the west and that the main
trunk lines of railroad run in those general directions.
To some extent this proposition is necessarily true, for
the distance from seaboard to seaboard, east and west,
is much greater than the distance from the Great Lakes
to the Gulf, from north to south. In very early times the
Atlantic seaboard was practically our only outlet to water
9
transportation, and the business from the interior nat
urally drifted to the ports of New Y ork and Boston, there
located.
When lines of railway began to be constructed
they naturally began at this seaboard and extended to
ward the west. W ith the development of the entire coun
try, however, this condition gradually changed.
A very
large volume of trade now passes through more southern
ports and through Seattle and San Francisco on the west.
Trunk lines now reach the interior from those ports along
the southern coast, and a vast volume of trade passes
from north to south as well as from east to west. Travel
ing from east to west— as soon, at least, as Ohio is
reached— there is a network of railways from north to
south through all the states of the middle west, connect
ing ultimately the more southern ports with Cleveland,
Chicago, and other large cities of the middle west. These
considerations, however, have not much to do with the
question in hand.
If the Board had only to consider that part of Penn
sylvania included in District Number 4, it is obvious
that Pittsburgh, though not the geographic center, would
be the center of traffic and exchanges of that section.
The State of Ohio, however, constitutes the principal
part of District Number 4, and a very large part of its
business follows north and south lines.
The density of exchanges is indicated fairly by the
railroad facilities, which handle the traffic.
Every east
ern trunk line in the United States enters Cleveland, and
Cleveland is in the principal highway of travel between
New York and Chicago.
W e especially call attention to
the fact that Cleveland is in the most direct line from the
iron ore in the northwestern states to Pittsburgh and the
bituminous coal deposits in District Number 4.
The
principal business of Pittsburgh is in iron and steel, and
10
it cannot truthfully be claimed that there is no natural
line of trade or course of trade between Pittsburgh and
Cleveland.
It would be even greater folly to advance a
similar claim with respect to central and southern Ohio.
It is objected that Cleveland lies on the extreme
northern edge of the District, with only the lake at its
front.
Geographically, of course, this is as advantageous
as is Pittsburgh’s location on the extreme eastern edge
of the District. It is to be remembered, however, that as
a traffic-producing territory, the lake very much exceeds
any other territory of equal area. Substantially all of the
iron ore supplying the iron manufactories of the District
passes through its northern boundary.
Practically all
of the shipping carrying this ore is directed from Cleve
land, and the production of a very large proportion of the
ore itself is financed from that point.
There can be nothing in the location o f the Reserve
Bank at any point which will in any wise affect or disturb
the convenience and customary course o f trade.
This
point was frequently stated by members of the Organiza
tion Committee during the hearings.
The injunction of Section 2 o f the Federal Reserve
A ct with respect of “ due regard to the convenience and
customary course of business” has reference to the ap
portionment of districts and not to the location of the
Reserve Bank therein.
It may be conceded, however,
that in the selection of the location for the Reserve Bank
such due regard should be had, but it is a misconception
of this injunction if it be supposed that the purpose of
the requirement was to leave the course of banking ex
changes in precisely the state in which it was found prior
to the enactment of the Federal Reserve Act.
To so
construe the injunction is to defeat one of the obvious
purposes of the Act as hereinbefore set forth, which wap
1
to so rearrange the course of banking exchanges as to
avoid unsafe concentration in great centers and distribute
banking capital and facilities throughout territories not
well supplied therewith.
3.
Financial,
commercial,
industrial
and
civic
strength, conservatism, steadiness of growth, and free
dom from business or banking fluctuations or disturb
ances.
Considerations arising under this head it is believed
very strongly influenced the action of the Organization
Committee and are sufficient to require an approval of its
action by the Board.
Much stress is laid by appellants upon the size of the
banks of Pittsburgh and the industries in which she
claims a commanding position.
It is no more true in
finance than in any other branch of human endeavor that
strength and stability are necessarily measured by size
alone, and it is therefore necessary to consider the ele
ments mentioned in the heading of this paragraph.
Many a factory town can make the boast of leading
the world, or at least its own state, in the production of
some commodity, however small the business may be in
itself. Cities most commonly advertise themselves by
picking out a particular industry or industries, or branch
of commerce or trade, in which the city has attained a
commanding position.
Pittsburgh has its iron and steel,
Akron its rubber tires, Dayton its cash registers, Troy
(New Y ork) its shirts and collars.
Such, however, are
not determining elements in the selection of the location
of the Reserve Bank. I f they were, a formidable list might
be exhibited for Cleveland.
There is probably no manu
facturing center in the United States whose industries
are so diversified as are those of Cleveland, while it
Reproduced from the Unclassified / Declassified Holdings of the National Archives
11
12
leads in many lines, a detailed list of which would, how
ever, not be helpful here.
It is probable that this very
diversity of manufacturing industries is one o f the prin
cipal causes of the c ity ’s steady, consistent growth in
population until it has become the sixth city in the United
States, and in the volume of its products until it has be
come the fifth.
Its growth in both directions has been
entirely unhampered by conditions which from time to
time check or retard such growth in other centers o f less
diversified activity.
The banks of Cleveland concededly are neither so
numerous nor have they so large a capital as those of
Pittsburgh.
Their history, however, well illustrates the
conservatism and safety of the business methods of this
community.
Banking methods of Cleveland are tradi
tionally sound and safe. Not a single failure of a national
bank has there occurred, nor has any depositor in any
national bank ever suffered the loss of a penny.
The
records of the Comptroller’s office disclose that similar
statements cannot be made of Pittsburgh’s banking busi
ness.
This fact is only referred to as indicative of the
stability of banking conditions in Cleveland, a fact which
no doubt had much weight with the Organization Com
mittee.
Comparisons between different cities cannot be made
upon the basis of reported bank clearances unless the
accounting methods used in each instance are known.
For instance, Cincinnati, with its concededly lesser vol
ume of business, constantly reports larger bank clearings
than Cleveland, while Pittsburgh exceeds both. A reason
sometimes assigned, and to some extent no doubt true,
is that there are no stock exchanges in Cleveland which
send a large volume of clearances from
through its banks.
day to
day
Its business is almost wholly un-
13
speculative.
Comparisons, however, of fluctuations in
bank clearances do furnish some indication of the stabil
ity both of banking and general business in the cities in
respect of which they are studied, as well as of the steadi
ness of their growth.
Chart 5 attached to the Cleveland brief herein re
ferred to is a diagram illustrating the growth and fluctua
tions in clearances for the period of ten years ending
September 30, 1913.
While Pittsburgh shows a sub
stantial growth in that period, it is a growth accompanied
by wide fluctuations indicating periods of extreme depres
sion in business as well as extreme stimulation.
indicated by the blue line upon the chart.
This is
The red line
upon the same chart indicates the regularity and stead
iness ofthe Cleveland growth and illustrates in a graphic
way the temperamental difference in the two communi
ties.
Pittsburgh is “ either prince or pauper,” while
Cleveland moves steadily and conservatively onward.
A t first blush it might seem that civic conditions, as
distinguished from conditions in banking and other busi
ness, might have little bearing upon the question under
discussion. Nevertheless such conditions are evidences of
the spirit pervading a particular community and become
reflected in the general business of that community.
The
municipal affairs of Cleveland have always been free from
corruption or scandal, and its banking business has been
likewise free from scandal or entangling alliances, polit
ical or otherwise.
Cleveland has the lowest death rate
among the large cities of the country, indicating careful
and intelligent municipal sanitation, though climatic con
ditions, of course, have their influence.
It was the first
American city to initiate and begin putting into effect a
plan for grouping its great public buildings in a civic
center.
Its experiments in charity and correction are
14
attracting world-wide attention and serving as models to
other communities.
Its famous Farm Colony, Cleveland
Federation of Charity and Philanthropy, and its new
“ Cleveland Foundation”
are examples o f these.
Its
unique street railway franchise has removed to a large
extent from public agitation a problem which, in other
cities, is a constant source of disturbance, both to banking
and business conditions.
Its citizenship expresses itself
not only by vote, but also through civic and commercial
organizations, in which effective voluntary service for
the improvement of living and working conditions in
Cleveland is rendered most freely by a very large num
ber of able men.
These conditions are, to a large extent, reasons for
the vast growth of Cleveland, and their existence insures
a future healthy condition and continued growth, so that
in the future, still more than at present, Cleveland is
likely to be the real center of the district.
W e quote from the brief filed before the Organiza
tion Committee a few items concerning the relative
growth of the two cities and their business interests.
Many other items might be furnished, but these are suf
ficient to indicate the point in question. The ten year
periods taken are the most recent for which data could
be accurately obtained.
Percent of Increase
Cleveland
Pittsburgh
Population, 1900-1910 .................
Postoffice receipts, 1904-1913....
46.9
116.4
107.5
Value of manufactures, 1899-1909
95.1
11.1
Clearing House exchanges, 19041 9 1 3 ........................................
57.8
23.9
Deposits, all banks, 1904-1913...
66.1
36.2
18.2
15
It is to be noted as to the population increase, that
Pittsburgh, during the period in question, absorbed A l
legheny City with its large population, while annexations
to Cleveland account for less than 5 per cent of its in
crease.
A census of manufactures is being taken during the
current year, and if anything like the relative increases
indicated in the last census are continued, as we believe
will prove to be the fact, Clevland will have far out
stripped Pittsburgh in the line of manufactures.
There seems no reason why the history of these cities
should not be duplicated in the future, and Cleveland
proceed along the lines of a conservative, steady growth,
without feverishness or fluctuation, and maintain its po
sition as the logical location for the Reserve Bank of the
District.
4.
Satisfactory relations to entire District.
The brief of appellants states that “ a much larger
proportion of the banking of the District is done in Pitts
burgh than in Cleveland, ’ ’ and that ‘ ‘ there is a far greater
need for the resources of a Federal Reserve Bank in and
about Pittsburgh than in and about Cleveland.”
The fact that the kind of business carried on at
Pittsburgh and in territory adjoining requires larger
sums of money, is the cause of a larger banking business
at that point.
The demand for the money necessary to
finance this business, has been met in part by the invest
ment of additional capital in the banking business, and
in part by whatever inducements have been necessary
to divert, as far as possible, the deposits of interior banks
to that point.
Appellants’ brief substantially admits this practice
on the part of the Pittsburgh banks, but the proof at the
16
hearing before the Organization Committee distinctly re
futed the statement of the brief, that the same thing was
true of Cleveland.
W e again, however, call attention to the fact that if
the statements above quoted are true, they are not ger
mane to the question at issue, which is, in what city of
District Number 4 will the Reserve Bank best serve the
interests of the entire District, instead of, what city has
the greatest need to borrow its funds.
The interests of
Pittsburgh and its immediate environs will be as con
veniently and fully served by the directors of the bank
located at Cleveland as they could be served if the bank
were located in Pittsburgh, while, at the same time, the
entire district can be most conveniently cared for from
the place selected.
W e do maintain that the conditions
existing in Cleveland, financial, commercial, industrial
and civic, as compared with those existing in any other
city of the district, clearly indicate that the location of
the bank there by the Organization Committee is a wise
location, and made in the interests of the district and
the system as a whole.
The fact stated in appellants’ brief, that a certain
number of banks in the District have joined in the petition
for the designation o f Pittsburgh as the reserve city,
means nothing.
No list of signing banks is given, but a
summary of the number which it is claimed have signed
is given upon page 12 of the brief. Persistent drumming,
such as has been done in this case, if reports from time
to time coming to us from various banks o f the district
are to be credited, frequently obtains signatures as a
matter of courtesy, especially in view of the fact that a
greater number of the banks no doubt view the question
as practically settled, and consider that their signatures
are not of much importance one way or the other.
Cleve
1
land banks have made no such efforts, nor have they
sought the aid of other banks throughout the district in
connection with this hearing. It is to be noted, however,
of these signatures, that 304 of them are Pennsylvania
banks— that is, banks located at or in close touch with
Pittsburgh— and that of the 462 banks outside of Penn
sylvania, appellants have secured the signatures of but
172. It can well be imagined that the procuring of Penn
sylvania signatures would be a very easy matter, in view
of local pride and interest.
It is submitted, therefore, that the convenient loca
tion of Cleveland, its closeness o f touch with all parts of
the district, the magnitude and diversity of its interests,
its conservative traditions, the steadiness and rapidity
of its growth, its business history, and particularly its
banking history, make it the logical selection of the Or
ganization Committee as the location of the Reserve Bank
of District Number 4, and that there is nothing in the
petition or brief of appellants to furnish sufficient ground
upon which your Honorable Board could justifiably dis
credit or set aside the decision of that Committee. That
decision was reached after a most thorough consideration,
not only of the arguments presented by representatives of
the cities then under consideration, but of all the ascer
tainable facts having any bearing upon the decision.
Nothing could possibly be accomplished by a change be
yond the mere gratification of local pride, which is not a
matter to be taken into account by your Honorable Board.
Respectfully submitted,
J. J. Sullivan,
B y S. H. Tolies, Counsel.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
17
Reproduced from the Unclassified / Declassified Holdings of the National Archives
APPEAL TO THE FEDERAL RESERVE BOARD IN
THE MATTER OF DESIGNATING THE FED
ERAL RESERVE CITY OF THE FOURTH
FEDERAL RESERVE DISTRICT.
BRIEF ON BEHALF OF THE MEMBER BANKS
OF CLEVELAND, OHIO, APPELLEES.
APPEAL TO THE FEDERAL RESERVE BOARD IN
THE MATTER OF DESIGNATING THE FED
ERAL RESERVE CITY OF THE FOURTH
FEDERAL RESERVE DISTRICT.
BRIEF ON BEHALF OF THE MEMBER BANKS
OF CLEVELAND, OHIO, APPELLEES.
J. J. Sullivan, Esquire, of Cleveland, Ohio, having
been duly designated as the representative of the M em
ber Banks of Cleveland, to act for them in this behalf,
respectfully submits the following brief upon this appeal.
The appeal involves the contention that the Reserve
Bank
Organization Committee, which carefully and
patiently heard the evidence offered in respect of the
proper location for the Reserve Bank of District Num
ber 4, erred in its conclusion.
This evidence was very
voluminous and claims of various cities in that district
were submitted fully and at great length.
The Com
mittee gave careful and thoughtful consideration to the
matter, and thereupon decided that Cleveland was the
proper location for the Reserve Bank of this District.
To upset such conclusion, reached in the above circum
stances, certainly casts upon the appellants a consider
able burden.
Two or three general considerations might be men
tioned in view of the present situation:
1.
It cannot be possible that there can be any m a
terial advantage, either to the City of Pittsburgh or its
1
2
industries, in the location of the Federal Bank in that
place.
I f it were possible, or if the bank could be so
used as to derive any disproportionate local advantage,
the entire purpose of the Federal Reserve A ct would be
defeated, its purpose being that all sections shall have
entirely uniform treatment.
I f such a thing could be,
or if the attitude of the Pittsburgh banks towards the
Federal Reserve scheme were such as to lead them to
suppose that such a result could follow, this attitude
would furnish one of the best reasons in the world why
the bank should be located elsewhere.
2.
Directors of the Reserve Bank of the District
have already been chosen by the member banks, as fo l
lows: Two from Pennsylvania, one of whom is located
at Pittsburgh; two from Ohio, neither of whom is lo
cated at Cleveland; and two from Kentucky; so that
Cleveland now has no representation at all upon the
board.
Your Honorable Board has the naming of the
remaining three directors, and if Pittsburgh has any
justifiable fears by reason of the location o f the bank at
Cleveland, it has another remedy than the one now
sought, by applying to the Board, as no doubt it already
has, for additional places upon the directorate o f the
District Reserve Bank.
There are no circumstances un
der which the Cleveland banks can exercise any control
over the Reserve Bank or unduly influence its action.
Pittsburgh, therefore, has nothing to fear in the present
situation.
3.
It has been a considerable time since the passage
of the Federal Reserve Act. Financial conditions during
that period have not been o f the best.
It is predicted
that when the A ct is put into operation these conditions
will be much improved.
Certain it is that the country
3
is impatiently waiting for the inauguration of the sys
tern, and business interests, to a large extent, are held
back, pending such inauguration. Certain preliminary
steps toward the organization of the system have al
ready been taken by the Organization Committee and by
your Board.
The country at large has looked upon these
as steps in advance, and has not felt, nor is it anticipat
ing, that they are merely steps to be retaken.
Questions
like that raised by Pittsburgh are of no material im
portance to the system, and if mistakes have been made
it is in the power of your Honorable Board in the future
to correct such mistakes, if any, as develop in the work
ing o f the system.
I f such contentions as this of Pittsburgh are to be
entertained, there are yet controversies between Balti
more and Richmond, New Orleans, Atlanta and Dallas,
Denver, Kansas City and Omaha, and no doubt others,
which may occupy the time of your Honorable Board and
delay the inauguration of the system indefinitely. These
controversies are all over matters in no wise vital to the
system itself, but purely matters o f local pride.
I f in
the working out of the system in the future any mis
takes are discovered, bringing hardship upon any section
of any district, it is within the power of your Honorable
Board at any time to correct them, without interfering
with the operation of the system when once inaugurated.
W e submit that they should not now be considered, but
that the system should be put into operation, as now
planned.
The petition filed by Member Banks of Pittsburgh,
and the brief filed in support thereof, seem principally
concerned with certain figures, which are supposed to
indicate the business “ supremacy” of Pittsburgh, which
that city is always quite ready to admit.
4
It is probable that Pittsburgh’s unwillingness to
submit to the decision of the Organization Committee,
and its complaint of the decision of that Committee be
fore this Board, is due rather to some feeling of wounded
pride in respect of this supposed supremacy than to any
real consideration of the needs of the district.
The mere figures presented concern so little the real
reasons which it is believed induced the action of the
Organization Committee, and upon which the determina
tion of the matter in question ought to rest, that not much
space will be taken here, either in criticising those fig
ures or in submitting others testifying to the commer
cial greatness of Cleveland.
The Federal Reserve system was not created for the
special benefit of any city, even Pittsburgh, or for any
special business, even the iron and steel industry, as vast
as it is. One supposed evil to be met was the undue and
unsafe concentration o f banking capital in certain great
centers, to the disadvantage of other sections of the
country out of touch with such centers, and which were
suffering from lack of banking capital and facilities, and
of elasticity in our financial system.
It is fair to suppose, therefore, that the primary
purpose of the A ct was, not to assist congested financial
centers, but rather to procure a steady and uniform dis
tribution of banking facilities throughout more sparsely
settled territory suffering from lack of attention and in
ability to reach and procure accommodations from these
great centers, and that the effort of the Organization
Committee was, not the determination of which city was
the greater banking center, but what city, as the head
quarters of a Reserve Bank, in each district would be
most likely to correct the existing difficulty and meet the
normal trade demands of the entire territory.
§
The purpose would seem, therefore, to be to prevent
the flowing into great centers of an undue part of the
circulating medium of the territory, and distribute it
more equitably among all sections requiring its use. The
Pittsburgh banks do not seem to have recognized this
purpose.
In such a plan, other things being equal, the city
whose financial conditions are most stable, whose con
ditions of trade and business are such that it is less
subject to fluctuations of financial and other business con
ditions, and which exhibits the most conservatively
steady progress of growth, is best fitted as the location
of the Reserve Bank.
A city whose industries in the way of manufacture
and trade are so widely diversified as are those of Cleve
land, is a much better location for the Reserve Bank than
a city dependent, as Pittsburgh is, upon the iron and steel
industries, and the group of manufactures naturally in
cident thereto, can possibly be.
This by reason of the
fact that the failure or depression of no single industry
can have any wide-spread effect upon conditions in the
former city.
For example, at the present moment, the industries
producing primary iron and steel (which products con
stitute, according to the manufacturing census o f 1909,
33 per cent of the total output of Pittsburgh factories and
but 14 per cent of the total output o f Cleveland factories)
are running at scarcely more than one-half capacity.
Nevertheless, a recent inquiry among a large list of Cleve
land factories, with many diversified lines, indicates that
this city is even now producing, on the average of all
lines, practically 80 per cent of its normal industrial out
put.
6'
The Cleveland brief presented to the Organization
Committee discussed at some length, not only the sug
gested lines of District Number 4, but the location of the
Reserve bank therein.
Copies of that brief are no doubt
now in your files, but additional copies are submitted
herewith for consideration, in so far as the matters here
involved are discussed.
There is no city in District Number 4 which can, as
can Chicago, Boston and New York, substantiate the
claim that the great bulk of the trade of the district cen
ters therein.
It must not be forgotten that, while Pitts
burgh may lead in certain lines of manufacture, District
Number 4 is very largely agricultural and contains many
small towns, scattered throughout the agricultural sec
tion, which have little in the way of manufacturing. For
example, the State of Ohio, forming the largest part of
the district, ranks fifth among the states in the number
of farms, sixth in value of farm property, sixth in pro
duction of corn, fifth in production of hay, sixth in
production of potatoes, third in production of wool, sixth
in production of butter, sixth in product of milk, third
in production of eggs, and the list might be extended
almost indefinitely.
In the location of the Reserve Bank for District
Number 4 the Organization Committee had before it,
and this Honorable Board, in reviewing its procedure,
has to determine, not what might best satisfy Pittsburgh,
but what city will best meet the requirements o f the
entire district.
It seems to us that these requirements are substan
tially as follows:
1.
District.
Satisfactory communication with all parts of the
7
2.
Proximity to center of traffic and exchanges of
the District.
3.
Financial,
commercial,
industrial
and
civic
strength, conservatism, steadiness of growth, and free
dom from business or banking fluctuations or disturb
ances.
4.
Satisfactory relations to the entire District.
Taking these up in their order:
1.
Communication.
So far as communication by mail is concerned, there
is no considerable difference. A letter mailed from cities
in the remotest part of the District on one day would
reach either city in time to receive attention during
banking hours of the next day, but whatever difference
there is is in favor of Cleveland, as the mails from many
points reach that city and are distributed earlier in the
day.
It is not true that Pittsburgh is more convenient of
access, as claimed in appellants’ brief, than is Cleveland
in respect to the greater part of the District.
Of the
thirty-seven cities of Ohio containing a population of
10,000 or more in 1910, taking those cities as indicating
density of population, twenty-nine, having a total p op u
lation of 1,987,000, are nearer to Cleveland in time of
transit than they are to Pittsburgh, whereas but eight
of these, with a population of 143,000, can reach Pitts
burgh more quickly than Cleveland, and the difference
of time even in those cases is very slight. This statement
is based upon a carefully compiled tabulation of the
passenger train service from these thirty-seven cities to
Pittsburgh and Cleveland respectively.
8
W e have made the same investigation into that por
tion of the State of Kentucky included in District Num
ber 4. There being few cities in Kentucky of more than
10,000 population, we have examined train service from
all Kentucky cities within the District having a popu
lation of 5,000 or more.
There are eleven such.
From
ten of them Cleveland can be reached in less time than
Pittsburgh.
From
the
eleventh— Middlesboro— both
Cleveland and Pittsburgh can be reached in exactly the
same time.
Even in that part of western Pennsylvania included
in the District, out of the twenty-two cities containing a
population of 10,000 or more according to the census
of 1910, three are a shorter journey to Cleveland than
to Pittsburgh, and as to a fourth there is a difference of
seven minutes in favor o f Pittsburgh.
As to the small section of West Virginia included in
the District, Wheeling, the largest point, has two direct
railway lines to Cleveland, and there is no difficulty in
reaching Cleveland from this section.
It must be ad
mitted, however, that Pittsburgh can be reached some
what more quickly.
2.
Location with respect to center of traffic and ex
changes.
Much of appellants ’ brief is taken tip with the propo
sition that the general lines of trade in the United States
are between the east and the west and that the main
trunk lines of railroad run in those general directions.
To some extent this proposition is necessarily true, for
the distance from seaboard to seaboard, east and west,
is much greater than the distance from the Great Lakes
to the Gulf, from north to south. In very early times the
Atlantic seaboard was practically our only outlet to water
transportation, and the business from the interior nat
urally drifted to the ports o f New York and Boston, there
located.
When lines of railway began to be constructed
they naturally began at this seaboard and extended to
ward the west. W ith the development of the entire coun
try, however, this condition gradually changed.
A very
large volume of trade now passes through more southern
ports and through Seattle and San Francisco on the west.
Trunk lines now reach the interior from those ports along
the southern coast, and a vast volume of trade passes
from north to south as well as from east to west.
Travel
ing from east to west— as soon, at least, as Ohio is
reached— there is a network of railways from north to
south through all the states o f the middle west, connect
ing ultimately the more southern ports with Cleveland,
Chicago, and other large cities of the middle west. These
considerations, however, have not much to do with the
question in hand.
If the Board had only to consider that part of Penn
sylvania included in District Number 4, it is obvious
that Pittsburgh, though not the geographic center, would
be the center of traffic and exchanges of that section.
The State of Ohio, however, constitutes the principal
part of District Number 4, and a very large part of its
business follows north and south lines.
The density of exchanges is indicated fairly by the
railroad facilities, which handle the traffic.
Every east
ern trunk line in the United States enters Cleveland, and
Cleveland is in the principal highway o f travel between
New York and Chicago.
W e especially call attention to
the fact that Cleveland is in the most direct line from the
iron ore in the northwestern states to Pittsburgh and the
bituminous coal deposits in District Number 4.
The
principal business o f Pittsburgh is in iron and steel, and
10
it cannot truthfully be claimed that there is no natural
line of trade or course of trade between Pittsburgh and
Cleveland.
It would be even greater folly to advance a
similar claim with respect to central and southern Ohio.
It is objected that Cleveland lies on the extreme
northern edge of the District, with only the lake at its
front.
Geographically, of course, this is as advantageous
as is Pittsburgh’s location on the extreme eastern edge
of the District. It is to be remembered, however, that as
a traffic-producing territory, the lake very much exceeds
any other territory of equal area. Substantially all of the
iron ore supplying the iron manufactories of the District
passes through its northern boundary.
Practically all
o f the shipping carrying this ore is directed from Cleve
land, and the production of a very large proportion of the
ore itself is financed from that point.
There can be nothing in the location of the Reserve
Bank at any point which will in any wise affect or disturb
the convenience and customary course of trade.
This
point was frequently stated by members of the Organiza
tion Committee during the hearings.
The injunction of Section 2 of the Federal Reserve
A ct with respect of “ due regard to the convenience and
customary course of business” has reference to the ap
portionment of districts and not to the location of the
Reserve Bank therein.
It may be conceded, however,
that in the selection of the location for the Reserve Bank
such due regard should be had, but it is a misconception
of this injunction if it be supposed that the purpose of
the requirement was to leave the course of banking ex
changes in precisely the state in which it was found prior
to the enactment of the Federal Reserve Act.
To so
construe the injunction is to defeat one of the obvious
purposes of the A ct as hereinbefore set forth, which wa?
11
to so rearrange the course of banking exchanges as to
avoid unsafe concentration in great centers and distribute
banking capital and facilities throughout territories not
well supplied therewith.
3.
Financial,
commercial,
industrial
and
civic
strength, conservatism, steadiness of growth, and free
dom from business or banking fluctuations or disturb
ances.
Considerations arising under this head it is believed
very strongly influenced the action of the Organization
Committee and are sufficient to require an approval of its
action by the Board.
Much stress is laid by appellants upon the size of the
banks of Pittsburgh and the industries in which she
claims a commanding position.
It is no more true in
finance than in any other branch of human endeavor that
strength and stability are necessarily measured by size
alone, and it is therefore necessary to consider the ele
ments mentioned in the heading of this paragraph.
Many a factory town can make the boast of leading
the world, or at least its own state, in the production of
some commodity, however small the business may be in
itself. Cities most commonly advertise themselves by
picking out a particular industry or industries, or branch
of commerce or trade, in which the city has attained a
commanding position.
Pittsburgh has its iron and steel,
Akron its rubber tires, Dayton its cash registers, Troy
(New Y ork) its shirts and collars.
Such, however, are
not determining elements in the selection of the location
of the Reserve Bank. If they were, a formidable list might
be exhibited for Cleveland.
There is probably no manu
facturing center in the United States whose industries
are so diversified as are those o f Cleveland, while it
12
leads in many lines, a detailed list of which would, how
ever, not be helpful here.
It is probable that this very
diversity of manufacturing industries is one o f the prin
cipal causes of the city ’s steady, consistent growth in
population until it has become the sixth city in the United
States, and in the volume of its products until it has be
come the fifth.
Its growth in both directions has been
entirely unhampered by conditions which from time to
time check or retard such growth in other centers of less
diversified activity.
The banks o f Cleveland concededly are neither so
numerous nor have they so large a capital as those of
Pittsburgh. Their history, however, well illustrates the
conservatism and safety of the business methods of this
community.
Banking methods of Cleveland are tradi
tionally sound and safe. Not a single failure of a national
bank has there occurred, nor has any depositor in any
national bank ever suffered the loss of a penny.
The
records of the Comptroller’s office disclose that similar
statements cannot be made of Pittsburgh’s banking busi
ness.
This fact is only referred to as indicative of the
stability of banking conditions in Cleveland, a fact which
no doubt had much weight with the Organization Com
mittee.
Comparisons between different cities cannot be made
upon the basis of reported bank clearances unless the
accounting methods used in each instance are known.
For instance, Cincinnati, with its concededly lesser vol
ume of business, constantly reports larger bank clearings
than Cleveland, while Pittsburgh exceeds both. A reason
sometimes assigned, and to some extent no doubt true,
is that there are no stock exchanges in Cleveland which
send a large volume o f clearances from
through its banks.
day to day
Its business is almost wholly un-
13
speculative.
Comparisons, however, of fluctuations in
bank clearances do furnish some indication of the stabil
ity both of banking and general business in the cities in
respect o f which they are studied, as well as of the steadi
ness of their growth.
Chart 5 attached to the Cleveland brief herein re
ferred to is a diagram illustrating the growth and fluctua
tions in clearances for the period of ten years ending
September 30, 1913. W hile Pittsburgh shows a sub
stantial growth in that period, it is a growth accompanied
by wide fluctuations indicating periods of extreme depres
sion in business as well as extreme stimulation.
indicated by the blue line upon the chart.
This is
The red line
upon the same chart indicates the regularity and stead
iness ofthe Cleveland growth and illustrates in a graphic
way the temperamental difference in the two communi
ties.
Pittsburgh is “ either prince or pauper,” while
Cleveland moves steadily and conservatively onward.
A t first blush it might seem that civic conditions, as
distinguished from conditions in banking and other busi
ness, might have little bearing upon the question under
discussion. Nevertheless such conditions are evidences of
the spirit pervading a particular community and become
reflected in the general business of that community.
The
municipal affairs of Cleveland have always been free from
corruption or scandal, and its banking business has been
likewise free from scandal or entangling alliances, polit
ical or otherwise.
Cleveland has the lowest death rate
among the large cities of the country, indicating careful
and intelligent municipal sanitation, though climatic con
ditions, of course, have their influence.
It was the first
American city to initiate and begin putting into effect a
plan for grouping its great public buildings in a civic
center.
Its experiments in charity and correction are
14
attracting world-wide attention and serving as models to
other communities.
Its famous Farm Colony, Cleveland
Federation of Charity and Philanthropy, and its new
“ Cleveland Foundation”
are examples of these.
Its
unique street railway franchise has removed to a large
extent from public agitation a problem which, in other
cities, is a constant source of disturbance, both to banking
and business conditions.
Its citizenship expresses itself
not only by vote, but also through civic and commercial
organizations, in which effective voluntary service for
the improvement of living and working conditions in
Cleveland is rendered most freely by a very large num
ber of able men.
These conditions are, to a large extent, reasons for
the vast growth of Cleveland, and their existence insures
a future healthy condition and continued growth, so that
in the future, still more than at present, Cleveland is
likely to be the real center of the district.
W e quote from the brief filed before the Organiza
tion Committee a few items concerning the relative
growth of the two cities and their business interests.
Many other items might be furnished, but these are suf
ficient to indicate the point in question.
The ten year
periods taken are the most recent for which data could
be accurately obtained.
Percent of Increase
Pittsburgh
Cleveland
Postoffice receipts, 1904-1913. . ..
46.9
116.4
107.5
Value of manufactures, 1899-1909
95.1
11.1
Clearing House exchanges, 19041 9 1 3 ........................................
57.8
23.9
Deposits, all banks, 1904-1913...
66.1
36.2
Population, 1900-1910 .................
18.2
It is to be noted as to the population increase, that
Pittsburgh, during the period in question, absorbed A l
legheny City with its large population, while annexations
to Cleveland account for less than 5 per cent of its in
crease.
A census of manufactures is being taken during the
current year, and if anything like the relative increases
indicated in the last census are continued, as we believe
will prove to be the fact, Clevland will have far out
stripped Pittsburgh in the line of manufactures.
There seems no reason why the history of these cities
should not be duplicated in the future, and Cleveland
proceed along the lines of a conservative, steady growth,
without feverishiiess or fluctuation, and maintain its po
sition as the logical location for the Reserve Bank o f the
District.
4.
Satisfactory relations to entire District.
The brief of appellants states that “ a much larger
proportion of the banking of the District is done in Pitts
burgh than in Cleveland,” and that “ there is a far greater
need for the resources of a Federal Reserve Bank in and
about Pittsburgh than in and about Cleveland.”
The fact that the kind of business carried on at
Pittsburgh and in territory adjoining requires larger
sums of money, is the cause of a larger banking business
at that point.
The demand for the money necessary to
finance this business, has been met in part by the invest
ment of additional capital in the banking business, and
in part by whatever inducements have been necessary
to divert, as far as possible, the deposits of interior banks
to that point.
Appellants’ brief substantially admits this practice
on the part of the Pittsburgh banks, but the proof at the
Reproduced from the Unclassified I Declassified Holdings of the National Archives
15
16
hearing before the Organization Committee distinctly re
futed the statement of the brief, that the same thing was
true of Cleveland-.
W e again, however, call attention to the fact that if
the statements above quoted are true, they are not ger
mane to the question at issue, which is, in what city of
District Number 4 will the Reserve Bank best serve the
interests of the entire District, instead of, what city has
the greatest need to borrow its funds.
The interests of
Pittsburgh and its immediate environs will be as con
veniently and fully served by the directors of the bank
located at Cleveland as they could be served if the bank
were located in Pittsburgh, while, at the same time, the
entire district can be most conveniently cared for from
the place selected. W e do maintain that the conditions
existing in Cleveland, financial, commercial, industrial
and civic, as compared with those existing in any other
city of the district, clearly indicate that the location of
the bank there by the Organization Committee is a wise
location, and made in the interests of the district and
the system as a whole.
The fact stated in appellants ’ brief, that a certain
number of banks in the District have joined in the petition
for the designation o f Pittsburgh as the reserve city,
means nothing.
No list of signing banks is given, but a
summary of the number which it is claimed have signed
is given upon page 12 of the brief. Persistent drumming,
such as has been done in this case, if reports from time
to time coming to us from various banks of the district
are to be credited, frequently obtains signatures as a
matter of courtesy, especially in view of the fact that a
greater number of the banks no doubt view the question
as practically settled, and consider that their signatures
are not of much importance one way or the other.
Cleve
17
land banks have made no such efforts, nor have they
sought the aid of other banks throughout the district in
connection with this hearing. It is to be noted, however,
of these signatures, that 304 of them are Pennsylvania
banks— that is, banks located at or in close touch with
Pittsburgh— and that of the 462 banks outside of Penn
sylvania, appellants have secured the signatures of but
172. It can well be imagined that the procuring of Penn
sylvania signatures would be a very easy matter, in view
of local pride and interest.
It is submitted, therefore, that the convenient loca
tion of Cleveland, its closeness of touch with all parts of
the district, the magnitude and diversity of its interests,
its conservative traditions, the steadiness and rapidity
of its growth, its business history, and particularly its
banking history, make it the logical selection of the Or
ganization Committee as the location of the Reserve Bank
of District Number 4, and that there is nothing in the
petition or brief of appellants to furnish sufficient ground
upon which your Honorable Board could justifiably dis
credit or set aside the decision of that Committee. That
decision was reached after a most thorough consideration,
not only of the arguments presented by representatives of
the cities then under consideration, but of all the ascer
tainable facts having any bearing upon the decision.
Nothing could possibly be accomplished by a change be
yond the mere gratification of local pride, which is not a
matter to be taken into account by your Honorable Board.
Respectfully submitted,
J. J. Sullivan,
B y S. H. Tolies, Counsel.
^produced from the Unclassified / Declassified Holdings of the National Archives
is m a m
s w im
a t iK /u u sa m
/
H is o a lla n e cm s l e t t e r s , toleo'r&mo and r e s o lu tio n © *
Hbchibii Ho #
1.
errtmlttod by— >J•J•B-al1ivan#
SV-.teneot of 2ho Jartlett and Snow Co*, regarding Glevoland as iron maixafaoturin^ center
2*
St&taaaeit and snap submittod by J*J*^iuliva» for 01»voland
i'bcectitiv© Coemittot (mp filed separately j
S.
Clipping from Mi;t#7emon Befablican
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anxtort Btewfed* «ul«dts oopioo of lottors oont to Bnff&o*
D e t r o it sad f o i e # *
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8
13015
Reproduced from the iSiqlassified / Declassified Holdings of the National Archives
C U ta d m ti* fill
W A R R E N S.H AYD EN, p r e s i d e n t
F R E D E R I C K A H E N R Y , 1s t v i c e p r e s i d
M O R R I S A. B L A C K , 2 N d v i c e p r e s i d e
G E O R G E A. CO U LTON, t r e a s u r e r
/
MUNSON HAVENS, SECRETARY
/
e n t
n t '
\
*
f(\
\
^
\
isixth City
February 28th, 1914.
EXHIBIT N O ... /
To the Reserve Bank Organization Committee,
H e a rfn a : a t
Treasury Department,
Washington, D.C.
Gentlemen:
The Cleveland c om it tee has given most serious consideration
to the specific questions asked at your Cleveland hearing, covering the
matter o f rediscounting and borrowing done by the banks in our proposed
d istrict at the period o f extreme demand.
we received the transcript
o f the Cleveland hearing last Tuesday, the 24th in st., arid have since
canvassed a ll the p o ssib ilitie s o f securing data on these points.
The
questions on these points are contained on pages 4554, 4558-9 and 4578-9
^
^
'
o f the transcript,
In promising to furnish the actual figures on rediscounts and
borrowing, we must confess that we failed to take into consideration the
fact that the item of "notes rediscounted” and " b ills payable** in the
reports o f the comptroller o f the currency are shown for states and reserve
c itie s , but not for other c itie s or counties; and that the statements of
resources and lia b ilit ie s o f individual national banks as contained in the
Comptroller's Report, do not show these two items sp ecifica lly, but include
them under the item "Due to Banks and All Other Liabilities.**
We have
since discovered also that the reports of state banking departments in some
of the states surrounding Ohio, some parts of which were included in our
/j
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-2 -
d istrict, do not contain sp ecifically the item of rediscounts; and timt
for some o f these states we are unable, in the short time ve have had
since receiving the transcripts, to secure these items by counties so
that ure could give the figures for those parts o f these states which
we have included in our d is tr ic t.
We give you below, however, a ll of the figures that are ob
tainable from published sources for a la ll date of last year, the fa ll
being undoubtedly the period of peak demand lor the d istrict:
Notes Rediscounted
Ohio National Banks (Oct. 21)
State Baziks and Trust
Companies (Oct. 21)
New York (Dec. 9)
lo Western Counties
State Banks
Pennsylvania (Nov. 1)
25 Western counties
State Banks
Trust companies
B ills Payable
« 345,879
$3>412,999
__ lh*2S __
t 421,279
1,182.720
*4,595,719
Total
15,016,998
not reported
♦
6,300
not reported
>,3oo
#
4i,25o
_5*2,, 45 1
t
588,7o5
» 595,005
I5,& 57# oo3
We have considered, we believe, every possible means of securing
the data on rediscounts and b ills payable, and also of securing data on any
devices by which banks might increase their lending capacity without resorting
to rediscounts - such devices being referred to by you as “indirect rediscountin g.“
The concensus o f opinion of our own uanicers is tftat i t would
do
very
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-3 d iffic u lt , i f not impossible, for than to diocover from their own records
any accurate figures or estimates on these points, and we have fe lt that
even i f every bank in the d istrict were willing to cooperate, i t would take
a long time and would require careful analysis to secure any figures whose
accuracy we could even assume;
and that in the present state of feeling,
with rivalry among c itie s in this d istrict, and in view o f the very con
siderable amount of research that would be required, a large number of banks
in this d istrict would decline to respond to a request for such information
even should there be sufficient time to make the necessary research prior to
the last date when the information would be serviceable to you*
With the fu ll recognition of the desirability of data as to the
borrowing and lending power o f the d istrict, we endeavored in formulating
our b rief to arrive at some means o f indicating the probable situation in our
proposed d is tr ict.
We wish to ca ll your attention to the result of our
deliberation on that point which appears in the b rief as Table A, and appears
graphically as Chart I .
This table and chart show the reserve percentages
o f the five reserve c itie s in our proposed d istrict, and a composite of these
five, as well as the averages o f a ll reserve c itie s in the United States at
dates o f ca ll of the Comptroller o f the Currency for the three years, 1911»
1912 and 1913»
We fe lt that from this table and chart the inference is plain
that the d istrict as a whole is , as contended in our b rief, fa irly se lfcontained;
and this inference is in accordance with the judgment of the best
informed bankers in Cleveland.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
»4~
The committee desires to ask your attention to the fact that eons o f
the statements made at the Cleveland hearing in response to questions as to the
lending power o f the d istr ict were made under a mis-apprehension, and referred
to Cleveland rather than to the d is tr ict.
as w ill appear from page 4578*
The statements were corrected later,
It is our judgment that very nearly or quite
a ll the funds available for loan in this d istrict can usually be advantageously
placed within the d istr ic t.
Cleveland, however, would be frequently in a
position to devote some surplus funds to the needs o f other lo c a litie s within
the d istr ict;
and o f course any surplus in the d istrict at any time woul4
become available to other d istricts,
I
am a u th o riz e d t o a d v is e you th a t the C lev ela n d C le a r in g House
A s s o c ia t io n w i l l e x p e ct to fu r n is h you th e answers and data re q u e ste d o f them
w ith in a s h o r t tim e.
Very respectfully yours,
f
■... ■
Reproduced from the Unclassified / Declassified Holdings of the National Archives
OKG
Ifarrth
I f 14*
S lr t
On bahalf o f the ConnltWn* I beg
to aakn-ovl*ds?i the
o f February
28 th
o f y<mr let tar
g iv in g ssrtatn in f <**«***•
1 1on raowaated by tho Connlttco
frith
re f -
eranfto to notes diftooimt+d and b i l l * pay
able by banka in yoar S»iate*
I
*xrm et t o
nnte your m ig r a tio n that you
furnish fa rth er a urwor* and d a t *
requested b y t h e Corar?!t t a e w i t h i n a few d a y s
and- a h a .ll tafce nle&awre la s a ilin g iha aame
to the C©raalttoe*s Attention*
Kes o e s t fu lly t
S e c r e ta r y *
Raaarvo.
Organitut ion Cooks! tta e«
Utm J . J * S u l l i v a n *
The Cleveland Chamber o f C-omnerce,
Cl**elfMdv Ohio.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
T '- c .
• . M<»* »■#
of Commerce
O f f i c e s —R o o m s 7 2 2 - 3
S e c o n d N a t io n a l B n r u i iN e
P R B D M . H A R P H A M , P x is tD in T
H . B< M A N T O N , 1 s t V i c e P m a iD B N T
O ’N E I L i 9 x > V io b P r e s i d e n t
6> O A R L D IE T Z , T k ea suh br
Mi
M EM BER OF CHAM BER O F COM M ERCE
O F T H E U N I T E D S T A T E S O F A M E R IC A
vrtromrr s. stbvuns, sxcbieiaht
akron, 2D&10, Jan. 14, 1914.
Mr. W. S. Hayden, President,
Cleveland Chamber of Commerce,
Cleveland, Ohio.
Bear Sir:The Board of Directors of the Akron Chamber
of Commerce upon the recommendation of the national Affairs
Committee, at a meeting Tuesday, January 13th unanimously
adopted a resolution favoring Cleveland as the location
for a Regional Reserve Bank in this section of the country.
If our organization can be of any further
service in this matter
we will be glad to have you
communicate with us.
Respectfully submitted in behalf of the
Board of Directors:
CJL-V''"
Secretary.
P iM I
--
1
1
* '-ll ' -
Reproduced from the Unclassified I Declassified Holdings of the National Archives
,
*Ashland the City of Progress and Prof Srity3
BOARD OF v
DIRECTORS
W . W . MOORE, President
FRED T. FLINN
W. C. NEELY
CLARENCE. METTERS
C. W. LANDIS
, B. VANOSDALL
C. R. WINBIGLER
GEO. HILDEBRAND
FRED EDWARDS
J. W . BROWN, Secretary
ELLSWORTH SHINN, Vice President
FRANK B. DOWNS, Treasurer
Che Commercial Club of Msbland
Ashland,
o h io
,
Jan. 14-th, 1 9 1 4 .
STANDING
COMMITTEES
1913
Entertainment and Recep
tion—N. Strauss, John Stockwell, Henry Schulz, Fred T.
Flinn, Robert Smilie, A. L.
Vanosdall, Clarence McKellogg.
Mr. Warren B.Hayden, Free
Cleveland, Ohio.
Dear Sir:
Finance—Frank Shank, W.
Bosworth, Byron Hoot, Chas.
Swartz, Lloyd Matthews, Joe
Gast, H. D. Lingle.
Press—Chas. L. Bowman,
rence M e tte r s , E d g a r
Koehl, Ellsworth Shinn, F. T.
Flinn.
, Membership — Dr. J. A,
Hisey, Ed. Pille, Chas. Mas
ters, Elza Cassel, F. W. W ol
ford, Theo. McNeely, Robt.
Nelson, E. E. Miller, Frank
Barone, John Briggs, Wm.
Harry.
Good Roads—F. E. Myers,
George Hildebrand, Dr. Will
ard, Geo. R. Freer, Joe Fike,
Henry Brubaker, M. V. Semple, Ted Brindle.
New Enterprise—Clyde C.
Sherick, C. C. Chapman, Dr.
C. A. Levering, P. F. Sharick,
J. C. Sloan.
Franchise—John C. Myers,
T. E. Moore, N. P. Ramsey,
/ S. Miller.
Foreign Advertising - Geo.
Hildebrand, John Stockwell,
Ed L. Reaser, C. W. Landis,
I. H. Good.
Street and Concessions —
Fred Edwards, H. B. Vanos
dall, E. E. Brown, J. R. Heichel
At a regular meeting of the Ashland Commercial Club
the following resolution was past.”In the interest of Ttz*.
large territory surrounding Cleveland,we most emphatically
urge the establishment of a Regional Reserve Bank in
Cleveland, 0.,
Yours very truly.
Ashland Commercial Club.
JWB-ER
V
Secy,
®Jje Chamfer of Commerce
of ifye
Cttg of ^gfytabula
F. W . Sto n e, p r e s i d e n t
W . H. MORRISON. F I R S T V I C E P R E S .
E .O . W h it n e y , s e c o n d v i c e p r e s ,
H . M. K u n k l e . t r e a s u r e r
O. R. C l e v e l a n d , s e c r e t a r y
A s h t a b u l a , O h io
R E S O L U T I O N
Resolved, by the Chamber of Commerce of the City of Ashtabula,
that Cleveland, Ohio, on account of its location with reference to
the commerce of the Great Lakes and the numerous business and financial interests of the North Central States, as well as on account of
the important manufacturing and commercial enterprises within its own
limits which have within recent years made Cleveland the most import
ant city in Ohio and the growth of which insures its continued suprsnacy, is hereby heartily recommended to the Reserve Bank Organization
Committee as the location of one of the Reserve Banks under the new
currency and banking laws of the United States.
The above resolution was unanimously adopted by the Ashtabula
Chamb er of Coroner ce at
pr esident
Attest :
Secret ary
......I-'
.L—ILIJI I1ILL
Reproduced from the Unclassified I Declassified Holdings of the National Archives
F R A N K L . N IE D E R A U R , P R - ' I D B N T
A R TH U R G . S P A N G L I
'ICE PRESI DENT
CH A U N CEY L. N s V -O M C R , S E CRE T ARY
MARTIN V . G A R V E f
E L IE L
INN S
W it ,,A M H . G A R D N E R
R E U S E SI L . S T A R R , D I R E C T O R S
BERT W . A M ES, T r e a s u r e r
Che Bryan Business men’s Association
January 9, 1914,
The Cleveland Chamber of Commerce,
Cleveland, Ohio*
GentlemenJ
At a meeting of the Bryan Business Men’s
Association held January 8, 1914, the following
resolution was adopted.
Be it resolved by this Association that
we request that a regional reserve bank be
located in Cleveland, Ohio under the act of
Congress providing for federal Reserve Banks*
I.1ILII■ . I,
-------
Reproduced from the Unclassified I Declassified Holdings of the National Archives
©ffice af
Eht
Hustnrss JReit’a Association
© f
C a n to n , © h ta
DIRECTORS
OFFICERS
H A RRY H. W EISS
L E ST ER D E W E E S E
C H A R L E S E. NORRIS
F R A N K L. PA LM
LOUIS E. D EU B LE
P. CO STA HAWK
•
-
P R E S ID E N T
1 s t V ic e
2 n d v ic e
- 3 R D V IC E
-
S ecretary
Trea surer
A L F R E D C . EYNON
HENRY MANN
3 1 2 MARKET
A V E ., N.
G EO . F . SC H O N ER
D. L. H O LW ICK
WM. S. E P PE R SO N
P . E. MOOCK
S E C O N D FLOOR
AUG. P. DABERKO
G. SPA N A G EL
G EO . H. KERVEN
C H A S . R. KU M PF
Warren S Hayden, Esq
Pres Chamber of Commerce,
Cleveland, Ohio
Dear Sirs
At the annual meeting of our Association Tuesday night, the 6th,
inst, the following resolution was unanimously adopted, favoring the
location of a regional bank in Clevelands
*In viww of the fact that the currency bill recently enact11ed by Congress will require the establishment of regional
"banks in various parts of this Country; and because one of
wthese banks logically will be established in Ohio or a near*wby State, therefore be it
"RESOLVED by the BUSINESS MEK3 ASSOCIATION of ©AKTGff,0H10,
"that we unanimously endorse Cleveland, sixth City, as the
Mlocation for a regional bank, because it is situated in a
"most important industrial center and in the heart 6f the
’’richest agricultural district in the United States*
’’RESOLVED that we believe the State of Ohio is entitled to
”recognition in this respect, and that the location of such
f,a bank in northern Ohio, namely Cleveland, will best subserve
’’that large number of manufacturers and business men and also
11add confidence and stability to local business and manufactures,
"and srct've bent that great farming community of which Ohio is
”formed <,
"We therefore ask the federal commission to carefully consider
ttCleveland as a location for a regional bank, Relieving it will
"best serve our interests and that of northern Ohio, than if
’’located further south in the State* w
We assure you of xour heart interest in this matter
earnestly hope for your recognition.
and
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Whereas- There is now under advisement by the National Govern
ment sites fer the location of Reserve Banks, and
Whereas- The purposes for which said Reser%re Banks were created
will best be conserved by selecting as sites for such
banks locations that are centers of population, manu
facturing industry, trade and commercial activity, and
Whereas- Cleveland,Ohio, sixth city, ideally meets these condi
tions, thereforeBe I t Resolved by The Commercial Club of Chagrin Palls,O*,that
the Chamber of Commerce of the City of Cleveland be, •
and is hereby requested, to use its best efforts toward
securing the location of one of these proposed Res
erve Banks in Cleveland,Ohio, in order that the best
interests of the people of Cleveland, Cuyahoga County*
the 3tate of Ohio, and the great Middle West may be
best served by the location of this institution in
in its logical site. Further, that a copy of this res
olution be forwarded to the Chamber of Commerce of Cle
veland, Ohio*
See*
Chagrin Palls,Ohio* January First,1 9 1 ^
Reproduced from the Unclassified I Declassified Holdings of the National Archives
THE CLEVELAND HEIGHTS CIVIC CLUB
O F FIC E R S— 1 9 1 3 - 1 4
«. P . Ba r d e n , P r e s id e n t
. H . H y d e , 1st V ic e - P r e s .
1 c ,,
CLEVELAND HEIGHTS, O.
tf«nf
lO tll,
*
1914,
W . E. B e r e s f o r d , 2 n d V ic e - P r e s .
L. E. W ym an , 3 r d V ic e - P r e s .
E. B. Me r r e l l , T r e a s u r e r
S . H. Ma n s f ie l d , S e c r e ta r y
The fo llo w in g re s o lu tio n was introduced by
Mr. A. M. Corcoran, who moved l i e adoption; the
motion wee duly seconded and unanimously c a r r ie d ;
WHEREAS# The passage o f the Federal Reserve A ct,
haying fo r i t s purpose the r e v is io n o f our present curren
cy system, p rovides fo r the organ isation o f not le s s than
eigh t nor more than tw elve s o -c a lle d Regional Banks, to
be lo ca te d in d iffe r e n t c i t i e s o f our cou ntry; and
WHEREAS, the lo c a tio n o f such a bank in Cleveland
would inure la r g e ly to the p re s tig e and in d u stria l and
fin a n c ia l development o f our c i t y ; and
WHEREAS, The Cleveland c le a r in g House A ssocia tion
has adopted re s o lu tio n s fa v orin g the lo c a tio n In th is c it y
o f a region a l reserve bank, and has appointed a committee
f o r the purpose o f Inaugurating and p rosecu tin g an aggres*
s lv e campaign to have one o f such reg ion a l banks lo ca te d
h are, and the Cleveland chamber o f commerce, and many
oth er organ isation s in our o lt y have appointed committees
to co -op era te with the c le a r in g House committee: Therefore
BE IT RESOLVED# That we are u n q u a lifie d ly In fa v or
o f the lo o a tio n o f a region al bank in C leveland, and that
the members o f th is clu b pledge themselves to co -o p e ra te
with the Cleveland C learin g Houaa and other s im ila r organ
is a t io n s ; and that we w ill use our b est endeavors to have
a reg ion a l bank loca ted h ere.
I c e r t i f y the above t o be a c o r r e c t tr a n s c r ip t o f the
proceedings o f The Cleveland Heights C iv ic Club, Cleveland
H eights, Ohio^at i t s regu lar m eeting, Wednesday evening,
January 14thf 1914.
p i* —
......................................................................................................................................................................................................... ...................
...........
Reproduced from the Unclassified I Declassified Holdings of the National Archives
THE COMEAUT CHAMBER Of COMMERCE. .
COMMITS? # 0.
WHEREAS,The Federal Beservd Organization committee, under
the new Federal Reserve act, have expressed a desire for
information relative to the establishing of federal
Reserve Districts and the location of federal Reserve Banks,
and,
Whereas,The Chamber of Commerce of The City of Conneaat, Ohio,
after full consideration and discussion, believe that the City
of Cleveland, Ohio should be made the location of one of said
Banks for the following reasons;
FIRST,
Its location is such that access is easy by rail
or water to all parts of the surrounding territory.
SECOHD,
The South shore of Lake Erie and the vast Territory
adjacent thereto is developing very rapidly as a Manufacturing
and Commercial District, owing to Water Transportation# It is
the logical location for Iron, Steel and other industries.
It is the meeting point of iron and coal. As Cleveland has
developed, so has the district tributary thereto.
THIRD,
Banking and other business of Conieaut and terri
tory surrounding it is transacted almost entirely through
Cleveland at the present time, and if Conneaut were included
in a district with a reserve Bank in some City, other than Cleve
land, great inconvenience would be caused, and a general change
, in what has been the custom inBanking and other business,
would be necessary, to the great detriment of the Business Inter
ests of Conneaut; Therefore be it
RESOLVED, by the Chamber of Commerce of the City of Conneaut
Ohio that we recommeAd, and use our utmost endeavors to secure
the location of a Federal Reserve Bank in Cleveland, Ohio, and
we hereby petition The Federal Reserve Organization Committee
to select Cleveland as one of its reserve centers.
R ep rod uced from the U ncla ssifie d / D ecla ssified H oldings of the N ational A rchives
'WIT ,
Form 2 5 8 9 B
T H E O . N . VAIL, P R E S I D E N T
ECEIVED AT
1 3E JR 5C BLUE ^ £ x A
CRESTON 0 DijAN 1ST
WARREN 5 HAYDEN PREST CHIMBER OF COMMERCE
CLEVELAND 0
THE F I R S T ACT OF THE
CRESTON BOARD OF TRADfj'SlAs
P A S S IN G OF T H I S R E S O L U T IO N RESOLVED THAT T H I S BOARD I S
WARMLY
IN FAVOR OF LE N D IN G
L O C A T IO N OF ONE OF THE
EVERY EFFORT TOWARD SE CUR IN G 1 HE
RE GIONA L N A T IO N A L RESERVE BANKS *T
CLEVELAND OH IO W IT H K I N D E S T REGARDS
FOR A HAPPY NEW YEAR
W I MCGLENEN
PRES I LENT
Sender
F1
'
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A.
L.
STARK,
C.
E,
LOZIER,
PRESIDENT
F.
o. W I L F O R D , S e c o n d \
FI RST VICE
H.
P^^SIDENT
J.
E. J .
W.
HINMAN,
SECRETARY
LOCHER,
TREASURER
President
15ljp CUgrta
DIRECTORS
C.
A..
DIRECTORS
CREHORE
R.
B,
LERSCH
CRISP
C.
E.
LOZIER
C.
H. C U S H I N G
A.
L.
Qhambpr o f Qotmm'm
C,
E.
HANCOCK
J.
A.
HEWITT
J.
H.
HURST
JACOB
A.
GARFORD
dlgrta Ohio
J.
E.
MURBACH
PLOCHER
C.
H.
SAVAGE
A.
L.
STARK
F.
O.
WILFORD
January 6, 1914,
Reserve Bank Organization Committee,
Treasury Department,
Washington, D* C,
Gentlemens The Chamber of Commerce of the City of Elyria,
Ohio, with a membership of 500, representing every class
of endeavor, at a meeting held this 6th day of January,
passed resolutions unanimously recommending to your
Honorable Body the selection of the City of Cleveland,
Ohio, as a city for the location of one Regional Reserve
Bank, and we desire to present to your Honorable Body
the following reasons which prompted such action:
We are the County Seat of Lorain County, a County
of 100,000 people, with three cities of "the f irst class,
Elyria, Lorain and Oberlin, and also being a part of the
great Western Reserve, which by natural laws is to be
the center of the iron and steel industry of the United
States, andits kindred manufactories. We have within our
County some of the largest manufactories of the kind In
the world, namely, the national tube Company, the American
Ship Building Company, and allied industries, and a
thickly populated rural section, and we are in our manufac
turing, farming and business relations interwoven with the
City of Cleveland with a network of traction and steam lines.
It Is unnecessary for ue to go into the reasons that
will be presented by the City of Cleveland, as a city* Our
object is to present to you the fact that Lorain County is
a great and growing County adjacent to what is now the sixth
City, and scon will be the fourth City.
Very respectfully,
S. H. Squire
H. W. Hinman
Secre tary
^ 5 - Z ^ A l .I a r L .
Committee
Reproduced from the Unclassified I Declassified Holdings of the National Archives
E. E. LAWRENCE, President
K. W. FARLEY, Secretary
AUGUST WOLFF, SR., Treasurer
Ctje jfatrport h arb o r iSoarti of Cratie
Fairport Harbor, Ohio, Jj^nuca
Population 1910
Population 1913
2263
3200
Valuation $2,000,000
Lake Shore Railroad
B. & O. Railroad
C. P. & E. Interurban
half-hour service
Mr. J. J. Sullivan,
Chamber of Commerce Blclg.
Cleveland, Ohio.
Bear ^ir:We heartily support Cleveland in its fight
Several available sites
for large industries on
both river and lake front
Harbor one of best on Lake
Erie. 600 ft. freighters
handled easily.
& L. E. Bock Co. has
'electric unloading
machinery of latest type
Pittsburg Coal Co. machin
ery to load cargo of
coal in six hours
Fairport Elevator Co.
grain and package freight
Diamond Alkali Co. employs
700 men and growing
rapidly
WE INVITE
INVESTIGATION
WE ENCOURAGE
INVESTMENT
for 'the U. S. Regional Bank.
We believe that such a
bank located in Cleveland will serve the interests of
more people, more industry, and mero commerce than any
city between New York and Chicago.
Please feel free to call on us forv an^
assistance in our pc/.er.
Your1
t
Y't- , '} n
u ... a — J
Reproduced from the Unclassified / Declassified Holdings of the National Archives
J r m o t t t (Etjamber o f (Enm m rro
(IN C O R P O R A T E D )
J frm m tt (itjto,
Tan. 14, 1913.
Whereas, A Regional Reserve Bank will soon be
established In some City between
New York City and Chicago: And
Whereas, The City of Cleveland, Ohio, with its
large banking capital and deposits:
its wonderful commercial and varied
industrial interests see® to us to
he the most logical City?
Resolved, That the Fremont Chamber of Commerce
of Fremont, Ohio, most heartily en»
dorses and urges the establishment
of a Regional Reserve Bank in the
City of Cleveland, Ohio.
Signed
Vice Pres.
Sec’y.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
C H A IR M A N STANDING C O M M ITTE ES
C. C. C O Y L E , P h _ j I D E N T
F R A N K P 1 G M AN, V I C E - P R E S .
R. O. M O R G A N , S E C R E T A R Y
H.L. BODLEY, TREASURER
NEW I NDUSTRI ES
C . A. S C H A E F E R
M U N I C I P A L AND P U B L I C I M P R O V E M E N T S
G. H O R N S T E t N
En t e r t a in m e n t
DIRECTORS
a n d
R ec eption
H. D I A M O N D
M e m b e r s h ip
E. W. S E E M A N N
M . A. R I C K S E C K E R
A. G E R H A R T
AUDITINO
W. J. D E N N 1 G
E. C. Y O C H E M
C . E. F O X
L OCAL M E R C A N T I L E I N T E R E S T S
F. E. C O O K
C. B. M A R S H
B. E . P L A C E
H. K R E I T E R
H.
P r inting
R. S C H U L E R
a n d
Advertising
D. C . T A L B O T T
B^SOLTJTIOS,
WHBREA5; the Currency Bill which recently became a law
contemplates the d iv i s i o n of the United states into eight or mere
regions with a hank in each such region in a city where such baiak
will do the greatest good to the greatest ntober, and provide the
most adequate ahd efficient blinking facilities, and,
TOEREA8 i the citizens of Gal ion and vfsinity would be most
benefited by the establishment of one of such banks at Cleveland,
Ohio, and Cleveland being the largest city west of Philadelphia
and Hew York and east of Chicago, therefore, be it
RESOLVEDi that The Commercial Club of nalion, Ohio, respect*
fully requests the Treasurer of The United states to establish a
regional bank at Cleveland, Ohio, and that he be informed of the
action taken by this club by its Secretary mailing him a copy of
this resolution.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-
—-
■-
S ty ? —
-
(gam ttisw U e
O R G A N IZE D
G
PU B L IC
—
................................ —
A saonatiflu
N OV E M B E R
a r r e t t s y i l l e
, O
9,
hio
,
1905
Feb., 2, 1914*
B U IL D IN G
W* S. Haydfeen Pros*,
Cleveland Chamber of Commerce,
Cleveland,
Ohio.
Dear Sir:- At a recent meeting of the directors of The
Garrettsville Business Association, the following resolutions
were adopted*
Be it resolved, tkat this association endorses and recommends,
the selection of Cleveland as a location foe our Regional
Reserve Bank. For the reason that it is the natural commercial
and banking center for a large region of territory and our int
erests would be best served by such a location.
Very respectfully submitted by^
THE GARRETTSVILLE BUSSINESS ASSOCIATION
Reproduced from the Unclassified / Declassified Holdings of the National Archives
G ir a r d
O h io J a n u a r y F ,
*'"'14
At a regular meeting-of the- Girard Board of Trad© the fo llo w in g
resolution was unanimously'psbbga.Resolved;That the Girard Board
of Trade .very ej&ron^ly endorsee Cleveland the' (Sixth City) as a
o i t y o f great fin a n c ia l strength and the proper location for a
R egional Reserve Bank and ©mostly roquoet the Honorable Federal
Reserve Organization Committee to five i t their fa v ora b le
ookb!
d era tion .
I.E. Kennedy, J . J . McFarlin, W .J . Zeller,
committee on finance.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Krcit-Jbeal fur Ifume m b Jitfcuisfrg.
J. T. GIBSON, 1st. V. Pres.
M. L. DAVEY, Pres.
G. E. HINDS, Treas.
C. E. APPLE, 2nd. V. Pres.
W. W. REED; Seey.
Start loarh of ©raft?
Krnt National Sank Sliig.
% m t, W .
Jan*
16 , 1914 .
Mr* b a r re n S, Hayden,
P r e s id e n t , C le v e la n d Chamber o f Commerce,
C le v e la n d , Ohio*
Dear S i r : At a s p e c i a l m eetin g o f th e B oard o f G overn ors o f the Kent Board o f rj?rade,
h e ld Thursday, January 3 th , the f o l l o w i n g r e s o l u t i o n was p a s s e d w ith o u t a d is s e n t i n g
v o te .
"R e s o lv e d : S'hat the Kent B oard o f Trade r e c o r d s i t s e l f u n r e s e r v e d ly i n fa v o r
o f C le v e la n d as a x>roper l o c a t i o n f o r one o f the R e g io n a l R eserv e Banks p r o v id e d by the
r e c e n t c u r r e n c y law ; th a t i n our o p in io n su ch l o c a t i o n i3 n e c e s s a r y b e ca u se o f b u s in e s s
c o n d i t i o n s i n the n o r t h b etw een C h icago and Hew Y ork r e d u c in g to a minimum the c o n g e s t io n
in th e s e two c i t i e s ; th a t th e g r e a t im p orta n ce o f C le v e la n d and a d ja c e n t t e r r i t o r y a s a
f a c t o r f o r c o n s i d e r a t i o n i s e v id e n c e d by i t s s i z e n u m e r ic a lly , i n d u s t r i a l l y and commer
c i a l l y ; th a t the im m ensity o f i t s bank d e p o s i t s c o u p le d w ith the h e a lth y in c r e a s e t h e r e i n ,
the r a p id grow th o f this c i t y due to a w id e d i v e r s i t y o f in d u s t r ie s means a. sound, and
healthy f i n a n c i a l c o n d i t i o n ; th a t Cleveland i s the l o g i c a l c e n t e r o f a v a s t i n d u s t r i a l
and fa rm in g t e r r i t o r y o f u n d isp u te d im p orta n ce to the g e n e r a l w e l l - b e i n g o f t h i s
c o u n t r y ; th a t C le v e la n d is su rrou n d ed by a la r g e group o f im p orta n t c i t i e s as f o l l o w s :
B u f f a l o , iio c h e s t e r , is r ie , P it t s b u r g h , W h eelin g, Y oungstow n, Akron, C anton, Columbus,
D ayton , C in c in n a t i, T oled o and D e t r o i t ; that we have g r e a t f a i t h i n C le v e la n d and i t s
b a n k e rs , f e e l i n g th a t th ey a r e i n c l o s e tou ch and harmony w ith the i n d u s t r i a l , commer
c i a l and a g r i c u l t u r a l p rob lem s o f t h is r e g i o n and th a t they can and have g iv e n sy m p a th e tic
c o n s i d e r a t i o n to a l l su ch p ro b le m s; t h a t f o r th e s e re a so n s m a in ly we u rg e upon the
F e d e r a l O r g a n iz a tio n Committee th e com m ercial n e c e s s i t y o f C le v e la n d as a l o c a t i o n
f o r one o f the R e g io n a l R e se rv e Banks; and th a t th e P r e s id e n t and S e c r e ta r y o f the
Kent B oard o f Trade be and h e re b y a re i n s t r u c t e d to tra n sm it t h is r e s o l u t i o n to the
P r e s id e n t o f the C le v e la n d chamber o f Commerce and th r o u ^ i him to the F ed era l
O r g a n iz a tio n Com m ittee” .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
R E S O L U T I O N .
WHEREAS, the National Government is about to locate
a number of Reserve bank£* t h e
new Currency Law and,
WHEREAS, Cleve3/j(fd, Ohio\Athe sixth city of the
United States and thd metropolis lof the State of Ohio, is
seeking to secure oneV^^the amcposed Reserve banks and,
WHEREAS', “by reason of Lorain being so closely
affiliated in its b a n ! a n c T ^ V s i n e s o interests with
Cleveland,
RESOLVED, by t3re\l»orain 1^6/rd of Commerce, Lorain,
Ohio, that it is to theNsSa&fc^terests of this city and her
manufacturing and meiPBHflllB lul^jrests, that Cleveland secure
the proposed Reserve bank
*<r t* i3 section of the country.
president
Attest
Secretary,
Lorain, Ohio, Jan. 16, 1914.
□
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Be l l
phone
I nd.
154W
phone
131
O F F IC E O F
B u s in e s s M e n ’s A s s o c i a t io n
O F MASSILLON, O H IO
211 E. Main St., Over N. O. T. & L. Co. Waiting Room
M EETIN G NIGHTS : Second Monday evening of each Month
in the Mayor’*Court Room, C ity Hall
191.4
Massillon, O hio,......
Clove land Chamber of flfommerce,
Cleveland, 0.
Gentlemen:
The Massillon Business M e n ’s Association in regular
session, January 19, 1914 passed a resolution recommending the
regional Reserve Bank at Cleveland*
Passed by unanimous
vote.
I have been authorized to send you this information.
Wishing you success, I am
Yours truly,
Secretary
JHT/B
Reproduced from the Unclassified I Declassified Holdings of the National Archives
N. O.
F u lle r,
F .-A . B
r a n c h
D. S.
p res.
,
v
Lo
n g a c r e
* » p ES .
,
ch a irm an
ex ecu tiv e
co m m itte e
W. H.
C . E.
S
y ph e r
J
o n e s
,
s e c y.
,
tr e a s
.
Medina, O h i o __ Jan io.__ ___ __191 4
Mr Warren S.Hayden.
President The Cleveland Chamber Of Commerce.
Cleveland* 0.
Dear Sir;iit A meeting of the Medina Board Of Erade,the
following resolution was u n a n i m o u s l y adopted; Resolvrd; that the
MSdina B6ard of Trade is in hearty accord with the Cleveland
Chamber of Commerce,in; its effort to secure a Regional Reserve
Bank,to be located in the city of Cleveland,0.and b e 'further
Resolved,that a copy of this resolution be forwarded to the Pres
ident of the Cleveland Chamber of Gommerce#
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Mount Gilead
Officers
COOK, Preside
LEFEVER , 1st . i6e President
M cFARLAND, 2d V. President
L E ITE R , Secretary
W AGNER, Treasurer
Executive Com.
F. B. McMILLEN
Business Men’s League
Room: North Public Square
Phone No. 335
A . H. BREESE
TH AD BUCK
A. B. JOHNSON
G. W. CHIPPS
l/g /l4
Whereas the Owen-Glass currency Bill which provides for the es
tablishment of a number of regional banks thruout the United States
has been made a law; and,
Whereas the city of Cleveland is desirous of securing the location
of one of such banks; and,
Whereas the banks in our community clear thru Cleveland banks;
Be it resolved that,—
The Mount Gilead Business Men's League
unanimously coiaaend the Owen-Glass measure and, also, recommend
the selection of the city of Cleveland as a most desirable place
for the location of a
RESERVE BANK .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
TRUSTEES
OFFICERS
PRESIDENT,
Cha*. S. Thr
V IC E PRESIDENT,
J. D. Waddell
W . A . THOM AS
x
B. F. PEW
N IL E S BOARD OF TR A D E
/
V IC E PRESIDENT,
Wade A . Taylor
J. W . EA TO N
A . J. BEN TLEY
W AD E A . T A Y L O R
OFFI CE S
TREASURER,
R. L- McCorkle
5 0 FURNACE STREET
SECRETARY,
J. N. Baldwin
N il e s , O
h io
J a n u a ry 7 ,
,
191^.
Mr. Warren S. Hayden, President,
Cleveland Chamber of Commerce,
Cleveland, Ohio.
Dear Slr:At the regular meeting of the Niles
Board of Trade, held Tuesday, January 6, 191^,
a special Committee consisting of Wade A. Taylor,
B. F. Pew, and A. J. Bentley appointed to prepare
and report a resolution in regard to location of
a Regional BanK submitted the following:
WHEREAS, The Treasury Department of the United
States is now selecting locations for ffieglanal
Banks* and
WHEREAS, Cleveland, Ohio, is the financial center
of this great manufacturing district
THEREFORE BE IT RESOLVED, by this Board of Trade
that we earnestly request that Cleveland, Ohio,
be s e le c te d as the lo c a tio n fa r one o f tbese
B anks.
This resolution was unanimously adopted.
G
V!
eorge
n1 T
it u s
3 0 W. MAIN S T R E E T
N O R W A L K . O.
fitiSOLVTHSrS,
Adopted
the Korwalk,0 , Cliau'ber of Commerce at its re^dlar
me feting hied Oft the ,1.£th inst*
'
:
■ '*
•‘Ik
f
•.i
i
•
!.uere&s*taer£ are eight- or more'-Regional
to be
estabiished in thg United StaVs,it is the sense of the ?7orvalL
C&i&iiber of Cosaaeree m a t the .Indus trial #A£ric<iral and
CoraaercJial iftt^rests of this section wrvuld be'best served "07
having one of the Re^ittnal Banks located in Cle\reland,0.
#,
.therefore :b^jit Kesol/ed by the Chamber of Conferee of
J*o r wa Ik,0.. thdt vfe .Use* our influence ana ‘bender our aid and
assi&'i&nefe? to thd :end that ol6 of said Banks be located in
Reproduced from the Unclassified / Declassified Holdings of the National Archives
W
L e s l i e E. M e y e u , P r e s i d e n t
alter
T he O a^
S n id e r , S k c k e t a r y
L . Z. L
L o u is H i lb , V ic e P r e s i d e n t
H arbor
Treasurer
B u s in e s s M e n ’s A s s o c i a t i o n
C H A I R M E N OF C O M M I T T E E S :
CHAIRM EN O F COM M ITTEES:
G r ie v a n c e , D . A . K r a e m e r
F in a n c e , C. W . S p e r lin g
O
C r e d it, F . A . K ilm e r
a k
H
ajrbor,O h i o
E n t e r t a i n m e n t , G e o r g e D . S m it h
A d v e r t is in g , L . Z. L a n tz
C iv ic a n d M u n ic ip a l Im p ro v e m e n t,
M e m b e r s h ip , A . G . B r e d b e c k
C. H . K ra m b
j arms, ry
2914.
Mr. Warren S. Hayden, President,
The Cleveland■Chamber of Commerce,
C1eve 1arid, Ohio.
Dear Sir:At a meeting of the Oak Harbor Business Men*e
Association, J a n u a r y 5, 1914, a resolution was adopted
endorsing Cleveland as one of the pointy for the location
of a Regional He serve Bank. V/e feel that the interests of
the community will be served to the best advantage by a
Regional Bar-* at Cleveland.
We will be glad to co-operate with you in any
way we can in your effort to secure this bank.
antz,
Youra very truly,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
© ffir tr s
__ ^
E x r r u tiu e (gnm m ttte?
Nj
/'
J. N. Stone, President
H. L. Lutz, First Vice President
O
Bo a rd
b e r l in
o f
C
om m erce
Dr. W . F. Thatcher, Second V . P .
J. L. Edwards, Secretary
O B E R L IN , O H IO
J. B. Vincent, T reasurer
J. N. Stone
H. L. Lutz
J. B. Vincent
J. L. Edwards
T . J. Quayle
H. E. Arnold
M. G. Dick
N. Huckins
W . H. Phillips
W . F. Bohn
L. B. Williams
H. L. Rawdon
A . G. Comings
Dr. W . F. Thatcher
Believing that the best interests of Ohio and the district
adjacent thereto will be best served by the location of a Regional
Reserve Bank at Cleveland,Ohio.
Therefore Be It Resolved ,That we are heartily in favor of the
city of Cleveland as a location for a Regional Reserve Bank and urge
the Federal Organization Committee to give every consideration possi*
ble to the claims of said City.
Be It Further Resolved,That a copy of these resolutions be for
warded to T&e Cleveland Chamber of Commerce with the request that they
present same to the Federal Organization Committee.
Oberlin Board of Commerce.
Adopted January 9,1914.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
J
R
ROSS,
PRES
H. G. B A R N E S . Vi C E - P R E S
W
H. G
N. S H A F F E R . S e c Y
REMAGE. T re as .
DIRECTORS
J
A
J.
O.
C
C
A
A SCOTT
R. G E Y E R
A. M O H R
W. DONART
L. S T R A W
H JORDAN
N WILCOX
3 lu ’
(E n u u u e m a l
(C lu b
PAULDING. OHIO January 5th, 1914
Hon. William G. MoAdoo
Secretary of the Treasury,
Washington, B.C.
Dear sir:
The following resolutions were unanimously adopted by The Com
mercial Club of Paulding, Ohio, by the Board ^ D i r e c t o r s thereof,
January 2nd, 1914, requesting and urging you and your Committee to
locate a Regional Bank in the city of Cleveland, Ohio:
"WHEREAS, under the provisions of the new Currency law there will
be established in the United States, eight or more Regional Banks;and
'•Whereas, the state of Ohio, being one of the great manufactur
ing and Agricultural states of the Union; and
"WHEREAS, Cleveland is the largest city in the state and the
sixth city of the United States;
BE IT RESOLVED; That it is the judgment of the Commercial Club
of Paulding, Ohio, that the state of Ohio is entitled to the location
of one of the Regional Banks within her borders:
RESOLVED; That Cleveland, being the largest city in the state,
that the location of a Regional Bank in the said city of Cleveland
would serve and accommodate more people and would give more general
satisfaction to the public than the location of such bank in any other
city of Ohio;
BE IT FURTHER RESOLVED, That the Commercial Club of Paulding,
Ohio, request and urge that you locate a Regional Bank in the said
city of Cleveland, Ohio.
By order of Board of Director
.-« pauiding
Ohio, January 2nd, 1914
Signed
Secretary.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Port Clinton Business Mens Association
For Greater Port Clinton
J an• 13, 1914.
Port Clinton, Ohio
On Lake Erie
SECRETARY' S OFFI CE
Mr. Warren S. Hay*en,
Free* Chamber of Commerce , Cleveland, 0 .
l/fr .
The following resolution was introduced by
Ho It
who moved its adoption:
Whereas, The Federal Reserve Act provides for
the location o f not less than eight or more than twelve
so-called Regional Banks in the United States, and
Whereas, Bankers and business men of Cleveland
have invited the location of a Regional Bank in that City;
therefore,
Be It Resolved, That the interests of this
eomnunity w ill be best served by a Federal Reserve Bank
located in Cleveland, and we are unqualifiedly in favor
of a Regional Bunk in that city .
’ .
A vote being take n resulted in its adoption
by unanimous vote*
I certify the above to be a correct transcript
o f the proceedings of T^he Po£tj3Hlton—Bjasj.ness Men*jb
Association .
Secretary
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Board of Directors
F. R. BOW
L. TOMLINSON
W. S. ARBAUGH
H, G. DOW
Board of Trade
) (Ufa
(Eliambrr of (Eommm*
l a s t H am
FRANK FLODING
M. E. FARR
W. G.FAW GETT
L. B. FRENCH
F. T. MILES
J. D. MARTENS
F. R. P O W ,
C L A U D TA Y L O R ,
P R E S ID E N T
A LFRED
H .
(PJfiD
ST R A T T O N ,
S e c re ta ry
c o m m e rc ia l S e c r e ta r y
L. B. FRENCH, President
ALFRED H. STRATTON, Sec.
W. F. CHURCH, Treas.
D. L. DAYIS
L. P. METZGER
L, H. BRUSH
W. D. KING
W. B. CAREY
GEORGE H. GEE
J. HAROLD BRIAN
Whereas, The United States of America is about to locate a number
of reserve banks under the new currency law:
and
Whereas, Cleveland,Ohio, the Sixth City of the United States
and the metropolis of the state of Ohio,is seeking to secure one
of the proposed reserve banks, and
Whereas, by reason of Salem being so closely affiliated in iis
business and banking interests with Cleveland,
Resolved by The Salem Chamber of Commerce ,Salem,Ohio, that
it is to the interests of this city and her manufacturing and mercan
tile interests that Cleveland secure the proposed reserve bank for
this section of the country:
Resolved that this organization favors Cleveland,Ohio, as
the location of the resevve bank for this section, and heartily
seconds the efforts of The Cleveland Chamber of Commerce in its
efforts to secure such bank#
Authorized at the regular meeting of The Salem Chamber of
Commerce,Salem,Ohio, held Tuesday evening, January 6,1914#
Reproduced from the Unclassified / Declassified Holdings of the National Archives
r
>attfrusk|r ^Business 4$W g JWocraitott
O F F IC E R S
J.
L.
L. C U R T IS .
J.
C,
J.
DAUCH,
FIRST V ICE-PRESIDENT
PRESIDENT
J.
H A U S E R , SECRETARY
s a n d u s k y
F.
R O SIN O ,
GEO.
S EC O N D VICE-PRESIDENT
A. S C H W E R , TREASURER
, o h io
Jan*y 5th, 1913*
To The Cleveland Chamber of Commerce,
Cleveland, 0.
At a meeting of the executive committee of this association held
this day, the following RESOLUTION was unanimously adopted
Whereas, the U. S. Government proposes to establish regional banks
throughout the country,and
Whereas, Clevland in the biggest city between the Atlantic coast
and Chicagoand is located in the industrial and commercial eenter
of Ohio, therefor be i t Resolved,
That it is the senee of this organization-th&t a regional bank
be located in Cleveland, and that we pledge ourselves to use a ll
honorable means to bring about suck a result.
And the sec'y is
hereby authorized and instructed to forward a copy of these resolutions to The Chamber of Commerce at Cleveland.
Attest;
Reproduced from the Unclassified I Declassified Holdings of the National Archives
L. E. FISUACK,
:President
e.
H. VOSS, T reasurer
w
, j . a l d r e c i i t , secrh tary
OP THE CITY OF TOLEDO, OHIO
C O R . S U P E R IO R A N D A D A M S S T R E E T S
ORGANIZED FEBRUARY IS, 1892
Feb.3,1914.
Mr. E. A. Roberts, Secretary,
Cleveland Builders Exchange,
Cleveland, Ohio.
Dear Sir:iit a regular meeting of the Board of
Directors of the Toledo Builders Exchange held Monday
Feb.2nd the following resolution was unanimously
adopted:Resolved, That we the
Toledo Builders
Exchange recommend and approve the establishing of
a Reserve Bank in the City of Cleveland, believing
that the locating of one of these Regional Banks in
the City of Cleveland would be of far greater benifit
to the City of Toledo than any of the other cities
proposed.
Respectfully,
Tfie Toledo Builders Exchange.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
CASPER VOGEL, P res.
R. J. KIEFER, V. Pres.
CHARLES SHEALY, Treas.
d fja m b e r
n f
EARL A. CARTER, Cor. Sec'
ffljo t n m m fc
Mppsr SattintsklJ, iBIjio
UPPER SANDUSKY, OHIO.
COUNTY SEAT, WYANDOT CO.
POPULATION, 4,000.
RAILROADS—
East and West—Pennsylvania
Railway Co. Main line be
tween New York and Chi
cago. Double track.
North and South—Hocking
Valley; Toledo, Ohio, Co
lumbus, Ohio, and south
east to coal fields. Practical
ly every point in Ohio and
Central States reached with
but one change of cars.
LOCATION—
North Central Ohio, 60 miles
south of Toledo, 64 miles
north of Columbus, 217 miles
west of Pittsburg and 250
miles east of Chicago.
LEADING MANUFACTORIES—
The National Steajn Pump Co.,
Steam Pumps.
The Ohio Manufacturing Co.,
Gasoline Tractors and Farm
Implements.
The Central Ohio Buggy Co.,
Buggies.
Seider & Sons, Buggies and
Wagons.
Upper Sandusky Brewery and
Ice Plant.
Buckeye Foundry Co.
The Stoll Casket Co., Caskets.
Artz Bros., Ladies’ Garments.
Frank L. Jonas, Cigars.
Stephan Lumber Co., Lumber
and Planing Mill.
THREE BANKS.
TWO DAILY NEWSPAPERS, ONE
WEEKLY.
NINE CHURCHES.
CARNEGIE LIBRARY (Building).
WATER WORKS.
ELECTRIC LIGHT.
NATURAL GAS.
SEWER SYSTEM.
WED STREETS.
iHREE PUBLIC SCHOOL BUILD
INGS.
High school diploma admits to
all colleges.
FACTORY SITES—
Adjacent to railroads, side
tracking facilities.
CHARLES ARTZ, Rec. Sec.
January 20th 1914,
Hon. William McAdoo,
Chairman Federal Organization Committee,
Washington, D. 0.
Dear Sir:I am instructed by the Board of Directors
of the Chamber of Commerce, of Upper Sandusky, Ohio
to express to you our decided preference for Cleve
land as a location for one of the Regional Reserve
Banks.
In stating this position, we are but voicing
the sentiment and best judgment of our business and
financial interests. Cur three banking organizations
have already, through their Boards of Directors,
expressed their hearty support in favor of Cleveland,
"The Sixth City”.
Assuring you of our esteem, we ar$,
Very respectfully yours.
THE CHAMBER OF COMMERCE
per
Pres.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Vermilion Chamber cf Commerce
F. W . W A K E F I E L D , PRESIDENT
H . L. M I N I U M , V I C E P R E S I D E N T
S. W. SIMONS, TREASURER
C . A. H E I D L O F F , SECRETARY
Vermilion, Ohio,
VERMILION,
FeU. 13, 191M-.
OHIO
is lo c a t e d in a h e a lth
fu l clim a te , o n th e sou th
s h o r e o f L a k e E rie at
th e m o u th o f th e V e r
m ilio n
R iv e r , m id w a y
b e tw e e n C le v e la n d a n d
S a n d u s k y ; s itu a te d at
th e in te r s e c tio n o f t w o
g r e a t r a ilw a y s c o n n e c t
in g N e w Y o r k w ith C h i
c a g o on th e w e st, h a v in g
11 p a s s e n g e r a n d n u m
b e r le s s
fr e ig h t tra in s
d a ily .
V E R M IL IO N has
T h e L a k e S h o r e E le c
tr ic R y .
F ou r E xpress C om pan
ies.
T w o T e le g r a p h lin es.
L o c a l arid L o n g D ista n ce
T e le p h o n e s e r v ic e .
C h a m b er o f C o m m e rce .
M o d e r n G ra m m a r a n d
H ig h S c h o o l,
t C h u rch es.
O p e r a H ou se.
P ark s.
E le c tr ic L ig h t in g
S ys
tem .
W a te r W o r k s .
O th er Im p r o v e m e n ts are
b e in g c o n te m p la te d .
C o n c e r t an d
M ilita r y
B an d 36 P ie c e s.
V o lu n te e r F ir e D e p t.
T w o B anks.
H o te ls.
S ix G r o c e r y S to re s an d
O th er B u siness P la ces
in c lu d in g w e ll-s t o c k e d
D r y G o o d s , C lo th in g ,
H a rd w a re ,
P lu m b in g ,
S h oes, B a k e ry ,
H a r
ness S h o p , F u rn itu re,
D ru g S to re s ,
L iv e r y
S ta b le,
B la ck sm ith
S h o p s, etc., etc.,
W e e k ly N e w s p a p e r an d
P r in tin g P la n t.
B rass W o r k s .
W o o d - W o r k in g P la n t.
L u m b er Y a r d an d P la in
in g M ill.
U p - t o -d a t e F lo u r M ill.
F is h e rie s R a n k a m o n g
th e
la r g e s t o n
th e
G rea t L a k es.
T w o P le a su re R e s o rts .
C a m p in g F a c ilitie s U n
eq u a le d .
Id e a l L o c a tio n s f o r a
S teel P la n t, S h ip Y a r d
D r y D o c k o r U. S. F ish
H a tc h e r y .
F in e S ites f o r B u ild in g s
F in e F a c t o r y Sites.
F irst C lass S h ip p in g F a
cilities.
N a tu ra l A d v a n ta g e s .
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
Col. J. J. sullivan5 Chairman*
Cleveland, Ohio*.
Pear Sir:W© beg to advise that our Chamber of
Commerce, at a meeting held Wednesday evening,
the 11th inst, unanimously adopted1 a resolution
favoring Cleveland as a location for a Federal
Reserve B§nK.
The Vermilion Chamber will be pleased
to co-operate with you in any possible way*
Yours very
ELC/ c
___
ident*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
S a m u e l A n d r e w s . P^sidemt
Executive Committee
C h a s . W e r t z , 1st1
Jes.
W m . B o l i c h , 2nd V . Pres.
N. N. Y o d e r , Treasurer
Q tf
P a r k R eam
E.
S. C u r ry
W m. B o lic h
ie ^a tisto o rtf) Chamber
of Commerce
L. F . A L L E N . S e c r e t a r y
Wadsworth, Ohio,
Jan* 7, 1914*
Mr. W. H* Hayden,
President, Cleveland Chamber of Commerce,
Cleveland, Ohio*
Dear Sir;At a meeting of the Wadsworth Chamber of Commerce, Jan.
6-th, the following resolution was adopted
-Resolution favoring Regional Reserve Bank.Be it resolved by the Wadsworth Chamber of Commerce, that the
establishment of a Regional Reserve Bank at Cleveland would be to
the best interests of the citizens and business of our community.
That we extend to the Cleveland Chamber of Commerce our hearty
support, that this resolution be placed on file and a copy be
mailed to the Cleveland Chamber of Commerce.
Very truly yours,
The Wadsworth Chamber of Commerce.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
T h J YO UN G STO W N CHAM BER OF COMMERCE
W I C K BU IL DI NG
J . G. B UTLE R . J r .
PR E SID E N T
M
. J. MEGOW
N.
SECRETARY
Y O U N G S T O W N , O H IO .
A
J U i
/
/ ( p j f t l -
Hon. William G. McAdoo,
Washington, D. 0.
Dear Sir:On behalf of the Youngs to van Chamber of Comnerce,
ye beg to advise you that it is the unanimous opinion of
the members of this organization that the natural and most
desirable location for the regional bank to be established in
this district is Cleveland; and that it is the hope of
the members of this association that Cleveland may be selected.
Youngstown is located exactly midway between
Clevel and and Pittsburgh.
We are familiar with the advan
tages of Pittsburgh and also with those of Cincinnati; but do
not regard either of these points as the natural one for the
location of a regional bank.
The location of the City of
Cleveland on the world's greatest trade route makes it, in
our opinion, the more logical point; and, furthermore, the
banking practices of that City are, and for many yeers have
been, of the best order.
In making this statement, we feel that we are ex
pressing the opinion not only of our business interests but
also that of a large majority of those located in the Cleve
land district.
Very respectfully,
Y0UBG32CWI CHAM3EB OF GCMIEB'OE,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A f f ilia t e d
B k a n g h N a t io n a l A s s o c ia t i o n
1 1 0 5 - 1 1 0 7
M a h o n i n g
B a n k
o f
C r e d it M
e n
B u i l d i n g
Jan 10th, 1914
e
O F F IC E R S A N D
D IR E C T O R S
J. L. WICK, J r ., P r e s i d e n t
THH CRYSTAL ICE AND STORAGE CO.
T . G. CONNOR, V i c e P r e s i d e n t
REPUBLIC IKON AND STKKt. CO.
S. G. ROGERS, T
reasu rer
THU YOUNGSTOWN DRY GOODS CO.
J. HOWARD EDWARDS
THE EDWARDS COMPANY
Mr. J. J. Sullivan,
RICHARD GARLICK
THE YOUNGSTOWN SHEET AND TUBE CO
Cleveland, Ohio.
WELLS L. GRISWOLD
THE DOLLAR SAVINGS AND TRUST CO.
C. H. KENNEDY
THE COMMERCIAL NATIONAL BANK
Dear S ir:-
E. L. MORGAN
THE GEO. L. FORDYCE CO.
At our Thursday noon day meeting we were
A. D. THOMAS
J . R. THOMAS’ SONS
asked to express our preference regarding the location
W. C. M cKA IN
Ma n a g e r an d Co u n sel
of the Federal Reserve Bank for this section.
PHONES:
BELL 55
I
am
NEW 1»S
1 1 0 5 -7 M a h o n i n g B a n k B l d o .
glad to say that the following resolution was unani
mously passed by the Youngstown Association of Credit
Men in meeting assembled:
^ RESOLVED - That it is the judgment of the Young
stown Association of Credit Men that the interests of
the business community, and particularly the Banks of
this section, would be best served by the establishment
of a Federal Reserve Bank in the City of Cleveland, Ohio,
because of its accessibility, its large banking capital,
its general mercantile importance, its large volume of
Lake trade, its important manufacturing interests, and
for other reasons that will
ful consideration.
become apparent upon thought
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A ffilia te d
B r a n c h N a tio n a i* A s s o c i a t i o n
H 05-II07
O F F IC E R S A N D
J . L . WICK, J r . ,
Mahoning
Bank
ok C r b d it M e k
Building
D IR E C T O R S
P r e s id e n t
THIS CRYSTAL ICE AND STORAGE CO.
T. G. CONNOR, V i c e P r e s i d e n t
REPUBLIC IRON AND STEEL CO.
S. C. ROGERS, T
reasu rer
THE YOUNGSTOWN DRY GOODS CO.
J. HOWARD KDWARDS
THE EDWARDS COMPANY
We would therefore urge your Honorable Commiss
RICHARD GARLIGK
THE YOUNGSTOWN SHEET AND TUBE CO.
W ELLS L. GRISWOLD
ion to favorably consider the City of Cleveland, Ohio,
THE DOLLAR SAVINGS AND TRUST CO.
C. H. KENNEDY
THE COMMERCIAL NATIONAL BANK
for the location of one of the Federal Reserve Banks.
E. L. MORGAN
THE GEO. L. FOHDYOE CO.
A. D. THOMAS
This means that practically every influencial
J. R. THOMAS’ SONS
W. C. M cK A IN
M a n a g e r a n d Co u n s e l
business man in the City of Youngstown favors the city
PHONES:
BELL SB
NEW 192
1 1 0 5 -7 M a h o n i n g B a n k B i . d g .
of Cleveland as a regional center.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Sandusky R e g is t e r
January l ? t h , 1914
Snndupky,
0.
--------o--------A R E G IO N A L B A N K F O R C L E V E
LAN D.
Cleveland should have on e of the
regional reserve banks under th;e
new currency law*. It is the sixth
city in population and in volume of
business in the United States, It is
the metropolis o f Ohio, the ranking
fourth state in the union. The peo
ple of Ohio have over $850,000,000
of bank deposits in Ohio ibaniks and
35 per cent of them are in Cleveland
banks.
Ohio is the great mM.dile ground
between the east and the west. All
trunk lines connecting the two parts
o f the continent pass through Ohio
and of all the double track railway
lines which cross the state, 80 per
cent of them traverse northern Ohio,
Cleveland is the biggest city 'between
the Atlantic coast and Chicaigio.
The water tborne volume o f com
merce of 1'lie south shore o f L ak e'
, 'Erie alone is greater than the total \
volume of business 'both agricultural i
; and manufactures o f Kentucky and j
(Tennessee combined and Cleveland is
its leading port.
Cleveland is a city o f diversified
industries which always tend to
sound, hea<lt,hy fin'ancial conditions
and it increased its 'bank clearings
more than 10 per cent in 1913.
Northern Ohio is entitled !by every
rule o f fair play and of the conser
vation o f business to one of the re
gional. reserve banks and its natural
nome is Cleveland.
j
!
I
j
'
Reproduced from the Unclassified / Declassified Holdings of the National Archives
S andusky R e g i s t e r
S a n d u sk y ,
0.
A REGIONAL BANK FOR OLEVE-\
LAND.
Cleveland should have >one of the
regional reserve banks under the
new currency law. It is the sixth'
city in population and in volume of
business in the United States. It is
the metropolis of Ohio, the ranking
fourth state in the union. The peo
ple of Ohio have over $850,000,000
o f bank deposits in Ohio banks and
35 per cent of them are in Cleveland
banks.
Ohio is the great middle ground
between the east and the west. All j
(trunk lines connecting the two parts
of the continent pass through Ohio
and of all the double track railway/
lines which cross the state, 8 0 pel?
cent o f them traverse northern Ohio.
Cleveland is the biggest city between
the Atlantic coast and Chicaigio.
The water iborne volume o f comImerce of the south shore o f L a k e 1
['Erie alone is greater than the total
Jvolume of business both agricultural
; and manufacturer o f Kentucky and
j Tennessee combined and Cleveland is
|its leading port.
Cleveland is
city o f diversified
industries whiich always tend 'to f
sound, healthy financial conditions ;
and it increased its 'bank clearings
m ore than 10 per cent in. 1913.
Northern Ohio is entitled 'by every
rule of fair play and of the conser
vation of business to one o f the re
gional, reserve banks and' its natural
no me is Cleveland.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Medina Sentinel
Modina, O,
— -•
••
~
----------
CLEVELANDSHOULDHAVEIT
r
1
There seems to be a likelihood
that Cleveland may be designated !
as one of the regional bank centers
under the new currency law which
became effective by President W il
son’s signature last week. Coming
west from New York, Cleveland ^
must be considered a logical point j
for one of the regional banks.
None other of the larger cities of
the country has taken such giant
strides in growth of population as
has the Forest City. It was an
overgrown village when Cincinnati
was the haughty “ Queen City of
the W est,” but the latter erstwhile
metropolis of the Buckeye state
has seemingly gone backwards in
recent years.
Cleveland has benefitted hugely,
-and will continue for many years
to benefit, from the influence of the
late Mayor Tom L,. Johnson. The
principal reason tor Cleveland’ s
marvelous growth is that the peo
ple who live there have adequate
street car transportation facilities
and at a rate perhaps unequaled by
any other city in the country.
The saving of a few pennies a
day is a small matter, you may
say, but it is of vast importance to
the m a n who works for a wage and j
is trying to rear a family of child- J
ren with the cost of living so high i
as in recent years. The man with j
a family, ana vvho has to work lor
a livelihood, is attracted to that city
which offers the greatest induce
ment in keeping down the cost of
living. And street car fares enter
into the cost o f living almost as
much as potatoes, meat, or bread
and butter.
Only a hundred aud thirty miles
away is Pittsburg, whose growth
has not equaled that of Cleveland,
and never will until the city gets
without the grasp of a street rail
way octopus which doesn’ t add a
new car to its equipment once a
year/ and whose old and worn out
cars are never washed or cleansed.
In Pittsburgh one company owns
or controls every line in the city,
and yet transfers are not provided.
The Republican machine is respondible for Pittsburgh’ s tardy
growth, just as the old Cox Repub
lican machine in Cincinnati pre
vented the growth of that city.
The influence of Tom Johnson
assisted materially in giving to
Cleveland diversified industries, at
least a greater number than the
city would have if Tom had not
been the business-like, broadr
minded mayor of the city that he
was at a crucial period of its ex
istence.
Cleveland is worthy of consider
ation. We are all proud of the old
city, and the Sentinel hopes it will
get one of the regional banks.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
C oshocton Morning Tribune
J nnuary 1 6 th t 1914
C o s h o c to n ,
0,
CLEVELAND THE LOGICAL CENTER.
fW
It is stated on good authority that the bank deposits of the
state o f Ohio are approximately $850,000,000.
The business inter
ests o f 'Cleveland are using this fact, and with good show of reason,
as an argument in favor of making that city the seat o f one of the
regional reserve hanks under the new currency law.
j
In addition to this they show that in the territory commercially j
contributory to Cleveland, comprising the western portions of New
Y ork and Pennsylvania, W est Virginia, Michigan and the greater-(por
tion o f Indiana there are bank deposits equal to those of Ohio.
The
total o f these deposits reaches the tremendous sum of one and threequarter billion dollars and represents the financial life blood of the
second most-important industrial region in the United States.
The transcontinental railway systems of the nation pass through
and pay tribute to the region of which Cleveland is the financial hub.
The greatest water-borne domestic commerce of the world is that of!
the Great Lakes and Cleveland’s share of this 'vast tonnage is second)
only to that o f Chicago. There is no more representative commei’eial
center in th e country than Cleveland and but few larger.
It is a natural presumption that one of these fictitious regions
w ill be established somewhere between New Y ork and Chicago. Cleve
land is the largest city and the 'most important 'commercial and in
dustrial center in that territory. I f one of the regional reserve banks
not located in Cleveland it, will be a surprise to the banking and
anufacturing interests of this part of the state.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
T h e Tim isi >X.vra »
xaf. B a n k
B TT1?,X «!A X . O , J f . Y ,
J O H N W . R Q B 1 N S Q N , P R E SID E N T .
W I L L A R D F. H O P K I N S , v i c e p r e s i d e n t .
H O W A R D H . B A K E R . v ic e p r e s i d e n t .
G E O R G E A .D R U M M E R , c a s h i e r .
13, February
19X4.
My dear Mr« P a in e ;I beg to
acknow ledge r e c e i p t
o f yours o f th e e le v e n t h , r e l a t i v e to th e F ederal
R eserve Bank h e a rin g to be h eld in C levelan d on
th e se v e n te e n th * .
W ill you p le a s e a d v is e me at
wh&t hour and where t h i s h ea rin g i s to be h e ld * .
I t i s q u ite p o s s ib l e th a t someone from our Bank
may a tt e n d * .
p r e fe r e n c e
We have a lre a d y e x p re ss e d our
fo r C le v e la n d , in case we are not in
clu d ed in th e Hew York
G ity D i s t r i c t .
With p e rs o n a l rega rd s*
Very t r u l y y o u rs,
^
WFH/S
f
V ice P r e s id e n t .
Mr* C« A# P a in e , P r e s id e n t ,
N a tion a l C ity Bank,
C le v e la n d , Ohio
! -I l
Reproduced from the Unclassified I Declassified Holdings of the National Archives
TR EASU R Y DEPARTM ENT
OFFICE OF
COMPTROLLER OF THE CURRENCY
NATIONAL BANK EXAMINER
List of those desiring; to. Toe .heard
by "the
~
Reserve Bank Organization Committee
at
Cleveland , Ohio, February 17« 1914«
Cleveland* Col. J. J. Sullivan, Chairman Joint Committee
on Regional Reserve Bank*
Hon. Newton IX Baker, Mayor of Cleveland*
Columbus. L. P. Kiesewetter, Chairman Committee Representing
Central Ohio.
Respectfully submitted,
Sherrill Smith,
National Bank 2fixaminer«
Reproduced from the Unclassified / Declassified Holdings of the National Archives
W A R R E N S . HAYDEN, p r e s i d e n t
F R E D E R I C K A .H E N R Y , 1 s t v i c e p r e s
M O R R IS A . B L A C K , 2 n d v i c e p r e s i d
G E O R G E A .C O U L T O N , t r e a s u r e r
M 1JN S O N H A V E N S , S E C R E T A R Y
i d e n t
e n t
B ea r Mr. P r e s id e n t :
You r e c o g n iz e d , o f c o u r s e , th a t our Hew Y ea r’ s g r e e t i n g
t o y o u r League "by te le g r a m on Wednesday was n o t w ith o u t a s e l f i s h m o t iv e ; "but
we s i n c e r e l y b e l ie v e t h a t th e i n t e r e s t s o f you r community w i l l be s e r v e d t o th e
"best a d v an ta g e by a R e g io n a l R e s e rv e Bank a t C le v e la n d .
We t r u s t , t h e r e f o r e , th a t y o u r
o r g a n iz a t io n w i l l b e g la d t o c o o p e r a t e
w ith u s in th e e f f o r t t o s e c u r e t h i s ban k , and th a t we m y r e c e i v e from y o u a t
a v e r y e a r ly d a te a co p y o f such r e s o l u t i o n
a s you may a d op t to
t h is end.
You d o u b t le s s a p p r e c ia t e t h a t th e good w i l l o f th e su rrou n d in g c i t i e s
w i l l b e one o f th e f a c t o r s t o be c o n s id e r e d by t h e F e d e r a l O rg a n iz a tio n Committee
in i t s
s e l e c t i o n o f l o c a t i o n s f o r t h e s e R e g io n a l Banks.
When t h a t com m ittee
v i s i t s C le v e la n d th e l a t t e r j s r t o f t h i s m onth, we hope t o be a b le t o
show i t
c o p ie s o f r e s o l u t i o n s f a v o r i n g C le v e la n d from e v e ry a c t i v e com m ercial o r g a n iz a
t i o n i n n o r t h e r n O h io , and from some o r g a n iz a t io n s i n o t h e r p a r t s o f Ohio and
su rro u n d in g s t a t e s .
I f we may h ave a cop y o f y o u r r e s o l u t i o n at t h e e a r l i e s t
p o s s i b l e moment we s h a l l be under a v e r y r e a l d e b t o f g r a t i t u d e t o y o u .
V ery t r u l y y o u r s ,
COPY
P r e s id e n t
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DAY
LETTER
Form 2589 J .
THE WESTERN UNION TELEGRAPH COMPANY
IJMCORPO R ATE D
2 5 ,0 0 0 O FFICES IN A M E R IC A
THEO.
N . VAIL,
C A B LE SER VIC E TO A LL T H E W O R LD
PRESIDENT
B E LVID ER E
T IM E FILED
R E C E IV ER 'S No.
GEN E RA L MANAGER
CH EC K
S E N D t h e follow ing D A Y L E T T E R s u b je c t to
t h e t e r m s on back h e re o f, w h ic h a r e h ereby a g r e e d to
T o ............
BROOKS,
}
C le v e la n d , Decem ber
31 s t , 1913 1 Q 1
.............. .........
B est w is h e s f o r Hew Y ear,
You ca n make us happy by a d o p tin g
r e s o l u t i o n s t r o n g ly u r g in g -esta b lish m en t o f R e g io n a l R e se rv e Bankin C le v e la n d .
P le a s e send us copy o f you r r e s o l u t i o n so th a t we
may p r e s e n t i t t o o r g a n iz a t io n com m ittee.
Warren s . Hayden,
P r e s id e n t , The C le v e la n d Chamber o f Commerce,
COPY
Reproduced from the Unclassified I Declassified Holdings of the National Archives
J . J . S u lliv a n * P r e s id e n t ♦
C e n tra l N a tio n a l Bank,
C le v e la n d ,O h io .
Dear M r. S u lliv a n
I beg t o ack now ledge r e c e i p t
of
your f a v o r 12th i n s t . and thank you v e r y much
f o r th e i n v i t a t i o n t o meet th e Committee o f th e
F e d e ra l R eserv e Banks on Tuesday next*
I r e g r e t e x c e e d in g ly th a t
it w ill
be im p o s s ib le f o r me t o be w ith y o u ,b u t I th in k
th e r e w i l l be a r e p r e s e n t a t io n from th e Banks h e r e .
I had prom ised t o meet th e Conimittee
i n C in c in n a t i on Monday.
As you perhaps kn ow ,th e
a t t i t u d e o f th e T oled o Banks i s C le v e la n d f i r s t
C in c in n a t i se o o n d .
With k in d r e g a r d s I am
Z
and
Reproduced from the Unclassified / Declassified Holdings of the National Archives
O
B E R T L .F R Y E R ,P r
H eN R Y W. R o o t,
c a s h ie r
s s is t a n t
A s s is t a n t
E d w a rd W .K u h n ,A
February 13,1914-
r e s id e n t
Ca s h i e r
S a m u e l E llis , a s s is t a n t
W a l t e r A S P IN W A L L , A
1856
e s id e n t
, rtA N K L IN D . L o c k e , V i c e - P
H a r r y T. R a m S P E L L ,
r g a n ize d
Ca s h i e r
Ca s h i e r
s s is t a n t
Ca s h i e r
Mr.C. A.Peine,President,
National City Bank,
Cleveland, Ohio,
Dear Mr.Paine:-Replying to your letter of the 11th:
We beg to say
that Cleveland is our second choice,our fir s t choice,of coursef
being New York City.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Col* J. J. Sullivan,
President, Central national Bank,
Cleveland, Ohio*
lly dear Colonel
As I advised you by lone distance relative to our
Bankers endorsing Cleveland for second choice for Regional
Bank, I found v/hile all would be in favor of Cleveland as be
tween either Cincinnati or Pittsburgh, the majority felt that
as at a meeting of our Clearing House Association vre had u~
nanimously selected Chicago and had sent a Committee to Chi
cago at time hearing v/as held by Secretary of treasury, and
advised the Secretary to that effect, they .felt that we ought
not to express a preference for any other choice until such
tiao as Chicago failed to secure this Distriet,if it should.
5?hat any other oourse might possibly weaken Chicago and at
the cane time be considered by Chicago Bankers that v/e were
not acting in entirely good faith.
Por these reasons they decline to rrnke second choice
v.t present tine.
with kind regards, I remain,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
V P.
«J.
SCO TT,
P R E S IO E N T
<*.P A T R I C K ,V ic e P r e s i d e n t
B . H. SCO TT, C a s h ie r
E .C . S C H W E I T Z E R ,A s s t . C a s h i e *
February 5, 1914.
Reserve Bank Organization Committee,
Washington, D. C.
Dear Sirs:
Referring to your recent communication asking
our opinion as to the location of reserve banks, we
enclose herewith the cards duly filled out.
In this
connection, I wish to state that owing to the geographical
location of -kihAfi partiamlcwp City? equi-distant from
Cleveland and Pittsburg, it is immaterial to us as to
whether the reserve bank for this district is located
at one point or the other.
We have no third choice but
we think that one of the banks should be located either
at Cleveland or Pittsburg and we would be equally well
served by a bank at either point.
We have accordingly
indicated our choice in that way.
Very truly yours,
I’ EXHIBIT N
f
1 Hearing a t .
m— ..................
Reproduced from the Unclassified I Declassified Holdings of the National Archives
C. O . B A R T L E T T ,
P r e s i ,
EL. vJ . N El VI L L E l , i s t y iCE p RES
I. M
SNOW,
'.&TREAS.
. Mg r .
AUagreements continge??.t upon strikes, accidents and other unavoidable delays.
CABLE A D D R E S S
Secretary.
. if;,
T H i E C .O .B A R T L E T T « f
k
x
;
iiv k
H . B i 5 n QU S E ,2 - V.P. & Ch ief Engineer
L.M<? K IN (MON,3? V ice P res .
' B A R T L E T T . ’'
’
NOW CO.
i:it w
AND MANUFACTURERS OF
SCREENS.
CRUSHERS.
CHAIN B E L T I N G .
P AINT MACHINERY.
GYPSUM MACHINERY.
P L A S T E R M IX I N G P L A N T S .
GARBAGE DISPOSAL PLANTS
CO A LA N DA S H HANDL ING MACHI NERY.
FO R A T T E N T IO N
1 > i.i;\ :v t ix c ;
i» C o n v e y i n g
M a c h in e ry ,
D i i i K C T a m , S t k a .m H e a t
C O M P L E T E E Q U I P M E N T S FOR
OF
SU BJ ECT
D r y e r s ,
ECONOMICALLY
FRENCH a n d W I N T E R
STREETS
HANDLING
ALL K I N D S OF M A T E R I A L .
C l e v e l a n d , O h io ,I T . S .A .
IN
R E P L Y R E F E R TO
Feb. 30, 1914,
c o b /c
Secretary McAdoo,
Washington, D:C.
Dear Sir:
The writer.took much pleasure in listening to the argument
for a Regional Bank in our City.
There was one thing that seemed
to the writer as though it should be stated in that argument, which
is as follows:
Cleveland is a large iron manufacturing center.
We can and
do produce a ton of pig iron a little cheaper than can be done in any
other city in our country.
It takes the manufacturers of bolts,
nuts, nails, saws, agricultural implements and all other kinds of
machinery considerable time to turn his capital*
I think it is safe
to say that six months is none too long and many times it is a year.
Therefore, it requires an immense amount of capital for the varied
iron industries to carry on their business, more so than in most any
other line*
Again, the labor required to manufacture these articles
is of a high class and it .requires a large amount of money to meet
the pay roll.
From the fact that the United States are now
exporting more than one million dollars worth of iron and steel pro
ducts per day, one can readily see the importance of this industry.
The writer was very much interested in the discussion the
other day and very much gratified with the questions you asked Mr.
Sullivan.
The writer feels that, while the bankers are the so-called
influenoial men in our cities, yet the manufacturers are the real
sinews of the country, and while we are under great obligations to
the bank as borrowers, yet they are in turn under great obligations
to the manufacturers, without whom they could not exist six months.
As manufacturers we know little about money matters.
Our hope in
the Regional Bank is that the same will avoid the so-called panics;
that is, they will arrange money matters so that the banks will not
call in loans on short notice and which the manufacture is always
in dread of.
Yours very truly,
President.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
im u
February 25, 1914#
Sir:
I bog to acknowledge the receipt of your letter
of February 20th, addressed to Secretary McAdoo, which
was referred to tMs office for attention, and to advise
you thet the information therein contained hrs been
carefully noted*
Respectfully,
Secretary
Reserve Bank Organization Committee*
Hr* C. 0. Bartlett, President
The c. 0. Batlett & Bnm Co.,
Cleveland, Ohio*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
We suggest the division of the United States into eleven
Federal Reserve d istricts, approximately as outlined on the map which we
submit for your consideration.
We believe that the purposes of the Federal Reserve Act cannot
'ig ica l
number of
D is tr ic ts
be well served with a smaller number of d istricts.
Any attempt to lim it
the number further we think would necessitate either overwhelming banks
in the great financial centers, or districts coverj
throughout the rest of the country.
Ohara c t e r is *
t i c s of
D is tr ic ts
and R eserve
c itie s
\
Hearing
We have outlined each of the d istricts witlh,‘”!,S,gard to ilie
"convenience and customary course of business", attempting also to have
each as self-contained as possible with respect to borrowing needs and
lending power, and to divide the resources of the country equitably i f not
equally.
The smallest banks of the eleven we suggest w ill serve d istricts
that are certain to grow in financial strength.
We have suggested the
location of the bank in each d istrict in a city which seems to us to be
now or potentially the trade center, readily accessible, and with adequate
commercial and financial strength;
and we believe these qualifications
are best indicated, not merely by present size and position, but also, and
perhaps more reliably, by the rate and character of recent growth.
The d istricts we suggest are each described on a schedule which
The e le v e n
R eserve
cities
we have designated as "Exhibit A", the headquarters being as follows:
D istrict 2^ Boston;
D istrict 4, Richmond;
D istrict 7, Chicago;
lo , Minneapolis;
D istrict 3, Philadelphia;
D istrict 5, Gleveland;
D istrict
8,
St. Louis;
D istrict 6, Atlanta;
D istrict 9, Dallas;
D istrict
D istrict 11, San Francisco.
In D istrict No. 5 we have included the entire state of Ohio,
Territory
and data
fo r D is t r ic t
D istrict 2, New York;
9 counties in western New York, including Buffalo and Rochester, 25 counties
5
in western Pennsylvania including Pittsburgh and Johnstown, the 4 counties
constituting the "Panhandle" of West Virginia, including Wheeling, and 19
counties of southeastern Michigan, including Detroit, Lansing and Bay City.
Within this d istrict, are national banks having a total capital and surplus
A /]
of |23o,36o,ooo which would be members of a Federal D istrict bank with a cap
it a l
of fX3,800 , 000* Thedeposits of these banks aggregate $1,©42,000, 000 .
The state banks in the D istrict have capital and surplus aggregating
$251,3oo, 000 , and deposits of $1,336,000 , 000 .
d istr ict, according to the census of
Necessity of
Dist rict
between New
York and
Chicago
1 9 1 o,
was
The population of the
1 0 , 287 , 2 9 2 *
We bel i e ve i t is obvious that a d istrict in the north between
Hew York and Chicago is absolutely necessary to lim it the tremendous bank
ing power acquired by those two centers of finance under our old law, as
well as to enable each of those centers to serve its own community best.
The D istrict Reserve banks in New Yoik and Chicago w ill necessarily be
greater than any others, even when such a midway d istrict is established.
We believe it essential, however, to attach to other centers as much te rri
tory as can reasonably be separated from the New York d istrict, and some of
the territory which under the old conditions has centered its banking in
Chicago*
A natural
d istrict
itween New
York and
Chicago*
Fortunately, between these two great centers there lie s a natural
d istr ict, which we believe is as cohesive in its industries,
comm erce,
ex
changes and financial problems as can be found anywhere in the world in a
like area*
This is the great iron and steel producing territory centering
in northern Ohio;
a d istrict which has such manufacturing advantages in
varied lines, added to great mineral and agricultural resources, that it
has diveloped a remarkable diversity of industries and commerce, l oosely
allied , not discordant, yet offering a distribution of financial require
ments which approaches the ideal*
Agricultural,
Mineral and
Industrial
factors in
the D istrict
This d istrict has become so great in manufacturing that it s agri
cultural resources are often forgotten*
Census figures show, for example,
that Ohio ranks fifth among the states in number of farms, sixth in value
of farm property, sixth in production of corn, fifth in tons of hay pro
duced, sixth in value of potatoes grown, third in production of wool, sixth
in pounds of butter produced, sixth in gallons of milk, third in dozens of
eggs;
and the l i s t might be extended*
But the meeting of bituminous coal
and iron-ore in this d istrict has made it preeminent in most fonns of iron
and steel production, the great barometer of business;
Ohio is foux*th in
production of bituminous coal, and second in production of pig-iron.
region or d istrict has moreover such advantages for the distribution as
http://fraser.stlouisfed.org/
well
Federal Reserve Bank of St. Louis
as production of
00
many articles of manufacture, not only those
This
from tlie Unclassified / Declassified Holdings of the National Archives
using iron and steel as their chief material, that it has taken on chief
importance as an industrial d is tr ict.
The census shows in this d istrict
nine manufacturing cities of more than loo,ooo population, as follows (in
order of rank);
Cleveland, Pittsburgh, Detroit, Buffalo, Cincinnati,
Rochester, Columbus, Toledo and Dayton.
These cities alone produce annually
manufactures valued at more than $1,5oo,ooo,ooo.
The census lis t s of leading
classes of products in these cities show a remarkable diversity;
among the
classes showing the greatest value of products in each city are the following:
Foundry and machine shop products
primary iron and steel
Automobiles and automobile parts
Packing house products
Soap
Men's and women's clothing
Boots and shoes
Printing and publishing
Petroleum refining
Flour and grist mill products
Bakery products
Coffee and spice roasting and grinding
Tobacco manufactures
Malt and spirituous liquors
Brass and bronze products
District
will be
financially
eelf-con
tain ad
We believe i t is demonstrable that the seasonal demands for
loans in the commerce and industries of this d istrict are as evenly distribu
ted throughout the year as would be possible in any d istrict that could be
outlined anywhere.
Even were the d istrict limited to iron and steel manu
factures, the demand would be distributed by the very fact that the processes
are all carried on within its borders, from unloading of iron-ore to assemb
ling the most highly finished products.
For example, the season of the year
when Cleveland has the least demands for loans on its industries, particular
ly its ore, pig-iron and primary steel, is the very season when Detroit has
it s greatest demands for financing its automobile products.
We might
multiply instances, but we believe the probability that the d istrict
t i/ lJ J L
always self-relia n t is indicated su fficien tly by a table and
accompanying chart which we have preparedfand marked '’Table AM and "Chart
\—
showing percentages of.reserves in each of the reserve cities in this dis
t r ic t
at the date of each Comptroller's call for
a
period of three years.
__J
-
1
.....I L. IJ. !----------------------------------------------- -- jj j n .
.. _J.....„... aiiuijij.LM .M JUiM U .JJW
Reproduced from the UnclassifiedJ Declassified Holdings of the National Archives
Hannony o f
d iv e r s ifie d
in te r e s ts o f
the d i s t r i c t
W ith a l l the d i v e r s i t y o f in d u s t r y , commerce and a g r ic u lt u r e in
t h is d i s t r i c t ,
most d iv e r s e *
th e r e i s n e v e r th e le s s a c e r t a in
In C le v e la n d ,
r e la t io n even between th e
fo r exam ple, o u r women1e w ear m anufacturers
n o t on ly employ o th e r p rod u cin g members o f th e f a m ilie s o f ou r m a ch in is ts ,
but sane o f ou r l a r g e s t fo u n d rie s a re owned by t e x t i l e goods m a n u fa ctu rers;
and o th e r i n t e r - r e l a t i o n s make f o r u n derstan din g o f each o t h e r 's problem s,
and mutual h e lp fu ln e s s .
We b e l ie v e th a t th e bankers o f a l l th e d i s t r i c t
we have o u t lin e d would have sym pathetic u n d ersta n d in g, i f n ot a b s o lu te
know ledge, o f th e f i n a n c i a l problem s o f a l l th e m a n u fa ctu rers, m in ers,
and m erchants o f th e d i s t r i c t .
farm ers
Now t h i s would n ot be tr u e i f th e d i s t r i c t
were t o in c lu d e much o f the t o b a c c o and c o t t o n t e r r i t o r y sou th o f th e Ohio
R iv e r , where th e a g r i c u l t u r a l ,
com m ercial and in d u s t r ia l c o n d it io n s a re
u t t e r l y d iv e r g e n t from th o s e o f O h io,
We th in k th e re would be a la c k o f
m u tu a lity w hich would be l i k e l y t o a f f e c t th e sou th ern t e r r i t o r y u n fa v o r a b ly ,
b eca u se o f the preponderance o f n o rth e rn problem s and req u irem en ts, and th e
p ro b a b le m a jo r ity o f n orth ern s to c k h o ld e r s and d i r e c t o r s .
T hree p o s s ib le
The l o c a t i o n o f th e bank to s e r v e t h i s d i s t r i c t w i l l d o u b tle s s l i e
R eserve
c itie s
betw een C lev ela n d and C in c in n a t i, becau se th e o th e r la r g e c i t i e s w ith in the
d i s t r i c t a re so n ea r i t s e a s te r n and w estern b o u n d a rie s.
has a l s o claim ed t o be a b le t o serv e O h io.
t h e s e th re e *
You w i l l ,
However, P itts b u rg h
Y our c h o ic e l i e s p o s s ib ly between
o f c o u r s e , s e l e c t th e c i t y which can, in y o u r ju d g
m ent, b e s t se rv e th e d i s t r i c t .
I t i s o u r purpose in t h i s p r e s e n ta tio n to
a s s i s t you i n form ing a c o r r e c t judgm ent;
we s h a ll t r y t o a v oid mere l o c a l
p r id e , and p re se n t on ly th e f a c t s and fig u r e s th a t have con vin ced u s, as we
th in k th e y must co n v in ce you, th a t th e b u sin e ss i n t e r e s t s o f t h is d i s t r i c t
would be b e st se rv e d by l o c a t i n g the h ea d qu arters bank a t C le v e la n d .
Q u a li f i c a t i o n s
We a re fran k enough t o say th a t no c i t y in t h i s d i s t r i c t can sub
o f R eserv e
c ity
s t a n t ia t e th e cla im , as C hicago can f o r in s t a n c e , th a t th e g r e a t bulk o f
th e tra d e o f th e prop osed d i s t r i c t ce n te r s t h e r e .
So i f you e s t a b lis h a
d i s t r i c t w ith Ohio as i t s g r e a t n u cle u s , you w i l l d o u b tle s s p la c e th e bank
i n th e c i t y th a t b e s t m eets th e fo llo w in g req u irem en ts:
Reproduced from the Unclassified / Declassified Holdings of the National Archives
(1) Satisfactory communication throughout the d is tr ict.
(2) Proximity to center of t m f fi c and exchanges of the d istr ict.
(3) Financial, commercial, industrial and civic strength in
it s e l f .
(4) Satisfactory relations with the entire d is tr ic t.
We shall confine our evidence to a comparative showing for the thiree cities
under each of these four heads.
The few essential facts and figures have
been compiled with great care, accuracy being sought at whatever cost;
and
we believe they are absolutely p®iiabie.
(L) Communication;
Each city
accessible
It is probable that the communication through
out the d istrict from any one of the three cities would be satisfactory to
serve the purpose of the bank.
It is certainly true that a le tte r mailed
from Rochester, Johnstuwn, Cincinnati or Saginaw, citie s in the remotest
parts.of the d istrict, at the close of banking hours on one day would reach
Cleveland in time to receive attention at the beginning of banking hour's
on the next day;
and this would even be true of most i f not all communities
of eastern Kentucky and eastern Tennessee, i f the d istrict should extend so
far.
It is worthy of note, furthermore, that a lette# mailed at the close
of banking hours at any one of seven of the other D istrict Reserve citie s
indicated on our map, would reach Cleveland in time to receive attention
during the following morning.
Cleveland is
shortest
journey for
most people
in the
District
Moreover, (we believe^ it can be shown that Cleveland can be reached
by most of the people in the d istrict more quickly than either of the other
c itie s .
Ohio.
The debatable territory, so to speak, is a ll within the state of
It is obvious that Pittsburgh can be reached by Pennsylvania towns
more quickly than can Cleveland or Cincinnati;
i t is obvious that Cincinnati
could be reached by towns in Kentucky more quickly than Cleveland, i f
Kentucky were included in the d istrict;
it is obvious that Cleveland can
be reached by Michigan and Hew York points more quickly than either of the
other c itie s .
But Ohio lie s between the three c itie s .
Of the 37 cities
of Ohio containing a population of lo,ooo or more in 191o (taken as indicating
density
o f population),
17,
with a total population of l , 1 3 o,ooo, can reach
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Cleveland most quickly;
Cincinnati most quickly;
14, with a population
and
Pittsburgh most quickly.
6,
6f
of 9o2,ooo, can reach
with a population of lo5,ooo, can reach
Fifteen of these citie s , with a population of
l ro64,ooo, are a longer journey from Pittsburgh than from either Cincinnati
or Cleveland;
nati;
17, with a population of 427,ooo, are furthest from Cincin
while only 4, with a population of 78,ooo, are furthest from Cleveland*
To make the point clearer by a system of scoring:
for the quickest communication, and
is ;
Relative
t r a ffic
density
5o
i f loo points are allowed
for the second quickest, the score
Cleveland, 2 ,35o, Cincinnati l,5 5o, and Pittsburgh l,35o*
(2) Location with respect to center of tra ffic and exchanges:
There are 88 counties in Ohio*
The population of the 44 counties north
of a line drawn approximately through the center of the state if' 2,547,721;
o f the 44 southern counties, 2,219,4oo*
Density of tr a ffic , which means
density of exchanges, can be indicated fa irly by railroad fa c ilitie s for
handling the tra ffic*
There are 4o main-line tracks in service on the
railroads traversing the northern part of Ohio, and 23 main-line tracks for
the railroads traversing the southern part*
In the north half of the
state, ten railroads have two or more main-line tracks;
only three have as many as two main-line tracks.
in the south half,
The total double-track
mileage in Ohio, as shown by the most recent map of the Ohio Public Service
Commission, is 2,lo7 miles.
Of this double-track mileage, more than 1,468
miles, or nearly 7oeZ lie s in the northern 44 counties; not quite 639 miles,
o r a l i t t l e over
Traffic
converging
at Cleveland
3 o$
is in the south half of the state.
W ith r e s p e c t t o th e r a ilr o a d s it u a t io n o f C levela n d in t h i s p a rt
o f th e s t a t e , i t i s o n ly n e ce ssa ry to say th a t e v ery e a ste rn trunk l i n e o f
th e U nited S ta te s e n te rs C lev ela n d , and th a t th e c i t y i s on th e p r in c ip a l t r a v e l
highway betw een New Yoric and C h ica g o .
C levela n d i s on th e most d i r e c t l i n e
M oreover, and e q u a lly im p orta n t,
from the i r o n - o r e o f th e n orth e rn s t a t e s
t o th e bitum inous c o a l d e p o s it s o f t h i s d i s t r i c t .
P r a c t i c a l l y a l l o f th e
sh ip p in g c a r r y in g th e i r o n - o r e tr a d e o f th e la k e s (am ounting t o 5 o ,o o o ,o o o
to n s l a s t y ea r) i s d ir e c t e d from C lev ela n d , and about 8o$ o f th e g r e a t f l e e t
o f v e s s e l s engaged in th e ore and c o a l tra d e a re managed a t C le v e la n d .
You
d o u b tle s s have in mind th e f a c t th a t th e tonnage through th e D e t r o it R iv e r
t o and from Lake E r ie p o r ts
i s g r e a t e r than th e t o t a l p o r t tonnage o f New Y ork ,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
London and Liverpool combined*
Furthermore, the vtslue of this tonnage,
as estimated by the United States Government Engineer at Detroit, was more
than $800 , 000,000 in
1 9 1 o;
a far greater sum than the total reported by the
Census for the value of both the agricultural and manufactured product of
the states of Kentucky and Tennessee combined.
This indicates the unreliabil
ity of th«r argument that Cleveland is a less desirable center for this d istrict
because it has the lake to the north.
The lake is a far more valuable source
61} W
of business and exchanges than-wcpp equal areas of land.
The Great Lakes
furnish the cheapest freight haul in the world, so that the iron-ore, coal
and limestone for the production of pig-iron can be assembled on the south
shore of Lake Erie more cheaply than in any other of the great furnace dis
tr ic ts in the north.
We note also that nearly all the cities you have been
considering as locations for d istrict banks are situated, not in the geographic
centers of their d istricts, but at the points where lin es of communication
center, which happen to be, in iaost cases, at or near one edge of each d istrict;
and especially v?hen any d istrict has any frontage on navigable water, the
trade of the d istrict is lik ely to seek a port city ,
Rank of
(3) Financial, commercial, industrial and civic strength^ Cleveland
Cleveland and
cauees of
is the largest city between the Atlantic seaboard and Chicago, and its popu
growth
lation is exceeded by only three citie s of the seaboard - New York, Philadelphia,
and Boston - and two citie s of the interior - Chicago and St. Louis.
The
United States Census of Manufactures for 19o9 shows that the value of the
manufactured product of Cleveland is exceeded only by that of four citie s,
New York, Chicago, Philadelphia and St. Louis.
Cleveland’ s rapid growth to
this position is due largely to its strategic location and transportation
fa c ilitie s , which have been the chief of its manufacturing advantages.
These
natural and economic advantages, aided by individual enterprise and the
application of intelligent public sp irit in cooperative effort, have produced
the phenomenal but steady and substantial advance of Cleveland among the
citie s of the country.
today
In l85o Cleveland was 43rd in population rank;
i t is the Sixth City,
Reproduced from the Unclassified/'Declassified Holdings of the National Archives
Volume o f
Cl eveland* s
b u s in e s s in
le a d in g
com m odities
As in d i c a t in g the volume o f tra d e now c e n t e r in g in C le v e la n d , we
g iv e below a t a b l e
o f a few o f the le a d in g com m odities handled by C lev ela n d
b u sin e ss h ou ses, w ith th e approxim ate volum eyof annual b u sin ess in each l i n e ,
con du cted through C levela n d banks, ae *i« iiwrtwi from r e p o r ts fu rn ish ed by a
cfyyi tK.
l a r g e number o f le a d in g b u sin ess h ou ses,
from most r e c e n t census r e p o r t s .
The f in a n c ia l needs o f each o f th e s e l i n e s a re d is t r ib u t e d o v e r a la r g e p a rt
o f th e year*
Commodity
Annual volume
Ir o n 6 r «
Bitum inous c o a l
P etroleu m and i t s p r o d u c ts , e tc*
Lumber
S tone
G rain and hay
L iv e stock and p a ck in g house p rod u cts
Prim ary ir o n and s t e e l p rod u cts
Foundcy and machine shop p rod u cts
A u tom ob iles and a u tom ob ile p a rte
and a c c e s s o r ie s (m anufactured)
Men’ s ajid women’ s w earing a p p a rel
( f a c t o r y p ro d u ct)
,0 0 0 ,ooo
5 6 .000.000
33.500.000
13.500.000
1 3 . 000, ooo
1 9 .0 0 0 , ooo
40.000.000
36 . 000.000
48. 000.000
43.000.000
*
000
^ 3 2 ,ooo,oo<
rP art o f t h i s t o t a l i s p rob a b ly in clu d e d in the v a lu e
^Foundry and machine shop products**•
Growth i s
* a fe in d ex
We b e l ie v e th a t th e s e l e c t i o n o f normal tr a d e ce n te r s
fo r the
d i s t r i c t s y®u le s ta b lis h can be made a lm ost unerringL y by a stu d y o f th e ra te
and c h a r a c te r o f growth o f the c h i e f c i t i e s in each d i s t r i c t .
The p re se n t
s i z e , tr a d e im portance and fin a n c ia l c o n d it io n o f th e c i t i e s co n s id e r e d a re
o f cou rse most im portant f a c t o r s ;
but you a re p la n n in g f o r the fu tu r e as
w e ll as th e p re s e n t, and growth i s , we b e l ie v e , a c l e a r e r in d ex o f p ro b a b le
s tre n g th than p re se n t s i z e ,
i f th e two f a c t o re fto n ot c o in c id e *
We b e l ie v e ,
t h e r e f o r e , th a t we can b e s t a id you in s e l e c t i n g the h ea dqu arters f o r t h i s
d i s t r i c t by showing th e h i s t o r y o f r e c e n t growth in C le v e la n d , P itts b u r g h
and C in c in n a ti*
Soundness
o f C levela n d
banks
B e fo r e c o n s id e r in g th e fig u r e s o f f i n a n c ia l grow th, you sh ou ld be
a d v is e d th a t s in c e the enactm ent o f the n a t io n a l banking la w , C levela n d i s
unique among th e s e t h r e e c i t i e s ,
o f a n a tio n a l bank;
one pem y*
in h avin g rep o rte d not one s in g le f a i l u r e
no d e p o s it o r in any n a tio n a l bank in C levela n d has l o s t
R ^jftxtoced from the Unclassified / Declassified Holdings of the National Archives
In o i d e r t o l i m i t as s e v e r e ly as p o s s ib le the fig u r e s which we f e e l
Index item s
must be brought t o y o u r a t t e n t io n , we have co n fin e d ou r e v id e n ce o f r e l a t i v e
growth to a v e ry few in dex item s.
they fa v o r C lev ela n d ;
These a re not chosen f o r th e reason th a t
we b e l ie v e th a t a l l th e re cord ed d a ta would in d ic a t e
e q u a lly w e ll th e in d is p u t a b le f a c t o f C le v e la n d ’ s advance; but we b e lie v e
th e fo llo w in g item s w i l l be s u f f i c i e n t f o r r e l i a b l e com parison .
F or each
item we g iv e th e p e rcen ta g es o f in c r e a s e f o r th e most r e c e n t t e n -y e a r
p e r io d
f o r which a u t h o r i t a t iv e d a ta a re a v a i l a b l e , as fo llo w s :
C levela n d
population, 1 9 oo- 1 9 1 o
Postoffice receipts, 19o4-1913
Value of manufactures, l399-19o9
Clearing House exchanges, 19o4 1913
Deposits, a ll banks, 19o4-1913
C in c in n a ti
P itts b u r g h
46,9
116,4
95.1
11,8
61,3
1o7.5
37.3
11,1
57.8
16,1
23.9
66.1
37.5
36.2
18 ,2
-IWe o f f e r in e v id e n ce T a b les B, C, D, E and F, and Charts I I , I I I ,
IV , V and
VI which show c l e a r l y the annual growth o f the th r e e c i t i e s as in d ic a t e d by
*^7/
th e s e i t e m s .J
C iv ic c o n d it io n s may seem t o be a m inor p o in t in y o u r c o n s id e r a t io n
C iv ic
soundness
o f a p u r e ly econom ic problem ,
b e a r in g ,
but we b e lie v e they have a v e ry d i s t i n c t
^ C lev eland has a d eserved re p u ta tio n
i n i t s m u n icip a l a f f a i r s ;
f o r freedom from "graft**
but t h a t i s a n e g a tiv e v i r t u e , and i s perhaps
o n ly a m inor e v id e n ce o f the a l e r t p r o g r e s s iv e s p i r i t which i s c o n s ta n tly
m a n ifested by th e g re a t body o f our c i t i z e n s and t h e i r le a d e r s in many
w a y s^ )
F or exam ple, C levela n d en jo y s th e lo w e s t death r a t e among th e
l a r g e c i t i e s o f th e cou n try , due in p a rt t o c lim a t ic c o n d it io n s ,
in la r g e p a rt t o i n t e l l i g e n t m u n icip a l s a n i t a t i o n ,
but a ls o
C levela n d was th e f i r s t
American c i t y a c t u a l ly t o b egin p u tt in g in t o e f f e c t a g r e a t p la n f o r grou p in g
i t s p u b lic b u ild in g s in a " c i v i c c e n t e r ” ,
C le v e la n d 's experim ents in ch ar
i t i e s and c o r r e c t io n are a t t r a c t i n g w orld -w id e a t t e n t io n and s e rv in g as
m odels f o r o t h e r com m unities;
th e famous C ooley Faim C olon y , th e C levelan d
F e d e ra tio n f o r C h a rity and P h ila n th ro p y , and th e new "C lev ela n d F ou n dation "
are exam ples.
In C levelan d has been e v o lv e d th e unique s t r e e t ra ilw a y
fr a n c h is e (w hich may be c r e d it e d l a r g e l y to the work o f th e l a t e Mayor Tom
L . Johnson and th e l a t e U nited S ta te s ju dge R obert W. f a y l e r )
th e e s s e n t ia l
Reproduced from the Unclassified / Declassified Holdings of the National Archives
>
features of which are the control of service by the city;
the kind of ser
vice the people*s representatives require, at a rate of fare which w ill pay
its cost plus 6% upon an arbitrated valuation;
and the consequent satisfac
tion of the people because a problem is solved which in other cities is a
constant source of disturbance of both business and banking conditions*
The
citizenship of Cleveland expresses it s e lf not only at the polls, but also
through civ ic and commercial organizations, in which effective voluntary
service for the improvement of living and working conditions in Cleveland is
rendered most freely by a very large number of able men*
These facts we
cite as reasons for the growth of Cleveland in the past, and as evidence of
it s healthy condition and probable continued growth, so that in the future
s t i l l more than at present, Cleveland is lik ely to be the undisputed trade
center of this? d istr ict,
(4)
Rivalry of
three cities
Relations with D istrict: It is natural that in a d istrict lik e
this the smaller communities and rural territory would a ll prefer to be
attached to the nearest large city, with which trade relations are closest;
and it is natural, too, that none of thar three cities under consideration
should name either of the others even as a second choice, because there has
been a friendly but intense rivalry between these cities*
Since Cleveland
continues to outgrow the other two, we believe that it should not be sub
ordinated to either*
Yet Pittsburgh and Cincinnati cannot be expected to
yield ungrudged precedence to their successful rival for preeminence in the
middle West.
Commercial
and financial
allegiance
But the business men of a ll this d istrict enjoy friendly, profitable
and even cordial relations with each other;
and we are certain that there
would be no real disturbance, much less violence, done to existing trade
conditions in Pittsburgh, Cincinnati, Buffalo, Detroit or Rochester, or any
other lo ca lity within the d istrict, through the establishment of a bank at
Cleveland*
Six hundred and twenty-four national and six hundred state
banks within the d istrict now carry accounts with Cleveland national banks,
besides two hundred and seventy-nine national and one hundred and twenty-one
state banks beyond the district*
About five hundred banks in the d istrict
have designated Cleveland banks as reserve agents*
five
Cleveland has forty-
percent of the total of all "bank deposits** in a ll Ohio banks*
We
have heard directly from two hundred and thirty-three banks in northern *nd
central Ohio who name Cleveland as their first choice for the location of
the d istrict bank, as well as twenty banks in southern Ohio, four in
southeastern Michigan, five in western Pennsylvania, two in New York, and
even seven in Indiana;
and we are certain that many other banks in surround
ing states and in southern Ohio would find Cleveland perfectly acceptable, if
not their first choice.
To show that our city has the active good will of
business men in its immediate trade territory, we submit herewith copies of
resolutions from commercial and trade organizations in thirty-three Ohio
cities and towns;
resolutions foixnally adopted by Clearing House Associa
tions in some of the citie s ;
and editorials that have appeared in several
Ohio newspapers outside of Cleveland,
We submit these facts and considerations with the conviction
that they establish clearly the desirability of such a d istrict as we have
outlined, with Ohio as its center, and with its Reserve Bank at Cleveland,
Respectfully submitted,
J. J. Sullivan, Chairman Clearing House Committee
Newton D. Baker, Mayor of Cleveland
Warren S. Hayden, President, The Cleveland Chamber of Commerce
Elbert H, Baker, President, Plain Dealer Publishing Company
F. H. Goff, President, Cleveland Trust Company
Executive Committee *
*
Representing committees appointed by
The Cleveland G1earing House Association
The Cleveland Chamber of Commerce
The Cleveland Builders Exchange
The Cleveland Association of Credit Men
The Cleveland Real Estate Board
The Cleveland Advertising Club
The Industrial Association of Cleveland
Cleveland Rotary Club
Lakewood Chamber of Commerce
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Exhibit ”A”
Schedule of Federal Reserve D istricts
(Figures are chiefly from report of the Comptroller of the Currency
for 1913, supplemented by latest reports of State Banking Depart
ments of some states.)
D istrict
No.
1
A ll o f Maine, New Hampshire, Vermont, M a ssa ch u setts, Rhode I s la n d ;
3 counties of eastern Connecticut (Windham, Tolland, New London);
the
northern part of New York going west as far as the western boundaries
of Wayne, Ontario and Steuben counties, and southeast as far as the south
ern boundaries of Delaware, Green and Columbia counties.
Capital of Reserve Bank at Boston
Capital ft surplus national banks
Deposits national banka
Capital ft surplus all other banks
Deposits a ll other banks
Diet diet
No. 2
$12,loo,ooo
2o2,15o,ooo
bll,5oo,ooo
215,000,000
2 , 5oo, 000,000
T h irte e n c o u n tie s o f New Y ork, in c lu d in g and su rrou n din g G re a te r
New Y ork , g o in g n orth as f a r as th e n orth ern b ou n daries o f D u tch ess, U ls t e r
and Sullivan counties;
in D i s t r i c t No.
1;
th e
the 5 western counties of Connecticut not included
11
n orth ern co u n tie s o f New J e rs e y as fa r aouth as
the southern boundaries of Middlesex, Somerset and Hunterdon counties.
Capital of Reserve Bank at Mew York
Capital ft surplus national banks
Deposits national banks
Capital ft surplus all other banks
Deposits all other banks
District
No • 3
#1 9 , 400,000
3 2 3 ,6 0 0 ,0 0 0
1 ,7oo,000,000
4oo,ooo,ooo
3,lo o , 000,000
F o rty -tw o e a s t e r n c o u n tie s o f Pennsylvania, as f a r w est as th e
e a s te rn bou n da ries o f P o t t e r , Cameron, C l e a r f i e l d , Cambria and Som erset
c o u n t ie s ;
a ll
o f D elaw are; th e l o sou th ern c o u n tie s o f New J e rse y not
in clu d e d in D i s t r i c t No.
2.
C a p ita l o f Reserve Bank a t P h ila d e lp h ia
C a p ita l ft su rp lu s n a t io n a l banks
D e p o s its n a t io n a l banks
C a p ita l ft su rplu s a l l o th e r banks
D e p o s its a l l o t h e r banks
D is tr ic t
No. 4
§ l o , 3 o o ,o o o
171 , 55 o ,o o o
693 , l o o , 000
1 7 0 ,0 0 0 ,0 0 0
6 3 5 ,0 0 0 ,0 0 0
A ll o f V i r g i n ia , Maryland, D i s t r i c t o f Columbia, N orth and South
C a ro lin a , and a l l o f West V ir g in ia e x ce p t th e fo u r c o u n tie s o f th e
"Panhandle**.
C a p ita l of R eserve Bank a t Richmond
C a p ita l ft su rp lu s n a t io n a l banks
D e p o s its n a t io n a l banks
C a p ita l ft su rp lu s a l l o th e r banks
D e p o sits a l l o th e r banks
$ 6,4oo,ooo
lo6,4oo,ooo
395,000,000
115,000,000
45o,ooo,ooo
Reproduced from the Unclassified I Declassified Holdings of the National Archives
All of Ohio;
D is tr ic t
Ho, 5
25 western counties of Pennsylvania not included in
D istrict No. 3;
the 9 counties of western New York not included in
D istrict No. 1;
the 4 counties of the "Panhandle” of West Virginia
(Brook, Hancock, Marshall and Ohio);
19 counties of southeastern Michigan
as far as the western boundaries of Hillsdale, Jackson, Ingham, Shiawassee,
Saginaw and Bay counties.
Capital of Reserve Bank at Cleveland
$13,800,000
Capital & surplus national banks
23o,36o,ooo
Deposits national banks
1 ,o42,ooo,ooo
Capital and surplus all other banks
25l,3oo,ooo
Deposits all other banks
1,33b,ooo,ooo
District
No. 6
All of Kentucky, Tennessee, Georgia, Florida, Alabama and
Mississippi.
Capital of Reserve Bank at Atlanta
Capital & surplus national banks
Deposits national banks
Capital 6b surplus a ll other banks
Deposits a ll other banka
§6 , o5o,ooo
l o o , 800,000
312,ooo,ooo
125,ooo,ooo
360 , 000,000
All of I llin o is , Iowa, Indiana and Wisconsin, and the 65 counties
D is tr ic t
No. 7
of Michigan not included in D istrict No. 5»
Capital of Reserve Bank at Chicago
Capital <5b surplus national banks
Deposits national banks
Capital <5b surplus all other banks
Deposits a ll other banks
A ll o f M is s o u r i, A rkansas, L o u isia n a , Kansas, Nebraska
D is tr ic t
No.
$14,000,000
233,290,000
1 , 2 7 9 , 4-00,000
260 , 000,000
1 , 600 , 000,000
and C o lo r a d o .
8
Capital of Reserve Bank at St. Louis
Capital & surplus national banks
Deposits national banks
Capital (5b surplus a ll other banks
Deposits a ll other banks
$8 , 080,000
134,7oo,ooo
695,7oo,ooo
173,000,000
7Io,ooo,ooo
All of Texas, Oklahoma and New Mexico.
D is tr ic t
No. 9
Capital of Reserve Bank at Dallas
Capital & surplus national banks
Deposits national banks
Capital & surplus a ll other banks
Deposits a ll other banks
|5,9oo,ooo
97,9oo,ooo
336,000,000
45, 000,000
14o,ooo,ooo
All of Minnesota, North Dakota, South Dakota, Montana, Wyoming,
D istrict
No. l o
Idaho and Washington.
Capital of Reserve Bank at Minneapolis
Capital & surplus national banks
Deposits national Banka
Deposits & surplus a ll other banks
Deposits a ll other banks
$5,3oo,ooo
87,7oo,ooo
5o5,2oo,ooo
80 , 000,000
415,000,000
All of California, Oregon, Nevada, Utah and Arizona.
C a p i t a l o f ‘Reserve bank at San Francisco
Capital & surplus national banks
Deposits national banks
C a p i t a l & surplus a ll other banks
Deposits a ll other banks
$6,5oo,ooo
l©8,2oo,ooo
460 , 700, 000
l l o f ooo,ooo
725*000,000
Reproduced from the Unclassified / Declassified Holdings of the National Archives
M t. Vernon R epublican l,iev/s
January l o t h , 1914
Mt* Vernon,
0.
^ C le v e la n d is the biggest city be
tw e e n New York and Chicago, and
the biggest city in Ohio. Cleveland
desires one of the new regiona
banks, ana thinks that she is en
titled to one because she is the cen
ter of that part of Ohio that has the
biggest volume o f business and ex
change o f credits! While perhaps it
does not matter greatly to Knox
countyans in what city the regional
bank for this section is located, we
believe that Cleveland’s claims .arc?
well founded and should secure for
» her the new bank.
\
rn
Reproduced from the Unclassified / Declassified Holdings of the National Archives
W A R R E N S . HAYDEN, p r e s i d e n t
F R E D E R IC K A. H EN RY, Is t v i c e p r e s
M O R R IS A . B L A C K , 2 n d v i c e p r e s i d
G E O R G E A -C O U L T O N , t r e a s u r e r
M UNSON H A V EN S, s e c r e t a r y
i d e n t
e n t
(B viw
J
'Sixth City
Mill"all 4 111, i'TFT
The R eserve Bank O rg a n iza tion Committee,
W ashington, D. C.
Gentlem en:
le tte r s
D uring you r C levela n d h ea rin g c e r t a in
from bankers in B u ffa lo , D e t r o it and T oled o
were su b m itted .
You s ta te d th a t th e s e would be
a c c e p te d p ro v id e d the l e t t e r s t o vjhich th ey were
r e p l i e s were a l s o su b m itted .
We ta k e p le a s u r e in
su b m ittin g h erew ith c o p ie s o f th e l e t t e r s which
were sen t t o th o s e c i t i e s .
Very
C
Enel
re so G ctfu llv
vours
S e cre ta ry
J o in t Committee
Reproduced from the Unclassified I Declassified Holdings of the National Archives
one
Hareh n k f If|4*
Hr*
On M k J & f o f t h « Comm i t t o a I beg
t o a o lm o w le d g e th e r e c e i p t o f y o u r l e t t e r
o f March 4 t il e iie lo e in g *
as s ta te d *
c e r ta in
l o t t o r * t o w h ich r e f e r e n c e was made on th e
o c c a s s i o n o f th e Coital t t e e * * h e a r in g a t
C le v e la n d * and t o a d v is e you t h a t t h e s e
have bo9a f i l e d
and w i l l b o b r o u g h t t o th e
a t t e n t i o n o f th e Com m ittee when i t
in g th e q u e s t io n o f th e l o c a t i o n s
is d e c id
f o r th e
F ed 9 m l R esen re Ban k e «
R espectfully*
So o r e t a r y ,
R e a o r r o Bank O r g a n is a t io n C om m ittee*
Mr* M wxv4 B a x te r * S e c r e t a r y ,
J o i n t C om aittee-*€l'e,fe la n d Chanber o f C o n n * ro e ,
C lo v e 1 and' y Ob i o «
r’
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Mr* B# $* Baaedell* Caa&ler*
Manufacturers and Tradera Rational Sas^
Buffalo, !?. T*
/
I I
My Dear 1ST* ItaadellsTon will
actae tiw ago, I fcad a talfe
Banfc 8ltuat|oti«
>ar
Buffalo
thr*»doral Pteserve
ing will Id hold her© on the 17th
mock to
if$poeeii>le, eoi»
imvo tkem
are cot put into n
D i s t r i c t In *bi<sii He*
nill be the Federal Beaerve
Bank* - for Clevelanj
till belief® that there must
be a Federal Reee
northern port of the country
between Howjfcfe
'at*S thafc it will comprise Western
Fenna Lvani^TIfcfit
and southera Michigan# Cleveland
would
eal point at vJhich. a Federal Hoeorre
l l y be
Back
be looate n such a District*, and 1 know that yc*r
preffcrenc
Igr3£eve2r*«idt rather than Cincinnati or Pittsburgh#
Our
instant. ^ would
of the Buffalo Barike
their prefereno
||
If eosteone from ybixr BanJr cisnrxt att&$&
the fceariaaJan expression f 3?oia you a3 to your preference
outlined
above* will| |e w r y tmasii a^>^eoiateft by Cleveland Baifca#
w o , > ^ :w
w
s ,* » * < »
Reproduced from the Unclassified / Declassified Holdings of the National Archives
February Uth* in**
Mr* George f* Band, President t
Karlas Hat tonal Baxfit*
Buffalo, H, Y.
Dear SinSon» tisae ago* I had occasionMbi in Bu^lo and
called at your fcanls end the other Batiolal Baziks in Mffa&o to
obtain aa expression of opinion aa to &hk preferenG/l/as to the
location of the federal Beeerve Bank in ifeatever £>tyr!6t you
ttight he placed*
% fcelieve that ^District wlj'i be fonaad estomuing
Ohic* Astern remaylvaaiai festera Bew|Y|>rfc# including Buffalo
and possibly Boohester a n d f % 6r Miategm*
%e naturally wish
to have the Beaerve
IciAgl in C^iMlsnd for such a District#
I kaoir your first
but if you ara put Into
a District outlined aa
^iracfld very ouch appreciate your
expressing yourself a a ^ ^ i ^ w of the looation of the Banle here*
aeci^aa^^^doo^lf1.Secretary R«ston'*i11 he here on
the 17th inatast*
we will lave our hearing* I
HDttld.AKte T w y
of the Buffalo Baaleer* could find
It coiNwl»nt to be aMtf h«t if not, oar Comittee would appreciateNy^enpyaa&imi froia you indicating Cleveland ae your
Second eimd^r^^'-^ne District is outlined as stated* the Bank
would tmdoMtedly be located in either Cleveland, Pittsburgh or
Cincinnati| land X teow Cleveland would he more convenient for you*
yfeith the hope that I m y have the pleasure of hearing
from you* I am
Very truly J
c
I P
■0® Q
003® * ^
e ■ i® w
M'
Reproduced from the Unclassified I Declassified Holdings of the National Archives
February tlth* 1914*
Mr* W« F* Bopkina* Vice-President*
Tblrii HatioimX Bank*
Buffalo, ». f*
My gear Hr* Hopkins;-
Ton will remmber when
some tlao ago* I
Bank aituation*
a t a lk
Buffalo
r&l Heaerre
ont
Ota*
Id her© on the l?th
ve* if poeeible* noma
lag, and hiwe the®
y are not pat Into a
be the Federal Haaer m
still believe that thero moat
northern part of the country
hd that It will cooiJriae Ifeetena
B »zm «^ ra D iS ^ ife 8 t
and Southern Michigan# Cleveland
point at which a Federal Beaerre
would jartnrally bo
Baiflc
be loeat
cneh a District, aad I imon that ycnir
pyefere:
Loveland, rather thai Cine teati or Pittsburg*#
Instant#
% would JUi®
of the Buffalo BanteiSr^re
expreea thair prefer©®
District ill which New
Bat** - H r Cleveland
be a Federal Reaorre
between SeWggyic
tbe haari
outlined
41
If ooaeono from your Beafc cannot attend
an e*proeelon frois jtm as to year preference as
, will bo very imeh appreciated by Clovelead Bmlw#
Tory traly yonre*
O*
,
B®8
ww
T IT )
0.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
( C O P T )
F ebruary
Mr
11 th 1914 .
L iv in g s to n P r e s id e n t
The Dime S a v in g s Bank
D e t r o i t M ich
My Dear S i r re
c o n fir m in g ou r te le p h o n e c o n v e r s a t io n to d a y ,
our p e o p le are ex tre m e ly a n x io u s th a t you o r some one who,
can speak f o r your c i t y ,
a tte n d the h e a r in g by the R eserv e
Bank O r g a n iz a tio n Committee on Tuesday n e x t, F ebruary
17 th ,
We very much d e s i r e an e x p r e s s io n from you r
c i t y fa v o r i n g C le v e la n d as second c h o i c e f o r r e g i o n a l bank,
I f you ca n n ot be here in p e rs o n , would v ery much l i k e a
l e t t e r t o th a t e f f e c t ,
Very t r u l y y o u r s ,
Chairman o f Committee
R e g io n a l R eserv e Bank
Reproduced from the Unclassified I Declassified Holdings of the National Archives
( C O P Y )
February 12 1914.
Mr S D Carr President
National Bank of Couumerce
Toledo Ohio
My Dear Sir
I labored diligently for nearly an hour today to try to
get you on the 'phone but without success,
I did get Mr, Crane
on the ‘phone for a few moments, but the conversation was so in
distinct that I doubt whether he understood what I desired to say,
and the service was so imperfect that I did not understand him hence this letter,
As you are doubtless aware, the organization committee
of the Federal Reserve Banks will be here on Tuesday next, Feb
ruary 17th, for the purpose of giving our city a hearing on the
location of a regional reserve bank here.
Our people are extremely
anxious that your city be represented at the meeting, and I now extend
to you personally, and two or three other Toledo Bankers, such as
you may select, an invitation to be our guests on Tuesday next, and
to attend the meeting of the Committee, and if called upon (which you
doubtless will be) to express a preference, that you favor Cleveland
as your choice rather than Pittsburg or Cincinnati,
I am strongly of the opinion that the close reciprocal
business relations existing between Toledo and Cleveland will warrant
you in making that statement.
In my failure to get you, I succeeded in getting Mr, Jas,
J, Robison, who stated that he would convey to you my request that
you come here, and I invited Mr, Robison to come also, and be our
guest during the hearing, as also at the luncheon which will be given
for the distinguished secretaries at the Hotel Hollanden, at 13:30
P.M.
I want to impress upon you that you will confer a lasting
favor upon the banking fraternity of this city, as well as all of
our people, if you will defer to our invitation in this matter,
I wish you would wire n.e fully at my expense upon receipt
of this letter.
Very truly yours,
Chairman of Committee
Regional Reserve Bank
^
^
:
/
v
tp jb jo* jC o
d c i( o j l j
>(/
,
C&%t*t4 Q'
^ lll ■■—»
Reproduced from the Unclassified I Declassified Holdings of the National Archives
/
j l sls'Llsf O A ^ ,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
February 14, 1914#
My dear Mr* Saaretaryj
Arrangements have
Bank Examiner George DeCamp
in Cincinnati and aeeiet 1b
lag to be held in the Court
been m d e to have National
meet you on your arrival
arrangements for the hear*
of Appeals Boo® on February
1 6 th *
The Chastere of Cos®©roe, Clearing Houaea Asso~
oiatlone and individuals who had previously expressed a
vleh to be heard at Cineinrmtl have been duly notified
as to details and requested to send list of those desiring
to appear, with a duplicate to Mr* DeCamp*
national Bank Examiner Sherrill Smith has -re*
plied that ha will net the C©H»ri*te» on its arrival in
Cleveland» at whloh plase arrangement* have been made to
hold the Committee *a bearings In the last Court Ro©»*
The Chambers of Cojamere© and Clearing House Asss*
ciatione of Cleveland and Columbus have b&on notified,
with request that H a t of these who will present the elaias
of their respective oities be furnished Mr. Smith, in order
that ha m y hand the* pro»p tly to you*
Trusting that the arrangement a nada will aeet
your needs, and that the remaining hearings will produce
as aatlsfaotery results ae those previously held, I &»,
Very sincerely ycurs.
Hon* Willias G. MeAdoo,
Cara Custodian, federal Building,
Olereland, Ohio*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
February 14, 1914.
Sin
Arrangement• hava been rmda to hmrm Na
tional Bmk gxasinar Shorrill Sssith m at th® Beserve
Bank Organisation Cowmiitee on hi* arrival in Clave*
lam'd on February 12thf and some mail will probably
bo aent in his ear#.
It 1# also lifcoiy that eo*i»ttni~ •
aatioaa may ba addressed to aeatbera of the party i»
your care* in whiah «as# I shall appreciate it if yota
will aee that the name ia promptly delivared#
Hasp©atfully*
Saoro tary„
Reserve Bank Organisation Committee.
Custodiant
Federal Build ing,
Cleveland, Ohio.*
..
Reproduced from the Unclassified I Declassified Holdings of the National Archives
TREASURY DEPARTMENT TELEGRAM.
WHERE WRITTEN:
Washington,
RESERVE BANK ORGANIZATION COMMITTEE
February 13th, 1914.
Custodian, Federal Building,
Cleveland, Ohio.
?lease have west court*room ready for hearing Organization
Coraraittee seventeenth, beginning ten A. II* Please have large table
for Committee, small tables for official stenographers, press reporters
and Secretary of meeting.
Secretary,
Reserve Bank Organisation Oomtfiittao.
O F FIC IA L BUSINESS.
GOVERNMENT RATES.
C harge T
reasury
D epartment, A
2— 6827
C 1 AL
p p r o p r ia t i o n
for
________________________________________________________________________ _____ ______________________ __________ _
The appropriation from w hich payable must be stated o i l above line.
D E P A R T M E N T A L S T O C K FO RM 2 1 2 8 .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
TREASURY DEPARTMENT TELEGRAM.
WHERE WRITTEN:
RESERVE BANK ORGANIZATION COIJUITTEE Washlngt,OIK bruary 13th, 1914.
Mr* Sherrill Smith,
Five hundred ¥welve, Federal Building,
Pittsburg, Pen nayIvan1a*
Committee leaves Cincinnati twelve five A* M. seventeenth reaching
Cleveland seven fifteen A. II. train forty-two, Big Four, private care
National} leaving six P. II, seventeenth*
Had requested mail to be sent
you at Pittsburg. Have wired custodian Federal Building to have court
room ready* Vould like to have list those to appear handed to Committee
on arrival. Wo hotel accomodations arranged. Satisfactory if you can
meet Committee on arrival*
Secretary,
Reserve Bank Organisation Committee*
O F F IC IA ii
O F F IC IA L BU S IN E S S .
GOVERNMENT RATES.
C
harge
T
reasury
D
epartment,
2— G827
A
p p r o p r ia t i o n
for
_______________________________________________________________________ _______ ______ ________________________ —
The appropriation f r o m w hich payable must 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 I 2 8 .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
TR EA SU R Y DEPARTM ENT
OFFICE OF
COMPTROLLER OF THE CURRENCY
NATIONAL BANK EXAMINER
Pittsburgh, Pa. , Pebraury 12, 1914.
Mr. M. C. Elliott,
Treasury Department,
Washington, D. C.
My dear Mr. Elliott:
I am today in receipt of j^our letter of the tenth
instant and am forwarding official reply thereto, but wish,
however, to write you this personal letter in connection
therewith.
I wish you would drpp me a personal letter inform
ing me what arrangements, of any, I can make to meet the
Organization Committee at the train on the 17th instant;
How many there are in the party, and whether or not they
have already engaged their hotel accommodations, if not,
how long they intend to remain in Cleveland.
I note what your official letter states regarding
mailing me duplicate lists of those desmging to be heard and
ask that I see that they reach the proper parties as well as
mail sent in my care; and in this connection would beg to be
informed whether such list will be mailed to me at Cleveland
and mail forw^rddd in my care addressed to Cleveland or
whether the intention is to forward to my Pittsburgh address.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
TR EASU R Y DEPARTM ENT
COMPTROLLER OF THE CURRENCY
NATIONAL BANK EXAMINER
I desire to "be of any assistance possible in connect
ion with the proposed meeting at Cleveland, but am at present
engaged in an examination of the Bank of Pittsburgh, H. A.,
of which our friend Hesbit is President, and had not figured
on completing this examination before the middle of next week.
I will, however, have reached a point by Saturday night where
it will be possible for me to leave and be in Cleveland
on
Monday and Tuesday, Pebruary 16th and 17th, and then Complete
my part of the above examination upon my return, my assist
ants continuing the detail work of the examination ixs. my
absence.
Kindly drop me a line, personally, and if mail is to
be forwarded in my care at Cleveland, I will arrange to go
to Cleveland Monday Morning and see that it is properly de
livered, otherwise, I would probably leave here Monday Even
ing and arrange to be in Cleveland only on the day of the
hearing.
Should you deem it advisable for me to be in Cleveland
on Monday the 16th, it might be better for you to telephone
or wire me at my expense upon receipt of this_letter, and
I will appreciate you kindness in the mat
Reproduced from the Unclassified I Declassified Holdings of the National Archives
T R E A SU R Y DEPARTM ENT
OFFICE OF
COMPTROLLER OF THE CURRENCY
NATIONAL BANK EXAMINER
Pittsburgh, Pa., February 12, 1914.
M. C. Elliott, Secretary,
Reserve Bank Organization Committee,
Treasury Department,
Washington, D. C.
Sir:
In reply to your letter of February tenth, will
state that I shall be pleased po make arrengements to meet
the Reserve Bank Organization Committee on its arrival in
Cleveland, Febraury 17t^.,
I am taking
7:15 A.
ith the Qustodian of the Federal
Building at Cleveland, tHe details in arranging for the
hearing to be held on February 17th in the West Court Room,
beginning at 10 A. M. , and shall be pleased to be of any
further assistance in connection with/the proposed meeting.
S'
National Bank Examiner.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
om
February 10th, 1*524#
Sirs
Con you mmk0 arrangements to meet
serve Bmk Organisation ComrJtt.m
op
Its
Ri»
arrival
In Glevelandt 'February l?th at 7s IS A. M. and prs*
vious thereto* coop-ir-ito with tho Custodian of the
Federal 8ulIdling at Clevela&nd in arranging Natali#
for th© hearing to he held on February 17th la the
wsst Court Eoom# beginning at 10 At ul
Kindly « 0 that n large table la furnished
for ues of the Corralttea and smaller one* for the
official stenographersv press reporters and the
Secretary of the aseting*
I shall request that duplicate lists he ©ailed
to yoe of thoas desir lug to be hoard and shall he
glad if TOO' will eeo that they reach the prtrmr par
ties as well m& mall sent in your es&re*
Respeetf ally*
Secretary1
,
Tieserve Bank Organ!* at ion Commit tea*
Mr. Sherrill Smith,
512 federal Building,
Pittsburg, Fa.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
g m t s t r a j D ep a rtm en t
16WU
R Blue 58 5ex
T E Z L E IG R A M
/
Columbus Ohio Feb 13 1914
^
Reserve Bank Organization Committee
Treaay Dept Washn DC
Your letter tenth received stating committee will hear Columbus
Ohio representatives west oourt room Cleveland Feby seventeenth
ten oclock which is entirely satisfactory Columbus will
be represented by committee of five only one of whom
however the chairman will address you Committee thank you
sincerely for your interest in arranging the hearing
for us
I» F Kiesewetter Chairman Committee representing
Central Ohio
116pm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
The Ohio National Bank of Columbus
C A P IT A L $ 4 0 0 , 0 0 0 .
SURPLUS $ 4 0 0 , 0 0 0 .
C o l u m b u s , O h io ,
February
Thirteenth
X 9 1 4
Reserve Bank Organization Committee,
Treasury Dept.,
Washington,£.C.
Gentlemen:Inclosed is copy of telegram sent you today,
which we confirm.
Very truly yours,
Chairman ,
Committee representing
Central Ohio*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
T H E O H IO "NATIONAL. B A N K
CO
.BUS, O H IO
CONFIRMATION
The following is a correct copy of a
Bay Letter
sent you on this date per Western Union
Feby* 13th§ 1914.
Reserve Bank Organization Committee,
Treasury Department,
Washington, D*C*
Your letter tenth received stating Committee will hear
Columbus representatives, West Court Hoorn, Cleveland,
February seventeenth, ten o’clock, which is entirely sat
isfactory*
Columbus will be represented by Committee of
five, only one of whom, however, the Chairman, will address
your Committee*
Thank you sincerely for your interest in
arranging the hearing for us*
L* ¥• Kiesewetter, Chairman,
Committee representing Central Ohio*
-HWIJI
Reproduced from the Unclassified I Declassified Holdings of the National Archives
CHARTER
C A P IT A L
J O H N S H E R W IN P r e s i d e n t
T H O S H. W I L S O N V i c e P r e s i d e n t
A. B. M A R S H A L L V i c e P r e s i d e n t
J-
$ 2 ,5 0 0 ,0 0 0
N U M B E R 7.
FIRST
NATIONAL
SURPLUS
BANK
$ 1 , 5 0 0 , 0 0 0 °?
E. F A R N S W O R T H
EUCL I D A V E NUE
C a s h i e r
R. G E A R Y
JOHN
H. C A S W E L L
A s s t
C a s h i e r
A s s't
CLEVELAND
Feb. 13, 1914,
Mr. M. C, Elliott, Secretary,
Reserve Bank Organization Committee,
Washington, D. G.
Dear Sir:
I acknowledge receipt of your notice of the
intention of the Reserve Bank Organization Committee to
hear representatives of Cleveland in the West Court Room
February 17th at 10:00 o’clock A, M. in the matter of a
selection of Cleveland as a proper location for a Federal
Bank.
So far as I am at present advised, Col. J. J.
Sullivan, the Chairman of the Executive Committee, and
Hon. Newton D, Baker, the Mayor of our city, will present
%
the arguments in favor of this location before the
Committee*
Yours very truly,
Chai
C a s h i e r
H O R A C E R. S A N B O R N
A s s 't C a sh i
B. A . B R U C E
A s s 't C a s h i e r
R. K R A U S . V i c e P r e s i d e n t
CHARLES
JOHN
learing House Committee
Reproduced from the Unclassified / Declassified Holdings of the National Archives
0X0
F eb ru ary 1 0 t h t 19 14*
S in
The iimm®rvv Bank Organization Co,a/aIt too
will hear rspFeseatatlvetf of C leva Ian'4
at Its
hearing to bo hold in the treat Court Room* Feb
ruary 1 7 thf beginning at 10 A* M»
Kindly eexui me list of those desiring to
be heard and la&ll duplicate to Hr* Sherrill Smith*
512 Federal Building^ Pittsburg*
Respeotfully,
S e cre ta ry ,
Kefmnra Baiik O r g a n is a t io n
C ha i fvr-i.ik»
Clearing Houee Association*
OXaYoland* Ohio
C o n m it te e .
Reproduced from the Unclassified I Declassified Holdings of the National Archives
0MC
February 10thf 1914*
SI rt
thm Reserve Bank Organisation Comraittso vtll
hoar reproaoatativoB o f Clovoland at it s hearing to bo
hold la tii# woai Court Room, February 17thf bog inning
at 10 Mm II,
K i n d l y send m&- list o f thoee desiring to be hoard
and mall duplicate to Mr* Sherrill Smith, 512 Fodteral Build
ing, PHteburg,, Fa*
Re*poetfully,
Sac rotary,
Reserve Bank Organisation Cof&nlttoo*
Chairman*
C h a m b e r o f C o m a » o r^o ,
Clovelandf Ohio
Reproduced from the Unclassified I Declassified Holdings of the National Archives
one
Fabruary XOtfe* It14*
Sir*
B#»#rve Baak Org&ttlftatlos Cmmtttm
vtll hmmr ropr«8«ntativoe of Columbia* at its
hearing# to bo hold ia too w w t Court Kooa,
CliifQland,on February 17th, beginning. at 10
A* M*
Kindly a&ad j»9 a H a t of thoaa das iring
to ba heard and snil duplicate to Mr.* Sherrill
Smith, SIS F*cUral Buildi»g« Fittsbtupsu Fa*
Rsapoctf«lly,
Socrei&ry,
ftaaerva &uik O rgaw lm fciaxi Q'©®«6ittaa*
Chairman,
Chaab-i»r of Cmjwnorco*
CoXur.but, Ohio*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
TREASURY DEPARTMENT TELEGRAM.
WHERE WRITTEN:
Washington,
wmm m m m
m w m u m tm
s o M M fra o u
t% 19X4*
T
C# II* Blitmafi* Seeretary
JJruaa A * * o e i
ColWttfctt©* Chi O* J
e
f. O ' ,
J
/
Your te l egrat* Commit too w ill held heariijg fed era l Court ftoos*
C liioiiv ^ tl, Monday* February alxtotath , tan A**Ur wad In, 9#ft
Court toom* Cl wo land, faferu&ry eovoateonth* tm 1*12* IClncSly
fum Uh lie # those desiring tea?|*ar*
S e cre to ry
Heeerve Bank Organisation Connittee*
OFFICIAL BUSINESS.
GOVERNMENT RATES.
C harge T
2—6827
rea su ry
D
epa r tm en t,
o f r s e i ix .*
A
p p r o p r ia t io n
fo r
__________________________________________________________________________________________________________________________ _
The appropriation from w hich payable must be stated on above line.
DEPARTMENTAL STOCK FORM 2 123*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
TREASURY DEPARTMENT TELEGRAM.
WHERE WRITTEN:
-
0 WU MO 16
xfS & B w
Washington,
C o lle c t Govt.
COPY.
TO
WS CLEVELAND ohio Jan 29,
------ --------1914
W etmore,
Treasury Department
Washington, D.C.
West Court room w ill be available seventeenth proximo
Floyd, Custodian.
1146 am
OFFICIAL BUSINESS.
GOVERNMENT RATES.
C
harge
2— 6827
T
rea su ry
D
epa r tm en t,
A
p p r o p r ia t io n
fo r
___________________________________________________________________________________________________________________________ _
The appropriation from w hich payable must be stated on above line,
DEPARTMENTAL STOCK FORM 2 12S»
Reproduced from the Unclassified I Declassified Holdings of the National Archives
*
WESTEJB& UNION
r ’V
TELEGRAM
\/
T H E O . N . VAIL. P R E S ID E N T
St
R E C E IV E D A T Wyatt Building, Cor. 14th and FSts., Washington, D. C. ALWAYS
OPEN
91C
KE
23
COLLECT
GR
W
B
R
S
C
L
£
V
E
L
A
N
P
0
P
C
2
6
1
9
1
3
NEWTON
TREASY DEPT
WASHN DC
WEST COURTROOM AVAILABLE UNTIL JANUARY FIFTH
FIVE
£
HUNDRED ONE
FLOYD CUSTODIAN
434PM
AFTER THAT DATE ROOM
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Probable capital of District Reserve Banks
{6% of capital and surplus national banks)
Districts;
1 , Boston
$ 1 2 ,loo,ooo
2 , New York
19#4oo#ooo
3, Philadelphia
lo,300,000
4, Richmond
5, Cleveland
6,4oo,ooo
13,8oo,ooo
6 , Atlanta
6,o5o,ooo
V, Chicago
14,000,000
e, it.Louis
8 ,080,000
c
-» Dallas
5,9oofooo
lo, Minneapolis
1 1 , San 7rancisco
5,3oo,ooo
6,5oo, 000
s
$ U lA r
Spr
^cv
P Cj l
'A s H/N<
LaNc
ANa
NORTH DAKOTA
DUL
Bu 'I'Tc
°%
MINNESOTA] SUPERIOR
LnTV
«
(V H
oshkosh
id a h
sTo-r
’y y
^ p O C ''
O
SOUTH DAKOTA
/
^ /I S C O N S I N
j
LA CROSSE
MILWAUKEE
Wy o m in g
DUBUQUE^,
S IO U X C l I V
S4LTr f c
4 0 /1
^S4CRAM£/Vf
NEBRASKA
C/Ty
C E D A R R A P ID S
io w a
•
l
D AVEN PO R T?
fC
d e s w o in e s
ib p ~ .
.
4
m } 0% ,
<9
L IN C O L N
s* " % f ? iKLA"°
U T A H
SUINCY
° R N ia
W. VA r J
lO S E P H
COLORADO
K A N S A S P IT
K^ S A S C I T Y
R^NTtNGTON
^COUlSVILLE
^LEX'.NG
3 T S T . L O U IS
CmORF0^
KENTUCKY
*■“ ’
pAs
:Lo$
@
NAS^ ^ LLE
KN'^VILL^
T E N N E S S E E
^^"-CHATTANOOGA
^£s
4A/G£,
OKLAHOMA
■
S4/v °iego
A R iz
o n
,
n ew
MEXICO
rtE M P H IS
M USCOGEE^
O K L A H o T lA c i t y
S. C-
ARKANSAS
l it t l e
\ioWi?4GHAM
rock
B\
MISS.
W
aI
*
C
tA
CHARLE^TONJ
august
alabam a\
F O R T W O R T H ^ J ^ J i^ ALLAS
M ONTGOM ERY
IT
SAVAN*
>ELPASO
TEXAS
10 b i l e I
LOUISIANA
^^SONVILL
FLORIDA'
*<£>
S A N A N T O N IO
® CITIES HAVING AN ESTIMATED POPULATION OF 3 0 ,0 0 0 AND OVER IN fS II.
-4-CITIES WITH A POPULATION OF 50,000 AND OVER, AS SHOWN BY CENSUS BULLETIH,
RESERVE BANK ORGANIZATION COMMITTEE
WASHINGTON, D. C.
^G ALVESTO N
[tampa
?fO’jflS*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
C l e v e l a n d Bri ef
preseated to
Reserve Bank Organization Committee
February 17, 1914
T o th e R e s e r v e B ank O rga n iza tion C om m ittee:
W e suggest the division of the United States into eleven Federal
Reserve Districts, approxim ately as outlined on the map which we
submit for your consideration.
Logical
number of
Districts
W e believe that the purposes of the Federal Reserve A ct cannot
be well served with a smaller number of districts. A n y attem pt
to limit the number further we think would necessitate either over
whelming banks in the great financial centers, or districts covering
too large areas throughout the rest of the country.
Characteristics
of Districts
and Reserve
Cities
W e have outlined each of the districts with regard to “ the con
venience and custom ary course of business,” attem pting also to have
each as self-contained as possible with respect to borrowing needs
and lending power, and to divide the resources o f the country
equitably if not equally. The smallest banks o f the eleven we
suggest will serve districts that are certain to grow in financial
strength. W e have suggested the location of the bank in each
district in a city which seems to us to be now or potentially the
trade center, readily accessible, and with adequate commercial and
financial strength; and we believe these qualifications are best
indicated, not merely by present size and position, but also, and
perhaps more reliably, b y the rate and character of recent growth.
The eleven
Reserve Cities
The districts we suggest are each described on a schedule
which we have designated as “ Exhibit A ,” the headquarters being
as follows: District 1, Boston; District 2, New Y ork ; District 3,
Philadelphia; D istrict 4, R ichm ond; D istrict 5, Cleveland; District
6, Atlanta; District 7, Chicago; District 8, St. Louis; District 9,
Dallas; District 10, M inneapolis; D istrict 11, San Francisco.
Territory and
data for
District 5
In District No. 5 we have included the entire state of Ohio, nine
counties in western New Y ork, including Buffalo and Rochester,
twenty-five counties in western Pennsylvania, including Pittsburgh
and Johnstown, the four counties constituting the “ Panhandle”
of W est Virginia, including Wheeling, and nineteen counties of
southeastern M ichigan, including Detroit, Lansing and Bay City.
W ithin this district are national banks having a total capital and
surplus of $230,360,000 which would be members of a Federal
District bank with a capital of $13,800,000. The deposits of these
banks aggregate $1,042,000,000.
The state banks in the District
have capital and surplus aggregating $251,300,000, and deposits of
$1,336,000,000. T he population of the district, according to the
census of 1910, was 10,287,292.
Necessity of
a District
between New
York and
Chicago
W e believe it is obvious that a district in the north between
New Y ork a n d C h i c a g o is a b s o l u t e l y necessary to limit the
tremendous banking power acquired by those two centers of finance
under our old law, as well as to enable each of those centers to
serve its own com m unity best. The D istrict Reserve Banks in New
Y ork and Chicago will necessarily be greater than any others, even
when such a m idway district is established. W e believe it essential,
however, to attach to other centers as much territory as can
reasonably be separated from the N ew Y ork district, and some of
the territory which under the old conditions has centered its bank
ing in Chicago.
A natural
District
between New
York and
Chicago
Fortunately, between these tw o great centers there lies a natural
district, which we believe is as cohesive in its industries, commerce,
exchanges and financial problems as can be found an}'where in the
world in a like area. This is the great iron and steel producing
territory centering in northern Ohio, a district which has such
manufacturing advantages in varied lines, added to great mineral
and agricultural resources, that it has developed a remarkable diversity
of industries and commerce, loosely allied, not discordant, yet
offering a distribution of financial requirements which approaches
the ideal.
Agricultural,
mineral and
industrial
factors in
the District
This district has becom e so great in manufacturing that its
agricultural resources are often forgotten.
Census figures show,
for example, that Ohio ranks fifth am ong the states in number of
farms, sixth in value of farm property, sixth in production of corn,
fifth in tons of hay produced, sixth in value of potatoes grown,
third in production of wool, sixth in pounds of butter produced,
sixth in gallons of milk, third in dozens of eggs; and the list might
be extended. But the meeting of bituminous coal and iron ore in
this district has made it pre-eminent in most forms of iron and
steel production, the great barometer of business; Ohio is fourth
in production of bituminous coal, and second in production of
pig-iron. This region or district has m oreover such advantages for
the distribution as well as production of so m any articles of m anu
facture, not only those using iron and steel as their chief materials,
that it has taken on chief im portance as an industrial district. The
census shows in this district nine manufacturing cities of more than
100,000 population, as follows (in order of rank): Cleveland, Pitts
burgh, Detroit, Buffalo, Cincinnati, Rochester, Columbus, T oledo
and D ayton. These cities alone produce annually manufactures
valued at more than $1,500,000,000. The census lists o f leading
classes of products in these cities show a remarkable diversity.
A m ong the classes showing the greatest value of products in each
city are the following:
Foundry and machine-shop products
Primary iron and steel
Autom obiles and autom obile parts
Packing-house products
Soap
M en’s and w om en’ s clothing
Boots and shoes
Printing and publishing
Petroleum refining
Flour and grist mill products
Bakery products
Coffee and spice roasting and grinding
T ob a cco manufactures
M alt and spirituous liquors
Brass and bronze products
District will
be financially
self-contained
W e believe it is dem onstrable that the seasonal demands for
loans in the com m erce and industries of this district are as evenly
distributed throughout the year as would be possible in any district
that could be outlined anywhere. Even were the district limited
to iron and steel manufactures, the demand would be distributed
by the very fact that the processes are all carried on within its
borders, from unloading of iron ore to assembling the most highly
finished products. For example, the season of the year when Cleve
land has the least demands for loans on its industries, particularly
its ore, pig-iron and primary steel, is the very season when D etroit
has its greatest demands for financing its autom obile products.
W e might m ultiply instances, but we believe the probability that the
district is likely to be always self-reliant is indicated sufficiently by
a table and accom panying chart which we have prepared and marked
“ Table A ” and “ Chart I ,” showing percentage of reserves in each of
the reserve cities in this district at the date of each com ptroller’s call
for a period of three years.
Harmony of
diversified
interests of
the District
W ith all the diversity of industry, com m erce and agriculture
in this district, there is nevertheless a certain relation even between
the most diverse. In Cleveland, for example, our w om en’s wear
manufacturers not only em ploy other producing members of the
families of our machinists, but some of our largest foundries are
owned by textile goods manufacturers; and other inter-relations
make for understanding of each other’ s problems, and mutual
helpfulness. W e believe that the bankers of all the district we have
outlined wrould have sym pathetic understanding, if not absolute
knowledge, of the financial problems of all the manufacturers,
miners, farmers and merchants of the district. N ow this would
not be true if the district were to include much of the tobacco and
cotton territory south of the Ohio River, where the agricultural,
commercial and industrial conditions are utterly divergent from
those of Ohio. W e think there would be a lack of m utuality which
would be likely to affect the southern territory unfavorably, because
of the preponderance of northern problems and requirements, and
the probable m ajority of northern stockholders and directors.
Three possible
Reserve
Cities
T he location of the bank to serve this district will doubtless
lie between Cleveland and Cincinnati, because the other large cities
within the district are so near its eastern and western boundaries.
H owever, Pittsburgh has also claimed to be able to serve Ohio.
Y ou r choice lies possibly between these three. Y ou will, of course,
select the city which can, in your judgm ent, best serve the district.
It is our purpose in this presentation to assist you in forming a
correct judgm ent; we shall try to avoid mere local pride, and present
only the facts and figures that have convinced us, as we think they
must convince you, that the business interests of this district would
be best served by locating the headquarters bank at Cleveland.
Qualifications
of Reserve
City
W e are frank enough to say that no city in this district can sub
stantiate the claim, as Chicago can for instance, that the great
bulk of the trade o f the proposed district centers there. So if you
establish a district with Ohio as its great nucleus, you will doubtless
place the bank in the city that best meets the following requirements:
(1) Satisfactory com m unication throughout the district.
(2) Proxim ity to center of traffic and exchanges of the district.
(3) Financial, commercial, industrial and civic strength in itself.
(4) Satisfactory relations with the entire district.
W e shall confine our evidence to a com parative showing for the
three cities under each of these four heads. The few essential facts
and figures have been com piled with great care, accuracy being
sought at whatever cost; and we believe they are absolutely reliable.
(1)
Communication:
Each city
accessible
It is probable that the com m unication
throughout the district from any one of the three cities would be
satisfactory to serve the purpose of the bank. It is certainly true
that a letter mailed from Rochester, Johnstown, Cincinnati or
Saginaw, cities in the remotest parts of the district, at the close of
banking hours on one day would reach Cleveland in time to receive
attention at the beginning of banking hours on the next d ay; and
this would even be true of most, if not all, communities of eastern
K entucky and eastern Tennessee, if the district should extend so
far south. It is w orthy of note, furthermore, that a letter mailed at
the close of banking hours at any one of seven of the other District
Reserve Cities indicated on our map, would reach Cleveland in time
to receive attention during the following morning.
Cleveland is
shortest jour
ney for most
people in the
District
M oreover, we believe it can be shown that Cleveland can be
reached more quickly, b y most of the people in the district, than
either of the other cities. The debatable territory, so to speak, is all
within the state of Ohio; it is obvious that Pittsburgh can be
reached b y Pennsylvania towns more quickly than can Cleveland or
Cincinnati; it is obvious that Cincinnati could be reached b y towns
in K entucky more quickly than Cleveland, if K entucky were
included in the district; it is obvious that Cleveland can be reached
by the M ichigan and New Y ork points more quickly than either of
the other cities. But Ohio lies between the three cities. Of the
thirty-seven cities of Ohio containing a population of 10,000 or
more in 1910 (taken as indicating density of population) seventeen,
with a total population of 1,130,000, can reach Cleveland most
quickly; fourteen cities, with a population of 902,000, can reach
Cincinnati most quickly, and six, with a population of 105,000, can
reach Pittsburgh most quickly.
Fifteen of these cities, with a
population of 1,064,000, are a longer journey from Pittsburgh than
from either Cincinnati or Cleveland; seventeen, with a population
of 427,000, are furthest from Cincinnati; while only four, with a
population of 78,000, are furthest from Cleveland. T o make the
point clearer b y a system of scoring, if 100 points are allowed for
the quickest com m unication, and fifty for the second quickest, the
score is: Cleveland 2,350, Cincinnati 1,550, and Pittsburgh 1,350.
Relative
traffic
density
(2) Location with respect to center of traffic and ex
changes: There are eighty-eight counties in Ohio. The popula
tion of the forty-four counties north of a line drawn approxim ately
through the center of the state is 2,547,721; of the forty-four southern
counties, 2,219,400.
Density of traffic, which means density of
exchanges, can be indicated fairly by railroad facilities for handling
the traffic. There are forty main-line tracks in service on the rail
roads traversing the northern part of Ohio, and twenty-three main
line tracks for the railroads traversing the southern part. In the
north half of the state, ten railroads have two or more main-line
tracks; in the south half, only three have as m any as two main
line tracks. The total double-track mileage in Ohio, as shown by
the m ost recent map of the Ohio Public Service Commission, is
2,107 miles. O f this double-track mileage, more than 1,468 miles, or
nearly seventy per cent., lies in the northern forty-four counties;
not quite 639 miles, or a little over thirty per cent., is in the south
half o f the state.
Traffic
converging
at Cleveland
W ith respect to the railroad situation o f Cleveland in this part
of the state, it is only necessary to say that every eastern trunk
line of the United States enters Cleveland, and that the city is on
the principal travel highway between New Y ork and Chicago. M ore
over, and equally im portant, C le v e la n d is on the most direct
line from the iron ore of the northern states to the bituminous coal
deposits of this district. Practically all of the shipping carrying
the iron ore trade of the lakes (amounting to 50,000,000 tons last
year) is directed from Cleveland, and about eighty per cent, of the
great fleets of vessels engaged in the ore and coal trade are managed
at Cleveland. Y ou doubtless have in mind the fact that the tonnage
through the D etroit River to and from Lake Erie ports is greater
than the total port tonnage of New Y ork, London and Liverpool
com bined. Furthermore, the value of this tonnage, as estimated by
the United States Governm ent Engineer at Detroit, was more than
$800,000,000 in 1910, a far greater sum than the total reported b y the
census for the value of both the agricultural and manufactured
products of the states of K entucky and Tennessee com bined. This
indicates the unreliability of the argument that Cleveland is a less
desirable center for this district because it has the lake to the north.
The lake is a far more valuable source o f business and exchanges
than most equal areas o f land. The Great Lakes furnish the cheapest
freight haul in the world, so that the iron ore, coal and limestone
for the production of pig-iron can be assembled on the south shore
of Lake Erie more cheaply than in any other of the great furnace
districts in the north. W e note also that nearly all the cities you
have been considering as locations for district banks are situated,
not in the geographic centers of their districts, but at the points
where lines of com m unication center, which happen to be, in most
cases, at or near one edge of each district; and especially when any
district has any frontage on navigable water, the trade of the
district is likely to seek a port city.
Rank of
Cleveland
and causes
of growth
Volume of
Cleveland’s
business
in principal
commodities
(3)
Financial, commercial, industrial and civic strength:
Cleveland is the largest city between the Atlantic seaboard and
Chicago, and its population is exceeded b y only three cities of the
seaboard— New Y ork, Philadelphia and B oston— and tw o cities
of the interior, Chicago and St. Louis. T h e United States Census
of M anufactures for 1909 shows that the value of the manufactured
product of Cleveland is exceeded only b y that of four cities, New
Y ork, Chicago, Philadelphia and St. Louis. Cleveland’s rapid
growth to this position is due largely to its strategic location and
transportation facilities, which have been the chief o f its manu
facturing advantages.
These natural and econom ic advantages,
aided b y individual enterprise and the application of intelligent
public spirit in co-operative effort, have produced the phenomenal
but steady and substantial advance of Cleveland among the cities
of the country.
In 1850 Cleveland was forty-third in population
rank; today it is the Sixth City.
As indicating the volum e of trade now centering in Cleveland,
we give below a table of a few of the leading com m odities handled
b y Cleveland business houses, with the approxim ate volum e of
annual business conducted through Cleveland banks in each line, as
estimated from reports furnished by a large number of leading
business houses, or from most recent census reports. T he financial
needs of all of these lines are distributed over a large part of the year.
Commodity
Annual volume
Iron ore
. . . .
...............................
. $64,000,000
56.000.000
Bituminous c o a l .................................................
33.500.000
Petroleum and its products, etc.....................................
13.500.000
Lumber
. . .
.................................................
13.000.000
Stone
..................................................................................
19.000.000
Grain and h a y ..............................................................
40.000.000
Live stock and packing-house products
36.000.000
Primary iron and steel p r o d u c t s ...............................
48.000.000
Foundry and machine shop p r o d u c t s .........................
Automobiles and automobile parts and accessories
43.000.000
(manufactured) * .......................................................
32.000.000
M en’s and women’s wearing apparel (factory product).
* Part of this total is probably included in the value of “ foundry and
machine-shop products.”
Growth is
safe index
W e believe that the selection of normal trade centers for the
districts you establish can be made almost unerringly by a study
of the rate and character of growth of the chief cities in each
district.
The present size, trade im portance and financial con
dition of the cities considered are of course most im portant factors;
but you are planning for the future as well as the present, and
growth is, we believe, a clearer index of probable strength than
present size, if the two factors do not coincide. W e believe, there
fore, that we can best aid you in selecting the headquarters for this
district b y showing the history of recent growth in Cleveland,
Pittsburgh and Cincinnati.
Soundness
of Cleveland
Banks
Before considering the figures of financial growth, you should
be advised that since the enactm ent of the national banking law
Cleveland is unique am ong these three cities in having reported not
one single failure of a national bank; no depositor in any national
bank in Cleveland has lost one penny.
Index items
In order to limit as severely as possible the figures which we
feel must be brought to your attention, we have confined our
evidence of relative growth to a very few index items. These are
not chosen for the reason that they favor Cleveland; we believe
that all the recorded data would indicate equally well the indisputa
ble fact of Cleveland’s advance; but we believe the following
items will be sufficient for reliable comparison. For each item we
give the precentages of increase for the m ost recent ten-year periods
for which authoritative data are available, as follows:
Cleveland
Population, 1900-1910
Postoffice receipts, 1904-1913
Value of manufactures, 1899-1909
Clearing House exchanges, 1904-1913
Deposits, all banks, 1904-1913
46.9
116.4
95.1
57.8
66.1
Cincinnati
11.8
61.3
37.3
16.1
37.5
Pittsburgh
18.2
107.5
11.1
23.9
36.2
Tables B, C, D, E and F, and Charts II, III, IV,, V and VI
which we offer in evidence, show clearly the annual growth of the
three cities as indicated b y these items.
Civic
soundness
Civic conditions may seem to be a minor point in your con
sideration of a purely econom ic problem, but we believe they
have a very distinct bearing. Cleveland has a deserved reputation
for freedom from “ g ra ft” in its municipal affairs; but that is
a negative virtue, and is perhaps only a minor evidence of the
alert progressive spirit which is constantly manifested b y the great
bod y of our citizens and their leaders in m any ways. For example,
Cleveland enjoys the lowest death rate among the large cities
of the country, due in part to clim atic conditions, but also in
large part to intelligent municipal sanitation. Cleveland was the
first Am erican city actually to begin putting into effect a great
plan fo r g rou p in g its p u b lic b u ild in g s in a “ c iv ic c e n te r .”
Cleveland’s experiments in charities and correction are attracting
world-wide attention and serving as models for other com munities;
the famous C ooley Farm C olony, the Cleveland Federation for
Charity and Philanthropy, and the new “ Cleveland F ou n d ation ”
are examples.
In Cleveland has been evolved the unique street
railway franchise (which m ay be credited largely to the work of the
late M ayor T om L. Johnson and the late United States Judge
R obert W . Tayler) the essential features o f which are the control
of service b y the city, the kind o f service the people’s representa
tives require at a rate o f fare which will pay its cost plus 6 %
upon an arbitrated valuation; and the consequent satisfaction of
the people because a problem is solved which in other cities is a
constant source of disturbance of both business and banking
conditions. The citizenship of Cleveland expresses itself not only
at the polls, but also through civic and com mercial organizations,
in which effective voluntary service for the im provem ent of living
and working conditions in Cleveland is rendered most freely by
a very large number of able men.
These
the past,
continued
Cleveland
district.
Rivalry of
three cities
facts we cite as reasons for the growth o f Cleveland in
and as evidence of its healthy condition and probable
grow th; so that in the future, still more than at present,
is likely to be the undisputed trade center o f this
(4)
Relations with District: It is natural that in a district
like this the smaller com munities and rural territory would all prefer
to be attached to the nearest large city, with which trade relations
are closest; and it is natural, too, that none o f the three cities under
consideration should name either of the others even as a second
choice, because there has been a friendly but intense rivalry be
tween these cities.
Since Cleveland continues to outgrow the
other two, we believe that it should not be subordinated to either.
Y et Pittsburgh and Cincinnati cannot be expected to yield un
grudged precedence to their successful rival for pre-eminence in the
middle west.
Commercial
and financial
allegiance
But the business men of all this district enjoy friendly, profit
able and even cordial relations with each other, and we are cer
tain that there would be no real disturbance, much less violence,
done to existing trade conditions in Pittsburgh, Cincinnati, Buffalo,
D etroit or Rochester, or any other locality within the district,
through the establishment of a bank at Cleveland. Six hundred
and tw enty-four national and six hundred state banks within the
district now carry accounts with Cleveland national banks, besides
two hundred and seventy-nine national and one hundred and
twenty-one state banks beyond the district. A bou t five hundred
banks in the district have designated Cleveland banks as reserve
agents. Cleveland has forty-five per cent, o f the total of all “ bank
deposits” in all Ohio banks. W e have heard directly from two
hundred and thirty-three banks in northern and central Ohio who
name Cleveland as their first choice for the location of the district
bank, as well as twenty banks in southern Ohio, four in south-eastern
Michigan, five in western Pennsylvania, tw o in New Y ork, and even
seven in Indiana; and we are certain that m any other banks in
surrounding states and in southern Ohio would find Cleveland
perfectly acceptable, if not their first choice. T o show that our
city has the active good will of business men in its immediate
trade territory, we shall submit to you copies of resolutions from
commercial and trade organizations in thirty-three Ohio cities and
towns, resolutions form ally adopted by Clearing House Associations
in some of the cities, and editorials that have appeared in several
Ohio newspapers outside of Cleveland.
Conclusion
W e submit these facts and considerations with the conviction
that they establish clearly the desirability of such a district as we
have outlined, with Ohio as its center, and with its Reserve Bank
at Cleveland.
Respectfully submitted,
J. J. Sullivan, Chairman, Clearing House Committee
Newton D. Baker, M ayor of Cleveland
Warren S. Hayden, President, The Cleveland Chamber of Commerce
Elbert H. Baker, President, Plain Dealer Publishing Co.
F. H. Goff, President, Cleveland Trust Company
Executive Committee
Representing Committees appointed by
The Cleveland Clearing House Association
The Cleveland Chamber of Commerce
The Cleveland Builders Exchange
%
The Cleveland Association of Credit Men
The Cleveland Real Estate Board
The Cleveland Advertising Club
The Industrial Association of Cleveland
Cleveland Rotary Club
Lakewood Chamber of Commerce
E X H IB IT A
S C H E D U L E O F F E D E R A L R E S E R V E D IS T R IC T S
(Figures are chiefly from the report o f the Com ptroller o f the
Currency for 1913, supplemented b y latest
Banking Departm ents o f some States.)
District No. 1
reports
of
State
All of Maine, New Hampshire, Verm ont, Massachusetts, Rhode
Island; three counties o f eastern Connecticut (W indham , Tolland,
New L o n d o n ); the northeastern part of New Y ork, going west as far as
the western boundaries o f W ayne, Ontario and Steuben counties,
and southeast as far as the southern boundaries of Delaware, Green
and Colum bia counties.
Capital of Reserve Bank at B o s t o n
Capital and surplus National banks
Deposits National banks . . . .
Capital and surplus all other banks
Deposits all other banks . . . .
District No. 2
202.150.000
811.500.000
215,000,000
2,500,000,000
Thirteen counties of New Y ork, including and surrounding
Greater New Y ork, going north as far as the northern boundaries
of Dutchess, Ulster and Sullivan counties; the five western counties
of Connecticut not included in D istrict N o. 1; the eleven northern
counties of New Jersey, as far south as the southern boundaries of
M iddlesex, Somerset and H unterdon counties.
Capital of Reserve Bank at N e w Y o r k
Capital and surplus National banks
Deposits National b a n k s .........................
Capital and surplus all other banks
Deposits all other b a n k s .........................
District No. 3
$ 12,100,000
19,400,000
323,600,000
1.700.000.000
400,000,000
3.100.000.000
$
F orty-tw o eastern counties of Pennsylvania, as far west as the
eastern boundaries of Potter, Cameron, Clearfield, Cambria and
Somerset counties; all of Delaware; and the ten southern counties of
New Jersey not included in D istrict N o. 2.
Capital of Reserve Bank at P h i l a d e l p h i a
Capital and surplus National Banks.
Deposits National b a n k s .........................
Capital and surplus all other banks .
Deposits all other banks
. . .
$10,300,000
171.550.000
693.100.000
170.000.000
635.000.000
District No. 4
All of Virginia, M aryland, D istrict of Columbia, North and South
Carolina, and all o f W est Virginia except the four counties of the
“ Panhandle.”
Capital of Reserve Bank at R i c h m o n d . . .
$ 6,400,000
Capital and surplus National banks . . . .
106,400,000
Deposits National b a n k s ..................................... ..... 395,000,000
Capital and surplus all other banks . . . .
115,000,000
Deposits all other b a n k s ..................................... ..... 450,000,000
District No. 5
All of O h io; the twenty-five western counties of Pennsylvania not
included in D istrict N o. 3; the nine counties of western New Y ork
not included in D istrict N o. 1; the four counties of the “ Panhandle”
of W est Virginia (Brook, H ancock, Marshall and O hio); nineteen
counties of southeastern M ichigan, as far as the western boundaries
of Hillsdale, Jackson, Ingham, Shiawassee, Saginaw and Bay counties.
Capital of Reserve Bank at C l e v e l a n d
.
Capital and surplus National banks
Deposits National b a n k s .....................................
Capital and surplus all other banks
. . .
Deposits all other b a n k s .....................................
District No. 6
All of K entucky, Tennessee, Georgia, Florida, Alabam a and
Mississippi.
Capital of Reserve Bank at A t l a n t a . . .
Capital and surplus National banks
.
Deposits National b a n k s .....................................
Capital and surplus all other banks . . . .
Deposits all other b a n k s .....................................
District No. 7
6,050,000
100,800,000
312,000,000
125,000,000
360,000,000
$
All of Illinois, Iowa, Indiana and W isconsin, and the sixty-five
counties of M ichigan not included in District No. 5.
Capital of Reserve Bank at C h i c a g o . . .
Capital and surplus National banks
Deposits National b a n k s .....................................
Capital and surplus all other banks
. . .
Deposits all other b a n k s .....................................
District No. 8
$ 13,800,000
230,360,000
1,042,000,000
251,300,000
1,336,000,000
$ 14,000,000
233,290,000
1,279,400,000
260,000,000
1,600,000,000
All of Missouri, Arkansas, Louisiana, K a n s a s , N e b r a s k a and
Colorado.
Capital of Reserve Bank at St . Louis . . .
Capital and surplus National banks . . . .
Deposits National b a n k s .....................................
Capital and surplus all other banks . . . .
Deposits all other b a n k s .....................................
$ 8,080,000
134,700,000
695,700,000
173,000,000
710,000,000
District No. 9
All o f Texas, Oklahoma and New M exico.
Capital o f Reserve Bank at D a l l a s .
Capital and surplus National banks . . . .
Deposits National b a n k s .........................
Capital and surplus all other banks . . . .
Deposits all other banks
District No.
io
All of M innesota, North D akota, South
W yom ing, Idaho and W ashington.
5,900,000
97,900,000
336,000,000
45,000,000
140,000,000
$
Dakota,
Capital o f Reserve bank at M i n n e a p o l i s .
Capital and surplus National banks .
Deposits National b a n k s .....................................
Capital and surplus all other banks . . . .
Deposits all other banks
.
District No. l i
5,300,000
87,700,000
505,200,000
80,000,000
415,000,000
$
All of California, Oregon, Nevada, Utah and
Capital of Reserve Bank at S a n F r a n c i s c o
.
Capital and surplus National banks . . . .
Deposits National b a n k s .....................................
Capital and surplus all other banks . . . .
Deposits all other b a n k s .....................................
M on tan
Arizona.
6,500,000
108,200,000
460,700,000
110,000,000
725,000,000
$
TABLE A
Reserve percentages of the five reserve cities in “ District 5” , averages of
the five cities, and averages of all reserve cities in the United States,
at dates of Comptroller’s Calls, 1911-1913 inclusive.
Date
1911
Jan.
Mar.
June
Sept.
Dec.
Cleveland Cincinnati Columbus
Detroit
Pittsburgh Average
All
Reserve
Cities
7
7
7
1
5
26.60
29.65
32.82
29.66
26.57
32.37
30.97
28.17
25.19
27.82
22.93
27.10
26.19
25.49
25.86
22.97
28.94
30.67
28.69
27.73
25.65
27.21
26.86
25.31
26.37
26.10
28.77
28.94
26.87
26.87
27.11
28.49
28.37
26.97
26.41
20
18
14
4
26
31.51
26.44
29.35
29.86
26.54
29.92
29.85
30.41
27.45
25.65
27.58
25.45
24.54
25.56
23.83
25.74
27.30
29.06
25.61
22.62
27.96
26.28
25.18
27.67
24.05
28.54
27.06
27.71
27.23
24.54
28.00
27.30
27.21
26.18
25.32
4
Feb.
Apr.
4
June 4
Aug. 9
Oct. 21
30.86
26.14
27.35
28.43
29.73
30.59
30.05
26.86
28.45
26.73
28.33
25.44
25.45
24.54
25.26
25.14
24.84
28.33
29.39
25.72
29.54
24.87
23.98
25.91
26.09
28.89
26.27
26.39
27.34
26.71
26.96
25.61
26.33
26.52
25.72
1912
Feb.
Apr.
June
Sept.
Nov.
1913
TABLE B
Population
Year
Cleveland
Rank
Cincinnati
Rank
Pittsburgh
Rank
1910
1900
1890
1880
1870
1860
"1850
560,663
381,768
261,353
160,146
92,829
43,417
17,034
6
7
10
12
15
21
43
364,463
325,902
296,908
255,139
216,239
161,044
115,435
13
10
9
8
8
7
6
533,905
321,616
238,617
156,389
86,076
49,221
46,601
8
11
13
13
16
17
13
TABLE C
Postal Receipts for Offices Named Below for the Years
1904 to 1913, Inclusive
Year
Cleveland
Cincinnati
Pittsburgh
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
$1,420,498.00
1,565,305.65
1,753,588.58
1,943,895.96
1,952,902.11
2,057,907.53
2,300,006.86
2,521,555.67
2,696,530.34
3,073,638.38
$1,781,367.81
1,947,211.02
2,083,078.40
2,179,672.94
2,171,128.72
2,298,581.71
2,458,395.58
2,541,586.24
2,621,186.90
2,873,070.66
$1,511,653.48
1,622,343.16
1,835,960.01
2,046,951.72
2,017,427.64
2,134,086.78
2,411,111.78
2,634,097.55
2,922,842.55
3,136,125.09
.
.
.
.
.
.
.
.
.
.
.
.
.
.
TABLE D
Manufactures Statistics
From U. S. Census 1910
Cleveland
Capital invested 1899 . $101,243,000
Cincinnati
Pittsburgh
1904 .
1909 .
156,321,000
227,397,000
$103,467,000
130,272,000
150,254,000
$211,774,000
260,765,000
283,139,000
Value of products 1899 .
139,356,000
171,924,000
271,961,000
141,678,000
166,059,000
194,516,000
218,198,000
211,259,000
243,454,000
1904 .
1909 .
TABLE E
Annual Exchanges of the Clearing Houses of
Cleveland, Cincinnati and Pittsburgh
For a Period of Ten Years, Each Ending September 30th
(From Reports of the Comptroller of the Currency)
Cleveland
Year
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
.
.
.
.
.
.
.
$ 804,850,901
700,078,208
754,739,346
812,973,376
914,658,049
766,518,416
825,246,000
992,803,000
1,001,569,000
1,101,007,000
1,271,232,000
Cincinnati
$1,153,865,500
1,196,854,400
1,192,662,600
1,291,921,250
1,399,770,100
1,202,794,250
1,326,713,000
1,277,997,000
1,276,279,000
1,347,123,000
1,329,668,000
Pittsburgh
$2,381,454,231
1,997,603,459
2,431,366,780
2,630,996,408
2,761,441,799
2,190,479,976
2,223,335,000
.
2,604,069,000
2,539,143,000
2,687,970,000
2,951,861,000
TABLE F
Deposits in all Banks
Cleveland
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
National
State
Total
$54,997,000
56.954.000
60.283.000
58.252.000
65.520.000
67.386.000
69.628.000
72.974.000
78.660.000
84.894.000
$139,892,000
162.936.000
172.627.000
173.556.000
162.900.000
180.277.000
187.732.000
205.854.000
214.164.000
229.876.000
$194,889,000
219.890.000
232.910.000
231.808.000
228.420.000
247.663.000
257.360.000
278.828.000
292.824.000
314.770.000
$61,701,000
62.400.000
63.439.000
61.518.000
68.673.000
68.616.000
71.750.000
72.173.000
68.921.000
69.743.000
$32,689,000
38.410.000
42.632.000
47.333.000
45.331.000
48.438.000
54.720.000
59.535.000
58.108.000
59.920.000
$94,390,000
100,810,000
106.071.000
108.851.000
114.004.000
117.054.000
126.470.000
131.708.000
127.029.000
129.663.000
$143,204,000
162.667.000
170.190.000
163.851.000
169.907.000
185.759.000
188.827.000
201.135.000
210.693.000
189.831.000
$157,627,000
157.599.000
169.464.000
172.930.000
165.579.000
177.685.000
179.955.000
191.756.000
202.810.000
219,851,000
$300,831,000
320.266.000
339.654.000
336.781.000
335.486.000
363.444.000
368.782.000
392.891.000
413.503.000
409.682.000
Cincinnati
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
Pittsburgh
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
?39VJ.KI302Jad 3Aa393U
DATE
OF
CALL
Reserve percentages of the five reserve cities in “ District 5” , averages of the five cities,
and averages of all reserve cities in the United States,
(at dates of Comptroller’s Calls, 1911-1913 inclusive)
C H A R T II
Population
sc
YEAP a!
1850
1860
1870
1880
1890
1900
1910
1
2
3
4
3
6 1154 3 5
56066 3
161044
7
38 1 7 6 8
216 2 3 9
8
533905
23 5 1 3 9
9
296908
10
261 3 5 3
321616
11
160146
12
13
46601
156389
238617
14
13
9£S29
16
86076
17
4 9221
18
19
SO
21
22
23
24
43
325902
■ ■ ■ 1
LEGEND
CINCINNATI
PITTSBURGH
364463
CHART III
Postal Receipts for Offices Named Below for the Years
1904 to 1913, Inclusive
LEGEND
CLEVELAND
Pittsburgh
I
i u
i u
III
m
in— mi
m
m
m
* !
CHART IV
Manufactures Statistics
From U. S. Census 1910
LE G E N D
CAPITAL INVESTED
C LEVELAND
VALUE Of PRODUCTS
CAPITAL INVESTED
C INC IN N ATI
VALUE OF PRODUCTS
CAPITAL IMVESTED
PI TTSBURGH
CHART V
Annual Exchanges of the Clearing Houses of
Cleveland, Cincinnati and Pittsburgh
For Period of Ten Years Each Ending September 30th
(From Reports of the Comptroller of the Currency)
LEGEND
CLEVELAND
------
CIMCINHATl
—
PITTiBURGfl
CHART VI
Deposits in all Banks— Cleveland, Cincinnati and Pittsburgh
LE G E N D
CLEVELAND -------------------
NATIONAL
C I N C I N N A T I ---------------------S T A T E
PITTSBURGH -------------------
-
TOTAL
■
Reproduced from the Unclassified / Declassified Holdings of the National Archives
FESHR'S BA1TE BECCUSITDf.TIon:
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Reproduced from the Unclassified I Declassified Holdings of the National Archives
GEO. D. BATES,
P resident
'
A
L CHR IST Y,
k k o n
H. A. V A L E N T IN E ,
Vice-P resident
C
l e a r in g
H
N .C .S '
T reasurer
o u s e
Akro
A
n
S ecretary and G eneral
Manager
s s o c ia t io n
,O
To the O r g a n i z a t i o n C o m mittee
h i o ,___J a n u a r y_14
,______
of
The F e d e r a l R e s e r v e Bank,
Y/ashington, D. C.
■\
H o n o r a b l e Sirs:-
\
J
The f o l l o w i n g r e s o l u t i o n was
today
*N V;*
u n a n i m o u s l y a d o p t e d by The C l e a r i n g H o u s e A s s o c i a t i o n
-A
of Akron,
Ohio,
r e p r e s e n t a t i v e s f r o m every bank in th?f '
city being p r e s e n t at the meeting:
BIG IT RESOLVED, That i n a s m u c h as the City of
Akron, Ohio, is in the immediate v i c i n i t y ‘of
Cleveland, Ohio, and
As the b a n k i n g r e l a tions b e t w e e n the two cities
have been so close and
As the m a n u f a c t u r i n g interests
A k r o n are v e r y extensive and
of the C ity of
As the d i v e r s i f i e d interests of the City of
C l e v e l a n d are important to this section of
the country,
NOW, THEREFORE, It is our desire to impress
strongly upon the m i n d s of y our h o n o r a b l e
c o m m ittee that it is the w i s h of the banks
of Akron, Ohio, that the F e d e r a l R e s e r v e
Bank for this d i s trict be l o c ated at Cleveland,
.— — —
Ohio.
’
T r u s t i n g y o u m a y see y our w a y clear to grant
r e q uest
in this matter,
our
we beg to remain
V e r y truly y o u r s ,
A K R O N C L K ARJHG H O U S E A S S O C I A T I O N
sfs/
By
'‘O
^
}'__ ^
*77*
E ^ je e id e n t .
By
Secretary.
/
/
/
Reproduced from the Unclassified / Declassified Holdings of the National Archives
J,W . C L O S E , p r e s i d e n t
L. P, O S H M , C A S H
IE R
J A S . S. W O O D , v i c
R O B T -E . W IL L S , A S S T .
T O t* I f i r o t ^ V n H m tn i
E-STASLISHED
CAPITAL
e - p r e s i d e n t
CASHIER
M
x m
k
1875
$ 5 0 ,0 0 0
S U R P L U S AND U N DIVIDED PR O FITS $ 5 0 , 0 0 0
Reserve Bank Organization Committee,
Washington,D.C.
Gentlemen
We herewith enclose copy of resolution passed by
our Board of Directors at tlaeir meeting today. The same has
feeen duly recorded on our minutes.
Our Board tinanimously expressed an earnest desire
and hoped that you would see your my clear to locate one of
the Regional Banks in the city of Cleveland*
Tours very truly,
Jan.,13,1914*
Cashier*
v-
-from the Unciassifi&dt Declassified Holdings of the National Archives
6391
H ER ,
HT,
F,
P r e s i d e n t .
V ice
R K I N S ,
P,,1914
J
, , ' : , :
■So
0:v
v
V
, ‘■
H o n. W. G.IvicAdo o, Chairman,
\
7
O r g a n i z a t i o n C o m m i t e e T r e a s u r y Dept.,
•
/
Washington,D.C.
'v
,/
D ear Sir:-,.
E n c l o s e d plea s e fin d r e s o l u t i o n of acc e p t a n c e a d o p t e d
by our b o a r d on the m a t t e r of b e c o m i n g a m e m b e r ban k as p r o v i d
ed in the F e d e r a l Reserve A c t , a p p r o v e d on the 23d day of D e c e m
b e r IP 13.
We w i s h also to urge that C l e v e l a n d , O h i o be m a d e the
l o c a t i o n of the F e d eral R e s e r v e B a n k for this di s t r i c t as the
b e s t and str o n g e s t f i n a n c i a l center for Ohio and s u r r o u n d i n g
territory.
Yours respectfully,
Cashier.
"
f
P r e s ’t ,
C a s h i e r .
A s s 't
C a s h i e r .
/9-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
JOHN BIXEL,C a s h i e r .
E.M .HOSTETTLER , A s £ t
SIMON HERR, Pr e s i d e n t .
tEWIS.S. DUKES , V i c e P r e s t .
Ca s h ii
C AP ITA LS S U R P L U S $ 6 0 , 0 0 0 , 0 0 .
B L U F F T O N , OHIO.
COMMITTEE OP Reserve Bank,
W ashingto,D .G •
Gentle»en:Snclosed please find our acceptance of
Federal Reserve A@t as per provisions.
We hope that your committe may see fit to locate
one of
the reserve Banks in Cleveland,Ohio. Cleveland is to Ohio
what New York City is to East; Finantiall,Coimereially,
and Sooiafely.
Very Respectfully,
3 2 74
Reserve Bank Organization Committee,
Washington, £• C*
Gentlemen;
We "beg to inclose herewith, copy of resolution
adopted t>y our hoard of directors, accepting the provisions
of the Federal Reserve A©t#
In this connection, we desire to express
preference
for Cleveland, nio, as a particularly desirable location
for a Reserve Bank to serve this district#
Respectfully*
TJS&hier.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
G.B. FOX,
H.W.CRITTEN D E N , V i c e
P
r e st
P re s t.
.
F. H .C R IT T E N D E N , C a s h i e r
N o .6 2 4 9
TH E F I R S T N A T I O N A L B A N K
CAPI TAL $ 2 5 , 0 0 0 , 0 0
-BURTON,OHIO.
T
Jan* 14-1914.
Beserve Bank Organization nommittee,
Washington, J . 0.
Gentlemen:we are enclosing herewith our acceptance of resolution
for idminBion under federal Reserve Act,as passed by our Board of
directors in session,yesterday.
The Board further adopted, a resolution requesting that the city
aiejgiy 1gd|g|Ohiofbe chosen by your Board as on of the fcocati6ne for, \V)
a Fogional Bank,as provided in the new law,
A*
Kindly advise us as to further duties in the natter of qualifying
President.
i
g
^
—
—
wi nm
i.uii.niiiiuii
Reproduced from the Unclassified / Declassified Holdings of the National Archives
3654
& k e r0 a:xm #r& Krtiional i$m xk,
CA PITAL
J O H N
$ 5 0 , 0 0 0 .
D E L F S ,P r est.
H . J . B E A R D S L E Y , V i C F . PREST.
M A R K H .U D D L E , Ca sh ie r
D .C .D tC K S O N , A s s t . C a s h i e r .
Jany. 3rd, 1914*
Reserve Bank
Organization Committee,
Treasury Dept.
Washington, D. C.
Sirs:
Please find herewith Resolution of Acceptance of The Farmers National
Bank of Canfield, Ohio, accepting the terras and provisions of the
Federal Reserve Act.
PLEASE BE ADVISED THAT WE VERY MUCH PREFER TO HAVE THE BANK,OF WHICH
WE WILL BE A MEMBER,
TO BE LOCATED IN CLEVELAND, OHIO.
^ ^ ^ ^ ^ M 'W
t f i e rDriWa’S §W 7D §fflaSsified Holdings of the NationalArchlves
76
C a p i t a l I s o o ^ o o o .o o
Surplus $300,000.oo
iffir a t J K f a t i x m a t t l v
UNITED
STATES
DEPOSITORY
W. R.TlMKBN, P hesideptt
A
u
S T IX L
W . G . S
y
K C H , V
a x t o n
ic e
-, C
P
b e s 't
a s h ik
rt
Canton, 0. Jan. 8,1914.
Reserve Bank Organization Committee,
Treasury Dept.,
Washington, D.C.
Dear Sirs:We encloBe herewith resolution of acceptance
which was adopted by our Board in regular session Jan. 7th.
At this time we wish to express our preference for
^l^vj^^and as the location of one of the new regional banks.
~
"Tom*b ~very truly,
rForm
1 Enc.
WGS/p
ANSWERED
Reproduced from the Unclassified / Declassified Holdings of the National Archives
'*1
A. D. DOWN 1NG, P r e s .
L .D . O S B O R N , V ic e P R E S .
C A P IT A L . $ 5 0 , 0 0 0 O O
S U R P L U S * 2 5 ,0 0 0 . 0 0
January 17, 1914.
/
Gentlemen:-
/
This bank is in favor of the selection of
Cleveland,/Ohio, as a proper location for one
of the Federal Reserve Banks.
Yours respectfully,
■/*
)
Cashier,
The Organization Committee,
Care; Secretary of the Treasury,
Washington, D. C.
Q
IAN* 1 1914
JA IH 41914
Reproduced from the Unclassified / Declassified Holdings of the National Archives
H. C L A R K
FO R D A L O N Z O M. S N Y D E l
D UANE
BEN
R O Y
H. T i L D E N .
B. W I C K H A M .
R. M O F F E T T .
W. H S E A G R A V E
Hon*
My dear jMr. McAdoo
J
I was in New York Thursday, and in the office of Mr,
K. B. Conger when he telephoned you saying that I would try and see you
when you were here concerning the establishment of one of the Regional
Banks here.
I wish I might have had a word with you while in New York,
but did not feel likor taking up your time*
I do want to add a word in
favor of Cleveland/ and I enclose, herewith, a small circular being put
out by our Chamber of Commerce, and which I adopt as some of the reasons why
one of the Banks should be located here*
I think you have heard me say,
many times,what a wonderfully rich and prosperous City we have.
changed my mind any concerning this City.
I have not
To me the growth of this City
and community is something marvelous, and I do not know of any community
having a steadier and more solid growth than right here*
I cannot but see
Cleveland one of the largest and most important cities in the United States,
and I firmly believe that the next
United States.
decade will see it the fourth city in the
The tremendous ore, coal, manufacturing and business interests
here I am sure will make
it a proper point for the location of one of the
Banks.
I hope it may be my good fortune to see you when you and
your associates are here on this matter*
present the matter much better than I am.
I am sure others will be able to
Of course, I do not expect any personal
consideration to enter into this matter, as it must be one of merit in the last
analysis* .... t
IAN 2 1 1914
.
lith best re&ards» 1 a®*
v
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Reproduced from the Unclassified / Declassified Holdings of the National Archives
P O S T A ^ T E L E G R A P H - COMMERCIAL CABLES
________________ C L A R E N C E
RECEIVED AT
P O S T A L T E L E GR A P H BUI LDI NG
1345 P EN N SYLVAN IA AVENUE
m a in
iKf
P resid en t.
TELEGRAM
W A S H I N G T O N , D. C.
te le p h o n e :
H. MACKAY,
eeoo
DEL».<£RY
H i i’
(
ThePostal Telegraph Cabfe Company (incorporated(transmits and delivers this message subject to the terms and conditions printed onthe back of this blank.
16W— 7131
DESIGN PATENT No. 40529
K 290 P
6 EXA
r
RX CLEVELAND
ill
0
DEC 26'-13
MCADOO
HON 8EC Y
OF TH E TREASU.RY WASHN DC
WE VOIILD R E 8 P E C T FU LL Y
IN PLACING
REaUESTYOt'R SE RI OU S
A> REG IONAL BANK IN C L E V EL AN D
AND D I V E R S I F I E D
B U S I NE S S
MECHANICAL' RUBBER C O
CONSI DERATI ON
OWING T O
ITS L AR GE
I N T E R E S T S , AND GEOGRAP HI CAL
r
F . VAL E.NT I t j c tlv SAL c.s
LOCAT ION
•
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Form 2289 B
I8HT LETTER
(X * v,
V/
THE WESTERN UNION TELEGRAPH COMPANY
^
INCORPORATCD
2 5 ,0 0 0 O FFICES IN A M E R IC A
CABLE SERVICE TO A L L T H E WORI
This Company T R A N S M IT S and D E L IV E R S messages only on conditions limiting: its liability, which have been assented to by the sender o f thef^Tlow ing N ig h t Letter.
Errora can be guarded against only by repeating* a messagre back to the sending* station for comparison, and the Company w ill not hold itself liable fo r errors or delays in
transmission or delivery o f Unrepeated N ight Letters, sent at reduced rates, beyond a sum equal to the amount paid for transm ission; nor iarany case beyond the sum of
F ifty Dollars* at which, unless otherwise stated below, this message has been valued by the sender thereof, nor in any case where the claim isjp&t presented in w ritin g within
six ty days after the message is flled with the Company for transmission.
This is an U N R E P E A T E D N IG H T L E T T E R , and is delivered b y request o f the sender, under the conditions named above.
T H E O . N. VAIL, P RES ID EN T
R
eceived at
75P RA
I ELV!
O O K S , GENERAL MANAGER
153A
126 NL 5 EXTRA COUNT QN ONE WORD.
CLEVELAND OHIO DEC 23 1913
-SECRETARY OF THE TREASURY
WASHINGTON DC
I HEREBY CERTIFY THAT AT A MEETING OF THE CLEARING i, •
HOUSE ASSOCIATION OF THE CITY OF CLEVELAND HELD THIS DAY
THE FOLLOWING RESOLUTION WAS UNANIMOUSLY ADOPTED: "WHEREAS ALL THE
MEMbEKS OF THE CLEARING HOUSE ASSOCIATION OF CLEVELAND COMPRISING ALL
OF THE NATIONAL BANKS OF THIS CITY HAVE ANNOUNCED THEIR
INTENTION OF BECOMING MEMBERS OF THE FEDERAL RESERVE BANK THEREFORE
BE IT RESOLVED THAT THE CLEARS NO HOUSE ASSOCIATION HEREBY MAKES
APPLICATION FOR THE LOCATION IN THIS CITY OF A.FEDERAL
t
RESERVE BANK AND THAT THE PRESIDENT OF THE ASSOCIATION BE
AND HE IS HEREBY AUTHORIZED AND INSTRUCTED TO COMMUNICATE THIS
ACTION TO THE SECRETARY OF THE TREASURY" THE MOTION BEING
SECONDED AND A VOTE BEING TAKEN THE RESOLUTION WAS UNANIMOUSLY
ADOPTED.
F W WARDWELL PREST CLEVELAND CLEARING HOUSE
http://fraser.stlouisfed.org/
ASSN
1250A24
Federal Reserve Bank of St. Louis
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I0HT LETTER
THE WESTERN UNION TELEGRAPH COMPANY
INCORPORATED
2 5 ,0 0 0 O FFICES IN A M E R IC A
CABLE SERVICE TO A L L T H E W ORLD
This Company T R A N S M IT S and D E L IV E R S messages only on conditions limiting- its liability, which have been assented to b y the sender o f the follow in g N ig h t Letter.
Errors can be guarded against ouly by repeating a message back to the sending station for comparison, and the Company w ill not hold itself liable for errors or delays in
transmission or delivery o f U nrepeated N ight Letters, sent at reduced rates, beyond a sum equal to the amount paid for transm ission; nor in any case beyond the sum of
F ifty D ollars, at which, unless otherwise stated below, this message has been valued by the sender thereof, nor in any case where the claim is not presented in w ritin g w ithin
sixty days after the message is filed w ith the Company for transmission.
This is an U N R E P E A T E D N IG H T L E T T E R , and is delivered b y request o f the sender, under the conditions named above.
T H E O . N . VAIL, PR E S I D EN T
B E L V 1 D E R E B R O O K S , G E N E R A L MAN A G E R
a a 'x a
R e ce ive d a t
3P LY 45 NU
*
O4
|“ ..... .........
CLEVELAND 0 DEC 26 1913
J
W G MCADOO
L
.
SECY OF TREASURY
WASHN DC
THE CLEVELAND ROTARY CLUB REPRESENTING
LEADING DIVERSIFIED BUSINESS HOUSES 6F
OVER THREE HUNDRED OF THE
THE CITY URGES UPON YOU
i
THE LOCATION OF ONE OF
SIXTH
CITY OF THE UNITED
/
THE REGI NAliBANKS IN THE
STATES AND
THE
L A R GE ST
OF THE STATE OF OHIO
THE CLEVELAND ROTARY CLUB
543AM
CITY
Reproduced from the Unclassified / Declassified Holdings of the National Archives
CHARLES f>AltCH,
P R E S /D E f/T .
WOOL SQUARE HORSE BLANKETS.
WOOL ROSES & SHAWLS FOR Al/TOMOB/LES^CARR/AGES.
STEAMER RUGS.
B E D BLANKETS.
M ACK/HAW S.
MEN'S HEAVY WOOLENS.
STEREO T Y P E R S ' D R ! ER BLANKETS.
WOOL S A D D LE BLANKETS.
S T A B L E BLAN KETS.
O ff/c e s 3/67F u l t o n R o a d — M / l l s 339 S t r e e t , S. W.
//VDESTRUCT/BLE BLANKETS
FOR ///sT/rur/o/vs.
'ev e la n d , Ohiof___ Jan * 17_____ /p /A .
SIXTH C/TY.
Hon* W. 0. Me Ado o
Secretary of the Treasury
Washington, D.C.
Dear Sir;
Just to show you how we feel about it,
we enclose a circular we sent out in combination
with one issued by the local association of
National Credit Men,
We sent this to about 1100 of our customers
<vi
S
\
^
^
in Northern Ohio, Northern Indiana, and Western Pennsylvania,
and are getting numerous responses in the shape of
signed requests to establish the eighth regional bank
here.
We believe that 99 ou*t of 100 business men,
who are not
or cuckoos
principals in criminal rich organizations,
for the same, feel as we do about the new
Federal Reserve bill, and we do not think we have said
one word too much in advocating Cleveland as the proper
town for the eighth bank.
superstitious about numbers.
We, however, are not
Ninth will do as well,
or any number except 1 3 *
effort.
We hope to have your hearty good will in our
Yours very truly,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
T h e G u a r d ia n
H .R M C IN T O S H , P r e s id e n t
6 E O . A . G A R R E T S O N , J.SJ V. P r e s t .
S a y in g s a n d T r u s t C o m p a n y
Capital a n d
S u r p l u s Two M illion
D o l l a r s
J O H N H. F A R L E Y , 2 N„D V. P r e s t .
C H A S - L . M 0 8 H E R , 3 RP V. P r e s t .
R . W . J U D D , 4 ™ V. P r e s t .
U .A R T H U R H O U S E ,S e c r e ta r y
G E O R G E F- H A R T , T R E A S U R E R
T H O S . E_ M O N K S , A S S T . S E C Y .
U_ A - M A T H E W S , A S S T .T R E A S .
W „ D. P U R D O N , A s s t . T r e a s .
W .R .6 R E E N , A u d it o r
C . t . R O S E , S a f e D e p o s it O f f ic e r
H. C . R O B I N S O N , R e a l E s t a t e O f f i c e r
C -R - M E G E R T H , O f f i c e A t t o r n e y
C leveland, 0.
Feb. 15, 1914.
2:15 P. ¥,
Mr. S. H. Baker,
c/o Plain Dealer Pub * Co.,
C ity
.
Dear Sir:
I regret that my sudden illness, and Mrs*
McIntosh1s prolonged illness, compells us t 0 leave
for Florida, this evening, thereby preventing my be
ing here next Tuesday to participate in receiving
Secretary McAdoo, Secretary Houston and Comptroller
Williams, and to co-operate with other Cleveland
citizens in . ing their visit to the Sixth City
pleasant anu agreeable, and please assure them for
me that if t ey conclude to locate a Regional hank
in this city, that I will heartily co-operate with
other citizens in endeavoring to make this bank one
of the "Shining Lights” of the system. I am sure
that the claims of Cleveland for the location of such
a bank will be ably and forcibly presented by His Honor,
Hay or ITewton 'D. Baker, -".nd Col • J. J. Sullivan.
Please kindly convey my regrets to the above
gentlemen, and believe me to be
Yours truly,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
CHARLES RAUCH,.
PR E SID E N T .
WOOL SQUARE NORSE BLANKETS.
WOOL ROBES & SHAWLS FOR AUTOMQB/LES-'
STEAMER RUGS.
BED BLANKETS.
MACK/NAWS.
MEN'S HEAVY WOOLENS.
S T E R E O TY PE R S ’ DR/ER BLANKETS.
WOOL S AD D LE BLANKETS.
S T A B L E BLAN KETS.
//VDESTffUCT/BLE SLA/V/fETS
FOR //VSTLTUT/ONS.
(? )$ M
O ffic e s
3/67F
% U -ctu J u '- t f i /i /U i
u lto n R oad
— M / lls
33 R
S t r e e t ,
S .W .
(o ie v ela n d , Ohio,,___ January_____ Jpl4
S IX T H CITY.
Dear Sir:
The passage of the new currency bill opens a new
era of business freedom, which means an equal chance for
all and a general expansion, or boom.
It means freer and more money for legitimate business,
and no periodical financial squeeze by the hogs and crooks
of Wall Street, which brought about longer or shorter
periods of business paralysis.
It means a breaking up of the destructive money trust,
and the removal of the blight of private money monopoly.
The practical working out of the new currency act is
dependent largely on the proper placing of the eight
regional banks. Cleveland lays claim to the eighth bank,
and with good reason, as it is the biggest and livest
town between New York and Chicago, and practically the
financial center of such territory. It is the cheapest
place in the world to produce iron, and has the greatest
variety of manufacture.
To insure Cleveland's getting it, we need the help of
all of our friends. Please read the enclosed circular care
fully, take it to your banker, have him sign the coupon
attached to the lower part of it, detach same, and mail it
to Mr. Sullivan.
By doing so you will greatly oblige,
Your humble servant,
THE BECKMAN COMPANY.
Reproduced fiom the unclassified
I Declassified Holdings of the National Archives
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
N? 5 5 3 0
CAPITAL 1 2 5 , 0 0 0
O f e (t ft ft n m a ; J s a t t m t a i I B a n k
C
o v in g to n
d .W .R U H L , P R E S T .
,O
hio
J.W .D O W L E R , V ic e P r e s t .
A .W LA N D I S , C a s h i e r
Jany. 14th., 1914.
Reserve Bank Organization Committee,
Washington, D. C.
Gentlemen;—
We enclose herewith copy
of "Resolution of Acceptance” passed
by the Board-of Directors at a meet
ing held January 13th., 1914.
We /would be most pleased
should you maia us an additional copy
for our reconas
'Kindly record our wish
for a "Reserve Bank" to be located at
ClevelandA Ohio*
Very truly yours,
C a s h ie r *
r"----- ----------------------- --- —
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A.
L.
STARK,
C.
E,
LOZIER,
P resident
. HINMAN,
F irst vice
F. o . W I L F O R D , S
econd
president
J.
CREHORE
E.
J.
CRISP
C.
H.
CUSHING
A.
L.
G A R F O R D j/ '
SECRETARY
PLOCHER,
Treasurer
V ice P r e s i d e n t
I5ItP €(lyrta
Chamber of Gomittero
D IRECTO RS
C.
A. J .
...
C.
E.
HANCOCK^/^'
J.
A.
HEWITT
J.
H.
HURST
,
L i
Qhjria Ohio
D IR E C T O R S
R.
B,
LERSCH
C.
E.
LOZIER
JACOB
A.
J.
E.
MURBACH
PLOCHER
C.
H.
SAVAGE
A.
L.
STARK
F.
O.
WILFORD
January 6, 1914
Reserve Bank Organization Committee,
Treasury Department,
Washington, D. C.
Gentlemen:The Chamber of Commerce of the City of Elyria,
Ohio, with a membership of 500, representing every class
of endeavor, at a meeting held this 6th day of January,
passed resolutions unanimously recommending to your
Honorable Body the selection of \the City of ^l^veJ^ind,
Ohio, as a city for the location of one RegioW^^fSsi
Bank, and we desire to present to your Honorable Body
the following reasons which prompted such action:
W© are the County Seat of Lorain County, a County
of 100,000 people, with three cities- of the first class,
Elyria, Lorain and Oberlin, and also being a part of the
great Western Reserve, which by natural laws is to be
the center of the iron and steel industry of the United
States, andits kindred manufactories. We have within our
County some of the largest manufactories of the kind in
the world, namely, the National Tube Company, the American
Ship Building Company, and allied industries, and a
thickly populated rural section, and we are in our manufac
turing, farming and business relations interwoven with the
Oity of Cleveland with a network of traction and steam lines
It is unnecessary for us to go into the reasons that
will be presented by the City of Cleveland, as a city. Our
object is to present to you the fact that Lorain County is
a great and growing County adjacent to what is now the sixth
City, and soon will be the fourth City.
Very respectfully,
Committee
Reproduced from the U nclassified / Declassified Holdings of the National Archives
THE N A T IO N A L B A N K
OF E L V R IA .O M IO
W .S .M I LLEH, p r e s i d e n t
R. B . L E R S C H , v i c e p r e s i d e n t
S. H. SQ U IR E , c a s h i e r
W. H . S T A R K , a s s t , c a s h i e r
January 6, 1914,
Reserve Bank,
Organization Committee,
Washington, D. C.
Dear Sirs:The resolutions contained in your favor
of Deeem'ber 26th were formally submitted to our Board
of Directors this day, and a resolution of acceptance
was adopted, a copy of which is encloe ed herewith*
This banfc, as all other banks in this vicinity, is
strongly in favor of the selection by your honorable
body of the city of Cleveland as a logical place for
the establishment of a Federal Institution,
r— „
:
---------------------------
Reproduced from the Unclassified
I
Declassified Holdings of the National Archives
CH A S.G .W ILSO N ,
J N O . M. S H E R M A N , V i c e - P r e s t .
M .G U S O O R F , Vi c e - P r e s t .
P r e s i d e n t
I-T. F A N G B O N E R , Vi c e - P r e s t .
W M .A .G A B E L , C a s h i e r
N9 5
iftrsf
C A P IT A L A N D
®;mk
SURPLUS
# 2 0 5 ,0 0 0 .0 0
J J a n u a r y
19, 191^*
Reserve Bank Organization Conr.ittee
Washington, £%C*
G en t l e n e n i —
At >a meeting of the Board of Directors of this bank,
held on January 13th, 191^, the enclose dissolution of Acceptance
was unanimously a d o p t a l s o
at this meeting the Cashier was
directed to express ifo your Commit teer. our preference for the
City of Cleveland
, as the most desirable location for a Federal
Be serve Bank in the district in which this bank will be located*
ANSWEREDj
Reproduced from the unclassified / Declassified Holdings of the National Archives
C H A IR M A N S T A N D IN G C O M M IT T E E S
C. C. C O Y L E , P R E S I D E N T
F R A N K P IGM AN, V IC E -P R E S
R .O . M ORGAN, SECRETARY
H.L. BODLEY, T R E A S U R E R
new
In d u s t r ie s
C . A. S C H A E F E R
M U N IC IP A L AND P U B L IC I M P R O V E M E N T S
G. H O R N S T E I N
E N T E R T A I N M E N T A ND R E C E P T I O N
D IR E C T O R S
H. D I A M O N D
Me m b e r sh ip
E. W . S E E M A N N
M . A. R I C K S E C K E R
A. G E R H A R T
Aud itin g
W. J. D E N N I G
E. C. Y O C H E M
C. E. FOX
F. E. C O O K
Lo c a l m e r c a n t i l e i n t e r e s t s
B. E. P L A C
C. B . M A R S H
H. KR
H.
P r in t in g and Ad v er tisin g
R. S ^ R U L E R
D. C . T A L B O T T
• 22nd, 1914,
Hr*
Cr# MaAdoo,
Secretary of the Treasury$\
Vashington, D.C,
--- —
Bear Sir:
At the regular meeting of The Commercial Cluh held last
Thursday the enclosed resolution was unanimously adopted*
We
hope you will give it consideration in deciding the location of
the regional bank for this territory*
Yours very t r u ly ,
ROM~Mo
Reproduced from the Unclassified
I
Declassified Holdings of the National Archives
C H A IR M A N S T A N D IN G C O M M IT T E E S
NEW IN D U STR IES
C . A. S C H A E F E R
m u n ic ipa l
and
P u b l ic Im p r o v k m e n t s
G. H O R N S T E 1 N
En t e r t a in m e n t and R e c e pt io n
H. D IA M O N D
M EM B ER SH IP
M . A. R I C K S E C K E R
Auditing
E,
C. Y O C H E M
Lo c a l M e r c a n t i l e I n t e r e s t s
C. B , M A R S H
P r in t in g and Ad v er tisin g
D. C. T A L B O T T
WHEREAS; the Currency Bill which recently became a law
contemplates the division of the United States into eight or more
regions with a hank in each such region in a city where such bamk
will do the greatest good to the greatest tnimber, and provide the
most adequate ahd efficient banking facilities, and,
WHEREASi the citizens of Galion and vecinity would be most
benefited by the establishment of one of such banks at Cleveland,
Ohio9 and Cleveland being the largest city west of Philadelphia
.and New York and east of Chicagof therefore, be it
RBSOLVM);that The Commercial Club of Galion, Ohio, respect•
fully requests the Treasurer of The United States to establish a
regional bank at^gleveiandf Ohio, and that he be informed of the
action taken by this club by its Secretary mailing him a copy of
this resolution.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
C A P IT A L | 6 05,,00 00 0
D. B A C H E LDE
L D ER
R7, P r
S U R P L U S & P R O F IT S # 4 5 , 0 0 0
e s id
T
d ee nN t
W E ,C a
A .F . L O W
s h ie r
S'
W\
S
>\
\f'
s
',
K )\
&
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I). S. W ASHBURN, President
G.
1EBOUT, Cashier
C. A. MoCULLOW, V ice P resides
O. ^
J.USTON, Asst. Cashier
3Firat National
d m nm irij, © too
Jar. 10, 1 9 1 4 ^ Q
Secretary of the Treasury,
Washington, D. G.
*V v
Dear Sir:
/V ^ >
\Y
Addressing you as a member of the organisation^committee
under the Federal Reserve Act, we wish to urge upon yotar ;Cfe&ention
the desirability of locating a Federal Reserve Bank at Cleveland,
Ohio*
We believe that Cleveland is a natural financial center
for the territory lying between New York and Chicago.
We believe
that the conducting of business in our vicinity will be better
facilitated by having a Reserve Bank in CleYeland than in any other
city of this territory.
Very truly youre,
rs
MM
Cashier.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
NQQ221
N /v
t io n a i.
B
a n k
o f
H U D S O N ^ S U M M IT
H
u d s o n
CO!
O H IO
Jan 16th, 1914.
To the Reserve Bank? Organization Committee.
Was h ing ton,
D . C•
Gentlemen:We enclose herewith copy of r»Pbelution passed
by our Board at a meeting held on Jan 1
It is the desire and request
Jmat
the new federal
institution be located in Cleveland,/Ohio,
mmwwMwwmmitm .
Yours very truly,
NATIONAL BANK OF HUDSON.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
RESOLUTIOH OF
The Commercial OXub o f
L ou d on vllle, Ohio*
To The Reserve Bank Organization Committee.
1, At a general meeting o f the dommeroial Club
o f L oudon vllle Ashland County O hio,duly o a lle d
and h eld on the 5th.day o f January,1 9 1 4 ,the
fo llo w in g r e s o lu tio n was o ffe r e d and upon motion,
duly seconded, adopted.
2 , Whereast
L ou don vllle Ohio la a prosperous
o f s o re than @000 Inhabitant* and
enjoy a the business and patronage o f a r le h
and in d u striou s a g ricu ltu ra l community w ithin
a radius o f from 12 to 16 m iles*
Village
3, That L ou d on vllle Is lo c a te d at about equal
d is t a n c e ,! i . e . 75 m iles from C leveland,Toledo
and Columbus and about 156 m iles west o f P ittsb u rg .
4 , That L o u d on v ille, 8 su b sta n tia l merchants buy
more h ea v ily o f the products o f Cleveland*s
m ills and f a c t o r ie s as w ell as o f the goods,
wares and merchandise handled by C levelandf s
w h olesalers and Jobbers than from any oth er
adjacent city *
5 , That oom m unlcatien,tranaportatlon and ship*
ping f a c i l i t i e s between Cleveland and Loudonv i l l e have been so improved that from oon»
venienoe and the customary course o f business
Cleveland stands f i r s t among a l l adjacent c i t i e s
with Loudonvllle*
6 , That Cleveland Is w ithin the second P arcels
Post zone with Loudonville*
7 , That L oudon vllle has three su b sta n tia l banks
with combined resou rces o f a l i t t l e le s s than
a m illio n d o lla rs ,a n d that each o f the three
banks have an approved reserve agent among the
Cleveland banks with whom they carry the major
part o f th e ir reserves*
8 , That in event o f fin a n c ia l d i f f i c u l t y o r panic
L ou d on vllle would n a tu ra lly look to Cleveland
f o r a ssista n ce or r e l i e f .
9 , That heavy shipments o f l i v e s to ck ,g ra in and
farm products are consigned weekly from Loudon*
v i l l e and v i c i n i t y to Cleveland markets.
Reproduced from the Unclassified
I
Declassified Holdings of the National Archives
#2
10,
That vast sums of money are invested by
Loudonville people in Oleveland seoureties
and real estate*
NOW THEREFORE,BE IT RESOLVED: That the Pres
ident and Secretary of the Commercial Club of
Loudonville,Ohio,be and they hereby are»authorized and directed to urge upon the "ReserveBank Organization Committee" the careful con
sideration of the merits of Cleveland Ohio,both
territorially and in view of the benefits and
conveniences that should accrue to the cities,
villages and communities tributary thereto,in
the selection of a location for the FederalReserve Bank,about to be organized,to serve
this geographical subdivision*
Respectfully submitted*
The Commercial Club of
Loudonville, Ohio*
President
any !%
U ^ ' 1/
, /
v7 CfUJIK ^ ^ ^ S e c r e t a r y *
*«# *# ***««***• *»«*****# *#*»**#*•
Endorsed**
J
The Farmers Bank,
Loudonville, Ohio*
The 0___
w
Loudonville,
jf
Ohio*
Cashier,
The First National Bank of
Loudonville, Ohio
Repro'duced from the Unclassified
I
Declassified Holdings of the National Archives
CHARTER
J O H N S H E R W 1 N P r e s id e n t
T H O ’S H. W I L S O N V i c e P r e s i d e n t
A . B. M A R S H A L L V i c e P r e s i d e n t
J . R. K R A U S . V ic e P r e s i d e n t
C H A R L E S E. F A R N S W O R T H
C A P IT A L
SU RPLU S
$ 2 ,5 0 0 ,0 (5 0
$ 1 ,5 0 0 ,0 0 0 2°
EUCLID
C a s h ie r
N U M B E R 7.
AVENUE
JOHN
R. G E A R Y
CLEVELAND
Jan. 10, 1914,
Reserve Bank Organization Committee,
c/o Secretary of the Treasury,
Washington, D. C.
Gentlemen:
Herewith goes to you a recommendation in favor of
Cleveland as a proper location for one of the Federal Reserve
Banks, made by the Commercial Club of Loudonville, 0 ., and
also signed by each one of the banks of that town.
THW
Enc
A s s t
C a s h ie r
J O H N H. C A S W E L L A s s ’t C a s h i e r
H O R A C E R. S / V N B O R N A s s t C a s h i e r
B. A . B R U C E
A s s ’t
C a s h ie r
p«»
—-------------:-----------------------------Reproduced from the Unclassified
I
BIN A CO IT, P R E S I D E N T
CHAS.
Declassified Holdings of the National Archives
A E. H IN E , C A SH IE R
NO. 5 3 7 0
L E E T , VICE P R E S I D E N T
GERTRUDE
&
C AP ITA L
DEPOSITORY
STOCK.
OF
THE
OF
A S S ’T C AS+ltER
m
$ 4 0 ,0 0 0
STATE
R IT T E R ,
O H IO
r:
M A N T U A , O ., Jan>
.. h
7>
lg l4 <
Reserve Bank Organization Committee,
Washington, D.C*
Messrs:
At a meeting of the Directors of the First national Bank of
Mantua, Ohio, held this day, the following was unanimously adopted:
Whereas, the Reserve Bank Organization Committee is soon to
determine the location of a Regional Reserve Bank for the t^rri/
tory in which the First national Bank of Mantua is locat«S.
Resolved, that in the opinion of the Directors of^he First
National Bank of Mantua, Ohio, the city of Clevelandy Ohio,
should he selected as the location of such Regional Reserve Bank*
Yours respectfully,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
NO. 4 - 2 8 6 .
CAPITAL & SU R PL U S
W M . F. R I C K S . P r e s t .
A R V IN E W A L E S ,V ic e P r e s t .
I. M . T A G G A R T , C a s h i e r .
A .< J . W A L T Z , A s s ' t C a s h .
$ 3 6 0 , 0 0 0 .
M a s s illo n , O h io ,
Jan* 16,19X4.
1 . G.McA&oo, Chairman,
Reserve Bank Organization Committee,\
Washington, D.C.
Dear Sir:Tn compliance Tith your letter of December 26th.,
ve have presented the matter of of making application to become
members of the Federal 'Reserve Panic to be located in this dis
trict, to our Board of Directors, on January 13th.*
ing resolution yas unanimously adopted.
The accompany
J
Permit us to express to yoi^rour preference for the
location of the city in vhich this federmL Reserve Bank vill be
located.
Our choice is for Cleveland, f Ohio, in preference to any
other city so far mentioned in this district.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
The Old Phoenix National Bank
Medina, Ohio
J. ANDREW, President
BLAKE McDOWELL, Vice-President
§
Capital and Surplus, $155,000
C. E. JONES, Cashier
R. O. McDOWELL, Asst. Cashier
< f
i/"
fv "
£ O'
Jan-9-l9I4.
Reeerve BanVv
Organization Committee,
Treasury Bept*,
Washington, B.C.
Gentlemen:-We enclose herewith
Resolution of Acceptance as
unanimously adopted toy our Board, every member toeing present, at a
Birectors meeting held on the 8th inst.
We also wish to state that it is ti^ unanimous opinion
of the members of our Board that Cleveland
justly entitled to have a
_______ —----“wrunMMWimitfnMwwMMi
Federal Reserve
Bank located there.
Respeetfullj yr^ u r s .
( IA
S
/L /
\
Cashier*
908§d from the Unclassified / Declassified Holdings of the National Archives
^€cJ^
' h ^
/^ - A
.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
C h a s. M e rts , P r e s ’t.
R
R. B. C a r n a h a n , C a s h i e r .
a v e n na
N
a t i o n a l
B a nUkS
C A P IT A L $ 1 0 0 ,0 0 0
RAVENNA, OHIO, January 6tfc,1914«
Hon*W.G*Mc Adoo,Chairman,
Reserve Bank Organization Committee,
Washington,D.C*
Your favor of the 26th ulto has been received.
I aqi pleased t# Inclose the Resolution of Acceptance,adopted this day
by our board of directors and duly certified*
We sincerely hope that your committee will see your way clear to select
Cleveland as a location for one of the new Federal Reserve Banks,
Very truly yours,
p in — -
•
m.mn,\
Reproduced from the Unclassified
I
Declassified Holdings of the National Archives
COLUMBUS8ANKN0TCCO.CVIS.,0.
T . B .T A Y L O R,
HENRY
JOHN
C H A S.H . ZIMMERMAN,
KRU PPr
S A N D U S K Y ,O H IO .
G RA EFE,
January 9th.,1914.
CAPITAL $ 10 0 ,0 0 0
SURPLUS S. PROFITS $ 110,000
RESOURCES $ 2 ,0 0 0 ,0 0 0
Hon. William G.Mc Adoo,
Secretary of* the Treasury,
Washington;, D. C. *
r
orm /
2.
Dear Sirs-
Wa are o f course inferastad in the location of -the Federal
Reserve BanJcs.and believe t,hat Ohio, is entitled to one, and that one we
ask be located at Cleveland Ohio.
K
i
Yours Respectfully,
|ANS W E^REDj
—----------------- ------------------------ -----
--- - -—
Reproduced from the Unclassified / Declassified Holdings of the National Archives
THE COMMERCIAL NATIONAL BANK
R O B E R T C A R E Y , President
JO H N L. LEWIS, Vice President
J O N A S J. HULSE, Cashier
UPPER SANDUSKY, OHIO
A . BILLH ARD T, J R ., A ss’ t Cashier
Jan, 6,1914.
W Cr MeADoo, Chairman,
Reserve B$nk Organization Committee,
¥
Washington &.C.
Sir:
In forwarding herewith
the resolution of acceptance
of the provisions of the Federal Reserve Act adopted on
this dat« by thuJBoard of B&rectors of this bank,
iiiAllow us aibo to uxpress our emphatic preference
for the location of the Reserve Bank in the district including
our Membership in the city of Cleveland,Ohio.
Respectfully Submitted,
f I
Cashier.
r..
Reproduced from the Unclassified
CASPER VOGEL, Pres.
I Declassified
Holdings of the National Archives
R. J. .aEFER, V. Pres.
CHARLES SHEALY, Treas.
EARL A. CARTER, Cor. Sec.
CHARLES ARTZ, Rec. Sec.
C h a m b e r o f (K o n tttte tcfc
Hppi'r ©atttiltsfuj, JBljtO
UPPER SANDUSKY, OHIO.
OUNTY SEAT, WYANDOT CO.
. 0PULATI0N, 4,000.
RAILROADS—
East and West—Pennsylvania
Railway Co. Main line be
tween New York, and Chi
cago. Double track.
North and South—Hocking
Valley; Toledo, Ohio, Co
lumbus, Ohio, and south
east to coal fields. Practical
ly every point in Ohio and
Central States reached with
but one change of cars.
LOCATION—
North Central Ohio, 60 miles
south of Toledo, 64 miles
north of Columbus, 217 miles
west of Pittsburg and 250
miles east of Chicago.
LEADING MANUFACTORIES—
The National Steam Pump Co.,
Steam Pumps.
The Ohio Manufacturing Co.,
Gasoline Tractors and Farm
Implements.
The Central Ohio Buggy Co.,
Buggies.
Seider & Sons, Buggies and
Wagons.
Upper Sandusky Brewery and
Ice Plant.
Buckeye Foundry Co.
The Stoll CasketCo., Caskets.
Artz Bros., Ladies' Garments.
Frank L. Jonas, Cigars.
Stephan Lumber Co., Lumber
and Planing Mill.
THREE BANKS.
TWO DAILY NEWSPAPERS, ONE
WEEKLY.
NINE CHURCHES.
CARNEGIE LIBRARY (Building).
WATER WORKS.
ELECTRIC LIGHT.
NATURAL GAS.
SEWER SYSTEM.
PAVED STREETS.
THREE PUBLIC SCHOOL BUILD
INGS.
High school diploma admits to
all colleges.
FACTORY SITES—
Adjacent to railroads, side
tracking facilities.
January 20th 1914.
i si
Hon. William MeAdo o ,
1—
Chairman Federal Organization Committee,
Washington, D. C.
Dear Sir:I am instructed "by the Board of Directors
of the Chamber of Commerce, of Upper Sandusky, Ohio,
to express to you our decided preference for Clevelandjfas a location for one of the Regional Reserve
Banks•
In stating this position, we are but voicing
the sentiment and best judgment of our business and
financial interests. Our three banking organizations
have already, through their Boards of Directors,
expressed their hearty support in favor of Cleveland,
"The Sixth City".
Assuring you of our esteem, we are,
Very respectfully yours,
!The Chamber of Commerce’
Pres.
.... ■■■_■ '
■
Reproduced from the Unclassified I Declassified Holdings of the National Archives
No.
J.
F.
L.
F. D E T W E IL E R ,
W . BOYER, V ic e
S. W E R T Z , C a s h
5828
P r e s id e n t
P r e s id e n t
ie r
l^ a d k o o r /4 ,
Jan 3rd 1914,
Hon. W* G* JicAdoo,
Secretary of the Treasury,
Washington, D* C«
Dear Sir: Our board of directors of The First
National Bank of Wadsworth Ohio, beg leave to submit to your Reserve
Bank Organization Committee Our application duely signed for member
ship in the regional reserve bank of this district.
Thi3 application has been duely acted upon by our board of
directors,and the resolution spread upon the minutes of the oank at
a meeting of the directors Jan 2nd 1914.
After a careful study of the pp«r^jfcl^locations for these regional
banks and knowing the tremendT^tis vWurap^of\)U3ines 3 transacted in
Northern Ohio which is incKeasii^Oat a Jb^emenduous rate,We earnestly
desire that your Honorable I3o£,rd^ar^lect Cleveland Ohio as one of the
reserve citties*
This selection would ae very convenient to us in transacting
our banking business*
Trusting the above will meet with your aproval
We remain Yours truly
| A N S W £ R tD l I-IiiST NATION’ -, „. ,
1914
ORM
1
i
Vv.
"*» ^. . •
•
.V
ft r
r —
....-
.
1
,..
Reproduced from the Unclassified
I
Declassified Holdings of the National Archives
''(Inmmmial Mttnmal <l»uxtk
Hon. William MeAdoo,
Secretary of the Treasury,
Washington, D. C.
Dear Sir:I
am enclosing herewith a copy of
a resolution passed by the Board of Directors
of this bank today.
I would merely add to this
expression the remark that the universal feeling
seems to be in favor of Cleveland as the location
for one of the Regional Banks^throughout all the
territory in this part of the state, and I trust
that your Commission will decide to place one
there.
Reproduced from the Unclassified
I
Declassified Holdings of the National Archives
COPY OF RESOLUTION PASSED BY THE BOARD OP DIRECTORS OF
THE COMMERCIAL NATIONAL BANK OF
YOUNGSTOWN, OHIO,
January 6th, 1 9 1 4
RESOLVED - That it is the judgment of the Board of
Directors of The Commercial National Bank of Youngstown,
Ohio, that the interests of the business community, and
particularly of the Banks of this section, would be best
served by the establishment of a Federal Reserve Bank in
the City of Cleveland, Ohio, because of its accessibility,
its large banking capital, its general mercantile importance,
its large volume of Lake trade, its important manufacturing
interests, and for other reasons that will become apparent
upon thoughtful consideration*
We would therefore urge your Honorable Commission to
favorably consider the City of Cleveland, Ohio, for the
location of one of the Federal Reserve Banks,
Reproduced from the Unclassified
I
Declassified Holdings of the National Archives
Number Three o f National Banks.
The
F irs t N a tio n a l B a n k
of
You n o si ow n ,
C A P I T A !, $ 1 , 5 0 0 , 0 0 0 . 0 0
SU RPLU S $ 1 ,0 0 0 ,0 0 0 .0 0
Youngstown, Ohio,
January 3rd, 1914.
Hon. Willism G. McAdoo,
Washington,
D. C.
Dear Sir:
On behalf of the Youngstown Clearing
House Association, an organization which includes
in its membership a ll of the banks in the City of
Youngstown, I beg to advise you that it is the unan
imous opinion of the members of this association
that the natural and most desirable location for
the regional bank to be established in this district
i s Cleveland: and that it is the hope of the members
o f^ETiisassoc iat ion that Cleveland may be selected.
Youngstown is located exactly midway be
tween Cleveland and Pittsburgh. We are familiar with
the advantages of Pittsburgh and also with those of
Cincinnati; but do not regard either of these points
as the natural one for the location of a regional bank.
The location of the City of Cleveland on the world’ s
greatest trade route makes it , in our opinion, the
more logical point; and, furthermore, the banking prac
tices of that City are, and for many years have been,
of the best order.
In making this statement we feel that we are
expressing the opinion not only of our local bankers
but also tiiat of a large majority of those located in
the Cleveland d istrict.
Very respectfully,
1914-
AEA/HM
;
YOUNGSTOWN CLEARING HOUSE ASSOCIATION
By___
Preside nt
A
Reproduced from the Unclassified
I
Declassified Holdings of the National Archives
B0W*
J a n u a ry 2 1 # 19 14 *
S irt
In th e abse-nee of S e c r e ta r y UsAdoe I
bag t o acknow ledge th # r e c e i p t o f y o v r l a t t e r
I n d o r s in g Cl<3v«land Jkm a j r o p e r p la c e f o r the
e s ta b lis h m e n t o f a F e d e r a l R eserv e b a n k .
In r e p l y I beg to a d iria e t h a t f o u r
l e t t e r w i l l be r e f e r r e d tc
c o n s id e re d by
t h e Csmr.it t e e In re a c h in g i t # con c lu e lone*
R e s p e c t f u l ly ,
S e c re ta ry ,
Easen re Bank O r g a n iz a tio n Coiaralttee*
Kr* A lonso M* S n y d er,
9 1 7 fillianaen B u ild in g ,
C le v e la n d , O h io .
@FedFRASER