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IIII'I 1 'I III
Reproduced from the Unclassified I Declassified Holdings of the National Archives
R e a d Th i s a n d M a i l to a F r i e n d
THE S TORY
LOS ANGELES
------AND-----S O U T H E R N C A L IF O R N IA
- B y -
ADAM DIXON WARNER
T h e W o r l d ’s W o n d e r l a n d
M agic G row th of L os A ngeles
A L o o k I n to the F u tu re
W h a t L o s A n g e l e s W i l l B e in F ift y Y e a r s
THE JEFFERSONIAN PRESS, 1©14
M y o n ly a p o l o g y for this little b o o k le t is for its
p a u city o f illustration.
Its aim is not o n ly to s h o w the su p erior e x c e l
lence o f L o s A n g 'e le s’ sch oo ls, c o lle g es and churches,
b anks and m ercan tile houses, hotels, cafes and a u d i
torium s,
climate,
parks
roads,
m o u n ta in
and
homes
and architecture,
and
sea,
p la y g ro u n d s ,
b o a tin g
over
and
good
bath ing,
any oth e r city
in
A m erica , but to s h o w the im m e n sity o f the m a r
v e lo u sly reso u rc efu l c o u n t r y
d irectly tributary to
L o s A n g e le s , and its h a rb or— the en trepot o f the
W estern W orld .
T o u ndertake to p ictoria lize the beauties o f this
m atchless
city,
and
the
co u n t ry
su r ro u n d in g
it,
w o u ld make a v o lu m e to o large and to o c u m b e r
som e for an h our's rea d in g and en jo y m e n t.
The
beauties o f the city and c o u n t r y are to be seen by
e v ery one w h o sh ou ld “ See A m e r ic a F irst.”
T o the stran ger so m e o f the statements in this
b o o k m a y appear extra va g a n t, but the greatest diffi
cu lty on e has in w r itin g a b ou t L o s A n g e l e s and
G o ld e n C alifornia is to a v oid fa lling into the pit of
p essim ism fo r the lack o f w o rd s to a d e qu a te ly d e
scribe this m ost
G o d - fa v o r e d
ADAM
O c t o b e r 31st, 1913.
region.
D IX O N
WARNER.
Story of
Los Angeles
Neustra Senora, La Reina de Los Angeles—Our Lady, Queen of
the Angels—such was the original meaning of Los Angeles.
Founded on September 4, 1781, by a small band of pobladoreg;
or colonists from the Mexican states-of Sinaloa and Sonora, to found
agricultural colonies to provide the soldiers at the presidio with
the necessities of life—such was the beginning of Los Angeles, that
has electrified the world by its marvelous growth and achievements
during the last fifteen years.
Fifty years after founding the pueblo, or city, the population Was
only 770; and in 1850, seventy years later, it was less than 2000'.
Thirty years later., in 1880, the census report gave it only J11,311
souls.
!
Twenty-two years ago, in 1891, when I first came to Lb’s Angelesy
the center of the city was at the Temple block, where the postoffice
is now situated, and there was very little south of that. There wer^
only about fifty thousand people. Seventh street, that' isr ribW’the
center of business, was way out in the country. Lots were selling
there ior about fifteen hundred dollars each. Now they are worth
$10,000 a front foot. Many of the finest residences were on Spring;
Main and Fort str.eet-r-now Broadway. Pasadena was a small vil
lage. There was nothing at the beaches, but Wilmington and San
Pedro, and a landing at Redondo, Long Beach was then Wellington
Cprners, with about six hundred people. Now it has nearly forty
thousand people, six brinks, twenty-six churches and no saloons, and
they claim the highest per capita circulation of any city in the
country.
A Mile of buildings Every Six Days,
Ten years ago last March, when I came >again and remained,
they were putting the steel in the basement of the Hibernian build
ing at Fourth and Spring streets, and there was not a building south
of that corner more than three stories high. Nearly two hundred
million dollars’ worth of buildings have been constructed since that
time. A whole forest of steel has grown south of Fourth street since,
and nearly $35,000,000 will be expended in building this year. We
are building now at the rate of a. mile of buildings every six days,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
The
and there are less vacant buildings in Los Angeles than in any city
in the country. The business center ten years ago was at Second
and Spring. Now it is at Seventh and Spring, and in ten years it will
be at Pico and Main and Broadway.
I have seen the city grow from a small country town to a mighty
metropolis of five hundred thousand people, with another hundred
and fifty thousand immediately adjoining, in Pasadena, South Pasa
dena, Alhambra, Glendale, Santa Monica, Ocean Park, Venice, Re
dondo, Long Beach, Naples and Newport.
Seven years ago I had an option on sixty feet on Broadway near
Seventh at $1500 a front foot, and wanted an old friend to join me
in its purchase, and he laughed and said, “Dick, it’s too high,” and
today it is paying interest at seven per cent on $12,000 a front foot.
This is only one of the thousands of instances of the wonderful in
crease in values. The other day a lady sold a piece of property on
Los Angeles street for $155,000 that she paid $7000 for only twelve
years ago.
This is the story and the opportunity I wish to speak to you
about.
The gate of this opportunity is swinging wide on the hinges of
a prosperity and progress unmatched in history, where have risen
as if by magic the most beautiful cities, the most prosperous rural
and urban population and the highest civilization in America.
Marvelous Growth of Southern California.
To those of you who are newcomers, and inasmuch as threefourths of our present population came to Southern California during
the last twelve years, I assume that three-fourths of you are new
comers or tourists, and are unacquainted with the recent develop
ment and history of California.
Let me draw your attention to the fact that sixty-five years ago—
within the life of many of you—there were less than five thousand
white persons in the entire state. Today there are nearly three mil
lion people. And onerhalf of them came to the state during the last
fifteen years. Or it grew as fast during the last fifteen years as it
did during the preceding fifty years. And Southern California, con
sisting of less than one-third of the area, got nearly one-half of that
increase. And the astounding fact is, that Los Angeles county got
three-fourths of that one-half, or thirty-seven per cent of the whole.
And it got the most of that during the last seven years, and nearly
2
Census Facts and Figures.
The census of 1880 gave Los Angeles’ population as 11,311; in
1890 it was 50,395; in 1900 it was 102,479; in 1910 it was 319,198.
And now, by every reasonable estimate, it is more than 500,000. We
will have nearly 80,000 school children enrolled this winter. These
figures show that the city grew more than five times as fast during
the last thirteen years as it did during the preceding twenty years.
In the last twenty-five years Los Angeles has grown from a vil
lage to the largest city west of St. Louis, outstripping all others in
America in growth. And during the present year, now, the city
is growing faster than ever before. Our bank clearings, postoffice
receipts, realty transfers and building operations, school attendance,
increase in telephones, revenues and customs receipts are greater
than ever before. The national 'building reports just published of all
cities in America show for October, 1913, that Los Angeles is only
exceeded by the three “million cities”—New York, Chicago and
Philadelphia.
In the ten years from 1900 to 1910 the population of the three
Pacific Coast states, Washington, Oregon and California, increased
1,775,605, and during the same time Los Angeles county increased
383,833, or nearly one-fourth of all. And during the last three years,
since 1910, the increase has been nearly 100,000 per year. And when
the Panama Canal is finished and this harbor is ready for the mighty
commerce that is sure to come, the territory around this harbor will
grow faster than ever before. Property values will increase with the
hum of industry. Demand for advantageous positions and locations
will be greater than the supply, and a prosperity and progress un
known in the history of this or any other country will come to this
section and this people as sure as the sun shines.
$25,000,000 Aqueduct and Its Effect.
The most astounding feature of all this amazing growth of more
than a half million people is the fact that nearly all of it came to us
since we projected and began work on the aqueduct, and dazzled
the country with our determination and energy in bringing a supply
of pure water for a city of three million people from the snow-capped
mountains two hundred and forty miles away, at a cost of twenty-
3
Reproduced from the Unclassified I Declassified Holdings of the National Archives
all of it is situate within an area ten miles wide and back to the
mountains thirty miles from where you are sitting at this harbor.
five million dollars; a work now almost complete, with a supply of
water billowing- over the mountains into the reservoirs at the back
door of the city and harbor that will furnish 20,000 miner’s inches
of water, that will irrigate and supply the whole valley, and provide
120,000 horse-power of electric energy for manufacturing purposes,
and light the city at the very minimum of cost. This magnificent
enterprise has been carried to successful completion by the citizens
of Los Angeles, and our own engineers, without shadow of graft
Or corruption, and is the pride of every good citizen.
- In twenty years the revenue from water, light and power will
pay off all the bonds and interest; and taxes should be lower in Los
Angeles than in any city in America. As I said in a'speech seven
years ago, in the aqueduct bond campaign, I say now, the true his
torian of the future will date the beginning of the greatness of Los
Angeles to the completion of the aqueduct.
Marvelous Advantages.
■ Cheap water, cheap light, cheap power, cheap fuel, cheap elec
tricity. In addition to the municipal supply of electrical energy,
our capitalists are spending millions of dollars in bringing 350,000
horsepower from the mountain streams to the harbor. And the
Edison company has equipment established and proposed at this
harbor for 350,000 more horsepower of electric energy, making in
all nearly a million horsepower for manufacturing purposes. This
vast amount of power, together with the fuel-oil flowing by gravity
from) the oil fields of central California and around Los Angeles
into the holds of ships for all parts of the world, and into the furnaces
of manufacturing plants, and the cheap natural gas coming the same
way, by gravity, will make the country around this harbor the great
est manufacturing and distributing center on the face of the globe.
Around this harbor should be the Lowell and Lawrence of Mas
sachusetts, the Jersey City and Newark of New Jersey, the Gloversville and Syracuse of New York, and the Chester arid Pittsburgh
of Pennsylvania.
Do you realize the wonderful advantage the mechanic and toiler
will have here over the easterner, in working and living and rearing
his family in this climate, where they can enjoy outdoor life the
year round and live at so little expense, without consuming in winter
all he makes in;summer?
4
The Panama Canal is almost finished. It will probably be, open
for traffic long before the official opening in January, 1915.
Los Angeles Harbor is the first and last port coming and going
for the ships of the world. The United States government will have
spent nearly $400,000,000 on that mighty enterprise to develop com
merce and shorten the distance from the old world to the new. It
will cut off 10,000 miles and reduce the distance from where you
are sitting to New York from 14,857 miles to 4808 miles. It will
reduce freight rates on citrus fruits alone, from $23 to about $6
per ton, a saving of seventeen dollars per ton, a saving to the
citrus growers alone of from fifteen to twenty million dollars an
nually. It will add this saving to the value of every ton of citrus
and deciduous fruit and freight that leaves California, and automat
ically increase the value of fruit lands in the same proportion. And
not only this, but it will likewise reduce the cost of all freight—
household goods, farming utensils, machinery, furniture and all other
products brought into this port. It will add millions upon millions
to the value of the products of the farm, factory and m ine; and
double the producing value of every acre of tillable and producing
land on the Pacific Coast.
The direct line of travel to and from the Orient is only about
seventy miles in a southwesterly direction and a divergence of only
a few hours brings all the great ocean freighters to this port. These
ships will need fuel, oil, repairs, supplies, cargoes—cargoes going as
well as coming. They will bring coke and coal and hardwods, silks
and orientals from the Orient, South America and Europe, to be
fashioned into finished products and to exchange for our manufact
ured products of steel and iron, our fruits and grains and foods, and
cottons and wools and alLother products of the soil, factory and mill.
The Furniture Factory of the World.
There are 600,000,000 people in the Orient and 100,000,000 in
Mexico and South America to be taught to live and consume as we
live and consume. We want their trade and products and they want
ours. The hardwoods of the south and the Orient coming here as
ballast in the holds of ships and the eucalyptus woods now growing
here should make this, not only the furniture factory of the world
but the wood fashioning center of the world, giving employment to
thousands upon thousands of toilers^
5
Reproduced from the Unclassified / Declassified Holdings of the National Archives
The Panama Canal.
Here, will be established great food, canning and preserving fact
ories and great cereal plants preparing foods for the world’s con
sumption. W ith our million horse power of electric energy already
developed, furnishing cheap power and light, here should be great
air-ship, water-craft and motorcycle and automobile factories and
electrical plants of every description; boot and shoe factories;
woolen and cotton mills with a million spindles, clothing and apparel
factories, pearl button and jewelry manufactories, supplying the
marts of the world with the products of our genius and handicraft.
The Iron and Steel Industry.
In Bulletins number 338 and 394 of the United States Geologi
cal Survey, you will see that there are hundreds of millions of tons
of iron ore in Utah, Nevada, and San Bernardino County, carrying
from 60 per cent to 66 per cent iron, that contain less moisture than
the Lake Superior ores, that can be delivered at this port for $3.50
to $4 per ton, and can be manufactured here, with our cheap fuel
oil, electricity and gas, and distributed to every part of the world
by water, cheaper than from any other place in the country.
These advantages mean great steel, ship building, armor plate
and railroad supply plants, rolli'ng mills, tool and cutlery, stove and
foundry, plow and machinery plants of every description. It means
hundreds of the smaller manufacturing plants that go to make up
the industries of a great manufacturing center. It means great mer
cantile establishments to handle these products. I t means employ
ment for the toiler and skilled mechanic in the shop and factory. It
means banking and business houses and hotels and boarding houses,
here, at this harbor. It means good prices for the products of the
farm, the orchard and the garden at your door, to feed these toilers.
It means a prosperous, frugal healthy happy population busily en
gaged in all walks of life.
Transportation and Good Roads.
The Automobilists’ Paradise.
This harbor and city have three transcontinental lines of railway,
the Southern Pacific, the Santa Fe, and the Salt Lake and Union
Pacific, with three more, the Rock Island, the Vv estern Pacific and
the Great Northern, headed this way. These, with the ships to all
ports guarantee competition and the very lowest level of rates.
6
The Panama Pacific $100,000,000 Expositions.
The celebration of the world’s greatest engineering triumph, the
Panama Canal, at San Francisco and San Diego in 1915, when $100,
000,000 will be expended in the world’s greatest expositions, the rail
road authorities say, will attract five million visitors to the Pacific
coast during the next three years, and it is safe to say that thirtv
per cent of them will remain forever, in this sun-kissed land of oppor
tunity—Southern California.
Those who are fortunate and wise enough to get in ahead of this
mighty throng that is sure to come, will reap a reward and advan
tage of profit in dollars that will place them in affluence forever.
There is a limit to land and opportunity, but there is practically
no limit to the ever-increasing population of the world that is fast
learning of the wonderful advantages here, and looking to better
their condition.
All eyes are upon California, and today Los Angeles is the most
talked-of and most favored city in all the world, because of its
matchless climate, growth and advantages. Los Angeles and the
country surrounding it will get more benefit from the expositions
than any other part of the' country, without any of the expense or
reaction; and lucky indeed, is the man or woman who has secured
an investment here.
Los Angeles Harbor—Its Immensity and Possibilities.
Already Uncle Sam and the cities of Los Angeles and Long Beach
have expended on this harbor more than twelve million dollars, and
the work has only begun, and the most of it has been done under
water, dredging the channels, canals and waterways. The dredging
alone, to date, has cost nearly five million dollairs- And private
corporations have spent nearly'that much more in . dredging and
building docks and warehouses^- and the electric plant that now has
.7
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Los Angeles County has nearly 2GOO miles of electric and steam
railways. Three hundred miles of the best good roads in the world,
radiating through the orange clad valleys, mountain passes and
along the surf-tuned shores of the ocean, constructed at a cost of
$3,000,000. And has more than a thousand miles of ordinary good
roads, traversing every nook, cranny and canyon of this wonderland.
And the State is building ,a good road system, costing $18,000,OCX).
Truly, Los Angeles is the automobilist’s paradise.
a capacity of 120,000 horse power, and will be increased to 350,000
horsepower.
; ,
Around this harbor are invested already more than ten million
dollars in manufacturing industries and lumber plants. This port
today is the largest lumber port in the world., Last year 730,000,000
ieet of lumber came here.for consumption and distribution. And in
a little while it will be the greatest oil and food distributing center
and the world’s laboratory of health and hygene.
Perfect Man Made Harbor.
Los Angeles Harbor is the isafest in-the world. Lloyd’s Register
says, “There is no bar whatever at the entrance to the harbor, but
a ship can round the breakwater in forty eight feet of water at low
tide in any weather and berth at a wharf under its own steam in half
an hour from the open sea.”
The entrance to the harbor is nearly four miles wide. There are
no rocks or reefs, no sand-bars or shoals, and it has the very best
kind of anchorage. It is fully protected by Catalina Island, and the
San Pedro and Laguna Hills, and the government breakwater, built
by Uncle Sam at a cost of more than $3,000,000.
Some Stupendous Figures.
Already the largest steamship companies have applied for ac
commodation at this harbor. The Hamburg-American line, the lar
gest in the world, the British Mail, the German Mail, French Mail,
Japan Mail, Royal Mail, Pacific Mail, the Oriental Mail, Hawaiian
Australian line, Lamport Holt and the Union Steamship Co. will
make this port. These together with the coastwise shipping will
make this one of the busiest ports in the world. Already the rail
roads are alarmed at the prospective loss of transcontinental freight.
Mr. Goodrich, the world’s greatest harbor expert, says in his re
port to the city council. “That the Huntington Fill alone will have
greater efficiency than the celebrated Bush Terminals in New York,
and that the harbor will have 82 miles of water front and will handle
150 tons per lineal foot annually.or (64,944,000 tons). That $215,000,000 will have been spent on this harbor by 1950. That Los An
geles will have a population of 2, 880,000, and its area will comprise
a thousand square miles. And its manufactures will aggregate a
billion annually.”
‘ These figures may seem stupenduous, but when I tell you that
London has already expended 175 million on its harbor, and Liver
8
Climate Not the Only Asset.
While climate is not our only asset it is one of the greatest. A
climate more equal than all the favored spots of earth, with 306 days
of sunshine out of the 365; a climate of no extremes of heat or cold.
No blizzards or sunstrokes. . No cyclones ,or tornadoes. No bugs
or insects. A climate where everything grows the year round, and
we can and do raise seven crops of alfalfa, two crops of grain and
three or four crops of vegetables. A matchless climate where the
old and young can revel in the surf at the sea or in the snow at the
mountain peaks, or in outdoor sports in the valleys and plains every
hour of the year. A climate where you can grow to perfection nearly
everything that will grow under the, sun. A climate where the toiler
can perform more service, the farmer get greater results, the sports
man and healthseeker more pleasure, enjoyment and good health
than anywhere else on earth, is surely a wonderful asset.
There Are Other Assets.
Already, our oil, oil products and asphaltum, are $100,000,000.
Our manufactures are worth $125,Q0Q,000. Our citrus fruits $50,000,000. Our deciduous fruit, vegetables,, grains, hay, beans and farm
products, $50,000,000.; Cattle, hogs.and? sheep, $10,000,000.. Min
eral products, $10,000,000. Sugar beets and sugar,, $10,000,000,
An4 our two ,crops of tourists, winter and summer' (and I want to
say, after having lived, here for ten years, that our summer climate
9
Reproduced from the Unclassified I Declassified Holdings of the National Archives
pool 140 million, New York and Hamburg a-hundred million each
and Manchester 90 million, Glasgow 50 million, Amsterdam, Mon
treal, Buenos Ayres, and Antwerp 40 million each, and little Rotter
dam 33 million, New Orleans 25 million, and San Francisco 20-mill
ion, and have just begun to build, these figures will not seem so
startling.
' .
Mr. Goodrich’s estimates of population are too low. Logarithmic
calculations based upon the past will fall far short of the mark.
The world is just beginning to know of. the value of climatic con
ditions here, and the wealth there is in the health of this climate.
During the last decade we did not know that there was an abund
ance of water under nearly half of this valley. We had no harbor.
We had no Panama Canal, and we have little or no conception of the
wonderful value of these, now almost completed. And yet, we grew
faster during that decade than any place in history..
is better than the winter climate, and the world will find that out
very soon,) of 200,000 visitors annually, is good for $500 each, or
$100,000,000. A grand total of nearly a half billion dollars.
Oil Wealth of Southern California.
The wealth of Southern California in oil is probably greater than
the wealth of her soil.
Oil is the cheapest fuel known. Southern California, this year
will produce 100,000,000 barrels of oil and has enough oil land par
tially developed to supply the world for three hundred and fifty
years.
Oil is now being used to run most of the farm machinery of the
west. When it is generally used, as it will be, the capacity of food
producing farm lands will be increased one-fifth. For it requires
one-fifth of the products of the farms to feed the horses that do the
work. Truly the value of the oil producing lands of Southern Calif
ornia is almost incalculable.
Los Angeles Commercial Territory.
Los Angeles controls and commands a commercial empire as
great as W estern Europe; mountain ranges filled with more iron,
copper, coal, lead, gold, silver and other precious metals than any
other ; great plains, arid cattle and sheep ranges, beneath which are
inexhaustible reservoirs of oil and g a s; valleys more fertile than the
proverbial Nile. Mountain streams threading their way down the
mountain side to make the semi-arid deserts bloorii like the rose,
with but the touch of honest industry necessary to make a happy
home on every acre of California.
Few Competitors.
This city and harbor has no competitor for trad« or commerce
this side of San Francisco, nearly five hundred miles to the north
west. None this side of ,Spokane, Washington, a thousand miles
to the north. None this side of Butte, Montana, excepting Salt
Lake City, 800, miles to the northeast. None this , side of Kansas
City, 1700 miles, to the east, except Denver. None to. the southeast
this side pf New Orleans, 2200 miles;. And none at,all to the so.uth
except San Diego. It absolutely controls the south half of Califor
nia, all of Nevada, Utah, Wyoming, Arizona, Colorado, Montana,
New Mexico, and the northern half of old Mexico. This harbor is
10
Imperial Opportunity.
Think of shipping a million cantaloupes a day during the busy
season in June and July from 5500 acres, until 3000 carloads had
been counted and $3,000,000 received for the crop.
Again conceive of 116,000 acres of barley which yielded 2000
pounds to the acre; 160 square njiles of alfalfa from which eight
cuttings were made during the y ear; an output of 30,000 pounds of
butter a day from the creameries of the County bring to the ranchers
of the county $10,000 a day income; ten carloads of grapes a day un
til 250 carloads had been shipped from 2000 acres
W ith the magic combination of ample, cheap water, rich soil and
ardent sunshine twelve months in the year, crop returns are certain.
W hat has been done in the Imperial Valley with cotton where
they have raised this year, 1913, 18,000 bales on 22,000 acres, or an
average of nine-elevenths of a bale of the long staple Egyptian cot
ton, can be done on the Mojave plains when the; waters of the upper
Colorado River are put upon i t ; and a million spindles at this har
bor will be weaving fabrics out of our Wool and cottons mixed with
the silks of the Orient to supply the demands of the world in all
grades of textiles.
'
Horticulturists’ Paradise.
The decomposed granite and volcanic5soil on the plains, in An
telope and the San Joaquin valleys, supplied with water will raise
the finest apples, pears, peaches, apricots, prunes, plums, almonds,
walnuts, olives, figs, dates, berries of all kinds, vegetables, alfalfa
and grains most luxuriantly.
Oranges and lemons will produce from $300 to $1000 per acre,
there sire-many groves in Southern California paying good interest
on $3000 per acre.
\
W alnuts will produce ten per cent net on $1000 per acre.
. Avocado^ 'or Alligator pears will produce from $1000 to $5000
per acre. Avocados and lemons require .frostless territory.
Smyrna Figs will produce from $300 to $500 per acre, as will
also peaches, pears, prunes and aprieiots. Olives can be raised on,
11
Reproduced from the Unclassified I Declassified Holdings of the National Archives
the natural outlet, and receiving port for all this territory, most of
it yet to be developed as the Imperial Valley has been developed.
Where they raise more produce per acre than in any other place on
earth.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
MAP OF GREATER LOS ANGELES—As it will appear with Catalina Island and the
.Harbor fortified and a Naval Base established, as first suggested and proposed to the
President and W ar Department by Adam Dixon Warner.
side hills that by many are considered worthless, and will produce
from $100 to $300 per acre.
Just one instance of the many that could be cited is the follow
ing:
Ventura, Sept. 4.—From 107 unirrigated apricot trees on two
acres of ground, W. W. Smith of the Ventura avenue district har
vested 922 boxes of fruit;netting him $1146.52 at liy2 cents a pound,
or $573 per acre.
Alfalfa—Good alfalfa land will produce from ten to fifteen tons
to the acre, and it readily sells at $12 to $20 per ton. Alfalfa can be
raised between the rows of fruit trees while they are maturing.
Berries—RaspbeVries, strawberries, currants, etc., will produce
from $100 to $300 per acre.
Vegetables—-Potatoes, onions, carrots, and all kinds of Vege
tables can be raised all the year round, and with good care and cul
tivation and plenty of water on well fertilized soil, produce from
$100 to $500 per acre. Vegetables and alfalfa can be raised between
the rows of fruit trees while they are maturing, providing a reve
nue from the beginning.
Chickens, squabs, and turkeys, sell at 25 cents to 35 cents per
pound, while eggs have an average market of from 25 cents to 45
cents per dozen.
So it will be readily seen that the owner of a five or ten acretract of land within reasonable distance of Los Angeles, with an
approximate populati6n within a radius of twenty-five miles of' 750,000 people to give a home market, and the highest-prices to the pro
ducer; will make more money than he can off of forty or eighty
acres in the middle west.
Spineless Cactus and Alfalfa—Spineless cactus'mixed with alfal
fa for fodder will revolutionize the cattle, sheep' and hog industry
of the world; and California, Southern Arizona, New Mexico and
Texas, where cactus can be grown,' will supply meat for the world
at lower prices than today,.Climate, Soil, Scenery arid Industry.
A Personal Experience.
Any person with a little brains and some industry can succeed
in California. Seven years ago, I bought five acres on the hillside at
Hollywood, then a suburb of Los Angeles, now a part of the-city.
There were a few olive trees *and^some walnut trees.,eai the ^ract
14
v:
San Joaquin Valley.
To the1north, only a hundred miles a.way, begins the great val
le y : the San Joaquin,, ninety miles wide by nearly five hundred
miles long. Its capacity is yet unmeasured, its fertility unequaled,
with .climate almost like our. own*;sparsely settled, capable of sus
taining a hundred million people.
Such are some of the resources around this harbor and this city
on the landside. ' Illimitable, almost inexhaustible, wholly unde
veloped, and ready for the honest heart and willing hand of the
frugal toiler who wants-to take advantage of opportunity.
The Great Cities of Northern California.
San Francisco, Oakland, Sacramento, Stockton and Fresno, and
San Diego to the south, each and all have' grown with but little less
marvellous rapidity.
• ' ‘' v
The rebuilding and reconstruction of “Dear Old San Francisco”'
15
Reproduced from the Unclassified I Declassified Holdings of the National Archives
and some fruit trees had been planted; but were nearly dead for
want of water. I built a California house (plain boards set up
right and batted over inside and out) planted flowers to grow over
the house, shook up the trees with a half stick of dynamite, put
fertilizer around them and gave them plenty of water. In less than
two years I had walnuts, olives, figs, three kinds of oranges, lemons,
limes, grapefruit, guavas, peaches, pears, apricots, plums and prunes,
growing on the trees. I had berries of all kinds, and every known
vegetable.—watermelons, cantelope and tomatoes in the garden for
Christmas and New Years. There were fifty varieties of flowers
and roses in the grounds, and the house was almost covered with
roses. On Christmas day we took the car in the morning and rode
tto the beach and took a plunge in the ocean, came back home and
had lunch, and then took the car and went to the mountains, through
orange groves nearly all the Way, and made snowballs at five thou
sand feet altitude; came homie, and picked a mess of tomatoes, straw
berries and oranges off my own vines and trees, for dinner, and had
dinner under my own roof; rode on street cars all the way, on as
beautiful a day as you ever saw in June, and you can’t beat that in
any place on earth. And best of all in twenty-four months after I
bought the property for five thousand dollars I sold it for fifteen
thousand dollars. And today you couldn’t buy it for a hundred
thousand dollars.
out of the ashes of her frightful calamity and fire a few years ago
that would have dismayed and disheartened a less resolute people
is no less wonderful than the matchless growth of Los Arigeles.
She did not mourn. She knew the dogged determination, power
and strength of her splendid citizenry. And almost before the ashes
were cold a.nd long before she had completed the reconstruction of
her beautiful city at a cost of $500,000,000, she proudly, gallantly
and successfully startled all America with the announcement and
determination to play host to the United States in entertaining the
world with a $100,000,000 exposition to celebrate the completion of
the world’s greatest economic and engineering achievement, the
Panama canal.
An achievement that will change the geography of the map of
commerce and transportation, and transfer the theater of commer
cial activities to the open door of the Pacific in trade with the seven
hundred million people in the Orient and in South America. Today,
she is more resplendent and prosperous in her new robes pf archi
tectural beauty and moral rejuvenation than ever before, and is des
tined to be one of the world’s greatest cities.
Sacramento, Stockton and Fresno.
The interior cities of Sacramento, the capital of the state, Stock
ton and Fresno, in the heart of the inexhaustible, agricultural valley
of the Sacramento and San Joaquin, as well as dozens of smaller
towns, are each enjoying a growth and development unmatched on
the other side of the Rockies, where they have extremes of heat and
cold..
San Diego, Santa Ana, Redlands, San Bernardino and Pomona.
San Diego, to the south of us, with her splendid climatic condi
tions and land-locked harbor, yet to be developed, and her jewelled
Coronado beach, has too, gained world-wide fame in growth and her
$5,000,000 exposition to celebrate the opening of the canal.
Riverside, Redlands, San Bernardino, Pomona and Santa Ana,
and all the smaller towns of Southern Clifornia are enjoying un
equaled prosperity.
It would' seem almost in extravagant to say'that all the world is
interested in and coming, as soon as they can, to California' aind the
Pacific Coast.
More world’s wonders are'w ithin easy distance of Los Angeles
than any other place in America.
The highest and lowest points in .the United States,, Mt. Wlhitney, 15,000 feet high, crowning the new Switzerland of America—
the Owens River Country; and Death Valley, 502 feet, and Imperial
Valley, 273 feet low—below, the ocean; are within twenty-four hours’
ride, as are also the. Petrified Forests of Arizona and the Cave Dwell
ers of the primeval p a st; the Grand Canyon, of Arizona and Colo
rado, whose awe-inspiring grandeur elevates the human soul to com
munion with the Almighty—all ineffably sublime; beyond words to
describe. Computed to be 75,000,000 years old; and vied with only
by Yosemite, a few years its junior, with its god-like architectural
halls, chancels, corridors and columns sprayed by marvelous
waterfalls 2600 feet, and surrounded by minarets and domes in
describably majestic and sublime.
The Big Trees, the oldest living things, 5000 years of age, Lake
Tahoe, 6000 feet high, on the crest of the Sierras, whose sombre
sublimity of purple and garnet, whose wrater colors, hues and blend
ings, light and shade surpass all others.
Crater Lake, in Southern Oregon, a sunken mountain and extinct
volcano, estimated to have been higher than any in America, drop
ped into the bowels of the earth, forming a lake, blue, almost black,
and clear as crystal, with seemingly no bottom, is one of the most
marvelous holes in the earth’s crust. Marble Halls, or Caves of
Oregon, where the stalactite meet the stalagmite and, ,form translu
cent columns of calcareous marbelized m atter eighty feet high, in
wondrous halls and passages a half mile under ground.
Yellowstone Park
Incomparable Yellowstone is only thirty-six hours from Los
Angeles, where mountains and waterfalls are upside down, spitting
and spouting their vapored breath skyward with the-precision and
timeliness of clockwork, and the air is as pure as the breath of heav
en. W ith these, and numberless mineral springs; her missions with
their ancient history; her health resorts in valley and mountains im
mediately surrounding Los Angeles. W ith this wonderland on the
landside of the rose-clad, orange-rperfumed, mountain and sea-walled
Los Angeles, the miraculous—the model modern city of America,
whose growth and commerce have been outdone only by its lofty
17
Reproduced from the Unclassified I Declassified Holdings of the National Archives
World’s Wonderland Around. Los Angeles
The Tourists’ Paradise.
upliftment in civic virtue and betterment of t'he race, as a pattern
for all future coalescence in civicism, is it any wonder that all eyes
are centered and all roads lead towards this most God-favored land,
Los Angeles and Southern California.
Catalina an$ Coronado
W ith all these at the back door, and the balmy currents of the
ocean wafting their breezes into the front y ard ; with her rubied and
jeweled Catalina and Coronado, Hawaii and Alaska, and the Philip
pines—and the 'hundreds of millions in the Oriental countries for
further upliftment, development and enlightenment—with their
trade and commerce, the beauties and business of the world will be
made conquest.
Wonderful Economic Changes Insuring Prosperity.
In a few short months wonderful economic changes have taken
place in the commercial and industrial conditions of the country, and
the people are coming into their own patrimony.
A few weeks ago the Great President, Woodrow Wilson touched
a button that started an electric current that blew out the Gamboa
dyke in the Panama canal and connected the two great oceans. Wre
have little conception of what that means. Its magnitude is almost
beyond the human mind. That it will revolutionize commerce we
all know, but the wonderful advantages that will follow as a matter
of course to the people of the Pacific Coast can not be appreciated
by the most optimistic.
About the same time he touched another electric button of pa
triotism, that tore down the “Chinese wall” of special privilege-hightariff that surrounded, fostered and protected the mighty trusts of
this country and enabled them to plunder all the people all the time;
and with that sam'e masterstroke of statesmanship and patriotism
he equalized the burdens of taxation and government by removing
the high tarif on the poor man’s bread, salt, sugar, stove and dinnerpail, and put a part of it on the incomes of the rich.
And in a little while, probably for a Christmas present, that same
strong hand will tear down another “Chinese wall” of special pri
vilege to the bankers of this country, and will build a currency law
that will take the bankers out of the government business, and give
us a government-controlled financial system that will give the farm
ers, business men and toilers an equal chance with the banker
—-prevent panics, restore confidence and establish a prosperity in
this country hitherto unconceived by the mind of man.
18
Fifty years ago, there was not a city in the United States with a
million population. Now, New York, Chicago and Philadelphia are
away above the mark, and there are a half dozen mpre rapidly climb
ing on the last half towards the million mark. And not one of them
favored in climatic conditions, natural resources of geographical su
premacy as is Los Angeles. Here we have no long winters to con
sume the earnings of the short summer; but all season summer, and
every hour a working and growing hour of profit to the farmer, the
horticulturist, the gardener, the toiler and manufacturer. Here, no
piercing blasts of cold, no blizzards, no cyclones and no sudden va
riations in climate. W ith her boundless resources of climate and
soil, mountain, sea and valley, Los Angeles will be the greatest city
in America in fifty years.
In half that time these waterways will be cut and extended into
the very heai*+ of *His valley; up the Cerritos and Nigger slough: up
the Los Angeles river and Dominguez slough a dozen miles. These
canals will be lined with mercantile and manufacturing establish
ments. Ships will come and go to every port of the world, carrying
our products of factory, farm and mine.
Greatest Naval Base
It is no idle dream to imagine the, heart of the city on Domin
guez hill in less than fifty years, with great municipal belt-lines of
steel around this harbor connecting with every transcontinental rail
way, as well as with every trans-oceanic ship line. There will be the
mightiest wireless stations, aircraft, depots and fortifications around
and on the crest of San Pedro hills, Signal hill, the Laguna hills, and
on Catalina Island, sweeping this harbor and the sea for forty miles,
making it the Gibraltar of the Pacific. And here will be mighty
government armour plate and gun factories and the greatest naval
base in America, and the commercial mistress of the world.
Los Angeles, the mighty, will then extend from Santa Monica
mountains on the north, to Laguna hills on the south, and from the
ocean to Mt. Lowe, and on up to the right, to Riverside, San Ber
nardino and Redlands; and to the left, on up through San Fernando
valley to Aqueduct park. And will be Greater Los Angeles—the
largest and first city of'the world in A. D. 2000, with twenty mil
lion people.
19
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A Look Into the Future—What of Los
Angeles Fifty or a Hundred Years Hence?
In less than fifty years the waters of. the upper, Colorado ,River
will be conserved with a darn a half-mileJ^igh; ^t the Dailey, .assur
ing water and power forever for all of the Mojave desert and South
ern California, and there will be twenty million people in this val
ley growing more products per acre and feeding more people than
any other like territory on earth, ■
California Continental College and Catholic Cathedral
On these hills in less than fifty years, will be the California Con
tinental College and, Cathedral, teaching the science of life, long
evity and the science of government, and the productivity of a
healthy vigorous race, scientifically bred and scientifically reared in
to a perfection of physical, mental and moral manhood and woman
hood that will elevate society and ,government to. a position yet un
attained in the history of the world.*
In less time than that, the human race will have learned by ex
perience, science and wisdom, and. our schools and colleges will
teach, the collossal blunder, mistake and crime of converting our
heritage of food products—the peptones,, mineral salts and grapesugars of fruits, grains and vegetables, into alcoholic poisons tp de
bilitate and destroy the mental, moral and physical fiber of the hu
man being, and make him a p’auper in mind and body, a destroyer
of manhood and womanhood, a burglar, assassin and murderer.
In less time than fifty years, the dogmas, creeds, sects and
schisms of churches will be unified into one cohesive force; a Uni
versal church or Catholic cathedral—the People’s Church of Christ.
The saloon and other institutions of profit—pillaging and poison
ing the lives and souls ,of men and women will be things of the
past. Government, society and religion will not be government
and society of special: privilege and license to destroy, but will be
government and religion of true sociology and democracy of all
the people for the upliftment and enlightenment, of all mankind.
Here, where summer, fades into winter with an imperceptible
variation, and the outdoor life, sunshine and pure saline air exhiliarate the aged with the flush of the rose and the agility of youth;
—here, where the grape-sugars of fresh fruits and the mineral salts
of fresh vegetables the year round and the mountain air and
breezes from the ocean are a more curative potion- than drugs, will
grow the highest perfection of manhood and womanhood.
Here, in Southern California, where government and society
have the dual force and intellectuality of man and woman and are
20
Mighty Privilege and Opportunity.
W hat a mighty privilege and opportunity to live in a climate
so matchlessly equable, and in a garden of opportunity so rich with
the blessings of nature. To be a partner in its prosperity and a
sharer in its success; to live, to enjoy health, happiness and a long
lease of life amid the best schools, colleges, churches,' libraries,
museums, music and art, and to till the soil all the year round, and
have the victory of farm and garden, factory and mine, business
and commerce of the fastest growing and most favored city and
region of the earth at the open door of the marts 'of the world, is
an opportunity and a privilege of those who will have cast their lot
in beautiful Southern California—in matchless Los Angeles and
around this harbor.
And the last word I would say, would be, buy lan d ! If it
is only five or ten acres, or one acre, or only a lot, I say, buy land,!
Improve it, work it and be your own landlord. Buy land! It can’t
go down! It must go up. W ith your money’ in land you are not
at the mercy of a board of directors to inflate or shrink values.
This is your golden opportunity.
Opportunity for All.
Opportunity for the farmer, opportunity for the horticulturist
and gardener, opportunity for the mechanic and artizan. Oppor
tunity for the merchant and capitalist. Opportunity for the manu
facturer and toiler. Opportunity for the professional man' and
wom,an. Opportunity for the scientist and artist and poet. Op
portunity for the investor. Opportunity for all who wish to exer
cise honest endeavor in every walk of life.
21
Reproduced from the Unclassified I Declassified Holdings of the National Archives
the most exalted of any in America. Here where queenly woman
hood is recognized at its full worth, and wifehood and mother
hood are co-equal with man in sociological, economic, religious
and political life, and betterment of humanity. Here, where edu
cation and architecture, music and art, literature and logic syn
chronize. with civicism and political science and spiritual upliftment. Here, in this matchless climate where the brightest stu-^
dents and scholars, the pulpit and press and stage, and the most
modern and profound thinkers assemble, rest and recuperate and
regain renewed vitality and virility in the science of life ,^nd 'gov
ernment, will be the laboratory of life and mightiest civilization
of history.
This opportunity is knocking at your door now, and if you do
not take advantage of it and get some of this land around this har
bor, or in the country surrounding and tributary to it, and get the
inevitable advance in price and value, and lay the foundation for
a fortune for that little boy or girl or yourself, it will be your own
fault, and you will have lost your opportunity.
Model Modern City of the World.
Seven years ago, when I wrote “The Modern City,” and ad
vocated the initiative, referendum, recall and direct primary, wo
man suffrage, public ownership of public utilities, municipal depos
itories, compulsory voting and arbitration and destruction of alco
holic poisons, I said that, “Los Angeles would be the model mod
ern city of the world.” That consummation has been nearly ful
filled.
In that seven short, but eventful years of social struggle and
reform, with a well guided plowshare of aggressive progression,
both the city and county of Los Angeles have framed new char
ters that give us political and economic autonomy and practical sov
ereignty in local affairs to conserve the human being, and better
conditions; and we have driven out the political “boss” and crook
ed politician, the race track, the gambling hell and the bagnio; and
today, Los Angeles is the cleanest, most 'beautiful and prosperous
city in America.
Some Interesting Correspondence.
A few weeks ago—last July—I called upon the Honorable Sec
retary of War, when he was here in Los Angeles, and, made some
suggestions, and :he asked me to put them in writing so he would
be sure to remember them. And it is a happy condition indeed
that a mere suggestion from an humble citizen may bring forth
great results. The naval base may be here sooner than we expect.
*
*
Mr. Warner First to Suggest Fortification
of Catalina Island and Navel Base.
Hon. Lindley M. Garrison, Secretary of War,
En route Alexandria Hotel, Los Angeles.
Honored Sir:—In a letter of December 12, 1912, to President
Wilson, then president elect, among other things I made the fol
lowing suggestions: “The defenceless condition of the Pacific
coast I place second in importance. Now that the completion of the
22
23
Reproduced from the Unclassified I Declassified Holdings of the National Archives
world’s greatest economic and engineering achievement, the Pan
ama Canal is to be celebrated at San Francisco, and the map of
commerce to be changed, and the great theater of commercial ac
tivities is to be transferred to the Pacific in trade, directly from
our ports to the doors of six hundred million people, the warn
ing of the little Napoleon of this country, our own Homer A. Lea
(modern China’s military adviser), who died a few days ago, and
the war manoeuvers at San Francisco last summer, verifying the
truth of his assertion—a clipping of which I am enclosing—de
mand that this subject should have the country’s immediate atten
tion. For it is a fact that if today we were forced to. fire a shot in
defense of our honor, Japan could put an army on this coast with
in three months, and there are 75,000 Japs here now and they are all
spies, and nine-tenths of them arm ed; and it would take fifty years
to drive them off this coast.
There is a Gibraltar (Esquimalt) at Victoria, on Vancouver’s
Islanti that extends well down the Straits of Fuca towards Cape
Flattery, and no ship could pass that defense. It would be bat
tered to pieces. And that defense controls the whole Puget Sound
and Alaska water-ways and all the northwestern coast line of com
merce.
In time of war, with that power against us, our navy-yard and
ships on Puget Sound would be bottled up as effectually as if they
wrere at the bottom of the sea.
There should be coaling stations at Dutch Harbor, Valdez or
Katalla, Alaska; at Port Angeles just within Cape Flattery, and at
the mouth of the Columbia. Los Angeles, San Diego and San
Francisco and Monterey Bay should have increased protection.
Catalina Island, sitting in the ocean directly opposite Los An
geles harbor, and only 22 miles distant from the mainland, should
be acquired from the Bannings, fortified, and a drydock erected
there, on the land side. W hat is the use of the Panama Canal and
great battleships if we have no place to coal and repair the ships on
this coast? These things are of more importance to the west, to her
commerce and safety, than the question of tariff on lemons and
raisins.
And I want to add, to -you, that if at all possible you ougfht to
make the trip to Catalina Island now. I am taking the liberty of
accompanying this letter w ith-the hydrographic map of the coast
line from Santa Monica to San Diego, upon which I have described
sbttie arcs and circles, that show better than words the strategic
value of that island. W ith guns at each end of the island, and guns
on San Pedro Hill and Corona Del Mar hills, Los Angeles harbor
and the commerce of southwestern America would be on a safe and
impregnable foundation. •Catalina could be made a Gibraltar and
the world’s beauty spot for the army and navy. Los Angeles har
bor and Catalina Island should be a great naval base, a base for the
torpedo fleet, quarantine station, and the most ideal place of rest
for honored sailors and soldiers; and every foot of water between
the island and the mainland would' be a harbor of refuge for all the
ships of the navy for all time to come.
Trusting that I have not trespassed upon your time or attention,
and that the suggestions herein will be accepted in the spirit in
which they are given, for the common good, I have the honor to
remain, with great respect. Very sincerely,
ADAM DIXON WARNER.
W ar Department, Washington, August 6, 191*3.
Mr. Adam Dixon Warner,
1025 Union Oil Building,
Los Angeles, Cal.
Dear Sir: Your letter of July 26th, addressed to the Secretary
of W ar at Los Angeles, Cal., offering certain suggestions for the
improvement of our Pacific coast defenses, has been forwarded by
the- Secretary to the W ar Department, and has been referred to the
proper bureau for consideration.
Thanking you for your suggestions and interest in the matter,
I am,
Very truly yours,
HENRY BRECKINRIDGE,
Acting Secretary of War.
Like correspondence was had with Honorable Josephus Daniels,
Secretary of the Navy.
The foregoing indicates what may be in store, at a much earlier
date than we imagine, for our city and harbor:
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
You
You
You
You
You
You
Yau
You
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You
Yau
You
W ant
W ant
W ant
W ant
W ant
W ant
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W ant
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W ant
further information about Los Angeles?
to Buy or Sell a Home?
a Country Home, or Villa?
inside Business Property?
an Orange Grove?
an Alfalfa Ranch?
a Cattle Ranch?
an Industrial Site?
an Investment?
an Apartment House or Site?
a large tract of land to Colonize?
Land in California—Anywhere?
Land in Mexico, Arizona, Nevada, U tah,
New Mexico or Oregon?
Do You W ant to invest your money where it will grow
and bring you bigger returns than in
any other place on earth?
Do You W ant to share in the prosperity of the fastest
growing city and country in the world—
Los Angeles and Southern California?
.....Call or Address....
ADAM DIXON W A R N ER CO,
UNION OIL BLDG.
LOS ANGELES, CAL.
Phones: Home
We Will Mail This Book to Any Address Given Us by
Our Friends.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
If We Haven’t Got What You Want, We’ll Find It For You
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A V IEW OF LOS ANGELES FROM ST. PAUL STREET, OCTOBER, 1913
Had this picture been taken ten years ago, there would not have been a building more
than three stories high.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
<
;
:
s
*
&
s&QGKOTCffis
m
m om
xMmmm ws. Am mttm um
of
m m ucTJ*
I
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iSCHIBlfSs
1,
Saaaaasy string capital, roservo
aad redisoouct power of tho several reserr® banks
h s r o l n s u g g e s te d .
Zm
List of states included in eaeh
district* shading also the
to be contributed
by tlio national baafcs of each state as capital and
deposits of the respective reserve banks.
3.
H&+
,D 7 U £ ^ 7 i
m om ta
Map outlining suggested dlstrlots*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
fhe principles underlying these suggestions
art thati
(a)
each reserve bank should have
strsagth to raeet unaided the
soraal requirements of It#
district;
lb)
the several reiserra benlo, except
that of B«w York, should b& m
nearly uniform as may be in aumrnt
of resources;
(o)
the Reserve Beale of M m To*fe should
have special strength, to Insure
the development m H iminton&noe of
a broad M il market*
For the purposes of the estimtes herein,
the capital and deposits of a reserve batik are assumed
to be siaoaats computed respectively as fo llo w
6 per cent of the combined oapital
and surplus of all national banks
of its dietriot;
7 per cent in central reserve cities,
and 6 per cent outside of central
reserve cities, of the total
JHDXVLDUAL 2)22>03XTS of all national
banks of its district*
Individual deposits are chosen as the core
constant factor because of the expected progressive
decline in balances due other baz&s*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
For lack of data* allowance lias not been
isadQ for lesser reserve attest tin# depoaita.
Preference 1» exercised to srougp by atatse.
tiero partition of a state 1® a&ggeated* only approx
imate proportion® are indicated.
0B3TOI03f8t
Objections to this plan taro bom aade on
tw o grounds*
(1)
Inconvenience in current transactions
because districts would not be defined
In conformity with natural trade linoa;
(2}
Adainiatrativa difficulty in applying a
tmlfora diaootmt rate throtaghosit a di*~
triot which links together aeotiona
having widely varying lending rates.
She first objection would be olijninated if
braiK&es were established in the larger oities of all
distriots• aa aeosns
tionment.
neoeamry
tinder any plan of appor
fhose who have advocated a central bank
hare contemplated the neceaaity of branches aa reraote
aa from ocean to ocean*
If the second objection pointa a disadvantage
which cannot be eliminated by the Federal Reserve Board
in its olaaaifioatione of paper and otherwise* it
m mt
be
borne in mind that the alternative w ild be definition of
-2 ~
Reproduced from the Unclassified I Declassified Holdings of the National Archives
districts according to the respective levels of lending
rates.
If hi^i rat os are duo to
m
inadeq?i&te supply
of loanable ftinds* and if & high rats sootion wore
portioned by itaolf at a federal reserve district, ob
viously its reserve banfc tsould is effect be made a
oenfcar bank of another reserve bank or ban&u
This
disadvantage seems greater than that indicated by the
objection.
fixe principle of centralisation of reserves
is necessarily inherent in any reeervo basic systa®*
Relative decentralisation, however, is the obvious
purpose of the Federal Resow# ilot, mobilization of
reserves in ei$it or more institutions instead of in
a single on** as in other countries*
It «i#it be within the letter of the laser to
so define districts that* of the reserve banks* a
m^ority would be dependent upon one or two* but it
would seom closest conformity to the spirit of the lav
to so apportion
th m
that each reserve barifc ^ould have
strength to m et unaided the notml requirements of its
district# with the ratio of strength to burdens approxirately uniforsa in all*
part in the mchine.
There would then be no wealc
in unusual burden upon one
—US-*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
reserve fewfc ootald be shared by several without
material diatarbenoe of the condition of angr*
The
extent of one district is so elated to that of
others that it see©* necessaiy to consider the
apportionment of all to determine that of one*
S0TOi£3g ggu«P5St
Credit derrsaanda in the Soitthem States
foous at one season laore acutely a d more dis
proportionately to local banking resources then is
any other section*
It is suggested, therefore, that
the becisming should be rctde with these states and
that they afhould be included in three dietriots
eaoh extending north far enough to incorporate
bqnSting resources adequate for the respective needs*
m i llOBgliaBSffs
fhe requirements of the northwest are
ainilar, varying
only
next be defined.
in degree*
'Tills district should
It should inolude the wheat section
end extend southstmrd to similarly incorporate sufficient
banking resources-
omm DISTRICTS:
If four districts are thus defined, roughly
approximating equality in
em m t
of bajMng resources,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
the remaining territory aep&ratee itself rather
obviously into fair othor districts, making a total
of oiC^it, viss
The ?aciflo Coast, Hew inland, How
York, and the final roiaainder Including Michigan,
lorthem Ohio and leetarn Pennsylvania*
mmfrM mm o f k j " t o m /iro a b ii& mimsi
Under the suggested apportloment c the Hew
York reserve fcanX is given special strength
md
at the
saaste ti»e exaction froa any Img&rtsxxt agricultural
dotaands*
iThia is with the view that this institution
mast asmxas the burden of loans in foreigia centers t
desirable “both, as a regulator. of foreign exchange
rates and as a national secondary reserve; and* what
is taore irportant, that Its operations m et aoaoourage
the development of a braod hill star&st and sustain it*
thus providing a oocraaroial channel into ^Mch surplus
funds way flow for* temporary investrsant instead of Into
call loans upon the Hew York Stook j&changs, as now*
In London it is said tho current InreetBsnt carried In
bank acceptances and trade aoooptenooa approxls&tes two
and a half billion dollars*
She BanK of Inland does not
In terms declare that it will rediscount such Lillo
without Xisait hut as a mttar of fact does so*
It Is
this fact of certainty of rediscount, if desired* \$iioh
Reproduced from the Unclassified I Declassified Holdings of the National Archives
gives such breadth and
Aa
stab ility
the development of a broad
to that
md
b ill
mr&et*
stable bill marlcot
seems a fandamntal essential to the success of the
federal reserve system, provision iqyst be mde for it
in the special strength of the reserve bonk at the
financial center*
00~0F:gy£XQKi
Uven if each reserve bank is made selfsufficient, yet the greatest strength and efficiency
of the ^feole system can be attained only throu^i
co-ordination and co-operation of all*
It is suggested
that this may be best attained by locating the reserve
ban&s in cities mat conveniently situated for interoormanication, peifcaps the follo'wingj
(1)
Washington;
(2)
St* Louis;
(3)
Kansas aity;
(4)
Chicago;
(5)
Sen Francisco;
(6)
Boston;
(?)
Hew f o r k ;
C$j
Cleveland.
If so located it would be possible by not acre
then a single night’s Journey* except in the ease of Kansas
City* for the presidents or other representatives of seven
— 6**
Reproduced from the Unclassified I Declassified Holdings of the National Archives
resorvo banfcs and the Fe&or&l Ksaomr© Board to oonfer at
some oontrsl point#
mob
as OXav^lend*
Transfers of isoney#
sad saauritiefi would ll&awds® be faollltatad* rnxl teleplion©
ooRsnanio&ticai would be ©&el3y posslbl##
flila outline of districts Is suggested rather as
m illustration of tho principles lndlo&tad» Hi®» a® an
attest at proelse definition.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
1
'|p
immy 'Ii
.B M jjtrfl
I1 Sodisoaast
...jg a sa ie ..,, ,
(X) ivauhington
10*020,000
28,836,000!
m,m &9ooo
82 *000,000
(2) St* Louie
11.729.000
34*500,000
46*229*000
97,000,000
9.843.000
36,3504,000
46*147*0001 96*000,000
14.164.000
88*748,000
72.912.000 149,000,000
{5) S&n Pr*moi»oo
7*820*000
27,350,000
35*180,000
75,000,000
(6 ) B eato n
9.941.000
31,156,000
41.099.000
86,000,000
Yotk
m ,800,000
118*020*000
150,820,000 S12*0O0*000
IQ) Cleveland
10 *731*000
36,834,000
49.E65.000 103,000,000
iZ) Kansaa
City
(4) Chicago
(? )
107.053,000 ,,375.760.000, 460.808.000,597.000.000
-8 -
Reproduced from the Unclassified I Declassified Holdings of the National Archives
1
( )
<mer OF .AsnEiCgQHi
j OaplttA J
Alabama
;
Georgia
961*000 2, 61S,O00
1 , 373,000 ! 8,046,000
Javsimah
Florida
South Carolina
lorfch Carolina
Virginia
West Yirgiala
Ma*7 laa&
Boltlaera
District of Oolus&ia
l&ahingfcoi*
Dalaff/aro
2a*t
Sepoaltg, J
1/3 r?mmm*Q9
96*000
625,000
510,000
678,000
1, 761,000
994,000
544,000
1 , 185,000
30,000
680,000
196,000
375,000
10,020,000
8 856,000
Rmoirrn
§ *
Bediaootmt Powar
82,000,000
fa*
'■
!
;j
90,000
1, 966,000
1, 303,000
2 , 136,000
5, 567,000
3, 559,000
j 2 ,496,000
j! £ , 622,000
60,000
1, 690, ooo
510,000
1,258,000
■
!.....,.-... .
28,636,000
Reproduced from the Unclassified / Declassified Holdings of the National Archives
(2 )
s s a g a r a baicc o ? a s . i o u i s ;
'rOasital.....
Llisslsoippi
301*000
Louisiana
342,000
l/s
s t
G
f
©ssa
o l V « f i t
m
n
t t *
!
822,000
450,000
1,124,000
1,038,000
; 2,SB6f0O0
262,000
45,000
0 1 £l
.........
078,000
1,290,000
Ark&aaaa
a
i t e
495,000
H p Orleans
B
f
|
Houston
W
2 / 3
e s t
?
6 x m
« * 0 d e
423,000
j
1
,
3 7 1 ,0 0 0
m
:
2
,
6 1 6 ,0 0 0
,
o
o
o
I
E
X
o n t c u f t y
|
1,058,000
2
,
5 8 3 ,0 0 0
493,000
1
,
1 6 6 ,0 0 0
372,000
1
,
2 0 7 ,0 0 0
1,746,000
4
,
3 6 1 ,0 0 0
j
1,545,000
6
,
3 7 2 ,0 0 0
|
628,000
2
,
8 6 7 ,0 0 0
Lotdarill©
niBmwxi
2/3
|
j
3
t *
Louis
j
S o u
t h
X
/ Z
I
l
l
i
n
o
i
s
i
|
!
South 1 / 5 iB&imsa
i&coapt Indienapolia)
1
Scmth 1/4 Ofcia
Oiiioinnati
!
|
|
|
817,000
3
,
2 1 6 ,0 0 0
!
1,221,000
2
,
8 6 0 ,0 0 0
I
-----------------1 1
,
7 2 9 ,0 0 0
4 6
,
2 2 9 ,0 0 0
—
3 4
!
,
5 0 0 ,0 0 0
|
!
B
e
e
e
r t e
Zio&laoou&t Power
97,000,000
10-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
(3)
it
;av a
1®^“ -.■
“**—B
!--L'!1L[U
s
op
^ 3 4 3 axgr?
j 2,076,000
5,173,000
|
354,000
1,549,000
297,000
974,000
2 2 0 ,0 0 0
806,000
laoo
129,000
459,000
O&Uhoua
927,000
3,684,000
70,000
286,000
1 0 0 ,0 0 0
458*000
192,000
862,000
186,000
604,000
699,000
2,522,000
106*000
414,000
!
!
I
960,000
j' 5,591,000
|
j
48,000
161,000 ■
36,000
196,000
'•"oat 2/S 2«cas
Balias
!
Port
orth
iatonio
;
l&isJsogo©
Oldahom City
New Mexico
I W@st
l/Z
.lieeoori
Em m s City
I;
iit* Josoph
1
- Eans&s
I
k m
1
- o u t . x *.
Topem,
!
ii
ij
i
j
Siohite
Colorado
■
?
i
259,000
65,000
594,000
;;
2,608,000
451,000
PiMiblo
426,000
;
529,000 1 2,316,000
Woat %/% Iowa
Sioux City
'
i
6 8 ,0 0 0
|
1
i
i
Ilitoola
!
!
j
if
1
418*000
|
! 3,297,000
|
j
:
;
:
277,000'
1,701,000
j
:|
|
i
597,000
97,000
3<rath Omaha
Eddieooaxit Fosrer
79,000
m ,o o §
Omaha,
.i
87,000 3
90§,000
j
'j
2,226,000
Denvor
;
ii
' Deposits -...I':!
Oapital...
..
j
174,000
46,147,000
95,000,000
_
g4o»affl--------1 1 -
Reproduced from the Unclassified I Declassified Holdings of the National Archives
(4 ) H 8 3 i M B E OF CHICAGO;
Capital
1,256,000
4 f775,000
564,000
1,361,000
Horth 1/2 Illinois
1,660,000
Ohioac©
|
Deposits
H
............... .....1
Ilorfch Z/Z Indiana
!!
Indianapolis
■
4,140,000
Muommim
'j;
i?
|
6,572,000
15,096,000
976,000 ;
j|
5,616,000
1
-
minmk.Q*
3ftat Z/Z Xom
\
i
1
Codar lipids
D«s
5
1
Dabtiqu©
lirmasota
j
Misms&poli*
3t.
aui
i
|
1
Korth Ua&ota
South Dakota
!
[
Eodlsootait Power
!|
147,000
1,107,000
W
6,648,000
822,000
2,744,000
|
j
576,000
2,077,000
j
441,000
2,178,000
034,000
M4
:
|
1,901,000
2,260,000
58,748,600
72,912,000
lim&rv*
tr m
I
43,000
14,164,000
|
|]
369,000
... J
.
j
183,000'!i
!
478,000
Ilontaaaa
j _____________ _
2,442,000
j
1,068,000 i 4,632,000
'f■
197,000
60,000
576,000
149,000,000
Uppar M aMesa Piminmslsu
-1 2 *
|!
\
\
i
'!
j
!
j
!’
!
I
i!
Reproduced from the Unclassified I Declassified Holdings of the National Archives
(5 )
Beggars Bissx or
am
Em raisco»
Capital
i
Deposits
! vtefikington
372,000
1 ,666,000
1
|
Se&ttl#
533,000
1,810,000
||
%olca»9
250,000 !
ji
Tm m m
1
1 ,000,000
6 6 ,0 0 0
4 1 1,00 0
j: 0 regon
438,000
1 ,8 5 7 ,0 0 0
|
406,000 !
1 ,4 0 1 ,0 0 0
V
Portland
| California
Los ingoloa
1
3an rranoisoo
Idaho
Utah
Salt I«& 0 0 1 %
| lierada
Arizona
1,846,000
7 ,5 0 5 ,0 0 0
564,000
2 ,6 4 6 ,0 0 0
z ^ m z wooo
5 ,6 8 4 ,0 0 0
323,000
!
96,000 I
205,000
1 ,1 9 2 ,0 0 0
489,000
694,000
132,000 |
378,000
108,000
6 0 6 ,0 0 0
i
............ ........
7,800*000
Boaenr©
55,180,000
Rediscount woa?
73,000,000
-1 5 -
j
|
27,350,000
j
Reproduced from the Unclassified I Declassified Holdings of the National Archives
{ &)
m
tk
of b o ^o b :
__I________™ ______ i Om it&l... 1 teo sits........ _.. ........p
1
691,000 1 8,808
1
lew Kajjpahir©
j
521,000 |!|
1,332,000
j
425*000
1*142*000
2,077*000
0,557,000
I&soachusettB
Boats**
Rhode Island
Oonneoticat
| 2,904,000 :! 11,379,000
!
644,000 i 1,817,000
1
j 1,679,000 j 4,056,000
T ~
~
1
4
1
|i
j
ll&aorvQ
Roll soomt
j
|\
9,941,000 j 31,158,000
I
j
1
41,099,000
||86,000,000
=L
- 14-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
{7)
SSSimS BASE OF ICS TOIZi
1 .Deposits___ IT
C&Dita!
5,159,000
22,416,000 :
Afbmy
268*000
1,240,000 j
Brooklyn
297,000
Zlm York 3tato
1,255,000
I
14, 95c ,000
Em Tork -ity
50,096,000
2,786,000
12,133,000 ||
5*692*000
19,788,000 !
1
3,720,000
11,098,000 |
:
ow
Hew Joraoy
1
Bast 2/3 Pennsylvania
^iladelpfcia
j
!
!
:
Eosorv®
150,820,000
Rediscount Bower
312,000,000
iiS,oiS,oool
•
;
1
- 15-
?'■
M
^
Reproduced from the Unclassified I Declassified Holdings of the National Archives
b m k of
(8|
QLm m m i
i. - - ..........— - ........ -L-JlmMtfil....f M m s t U ........ ;.j
: *
i
960*000 i 5,505,000
Detroit
Morth E/4 Ohio
420*000
2 ,^ $ ,0 0 0
2,462,000
i t6S2*OO0
2,730,000
1
^lavaland
664*000
|
^oIvmbvLB
280,000 i 1,316,000
j
|
?/e»t X/z Pennsylvania
Pittalmr^fe
2,846,000
9,694,000
£*910,000
7,244,000
|
---- a." ij
10,731,000
Koserve
Eedieooant
38,834,000
4$,56S,000
vm v t
j
100,000*000
* Deduct rosources from Upper Uiohigm Peninsula,*
J
i
!
Reproduced from the Unclassified / Declassified Holdings of the National Archives
u±mdj&zm m
psseib
mmzmm m Tm stm m im m
m
Ti®28ja> Tsssmz cmjmusim Gmmmm
HI HBUSfXQH TO A
mMnioja* warns a ? v&mzmm m osuxurt m p a p e r mt e wimcmr*
flhether a promissory note represents funds ms®loyed
in agricultural, industrial or cotaD»reial treasaetlona or
otherwise, Is detomined by the faot rather than by the form
of the obligation or the security*
A note given for funds
Inventad la cattle, to be paid out of the proceeds fro© the
sale of the oattie* Is actually a so-called self^liquidating
wmmreial loan, mm if secured by mortgage on land or by
pledge of stools or beads as collateral.
nevertheless the
character of the security debars the rediscount of aueh &
note by a federal reserve basic*
% &in , an unsecured loan to a asrahant csy be for
funds to be used either in discounting purchases of merchaiardlse, a purely ootfcaerclal purpose* or for the obstruction of
a bulldiiig* the reverse of a so called liquid investment*
it seems dear that no character of note can be
practically prescribed which* by its fora* will determine the
~1~
Reproduced from the Unclassified I Declassified Holdings of the National Archives
porpose for whioh boirgffad funds &rs used*
It is suggested, therefore, that, at the outaet,
the purpose of the Federal Reserve Aot, in this relation*
will be aost practically iaet if bealcs offering notes, drafts
and bills for rediscount* aooosipany them with a declaration
that, to the beet of their knowledge and belief# they are**
present funds advanced for agricultural* industrial or
oomaercial purposes* as specified in Section IS*
A farther
step toward* clarification would be
that laenber basks* in connection with the execution of
notes* be encouraged to ta&e declarations fraaa borrowers
as to the purposes for which the fond* loaned are to be
eznployed*
I f the above be regarded as a practicable and
desirable »etho& to be followed at the outset, the Federal
Keserve Board will be in position to adopt, from t&se to
time* laore speoifie regulations* determined by experieaoe#
m* 2 m
Reproduced from the Unclassified I Declassified Holdings of the National Archives
m m m m i t aom rm xs
msmwm i f m * smaBmtm or
m z m >m *L
obsmizasic® somxmss
m mAncfs so
(i)
viz jxmoxm o f b h s jm vzm s o f
mm& rm
wssm
a
amarn
federal
r$
3X she
rn zm z w m > ,
m if s n m v m m seas a ? m s m ,
mmmz m
scsaczsas s u c h mrnnmni
jm
{2}
THU lOaaiSB I I FaDm&i BS3&&TS M
O f THE HJSCTI035 0 ?
HCOTSS
m s n m issmat B/a^su
She mandatory provision* of Jeotion 16* requiring
federal reserve banks to aooept an deposit oheofcs and drafts
an asufcer banks* oreates the necessity for most sfflclent
clearing raothods.
It is estimated that cheats in transit now approxi
mate an
am m t
e<jual to five per cent of the total deposits*
{§17,000.000,000} T iu #860,000,000.
As the iHMlneae of
national ban)«t is ootnaerolal in larger proportion than that
of state banks* It setsss probable that ^500,000,000 of this
would be ©hecks on nat ional banks*
In other words* the i»~
veataaent in cheek* received for deposit would absorb approxi
mately 50 per seat of the total lending pommf of federal re
serve banks*
If two and a half days be allotted as the
average time for collooting a check, the investment would be
Reproduced from the Unclassified I Declassified Holdings of the National Archives
at the rata of $200,000,000 par
The poaaibility is obvious that this incidental
feature
k&tim
my
impair the ability of
fxm&amntel purpose*
seriously
to aorve thair
federal reserve
Wm the Federal B&aerve Board at ^aahissgton# or
for any reaorva bank, to axoroiae the fraiotioiia of a clear*ing hoxxee for the several reserve bsato would involve tsw&i
additional tisas in transit as to r<mder snch a plan dieadvantageous and tcadesirablo*
bathed# approstoatiaag those
nm followed of dear ins non-local items w*mld seem to
promise briefest tirse i» traaait, visi
that the reserve
banKs rsalsitaia reciprocal acoounts with m& another* ch«o3oi
upon baift* of the aevoral districts beiftg forsrarded daily
£.3 fo llo w s ?
(1)
from each federal reservo bank to eaoh
other federal re&erva baarfics
(2)
from eaoh brsnoh of a federal reaerre
bm i to each other federal rosorvo bank, rexport of jruoh
rwlttaad©' beiHg
omaxwrmtl^r ®mt
to ita
$w*m% bask
for aooonnttns purposes;
(3)
firm m et
branch of eveiy reserve 1>aak to
eaob bra»oh of every other rotervc feenfc, roport for ae~
counttag, going oo»owr«at3y to the respective parant'
basfcs of both the f oxwrdtag broach end. the branch to
st&eh aent*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
with otiaost expedition end highest afflalenay*
there would still be an appalling total inpreated in those
floating checks*
Zhv desirability
of conserving landing
power urges further provision*
2he Giro agrfftflsa of the Seichabank of Genasajy* of
com*#* involve# no aaoih inveatoant in floating ahodes.
The
bank haa prepayment for transfer** ^fcich increaaaa instead
of diminishing landing power* Under the proviaions of tho
Federal Haserve Act oortain stepa is^jr be taken in this
direction* rXstt
(1)
A Federal Baaarra Bank* or a branch thereof*
Bd#t charge to the respective aocotnits of its Eienkar bax&cs*
ahecka upon thorn at time of forBOft&ing*
Tho disadvantage
of tiila la that a laasfesr ban*: thereby loaaa control of ita
balance and ia in oonatant tmcortainty aa to the condition
of ita reserve deposit*
Master banka* however* will ba
relieved of the investment now carried in ofredk* (in t m e it )
upon one another*
Shis advanta^o would seen to civo Justifi
cation for the offsetting disadvantage of ohargi&g the ehoOfcs
forwarded against balances*
{2)
Under ita diaoretion&iy authority* rataa for
clearing services might be fixed by the Federal Reserve Board
so as to be sogarchat discriainatory gainst oheotas, in order
to indnoe the purohaae of drafts fro© a fedoml reserve bank
-3 -.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
or branch,
Shm rates
whldh
would be
for transfers.
for clearing ndgit be zaade higfrer for
amounts,to give frw r flow to small oheafcs, while <»*tailing the use of checlca for larger aaounta, the invest
ment in isbieh would invade leading power more important3^«
It eoeas vital that methods oust be adopted to
minimize the possible large absorption of the lending
power of reserve banks by this investment in floating
c h e d ts .
One development, th$ gradual absorption of goift
from circulation, through. the current operations of federal
reserve banfea, would* of course, be e» offsettle factor.
But even if this would provide a sufficient
nm
leading power*
it would nevertheless seem economically soundest that prepajnsent should be made for transfers and, failing that, that
the tiwe should be reduced to the minirama between the receipt
of a ohede and Its liquidation. $No added efficiency is ap
parent in a federal reserve bame, or bmttife* eaceroisiag the
functions of a local clearing hou##*
true in oases where
The reverse would be
m additional clearsace would be required
for exchanges with non-«SHSber ba»&»«
jaw© if preseat clearing house aramcaments wer*
oontinued, aether baite would naturally settle balance# with
ehec&s m the reserve baste*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
one
\l P
&
March 20thf 1914*
Sirs
i
On bohalf of the Organisation Coraisitteet
I beg to acknowledge the receipt of your communi
cation of 'Itareh 13th advancing your views as to
why I*o® Angeles, California should be designated
a# a location for one of the Federal Hsserve Bunks
to be established•
I haves given Instruction*
that this information is to bo carefully filed in
j
order' that it aca be available for the consideration of the Committee*
Respectfully,
Sesrotary*
Reserve Bank Organ 1sat ion Committee-
Mr* Am
«U Hutton,
Temple Block,
Lo a Ange1e» f Cali fo**n i a *
Reproduced from the Unclassified I Declassified Holdings of the National Archives
MAR 2 1 Ia 14
/ r't
a
j
TO TEE HONORABLE,
The Reserve Bank Organization Committee:'The undersigned, your Petition er, A. W. Hutton,
a native of the State of Alabama, a graduate in law, at the
University of V ir g in ia , in 1868, a resident of Los Angeles
County for nearly forty-five years, and a life-long Democrat,
having no interest in the matter except as one of the peo
p le , respectfully presents, on his own motion, the fo llo w in g ^
showing why the City of Los Angeles, California, should be
designated b y you as one of the Federal Reserve Cities under
the "Federal Reserve Act*^ a»d approved December 2 3 r d ,1 9 13,
and says::
1.
The voluminous appearance of this document need
not deter its consideration*
Much of it is in the form of
Exhibits which are hereto annexed and made parts hereof; the
most important portions of the Exhibit are indicated by
marks of parenthesis and m a r g in a l ^ annotated.
Those parts
not so marked may be omitted, A g ain, a perusal of the fir s t
two or three pages may show it to be unnecessary to give
any attention to the subsequent pages.
Your Honors at. the hearing in Los Angeles re
quested the bankers and others to furnish you s t a t is t ic s , «nid
this has doubtless been done.
It is believed that those
Reproduced from the Unclassified I Declassified Holdings of the National Archives
figures w il l not vary m aterially from the statements herein
made*
Certain portions of the Exhibits have been stricken
out because they were thought to be irrelevant or somewhat
inaccurate.
II.
In lim in e; it is conceded:
(a) If but eight Reserve Cities be designated it could not
reasonably be claimed that Los Angeles should be one of them,
(b) If but one city on the P a cific Coast be named, Los
,
Angeles should not be selected; in either case her geographi
cal location would preclude her being chosen.(c) I f the avowed wishes of the bankers in California are
to control, then there is no p o ssibility of her being named.
Although fu lly recognizing the desirab ility and advan
tage of having the view® of bankers as also of other business
men laid before you, your petitioner is convinced that no
undue weight w ill be given to the wishes of bankers in this
or in any other action to be taken by you.
III.
Why should their wishes control?
There have been at a ll times some few bankers who
w O K c o n t r a r y humanitarian principleB;
tut it must be
admitted that they have enjoyed the greater distinction b e
cause of their comparAtive paucity in number.
The following
Reproduced from the Unclassified I Declassified Holdings of the National Archives
queries are appropriate and the answers thereto are known
to a ll intelligent men.
Have not bankers, as a class, proven themselves at a ll
times as se lfish as any other class of business men?
When
did they ever, as a class, sincerely advocate any financial
measure for the good of the common people?
When did they, as
a class, ever evince any very exalted patriotism even in time
of war?
The Association of Bankers never favored the present
Currency Act, but did a ll in their power to prevent its
passage.
APPARENTLY, they now "accept the situation" , but, in
fa c t funder the strongest protest.
Judging the future by the
past, can anyone doubt that they w ill at no distant date be
* asking amendments of the Act, or doubt the nature^ purpose^
and effect of such amendments?
The people may well remember that Troy, after years of
* successful re sist»«a t^; f e l l and was destroyed by the simulated
retreat and pretended generosity of the "flowing-haired
Ac ha i an s" and be warned against a similar fate by the famous
words of the wiseythough ill-fated^Laocoon.
The bankers7on a ll occasions, have sought to restrict
to the lowest limit the number of Reserve Banks, and why?
Evidently, they were prompted by the same s e lfis h motive
which induced them to fa^or a single Central Bank*
-3 -
Reproduced from the Unclassified I Declassified Holdings of the National Archives
IV.
The action of the Los Angeles bankers and their asso
ciates furnishes most persuasive evidence of this desire to
restrict the number of Beserve Cities and banks / and of the
continued existence of a power strong enough to control them.
Immediately upon the passage of the Currency B i l l
nearly every business or municipal organization, every news
paper, bank and citizen of Los Angeles, backed and sustained
by all similar organizations throughout Southern Californ ia,
and in one or two of the neighboring states, began to advocate
and plan how the selection of Los Angeles as one of the Reserve
Cities might be effected.
Your records and f i l e s doubtless
attest the truth of this;
but see Exhibits A and B , pages /x *-/3^
Within less than a week all this on the part of the
bankers was changed. ■They agreed that the P a c ific Coast was
to get but one Reserve Bank and that San Francisco should
be the only Reserve City.
A ll the organizations in the city
changed front - the bankers, however, taking the lead.
the Resolutions, Exhibit C, Page
See
»
Apparently, they or some of them were ashamed of the
sudden flop? see Exhibit D . , Page /6 ~
,
».fo r the disingenuous
denial or attempted explanation by one of the most prominent
of them#
His statement and the resolutions are irreconcilable.
The resolutions unequivocally favor but one Reserve
Bank, and that to be in San Francisco,
-4-
aid Los Angeles to
Reproduced from the Unclassified I Declassified Holdings of the National Archives
have a branch of that 'bank.
His statement that the bankers
only wish to leave the Reserve Bank Organization Committee
/<Tttti'
free,, as it might see fit is as erroneous as such resolutions
would have been unnecessary and impertinent.
The Organiza-
tion Committee needed no such ©©admission of any one.
The
resolutions favoring San Francisco are as much an interference
with the freedom o f the Committee as would have been the
advocacy of Los Angeles as one of the Reserve C itie s .
V.
At the time of the hearing before the Organization
Committee in Los Angeles your Honors were apparently surprised
at the modesty of Los Angeles and its bankers; and apparently
no very satisfactory reason was given why no request for a
Reserve Bank was made*
The surprise was expressed by the Honorable Secretary
of the Treasury at the Pasadena Banquet^ following the hearing
in Los Angeles.
Jlylu bH G
•f3^ 4
- /ir~
(H .B .
It may be parenthetically stated that those
remarks of the Secretary were the nearest approach
to anything like a discord^ant note that was sounded
at that banquet; for the Committee in charge took
good care who should have the privilege of saying
anything; and it is believed by some that^jbhe words
of the Honorable Secretary did not fall^iSfia?'such
"good ground"” as to bring forth any explanation more
satisfactory than the resolutions.)
This change of front ,on the part of the Los Angeles
Bankers and their associates is remarkable inasmuch as all
the residents of Los Angeles are usually earnest, loyal
- 5-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
advocates of everything which it is thought w ill promote the
importance and the interests.of the city and its people.
The
phenomenal growth of the city is conclusive evidence of* this
s p ir it .
There is no reasonable doubt that even without the
help of San Francisco a Reserve Bank might be established mn
the city of Los Angeles,
This is the more certain ^because, as your petitioner
has been informed, by a gentleman of high standing in the com
munity ahd of considerable fortune, he and others are ready
to guarantee the subscription b y himself and other individuals
of a large proportion of the stock necessary to form such
Reserve Bank; and,under the provisions of the flcttf the (govern
ment of the United States may take in such bank whatever
stock may be required to make up the deficiency after the
National Banks in the district have subscribed and the in divid
uals have taken all that they wish.
So it was evident that the im practicability of forming
a Reserve Bank in the city of Los Angeles could not have been
the true reason for the adoption of the resolution, but that
the action of Los Angeles bankers must, have been caused by
some outside influence; and^ according to the information and
b e lie f of your petitioner, that was chiefly the influence of
one banker, to w it ; Mr, Isaias W. Heilman, President of the
ntdt'er'tol
the Nevada Bank in San Francisco. Although Mr. Heilman was
*
A
-6 -
Reproduced from the Unclassified I Declassified Holdings of the National Archives
for years and is yet the President of the Parmers & Merchants
Bank, he, about twenty years ago, left the city of Los Ange
les and went to San Francisco and ever since, personally
«b
president has conducted and managed the Hevada bank, though
holding onto h is control of the Parmers & Merchants Bank.
The ramifications of the Farmers & Merchants Bank in
this city are numerous and powerful; beside s, some of his
relatives are large owners and o ffic ia ls in the Merchants
National Bank and its branches, and also in the Security
Trust & Savings Bank.
The United States National Bank and the
Southern Trust Co. a r e ,it is believ ed, subsidiary corpora
tions of the Parmers & Merchants National Bank.
The ram ifi
cations of the Hevada bank are not so well known to your
petitioner; but Mr. Heilman transferred his personal atten
tion to that bank, and it is reasonable to infer that it s
ramifications are stronger and more important than those of
the Parmers & Merchants Bank, and his relations with Eastern
fin an cial centers are, because of his connection with the
Nevada Bank, much closer than they would otherwise b e .
Taken altogether it was and would be a most d iffic u lt
matter to induce the other banks in the city of Los Angeles
to take any step contrary both to the wishes of Mr. Isaias W.
Heilman and to the general policy of the Bankers1 Association.
VI.
The Act permits twelve Reserve Banks to be formed and
-7 -
Reproduced from the Unclassified I Declassified Holdings of the National Archives
the best interests of the people require that a l l be established
by the Bank Organization Committee,
(a)
There are several reasons:
Your Committee with a ll the data and information
before it can, better than anyone to come after you, deter
mine the location of a ll such banks.
(b)
The Committee has doubtless found the demand
by the people for Reserve Banks to exceed the supply.
And
so long as the fu ll number is not established, applications
are sure to be made to create an additional one, and thus
cause more trouble and confusion than if a ll be established
now.
(c)
The sooner these banks are located the better.
The business interests of the people w il l be greatly promoted
by ha-ving all of these matters settled and quieted.
(d)
When once located there should be no change made
except for some great and obvious necessity.
The banks w ill
have constructed or otherwise acquired bu ildin gs;
the o f f i
cers of the banks; who ought not and w ill not be changed for
triv ia l reasons,w ill also have become settled and the channels
of business well defined.
Any change w ill necessarily entail
loss upon the banks and their officers and w il l more or less
affect the symmetry of the system.
In the course of time it
c/xft!
is safe to predict the people will^ increase in number and
Congress w ill provide for them without disturbing the e x ist
ing Cities and Banks>except by changing the boundaries of the
Reproduced from the Unclassified I Declassified Holdings of the National Archives
districts*.
(e)
The P a c ific Coast should have three Reserve Banks -
one near the north boundary l i n e , one near the south boundary
line and one near the middle*
Present conditions would justify
i t , T o say nothing of the immense territory of Alaska; which
naturally w ill he dependent upon a coast Reserve Bank until
that territory has developed
have one of its own,
and grown important enough to
It is a long distance from the north
boundary of Washington to the north boundary of Mexico, and
one bank cannot effectively serve that long line of country.
In some parts the lack of f a c il it ie s of communication and
transportation is a draw-back.
The west, however, is f il l i n g
up very rapidly and the increase in population and a l l material
(jr+aTtr
interests is growing in^ratio every year.
( f ) These Reserve Banks should not be established
solely with reference to the present conditions*
The present
conditions ought to have due consideration and much weight,'
but the immediate future should have equal, i f not greater,
weight.
Unlesss this be the guide, early changes w ill have
to be made i and this, as already stated, is undesirable from
every point of view.
Your Committee has seen more of the northern portion
of the Pacific Coast than your petitioner, but of the south
ern endj^ he can testify after his long residence.
You your
selves must have been impressed with what you saw, though you
- 9-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
cannot fu lly realize the advancement made in the last fifteen
or twenty years; and hence could not perhaps^clearly forsee
the great improvement so soon to come*
V II.
Los Angeles should he designated as one of the Reserve
C i t i e s ^ v e n though there he but two such cities on this coast.
And if hut two Reserve Banks be established one of them should
be in Los Angeles in preference to San Francisco.
It is true the population of the two cities at the
present time is nearly the same and San Francisco now has a
much superior natural harbor and accomodations for commerce,
largerA and more extensive reputation.
Fran all indications Los Angeles w ill soon exceed her
in population;
Los Angeles harbor/ for a ll necessary and
practical purposes/ w ill be at least equally good;
hundreds of miles nearer the Panama Canal;
it is several
more direct from
the Orient^ and communication by ra il ac$£ss the continent from
Los Angeles to a port at Galveston or Hew Orleans is much
shorter and over easier grades than from San Francisco to any
eastern port;
and it w i l l take but a short time for shippers
and passengers to learn this and act upon i t .
atiHt-jLttl-
The n ext Exhibits E,FVG and H, Pages /7&
show a ll this and more, and to them reference is made; and
thus it is useless here to further enumerate.
These Exhibits
in the main do not exaggerate the present status and the
- 10-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
immediate future prospects of Los Angelas and the countjrj
adjacent, which with a much larger extent of territory, of
which the Committee is the final and better judge, could well
be formed into
C L.
A
d istric t,
It is as easy and just to include San Francisco, its
banks and its banking capital in the Los Angeles d is t r ic t , as
to put Los Angeles, its banks and capital in the San Francisco
region.
The distance between the two cities -is the same
whether it be measured from San Francisco to Los Angeles or
from the latter to the former, and there would be no change
whatever in the mode or f a c il it ie s of communication.
This
/?// j ure. t-
is a fu ll and obvious noooo-ai%y/s to the resolutions of the
Los Angeles bankers.
I f hoth cities must be put into one district it is
simply a question of which is the better location for the
bank, the safety and other interests of the public in time of
war as well as peace being alone considered with due weight
given to the future as well as the present.
whomsoever presented should control;
The facts by
the truth needs no
endorser; the mere wishes of a class should avail nothing,
but all should be done looking solely to the welfare and
prosperity of the people.
All of which is respectfully submitted.
Los Angeles,March 1 3 ,1 9 1 4 .
-//■
Temple Block
Reproduced from the Unclassified I Declassified Holdings of the National Archives
w l s H I N G 'J & N ,
26 . _ T h a t
|L o s A n g e le s a n d n o t S a n F r a n c i s c o
w ill b e s e l e c te d a s o n e o f t h e c i t ie s
f o r th e e s ta b lis h m e n t o f a r e g io n a l
re se rv e b a n k u n d e r th e n ew c u rre n c y
a c t i s a n a u t h o r i t a t i v e r e p o r t in
W a s h i n g t o n f o llo w in g t h e a n n o u n c e
m e n t to n ig h t o f th e p la n s o f S e c r e
t a r y M c A d o o a n d S e c r e t a r y H o u s to n
i t o v i s i t a n u m b e r o f c i t i e s to d e t e r ^ m in e t h e r e s e r v e b a n k d is tr ic ts .
~ H e r e t o f o r e i t h a s b e e n t a k e n for
g r a n t e d t h a t S a n F r a n c i s c o w o u ld b e
s e l e c t e d a s t h e lo c a t i o n f o r t h e P a
c ific C o a s t r e s e r v e b a n k , b u t i t i s
k n o w n t h a t e ith e r S e c re ta ry H o u s - 1
to n o r S e c re ta ry M cA doo stro n g ly i
l e a n s t o t h e s e le c tio n o f L o s A n g e le s ,
a n d th a t so f a r a s th e te n ta tiv e s e
le c t i o n s a r e c o n c e r n e d , L o s A n g e le s
h a s a l r e a d y b e e n d e c id e d u p o n .
V Y
Clearing House Takes .
Up Regional Plan
T he L os Angeles C learing H ouse A s
sociation m et y esterd ay to discuss form al
ap p licatio n fo r a regional F ed eral reserve
b ank in Los A ngeles. D efinite actio n w as
postponed u n til n e x t M onday, in o rd er to
secure d a ta in re g a rd to th e capitalize*
tio n of b anks in th is region w hich m ay
' be expected to subscribe u n d er th e new
l *UT h e Cnew s from W ashington t h a t Los
Angefes i r favored by th e org an izatio n
com m ittee aroused g e n e r a l in te re s t an d
encouraged th e m ovem ent t h a t h a s been
started to m ake L os A ngeles one of th e
c i g h t o r te n b anking ce n te rs of th e
< ° C ryfa c t t h a t th e co m m ittee w ill v is it
L os A ngeles to in v e s tig a te .co n d itio n s
h e re is e x p ected to s tim tu a te th e e ffo rts
o f b a n k e rs a n d c a p ita lis ts in th e S outh
w est to p re s e n t a fa v o ra b le sh ow ing o f
fin a n c ia l conditions.
X-
T he selection of L os A ngeles to
som e e x ten t d e fe n d s on w h e th e r eig h t \
o r ten reg io n al re se rv e b a n k s a re to [
be establish ed a t once. P re s id e n t W il\
son fav o rs th e e sta b lish m e n t o f te n
\
reserv e b an k s to begin w ith, a n d i t is
p ra c tically c e rta in th a t th e o rg a n iz a /
tion com m ittee w ill e sta b lish th is
V ^m im ber of d istric ts.
y-JS
-X '*=•
J
M ay Be Two Districts
I n t h i s e v e n t t h e r e w ill p r o b a b l y b e
t w o r e s e r v e d i s t r i c t s o n t h e P a c if ic
c o a s t, o n e c e n te rin g a t e ith e r P o r t
la n d
o r S e a ttle in th e N o rth w e st,
a " f . ° n e a t L,° s A n g e le s in t h e S o u th ,
w i t h S a n F r a n c i s c o i n c lu d e d w i t h i n
t h e L o s A n g e le s r e s e r v e d i s t r i c t .
I f b u t e ig h t re s e rv e d is tr ic ts a r e
d e c id e d u p o n a t t h i s tim e , S a n F r a n
c is c o w o u ld b e i n a s t r o n g p o s it io n
f o r t h e l o c a tio n , a l t h o u g h i t is b y n o
m e a n s c e r ta in t h a t e v e n u n d e r th e s e
c o n d itio n s t h e s e le c tio n w ill n o t g o
t o L o s A n g e le s .
i
F r o m a n a u t h o r i t a t i v e s o u r c e th e*
f o r e c a s t i s m a d e t h a t t h e r e w ill b e
te n r e g io n a l r e s e r v e d is tr ic ts , w ith
t h e r e s e r v e b a n k s i n t h e f o llo w in g
c e n t e r s : N e w Y o rk , B o s to n ,, C h ic a g o ,
S t . L o u is , N e w O r le a n s , C in c in n a t i , !
D e n v e r , M in n e a p o lis , S e a t t l e a n d L o s
A n g e le s . P h il a d e lp h ia , t h e t h i r d c i t y '
[ *n t h e U n it e d S t a t e s i n v o lu m e o f
* b a n k in g b u s in e s s , is n o t to g e t a
b a n k , w h ile B o s to n , w h ic h h a s n o t
m a d e a n y e f f o r t, w ill b e s e le c t e d a s a
r e s e rv e c ity b e c a u s e o f it s g e o g ra p h i
c a l lo c a tio n *
T his C ity Favored
S a n F ra n c is c o , w ith its g r e a t b a n k
i n g a n d c o m m e r c ia l d e v e l o p m e n t a n d
it s g e o g ra p h ic a l s itu a tio n , m a y y e t b e
a b le to w in o v e r th e o rg a n iz a tio n
c o m m itte e , b u t i n f a c e o f t h e c o m m i t
t e e ’s p r e d i l e c ti o n s t h e s t r o n g e s t p o s
s i b l e s h o w in g w i l l h a v e t o b e m a d e t o
o ffs e t th e tid e w h ic h a p p e a r s to h a v e
S e t i n f o r L o s A n g e le s .
V
v
4*~
*'
State Banks Wait
n
A n u m b er o f th e S ta te b an ltk |m » . ha*9
ex p ressed th e ir in te n tio n o f wwCH® jpw al
th e new sy ste m h a s b een tr ie d o u t-W ^
fo re e n te rin g in to a c tiv e c o -o p eW t|M |
T he a c t p rovides a m eth o d b y wMon> 8
b a n k m ay be lo cated h e re Bbbuld thfe org a n iz a tio n com m ittee decide t h a t tin s is
a fa v o ra b le lo catio n ev en df th e f ir s t
su b sc rip tio n o f sto c k is n o t su ffic ie n t.
*’■“ T he new s from W ashington is v ery
enco u rag in g ,” sa id M arco H . H eilm an,
vice p re sid e n t of th e M e rc h a n ts N atio n al
B ank, la s t n ig h t. “ I f th e o rg an izatio n '
! com m ittee is a s fav o ra b le a s rep o rted
Los A ngeles should c e rta in ly do its p a r t
to w a rd en couraging th e location o f a re
gional b an k h e re .’ .
— ------
^ 'X*' 4"‘M e m b e rs o f t h e C h a m b e r o f C om
m e rc e . th e M e rch a n ts* a n d M a n u f a c tu r
e r s ’ A sso c ia tio n , th e 700,000 B o o s te rs ’
C lu b a n d o th e r o rg an isM u o n s p ro m is e
t h e i r s u p p o r t t o a n y ac fro n t h a t m a y
I
b e s t a r t e d b y th e m e m b e rs o f th e C le a r•
in g H o u s e A s so c ia tio n to s e c u re a r e |
g io n a l b a n k h e re .
* I T h ey w ill be p re p a re d to m ak e a
i
I stro n g show ing b efo re th e com m ittee
(
w hen i t com es h e re to In v estig ate con4
d itlo n s a n d d ete rm in e . upon th e ad;
y isa b ility o f a b an k .
■
N um erous teleg ram s h a v e been s e n t to
S o u th ern C alifo rn ia re p re se n ta tiv e s a t
W a sh in g to n u rg in g th e m to u se th e r in
fluence f o r L os A ngeles a s a location
\
f o r one o f th e re se rv e banks.
Depends on Whole Coast
! T h e lo catio n o f a reg io n al b a n k in L os
j A ngeles, i t i s b eliev ed , w ill depend large1ly upo n w h a t d isp o sitio n is to be m ad e of
th e P acific C oast a s a w hole. S e a ttle
h a s e n te re d i t s p le a f o r a b a n k , a n d i f
th e re is to b e one i n th e N o rth w e st i t is
re g ard ed a s p ra c tic a lly c e r ta in t h a t th e
S o u th w e st w ill also h a v e one. S e a ttle
w ill u se i t s p ro x im ity to A lask a an d th e
com m ercial a n d b u sin e ss re la tio n s th e re
a s a n arg u m en t; .A laska h a s been le f t
o u t o f p rovisions o f th e cu rren cy a c t
a n d w ill only h a v e su c h w e ig h t a s M ex
ico a n d th e tr a d e re la tio n s b etw een Los
A ngeles a n d th e co u n try to th e . so u th
w ould have.
•—.........—
ii*
A rro w h e a d H o te l s te a m h e a te d .
N ew
b a th h o u se, p u r e a i r a n d w a te r. S a n ita ry
c o n d itio n s • p e r f e c t.—A d v e rtisem en t.________
Reproduced from the Unclassified I Declassified Holdings of the National Archives
th& ^-lW ks
am o u n t to
th e public
a n d th u s
su rety .
/
Los Angeles Is Urged as Most'
Ideally Situated by Financial
Men and Nearly Every Civic
(^Organization Below Tehachapi
Arizona’s Bankers and Business
People Join This City in De
manding Institution Here;Send
Wires Direct to Washington
imperial Valley Interests Give
Indorsement to Claim of Angel
City,* Santa Barbara People
Also Lending Their Aid in Fight
B a n k ers th ro u g h o u t S o u th ern CaliforN
n ia y e ste rd a y signified th e ir in te n tio n o f
sta n d in g solidly b eh in d L os A ngeles Inth e d e m a n d f o r a reg io n al F ed eral reserve j
h a n k fo r tills city.
From, n e a rly ev ery b an k er a n d hanking
in s titu tio n a n d from p ra c tic a lly every
civic ln stlftrtlo n so u th o f th e T ehachapi
teleg ram s h av e been s e n t to S ecretary of
th e T re a su ry McAdoo u rg in g Los Angeles
as th e m o st Ideally situ a te d , geographical
ly a n d financially, fo r th e establishm ent
o f a reg io n al hank.
A rizo n a w ill be sta u n ch ly in fav o r of
a re g io n a l h a n k fo r Los A ngeles, accordb ig to teleg ram s s e n t to W ash in g to n yes*
te rd a y by A rizo n a h an k ers a n d telegram s
received In L os A ngeles from A rizona,
ex p ressin g th e ir w arm in te re s t in fa v o r
in g L os A ngeles fo r a reg ional bank.
One f e a tu re o f t h e reg io nal b an k plan
authorized^ In th e new cu rrency a c t th a t
a ttr a c tin g w ide in te re s t is th e fa c t
..at th e stock o f th e regional hanks is
d® "%of: ’ subscribe: a sufficien t
iri& ur$,a regional b an k th a t
m ay supplem ent th is am ount
m ake th e regional bank a
''Send Scores of Telegrams
S ev eral se o re s o f th e te le g ra m s f c o m h
L o s A ngeles w ere added to th o se fro m ' \
th e su rro u n d in g c itie s a n d counties o f \
S o u th ern C a lifo rn ia a n d A rizona y e ste r- !
d a y in th e d em an d upon W ashington fo r j
th e regional b an k here.
T h e T ucson C ham ber of Com m erce te P
egraphed S e cretary McAdoo a reso lu tio n
u rg in g L os A ngeles a s th e location of a
regional bank, a n d te le g ra m s w ere, also
s e n t to th e m em bers of A rizona’s delega
tio n to C ongress to th e sam e effect.
P h o en ix b a n k e rs a n d b u sin ess m en a re
solidly behin d L os A ngeles a s th e loca
tio n o f th e reg io n al reserv e b an k , accord
in g to a ssu ra n c e s received in L os A nge
les y esterd ay .
H . J . M cC lung, ca sh ie r o f th e Phoenix;
N ational B a n k ; E m il G anz, p re sid e n t o f
th e N atio n al B a n k of A rizona; H . A.
D iehl, tre a s u re r o f th e M e rch a n ts’ a n d
M a n u fa c tu re rs’ A ssociation of P hoenix,
an d D r. Jo h n D e n n e tt, J r ., p re sid e n t of
th e P hoenix B oard of T rad e, stro n g ly in
dorsed Los A ngeles a s th e locatiou of . a
regional bank, because of its c e n tra l and
a lto g e th e r su ita b le location f o r such a
financial in stitu tio n .
T h e h e a rty en d o rsem en t of th e Im
p erial T alle y fo r a regional b an k to be
located in L os A ngeles w a s expressed
y e s te rd a y in teleg ram s fro m lead in g
financial a n d b u sin e ss m en o f Im p erial.
T he Civic B oard o f T ra d e o f Im p erial
e x p ressed i ts in te n tio n s of w irin g W ash
in g to n in fa v o r o f Los A ngeles.
Imperial Lending Aid
J . R. S tevenson, p re sid e n t of th e Im
p erial C ham ber of C om m erce; L eroy H olt,
p re sid e n t o f th e F ir s t N ational B a n k ;
F . C. P au lin , p re sid e n t o f th e I. V. I.
Com pany, a n d L. J . T hom as, p re sid e n t of
th e F a rm e rs a n d M e rch a n ts’ B a n k o f Im
p erial, w ere am ong th o se w ho stro n g ly
urged L o s . A ngeles a s th e lo catio n o f a
reg io n al ban k .
S a n ta B a rb a ra b ankers expressed a
keen d esire to a id in th e dem and f o r a
regional b ank fo r Los A ngeles. W . B.
M etcalf, cash ier a n d d irecto r o f th e Cen
tral B ank, sa id t h a t he stro n g ly favored
a concerted move on. th e p a r t o f th e
ban k ers of th e S outh to w ard se c a rtn e a
regional b an k and;; t h a t th e re should be
no reaso n w hy t$ie b an k sh ould n o t be
secured fo r Loa Angeles.
T he sam e se n tim en ts w ere expressed
teIeg ra p liica H ^ 4 > y George S. E dw ards,
president.,.of .to e Com m ercial B ank, an d
H en ry P . L incoln, cash ier of th e F i r s t
N ationa$f §*ink of S a n ta B a rb a ra , in expresslo^tst to Loa A ngeles yesterday.
I n ifc& 0 en a a n executive m eeting, o f th e
P a f l ^ M ^ l g a r d of T rad e stro n g ly
ind o r s e ^ p p r w g io n a l b an k fo r L os Angeles.
C.
p re sid e n t of th e P a sa d e n a
C learing H ouse A ssociation a n d vice, p r e s
id en t of th e Union N atio n al B a n k ofJB as-
adena, sa id th a t th e estab lish m en t of a
regional b ank in p j s .^ngele* was beyond
all doubt :p r ^ ti< |( ib li^ t . T
Ventura Favors Los Angeles
J . A. W a lk e r, c a s h ie r o f t h e N a tio n a l
B a n k o f V e n tu r a , s t a t e d t h a t b y a ll
m e a n s h e f a v o re d a re g io n a l b a n k f o r
L o s A n g eles, a n d F e lix W . E w in g , p r e s i
d e n t o f t h e F i r s t N a tio n a l S a n k o f Ven.-""
t u r a , e x p re s s e d h is s e n tim e n ts in f a v o r
b f L o s A n g eles.
T h e c o m m e rc ia l in s titu tio n s o f O x
n a r d e x p re ss e d th e o p in io n te le g r a p h ic
a lly y e s te r d a y t h a t a re g io n a l b a n k a n y
w h e re b u t L o s A n g eles, c o n s id e rin g th e
W e s t C o a st a s th e lo c a tio n o f s u c h a
b a n k , w o u ld h a m p e r t h e i r in te r e s ts .
^ T. H . D u d ley , p r e s id e n t o f th e jfo c e a n ;
P a r k B a n k , a n d J . W . L a w re a ife f c J r ’
p r e s id e n t o f th e F i r s t N a t i o n a P w f o k
o f V enice, urged t h a t a ll b a n k e rs ,# # th e
S o u th w e s t b eco m e a c tiv e in securing a
re g io n a l b a n k f o r L o s A n g eles, '
Reproduced from the Unclassified / Declassified Holdings of the National Archives
c?.
emmT
BRANCH HERE,
MAIN ONE IN
NORTH,ASKED
-S ) ^ " *%&* 11 ‘3
Twenty-two Los Angeles Clearing
House Association Members
Request That Central Institu
tion Be Given San Francisco
Resolution States That Pacific
Coast Bank Should Be in Cen
tral Location That It Could
Serve
Diversified Territory
Another Meeting W ill Be Held
This Afternoon by Nearly All
Financial Men of City to Dis
cus Question and Plan Action
R epresentatives of tw en ty-tw o Los An
geles banks held a conference yesterday
afternoon a t the Security Trust and Sav
ings Bank, and after a consideration of
the plan to urge the establishm ent of a
Federal reserve bank in Los A ngeles de
cided to recommend one bank upon the
Pacific Coast, th at to be in San Fran
cisco.
The reasons given were that th e capi
talization of the Pacific Coast banks
would probably require but one Federal
reserve bank, and that therefore th e lo
cation of th is bank should be a central
one geographically, financially and com
m ercially. It w as recommended, how
ever, that there should be a branch in
Los A ngeles and one or more in the
Northw est.
Members of the Clearing House A sso
ciation m et to discuss the problem yes
terday forenoon and decided to call a
more extended m eeting for th e after
noon, which w as attended by representa
tiv es of nearly all the banks in th e city.
The resolutions in part follow :
i Only 12 Reserve Banks
“Whsereas the Federal R eserve act pro
vides that there shall be not less than 8
or more than tw elve Federal Reserve dis
tricts, each district to contain only one
Federal Reserve bank, the districts to be
apportioned w ith regard to the convenience
and customary course of business, and
also provides that the minimum sub
scribed capital of each Federal Reserve
bank shall be not less than $4,000,000,
every National Bank shall be required
and every State bank may be perm itted
to subscribe to the capital stock to the
exten t of six per cent of the combined
capital and surplus of each subscribing
bank; and
•‘W hereas, in order to locate these F ed
eral reserve banks properly and equit
ably, it w ill be necessary to take into
consideration the item s of convenience,
natural course of business, .volume of
banking business and the future u tility
and strength of the Federal reserve bank
to aid trade and commerce as w ell as
the banking business in any given region;
and,
Entitled to One Bank
“ Whereas, the latest returns from the
Comptroller of the Currency show th at
all the banks of the i ’acn ic Coast StM.-s
have only about 1.15 of the banking capi
tal and surplus of the United States, and
the P acific Coast States w ill not in equity
be entitled to more than one reserve
bank; and,
“W hereas, The banking capital and
surplus of the S tate of California is $169,000,000, of which $73,000,000 is in San
Francisco alone; and,
“Whereas, The u tility and strength of
a reserve bank w ill depend largely upon
the exten t and character of the area to
be covered by its operations and the Fed
eral reserve bank w ill be the clearing
house through whichv the average condi
tion of the entire section w ill be re
flected; and,
Branch Bank W ill Serve
“Whereas the business of the Federal
Reserve Banks w ill be solely w ith the
member banks within its district, and
no business transacted th at cannot be
transacted w ith a branch, the location
of the Federal Reserve Bank should be
central.
“It w ill be conceded th at San Fran
cisco w ill be th e logical place for sucli
an institution.
* “Therefore, be it resolved, that the
Los Angeles Clearing House Association
and associated banks favor one Federal
Reserve Bank only for the Pacific Coast
States, to be located in San Francisco,
w ith branches in Los Angeles and in one
or more cities of the N orthwest.
“B e it further resolved, that copies of
this resolution be forwarded to the Re
serve Bank Organization Com mittee and
to the San Francisco Clearing H ouse A s
sociation.”
----V
/
Reproduced from the Unclassified / Declassified Holdings of the National Archives
1 .
ffimcf -f&f* s'T/j/jj},
Arthur Reynolds, president of the
American Bankers’ Association, Intro
duced by his brother, pledged the heart
iest co-operation of the bankers in the
__establishm ent o f the new system .
- McAdoo prefaced his address w ith ex
pressions o f his am azem ent that Los An
g eles is not dem anding a regional bank.
“J m iss th e eager look on fa c e s of
sim ilar a u d ien ces elsew h ere,” said Mr
McAdoo. “H ere you do n ot w a n t a n y tiring a n a th e p osition b ecom es an om alo u s a n d d iscon certin g. I haVe practiced
sp ea k in g only to au d ien ces w ho w an t
som eth ing.
Makes Batiks Strong
“The currency bill,. I think you w ill
agree, Is o f vital im portance to the coun
try. I am not an expert at percentages,
but when bankers who criticised the bill
declared it w as 75 per cent bad, or 80 per
c.eni S ' * 2* Per cen t bad I h are coueluded there w as a variance am ong the
experts. To my mind if the bill shall In
the future prevent financial panics it is
100 per cent good. It w ill do that, but
more, it liquefies the commercial credit
f or the country, It brings to the front
; classes of paper previously discredited, It
frees the banks from their tradition that
the bank that discounted this class of
paper w as a w eak bank.
^
an extraordinary
/IP le g itim a te business because
what legitlwiate business needs it* w ill get
autom atically. T hat is to say, any man
whose paper is good w ill be able to go to
a bank a t any tim e and get money on It.”
Hits Conservatism
Mr. McAdoo told of an old Scotch
banker in his tow n in the south, w hose
bank w en t into liquidation after six
m ooths’ business., H e w as too conserva
tive to ta k e the risk of accepting deposits
or m aking loans.
“ So when you say, ‘Let us be conservat iv e,’ ” continued the speaker, “I w ant <
I to tell you that vou cannot dodge the
issue's in American life. ; You sav vj!<?
Otfght not t o nt,ltate^ibtrt public sentV
m ent is so crystallized in th is country
th at we cannot get away from these prob
lem s u n til we solve them honestly. The !
American nation is n ot going into liqui- 1
dation because Of conservatism .
%
“In districting the;country for th e,F ed - (
eral Reserve purposes ,.it is the intention j
of the organization com m ittee to consider J
only the national interest, and not at 1
all local pride or am bition and, above all, >
political considerations shall not influence •
our decLlions.
W ill Get Good Men
,
“W e hear some pessim ists say that the
Nation w ill not be able to find men for
the Federal Reserve Board who w ill ad-,*
. m inister the system in an able and p a -}
trlotic manner. There has never been a i,(
great need in th is country but a great ;
man has risen to fill it. The men w ill j
be found for this, and I have never! ‘1
known a man I would so. fully tru st to
find them as the President, a man who 1
him self w as little known to the people,
a t large three years ago.”
'
Secretary Houston, w ho took his doc- \
tor’s degree at Harvard tw en ty y e a fs.'./
ago in banking and finance and general
economics and w as a professor of eco
nom ics before he became a college
dent; w hich Was before lie became -secre
tary of agriculture, said, w ilfc eyide t
reference to the toastm aster, th at hd!J* » a
glad to find a Chicagoan in so heavenly ;
a place as Southern California and to j
learn that he recognized it.
Foolish Panics
“Did it ever occur to you how re- j
markable it w as th at j u s t when w e were
about to place the products of our farms
where they were needed, when the har
v est w as m ost abundant, the country
should be thrown into a panic at the
thought of the cost of m oving them,
of the strain upon the banks to furnish
the money?
“The bankers were not to blame, but
for 120 years w e w en t along in a course
of undirected developm ent. The banks
loaned to their lim it and when the strain
came they had to contract loans.”
Reproduced from the Unclassified I Declassified Holdings of the National Archives
ine local Danicers.
Attitude of Los Angeles
“The bankers of Los A ngeles do not
take the position that they do not want
a regional reserve--bank h ere,” said Stod
dard Jess, vice president of the F irst
National Bank, and member of the Clear
ing H ouse Committee, com menting on the
W ashington dispatch la st night.
“The
action taken by th e Clearing H ouse Com
m ittee and also at the m eeting of all the
bankets Was. ifor the purpose o f -givingthe organization com m ittee a free band
to select the location where it was
thought the regional bank would be d o s t
advantageous. Although by th e term s of
the currency law they have f u l l "power
to select the locations for th e regional
bank, the bankers of Los A ngeles did not
wish to bring tifjdue. pressure ou. tbe
com mittee.
“If Los Angeles is selected it Will be
a great thing for th is section, and We
hope it w ill be."
Banker J. M. Elliott Is
Optimistic Over N&w Law
B efore l-25_>«—
nf t he
J
Reproduced from the Unclassified I Declassified Holdings of the National Archives
s . /./
i ^ - J j - * t~Se rt '
,
Z*.
M arvelous D evelopm en t o f S outhern California.
The Com pletion of the A queduct, a t an E xpen ditu re
o f $ 2 5 ,0 0 0 ,0 0 0 and Its E ffect. A M ile
o f Buildings E v e ry S ix D a y s Is the R e c o rd f o r the City.
By Adam Dixon Warner.
Neustra Senora, La Reina de Los Angeles—Our Lady, Queen of
the Angels—such was the original meaning of Los Angeles.
Founded on September 4, 1781, by a small band of pobladores,
or colonists from the Mexican states of Sinaloa and Sonora, to found
agricultural colonies to provide the soldiers at the presidio with
the necessities of life—such was the beginning of Los Angeles, that
has electrified theW orld by its marvelous growth and achievements
during the last fifteen years.
•Fifty years after founding the pueblo, or city, the population was
only 770; and in 1850,
lafrer, it was less than 2000.
Thirty years later, in 1880, the census report gave it only 11,311
souls.
Twenty-two years ago, in 1891, when I first came to Los Angeles,
thrr ron'tw"
TtawpWibfodij wkt»rc-4b^-^wetofiSiee
•L-eto woro seeing
"Now ill 173' are wefth
Many of the finest residences were on Spring,
Main and Fort street—now Broadway. Pasadena was a small wfrlicg& There was nothing at the beaches, but Wilmington and San
Pedro, and a landing at Redondo. Long Beach was then Wellington
Corners, with about six hundred people. Now it has nearly forty
thousand people, six banks, tw;enty-six churches and no saloons, a*«l
A Mile of Buildings Every Six Days.
Ten years ago last March, when I came again and remained,
they were putting the steel in the basement of the Hibernian build
ing at Fourth and Spring streets,
there
million dollars’ worth^of buildings have been constructed since that
time. A whole forqfet of steeLhas grown south of Fourth street
since, and ftcfgrly $3^000,000 wffl^Se expended in building
Wei are building now at the rate of a mile of buildings every six
days, and there are less vacant buildings in Los Angeles than in any
city, in the country. The business center ten years ago was at
Second and Spring. Now it is at Seventh and Spring, and in ten
years it will be at Pico and Main and Broadway. \jggPfr
I have seen the city grow from a small country town to a mighty
metropolis of five hundred thousand people, with another hundred
and fifty thousand immediately adjoining, in Pasadena, South Pasa
dena, Alhambra, Glendale, Santa Monica, Ocean Park, Venice, Re
dondo, Long Beach, Naples and Newport.
'a
Reproduced from the Unclassified I Declassified Holdings of the National Archives
' H / / - ' * ' / HT. /
i.
Marvelous Growth of Southern California.
Let me draw your attenti<?n to the fact that sixty-five years ago—
+1'1iii 1*Fn-rf
—there were less than five thousand
white persons in the entire state. Today there are nearly three mil
lion people. And one-half of them came to the state during the last
fifteen years. Or it grew as fast during the last fifteen years as it
did during the preceding fifty years. And Southern California, con
sisting of less than one-third of the area, got nearly one-half of that
increase. And the astounding fact is, that Los Angeles county got
three-fourths of that one-half, or thirty-seven per cent of the whole.
And it got the most of that during the la sraa w a years, and nearly
all of it is situate within an area ten mile's wide and back to the
mountains thirty miles from
this harbor.
Census Facts and Figures.
The census of 1880 gave Los Angeles’ population as 11,311; in
1890 it was 50,395; in 1900 it was 102,479; in 1910 it was 319,198.
And now, by every reasonable estimate, it is more than 500,000. We
will have nearly 80,000 school children enrolled this winter. These
figures show that the city grew more than five times as fast during
the last thirteen years as it did during the preceding twenty years.
In the last twenty-five years Los Angeles has grown from a village
to the largest city west of St. Louis, outstripping all others in
America in growth. And during the present year, now, the city
is growing faster than ever before. Our bank clearings, postoffice
receipts, realty transfers and building* operations, school attendance,
increase in telephones, revenues and customs receipts are greater
than ever before. The national building reports just published of all
cities in America show for October, 1913, that Los Angeles is only
exceeded by the three “million cities”—New York, Chicago and
Philadelphia.
In the ten years from 1900 to 1910 the population of the three
Pacific Coast states, Washington, Oregon and California, increased
1,775,605, and during the same time Los Angeles county increased
383,833, or nearly one-fourth of all. And during the last three years,
since 1910, the increase has been nearly 100,000 per year. And when
the Panama C^nal is finished and this harbor is ready for the mighty
commerce that is sure to come, the territory around this harbor will
grow faster than ever before. Property values will increase with the
hum of industry. Demand for advantageous positions and locations
will be greater than the supply, and a prosperity and progress un
known in the history of this or any other country will come to this
section and this people as sure as the sun shines.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
: £ / / / / " i' z / 3 .
$25,000,000 Aqueduct and Its Effect.
The most astounding- feature of all this amazing growth of more
than a half million people is the fact that nearly all of it came to us
since we projected and began work on the aqueduct, and dazzled
the country with our determination and energy in bringing a supply
of pure water for a city of three million p e o p le fro m the snow-capped
mountains two hundred and forty miles away, at a cost of twentyfive million dollars; a work now almost complete, with a supply of
water billowing over the mountains into the reservoirs at the back
door of the city and harbor that will furnish 20,000 miner’s inches
of water, that will irrigate and supply the whole valley, and provide
120,000 horse-power of electric energy for manufacturing purposes,
and light the city at the very minimum of cost. This magnificent
enterprise has been carried to successful completion by the citizens
of Los Angeles, and our own engineers, without shadow of graft
or corruption, and is the pride of every good citizen.
In twenty years the revenue from water, light and power will
pay off all the bonds and interest; and taxes should be lower in Los
Angeles than in any city in America. A s u - I ™ c earibaaafe^en
Reproduced from the Unclassified I Declassified Holdings of the National Archives
P o s ta l
U.S. CITIES IN
I
TlAAIH
Exceeded. Only by New York, Chi
cago and Philadelphia; Total
Here, $ 3 1 ,5 0 0 ,0 0 0
SURPASS ANY FORMER YEAR
December Increase in Postal Re
ceipts Approximately 26 Per
Cent Over 1912
Per Cent
'
'
.
"I
A^
nrviVi
| sin ce th e la st - spm&tit&tioa h^s
brough t th e to ta l beydnd th e r e c e ip t |'
I of th e en tire m onth o f D ecem ber,
1912, w h ich ag g reg a ted $232,925.08.
U p to la st W ed n esd ay n igh t th e
gain in receip ts over th e correspon d
in g period of la st year w a s $46,414.88,
or an in c r e a s e ' of. ap p roxim ately 26
per cent. A t th e p resen t rate of in crease postoffice officials e stim a te th e J
to ta l m on th ly receip ts w ill b e j2J8,000.
L os A n g ele s bu ild in g perm its for
1313 reached a to ta l y esterd a y o f a
little m ore th an $31,380,000, h avin g
passed, early in th e day, th e to ta l for
th e en tire y ea r o f 1912.
T he b u ild in g records n ow are in
e x c e ss o f th o se o f a n y e h t ir e y e a r in
th e c ity ’s history, and w ill to ta l for
J&iS year abou t $31,600,000.
O nly
th r e e c ities in th e U n ited S ta te s, w ill
h a v e a greater b u ild in g to ta l for th is
year th a n L os A n geles.
But Three Cities Ahead
T he c itie s th a t w ill exceed L os A n
g e le s in th e to ta l am oun t of m oney
spent, for n ew b u ild in gs w ill be N e w
Yprk, C hicago an d P hilad elph ia.
he g r ea te st gain, ever m ade in one
year in th e b u ild in g records of th is
c ity w a s in ' 1912, w h en th e to ta l
reached $31,3€6,357, w h ich w a s about
!${» per cen t m ore th an th a t- of a n y
previou s year. T he E a stern financial
fstringerrcy o f th is year in d irectly a f
fected th e bu ild in g a c tiv ity .of L os j.
A ngeles,, and it w a s n ot g en erally b e
lieved p o ssib le th a t th e w on derfu l
record o f 1912 could be exceed ed th is
year.:
R e c e ip t s G a in
W ith y e ster d a y ’s b u sin ess, w h ich is i
estim a ted to h ^ beep p rod u ctive'of b etw een i&8000 and $10,000, th e r e
ceip ts o f th e L os A n g eles posfoffice
for th e c u r fen t m on th alreadyV'Tnt&ve
exceed ed t$ > se o f th e ^ n tir e |i o n t h
of D ecem ber, 1*11;
£
A
U p to apd In clud ing W ecfftesday
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Reproduced from the Unclassified I Declassified Holdings of the National Archives
f~to
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Los Angeles Harbor—Its Immensity and Possibilities.
Already Uncle Sam and the cities of Los Angeles and Long Beach
have expended on this harbor more than twelve million dollars, and
the work has only begun, and the most of it has been done under
water, dredging the channels, canals and waterways. The dredging
alone, to date, has cost nearly five million dollars. And private
corporations have spent nearly that much more in dredging and
building docks and warehouses, and the electric plant that now has
a capacity of 120,000 horse power, and will be increased to 350,000
horse power.
Around this harbor are invested already more than ten million
dollars in manufacturing industries and lumber plants. This port
today is the largest lumber port in the world. Last year 730,000,000
i'eet of lumber came here for consumption and distribution. And in
a little while it will be the greatest oil and food distributing center
and the world’s laboratory of health and hygene.
Perfect Man Made Harbor.
Los Angeles Harbor is the safest in the world. Lloyd’s Register
says “There is no bar whatever at the entrance to the harbor, but
a ship can round the breakwater in forty eight feet of water at low
tide in any weather and berth at a wharf under its own steam m ha
an hour from the open sea.”
The entrance to the harbor is nearly four miles wide. There are
no rocks or reefs, no sand-bars or shoals, and it has the very esi.
kind of anchorage. It is fully protected by Catalina Island and the
San Pedro and Laguna Hills, each of which will undoubtedly be for
tified in the immediate future by the government.
Some Stupendous Figures.
Already the largest steamship companies have applied for ac
commodation at this harbor. The Hamburg-American line, the lar
gest in the world, the British Mail, the German Mail, French Mail,
japan Mail, Royal Mail, Pacific Mail, the Oriental Mail, Hawaiian
Australian line, Lamport Holt and the Union Steamship Co. will
make this port. These together with the coastwise shipping will
make this one of the busiest ports in the world. Already the rail
roads are alarmed at the prospective loss of transcontinental freight.
Mr. Goodrich,
harbor expert, says in his re
port to the city council. “That the Huntington Fill alone will have
greater efficiency than the celebrated Bush Terminals in New York,
and that the harbor will have 82 miles of water front and will handle
150 tons per lineal foot annually or (64,944,000 tons). That $215,000,000 will have been spent on this harbor by 1950. That Los An
geles will have a population of 2, 880,000, and its area will comprise
a thousand square miles. And its manufactures will aggregate a
billion annually.”
These figures may seem stupenduous, but when I tell you that
London has already expended 175 million on its harbor, and Liver
pool 140 million, N$w York and Hamburg a hundred million each
and Manchester 90 million, Glasgow 50 million, Amsterdam, Mon
treal, Buenos Ayres, and Antwerp 40 million each, and little Rotter
dam 33 million, New Orleans 25 million, and San Francisco 20 mill
ion, and have just begun to build, these figures will not seem so
startling.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
M / . /.
Furniture"Factory “of the World. Iron and Steel Industry.
Pacific Expositions. The Harbor, Its Immensities and
Some Stupendous Figures. Climate Not All the Assets.
By Adam Dixon Wariifef.
The direct iirie Of tfavd to arid from the Orifeiit is oriiy about
severity lUilefi in a southwesterly directiOh and a divergence Of drily
a few hours brings all the great dceari freighters td this pdri These
ships will tieed ftl^l, oil* repairs, supplies, cai-gdes—cargoes going as
cdniitig;; They will brihg COke and coal ahd HardwOds, Silks
aiid QrieritalS from the Orient* South America arid Etirdjje, td be
fashioiied into firiished products arid td exchange fdr oUr niariUfaetUred products of steel arid iron, dUr fruits arid gfairiS arid fddds, arid
cbttonS and wodis arid all othei* products of the SOii, factory arid mill,
The FUfniturfe Factory th# World.
There are 600,000,000 pedpie iri the Orlerit and 100,000,000 in
Mexico and Soiith America to be taUght to iiVe arid corisuriie as we
live ahd consume; w e want their trade arid products and they warit
ours. The hardwoods of the south arid the Orierit cdiriirig here a§
ballast ift the holds of ships arid the eucalyptus woods now growirig
here should make this, riot oriiy the fUrriitUre factory of the wOfid
but the wood fashioriirig Center Of the world, givirig employment to
thousands Upoh thousands of toilers;
Here, will be established great food, cattriirig arid preserving fact
ories and great cereal plants preparing foods for the world’s con
sumption. With our million horse power of electric energy already
developed, furnishing cheap power and light, here should be great
air-ship, water-craft and motorcycle and automobile factories and
electrical plants of every description; boot and shoe factories;
woolen and cotton mills with a million spindles, clothing and apparel
factories, pearl button and jewelry manufactories, supplying the.
marts of the world with the products of our genius and handicraft.
The Iron and Steel Industry.
In Bulletins number 338 and 394 of the United States Geologi
cal Survey, you will see that there are hundreds of millions of tons
of iron ore in Utah, Nevada, and San Bernardino County, carrying
from 60 per cent to 66 per cent iron, that contain less moisture than
the Lake Superior ores, that can be delivered at this port for $3.50
to $4 per ton, and can be manufactured here, with our cheap fuel
oil, electricity and gas, and distributed to every part of the world
by water, cheaper than from any other place in the country.
These advantages mean great steel, ship building, armor plate
and railroad supply plants, rolling mills, tool and cutlery, stove and
foundry, plow and machinery plants of every description. It means
hundreds of the smaller manufacturing plants that go to make up
the industries of a great manufacturing center. It means great mer-.
cantile establishments to handle these products. It means employ-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
ment for the toiler and skilled mechanic in the shop and factory. It
means banking and business houses and hotels and boarding houses,
here, at this harbor. It means good prices for the products of the
farm, the orchard and the garden at your door, to feed these toilers.
It means a prosperous, frugal healthy happy population busily en
gaged in all walks of life.
Transportation and Good Roads.
The Automobilists’ Paradise.
This harbor and city have three transcontinental lines of railway,
the Southern Pacific, the Santa Fe, and the Salt Lake and Union
Pacific, with three more, the Rock Island, the Western Pacific and
the Great Northern, headed this way. These, with the ships to all
ports guarantee competition and the very lowest level of rates.
Los Angeles County has nearly 2000 miles of electric and steam
railways. Three hundred miles of the best good roads in the world,
radiating through the orange clad valleys, mountain passes and
along the surf-tuned shores of the ocean, constructed at a cost of
$3,000,000. And has more than a thousand miles of ordinary good
roads, traversing every nook, cranny and canyon of this wonderland.
And the State is building a good road system, costing $18,000,000.
Truly, Los Angeles is the automobilist’s paradise.
Thfe Panahia Pacific $100,000,000 fixpositioflS.
I > - w o r l d ’* greatest etigiiieeritig triumph, the
m n iw i
2 I-I? hclsco arid Sail biego id 1915, when $100,
m/" WOfi Sr*4“ st .expositions, the rallc o a l durihi t h / ^ ’
i Ct
™ll,io« visitors to the Pacific
n e rc L ^ S t i j S I^ l i ? rSe / eitrs’ artd M «* safe to Say that «&#fer
‘H tHiS MilikiSSed ^
0t <***-
Oil Wealth of Southern California.
The wealth of Southern California in oil is probably greater than
the wealth of her soil.
Oil is the cheapest fuel known. Southern California, this year
will produce 100,000,000 barrels of oil and has enough oil land par
tially developed to supply the world for three hundred and fifty
years.
Oil is now being used to run most of the farm machinery of the
west. When it is generally used, as it will be, the capacity of food
producing farm lands will be increased one-fifth; For it requires
one-fifth of the products of the farms to feed the horses that do the
work. Truly the value of the oil producing lands of Southern Calif
ornia is almost incalculable.
_2. 3.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Climate, Not the Only Asset.
While climate is not our only asset it is one of the greatest. A
climate more equal than all the favored spots of earth, with 306 days
of sunshine out of the 365; a climate of no extremes of heat or cold.
No blizzards or sunstrokes. No cyclones or tornadoes. Mas-ibmgs
we can and do raise seven crops of alfalfa, two crops of grain and
three or four crops of vegetables. A matchless climate where the
old and young can revel in the surf at the sea or in the snow at the
mountain peaks, or in outdoor sports in the valleys and plains every
hour of the year. A climate where you can grow to perfection nearly
everything that will grow under the sun. A climate where the toiler
can perform more service, the farmer get greater results, the sports
man and healthseeker more pleasure, enjoyment and good health
than anywhere else on earth, is surely a wonderful asset.
There Are Other Assets.
Already, our oil, oil products and asphaltum, are $100,000,000.
Our manufactures are worth $125,000,000. Our citrus fruits $50,000,000. Our deciduous fruit, vegetables, grains, hay, beans and farm
products, $50,000,000. Cattle, hogs and sheep, $10,000,000. Min
eral products, $10,000,000. Sugar beets and sug*ar, $10,000,000.
Los Angeles Commercial Territory.
Los Angeles controls and commands a commercial empire as
great as Western Europe; mountain ranges filled with more iron,
copper, coal, lead, gold, silver and other precious metals than an}^
other; great plains, and cattle and sheep ranges, beneath which are
inexhaustible reservoirs of oil and gas; valleys more fertile than the
proverbial Nile. Mountain streams threading their way down the
mountain side to make the semi-arid deserts bloom like the rose,
with but the touch of honest industry necessary to make a happy
home (mmfewcnr' an
.
Few Competitors.
This city and harbor has no competitor for trade or commerce
this side of San Francisco, nearly five hundred miles to the north
west.
itV|ir ni4l^.„^ :.l„.g.|w^.rnnp
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^
— 2.
~~
Reproduced from the Unclassified I Declassified Holdings of the National Archives
tjwmrtro' nuwlili. None this side of Butte, Montana, excepting Salt
Lake City, 800 miles to the northeast. None this side of Kansas
City, 1700 miles to the east, except Denver. None to the southeast
this side of N'»w"Qi4eana) 2300-^wiift***And none at all to the south
except San Diego. It absolutely controls the south half of Califor
nia, all of Nevada, Utah, Wyoming, Arizona, Colorado, Montana,
New Mexico, and the northern half of old Mexico. This harbor is
the natural outlet, and receiving port for all this territpry, most of
it yet to be developed as the Imperial Valley has been developed.
Where they raise more produce per acre than in any other place on
earth.
Imperial Opportunity.
Think of shipping a million cantaloupes a day during the busy
season in June and July from 5500 acres, until 3000 carloads had
been counted and $3,000,000 received for the crop.
Again conceive of 116,000 acres of barley which yielded 2000
pounds to the acre; 160 square miles of alfalfa from which eight
cuttings were made during the year; an output of 30,000 pounds of
butter a day from the creameries of the county bring to the ranchers
of the county $10,000 a day income; ten Carloads of grapes a day un
til 250 carloads had been shipped from 2000 acres
With the magic combination of ample, cheap water, rich soil and
ardent sunshine twelve months in the year, crop returns are certain;
W hat has been done in the Imperial Valley with cotton where
they have raised this year, 1913, 18,000 bales on 22,000 acres, of an
average of nine-elevenths of a bale of the iong staple Egyptian cdtton, can be done on the Mojave desert when the Waters of the Upper
CaWado River are put upon it;
a million spindles at this h ar
bor will be weaving fabrics out of our wool ana CUVLV^IICJ iaiiJVV-xi vvi til
the silks of the Orient to supply the demands of the world in all
grades of textiles.
—
Reproduced from the Unclassified I Declassified Holdings of the National Archives
^ZyA /d/t M /
World’s Wonderland Arouinjd Los Angeles
More world’s wonders are within easy distance of Los; Angeles
than any other place in America.
The highest and lowest points in the United States, Mt. Wlhitney, 15,000 feet high, crowning the new Switzerland of America—
the Owens River Country and Death Valley, 502 feet, and Imperial
Valley, 273 feet low—below the ocean; are within twenty-four hours’
ride, as are also the Petrified Forests of Arizona and the Cave Dwell
ers of the primeval past; the Grand Canyon of Arizona and Colo
rado, whose awe-inspiring grandeur elevates the human soul to'communion with the Almighty—all ineffably sublime’; beyond words to
describe. Computed to be 75,000,000 years old; and vied with only
by Yosemite, a few years its junior, with its god-like archchitectural halls, chancels, corridors and columns sprayed by marvelous wa
terfalls 2600 feet, and surrounded by minarets and domes indescrib
ably majestic and sublime. '
The Big Trees, the oldest living things, 5000 years of age, Lake
Tahoe, 6000 feet high, on the crest of the Sierras, whose sombre
sublimity of purple and garnet, whose water colors, hues and blend
ings, light and shade surpass all others
Yellowstone Park
Incomparable Yellowstone is only thirty-six hours from Los
Angeles, where mountains and waterfalls are upside down, spitting
and spouting their vapored breath skyward with the precision and
timeliness of clockwork, and the air is as pure as the breath of heav
en. W ith these, and numberless mineral springs; her missions with
their ancient history; her health resorts in valley and mountains im
mediately surrounding Los Angeles. W ith this wonderland on the
landside of the rose-clad, orange-perfumed, mountain and sea-walled
Los Angeles, the miraculous—the model modern city of America,
whose growth and commerce have been outdone only by its lofty
upliftment in civic virtue and betterment of the race, as a pattern
for all future coalescence in civicism, is it any wonder that all eyes
are centered and all roads lead towards this most God-favored land,
Los Angeles and Southern California.
A Look Into the Future—
Fifty years ago, there was not a city in the United States with a
million population. Now New York, Chicago and Philadelphia, are
away above the mark, and there are a half dozen mpre rapidly climb
ing on the last half towards the million mark. Arid not one of them
favored in climatic conditions, natural resources or geographical su
premacy as is Los Angeles.
Z6
Reproduced from the Unclassified I Declassified Holdings of the National Archives
HiaHT
LETTER
THE WESTERN UNION TELEGRAPH COMPANY
INCORPORATED
26,000 OFFICES IN AMERICA
CABLE SERVICE TO ALL THE WORLD
Mil* Company TRANSMITS and DELlVEBg messages only on conditions limiting Its liability, which to w been assented to by the sender of the following Nlcfct L etter.
Errors can be guarded against only byreneating a message back to the sending station for comparison, and the Company will not hold itself liable for errors or delays in
transmission or delivery of U nrepeated n lp it L etters, sent a t reduced rates, beyond a sum equal to the amount paid for transmission ; nor in any case beyond the sum of
F ifty P oUkw, a t which, unless otherwise stated below, this message has been rained by the sender thereof, nor In any case where the claim Is not presented In writing within
*<* transmission.
This Is an UNREPEATED NIGHT LETTER, and Is delivered by request of the sender, under the conditions named above.
T H E O . N . V A IL , PRESIDENT
.
• C L V ID E R C B R O O K S , GENERAL MANAGER
............
R e c e iv e d
at
A 82 NY MR 1 7 8 N L 2 EXTRA
WX LOS ANGELES C A L IF DEQ 2 5 * 1 3
r
HOlvWM G MCADOO
SECY OF THE* TREAS WASHINGTON DC
EXPRESSING THE S E N TIM EN T OF BANKERS
AND F IN A N C IE R S OF THE SOUTHVvEST
THE LOSANGELES EXAMINER R ESPECTFULLY
,*S THE LO C A TIO N FOR ONE
URGES THE S E LE C T IO N OF LOSANGiiLEB
OF THE REG IO NAL FEDERAL RESERVE
BANKS T H IS C IT Y ALREADY ONE
OF THE GREAT fv fU N IC lP IL A T IE S OF
THE U N IT E D STA+ES IS S IT U A T E D
IN THE HEART OF T H E 1
iviOST R A P ID L Y EXPANDING S E C TIO N OF
GROWING W IT H MAG 1C S TR ID E S AND
THE COUNTRY LOSANGELES IT S E L F
IT S CONSTANTLY EXPANDING A G R IC U LTU R AL
COMMERCIAL AND MANUFACTURING INTERESTS OESERVE
AND
SUPPORT IT
IS THE NATURAL
IS
A L L P O S S IB LE R E C O G N ITIO N
CENTER OF A RECI.ON WHICH WOULD
Reproduced from the Unclassified I Declassified Holdings of the National Archives
NlflHT L E T T E R
THE WESTERN UNION TELEGRAPH COMPANY
INCORPORATED
25,000 OFFICES IN AMERICA
CABLE SERVICE TO ALL THE WORLD
This Company TR A N SM ITS and D E L IV E R S messages only on conditions limiting: its liability, which liave been assented to by the sender of the following: N ig h t L e tte r .
Errors can be guarded against Vmly by repeating a message back to th e sending station for comparison, and the Company will not hold itself liable for errors or delays in
transmission o r delivery of U n re p e a te d N ig h t L e tte rs , sent a t reduced rates, beyond a sum equal to the amount paid for transm ission; nor in any case beyond the sum of
F if ty D o lla rs, a t 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 riting w ithin
Sixty days after the message is filed with th e Company for transmission.
This is a n U N R E P E A T E D N IG H T L E T T E R , and is delivered by request of the sender, under the conditions named above.
TH EO . N , VAIL, PRESIDENT
___________________
BELV ID ER E S fc O O K S , GENERAL MANAGER
R e c e iv e d
at
INCLUDE A R IZO N A AND NEW M EXICO
AND P O S S IB LE NEVADA IN A D D IT IO N TO
SOUTHERN C A L IF O R N IA A L L OR WHICH
T R IB U TA R Y REGION HAS FURTHER P O S S IB IL
IT IE S OF DEVELOPMENT W IT H IN THE NEXT
HOME AND T R IB U T A R Y TE R R ITO R Y THE
OF BANKING BU S IN E S S DONE THE
D IV E R S IT Y OF IN TER ESTS THE AMOUNT
ENORMOUS INCREASE OF PO PULATIO N AND
THE GENERAL R A P ID ADVANCEMENT WHICH
OPENING OF THE PANAMA CANAL
IS C E R TA IN TO FOLLOW THE
WOULD SEEM TO MAKE A
REG IO N AL RESERVE BANK ONLY A
THE PROCRESS AND PRO SPERITY OF
FEW YEARS THE EXTENT OF
F A IR AND PROPER A ID TO
THE SOUTHWEST
MANAGING E D IT O R .L O S -A N G E LE S EXAMINER
729AM
£
‘.
->
•'•••"' ~y......
R p a ^ e e d tom the Undassflfed I Declassified Holdings of the National Archives
NIBHT L E T T E R
THE WESTERN UNION TELEGRAPH COMPANY
INCORPORATED
25,000 OFFICES IN AMERICA
CABLE SERVICE TO ALL THE WORLD
This Company T R A N SM ITS and D E L IV E R S messages only on conditions limiting1its liability, which have been assented to by the sender of the following: N ig h t L e tte r*
Errors can be guarded against only by repeating a message back to the sending station for comparison, and the Company will not hold itself liable for errors or delays in
transmission or delivery of U n re p e a te d N iy k t Letters* sent a t reduced rates, beyontf a sum equal to the am ount paid for transm ission; nor in any case beyond the sum of
F ifty D ollars* a t which, unless otherwise stated below, this message has been valued by the sender thereof* nor in any case where the claim is no t presented in w riting w ithin
sixty days after the message is filed with th e Company for transmission.
This Is an U N R E P E A T E D N IG H T LE T T E R * and is delivered by request of the sender, under the conditions named above,
TH EO . N. VAIL, PRESIDENT ____________
______________ » E L V IP E ftE I R O O K S , GENERAL MANAGER
R e c e iv e d
A 8 I 1W
at
^
MR 1 7 8 N L , 2EXTRA
WX LOS ANGELES C A L IF DEC 2 5 - 1 3
..........* *
HON 0 E HOUSTON
SECY OF AG RIC ULTU RE
WASHN DC
EXPRESSING THE S E N TIM E N T OF BANKERS
AND F IN A N C IE R S OF THE S O U TH W E S T'?""
THE LOSANGELES EXAM INER R ESPECTFULLY URGES
A ' THE LO C A TIO N FOR ONE OF
T H IS C IT Y ALREADY ONE OF
THE S E LE C T IO N OF LOSANGELES
THE REG IO NAL FEDERAL RESERVE BANKS
THE GREAT M U N IC IP A L IT IE S OF THE
U N IT E D STATES IS S IT U A T E D IN
THE HEART OF THE MOST
R A P ID L Y EXPANDING S E C TIO N OF THE
COUNTR^ LOSANGELES IT S E L F IS GROWING
W IT H MAG IC STRIDE'S AND IT S .C O NSTANTLY EXPANDING AG R IC U LTU R AL COMMERCIAL
AND MANUFACTURING IN TER ESTS DESERVE A L L "
IT
IS THE NATURAL CENTER OF A
P O S S IB LE R E C O G N ITIO N AND SUPPORT
REG IO N WHICH WOULO INCLUOE ARIZO NA
Reproduced from the Unclassified I Declassified Holdings of the National Archives
NI8HT L E TTE R
THE WESTERN UNION TELEGRAPH COMPANY
INCORPORATED
2 5 ,0 0 0 O FFICES IN A M ERICA
CABLE SERVICE TO ALL T H E W ORLD
T h is Com pany T R A N S M I T S and D E L I V E R S m essa g es o n ly o n c o n d itio n s lim iting- its lia b ility , w h ich h a v e been a ssen ted to b y th e sender o f th e follow ing: N i g h t l e t t e r .
Errors can be g-uarded a g a in st o n ly by repeating: a m essa g e back to th e se n d in g sta tio n for com p arison, and th e C om pany w ill n o t ho ld its e lf lia b le for errors or d e la y s in
tra n sm issio n or d e liv e r y o f U n r e p e a t e il N i g h t L e t t e r s , se n t a t reduced ra tes, beyond a sum eq u al to th e a m o u n t paid fo r tra n sm issio n ; nor in a n y ca se b eyon d th e sum o f
F i f t y D o lla r s * a t w h ich , u nless o th e rw ise sta te d b elow , th is m essa g e has been v a lu ed by th e sen d er thereof, nor in a n y ca se w h ere th e c la im is n o t p resen ted in w r itin g w ith in
s ix t y d a y s a fte r th e m essage is filed w ith th e Com pany fo r tran sm ission.
T h is is an T I N B E P E A T E D N I G H T L E T T E R , and is d e liv e r e d b y re q u e st o f th e sender, under th e co n d itio n s nam ed above.
TH CO. N. VAIL, PRESIDENT
R e c e iv e d a t
BELVIPERE IBO O KS, GENERAL MANAGER
2
AND NEW M EXICO AND P O S S IB L Y
C A L IF O R N IA A L L OR WHICH
NEVADA IN A D D IT IO N TO SOUTHERN
T R IB U TA R Y REGION HAS FURTHER P O S S IB IL IT IE S OF
DEVELOPMENT V ,'IT H IN THE NEXT FEW
YEARS THE EXTENT OF HOME
AND T R I3 U T A R Y TE R R ITO R Y THE 01 VERS IT Y
B.-.MKIN 6 BUSIN ESS DONE THE
ENORMOUS
THE GENERAL R A P ID ADVANCEMENT W HICH
C.
MANAMA CANAL V70UL0 SEEM
SANK ONLY A F A IR AND
OF IN TER ESTS THE A M O U tT
0~
INCREASE OF P 0 P 0 L A T 1 0 N ANO
IS C E R TA IN TO FOLLOW THE OPENING
TO MAKE A R EG IO NAL RESERVE
PROPER A ID TO THE PROGRESS
\
A;\*D PRO SPERITY OF THE SOUTHWEST.
MANAGING E D IT O R ,LC S A N G E LE S EXAM!NEK
720AM DEC 2 6 -
Reproduced from the Unclassified I Declassified Holdings of the National Archives
J . F. S A R T O R I ,
M .S .H E L LM A N ,
JOHN E PLATER,
CHAS. H . T O L L ,
W. H. B O O T H ,
W . D . L O N G Y E A R,
C f
T. Q .H A LL,
R. B . H A R D A C R E ,
W. M . C A S W E L L ,
J . H.GRIFFIN,
C .W .W I L S O N ,
W. A . E L L I S ,
L . H. R O S E B E R R Y ,
P r e s id e n t .
V ic e P r e s i d e n t .
V ic e P r e s i d e n t .
V ic e P r e s i d e n t .
V ice P r e s i d e n t ,
h 1 er & S e c r e t a r y .
A ss t Ca s h ie r .
Asst . C a s h ie r .
A ss t . S e c r e t a r y .
As s t . S e c r e t a r y
Asst . S ecretary.
T r u s t Of r c e r .
Tr u st Attorney .
February 17, 191^-
G. McAdoo, Secretary of the Treasury,
and Chairman Organization Committee
for Federal Reserve Cities,
Washington, D. C.
S ir: When your committee was taking testimony
in Los Angeles you asked for the figures showing
the growth of hanking in Los Angeles during the
past ten years.
I agreed to furnish these figures and
forward them to you in Washington.
Enclosed please find statistics showing
the growth of banking in Los Angeles in biennial
periods beginning with the year
1 ^ 90.
Yours truly,
President, Associated Trust
and Savings Banks of Los Angeles.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
STATISTICS SEOWIIfG THE GROWTH OF BANKING III LOS ANGEEES, C A M . ,
IN BIENNIAL PERIODS BEGINNING WITH 1890.
TOTAL
DEPOSITS
YEAH
NUMBER
BAMS
1890
15
| 9 ,3 1 9 ,9 4 3 *0 0
1892
19
1894
SURPLUS AND
UHD.PBOEITS
TOTAL
RESOURCES
$ 2 ,9 7 2 ,5 2 8 .0 0
$ 1 ,4 4 2 ,7 1 5 .0 0
| 1 4 ,0 5 9 ,6 3 3 .0 0
1 0 ,9 2 9 ,5 1 3 .0 0
3 ,6 8 1 ,1 0 0 .0 0
1 ,4 7 0 ,5 8 8 .0 0
1 6 ,5 6 9 ,2 2 6 .0 0
17
1 0 ,8 4 3 ,9 8 0 .0 0
3 ,4 2 0 ,9 0 0 .0 0
1 ,3 7 6 ,3 0 2 .0 0
1 5 ,9 2 9 ,6 9 3 .0 0
1896
17
1 2 ,1 2 7 ,4 5 6 .0 0
3 ,2 3 1 ,9 0 0 .0 0
1 ,5 1 6 ,4 9 7 .0 0
1 7 ,8 6 0 ,7 3 4 .0 0
1898
17
1 6 ,4 1 9 ,9 0 7 .0 0
3 ,2 1 3 ,6 0 0 .0 0
1 ,6 1 6 ,6 7 4 .0 0
2 2 ,1 0 0 ,3 3 5 .0 0
1900
18
2 4 ,0 0 6 ,6 6 3 .0 0
3 ,2 6 0 ,0 0 0 .0 0
1 ,8 8 2 ,6 5 9 .0 0
3 0 ,3 0 4 ,7 2 2 .0 0
1902
19
4 0 ,3 0 1 ,3 6 3 .0 0
3 ,9 2 5 ,0 0 0 .0 0
2 ,5 0 0 ,8 6 8 .0 0
4 8 ,0 6 9 ,9 7 5 .0 0
1904
22
5 9 ,2 1 6 ,7 9 9 .0 0
7 ,1 4 5 ,0 0 0 .0 0
4 ,0 6 7 ,7 0 8 .0 0
6 3 ,5 8 3 ,1 9 0 .0 0
1906
57
8 4 ,0 6 0 ,2 9 7 .0 0
1 0 ,3 4 1 ,0 9 6 .0 0
5 ,7 0 2 ,4 9 4 .0 0
1 1 0 ,0 3 5 ,2 7 4 .0 0
1908
37
8 7 ,3 7 8 ,6 9 1 .0 0
1 2 ,3 1 8 ,1 0 7 .0 0
7 ,0 3 8 ,6 4 8 .0 0
1 0 4 ,6 1 5 ,9 7 5 .0 0
1910
42
1 2 2 ,9 3 2 ,9 9 5 .0 0
1 3 ,2 5 5 ,0 1 8 .0 0
8 ,5 9 8 ,0 0 3 .0 0
1 5 0 ,2 6 7 ,8 0 3 .0 0
1912
36
1 6 8 ,3 4 0 ,7 3 6 .0 0
1 3 ,9 8 7 ,8 0 0 .0 0
1 1 ,1 8 2 ,4 7 9 .0 0
1 9 9 ,6 7 3 ,2 7 3 .0 0
1914
32
1 7 0 ,4 6 8 ,9 7 9 .1 8
1 6 ,1 2 5 ,0 0 0 .0 0
11*820 ,3 6 3 .4 9
2 0 2 ,6 7 8 ,9 8 4 .8 7
CAPITAL
*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
P
O
S
T
A
L
T
E
L
E
G
R
A
NIGHT
P
H
-
C
A
B
L
E
C
O
M
P
A
N
Y
LETTERGRAM
T H E P O S T A L T E L E G R A P H -C A B L E C O M P A N Y . (IN C O R P O R A T E D ) T R A N S M I T S A N D D E L IV E R S T H IS N IG H T LE T T E R G R A M S U B J E C T T O TH E
T E R M S A N D C O N D IT IO N S P R IN T E D ON T H E B A C K O F T H IS B L A N K .
C L A R E N C E H . M A C K A Y , P R E S ID E N T .
Nu m b e r
RECEIVED AT
INDEPENDENT
COMPETITIVE
PROGRESSIVE
*^3HUC 87NLNL 26 Exa In Big
n x
n
EX
D
-
Oxnard Calif Dec 36-27,13.
Hon. MTilHam ff. McAdoo,
T„
Secy Of Treasy, WashnDC-n select.ng cities cf the location o f regional federal reserve banks
we earnestly request that the advantages of Los Angelas receive your
careful attention Los Angeles is the coramerclal capital of a large wealthy
active and-rapidly growing section o f the country It is situated so far
geographically from other c itie s that its business w ill be m aterially
*
hampered without a regional reserve bank.
The Oxnard Board Of Trade, Major J
.
A
D r i f f i l l , Hgr
.
A
m
n
Beet
Sugar Co, Prest The First Nat ional Bank, Charles Donolon,
Prest The Bank
O
r
A
Levy In c .
A
.
Levy, Presti
1 3 D
am.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Form 2289 B
IGHT L E T T E R
THE WESTERN UNION TELEGRAPH COMPANY
IN C O R P O R A T E D
2 5 ,0 0 0 OFFICES IN AM ERICA
CABLE SERVICE TO ALL T H E WORLD
This Com pany T R A N S M I T S and D E L I V E R S m essa g es o n ly on co n d itio n s lim iting: its lia b ility , w h ich h a v e been assen ted to b y th e sender o f th e follow ing' N ig h t L e tte r.
Errors can be guarded a g a in st o n ly b y repeating: a raessag-e back to the sending: sta tio n for com p arison, and th e Com pany w ill n o t ho ld its e lf lia b le for errors or d e la y s in
tra n sm issio n or d e liv e r y o f U n r e p e a t e d N i g h t L e t t e r s , sen t a t reduced ra tes, beyond a sum equal to th e a m o u n t paid for t r a n sm iss io n ; nor in any case beyond th e sum of
F i f t y D o l l a r s , a t w h ich, u nless o th erw ise sta ted below , th is m essage has been v a lu ed by th e sender thereof, nor In a n y case w here th e c la im Is n o t presen ted in w r itin g w ith in
s ix t y days a fter th e m essage is filed w ith the Com pany for tran sm ission.
This is an U N R E P E A T E D N I G H T L E T T E R , and is d eliv ered b y req u est o f th e sender, nnder th e co n d itio n s nam ed above.
THEO. N. VAIL, PRESIDENT
R e c e iv e d a t
BELVIDERE BROOKS, GENERAL MANAGER
2 6 sa
wh
h
)v V
\
M C
ELLIO TT
DURING
0
c q u .eot
i D
n
l
DENVER COLO JAN 2 6
WASHINGTON DO
LOS ANGELES HEARI NG
COMMITTEE W I L L
1
4
STOP AT HOTE L RAYMOND
/4
ADVISE
9
7 /7
TREASURY DEPT
PASADENA C A L I F O R N I A
1
KIELEY
COOKSEY
K
Reproduced from the Unclassified I Declassified Holdings of the National Archives
T R E A S U R Y
D E P A R T M E N T
T E L E G R A M .
W H E R E W R IT T E N :
Washington
RISERTK BANK ORGANIZATION COIiL',1 TTB®.
TO
January 28, 1914#
J.JUH.Kerr,
H&tionai Bank Exaxninert
four hundred thirty Union Oil Building,
Los Angeles, California*
Can you mast Coremittee on arrival Los Angolas fshruary fourth,
Hine fortT«*fifo
and assist la arranging details of hearing*
fill request those desiring to appsar to sand lists to you* Please
sss Georgs R. Cooksey, Private Secretary, and furnioh these lists In
advanos of hearing, together with mail seat in your cam* Sea Custodian
Federal Building and arrange for large table for Committee, smaller ones
for official reporters, representatives press and secretary Committee.
Answer*
Secretary
Reserve Bank Organisation Committee
OFFICIAL BUSINESS.
GOVERNMENT RATES.
C harge T
reasury
D
2—6827
o m c i AL.
epartm ent,
A
p p r o p r ia t io n
for
The appropriation from which payable m ust bo stated on afrove line.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Form 168
UNION
TEL^R A M
THEO. N. VAIL, PRESIDENT
r e c e iv e d AT Wyatt Buildinf, Cor. 14th and F Sts., Washington, D.C. ALWAYS
OPEN
0120NY R
3 4 COLLECT GOVT
WH LOSANGELES
CAL OEC 2 6 1 9 1 3
BYRON N NEWTON
ASST SECY OF TRFASURY
I
DEPARTMENT OF < # | f t C E A D V IS E S C IR C U IT
F IR S T
T H IS
UNLESS ANOTHER D IS T R IC T JUDGE
HARR|SON CUSTODIAN
858P
WASHINGTON OC
COURT ROOM A V A IL A B L E U N T IL FEBY
IS ASSIG NED TO HEAR CASE
IN
Reproduced from the Unclassified I Declassified Holdings of the National Archives
T R E A S U R Y
D E P A R T M E N T
W H E R E W R IT T E N :
T E L E G R A M .
/ j*
v K
Washington,
FEDERAL RESERVE aRGAMtXmOH COMMITTBS.
January 19, 1914*
Custodian,
Federal Building,
Loe Ange1«81 California.
Your telegram Secretary Newton* Fleaae wir* If Court
Room will fee available for Committeehearing Wednesday, February
fourth*
Secretary,Reserve Bank Organisation Committee*
OFFICIAL BUSINESS.
GOVERNMENT RATES.
C
harge
T
reasury
D
2— 6827
,
OFFICIAL*
epartm ent,
A
p p r o p r ia t io n
for
_________________________________________________________
T h e a p p ro p riatio n fro m w h ic h payable m u s t bo stated on above lin e .
D E P A R T M E N T A L S T O C K FORIVJ 2 1 2 8 .
Reproduced from the Unclassified I Declassified Holdings of the National Archives
[
S&pmztmmt
T E L E G R A M
38WTJ MO
23 Collect Govt
Jan 20 1914
M G E l l i o t t , Secretary Reserve Bank Organization Committee,
Washington, B .C .
Circuit Court Room available for committee is hearing Wednesday
February fourth
Harrison, Custodian
151pm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
T R E A S U R Y
D E P A R T M E N T
W H E R E W R IT T E N :
T E L E G R A M .
Washington,
RESERVE BANK ORGANIZATION COMHITTKS
February 3• 1914•
Custodian
Federal Building,
l*os Angeles* California*
Fleaoe arrange to have large table for Committee* smaller
tab lea for official «ienogra|.her», proas reporter© and aoorotary of
meeting to be httlti Cirouit Court Hoorn February fourth tea A*1I. Haw
aaked National Batik Examiner to eoopor&ts with you*
S e c re ta ry
Reserve Bank Organ i*aticn Coaniittee*
OFFICIAL BUSINESS.
GOVERNMENT RATES.
C
harge
T
reasu ry
D
2—6827
epartm en t,
^
A
p r b
^
iA
o tI w
J i* - # - ________________________________________________________________________________________________________________________
Th e appropriation from w h ich payable m u st be stated on above lin e.
D E P A R TM E N TA L S T O C K FORM 2 128 *
$vemuvy> §epKvtmmt
102WU H
53 pd
Blue
telegram
LosAngeles Oal Bee 37 1913
Hon W G MoAdoo
Seoty of treasury ijfashn DO
On your p a cific ooast trip during visit to LosAngaieB we wish to
extend to you courtesies of LosAngeles chamber ofl ooaameroe and
if it is your pleasure to be here february twenty fir s t we extend
you most oordial invitation to attend chamber of commerce
annual banquet,
LosAngeles chamber of uommercek
Arthur W Kinney Prest
Frank Wiggins Secretary
406pm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
December 31t 1913«
C«ntle»»n;
The Secretary
ths Tr$e.ai*ry
aAd the Sscrotary of '&rieuli.ur«
m t« «x^rtss ih*ir mpfrftci&tira ef your
ioltgimK of Bccttofcer 2?ik» ©rUndiag t&*
tf the Los tsgeles C3iaafc*r &£
aai ijaritiag i&*m t» the astmall
banquet ftf ike Cfcaafcwr *n February £Ut.
Thay rtgsvl it will b« iapfrsslfcl* t* «ti»
t«rd ill*
tecaus# the Comitteii
will h&vc left Lae Angel*# l«fore that
4&i«*
CtmmrM
k > ta$*3*s Cfeaafeer •* Q*a»*r««f
l*»e Angtle®, Cslifwaia.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
T R E A S U R Y
D E P A R T M E N T
W H E R E W R IT T E N :
T E L E G R A M .
v E IS
Washington,
£ S t
*
RSS&RV& BANK ORGAliiZATI ON COMMITTEE
Fabrmry 3 , 1914.
TO
Arthur
Kinney, President,
Chamber Commarea.
L o b Angela*t California*
Soaring of Committea Circuit Court Roe* February fourth tan A*M,
Pleaoo furniah list of thoae d ©airing to appear to George H. Cotkeey,
Private Secretary, Hotol Raymond, Pasadena*
Secretary
Baser*e Bank Organisation Coamittoo.
OFFICIAL BUSINESS.
GOVERNMENT RATES.
OFFI CIAL *
C h a rg e T r e a s u r y D e p a rtm e n t, A p p r o p r ia tio n
2—6827
fo r
_______________________________________________________________
The appropriation from which payable m ust be stated on above line.
DEPARTMENTAL STOCK FORM 2 128*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
T R E A S U R Y
D E P A R T M E N T
W H E R E W R IT T E N :
T E L E G R A M .
Washington,
RISERVE BANK ORGANIZATION
February 3, 1914
Oscar Thompson*
Uiiivereity Club,
Loa Angelee. California.
Con either you or £*A*H*Kftrr isest Cownitte* cn arrival to a Angeles
February fourth bine forty •five A«M. and assist aixk»*x*ags In arrang
ing details fc,r hearing la Circuit Court Room* Please cooporate with
Custodian to have large table for oesmlttae, smaller tables for official
stenographers, press reporters and secretary of nesting. Answer*
Secretary
Reserve Basic Organisation Committee.
OFFICIAL BUSINESS.
OFFICIAL.
GOVERNMENT RATES.
C harge T
reasury
D
2—6827
epartm ent,
A
p p r o p r ia t io n
f o r ____________________________________:_____________________________
The appropriation from which payable m ust be stated on above line.
DEPARTMENTAL STOCK FORM 2 128.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
WESTEJSM UNION
/
,
■
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, /
/
/
s
v
,! u ~ o
T
£
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Form 163
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T H E O . N . V A IL , P R E S ID E N T
r e c e iv e d AT
W y a tt B u ild in g , C o r. 1 4 th a n d F S ts ., W a s h in g to n , D .C .
ALW AYS
OPEN
F85C H HY 2 3 CO LLECT GR ANS
CALIF FEB 3 19 1 4
M C E L L IO T T
SECY RESERVE BANK OGN COM WASHN DC
TELEGRAM R ECEIVEO W IL L MEET C 8H M ITTE E
REQUESTED
OSCAR THOMPSON
8PM
AND MAKE T *
ARRANGEMENTS
0 5
@FedFRASER