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http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 4. TRANSFER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • CABLE ADDRESS PERMATEX. N.Y. IN A_., A B C 5' ED . AN 7 1955 : _ - PERMATEX COMPANY,INC MANUFACTURERS OF AUTOMOTIVE CHEMICAL PRODUCTS 1702 1720 AVENUE Y BROOKLYN 35, NEW YORK, U. S. A. OFFICE OF THE Telephone SHEEPSHEAD 3-1000 TREASURER December 20, 1954. Federal Reserve Board) Washington, D. C. Gentlemen: In dividing the United States into Federal Reserve Districts, I believe you divided it into twelve Districts. These Districts at times run on State Lines and I believe at other times divide States between oneDistrict and another. I was wondering if you have any data which would not only give us the exact outlines of your twelve Districts but the reasoning used in the formation of these Districts. To explain why we would like to have this information; we have at the present tin.° forty-four sales Districts with a certain number ,of these Districts under a Regional Manager. The Regions are not yet set in a positive manner and the thought came to us that it might be well for us to follow the method you have used because the indication is that we should have somewhere between ten and fifteen Regions. For example; if various statistics on Industrial business activity, particularly Automotive activity, were available it would be very helpful to us if we followed the layout according to your Districts. I hope from the above simple sketch you can understand what we are attempting to do and any assistance you can give us would be very much appreciated. Very truly you;s, !X COWANY, INC. PERT EGH:mob BRANCH OFFICE WAREHOUSES IN http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PORTLAND. SAN FRANCISCO. LOS ANGELES. DALLAS. ST. LOUIS, CHICAGO. DETROIT. CLEVELAND. ATLANTA. CHARLOTTE. NEW YORK http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October 14 _1954 1 REC'D IN PILES SVfilitJuN Governor Szymczak Lowell Myrick OCT .1 S igg4 \ e• Attached is a map similar to one prepared in response to Governor Vardaman's request at the October 4 Board meeting; it dhows the Seventh Federal Reserve District and the trading areas, as defined by Rand McNally, which lie either wholly or partially within the District. The heavy black line represents the Seventh District boundary; colors represent the trading areas. Cities underlined in rod are the major trading centers of each trading area. According to Rand McNally, the trading area boundaries have been determined after an intensive study of such factors as physiography, population, economic activities, highway facilities, railroad service, suburban transportation, newspaper circulation, Department of Commerce studies, and field reports of experienced sales analysts. A copy of this map has been sent to Governor Balderston. Attachmelli FOR FILE: Patricia B. Ivie http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11 F., 1-1;..F. : , tu.•; OCT 1 3 1954 1 Uctober 12, 1954. Governor Balderston ,owoll Ayrick In accordance with your request this morning, attached a map of the Seventh Federal Reserve District showing the is trading areas, as defined by and cNal1y, which lie either wholly or partly within the Seventh District. The heavy black line represents the Seventh District boundary; colors represent the trading areas. Cities underlined in red are the major trading centers for each trading area. According to sand cNally, the trading area boundaries have been determined after an intensive study of such factors as physiography, population, economic activities, highway facilities, railroad service, suburban transportation, newspaper circulation, Department of Commerce studies, and field reports of experienced sales analysts. muchiment II WMG:pbi C ) C:=5 1 patZirari„e V7 'REQ ;.1•1 FILES:SECTION CA" 12 JUN 2 1954.\: 'Carrie MAY Mr. Howard V.tassells, 1120 Buena Vista Dr., 9. E., Albuquerque, New Mexico. Dear Mr. Cassells: It was interesting to read your let_ter ef April 26(concerning the determination of Federal Reserve District boundaries. Perhaps the fact that there has been relatively little change in the boundaries since they were first established in 1914 will seen less strange in the light of the following information about the manner in which the lines were first drawn. The Federal Reserve Act as approved on December 23, 1913, set up a Reserve 13ank Organization Committee composed of the Secretary of the Treasurys the Secretary of !griculture, and the Comvtroller of the Currency. imong other thins, this Committee was to designate not less than eight nor more than twelve cities to be known as Federal Reserve cities; the continental United States, excluding !laska„ was to be divided into districts each of which would contain only one of such cities. The districts were to be apportioned with due regard to the convenience and customary course of business, and it was stated specifically that the district boundaries need not be coterminous with any State or States. The Organization Committee conducted extensive investigations in determining how many Federal Reserve districts should be established and what their boundaries should be. Special hearings were held in eighteen cities. Interested organizations such as clearing house associations and Chambers of Commerce were heard. Opportunity was given applicant cities to furnish evidence to support their claims as locations for Federal Reserve Banks. Independent investigations were made through the Treasury Department; the national banks, then about 7,500 in number, which were required by the Federal Reserve Act to be members of the Federal Reserve System, were canvassed as to their preference for Reserve Bank locations. Among the many factors which governed the Committee in determining the districts and the selection of cities iere the following: The ability of the member banks within the district to provide the minimum http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C HIf capital reouired for the organization of a Federal Reserve Bank; the mercantile, industrial, and financial connections existing in each district and the relations between the various parts of the district and the city selected for the location of its Federal Reserve Bank; the probable ability of each proposed Federal Reserve Bank to meet the legitimate demands of business, whether normal or abnormal, in accordance with the spirit and provisions of the Federal Reserve Act; fair and eouitable division of the available capital for the Federal Reserve Banks among the districts created; the general geographical situation of the district, transportation lines, and the facilities for speedy communication between the Federal Reserve Bank and all portions of the district; the population, area, and prevalent business z„ctivities of the district, whether agricultural, manufacturing, mining, or commercial, its record of growth and development in the past and its prospects for the future. Voluminous evidence and exhibits were considered. After the System was in operation the Federal Reserve Board, which had been given authority to readjust the district boundaries, received petitions from banks in several of the districts for certain transfers of territory from one district to another. After conducting further hearings and considering the evidence offered in support of these petitions, some adjustments in the district boundabies were madd. Relatively little change in boundaries has been made since that early period of readjustment. Also while these petitions were pending, the Federal Reserve Board considered whether a reduction in the number of Reserve Banks was not desirables but that consideration was suspended in view of an opinion rendered by the Attorney General of the United states on November 22, 1915, Which held that the Board possessed no power to reduce the number of Federal Reserve districts, The Federal Reserve Act provides for the establishment by Federal Reserve Banks of branches, and there are 211 such branches. 'Mile it is possible that a change in district boundaries might make it more convenient for some individual bank or banks, the 12 Federal Reserve Banks with their branches are in a position to serve the various areas. Incidentally, you sugrest that the entire State of New Mexico be assigned to District 11 as the affairs of that State are more closely aligned with Dallas than with Kansas City. The northern part of New Mexico was assigned to the Tenth District when the districts were originally established. The counties of Bernalillo, in which Albucuerque is located, and Valencia were transferred in 1926 from the Eleventh District to the Tenth District at the reouest of the member banks in thoscounties who based their reouest on the grounds that business relations of the communities were more closely related to Kansas City than to Dallas, Which statement was supported by similar information from other sources. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -3Any radical readjustment of district boundaries such as you suggest would involve a vast complexity of considerations. However, the subject is not a dead one. If the Board's continuing study of developments and changes in the economy, both national and regional, should disclose any marked inappropriateness of present boundaries, you may be sure that steps would be taken to remedy the situation. Very truly yours, (Eignee:i olerritt Sharma), Merritt Sherman, Assistant Secretary. P.S. A new edition of the booklet entitled *The Federal Reserve System; Purposes and Functions* was published recently. A copy is being seat you herewith, with the thought that it may he of general interest to you even though your class may have included the previous edition of the tooklet in its study. JKS/ec http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1120 Buena Vista Dr., S. • Albuqueroue i C1D IN FILES sEcTlex April 26, 1 JUN 2 1954 Chairman, Board of governors Federal Reserve System Washington, D. C. Dear Sir: The purpose of this note is to obtain information, which is not available elsewhere, and is written by :yself as representative of our chi;,a in honey and Bankin, here at the Univ rsity of New Lexico. Of cotrse one of the topics of 1:.ajc,r interest in a courLe such as this would be the Federal Reserve bystem. .1r our understanding of the "Systems's" orbanirLatit,na1 structure cr:,tai lised, an(, the trclitc,nd(1.1s respon,Lility of :,:ur co-iti,n Lcc,A.:e c Darent, a question develorcd which we fee3 has. serit, Lnd -)hich you can answer. EAled down, thc question i "What -Glrns (r urep: rati(ns are Lou made Per the ro-distriotin ff the Federal Districts"? If cur information is corr:.ct, the districts n,:w stand substantia1ly aE they did in 1913. Of cc, rse we don't pret'nd to understand the many facets and ramifications inv,. lved in the setting up of a district, , tut may we make a few suestions? 1. Dc away with District 5, by r)uttinr,:'ost Vir:nia with District 4; Virginia, I.!ary1and and Delaware with District 3; and North & South Car(,1ina with District 6. This would place incluEtry and acTiculture Jn thee areas into more homogeneous : ;xcups. 2. P3ace the entire state of New xice in District 11. Our affairs are more .closely aligned with Dallas than with Kansas City. Albuquerque lies in the Kansas City area. 3 Add a Federal Reserve District as Los Aneles with a branch bank at Salt Lake City, with about the saEe borders which they now have. Put all of th,,, state of Arizona in this new district. San Francisco would stay aL. is with its branch barks at PertLand and Seattle. Wel here in the west are justly. 1Droud of the population advances which have been made in recent yers. Since 1913, amest every western state has at least doubled its population and a few like California have trebled it. By coioliarien, population Lrcwth along the eastern s,?aboard has been rather .sitkly.. Tie realize that http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 other crraderat,icr;:, :Ilay be involved than , :711]ation, that would keep the prrflonderance ci bankir4; :in the hat, but that if he West , were T•Lvt-:n hilf a chance to iv,ve ncr rr pret,cntate banking, we cou3d devti]op fven more. It i hi-hly notAALle that veted intereit!: 1-nzw. ITLy prefer things to remain as they are new. Eow aLc.ut it? May we hce to hear frcm you? Rek,pectfully ycurE, V. CA5LEJiL • sii.CORDS SECTION 2 1 1957 A:4z4 nt4,, ,ga.e34 tet -447.410 •• / ;e614C;,L,, 1— • // 7 , 1,i-n4-114ete . 4-gielLe.--I CZOr • SOURCE: • March 1950 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Letter from Organization Committee on "Location of Reserve Districts in the United States" (p. 361) and 1914 Annual Report (p. 210) Early Annual Reports 1942 Report is latest with a list 1944 Report map shows Savannah discontinued Correspondence files (122. Boundaries, Federal Reserve Districts) and press releases Checked against Postal Guide for spelling and for verification of number of counties in each State http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /e -& q7 I http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -, C. FILES SECTION Yr. Joseph A. Erickson, 'resident, Federal Reserve Bank of Boston, 30 Pearl jtreet, Boston 6, Vassachusetts. Dear Erickson: For your information, there is enclosed a copy of a .letter which the Board has addressed to :.;enator Brien ncUahon in response to his inquiry as to the possibility of designating the State of Connecticut as a branch territory within the Second iederal Reserve District. Very truly yours, rerritt Sherman, Assistant Secretary. Enclosure HHH:elh 8/30219 Same letter sent to the President, Federal Reserve Bank of New York 1 R. 1 1 CorV.hura • Honorable Brien McMahon, United Stttea 3enhte, 'oashinzton 25, D. ,. Dear !lent tor MeFthon: This refer to your. lottar of_Augullt 3, 19491 in which you , in.Actto that it if; your vish to have the Stete of Connecticut rt, up as tf sub-district of Neu York". It is assumed that vou have in mind the entablishxant of the!State of Connecticut E branch territory within tile :econd Federal R*merve District uhich is .2erved by the Federal iteserve Bank of.Nev York. Before this result could be aceomplished, it would fillA be necetry to bring ebout o readjustnt of Cho :,oundt?iry liaem betveen ristricts zo that the econd. (or the FLrnt and .:7econe. Fethorr)1 Eeer District would include the entirc Statl? of Connecticut instead Nov York) present. If the Connecticut of c small portion of that State rs nevbPr banks no located, in the !Imo ragland District sbould wiah to be traasferree to the New York District, the proper procedure, as cated in the Board's letter of ngust 190_1949 41vould be for Loach 1:.anks to submit a petition to tile Board of Governors setting forth tbe. re*,zons ; why the sutiested change in district lines vould !'. e 7 In the event that such a .; etition st:culd be submitted and that the Poard should dew: it in the public intpreat to approve 51ach . a change in district lines, it would then be in order ror the memb er , banks in the Fitte of Connecticut, if they OD desire, to taA* up with the flotrd through the Federal Felerve Bank of New York the question of the designation of the State of Connecticut 48 a brttch territory .r:lthin the 1Te1w York Feaeral e.erve Listrict and the e!it!Ablishment of a. bmach of the Federvi 1 eserve Peak of Nov York to eiere that territoly.„ , ,/4, ' -77-fi111 P :7Jemoranc.ium,r6iitIthin,t fl44iin this connection, it is un6erstoo 2rocedurn for establishment of Federa te5;erve brnches 141"s trms- -4/4 mitts0_,t0_you by Governor Clayton of the Foam; in. Janunry of tL yeii; ana a coo! e that memorandum 1;1 enclosed herewith for your conw.niace. )4115, " ) ' IA1 ,T 4.40, i 'OF • sry truly yours, TiNT7PF G 301.1 ^ t Enclosure HRH:lim 83 / 0/49 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F 441r,Dr:IE0)?. • AUG 2 1 1949 FO PROVA OF I ktil '11Cierbutueomft ON BEHALF OF THE 30ARD voll:01$5 , t1-4.,, J.01 BRIEN MC MAHON,CONN. CHAIRMAN RICHARD B. RUSSELL, GA. EDWIN C. JOHNSON, COLO. TOM CONNALLY, TEX. MILLARD E. TYDINGS, MD. BOURKE B. HICKENLOOPER, IOWA ARTHUR H. VANDENBERG, MICH. EUGENE D. MILLIKIN, COLO. WILLIAM F. KNOWLAND, CALIF. WILLIAM L. BORDEN, EXECUTIVE DIRECTOR HAROLD BERGMAN,DEPUTY DIRECTOR http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • •Ab vir Comm of tbe Einiteb tette JOINT COMMITTEE ON ATOMIC ENERGY (CREATED PURSUANT TO PUBLIC LAW 585, 79TH CONGRESS) CA L T. DURHAM, N. C. VICE CHAIRMAN CHET HOLIFIELD, CALIF. MELVIN PRICE, ILL. PAUL J. KILDAY, TEX. HENRY M. JACKSON, WASH. W. STERLING COLE, N. Y. CHARLES H. ELSTON, OHIO CARL HINSHAW, CALIF. .. s E N REC'D IN Fir: S: SE:CY CriT\ k _7- , —( ---,-,• Aurrust 23, 1949 Lir. S. R. Carpenter Secretary Board of Governors of the Federal Reserve System ',;ashington 25, D. C. pear Lir. Carpenter: Thank you for your letter of Augu st 15th. Pittsburgh, as I urrierstand it, is a sub-office of the PhiladWila Listrict. Uhat I would like to do is to get the whole State of Connecticut set up as a sub-district under hew York. United States Senator FOR FILES W. R. - f • REC'D IN FILES SECTION •••=3 Atil,.; 24 1949 AUG 1 9 1949 Honorable Brien Maffahon, United states Senate, Washington 25, D. C. Dear SeLator :"olfahont This is in response to your letter of August 11, 1949, addressed to Chairman McCabe, regarding the procedure and requirements for setting up the State of Connecticut as a separate Federal keserve Under the law there is no authority for the establishment of new Federal Reserve listricts in addition to those now existine. Vchen the Federal heserve hot was enacted in 1913 Congress authorised a "Reserve sank :)rganization Committee" to designate not less than eight nor more than twelve Federal Reserve cities and to divide the country into Federal Reserve Districts, each district to contain only one of such Federal aeserve cities. The law also provided that the districts thus created might be readjusted and new districts created from time to time by the Federal Reserve Soard, "not to exceed twelve in all". However, i the - rzanization Committee elected to designate and establishthe maximum number of Federal iceserve cities and distriets authorized by the statute. Consequently, since twelve Federal Reserve TAstricts have been established, the board is without authority to provide for the creation of additional districts. As you know, the State of Connecticut is located partially in the First I.istrict and partially in the Second iistrict. It may be mentioned that under its authority to "readjust" the existing Federal Reserve Districts, the 3oard has from time to tine changed the boundary lines between the districts. Nu set procedure has been established in connection with such chan,,os in boundaries; generally member banks4hich have sought transfer from one district to another have submitted a petition t the Board of Governors setting forth the reasons why the suggested cnanIe in district lines was deened desirable. In acting on any such petition, the 13.oard would of course consider all relevant factors and would have in mind the provision of the Federal http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 FOR FILES -R. Gorthura 90 honorable 3rien McMahon Reserve Act that the districts "shall be apportioned with due regard to the convenience and customary course of business and shall not necessarily be coterminous with any State or ;Aates". If you should have any further questions in connection with this matter, we shall be very clad to advise you. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Very truly yours, 1S!GNED) S. R. CARPENTER S. R. Carpenter, Secretary. ....... ATYPTFs 014 .t.404e p‘lic, 19 1949 Fat Aporovat First to Mr... fiir. McCabe Mr. ._ Mr. Szymczak2.- . Mr. Draper C-th-J Mr. Evans Mr. Vardaman CLO3 . 1 Mr. Clayton__.0.1:2422.72. If you approve, please initial and return to Mr. Brennan 1 BRIEN MC MAHON,CONN. CHAIRMAN RICHARD B. RUSSELL, GA. EDWIN C. JOHNSON, COLO. TOM CONNALLY, TEX. MILLARD E. TYDINGS. MD. BOURKE B. HICK ENLOOPER, ICWA ARTHUR H. VANDENBERG, MICH. EUGENE D. MILLIKIN, COLO. WILLIAM F. KNOWLAND, CALIF. Congre5 of tbe JOINT COMMITTEE ON ATOMIC ENERGY (CREATED PURSUANT TO PUBLIC LAW 585, 79TH CONGRESS) WILLIAM L. BORDEN, EXECUTIVE DIRECTOR HAROLD BERGMAN,DEPUTY DIRECTOR http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0/110 / niteb ,tate 'CARLO T. DUR/IAM, N. C. VICE C4IRMAN HOLIFIELD, CALIF. MELVIN PRICE, ILL. PAUL J. KILDAY, TEX. HENRY M. JACKSON, WASH. W. STERLING COLE, N. Y. CHARLES H. ELSTON, OHIO CARL HINSHAW, CALIF. Er4/044 ZANOTfAr^... REC'D iN FILES SECTION ir;t3 AU G 24 1949 August llth, 1949 Honorable Thomas B• McCabe Chairman Federal Reserve System Federal Reserve Building Washington 25, D. C. Dear Mr. McCabe: Will you please have one of your aides outline for MB the necessary procedure and require- ments for having Connecticut set up as a separate Federal Reserve District? Sine e ours, 11 United States Senator 00 rEDERAL RESERVE BANK OF DALLAS R.R.GILBERT PRESIDENT August 10, 1949 /Jr. S. R. Carpenter, Secretary Board of Governors of the Federal Reserve System Washington, D. C. Dear Sam: Upon my return to the bank this week, I was very much pleased to find your letter of July 22 and a copy of your letter of the same date addressed to Congressman Carl Albert,fin regard to the possible transfer of certain counties in Oklahoma from the Eleventh Federal Reserve district to the Tenth Federal Reserve district. I sincerely hope that your letter to the Congressman will satisfactorily dispose of this http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis matter. -Uith my personal good wishes, I am, Sincerely yours, R. R. Gilbert Preside4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RECD IN FILES SECT/ON . ilhil -' *tt Li Ci ' 1 1949 !Jr. H. G. Leedy, ?resident, A3deral Reserve Bank of Kansas City, Kansas City 18, Missouri. JUL 2 2 1949 near Mr. Leedy: There is enclosed for your information a copy of the latter which the Poard has today sent to Congressman Albert of Oklahoma regarding the possible transfer of eight counties in southeastern Oklahoma from the 71eventh to the Tenth Federal Reserve district. Very truly yours, e" ftm71) R. R. CARPTNTFP , S. R. Carpenter, Secretary. raiclosure ••••••••• ju\_ 22 1949 JfiC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ur') FILES SECTION IN • AU • 1 1949 JUL 22 1949 7r. R. R. Gilbert, 'resident, Federal 1?eserve Bank of Pallas, Pallas 13, Texas. roar r. Gilbert: The information which you furnished in your letter of July 7 regarding the possible transfer of certain counties in Oklahoma to the 'onth Federal 70)— serve district was made the basis of a renly to Conzressman Albert, and a cooy of the 45oard's letter 2/---;-/v of this date to the Concressman is enclosed for your information. Very truly yore, (SI(NED S. R. CARPENTER S. R. Carpenter, Selretary. ..... MINT TTPS. ON Enclosure JUL 22 1949 1 01 I IN FILES SECTION I • AuG 1 JUL 2 2 1949 lonor10141 narl Anert, House of Representatives, 'ashineten, r. C. 'ear Cr 1949 '' cIngressan Alert:. ' Peference is made to the exchange of corresondence .4 so!Ith— In the concerning the posnlble transfer of eight **unties n of Oklahoma from the Pleventh Federal TAmerve eastern seotic district to the Tenth Federal :eserve district. The 'investigation *which Chairman McCabe advised you com7leted, In his letter of June 7 would be made has now been and the following: is submitted for your Information. southeastern section or Oklahoma whicN is boated the In the rsllas 4-'edera1 1;eserve district is comorisod of f4 the area served by ies which have been a part followint co,:nt that 'ank since its establishment: Tarshall !;rynxt Choctaw IltoCurtain Pushmataha Atoka Coal Johnston Tn these cow-Ales, there are 13 banks belongInz to the n, and sever. Federal eserve '.iystent with tottl assets of 27 millio n. There are , nonmember banks illth total assets c f about 17 millio itios with benkine. servile, with two banks serving each 15 oNmoun of the towns of rurant„ sdill, lago, ;este' ant! Antlers. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C ppy ffonorable Carl Albert _ 2 _ As far as mail service to the banking points in the area mail is concerned, the service for both ordinary and registered Oklahoma City. All is slightly better from Dallas than it is from over-night of the points, with the excention of one or two, are uently are two-day either from riallas or Oklahoma City, and conseq collection points from either Federal Reserve office. According to the latest information available, the mamber from Banks" banks in the eight counties had aggregate balances "Due was carried of ^14,691,000. Of these correspondent balances, /41.45 ct, with banks located in the Kansas City Federal Reserve distri these with 28.$ being carried with banks in Oklahoma City. Of l Reserve balances, 54.5% was carried with banks in the mallas Federa and Paris, district, including banks in Dallas, nenison, Sherman a few miles Texas, the three last-mentioned towns being located just Oklahoma. across the Red River from -adill, Torant, Hugo and Idabel, the area This would give some indication thptithe flow of trade of der of is toward the Fleventh Federal Reserve district. The remain outside banks 4.1 of the correspondent balances was carried with Tenth and Eleventh Federal Reserve district. of both the As a part of our investigation, and to ascertain the V. D. Gentry, sentiment of some of the bankers of the section, Mt. , called First Vice President of the Federal Reserve Bank of Dallas these Turant, Hugo, Idabel and Antlers. In on banks in find that there contacts !.!1-. Gentry reports that he was unable to in the eight was any complaint on the part of any bank or business t, counties, other than the one registered by your corresponden the contrary, he found very strong opposition Mr. F. H. Kim:. On among the banks to the suggested transfer, with many of the bankers indicating that they would vigorously protest any such action. During his visit to Idabel, Mr. Gentry had occasion to call on Mr. King at which time he explained to him the functions of the Pederal Reserve Bank and some of the operations of the Reconstruction Finance Corporation. It would appear that Mr. King was under the impression that there was a close connection between the operations of the Reconstruction Finance Corporation and the Federal Reserve Bank, due, probably, to the fact that the Dallas office of the Federal Reserve Bank and the rallas Loan Agency of the Reconstruction Finance Corporation serve the same Oklahoma area. Apparently, Mr. King felt that by reason of the eight counties referred to being served out of Dallas, both by the Federal Reserve Bank and the Dallas Loan Agency of the Reconstruction Finance Cornoration, instead of by Oklahoma City as the remainder or that 1;tate is served, it operated more or less to isolate that area of Oklahoma to the disadvantage of all business, narticularly the mortgage loan business. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6' Honorable Carl Albert - 3- On tho basis of the information which re Have obtained, it is evident; that there is no dissatisfaction on the part of the tanks of the area concerned in beinL attached to the Lallas Federal eserve district, and that they would not look with favor upon any 2roposal which might involve a chanse in 7ederal “eserve district lines. The location of econstruction Finance Corporation Loan aencios, and the territories which they servo, are matters rhich, of course, come mder the sunorvision of that corporation. It is hoped that tho above information will answer your inquiry satisfactorily, but if you should have any further comments to make we shall be pleased to receive them. AITACHED MEMORMITM very truly yours, (SIGNED) S. R. CARPENTER S. R. Carnenter, Secretary. FOR APPROV OF ON BEHALF OF THE.BOARP (ndo.1) 'or Circulatic Mr. Mr. UL. Mr. Sty rd ...... Mr. Dric Mi. Eva:. ICJ / NI. V uardait. 1 Mr. a)too _. ro t. t..•.:a to 'If. S !Stet L. ED 22 949 REVD IN FILES SECTION JUL 26 1949 '..?;'/ July 20, 1949 Board of Governors Mr. Carpenter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Attached is a or&ft of letter/to Coni:Tessman Albertj,/ s replying to a letter received from him stating that he had k /q ihad complaints frompeople in southeastern Oklahoma about f e?i that territory being In tne Dallas rather than the Kansas ">City District. Witn the approval of Mr. Vardaman, whose as- ' signmentn include the determination of district and branch territorial limits, a lette7_was_sent to Mr._pilbert asking him to look into tne matter and send a full report to the Board for its use in connection with the reply to the Congressman's letter. Upon receipt of Mr. Gilbert's,l,etter of 41114_7*(the attached draft of lEtter to Congressman Albert was prepared and sent to Mr. Vardaman for approval. he returned it with the statement that he felt the investigation of the matter should have been ma,le by the 6oard and not by the Federal Reserve Bank and therefore he was unwilling to approve the letter. 1 told him that I would submit the draft of reply to the other members of the Board who were here and if they approved we ;,,ould send it. His office advised me that this procedure was satisfactory to him. If you approve the proposed reply, please initial this memorandum. Att,chment 1 • , r.4.. , t"/ REC'D IN FILES SECTI917 ORD • OF GOVERNORS AUG • OF THE 1 1949 FEDERAL RESERVE SYSTEM 4.7=r zim , July 20 1949 Dee Office Correspondence To From Subject: Board of Governors Mr. Carpenter Attached is a draft of letter to Congressman Albert replying to a letter received from him stating that he had had complaints from people in southeastern Oklahoma about that territory being in the Dallas rather than the Kansas City District. With the approval of Mr. Vardaman, whose assignments include the determination of district and branch territorial limits, a letter was sent to Mr. Gilbert asking him to look into the matter and send a full report to the Board for its use in connection with the reply to the Congressman's letter. Upon receipt of Mr. Gilbert's letter of July 7, the attached draft of letter to Congressman Albert was prepared and sent to Mr. Vardaman for approval. He returned it with the statement that he felt the investigation of the matter should have been made by the Board and not by the Federal Reserve Bank and therefore he was unwilling to approve the letter. I told him that I would submit the draft of reply to the other members of the Board who were here and if they approved we would send it. His office advised me that this procedure was satisfactory to him. If you approve the proposed reply, please initial this memorandum. Far 173TCF7 Attachment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis First to -(1.110c,bet, IlicCab:)r3 LL4 ' Mr. Eccles Mr. Szymczak M r. Draper Mr. Evans Air. Vardaman a_ fri ZP-t Mt. Clayton_ If you approve, please 'dilal and return to Mr. Breznan REC'D IN FILES SECTION c\UG 1 1949 It4. 1 July 18, 1949 Files http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mr. Carpenter Followimz, receipt of Mr. Gilbert' letter of July '7 about the portion of Oklahoma that is in the Li-Mac District, I called Mr. K.oppang, First Vice President of the Federal Reserve Bank of Kansas City (in the 4vc, 7 absence of President Leedy) and Lola him of the reply we proposed t make r(11 '; Congreseman Albert's Letter, and asked if the-Kansas City Bank had to any different, views. Mr. KopprIng said that fo1lol.in6 receipt of the copy of the Board'Ajetter of June 7 tihey haa discussed the matter, and follovin,; receipt of a copy of Mr. Gilbert's letter of July 7 to the Board the matter was discussed again an that there was nothing in the picture that would lead them to feel that any action t change the district lines would be justified at this time. Mr. Koppang said that they haa so advised Mr. Gilbert. FOR FILF12. REC'D IN FILES SECTION JUL 15 1949“ 4 In accordance with your oral request, the attached list "Territory Served by Each Loan Agency and Office of Special Representative at San Juan, Puerto Rico" has been compared with similar details for Federal Reserve Districts as shown in this Division's memoranda (F-1558) dated January 31, 19h9. Exeept as indicated below one or a group of RFC Loan Agency area lines within the Continental United States coincide with Federal Reserve District area lines. DIFFERE7CES BETWEEN FEDTAAL RESERVE VISTRICTS AND R.F.C. LOAN AGENCY AREAS Federal Raservt R.F.C. Louisiana Sixth District Includes 313 parishes (southern part) New Orleans Loan twency handles entire State Eleventh District Incluaes 26 parishes (northern part) nississippi Sixth listrict Includes 3 counties (southern part) Eighth District Includes 3. counties (northern part) ) ) ) ) ) ) ) New Orleans Loan Agency handles entire State Tennessee Sixth District Includes 7/4 counties (eastern part) Nashville Loan Agency handles entire State El. Inolu(wester JO?env j, T. //". -0/ / http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ED) C. / FEDERAL RESERVE BANK OF DALLAS R.R.GILBERT AUG 1 1949 PRESIDENT July 7, 1949 Board of Governors of the Federal Reserve System Washington 25, D. C. Attention: Mr.. S. R. Carpenter Secretary Gentlemen: We refer to the B2Ard-1 5--2.4attelikne 7 and 2jdin regard to the matter presented by Congressman Albert of the Third Oklahoma District in his letters to the Board of May 28 and June 23. In his letter of May 28 Congressman Albert advised that he had received complaints from people in the southeast section of Oklahoma, which is located in the Eleventh Federal Reserve District, because all of the communities involved deal primarily with Oklahoma City financial organizations, located in the Tenth Federal Reserve District, and he asked if it would be feasible to have the entire state of Oklahoma located in the Tenth Federal Reserve District. With his letter of June 23, Congressman Albert enclosed a copy of a second letter of complaint which he had received from Mr. E. H. King of Idabel, who handles real estate and loans. As requested by the Board, we have made some investigation of the complaint and submit the following information for the use of the Board in its consideration of the question and in making further reply to Congressman Albert. The southeast section of Oklahoma which is located in the Eleventh Federal Reserve District is comprised of the following counties which have been a part of the area served by the Federal Reserve Bank of Dallas since its establishment: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Marshall Bryan Choctaw McCurtain Pushmataha Atoka Coal Johnston )A4/' • • • 2 In these eight counties are thirteen member banks with total assets of 26,719,000 and seven nonmember banks with total assets of $7,242,000. Five of the nonmember banks with total assets of $5,564,000 are on the Federal Reserve Par List. There are fifteen communities with banking service, with two banks serving each of the towns of Durant, Ladill, Hugo, Idabel, and Antlers. Of these ten banks with assets representing 70.5% of the total assets of all tanking institutions in the area, eight are members of the Federal Reserve System, with assets representing 60.5 of the total assets of all the banks and 82.7% of the total assets of the thirteen member banks. On the whole, the mail service from Dallas to the banking points in this area for both ordinary and registered nail is slightly better than it is from Oklahoma City, although there is not a great deal of difference. All of the points, with the exception of one or two, are overnight from either Dallas or Oklahoma City, and consequently are twoday collection points from either Federal Reserve office. As of the date on which they were last examined, the thirteen member banks in the area had aggregate balances due from banks of S4,691,000. 41.4% of these balances were carried with Oklahoma City banks and other Tenth District banks, with 28.9% being carried with Oklahoma City banks. 54.5% of these balances were carried with Eleventh District banks, with 30.95 carried with Dallas banks. Balances carried with banks outside the Tenth and Eleventh Districts amounted to 4.1. Checks forwarded for collection by this bank to the eighteen par remitting banks of the area during the week beginning June 13 numbered 18,037 and aggregated $1,917,000 in amount. /1.6(;; of the number of items and 48% of the amount bore first bank endorsements of Tenth District banks as against 36% of the number and 31% of the amount bearing first bank endorsements of Eleventh District banks. 18% of the number and 215 of the amount bore first bank endorsements of banks in other Federal Reserve Districts. This information was compiled with the thought that it would give some indication of the flow of trade, but we feel that it is not an indication to be relied upon without further study. These figures on check forwardings do not include, of course, checks sent direct to these banks by correspondent banks in the two Federal Reserve Districts. As will be noted from the figures relating to correspondent balances, substantial amounts are carried with Dallas and other Eleventh District banks, including banks in Deni,son, Sherman, and Paris, Texas, all located just a few miles across the Red River from iiadi1l, Durant, Hugo, and Idabel. We have not undertaken to secure any information as to either the character or volume of direct sendings by these correspondent banks, or similar information with 'respect to direct sendings by Tenth District correspondent banks. Such information could alter materially the showing in this respect. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 3 As a part of our investigation and to ascertain the sentiment of some of the banks of that area, and also to find out if there had been any complaints registered by others than Yr. King of Idabel, First Vice President Gentry called on the banks of Madill, Durant, Hugo, and Idabel. He also discussed the matter with Mr. li;t. L. Peterson, President of the First National Bank at Antlers, Oklahoma. Mr. Peterson is also President of the State National Bank of Denison, Texas, and a Class I, Director of this bank. In addition, Mr. Gentry called on Mr. King at Idabel and discussed with him the nature of his complaint. Mr. Gentry reports as follows. fir. M. W. Fitzgerald, President of the Durant National Bank (assets 5,645,000),was not aware of any complaints on account of Durant or any other portion of the eight-county area being situated in the Eleventh iederal Reserve District. He stated that he is entirely satisfied with things as they are and that if any movement should develop toward transferring that area out of this district, he wanted to be advised so he could register a protest. Yr. A. W. Mason, Vice President of the First National Bank, Durant (assets ', ; 4,356,000), expressed a similar view. He had been previously informed of the complaint registered by Mr. King with Congressman Albert and had discussed it with the Chairman of his bank, Mr. C. C. Hatchett, who, on his own initiative, is writing a letter to Congressman Albert Prgtesting the transfer of that area from the Eleventh District. Ar. Roy Lockhart, Vice President of the First National Bank of Madill (assets $1,874,000), stated that Mr. Brillhart, President of his bank, who is also a director of the State National Bank of Denison, had been informed by Mr. Peterson of that bank of Mr. King's complaint, and he wanted the opportunity of prote .gtii2g any move to have the area transferred from the Eleventh District. Mr. M. B. Bryant, President of the Madill National Bank (assets $2,031,000) stated that he was strongly opposed to any transfer from the Eleventh Federal Reserve District. He had no complaints to register himself, and knew of no other bank or business concern in the eight-county area that had any complaint. Mr. R. C. Newton, President of the Security First National Bank, Hugo (assets 2,712,000) stated that he was satisfied with things as they are, that he would qtrprigly oppose any transfer from the Eleventh District, and that he was registering his opposition by letter with Congressman Albert. Mr. Robert M. Firebaugh, Executive Vice President, The Citizens State Bank, Hugo, a member of the Federal Reserve System (assets $1,694,000) feels as Mr. Newton of the Security First National does, and would actively oppose any transfer of his trade area from this district. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L. Mr. Jeff D. Atkerson, Executive Vice President of the Idabel National Bank (assets 2,135,000), stated that he was perfectly satisfied with the present situation, and that he would mase any transfer of Idabel and the Idabel trade area from the Eleventh Federal Reserve District. He stated, that he knows Mr. King and the nature of his business and the nature of his complaint, and it has no relationship to the eight counties in southeast Oklahoma being in the Eleventh Federal Reserve District. It seems that Mr. King, who has been in the real estate and mortgage loan business in Idabel for a number of years, approached Mr. Atkerson on making some F.H.A. and GI loans which he (Mr. King) thought he might be able to process for the bank, and not many weeks ago Mr. King and la.. Atkerson came to Dallas to discuss with the Dallas RFC Loan Agency the sale of such loans to the RFC if and when the bank should wish to dispose of them. Upon being informed by the Loan Agency that the RFC would not purchase more than 50% of the aggregate of such loans that the bank might make, Mr. Atkerson told Mr. King that for the present at least his bank preferred not to make any such loans. Mr. Atkerson expressed the thought that Mr. King was confused with regard to the operations of the RFC and the functions of the Federal Reserve Bank, and that it was probably due to the fact that the Dallas RFC Loan Agency serves the same Oklahoma area that is served by this bank. Mr. Frank A. Wooten, President of the First State Bank, Idabel (assets •452,365,000), was not aware of a complaint on the part of anyone in the Idabel area about Idabel being in the Eleventh District. Although his bank is not a member of the System, he stated he had no complaints on account of being in the Dallas District, although he thought his preference, if the matter of the transfer of the area should come to an issue, would be to deal with Oklahoma City. He said he would want to know all the facts, however, regarding the flow of trade, etc., before lending his support or the support of his bank to either side of the question. After Mr. Gentry discussed with Mr. E. H. King, whose office is just to the rear of the Idabel National Bank, the nature of his complaint, and explained the functions of the Federal Reserve Bank and some of the operations of the RFC, he readily admitted that the letters he had filed with Congressman Albert should have been referred by the Congressman to the RFC in Washington rather than to the Board of Governors. He stated that he was under the impression that there was a close connection between operations of the RFC and the Federal Reserve Bank, probably on account of the fact that the Dallas Office of the Federal Reserve Bank and the Dallas Loan Agency of the RFC serve the same Oklahoma area, and that if that area could be transferred from the Dallas District to the Oklahoma City District, it would operate to better his opportunities for processing mortgage loans and for marketing them. He stated he had the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • • feeling that by reason of the eight counties referred to being served out of Dallas, both by the Federal Reserve Bank and the Dallas Agency of the RFC, instead of by Oklahoma City as the rest of the state is served, it operated more or less to isolate that area of Oklahoma to the disadvantage of all business, and particularly the mortgage loan business. In these contacts made by Mr.. Gentry, he was unable to find that or business in the eightthere was any complaint on the part of any area other than the one registered by Mr. King. On the contrary, county he found very_strong opposition among the banks he contacted to the suggested transfer. We hope this information will enable the Board to reply appropriately to Congressman Albert, but if additional information is desired, we shall be glad to furnish it. If, after the Board replies to Congressman Albert, he indicates an intention to pursue the matter further, we shall appreciate being advised, as all the bankers with whom Mr. Gentry discussed the matter, except one nonmember banker, want an opportunity to register their protests. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Very truly yours, R. R. Gilbert President http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REC'D IN FILES SECTION JUL 5 / June 27, 1949. Files Mr. :Merman Mr. Gentry, First Vice Preeident of the DLllae Bank, telephoned this afternoon with reference to our letters of June 7 end 24, 1949 concerning the euetion of a possible change of eight counties in Oklahoma from the Eleventh Federal Reserve district to the Tenth Federal Reserve dirtrict, raised in letters from ConKreeslean Al'eert dated May 28 and June 23. Mr. Gentry said that upon receiving Vie earlier letter from the Poard, a comprehensive study was undertaken, that much of the statistical n enich the information had been compiled as to the trade ere were located, and that he _el nned to call counties in eueetion upon the banks located in those counties this week, et which time he would inquire as to whether there had been any indication that either AF the banks or the business communities felt chenge in the Reserve district 'oundry lines. there should be Mr. Gentry eent on to say that the second letter from Congressman Albert • - nd the copy of a letter from Mr. E. H. King of Idabel, Oklahoma had been recoived tocay Lndicating that the main question might have erisen because of the servicing of R.F.C. activities. In view of this, Mr. entry wondered ehether it would be desirable to make no further investigation, but to submit such information as the Dellas Bank now had for the consideration of the Board, with the thought that a reply might be prepared to Congressman Albert's letter euggesting that the problem was one for presentetion to the R.F.C. rather than to the Reserve Bank. I suggested to Mr. Gentry that since their study had prese:Itly progressed a considerel-le distance, end since he had obtained information from a couple of bankers in the territories in question, and in view of the fact that he was planning to make cells on other banks within the next two or three days, it might be desireble to complete those calls, during the course of which he could pick up information as to whether dissatisfaction with the existint, Reserve district boundry existed. Mr. Gentry agreed with thie thought, stating that if there wes eeme indication of dissatisfaction among member banks in the area under discussion, he woull then wish to make calls on virtually all of the member banks in the territory before eenqini, hie report to the Board. It was understood thie irccedure would be followed. 1 .-1.9/ejw 111110NRD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Office Correspondence To Files From Mr. Sherman Subject: Mr. Gentry, First Vice President of the Dallas Bank, telephoned this afternoon with reference to our letters of June 7 and 24, 1949 concerning the question of a possible change of eight counties in Oklahoma from the Eleventh Federal Reserve district to the Tenth Federal Reserve district, raised in letters from Congressman Albert dated May 28 and June 23. Mr. Gentry said that upon receiving the earlier letter from the Board, a comprehensive study was undertaken, that much of the statistical information had been compiled as to the trade area in which the counties in question were located, and that he planned to call upon the banks located in those counties this week, at which time he would inquire as to whether there had been any indication that either 0 the banks or the business communities felt there should be a change in the Reserve district boundry lines. Mr. Gentry went on to say that the second letter from Congressman Albert and the copy of a letter from Mr. E. H. King of Idabel, Oklahoma had been received today indicating that the main question might have arisen because of the servicing of R.F.C. activities. In view of this, Mr. Gentry wondered whether it would be desirable to make no further investigation, but to submit such information as the Dallas Bank now had for the consideration of the Board, with the thought that a reply might be prepared to Congressman Albert's letter suggesting that the problem was one for presentation to the R.F.C. rather than to the Reserve Bank. I suggested to Mr. Gentry that since their study had presently progressed a considerable distance, and since he had obtained information from a couple of bankers in the territories in question, and in view of the fact that he was planning to make calls on other banks within the next two or three days, it might be desirable to complete those calls, during the course of which he could pick up information as to whether dissatisfaction with the existing Reserve district boundry existed. Mr. Gentry agreed with this thought, stating that if there was same indication of dissatisfaction among member banks in the area under discussion, he would then wish to make calls cn virtually all of the member banks in the territory before sending his report to the Board. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis It was understood this procedure would be followed. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IN FILES SECTION 2 7 194 ) JUN JUN 2 4 1949 Mr. F. R. Gilbert, Pre:Adent, Federal Reserve iBnk of Dallas, Dallas, Texas. Dear 14r. Gilbert: With further reference to my letter o June 7 4nd your reply of June 134 there is en--ercTied a sei'Eand letter from Congressman Albert pith respect to the suggested tranfer of counties in southeastern Oklahoma from the eleventh to the tenth Federal Reserve district. A copy of my reply is al— so enclosed. _AGNED) S. R. CARP'ENTEC . R. Carpenter, Secretary. Enclosures /111C/mg Ps http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Honorable Carl Albert, House of leprebenttitives, 1,ashinaton, D. C. , JUN 2 4 1949 Dear Congre&man Albert: M,ny thanks for your letter of June 23 / o Chinn t McCabe with which you enclosed a copy of— a7Tetter from Mr. E. H. King, who handles real estate and loans at Idabel, OKlahoma, ',ith further regard to the possible transfer of counties in southeastern Okln.homa from the eleventh to the tenth Federal Reserve district. ,41;- avaim&n IcCabe advised you in his letter of June 7, 1.949,' an investigation is being ma,te of , thi -S-matter and he will write you again as soon as the results of the investigation are availaUe. The letter from Mr. King will he helpful in that connection. Very truly yours, MGNED) S. R. CARPEN TER S. R. Carpenter, Secretary. RC/mg c: Mr. R. R. Gilbert ED JO (.411-A CARLALBERT,M.C. 30 OISTRIFT, OKLAHOMA HOME ADDRESS: MCALESTER, OKLAHOMA 0• 411 111 Congre5E; of the Einiteb • tate5 COUNTIES: ATOKA BRYAN CARTER CHOCTAW LATI M ER COMMITTEES: AGRICULTURE HOUSE ADMINISTRATION 452 HOUSE OFFICE BUILDING Rpu5eofRepreskntatib0 COUNTIES: LE FLORE LOVE MARSHALL MC CURTAIN PITTSBURG ZEintington, D. C. June 23, 1949 Mr. Thomas B. McCabe, Chairman Board of Governors Federal Reserve System Nashington, D.C. Dear Mr. McCabe: With further reference to our letter of May 23, fprotesting s7Caheastern Oklahoma from District the exclusion of a part of -Federal Reserve system, we are enclosing a copy Eleven of the of another letter from Mr. E.H. King who handles real estate and loans at Idabel. I will be glad for you to use this in any way you see fit in an effort to rectify this situation which is causing difficulty in our section of the state. Sincerely yours, alLeAZ, CARL ALBERT, hi.C. Oklahoma - Third District CA:ab http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R.Fc'D IN FILES SECTION $4. E. H. KING Real Estate and Loans Idabel, Oklahoma June 20, 1949 Hon. Carl Albert Meer of Congress National Capitol Building Washington, J.C4 Dear Mr. Albert: I received your good letter of the 8th with copy of letter you had received from Mr. McCabe, Chairman of the Federal Reserve system. This indicates that you are really getting at the source of the situation whether or not we will be able to get any relief such as I have indiPPted before. I am of the opinion we should not expect them to change tne whole Federal Reserve system, but it yet appears to me that we could be arranged in the Eleventh District that we might be able to operate or have our loans effective in the seven Southeastern Oklahoma Counties in so f*it controls the RFC buying our loans. It may be that I am out of step with the situa but since I have studied this situation during the past seve g -rsT decided that I would begin calling Some ones attention to our s uatio as relates to these two systems, and if we get nothing done to re ev s w/ /can t do any harm since it is so o • 'kers and eligible sellers of FHA unsatisfactory now for real esta and G.I. loans who are located in 4. area. You will understand that I can not qualify as an eligible sell: of ese loans and neither as a mortgagee because it takes $50,000.00 to d s, but because I am a qualified appraiser and processor of such 14-..4s I ha; a concern located in this county who can qualify under these rules "; concern can and will qualify to sell and service this class loan an my office will qualify to appraise and process the loans. An arrangement ike this would be satisfactory and ample to handle three or four of the Southeastern Counties in your district. If we can get a setup like this in the Southeastern Counties then it will be easy to arrange another in the area to handle the other three or four counties in the South — eastern part of the State that is now left setting out in the cold as the situation no.; is. Ue, a few of us here, are working as quietly as possible on this, to avoid some outsider having something to say or do something that might interfere in the process of making. When you have heard from Mr. McCabe again I would appreciate hearing from you. It appears quite possible tnat as yet we will have to work this through the Dallas office or District, but we will understand better just how to go about the matter when we have determined there is nothing that we can do to allow us to handle our loans through the Oklahoma City office. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sincerely yours, E. H. King •• FEDERAL RESERVE BANK OF DALLAS R.R.GILBERT PRESIDENT June 13, 1949 -24, , LV REC'D IN FILES SECTICk5 JUN 20 1949 Mr. S. R. Carpenter, Secretary Board of Governors of the Federal Reserve System Washington, D. C. D3ar Sam: At the meeting of our Board of Directors last Thursday, I read your letter of Jung_7 and attachment, concerning the suggestion made by Congressman Carl Albert of the Third Oklahoma district, that the eight counties in the southeastern portion of Oklahoma, which are in our district, be transferred to the Tenth Federal Reserve District. We have heard nothing from any of the bankers or businessmen in that part of Oklahoma which would indicate that they would like to have those counties in this district transferred to the Tenth District, and when I talked to Mr. Leedy„ President of the Kansas City Bank, about the matter, he advised me that so far as he knew there was no dissatisfaction with existing boundary lines. Our directors were quite concerned over the possibility of this bank having a portion of its territory transferred to another districtj and requested me to make a thorough investigation for the purpose of determining to what extent there existed a feeling that a transfer should be made. We are now making a survey/to determine at which banks in this district the banks in the southeastern part of Oklahoma are carrying their principal accounts, whether the flow of trade is toward this district or the Tenth District, whether ordinary and registered mail service to and from Dallas is as good as it is from and to Oklahoma City, and to obtain such additional information as would be helpful in considering the suggestion further. It may take a little time to obtain the necessary information and to prepare it for submission to our Board, but I shall be glad to let you hear from me again as soon as that has been done. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis With all good wishes, I am, Sincerely yours, R. R. Gilbert President I BOARD OF GOVERNORS OF OFFICE OF THE F.R.RESERVE SYSTEM GOV. VARDAMAN Memorandum to Mr. Carpent Referring to the attached letter from Mr. Gilbert, dated June 13: Governor Vardaman would like to know if the interested Congressman has been advised, and who will keep him advised. He suggests that the matter be up-dated, and if nothing is heard from the Bank within thirty days, it should be followed up with an inquiry to the Bank. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis dbh http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J IN FILES SECTION JUN 15 1949 Honorable Carl Albert, House of Representatives, Washington, D. C. I received your letter of :.ay 28, 19491 in wnich you state that you had received complaints from people in southeastern Oklahoma about the location of that area in thr- Eleventh Federal Reserve District while the communities involved deal primarily with Oklahoma City financial organizations which are located in the Tenth Federal Reserve District. I appreciate your writing re on this matter because it has not been brougnt to our attention from any other source and we have not known of any dissatisfaction with respect to the existing district lines. The necessary investigation will be made promptly and I will write you again as soon as thq results of the investigation are available. / /MUTES ON •• ../tti (64GNED) THOMAS B. McCABF Thomas B. McCabe, Chairman. SRC/mg cc: Chairman McCabe C i Mr. R. R. Gilbert Mr.,G. H. Leedy JUN 7. 1949 IvEC IN FILES SECTION JUN JUN 949 7 1349 Mr. ?. H. Gilbert, President, Fe.teral Reserve Bath( of Dallas, Dallas, Texas. Dear Mr. Gilbert: si9 Chairman McCabe has just received a letter[from Congresaman Carl Albert from the Third Oklahoma .district in which he states that he has received complaints from people in the southeastern section of Oklahoma, which is located in tne Dallas District, because all of the communities involved deal primarily with Oklahoma City financial organizations which, in turn, are located in the Tenth Federal Reserve District. He asks whether it would be feasible to have the entire State of Oklahoma located in the Tenth Federal Reserve District. A copy of Chairman McCabe', interim reply i.. enclosed , herewith. The Hoard will appreciate it greatly if you will look into the matter and send to us a full report reoarding it for 1.16C in connection with the further reply to be made to Congressran Albert. We are sending a copy of this letter to ?resident Leedy for his Information and you may wish to discuss the matter with him. Sincerely yours, (SIGNED) S, R. CARPENTER S. R. Carpenter, Secretary. Ficio&ure SRC/mg t9. Ierrn cr: 7 [ / , Ci http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis [ FOR FILES W. R. Corkhum CARLALSERT,M.C. 3D DISTRICT, OKLAHOMA III0 • COMMITTEE: AGRICULTURE HOME ADDRESS: Nei cALESTER, OKLAHOMA 452 HOUSE OFFICE BUILDING Congre55 of Me Elniteb COUNTIES: ATOKA BRYAN CARTER CHOCTAW LATIM ER tate5 COUNTIES: LE FLORE LOVE MARSHALL MC CURTAIN ji)otWe of 11eprefSentatibe5 ttlitiobington, O.(C. RECT IN FILES s May 28,1949 JUN ,tJ5 94q LES SECTION Hon. Thomas B. McCabe Chairman, Board of Governors Federal Reserve System Washington, D.C. JUN 20 1949 Dear Mk. ilcCabe: A part of Southeastern Oklahoma is located in District Eleven of the Federal Reserve System. We have had complaints from people of this section of Oklahoma because all our Oklahoma communities deal primarily with Oklahoma City financial organizations which, in turn, are operated through District Ten of the Federal Reserve System. Would it be possible to have the entire state of Oklahoma located in the same district? Sincere/7 yours, caPARA-6 CARIALBERT, M.C. Oklahoma - Third District CA:ab http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERAL RESERVE DISTRICTS (Composition by States and Counties) January 31, 1949 DIS TRI CT NO. 1 - BOSTON Connecticut (excluding Fairfield County) aine Massachusetts New Hampshire Rhode Is land Vermont DISTRICT NO. 2 - NEW YORK Connecticut (Fairfield County) New Jersey Counties of-Hunterdon Bergen Middlesex Essex Monmouth Hudson New York Morris Passaic Somerset Sussex Union Warren DISTRICT NO. 3 - PHILADELPHIA Delaware New Jersey Counties of-Cape May Atlantic Cumber land Burlington Camden Pennsylvania eastern part) Counties of-Clinton Adams Columbia Bedford Cumber la n d Be rks Dauphin Blair Delaware Bradford Bucks Elk Franklin Cambria Fulton Cameron Huntingdon Carbon Juniata Center Lackawanna Che ster Lancaster Clearfield http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Gloucester Mercer Ocean Salem Lebanon Lehigh Luzerne Lycoming McKean Mi.fflin Monroe Montgomery Montour ortha mpt on Northumberland Perry Phi la de lphia Pike Potter Schuylki 11 Snyder Sullivan Sus quehanna Ti oga Union Wayne Wyoming York • • •• - 2- DISTRICT NO. )4 - CIEVELAND Kentucky (eastern part) Countie s of-Fleming Bath Floyd Bell Garrard Boone Grant Bourbon Greenup Boyd Harlan Bracken Harrison Breathitt Jackson Campbell Jessamine Ca rter Johns on Clark Kenton Clay Knott Elliott Knox tilEs Laurel Fayette Ohio Pennsylvania (western part) Counties of Al le gheny Erie Armstrong Fayette Beaver Forest But le r Greene C la ri on West Virginia (northern part) Counties of-Marshall Brooke Ohio Hancock DISTRICT NO. District of Columbia Maryland North Carolina South Carolina Virginia West Virginia (southernpart) Counties of-Hardy Barbour Harris on Berke ley Jacks on Boone Jeffers on Braxton Kanawha Cabell Lewls Calhoun Lincoln Clay Logan Doddri dge Mc Dowell Fayette Marion Gi line r Mason Grant Mercer Greenbrier Mineral Hampshi re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Lawrence Lee Leslie Letcher Lewis Lincoln McCreary Madison Ma g offin Martin ia son Menifee Montgomery Lorgan Nicholas Ows ley Pendleton Perry Pike Powell Pulaski Roberts on Rockcastle Rowan Scott Whitley Wolfe Woodford Indiana Jefferson Lawrence Mercer Somerset Venango Wa Tren Washington Westmoreland Tyler Wetzel 5- RICHT:0ND Mingo Monongalia Monroe Morgan Ni chola s Pendleton Plea sants Pocahontas Preston Putnam Ralei gh Randolph Ritchie Roane Summe rs Taylor Tucker Ups hur Wayne Webster Wirt Wood Wyoming • • 41 • 3 DISTRICT NO. 6- ATLANTA Alabama Florida Georgia Louisiana (southern part) Parishes of--' Tangipahoa Rapi des Evangeline Acadia Terrebonne St. Bernard Iberia Allen Vermilion St. Charles I beryl lle Ascension Vernon St. Helena Jefferson Assumption Washington St. James Jefferson Davis Avoyelles West Baton St. John the Lafayette Beauregard Rouge Baptist La Fourche Calcasieu West Feliciana St. Landry Livingston Comer on St. Martin Orleans East Baton St. Lary quemines Pla Rouge St. Tammany Coupee East Feliciana Pointe Mississippi (southe rn part) Counties of-Scott Lawrence Harrison Adams Sharkey Leake Hinds Amite Simpson Lincoln ssaquena I Claiborne Smith Ma di s on Jackson Clarke Stone Lari on Jasper Co pi ah Waltha 11 Ieshoba Jefferson Covington Warren Newton Jefferson Davis Forrest Wayne Pearl River Jones Franklin Wilkinson Perry Kemper George Yazoo Pike Lamar Greene Rankin Lauderdale Han cock Tennessee (eastern part) Ccunties of-Scott McMinn Giles Anderson Sequatchie Macon Grainger Bedford Sevier Mari on Greene Bledsoe Smith Marshall Grundy Blount HancockStewart Hamblen Bradley Sullivan g Hamilton Campbell Summer Monroe Hancock Cannon Trous dale Montgomery Hawkins Carter Unicoi Moore Hickman Cheatham Union Morgan Houston Claiborne Van Buren Overton Humphreys Clay Perry Warren Jackson Co eke Washington Pickett Jeffers on Coffee Wayne Polk Johnson Cumberland Putnam White Knox Davidson Williamson Rhea Lawrence De Kalb Wilson Roane Lewis Di ok son Robertson Lincoln Fentress Rutherford ford Loudon Franklin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis •• III 41 4 DISTRICT NO. 7 - CHICAGO Illinois (northern part) Counties of-Livingston Ford Boone Logan Fulton Bureau McDonough Grundy Carroll McHenry Cass Hancock McLean Champaign Henderson Macon Henry Christian Marshall Iroquois Clark Mason Coles Jo Daviess Menard Cook Kane Mercer Kankakee Cumberland Moultrie De Kalb Kendall Ogle De Witt Knox Peoria Lake Douglass Piatt Du Page La Salle Putnam Edgar Lee Indiana (northern part) Counties of-La Porte Fountain Adams /adison Franklin Allen FultonMarion Bartholomew Marshall Grant Benton Miami Hamilton Blackford Monroe Hancock Boone /!,antgomery Hendricks Brown Morgan Henry Carroll h ewton Howard Cass Noble Huntington Clay Ohio Jasper Clinton Owen Jay Dearborn Parke Jennings Decatur Porter Johnson De Kalb Pulaski Kosciusko Delaware Putnam Lagrange Elkhart Randolph Lake Fayette Iowa Michigan (southern part Ccunties of-Gladwin Calhoun Alcona Grand Traverse Cass Allegan Gratiot Charlevoix Alpena Hillsdale Cheboygan Antrim Huron Clare Arenac Ingham Clinton Barry Iona Crawford Bay Iosco Eaton Benzie Isabella Emmt Berrien Jackson Genesee Branch http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Rock Island Sangamon Schuyler Shelby Stark Stephenson Tazewell Vermilion Warren Whiteside Will Winnebago Woodford Ripley Rush St. Joseph Shelby Starke Steuben Tippecanoe Tipton Union Vermillion Vigo Wabash Warren Wayne Wells White Whitley Kalamazoo Kalkaska Kent Lake Lapeer Lee lanau Lenawee Livingston Macomb Yanistee (Continued on page 5) • 41 DISTRICT NO. 7 - CHICAGO (Continued) Michigan s ou the rn part) Counties of-- Continue d Mason Mu ske gon ewaygo Me cos ta Mi dland Oakland Oceana Mis saukee Ogemaw Mon roe Osceola Montca lm Os co da /ontmorency Wis con si n (southern part) Counties of-Green lake Adams I owa Brown Jackson Calumet Jefferson Clark Juneau Columbia Kenosha Crawford Kewaunee Dane Lafayette Dodge Lan g la de Door Va.ni towoc Fond du Lac 1.1:a rath on Grant Green http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Otsego Ottawa Presque Isle Ros common Saginaw St. Clair St. Joseph Sani lac Shiawass ee Tuscola Van Buren Washtenaw Wayne Wexford Marinette Marquette Milwaukee Monroe Oconto Outa gami e Ozaukee Portage Racine Richland Rock Sauk Shawano Sheboygan Vernon Walworth Washington Waukesha Wau pa ca Wa u s ha ra Winnebago Wood -6- • DISTRICT NO. 8 - ST. LOUIS Arkansas Illinois (southern part) -Counties of Franklin Adams Gallatin Alexander Bond Greene Hamilton Brown Hardin Calhoun Clay Jackson Jasper Clinton Jefferson Crawford Jersey Edwards Johnson Effingham Lawrence Payette Indiana (southern part) Counties of-Greene Clark Harrison Crawford Jackson Davies Jefferson Dubois Knox Floyd Lawrence Gibson Kentucky (western part) Counties of-Crittenden Adair Cumberland Allen Daviess An Edmonson Ballard Franklin Barren Fulton Boyle Gallatin Breckinridge Graves Bullitt Grayson Butler Green Caldwell Hancock Calloway Hardin Carlisle Hart Carroll Henderson Casey Henry Christian Hickman Clinton Mississippi (northern part) Counties of-De Soto Alcorn Grenada Attala Holmes Benton Humphreys Bolivar ItawEmba Calhoun Lafayette Carroll Lee Chickasaw Leflore Choctaw Lawn des Clay Warshall Coahoma http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Macoupin Madison Marion Eassac Monroe Montgomery Morgan Perry Pike Pope Pulaski Randolph Richland St. Clair Saline Scott Union Wabash Washington Wayne White Williamson Martin Orange Perry Pike Posey Scott Spencer Sullivan Switzerland Vanderburg Warrick Washington Hopkins Jefferson La rue Livingston Logan Lyon McCracken McLean Marion Earshall Meade Mercer Metcalfe Monroe Yuhlenberg Nelson Ohio Oldham Owen Russell Shelby Simpson Spencer Taylor Todd Trigg Trimble Union Warren Washington Wayne Webster Tate Monroe Tippah Montgomery Noxubee Tishomingo Ttnica Oktibbeha Union Panolc WasIlington Pontotoc Webster Prentiss Winston Quitman Yalobusha Sunflower Tallahaixhie (Continued on page 7) • • -7- • DISTRICT NO. 8 - ST. LOUIS (Continued) Missouri (eastern part) Counties of-Douglas Adair Dunklin Au drain Franklin Barry Gasconade Benton Greene Bollinger Grundy Boone Harrison Butler Henry Caldwell Hickory Callaway Howard Camden Howell Girardeau Cape Iron Carroll Jefferson Car ter Johnson Cedar Knox Chariton Lade de Chris tian Lafayette Clark Lawrence Cole Lewis Cooper Lincoln Crawford Linn La de Livingston Dallas Ylacon Davies Madison Dent part) Tennessee (western Counties of-Fayette Benton Gibson Carroll Hardeman Chester Hardin Crockett Heywood Decatur Henderson Dyer DISTRICT NO. Mi chi gan (no rthe rn part) Counties of-Di ckins on Alger Gogebic Baraga Houghton Chippewa I ron Delta Minnesota Mon tam. North Dakota South Dakota Wis c cn sin (northern part) Countie of-Dunn Ashland 7au Claire Barron Florence Ba.yfie 1 d Forest Buffalo I ron Burnett La Crosse Chippewa Line oln Douglas http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Manes Marion Mercer Miller Mississippi 1.1oni teau Monroe Montgomery Morgan New Madrid Oregon Osage Ozark Pemi s cot Perry Pettis Phelps Pike Polk Pulaski Putnam Ralls Randolph Ray Reynolds Ripley St. Charles St. Clair St. Francois St. Louis St. Louis City Ste. Genevieve Saline Schuyler Scotland Scott Shannon Shelby Stoddard Stone Sullivan Taney Texas Warren Washington Wayne Webster Wright Henry Lake Lauderdale McNairy Madison Obion Shelby Tipton Weakley 9 - MINl'EAPOLIS Keweenaw Luce Mackinac Marquette Menominee Ontonagon Schoolcraft Oneida Pepin Pierce Polk Price Rusk St. Croix Sawyer Taylor Trempealeau Vilas Washburn .1 • • -8- DISTRICT NO. 10 - KANSAS CITY Colorado Kansas Missouri (western part) Counties of-Cass Andrew Clay Atchison Clinton Barton De Kalb Bates Gentry Buchanan Nebraska New Mexico (northern part) Counties of-Mora Bernalillo Rio Arriba Colfax Sandoval Harding San Juan McKinley (northwestern part) Oklahoma Counties of-Ellis Adair Garfield Alfalfa Garvin . Beaver Grady Beckham Grant Blaine Greer Caddo Harmon Canadian Harper Carter Haskell Cherokee Hughes Cimarron Jackson Cleveland Jefferson Comanche Kay Cotton Kingfisher Craig Kiowa Creek Latimer Custer La Flore Delaware Lincoln Dewey Wyoming http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Holt Jackson Jasper McDonald Newton Yodaway Platte Vernon Worth San Miguel Santa Fe Taos Union Valencia Logan Love McClain McIntosh Major Mayes Murray Muskogee Noble Nowata Okfuskee Oklahoma Okmulgee Osage Ottawa Pawnee Payne Pittsburg Pontotoc Pottawatomie Roger Mills Rogers Seminole Sequoyah Stephens Texas Tillman Tulsa Wagoner Washington Washita Woods Woodward • • • -9- DISTRICT NO. 11 - DALLAS Arizona (southeastern part) Counties of-Greenlee Cochise Graham Louisiana (northern part), Parishes of-De Soto Bienville East Carroll Bossier Franklin Caddo Grant Caldwell Jacson Catahcula La Salle Claiborne Lincoln Concordia part) New Mexico (outhern Counties of-Eddy Catron Grant Chaves Guadalupe Curry Hidalgo De Baca Lea Dona Ana part) Oklahoma (southeastern Ccunties of-Choctaw Atoka Coal Bryan Texas Pima Santa Cruz Madison Morehouse Natchitoches Cuachita Red River Richland Sabine T:innss ila Union Webster West Carroll Lincoln Luna Otero Quay Roosevelt Sierra Socorro Torrance Johnston McCurtain Marshall Pushmataha DISTRICT NO. 12 - SAN FRANCISCO Arizona (northwestern part) Counties of-Maricopa Apache Mohave Coconino Gila California Idaho Nevada Oregon Utah Washington http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Navajo Final Yavapai Yuma http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 A•• 10.01/011, •... - ,--4.•`17.... . , ---;.--;"''''' 11429 , -4 .if.\1.4 it 1949 January 3, 1949 Mr. Neill Miss CarmichwA Since 1942, the description of Federal Reserve districts h:as not been published in the Board's Annual Report. rou time to ,time we receive reque3t5for copies of auch.E descripttml End have ,been sending R S 35, a copy of N hich is attached. The spply , of coleis is now completely exhv.ustd ,1c1 we have been advised that the ori6ina1 stencils can 40.longer be used. pe should like to hive co,4es on hand to meet . reuests and should appreciate binc advised if it would be satisfz. ctory to have additional cotes of . R S 858 prepEred. It Is our understanding that tn6-re have been no chngoA. in boundnries of Federvi Res7rrve districts since the preparetioi of R & S 858. Attachment FLO:pas 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis