The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 122.5-9 - Wisconsin Appeal (Part 5) of 'BoundarieJ FRDistricts http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - October 15, 1916. Mr. Ilexford L. Holmes, Loom 322 southern Building, D. :3. -ear Sir:This will acknowledge the receipt of your letter of October 14th enclosing throe copies of material to be substituted in the record of proceedings held before the Sederal Loserve Board on August 8 and 9, 1916, in connection with the petition of certain I.i.sconsin bankers to be transferred from District No. 9 to District Eo. 7. Very truly yours, Lisistant Secretary. • TELEPHONE MAIN 8178 OFFICE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REXFORD RESIDENCE TELEPHONE LINCOLN 2323 L. HOLMES SHORTHAND REPORTER CONVENTION REPORTING A SPECIALTY ROOM 322 SOUTHERN BUILDING WASHINGTON. D. C. October 14, 1916. The Honorable The Federal Reserve Board, Treasury Department, Washington, D. C. Gentlemen: I inclose herewith three copies of material forwarded to this office by idr. J. W. Dunegan, of 3tevens Point, Wisconsin, a member of the petitioning delegation in the matter of application of banks in eastern Wisconsin to be detached from Federal Reserve District Humber i;ine and annexed to Federal Reserve District Number Seven, which he desires substituted in place of his testimony now appearing in the record of proceedings held before the Federal Reserve Board August 8-9, 1916. Very truly yours, REXFORD L. HOLMES. Per Inc. e% ) . MR. J. W. DUNEGAN, of Stevens Point, wisconsin: I do not know that I can add much to what has already been said. I would state that mail and train service was much better from Chicago than Minneapolis. GOVERNOR HAMLIN: MR. DUNEGAN: the State. which town is your bank in? Stevens Point, about the central part of THE COMPTROLLER: is You are the original dissenter, are you? MR. DUNEGAN: I presume so, yes. My volume of business practically all with Chicago, Milwaukee, and New York.-THE COMPTROLLER: Will you at your. hand on Stevens Point? (Representative Stafford indicates Stevens Point on the map) MR. DUNEGAN: Over ninety nine percent of my business is with Chicago and Milwaukee. The trend'of the business of my town is all south, toxard Chicago and Milwaukee. Very little with Minneapolis. I opened an account in Minneapolis some years ago, .because of par facilities offered by the bank, and again because we have two flour mills in our town, that bought wheat in Minneapolis, and the drafts were collected through my bank. Last week, I made a poll of the busines tranE,-actecl by our merchants with Minneapolis and Chicago. Less than two percent of their business was with Minneapolis. One dry goods firm stated that all they ever bought from Minneapolis was nunising Underwear. Another firm said that all they had ever purchased from Minneapolis was some raincoats. The other firms transacted the same volume of business in Minneapolis. I interviewed our hardware merchants. They stated they transacted scarcely any business with Minneapolis. I asked why, and they stated because it took one day longer to get freight from Minneapolis than from Chicago, and anyway, that they had always bought their goods in Chicago. THE COMPTROLLER: arrangement? MR. DUNEGAN: ness in Chicago. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No. THE COMPTROLLER: MR. DUNEGAN: It is more convenient for me to do busi- Have you lost anything so far? No. THE COMPTROLLER: MR. DUNEGAN: Has your bank suffered loss by the present Ha'..e you rediscounted with the bank? No. Any other capacities in which the THE COMPTROLLER: ID mak has acted for you besides rediscounting? MR. DUNEGAN: All the business I have ever transacted with the Federal Reserve Bank, Minneapolis, was the payment, under protest, of my portion of subscription to the capital stock. THE COMPTROLLER: Have you ever rediscounted? MR. DUNEGAN: I have only rediscountef, once in my experience of 33 years. the THE COMPTROLLER: You have not suffered any loss by present arrangement? MR. DUNEGAN: No. GOVERNOR WOLD: Mail leaves you in the evening; to us in the morning. gets MR. DUNEGAN: Mail from Chicago reaches us at 8:30 and at 10:30 in the morning, and mail from Minneapolis reaches us at 3:00 o'clock in the afternoon, and has to go over until the next day. REPRESENTATIVE BROWNE: I would like to ask whether the burden would be on the bank in order to prove their case, to show that they had already met with. loss. THE COMPTROLLER: I should think that the burden would be on the bank to show some other arrangement were better in some respects than the one we have now. If they want this plan changed, they should show why. REPRESENTATIVE BROWNE: THE COMPTROLLER: GOVERNOR WOLD: Should show loss? Loss or injury or serious inconvenience. Personal preference! THE COMPTROLLER: Or 4hatever arguments they have. will be given full consideration by the Board. All THE COMPTROLLER: If you have suffered no loss, what inconvenience have you suffered? MR. DUNEGAN: My volume of business is all south, and requires Chicago exchange. v'ould have to transfer from Minneapolis to Chicago before using. Very inconvenient to have my reserve in Minneapolis. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COMPTROLLER: Makes no difference where your reserve S. MR. DUNEGAN: It would make a big difference. I might have my reserve in San Francisco. I could do business and get along, but it would be very inconvenient. MR. HARDING: The checks you have to draw -- do you draw down on Chicago or Milwaukee, or do you draw on Minneapolis? Is Minneapolis the natural place to carry accounts? MR. DUNEGAN: The drafts we draw in payment for collections are all on Chicago and Milwaukee. Never draw on Minneapolis, as our volume of business is entirely south, with Chicago and Milwaukee. Minneapolis is not the natural Place for us to carry an account. Minneapolis exchange is of no use to us. Have to transfer it to Chicago before we can use it. As a matter of fact, we could get along with only a Chicago account. Could do all our business in Chicago, and get along nicely. MR. HARDING: What is the customary trend of business? MR. DUNEGAN: All to Chicago. MR. HARDING: I understand that Minneapolis can handle your business ,:nd extend you every courtesy, and you can accumulate a balance there and transfer it, but do your customers want Minneapolis or Chicago exchange. MR. DUNEGAN: My customers do not want Minneapolis exchange. They do no business there. They transact all their business in Chicago and therefore, want Chicago exchange. GOVERNOR 1OLD: are working on now. That raises a question in a problem we MR. HARDING: I am getting at the fundamental principle. I want to understand it. I am to pass in review on the decision of the Organization Committee as to the question of the customary course of business. I am trying to get at that, what the customary course of business is. Of course, I know this balance can be trmsferred, and that sort of thing, but I want to get at the fundamental principle involved. GOVER7OR '1OLD: Tho -)oint I want to make, Mr. Harding, is this: We have discussed a question of trying to arrive at a plan -- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MR. HARDING: But if all the business can be diverted into natural channels, it is that much less for the Board to contend with. I recognize the force of what you said, no matter how division is made, something will be unavoidable, but if everything is of great inconvenience to a large number of people, why should that notbe considered? MR. DUNEGAN: The result of my poll with my home merchants showed that less than two percent of the business of my town vent to Minneal3olis, the balance to Chicago and Milwaukee. This clearly demonstrates the fact that the volume is all south. I have been in the banking- business thirty-three years; I L;et to Chicago once or twice a month -THE COMPTROLLER: Vhat size is Stevens Point? MR. DUNEGAN: Eleven thousand. As I said before, I go to Chicago once or twice a month. There is much 'personal touch in my business with Chicago. I have not been in Minnea -oolis for ten years. Have nothing to take me there, my business all being with Chicago. Another thing I want to mention is, that in looking over checks received by my bank, from the Federal Reserve Bank, Minneapolis, find that none of them originated in Minneapolis, but all from Chicago, Milwaukee, and points south and east. This establishes the fact that the volume of business in my section is entirely south. I have no criticism to make of the Federal Reserve Act; consider it one of the greatest pieces of legislation of the century. My contention is that they have -olaced me in the wrong pew. I can derive more benefit from the law by being in the Chicago district. My volume of business is large. I have over $1,300,000 on deposit, and I must carry large balances in Chicago, Milwaukee and New York. I can not loan down to twelve 'oercent, like, the other fellow, and for this reason can not make the money they can, as in order to properly take care of my business, I must carry a larger reserve. GOVERNOR WOLD: You would carry accounts in commercial banks, rather than with the Federal Reserve Bank? http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R. DUNEGAN: I carry accounts in commercial banks in order to take care of my business, as my business requires Chicago, Milwaukee and New York exchange. GOVERNOR Y1OLD: You would carry your excess with your correspondents in Chicago? MR. DUNEGAN: I would have to carry all the law required in Minneanolis, and would have to carry much more with Chicago in order to handle my business. GOVERNOR "TOLD: You would also in Chicago. The law is no different. The law is the same in Chicago, Atlanta or Minneapolis. MR. DUNEGAN: It would be more convenient for me if in the Chicago district, as my volume of business is all that way. I have no criticism to make of your service in handling my business. Another thing I would like to mention is that everybody in my section of the country reads the Chicago and Milwaukee papers. we never see a Minneapolis paper. I merely mention this to show that our interests are all with Chicago. Mr. Com7Aroller, do you thing of anything else you want to bring out? THE COMPTROLLER: I want you to think of something. MR. DUN:GAN: That I was looking forward to was when the law was in full force and effect November 1, 1917, then I would have to carry my entire reserve with the Federal Reserve Bank. It would be useless to me if in Minneapolis, as I could not use it. Another thing, I would have to carry as big a reserve with Chicago and Milwaukee, in order to ,)roperly take care of my business. 7HE COMPTROLLER: Just as much beyond your reach in Chicago as in Minneapolis. MR. DUNEGAN: No, it wculd not be, as all my volume is with Chicago and Milwaukee, and requires Chicago exchange. If I choosed to do so, I could transact all my business with the Federal Reserve Bank if in the Chicago Di-strict. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • MR. J. W. DUNEGAN, of Stevens Point, isconsin: I do not know that I can add much to what has already been said. I would state that faail and train service was .fauch better from Chicago than Minneapolis. GOVERNOR HAMLIN: MR. DUNEGAN: th e State. Stevens Point, about the central part of THE COMPTROLLER: is which town is your bank in? You are the original dissenter, are you? MR. DUNEGAN: I presume so, yes. My volme of business practically all with Chicago, Milwaukee, and New York.-THE COMPTROLLER: 7111 you put your hand on Stevens Point? (Representative Stafford indicates Stevens Point on the map) MR. DUNEGAN: Over ninety nine percent of my business is with Chicago and Milwaukee. The trend of the business of my town is all south, toward Chicago and Milwaukee. Very little with Minneapolis. I opened an account in Minneapolis some years ago, because of par facilities offered by the bank, and again because we have two flour mills in our town, that bought wheat in Minneapolis, and the drafts were collected through my bank. Last week, I made a poll of the businezLs transacted by our merchants with Minneapolis and Chicago. Less than two percent of their business was with Minneapolis. One dry goods firm stated that all they ever bought from Minneapolis was Munising Underwear. Another firm said that all they had ever nurchased from Minneapolis was some raincoats. The other firms transacted the same volume of business in Minneapolis. I interviewed our hardware merchants. They stated they transacted scarcely any business with Minneapolis. I asked why, and they stated because it took one day longer to get freight from Minneapolis than from Chicago, and anyway, that they had always bought their goods in Chicago. THE COMPTROLLER: arrangement? MR. DUNEGAN: ness in Chicago. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No. THE COMPTROLLER: MR. DUNEGAN: It is more convenient for me to do busi- Have you lost anything so far? No. THE COMPTROLLER: MR. DUNEGAN: Has your bank suffered loss by the present Ha7e you rediscounted with the bank? No. THE COMPTROLLER: Any other canacities in which the arik has acted for you besides rediscounting? MR. DUNEGAN: • All the business I have ever transacted ith the Federal Reserve Bank, Minneapolis, was the payment, under protest, of my portion of subscription to the capital S tock. THE COMPTROLLER: Have you ever rediscounted? MR. DUNEGAN: I have only rediscounted once in my experience of 33 years. the THE COMPTROLLER: You have not suffered any loss by present arrangement? MR. DUNEGAN: No. GOVERNOR :TOLD: Mail leaves you in the evening; to us in the morning. gets MR. DUNEGAN: Mail from Chicago reaches us at 8:30 and at 10:30 in the morning, and mail from Minneapolis reaches us at 3:00 o'clock in the afternoon, and' has to go over until the next day. REPRESENTATIVE BROWNE: I would like to ask whether the burden would be on the bank in order to prove their case, to show that they had already met with loss. • THE COMPTROLLER: I should think that the burden would be on the bank to show some other arrangement were better in some respects than the one we have now. If they want this plan changed, they should show why. REPRESENTATIVE BROWNE: THE COMPTROLLER: GOVERNOR WOLD: Should show loss? Loss or injury or serious inconvenience Personal preference! THE COMPTROLLER: Or ahatever arguments they have. will be given full consideration by the Board. All THE COMPTROLLER: If you have suffered no loss, what inconvenience have you suffered? MR. DUNEGAN: My volume of business is all south, and requires Chicago exchange. 1"ould have to transfer from Minneapolis to Chicago before using. Very inconvenient to have my reserve in Minneapolis. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • .THE COMPTROLLER: Makes no difference where your reserve S. MR. DUNLGAN: It would make a big difference. I might ave my reserve in San Francisco. I could do business and get along, but it would be very inconvenient. MR. HARDING: The checks you have to draw -- do you draw down on Chicago or Milwaukee, or do you draw on Minneapolis? Is Minneapolis the natural place to carry accounts? MR. DUNLGAN: The drafts we draw in payment for collections are all on Chicago and Mil-iaukee. Never draw on Minneapolis, as our volume of business is entirely south, with Chicago and Milwaukee. Minneapolis is not the natural Place for us to carry an account. Minneapolis exchange is of no use to us. Have to transfer it to Chicago before we can use it. As a matter of fact, we could get along with only a Chicago account. Could do all our business in Chicago, and get along nicely. MR. HARDING: What is the customary trend of busin.ess? MR. DUNEGAN: All to Chicago. MR. HARDING: I understand that Minneapolis can handle your business Jnd extend you every courtesy, and you can accumulate a balance there and transfer it, but do your customers want Minneapolis or Chicago exchange. MR. DUNLGAN: My customers do not want Hinnea:?olis exchange. They do no business there. They transact all their business in Chicago and therefore, want Chicago exchange. GOVERNOR 7OLD: are working on now. That raises a question in a problem we MR. HARDING: I am getting at the fundamental principle. I want to understand it. I am to pass in review on the decision of the Organization Committee as to the question of the customary course of business. I am trying to get at that, what the customary course of business is. Of course, I know this balance can be transferred, and that sort of thing, but I want to get at the fundamental principle involved. GOVLRUOR ''1OLD: The point I aant to make, Mr. Harding, is this: We have discu4sed a question of trying to arrive at a plan -- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MR. HARDING: But if all the business can be diverted into natural channels, it is that much less for the Board to contend with. I recognize the force of what you said, no matter how division is made, something will be unavoidable, but if everything is of great inconvenience to a large number of ',people, why should that notbe considered? MR. DUNEGAN: The result of my poll with my home merchants showed that less than two percent of the business of my town gent to Minneapolis, the balance to Chicago and Milwaukee. This clearly demonstrates the fact that the volume is all south. I have been in the banking business thirty-three years; I L;et to Chicago once or twice a month -THE COMPTROLLER: What size is Stevens Point? MR. DUNEGAN: Eleven thousand. As I said before, I go to Chicago once or twice a month. There is much personal touch in my business with Chicago. I have not been in Minneapolis for ten years. Have nothing to take me there, my business all being with Chicago. Another thing I want to mention is, that in looking over checks received by my bank, from the Federal Reserve Bank, Minneapolis, find that none of them orisinated in Minneapolis, but all from Chicago, Milwaukee, and points south and east. This establishes the fact that the volume of business in my section is entirely south. I have no criticism to make of the Federal Reserve Act; consider it one of the greatest pieces of legislation of the century. My contention is that they have -placed me in the wrong pew. I can derive more benefit from the law by being in the Chicago district. My volume of business is large. .I have .over $1,300,000 on deposit, and I must carry large balances in Chicago, Milwaukee and New York. I can not loan down to twelve 'percent, like the other fellow, and for this reason can not make the money they can, as in order to properly take care of my business, I must carry a larger reserve. GOVERNOR WOLD: You would carry accounts in commercial banks, rather than with the Federal Reserve Bank? http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MR. DUNEGAN: I carry accounts in commercial banks in order to take care of my business, as my business requires Chicago, Milwaukee and New York exchange. GOVERNOR WOLD: You would carry your excess with your correspondents in Chicago? MR. DUNEGAN: I would have to carry all the law required in Minneanolis, and would have to carry much more with Chicago in order to handle my business. GOVERNOR WOLD: You would also in Chicago. The law is no different. The law is the same in Chicago, Atlanta or Minneapolis. MR. DUNEGAN: It would be more convenient for me if in the Chicago district, as my volume of business is all that way. I have no criticism to make of your service in handling my business. Another thing I would like to mention is that everybody in my section of the country reads the Chicago and Milwaukee papers. 7e never see a Minneapolis paper. I merely mention this to show that our interests are all with Chicago. Mr. Com)troller, do you thing of anything else you want to ' ,)ring out? THE COMPTROLLER: I want you to think of something. MR. DUNEGAN: What I was looking forward to was when the law was in full force and effect November 1, 1917, then I would have to carry my entire reserve with the Federal Reserve Bank. It would be useless to me if in Minneapolis, as I could not use it. Another thing, I would have to carry as big a reserve with Chicago and Milwaukee, in order to properly take care of my business. • 7HE COMPTROLLER: Just as much beyond your reach in Chicago as in Minneapolis. MR. DUNEGAN: No, it wculd not be, as all my volume is with Chicago and Milwaukee, and requires Chicago exchange. If I choosed to do so, I could transact all my business with the Federal Reserve Bank if in the Chicago District. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MR. J. W. DUNEGAN, of Stevens Point, "risconsin: I do not know that I can add much to what has already been said. I wculd state that mail and train service was much better from Chicago than Minneapolis. GOVERNOR HAMLIN: MR. DUNEGAN: the State. Stevens Point, about the central part of THE COEPTROLLER: is 7hich town is your bank in? You are the original dissenter, are you? MR. DUNEGAN: I presume so, yes. My volme of business practically all with Chicago, Milwaukee, and New York.-THE COMPTROLLER: 7i11 you put your hand on Stevens Point? (Representative Stafford indicates Stevens Point on the map) MR. DUNEGAN: Over ninety nine percent of my business is with Chicago and Milwaukee. The trend of the business of my town is all south, toward Chicago and Milwaukee. Very little with Minneapolis. I opened an account in Minneapolis some years ago, because of par facilities offered by the bank, and again because we have two flour mills in our town, that bought wheat in Minneapolis, and the drafts were collected through my bank. Last week, I made a poll of the bus ines tranacteC, by our merchants with Minneapolis and Chicago. Less than two percent of their business was with Minnea-oolis. One dry goods firm stated that all they ever bought from Minneapolis was Munising Underwear. Another firm said that all they had ever purchased from Minneapolis was some raincoats. The other firms transacted the same volume of business in Minneapolis. I interviewed our hardware merchants. They stated they transacted scarcely any business with Minneapolis. I asked why, and they stated because it took one day longer to get freight from Minneapolis than from Chicago, and anyway, that they had always bought their goods in Chicago. THE COMPTROLLER: ariangement? MR. DUNEGAN: ness in.Chicago. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No. THE COMPTROLLER: MR. DUNEGAN: It is more convenient for me to do busi- Have you lost anything so far? No. THE COMPTROLLER: MR. DUNEGAN: Has your bank suffered loss by the ;present Have. you rediscounted with the bank? No. THE COMPTROLLER: Any other capacities in which the bank has acted for you besides rediscounting? MR. DUNEGAN: All the business I have ever transacted with the Federal Reserve Bank, Minneapolis, was the payment, under protest, of my portion of subscription to the capital stock. THE COMPTROLLER: Have you ever rediscounted? MR. DUNEGAN: I have only rediscounted once in my experience of 33 years. the THE COMPTROLLER: You have not suffered any loss by present arrangement? MR. DUNEGAN: No. GOVERNOR WOLD: Mail leaves you in the evening; to us in the morning. gets MR. DUNEGAN: Mail from Chicago reaches as at 8:30 and at 10:30 in the morning, and mail from Minneapolis reaches us at 3:00 o'clock in the afternoon, and has to go over until the next day. REPRESENTATIVE BROWNE: I would like to ask whether the burden would be on the bank in order to prove their case, to show that they had already met with loss. THE COMPTROLLER: I should think that the burden would be on the bank to show some other arrangement were better in some respects than the one we have now. If they want this plan changed, they should show why. REPRESENTATIVE BROWNE: THE COMPTROLLER: GOVERNOR WOLD: Should show loss? Loss or injury or serious inconvenience. Personal preference! THE COMPTROLLER: Or whatever arguments they have. will be given full consideration by the Board. All THE COMPTROLLER: If you have suffered no loss, what inconvenience have you suffered? MR. DUNEGAN: My volume of business is all south, and requires Chicago exchange. would have to transfer from Minneapolis to Chicago before using. Very inconvenient to have my reserve in Minnea-)olis. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COMPTROLLER: Makes no difference where your reserve is. MR. DUNEGAN: It would make a big difference. I might have my reserve in San Francisco. I could do business and get along, but it would be very inconvenient. MR. HARDING: The checks you have to draw -- do you draw down on Chicago or Milwaukee, or do you draw on Minneapolis? Is Minneapolis the natural place to carry accounts? MR. DUNEGAN: The drafts we draw in payment for collections are all on Chicago and Mil:iaukee. Never draw on Minneapolis', as our volume of business is entirely south, with Chicago and Milwaukee. Minneapolis is not the natural Place for us to carry an account. Minneapolis exchange is of no use to us. Have to transfer it to Chicago before we can use it. As a matter of fact, we could get along with only a Chicago account. Could do all our business in Chicago, and get along nicely. MR. HARDING: What is the customary trend of business? MR. DUNEGAN: All to Chicago. MR. HARDING: I understand that Minneapolis can handle your business ...nd extend you every courtesy, and you can accumulate a balance there and transfer it, but do your customers want Minneapolis or Chicago exchange. MR. DUNEGAN: My customers do not want :linneapolis exchange. They do no business there. They transact all their business in Chicago and therefore, want Chicago exchange. GOVERNOR 7OLD: are working on now. That raises a question in a Problem we MR. HARDING: I am getting at the fundamental principle. I want to understand it. I am to pass in review on the decision of the Organization Committee as to the question of the customary course of business. I am trying to get at that, what the customary course of business is. Of course, I know this balance can be transferred, and that sort of thing, but I want to get at the fundamental principle involved. GOVIRUOR 1OLD: The point I aant to make, Mr. Harding, is this: We have discu4sed a question of trying to arrive at a plan -- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MR. HARDING: But if all the business can be diverted into natural channels, it is that much less for the Board to contend with. I recognize the force of what you said, no matter how division is made, something will be unavoidable, but if everything is of great inconvenience to a large number of people, why should that notbe considered? MR. DUNEGAN: The result of my poll with my home merchants showed that less than two percent of the business of my town went to Minneanolis, the balance to Chicago and Milwaukee. This clearly demonstrates the fact that the volume is all south. I have been in the banking business thirty-three years; I ,;et to Chicago once or twice a month -THE COMPTROLLER: What size is Stevens Point? MR. DUNEGAN: Eleven thousand. As I said before, I go to Chicago once or twice a month. There is much personal touch in my business with Chicago. I have not been in Minnea-oolis for ten years. Have nothing to take me there, my business all being with Chicago. Another thing I want to mention is, that in looking over checks received by my bank, from the Federal Reserve Bank, Minneapolis, find that none of them originated in Minneapolis, but all from Chicago, Milwaukee, and points south and east. This establishes the fact that the volume of business in my section is entirely south. I have no criticism to make of the Federal Reserve Act; consider it one of the greatest pieces of legislation of the century. My contention is that they have -placed me in the wrong pew. I can derive more benefit from the law by being in the Chicago district. My volume of business is large. I have over $1,300,000 on deposit, and I must carry large balances in Chicago, Milwaukee and New York. I can not loan down to twelve 'percent, like the other fellow, and for this reason can not make the money they can, as in order to properly take care of my business, I must carry a larger reserve. GOVERNOR WOLD: You would carry accounts in commercial banks, rather than with the Federal Reserve Bank? http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MR. DUNEGAN: I carry accounts in commercial banks in order to take care of my business, as my business requires Chicago, Milwaukee and New York exchange. GOVERNOR 7OLD: You would carry your e::cess with your correspondents in Chicago? MR. DUNEGAN: I would have to carry all the law required in Minneapolis, and would have to carry much more with Chicago in order to handle my business. GOVERNOR "'OLD: You would also in Chicago. The law is no different. The law is the same in Chicago, Atlanta or Minneapolis. MR. DUNEGAN: It would be more convenient for me if in the Chicago district, as my volume of business is all that way. I have no criticism to make of your service in handling my business. Another thing I would like to mention is that everybody in my section of the country reads the Chicago and Milwaukee papers. 7e never see a EinneaDolis paper. I merely mention this to show that our interests are all with Chicago. Mr. Com)troller, do you thing of anything else you want to bring out? THE COMPTROLLER: I want you to think of something. MR. DUNEGAN: What I was looking forward to was when the law was in full force and effect November 1, 1917, then I would have to carry my entire reserve with the Federal Reserve Bank. It would be useless to me if in Minneapolis, as I could not use it. Another thing, I would have to carry as big a reserve with Chicago and Milwaukee, in order to )1-operly take care of my business. THE COMPTROLLER: Just as much beyond your reach in Chicago as in Minneapolis. MR. DUNEGAN: No, it would not be, as all my volume is with Chicago and Milwaukee, and requir es Chicago exchange. If I choosed to do so, I could transa ct all my business with the Federal Reserve Bank if in the Chicag o District. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERiL RESERVE BOABD Washington 001,ouer 1016. Memorandum for Mr. HaiAlin: huve the honor to preuent belov certain etwtiatici..1 dt-Aa in connection with the ri»commenaed trc,nufer of b4 National b-ak4 from the Gth to the 7th District° The tranefer from the 9th to the 7th District of the NtIonLi bnku will result in a ascrei.14e cf thc co.vit,!,1 of the Minneupolis FederLa Re4erve Bunk by t'.29,350, 4hi1u the medber 1)..‘11k uepoitei of the FecierLI. Reserve 13nk decrwi.se by $1,300,709. The computations k.4re based upon ciata contined in reportk4 of ttic-; banka in queution to the Comptroller unier utit(: of Jun.J 30, 1K6. z.• The total puia-in oapitiU of the Minnez4olis Fsderl 11(erve Bank on Jun-,; 30, 1.916, wa. reported to the Federl Reaerve Bord, tr-nafer .574,6b0. The aecre,..se rwoulting from thu f th4 52 W.:, .tional b.nks 1..olounts thuJ to .1.:„ than 9% of tht. bunklo total puid-in oapit The 4gerevi,teimewber bank clop:y.11sta of the Minnepolis Federal Rctuerve bank on June J0,1916, Ls rcporUld to the Feder_l Reaerve Boo.rd, were $19,378,6!)9. The deom.e. in member bunk aepoaits aw the rut of th, recomNended tri-nefer -ill thuu http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis member bank dopobitii of the mount to les“ thn 7% of the total t:d5rL-.1 Roserve Brimk of Minnui4po1ls. Not amounto uNal; to the5 ILLtional btInks on June 30, 19i6, from Lxpproved Retlerve Agents show the follov, ing diutrioution: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Due nt from A,prov:Ki Rai)orve AgQntA, in - per Cent 50.3 Milwaukee. 1,994,521.56 34.5 MinneLtpolis Z1)0,454.64 4.2 In other oit10.3s (tiny Nev.: York 714,2b1.82 12.0 45,958,263.85 100.0 Chicugo. Tott41. Reopectfully submitted, StzAistician. ' -; To 'Jlo Federal TirJervs Board: Octooer 5, 1916. 'IrISOONSIN PETITION *** REPORT OF COMMITTEE *** The Or s;anization Committee rendered its decision assizning part of Wisconsin to the Minneapolis District and part to the Chicago District on April 2, 1914. Many banks in YTiscensin assigned to the Minneapolis District protested. Beginning in October, 1914, and up to the time of the hearing, petitions of protest against the decision of the Organization Committee were circulated, and these were signed in the form of printed slips and sent to the Federal Reserve Board. The formal petiticn to the Board, with the said 5lij.O was filed early in March, 1915, and a hearing was ordered for May 20, 1915. Bet4een March 15th and May 20th a number of letters favoring the transfer, signed by bankers and Congressmen, were filed. At the hearing, May 20, 1915, briefs and arguments were submitted to the Board. On May 4, 1915, the Board, after deciding a number of pending redistricting petitions, stated that action on other pending petitions will be deforred until further experience in the operation of the several distriets, especially in the light of the new clearing eyatem about to .!:o into effect, and of the extent to which State Banks take membership in the System, shall have provided the Board with the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis nee essary data for a conclusion. (3,-,e Bulletin, June 15, 1915). At this time the only pending redistricting petitions were th°se filed by rlisconein and Connecticut Banks. So far as your Committee is aware no mention of this decision f the Board was made in the Roccri of this case, although it greatly broadened the scope of this and all other future inquiries on the mat— ter of redistriotinT. At the hearing, counsel for the petitioning banks referred to the appeal regulations issued by the Board on August 28, :1914, in which the Board announced that it would not take testimony in pendinç -pz eals but would limit the parties to the record before the Organization Committee. The counsel, basing his argument upon this ruling of the Board, contended that there was not a scrap of evidence introduced before the Organization Committee favoring the inclusion of any part of Wiscon3in in the Minneapolio District; that on the contrary, the evidence was practically unanimous in favor of its inclusion in the Chica7,0 District; that the Minneapolis bankers conceded Wisconsin to Chicago in a written statement; that in a surmary of the proposed capital and suri.lus for the Minneapolis Bank, no reference whatsoever was made to Wisconsin banks; that positively the only evidence relating to 7fisoonsin banks was a map which included part of Tisconsin but which vtas withdraan and the Secretary of the Treasury so notified, and the further fact that St. P:Iul bankers did at one time make some pretensions to part of Wisconsin but expressly upon the assumption that http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tr. alp the 0r7;anizatinn Comittee dhould decide to have only C1IVt Falzn.al Re'38 rve Banks. Based on these facto, 7thich apparently lore not put in issue by th Federal Reserve Bank, counsel for the potitionera claiiled that the Bo q.rd WEL3 bound as a !titter of law, upon this record, to reverse the deoision of ths Organization Committee, it bein7; .3ainat the evidence nd thr3 w3i3ht of the evidence. On the other hanl, clunlel for the Reserve Bank argued that the Reserve Board was not bound by the record as would ba an appellate court by the record of the lower court; that the decision of this Board was not judicial but administrative; that the Board was entitled to use it own judgment and export knowled3e, and could take tht;, te.Aiony before the Orzanization. Committee for what it -aa worth, supplemented by its own inluirieq. As a matter of fact, the -petitionerp,, although taking this very technical position in argurrent and in their brief, did not confine themse1ve to the record before the Organization Committee but put in evidence actual conditicrm, tales, figures, etc., based on actual exi.erienoe of the operation of the system, as did also the realcndento, the Federal Reeerve Bank. Briefly stated, the brief and oral argument of the petiticning banks brought out that Vilwaukee is the business and financila center of Wisconsin; that Wisconsin is limited in a bankinf,l; and busines serge to the State and part of Michigan, being bounded on the Past and Ncrth by the Great Lakes, on the rTest by the Twin Cities, and on the South by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis rit rw cr-) -4.. Chica go; that the trend of busineaa in the petitioning territory is almo;it entirely North and South bet ,een said territory and Milwaukee e.nd Chicago; that this was Shown by these banks in 1914 in asking admi redssion, which was given by the Secretary of the Treasury, to the Milwaukee Currency Association for the issue of the so-called AldrichMinneVreeland currency; that little or no exohange is created with it almost all iriginatin3 with Chicago or Milwaukee; thELt Milwatikee and Chicago from time immemorial have been distributing centers for ttlis patitioning territory; that the trend of the railroads was vnarally North and South between this territory and Milwaukee an. Chicago; that railroad, telephone and telegraph rates were hither to M1nnez401.16 than to Chicago and that the railroad journey to Minnea14,118 mi.s much longer from many points and more circuitous than to Millaukee:; and Chicago; that an inquiry had been made of all of the 344 banks, State and National, in the petiticnilv territory asking as to the course of general business in their communities, and that 234 replies had been received, of ZOO said the general trend of busineiJ was to and from Chicago, 34 said Minneapolis and 10 failed to reply; that including this Wisconsin territory in the Minneapolis District provonted the banks of Wisconsin which were in the Chicago Diatrict from ioaning on farm mortirap;es in the part of Wisconsin in the Minnoalzolis District, although this District was rapidly bair: settled and there was a great demand for farm loans there, anA but little dai4and in the part of Wisconsin in the Chicago District; that the necessity of keeping their reserve deposits in the Minneapolis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis e, - 5 • Federal Reberve Bank rather than in Chica,:o Federal Ro3erve Bank will necessitate keeping even larger accounts with the banks (1` Milwaukee ; power and criyplin and CIdlago, thus reducing thar loaniri, their uatriea; th4t the suogention that thcir difficulties may be reMO ved by tha operation of the clearinfl. system is not helpful au the impler ;ray would be to remove these difficultie:3 by transfer of the erritory; that even in the western part of the petiti;;nin territory from 90 to 94; of all transactions were -Irith Chicago and Milwaukee, which percentage is even ffeater in the eastern part; that the reserves should be kept Where the business in; that under the present division Stte banks will not join the Federal Reserve System ac under it their res.arves would be separated from the natural channels of trade. The respondent, the Federal Reserve Bank, in its brief and argument claimed that the Reserve Board hi laful authority to rost its decision on its 0,m expert judgment and was not bound, as in a judicial proceeding, by the record before the Organiiation Committee; that the Organization Committee was not so bound nor was it even bound to take any evidence; that it was merely authori4ed to take evidence if it saw fit to do ac; tt it ha, )0wilr, as diA alo the Reserve Board, to district without taking any evidence; that experience under the Act and not the record before th,:: Oranization Committee was the real test; that neither the Organization Committee nor the Board had power under the Act to so district as to leave Northern Michigan cut elf from the remainder of the District; that the regulations of the Board required http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C; 1. - 8the si gm.tures of two-thirds of the banks involved; that thip raquire d the oirAatur o. tlo-thirig of ail the bank in thi.; District, incl ding those not in the petitioning territory awl that the 53 banks thRn the neces3ary two-third; that signing the petilon the petition flied in Maoh, 1915, contained only three aitures; th t the slips attached to the petition were not, aa olattar of Si gnatures; that the lords 'due rear4" in Section 2 of the Act Jid t mean sole regard; that they meant only proper regard; that in many other parto of the United States tho decision ot the Cri.LIzation Committee did and milt necessarily interfere, more or .7;s3, lith existing ohannela of business; that other reason; fcr it dccision appear in the rort of the Organization Committee, e.. the necessity for providing the minimum capitalization of four millions of iilLars1 the mercantile conLiticnz (-I' the districts, fair distribution of available capital bmong the respective districts, geographical situation, railroad, mail, telephone and telseraphic busineau activities, and future prospect of cgo o- rth, to; that the Minneapolis Bank iu the smalleat, e3:cept one, of tho Roaezve Banks that the trnefor of thri petttioninc territory would lev.k4 Minneapo1i6 Re3arv to the rank a margin over the four million minimum re- luirement of only a littl;? over 1300,000; that if the penin3ula of Northern Michian aluo were transferred the margin mould only be about $124,000; tIviA the Minneapolis ReBerve Bank would be crippled by such a roduoticn in its capital and the consequent reduction in ita reserve deposits. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -7. , The Federal R6serve Bank did not put in issue the fact that the natural and actual movement of buainess in the territory vms to and from Milaaukee and Chicago; it admitted that the railroad passger facilities were better to Milwaukee and Chica70, but claimed usiness with Reserve Banks does not require personal attendaroo; it stated it had no reliable data as to tolephcne and tele,7ap1i rates but that probably there was not much difference; it roint3A out that the center of the petitionin territory was 50 milF1'3 nearer !InnA- apolis than Chicago so that probably railroad tranarorttion was not cheaper to Chicago; it claimed that with four excepticns, letters from points in the territory in que3tion, mailed in the afternn would be delivered in Minneapolis the next morning; that of the total rediscounts with the Minneapolis Reserve Bank, amounting to $341,206, the banks in this territory had taken 277,256; that the propossA transfer lould prevent these banks loaning on farm mortgages in Minnesota, North and South Dakota and Montana; that some of the si8ht banks refusin3 to sin the petition had given this as their reason; that one of these banks,-the Commercial National of Fan du Lae, stated that it opo:;ed the transfer because it could secure very much hither rates on farm loans in Northern %uooroir, Ninneoota, North and South Dakota and Montana than it could in the Chicago District; that the North Dakota Bankers Associaticn in it Bulletin cf March 30, 1915, stated that the tranafer mull prevent these Wisconsin banks from loaning on farm mortgages in the above mentioned States and urged the banks of North Dakota to take an active prt in a http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • -8oampain acainst the tranafer. The Minneapolis Re3orve Bank also clairad that the retitions r not filed 4thin a rea4onablo tire after the decioicn the Oraanization Committee and shiDuld, therefore, be diamissed. In the reply brief and arguments the petitioners claime.-1 that e 1,0oer of review vested in the Federal Reserve Board ie a .:;ontining power; tha.t t petitioncuto iled their petition Jithir a reason- Joie timo; that the Regulationu of the Board reluired the signatures of orly two-thirUs of the banks in tle putiti(.ning territory; that they were 4illing to accept a broad and liberal con4truction of tha rule of the Boari limitin testimony to the rocori befc)re the Organiztion Committee; that the Board can tzile into consideration matter3 of common knowledge or facts within the knoxiedc:e of its members; that the teatimony before the Organization Committee is not necegsarily con- Th ti- petitioners also averred that the Federal Reserve Bank hd. practically admitted all the eaential allegations and facts of%rcd by them aa to the trend of bueine,36, railroad, telephone ard teleraph faei;itieb; that the statement of the respondent aa to mail deliveriek, in ani from Minneapolis was not true as such nail in nearly all of the petitionille; territory is not delivered until the afternoon of the follitid day, and banks are unable to care for it on that lay. The real„ondent Reserve Bank, thruui its counsel, also put in evidence a number of letters from banks in the i,atitionini tsrvitiry sone of Nhich had signed the orie;inal petition, indicating satiefac- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 9-, ticn with the operation of the Minneapolis Federal Reserve Bank, and in some caGes evincin letter .03C J. 3. 4. 5. 6. 7. 3. 10. 11. 12. 13. 14. a chane of mind as to the proposed transfer. were from thf! following banks: First National, Berlin, Green Lake County. First National, Black River Falls, Jackson County. First National, Brillion, Calumet County. First National, Clintonvilie, Taupaca County. National Bank of De Pare, Brown County. McCortney National, Green Bay, Bronw County. First National, Marqhfield, Wood County. Fii%vt National, Neo London, Waupaca County. Oshkosh City National, Winnebago County. Commercial National, Oshkosh, Winnebago County. Shawano Ger. American Nationz.1, Shawano County. Alma First National, Buffalo County. First National Bank in Ripon, Fond du Lac County. Commercial National other3 Of these banks, NUJ. 5, 6, 7, and probably most of the signed the original petition. ho -7evr, to note that in the poll taken by the It iu Poard sunlit) six or evon months later, out of the 14 banks above men- fl tioned, all but five voted in favor of the proposed transfer, these being those numbered 1, 9, 1, 13 and 14 above. One bank, - the Commercial National of Fond du Lac, - gave as ite chief reason for o,p1,osin?; the tranafer the fact that it could get ver3 much higher rates from farm mortgage loans in Minnesota, Ncrth and South Dakota and Montana than it could in the Chicago District. The Reserve Bank also claimed that Michigan receives the bulk of it checks from banks in 7isconsin now in the Ilinneapolis District an: that the proposed transfer would out off Michi;-san frow the benefits of the clearing system. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 103 1-1.• 4r1 - 10 - t •••, *3,2, NO acticn vas taken by the Board upon thia petition until Novell tier, 191[.:0 Ihen the matter ITI.4.s discussed. No attem0 was trade to discuss the evidence, the lueJtion raised being primathy concerned with whether to t,ke up the natter at that time for final determination or whether to postpone it. that the Some of the members expressed the opinion, informal1y, expressed deAre of su(lh a largs majority of the banka of the territory involved ;ou1:i w?.rrant the granting of the 1 etitiii, lthcu3b sons doubt fiat; exi„ra;;sed -s to whether the reduction of a,:pital involved and tilt) withdrawal of re.gi'rves would not impair -4-.1) Elm apolis ReGervu Bank in it ability to care for it district. Finally, qapacilly in view of the letters introduced by the Reserve Bank ciao .ing a ohanze of mind as to the merits of the tr nsfer by son's of the banks which had signed the original petition of the uliis att;.-,..ched thereto, it wEls voted to take a poll of all of the banks in the territory a,Iked +o be transferred, .11d a poll w-0 accordingly orderc:d. It will be remembered thot at this time the queF:tion was still an open one 'thether the Reserve Bank had ruthority under the Act to reduue, by rc,districting, the ($14pita3. of a Reserve Bank below the four million minimum impo.ied as a condition of com.encing business. The opinion of the Attorney G-meral in the affirmative was not rem), ed until April 15, 1916. The result of this poll, as originally rendered, was Aye, 45; No, 10; Not voting, 6. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis t4; 0 0 The capital and surplus of the banks voting Aye was 6.4 kiL.J. ions; Of those votino. No, 1.2 millions; unJ ct thuse not vo.tine;, 046, 000i In the second hearing, held Aursuot 6, 1916, Dome chane;es were recorded in the attitude of the banks. It is probably subtitantially accurate to state that at the time of cc,,Ad second ha - ring the banks in favor of the transfer were 53 and these ok.posod, 8. On January 7, 1916, Federal Reserve k'ent Rich vrota to the Board Ox to a Member, that he was surprised at thi: ordarin ,ltion of the Board in the poll; that he did not knoa the Br1 ae„iir.:ci to reoen talQ -iuestion and that if any territory rfere taken from the Minne apolis 13.k, other territory should be biclei in compe nsation. On May 15,1916, the Committee having .3har3e of tha n.atter,monaiating of Messrs. Delno, Warburg 2.nd Millor, made a ropor t. In this report it was pointed out that to grant the whole petition would reuult in cutting off 22 banks in the upper peninsula of Miehi aan from the remainder of the Minneapolis District; that meat of the petit ioning banks Ier(-) in the 16 counties nearest Milwaukee; that the poll shoed that the bamks in these 16 counties voted Aye, S (76); No. 7 (18%) Not voting, 2 (60); that the oapitll and surplus of the banks voting Aye was 4.3 millions; of those votine; NO, ..1.)out $900, 000; and of those not voting, about 1400,000; that it liras remarkable that sums of the banks nearnost to the Chicao District voted to remain in the Minneapolis Distriot; that the principal re33on f()r change that the3e banks had their ohief buuinesa relations Ath Milvaukee and Chico http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -12- /banks an .iihcci to 00Iitintle tO do business throutffi. Milsx..ukee nd Ohica00 ak a gateway and not through Minneapolis, The ComiAttee rcport also stted th,lt there waJ nc conLiderable preponderance of evidence of inconvenience under existing circumstances rg)r ic it 0.pparent that there iu very btrong feeling on tila Jubjeot 014.her ono ci,i4 or th.r othor, that it did not seem deJirable to transken , r even Lla 16 aouuties no,reA Chicago for fear that it might we the Minhat-Tolis T-,a Committee concluded its report 7ith the reoomnendation that no change be LI,;:de t 6he present ime, but that the petitioning banks be informed that if at the ona of the current yeAr they wish to renew tha petition in an aaandoU i2orm, the Board will be ,Ilad to take it up; it also expresead the beiief th,Lt the development of the new clearing system may ohangs somewhat the views of the member b,nka in the District. After a brief discussion it was felt that it might be well to :LJo t the report vf the Committee in the hove that the operation of the ne-7; cie,ring system Lould rake che banks more contented aith their prew_Int location nd:Leas disposed to a transfer to th Chico Districte Ti!otmerits of the contentions of the petitioners as to the trend of bu3iness in tho territory and as to the propriety of ultimb.tely sn-tIlting the petition, were 0 not considered by the board, tnese questiona being eft for futui.e determination in caqe they should fi.e an aron(J.vd 1-etition at uome future time. On My 24, 1916, a formal Ordsr f the Board was issued, settin& forth that the Board found no present neoessity for any chan3e and thr http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /1 -^ 110161g*,•_:.:' ' • 'r.;• r!".• -13- 'r C5 /the pe tition was dismissed without prcjudice to the rihts of tit ainers to ftle an awended petition at a later e..4t3s On the same date ,A letter ;,,a 6cnt out to J.11 1);2...rtiba intarasted, enol°sing a copy of sai6t Order. On June 26th, the Boari rcueivou e. letter from a Committee of Mil,vAakee bankers in ,hich the injuricuu efeot of the lieu o.Leal-ing system,- which was to be started in June .t,nd later postponed to July 13th,- upon their zelations with their country cc.rreal oui ills In VTisconuin and gichin. This letter either preoeded or followed a viait 6o l'auAinston of this Committee and a conft;canoe with tIle Oommittac of the Boafd on oleaxings and, L,.-ter, A.th other momberu of the Board. This letter, amon(x other st:Itements, dec16ret that 6ince the decision of the 806.rd oft May 24, 1916, the Twin City barite had L,..ta every effort to secure the •ler,osit accounts maintained lith the Milwakkee banks by bInks in Wisconsin Miohicran in 1.1:: rinneal:folis Piatrict; that the Federal Re4erve Bank had sent out notices in liob State Benks were invited to join the ulearin vstem, in -Itch notice4 it •.4as announced that settlement could only be made by drafto tIon memer,, - banks in thu T in Cities; that the vury next y mumber bnks of Minne.:polis sent out lettrs of soiiuitdtlon referring to thil notice; that there are 24 individual lytnka and 5 branch banks (of 3 3tate banks) in Milwaukee; tht their total deposits are 121 millions, f which 25 millions is due to coulitry banks chiefly in 7iscorain ?.nd Northern Michigan;that the b:ziking territory of Mil-Ti:ukee was limited to Wisconsin and Nothern Mihian by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C.; 4 4' Cat- CD vf,), - 14 - Iwe the fact that on two sides it was hounded by the Grlat Lake) th cther aieo by th(c Twin Citia un n0 Chios;. -0 rrIlrotively; th.,,t all partiios believe tbt the Organization Comnittoe mulJ place thin tern- to atthe Chicago Diutrict where it logically belonged; th t the T;in C ty ulember brik3 aere aorkins Iv_nd in band with the Minnenpolis Reserve Elnk to kleprive Miiwaukee and Chicago of businezle logically and Troler- y belonging to the ltter; that 7iscon3in Statl banks would join the Fsael%a Rt3servo Syqtem if they ooulA remit in drafts upon tl)eir Milwaukee oorrsapondent3. Th3 latter finally , ked th..t to further the check elering system the quco-Aon of reliatricting be toened or that the Minneapolis R23erva Bank 'cio ills41-uctoa to ac:ept Milvyaukce exchange from both National aria at4:Lte ba,nks in th;lir district. About the Ilme tie, Congressman Stafford, of Wisconsin, called upo# a momber or irambers of the Boards urgently advocting reoiening of the whole watter od redistricting. From :Ibout Ju.Ly lot to July 20th the mcvbers con-vtitutin your Committee, later appointed to hear the evidence at the hearing on Augue 8th, uonsidered carefully whether some modification of the clear- ing rigula.tions could not be devied which i;ould prevent the luggested injury from the lo e9 of these accounts. Among others/ the etT.ge,Ition 14.0 w.de that the banke could remit to the letinnepo lie Reuerve Bank by drafts on Milwaukee aent to the Chicago Re:serve Bank to the cre,it of the Minneapolie Reolrve Banks on the ,-.3Jumptic1n that the Milwaukee baaks uou;ci have their checks parred at the Chicago Reserve Bank by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15 C+ t ve;,1 makiag the - ace.v.ry excess *posits. ha ,, b.;.n1 refuaaa t It was found, 11wever, that .11ow this, (n1 furthr consideration led your Coralittse to tha conclusion that ouch an alirani7nment mould cauc,e labor, c,1c. confubion and would very likely 1e44 to the cre;..tion . of :;xtiificial excht,nge which muld harrer and injure the n.1 -a olearing syiztem. Stwrtly afto:: TA112, Hr. Wing, Prcaident of the Batamian National ni oi La Crosao County, wrote to one c,f the yresent Committee ntrong- 1 urging tht the prol.osed trinsfer b3 allo-Ye1 by the Board. followed aloo coafe .l!ence with reprasentativ Senate strongly urging this. Then in 00n3re4s or in the Ocafarencos were also held with Governor Wold on the sews subeot, and on July 213t lovornor !Told wrote a member of this Committee statin2; conferhols he haa had with the Committee of Milraukos bankers on tha subject beginnin5 July 3rd. In thia 'otter, aLong other things, he state-A that the Milwaukse bankers felt that reopenin3 of the redistricting question would enable them to hold substantial couatry balancs4 they axe now thraatenc4 with losinq, and that he, had aritten them raisin the queation aa to rsmitting in ChicaFo exchinge, the Minneapolis Reuerve Bank thus clirryin7 the float one day, ibea ct. oi tro days as would be the case if Mil:Jaukez exchancp, were acThis letter finally concluded by ex-Dre3sing the opinion that, if zny chan3 were nade, all of Wieconain dhoul.j. be transf3rred to the tt it qu1.1 be battar to trz.nafer the 19 risco/win cQunties ani 45 membr banka exeludiLg Lilwauke r4.:w in the Chioado District tc the Minneapolis District than to transfer to the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Cf: - 16 Ditstriot tho 33 ?lsconsin countle) au.;i 33 /1.1rar banks nol. in the Minneapoll) liatrict; tha.t 57; out of 13 member banks and 123 :i out o! the 115 lt6,to banks in the terA.tory ,:,ought to be trznJf, no. !. -L1,ve a‘lcourit; that 52 :Jut c47 tho 45 vimber bank: Inr.: 3 Gut Jf tht'; 13 .1.tt1 banks or ridcoxiin, excluding Milwaukee, new the CAJ,c; Dic,trict hi.4ve accounts in alwaukee; that if ral thia erritory were transferred to the. Minntaolis District it ilou3d be cn F3t4te liLon; that in moll au evont Nilwaukee °cull be baue a clerin ai:.f;vncy and perharo in the future F. branch bank; that ouch a tramifer would grout the Tdocengin banks Ozut their chief cE,nter. (Italics ours). . On tho agAtor was takn 1.11,: by the ftarnoon of July '25th, 4t11 an.. on the oorninz of July Zeth, a ootion to tooll:en the petition ,.%.nd transfer certain Tiaconsin territory, leaxinL enough to connect Uichign Apth th balance of the Mi[neapo:Uf, territory, las lost by a tie vot. Thi.4 vote waJ not on tha ?mrits of th2J case, thooe votin rntinc thair vote upon tha fact that E4.3 No the original petiticL vra,1 dismissed thare ea6 now no kendin3ketitiL:n and that a ne4; petition Lau*t be filed before action by the Board. In the afternoon of the eamd day, the question wa,.: oonsidered again and the conclusion wau reached that the Board had power to reopen the original petitio:a anTi thLA Act to redistrict on it in aot, it had power under the own motion without any petition filed. It was than voted unanimously to reopen the petition and to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tr' „ - 17 - "r‘ 0 circle r a neo hearing, which was finally fixed for Auguat 8th, all bank a beirp3 notified and tha 4lchizan banki being permitted to in4orIrene. Cn A1iut 8th, the hca,rine; vvati held and your oommittee was duly ap1.cinted to hear tho eviderict ani report to the Btard. The Comptroller of tha Currency, duly :pointed a member of the cmmittec s attenaed tly; hec;.ringa, but deoide4 not to ;join in the Committee deliboratiens or in its oport becL42Je of tho fact that he had been a Nambor of the Organization Committee. Yov,r Corittoe suzczta that cuch ulembcr of the Bord read carefully the evidenco takon at aaid hearing, aa only a 7:ineral reaura can be Tivr in tbla report. There were preoent at the hearing, Senator La Follette and Huatinc and Cong.reasmen Stafford, Reilly, Browne; Konop and Lenrot (th 1..titer by lattir), repreJanting the petitioning banks and the bankers of Millaukee; Ur. Low:bard, repraenting the petitioning banks an also tha MA14.1ukee Clearind; Houss A3aociation; the officer l of sevin National bank in Milbtukoe; Mr. Bissell, representing. all the National barle in four countie4 of the Peninaula of Upper Michian, and olficora or aiLe. bunk a in Wiaconsih. The Federal 71tIoerve Bank of Ainnoapolie Governor toll by it A roxlutions sociLtion o We.3 represented by ita couh1, Judge Uelund. u4d unnimously by the Wisconsin Bankers Aa- i-,rientod in f.vor ot tha proposed transfer anA it wau atated that many members of the Asaociation were prevented from being http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • :4 - 18 ,4 pre3e nt inasmuch a e B4nker3 Convkl-nti,)n rfas still in session, but that they v:ould be reprIsented by those in attendance above enumeratc,d. Mr. Lombard stated that members of the Board had expressed reTret th t thu Miltuket) ban%ers 4id not appear at the former hearin:s in 1915, ami that Mr. Lini3ay was preaent to speak in behalf of tha Milwaukee bankin;r interesta. There were in all nine or ter barkers, representing banks in different part of Wisconsin, tho tetifiect in favor of granting the petition for transfer, anA in adAition four Corv;ressmen representing districts in Wisconsin ppared in favor and the to Senators from the State. It was repre3ented that 53 z'ut of 61 banks in the territory in question were in favor of the transfer; that the banks in four counties c: Michigan were acting indepnndently and were unanimous in favor of bein were itiii.ri transferred to the Chicago District; that the petitioners that Ashland and Iron CountieE:, embraced in the original petition, ba ret;_lined in the Minneapolis District in order to avoid thuttinc: off Michigan from the balance of the Minneapolis District; that in compensation, La Crosse, Trempealeau and possibly Buffalo Counties he transferred to thc Chica,fro District; that the Milwaukee National banka hold ovcr 4.5 millions due to country banks in Wisconsin and Michigan nolf in the Minneapolis district and the State banks of TilNaalee hail 5 millicao, '!flakirv: a total of °vol. 9-1/2 millions; that Tisconsin and MichivA,n banks originate very 1ittI http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xcharl'a in 7 ) . foir lv win Cities; that the trend of bu6ineR3 is to anl from Milraukee and ^ilicav and that tho Chicago Re3erve Bank 'gill handle a large VoiU.ma of checks drawn on Wisconsin and Michigan banks now in the Min teapolis District on two days deferral credit yM.ch mu4t b•2 dent to Minneapolis for collection, consurLing suraly four ani psrhaps five da,yo; taat if tha territory is transferre't to C1111,1/=.0, returns coall be Lxda in tno days, - the Ixact time of deferrcd creAit; that ti-.s ,:y.erse f zarcyin this float on Northern Wisocnsin and Michigan checks is a large item ad All steadily increase; that the normal business relations of this territory lie with Milwaukee and Chicago; that this is proven by the fact that ';92 of th 363 banks in this territory carry Mil',7aukee aocounta aq against only 71 in the Twin Oities; that of the 204 bankin?; towns in this territory 202 Garry their accounts in Milwaukee or Chicao a against 46 in the TA.n Citieo; that tho 1t6;ri,s sent .Cot •,-Jollection to thr: Minneaclis Reserve Bank, as reports fro4i the b,.- i.Liks in tho territory chow, almost all originate from territory which made collection through the Minneapolis Reaerv6! Bank in a roundabout way). that one bank, the Old Naticnalof Oshkosh anaarned its account at a part1cu1ar period and found that out of 120 items received from the Minneapolie Reserve Bank, 115 oriqinatel out of the Minneapolis District, coping to Minneapolis from Chicago and St. Louis; that this routing caused a delay of two days; that only five out of 120 items were indorsed directly to the Minneapolia Rcuarve Bank by 11(,rthern Wisconsin banks; that railroad connections arc move direct to Milwaukee and Chicago and much quicker; that mail faeilitioa are better to Milwaukee and Chicago that to Minneapolis; that reserves http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 20 4 should he lepo.7.ited cithere the natura) course of businesi flows; the,t dirirer,-14 of trade curronts viii. .it back banking progress; that the petition was not a Milwaukee 11,ol3ment but tho feeling of a Iar Le rority o.0 thJ banks in the territory iL que2tion; that i on tun banking busine,Js will go her the reserve - ani;s, or come of them, opposing the transfeI a,) hijlor r.0,t 3Q the are; tqat the :?, because th,: on farm loans in Minnesota, North aLl South Dakcta Montana than they could got in the Chicago District; that the Organization Co.iilitteei was undoubtedly influenced in it decision by thI necesoity Zor providing a illinimum capital of four xillions for the Minne•4:olis Reserv,..! Bank; thaii since then the Attorney General of the Unitca State3 Lad advised the Board that in redistriatini.; the four million minituum need not considered; that in any event, the cpital rezainin, even if th'!: Mizhigan territory were tranaf:Irred, mpuld be in ,Jyiaeso of four The Federal Reserve Bank, Ity its counsel, in argument, claimed that a. new petition should have been filed; that the claims in thn prcmt proceeding are somewhat differert aa to territory from thz fir3t peiti; that Michigan banks can not iLtervene if the form(Jr decisicn cf wouli jajr Bord is a judicial decision; that the prol;oP;ed tr!,n'.r earnin power of the Minneapoli Bilnk; that it unwise to increase the assets of the Chicago Reserve Bank; that ths purpose of the Act oao to decentralize banking rewervep,; that ne sor!-ous inconvenienoe has been shown up to the present time; thLA the ratter should be delayed until the clearing system http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis i3 more Pally developed; 41:7 is- • • •t • - 21 that the Minneapolis Reserve Bank ia now uell balanced, consisting of oaning an. borroaing districts; that 1rties not in the pe- titionin territory had no right to be heard by the Borl; that the only parties interaste4 are the banks in thc retitioning territery; th at the public ia not intere3ted; that the 1,ctition should be dieZni3zel. Governor 'gold also spoke in behalf of the Minneapolil Reserve Bank, ztatin4s, among other thinv, that the bankers protest was based on tho rule of the Federal Reserve Bank reviring 'Twin City exchanF;e in settlement; that the rule had been changed so that now settlement can be made in Milwaukee or Chicago exchange and that this weca all Milwaukee had contended for; that it does not necessarily follow that because their reaervea are in Minneapolis the Wisconsin banka will open accounts there ith Twin City banks; that the Wiscomin banks are no :?, ; sending items direct to Chicago Reserve Bank; that there is no diffarence whether theae items are sent to the Minneapolis Reserve Bank or to Chicago; if sent to Chicago it gets there next lay and goe3 out; Chicago take a it on two days deferred credit; if sent direct to Minneapolis Reserve Bank it would be taken on same basis of two dayo deferred credit; that it Is not true that there would be a days difference in favor of Chicago, as Chicago does not send out items received after certain time in the day. In answer to a question of Governor Harding, Governor 701cl said his bank was no•0 taking checks on Milwaukee and Chicago at par for immediate credit, ;.,baorbin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the float. - 22 Governor Harding then asked whether this vias an economical arranvment looked at from the point of view of thtt whole system, and whother it Amid not be better to transfer these banks to Chicago vilere the y naturally belong. Governor Wold replied that it made aJ Aiffarence, that if the volume of such checks is large, instruction5 cLot be given Chicago to emit to credit of Minneapolis in Chicago. Governor Wold also said that one year ago, one-third of hi a rediscounts were from Wisconsin b banks, but that today there were none ovi.n ; - to the concerted effort of the Milwaukee banks which offered rates as low as those of the Minneapoli3 Reserve Bank. farther denied that there was any loss of time in sending Wisconsin ohenks to Minneapolis, as banking is done on an overnight proposition. In reply to a question from a mambe:. of the Board, Governor Weld said the circular acceptin7 Milwaukee and Chicago exchange at par was dated July 2Sth and that he wag not sure Whether the Board was advised of this circular, that it shou3d ha:ve received it. Mr. Lombard anked 'hether July 26th was not the date on ghich Governor Wold received the telegram frou. the Board reopening the petition and Governor Told replied that the telegram was received July 27th. (Pa;44 86 of Record). In this connection it is interestin; to note that later Governor Told admitted to novernor Hardin-s that this circular was antedated. Governor Wold also stated that he had written some of the banks/which said they had larger deposits in Milwauke than in Chicago and http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - 23 that it would. Le tore oonvillent to check on Milxauk,ce than on Chicago, - ixndin.,A the new cirevl!_r. As .1 thatter cf fact your Committee would point out that this ciraular wau nal/or dent to the Boarl, until Goirernor produoed it at the hea2lng. At this point a member of tha petitioning delee;ation sald that it :.,v4J neceaaary to keep L. ,aigor renilrvd3 -vith the Minneapolis Reserve Bark to Laintain their ba3ance intact, but thia was dried by Governor Wold. Gov3rnor Wold added that if Milmu;ukee ha3 money not belonjir4; to her, taken out of normal ohannels, payin j therefor hi41 rates of interest, thus ptting besineln belonging to some other territory she will 10 it as tIle Federal Reserve" Act wili Fut it whore it belongs; that he diJ not r,ean tc irfly that Milwaukee li jr interestJ wao cettints money to wtic high it was not entitled; that there will be a redjuEAment under the Federal Refiterve Act and it is intended to do VO; tht it mould be absurd to trade Ashland and Iron Counties for Buffalo, Trempeuleu an1 La Crosse Counties, as every bank in these counties oppoaes the transfer. In this connection your Committee would point out that in the recorl, page 125, there i3 a teleEram from Mr. Wing, of the Batavian National Bank of La Croose, aa follcws:- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 34 C., La Crouse, Wisoonain, July 17, 1916. The bankera in Lt. Crook,e County, 1l but one in Trempea1e4u, and majority in Buffalo, want to go into Seventh Dietriot. Mr0 Dickineon will agree to whatever la for beat interet;te of Croaae banker.. Am wiring Mr. Harding ao zi.bove. Letter foliate. E. M. Wing. Your Committee deems it wise, at thia point, to give aore Especial CO 118 idertAion to the technical olaimu in the brief filed by Federal Re- derye Agent Rich uubusquent to the hearing of Auguat 8, 1916. Thobe ime, in subutance, made in this brief are 4.:0 follows:- (1) That the Federal Courta have power, - under U.S.Reviaed Statutee SeotIon 716 ami Section 262 of the Judiciary Act, - to Review tii‘on certiorari the rediatricting deciaiona of the Federal Rei;erve Board. (2) That tiw Board, therefore, muet cet in a judieial, manner, al- though the brief admitu that the Board is an Aaminiatrtive Board. (3) That the Board im bound by itu rule e of procedure promulgted August Z1, 1914, both ae hearinge ar4 rehearinga. (4) That the Michigan bankere can intervene only in oupportof dr in oppoaition to the original petition and oannot, therefore, raiue the queation of thci r:ropoued trLalsfer of any part of the peninsula of Michigan. The clt;ims may well be coneidered together. They practic..ally amount to a cLiim thEA the Federal lUserve Board le a Court of Record, bound to conuiCwr veigh evidence prJented, aocording to the uuual rulea of evidence in oourte of law, and aubjeot to thc teohnioca rules of pleading. Only in thie way could a record be made upon vihich the record could be reviewed by a higher court° Soh a claim losea eight of the fact that the Federal Reserve http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ; ..,C.A.rd. ;ult onsiets of exports and thL,wt any decision renderLd m;_q be the rea much of personal knowleage of the Bo rd as ui,on any evidence mignt be ttAen; while the Bora is Liven clubAii judicial pcmers It can find all the faote upon which it my decisionxe rt unh,.mp5rcd achnicl rules of legal pleading or eviclenos. This was clrly so aa to the OrgLLnizution CowiLiztee, -vhich wau e mpowered to summon witnauses but W46 not obliged to ao so, on thii other power under the Act hand the Feder41 R(...)erve Board is i-,iven no to summon INitnewses at It would teem reasonably clear that either the Organization Comait- se or the Federal Reserve Board, re.4,ectively, could hav.: oribinL11) diL;trictud or ir,tor reuistrieted itlicut givir any hearing whtAti,oever to any partiea, ,tna, havin6 1,his ,ower, it oeim Give hearingo b.ntA decide questions upon thn :writs, without being i)ound by ctny tuchnioall- ties, auoh au are raised in the raspondonts brief. It is intarenting to note here zh:i somewhat strtlinLi: ch:Ane;e of attitude on thc; cart of the respondent bank. At the firat hearing in May, 191, th(:; potitionins banks raised the technical que:6tion thLt the Reserve Board was oompelled to decide the question upon the record before the Organization Committee and that, as there was not a ecru of evidence in th,ot record favorinE; the incluLiion of thics territcry in the Minneapolis Diatrict, the Board, it claimed, as matter of law, was boutia to overrule the decision of the Organization Committee and to tr4.na.Jr this territory to the Chicago District in L...ocordance 7.ith tha umontra. dicted testiaony. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (Record, p.6,1'4,13.) .4 .26 um Minneupolis Reaerve Bunk, however, vigorously,00ntrovertod this argument. (1) For example: Counk,e1 in argument claired th%t unaer Suction 2 or ;he Act the BOard is to bt.' governed by experience and nct by L review of the Lwn of the Orkk.nlzation Comildtt. (2) (Record, p. ) That while a court can only aecertain fL..ots irom oviance und oL.n not ' ,ct on it, own kricwleage, or obt:An iniormation in it oun way) Tait, Orea.niz,Aior; OcLuLlttee s under thil Act, oun uo thiu ona is ected by the Act to do it. (3) (Record, P. 4) TW1t the Ori-;0411ztion Comwittee is wwrely empov,erQa, and not riireoted to tAt.e ttimony. (Reoord, p.4) (4) ThPt the Orcani:1 Lion ComvAttee t.,d power to uistrict out taking any testizony. It (Rftc.n*cl, c. 4) in te good ju4E- (5) That thv determinetizln of bourdarilis ment of tilt. Orgnization Committee. (Record, p. (6) ThtFedel--1 Reserve Board can rely ukon its own judgten by the Organization Ccmittce. merit and is nc)t bouLd by (Record, p. 5) It ,Nould seem cler to your Cortmittte that the Bumr htal !triple power to rujer juotice on the merits of the (mike free l'rom the necessity, iralttedly ir4cuTbL.;nt ul,on ttChnioaiItla It izoui notice oi any doubt ulA)n oeuxt of reccrd, - to give rega:a to Inal rt niCleitil of legal pleading. ol‘r 1at ti Uinnopoii rre,e 11•4n1: h1 sAlle . i;etltionera. Claim LObvt,,,n1wd :7 3y any of th, If tluvre -aorv point, u readinG of Governor Weld's letter of July 21st to the Board, - she ing that he was in coLferenoe with the petitioning http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis rg. 2? artlea incluaing ‘he Wisconsin 1),Inkere iroal July 3ra to Auiust 8th, ;he date of the tini41 hearing, - r.:move any doubt L-it, to thie. (7) That no one was entitled to be hec.rd ul.en the question of tr_nsfer exoept tht. banks ili the territory involved, te this, it woula seem sufficient to ut:-tzs thvt the public, iii cluaing AL banittro IL :4ny way aff,.,oted, is as upaoh interc.ited in tha u.ec ision ups the banks in the tti-rritory. Thu Federal Roliorvo Board ith oound to consider qwtions prntLfrom the broad aupeot of the whole Foaeral Re4erve systeu, Gina in f4ot, n 0-4e, the Board has oraered notice given to the Federal Rewt:lsvt, unk to which tLc, prokosk,d territory is “sked to be trLnsferred as well to the FtQwUrVe Bz,nk in tioh the territory iL i5ituated0 ruxLnt-ciaol:, if therc. vc:re 4Ahydoubt, thc; '4,ettr of Governor Wold of Jul' Is hLL, bove referred to, sua,tif4, Lht all of Wisconsin be trftJrred to the klianeapolis District, in cast, uay etuIlLe ia orderod by the Board, would cleuxly eive the Milu,uht:e bankerL; the right to intorvene ana to Lsara o Furtn.:rmorc., it Ail/ be renenbered that the counsel for the Reserve Bank argued ;hat the Member banks of tho territory involved kner best what was for the intere.,t of the District _lac.1 that Le could not see that the public ha o. a.ny interest in the matter, Abereuion the Comptroller of the Currency rt.miwed him th“t 53 out of the 81 banks in the territory involved bad voted for 1,nd strongly urGed that the transfer be me.de. (11c:eord, pagQa 731 74) (8) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Tit the prooeedinga before the Board were inconsistc.nt itith .?8 'Shod. employed by judiciLvl or quciei judicial incluiries t - m,4ntioning i/ partioularly inquiries before thc, Interstate Comnt.,rw; CcataL.,zier., in that, among other thing, COngrt:sumen and Boneforc viGrt i_ermitted to testify at the hearine; thtA to eancticn c.uch priatco y,ould be perniciouu and wili eutz.bliah a precedent uo that dclogaticns from Congrcbk, may at any time importune the Board for v.cquiaition cf trritory in ut*r diareg4.rd or t Bourdfb rules and regulationge; tbs.'; z,uoh is t0 b.-col:4e the method of the Board the Federal Ref;erve iiyut=iil suffor 11 loet-baok hard to retrieve; that thu aspect givi4, lo the adV00:.cy employed (meaning the appourUn06 of eiu Senators Laa Congreae. n) maket, thQ cleoi4iou Qf the Board a matter of IL4tion0.1 uonJi.rn. This JJ, the flria*ti time the right of Sentor d Con:Lrt.Lumbri to pper bufori the FeUert.1 Ro—erve Board in ma,tter:.1 of creneri4 cubic interc:iit, involving the tren- ot eomwerce and el° trade, how been 4.;ut in iseuci. Your ComfAttee d4UUME;LI that the Minncpclis ROZOTVO BLak do aio nc..3 intenu to chb.reQ that-,,rtisan political influence prompted theue rJpi.eaentatives of the people of WisconLAn to arper before the Board. The political compoLition of the delegation which apptured, - four Rapublicalu and three DemocrLts,- would clezirly in e.dvance negative any charge, Furthermore, thee gontiomen confined th.imelvf.s to tastizony au to the general coure of businObe in the territory involv,ad and th‘4ir teutimony waa unanimous that this coure 174U North ana South, from and to Milwaukae ,,A.na Chicago, and not East f:111 T-st from and to Minneapolis, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis r, #1.1, -39- C p. C.4 When farth‹;:e it te Qonbidere whol. thht that the tv:o Sc;uutors ropretnte.ci t11e. .‘re Cngreemen rcyreztaitel Over one willion oi p6ov1e, in 35 cou:Aie, evL.:y cut ii unty iA thc terri- tory invoived in vihioh tho b!nka vot, oxoept to, were une‘nimo'wa in favor of the transfer, it thcit thotA two aift evidenoe ,1-tou1a be entitl5t to art vt.!ight of II4t their .0 4 the twl.IL, .1 uour‘e of bu-ina4a, The .ri:frwwets of the ne,}erve 23.nk zo procurG i)cfoi% ; t,ue Intcrstate Oosrrce Comiaoslon may al!bo requir5 ping zention. Inuiry oi the Comuitision 4,howe that tvhi:i.e it haE inutit uted Rulci; of Procedure, yet its intent is to ecure subutential juiAice :Athcut ..ahcrence, to fixed rulet, sither oi procedure or of evidence, Aa a Lot, Ssotion 17 Of the Interbt&te Comilt;tck-; Act Er-ecifloally authcrizes ColimniscAon to conduct its proceedings in "L'uch manner Le will best oonduoa to the prol;er disiAvtoh. of bueineue wad to the end of l'aLticW Upon :i.;:plication for rebes.:.rin, Esction 1A of ti14: Statu te specifically provides thav the CommiLion shall not only uonal-ler itu origimAl order but well all facts ricrisinc ainoc tiAo iormar hearing. Furth‘rmori;, wniia &lotion 16-A providtiQ that tht; ;)roce e;lingu at the rehearin3 uh411 conform wi at.lv.rly az mu.y be to th:„'..oc3cd ingui in an iiring, LipeCtif i0 velA.ed i tit.) Comaion to dirct ot.tr.kLit5e if it !3o deuiru34 To deny tho.t to r3Open a OaaC, Interetwto Comerw CoIeic )Lkik.ihv nder ciroumstncea sihilar to those now unaer pc:vier Q0.11— sidenttion before the Board, viouid bc to ei.eny to the Commission power http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to conduct ita proceedinge in uuch mt.i.nmr 'dispatch 'at busineiA, rind to th(2 Your Oommittee is owtiufie ample pwA:r e 'nil bet:t conduce to tha Qf th:1 the FederL1 oreopen thim petition zi,,a1 t3z to po-fmit flow vurtia to inter- Vise and thLA to require & new pertitirn to be ilyNoiNing time, labor and expense, when the partice La.-ye alreudy prohl.erly principal queotion in wIt; origil-lal petition, aly. wheli 2.1 A.rtita bud ample uotice not only au to thu original petition, tiut to new claim ariJinz out oi ne,s cont:Ationn such a ru!1.1.1a- tho tions, - would be to obaouro ju6ticw Ooluelleion nor Board woui viLli to do. Furtnereore, as thie Bobrd n per to rediztriot oi ia motion without any hering or notioc, it clerl:fol wn it dui; power to reopen 4nd brogiden the acope of tho prect;nt petition apoi duo notice to 41A pl.t.T, . ieo. Au to tho; objection of tie; Minneapolis Recetve Bank that SnuLorw and Congrootimen that , tlmved to pce.r t teutify, iith the intimation ioh prooedure was contrary to the 7rocoacnt3 of the Latterly% 00mmeroe iJofaAr;ion, other quici-judioisa bodiea, it ha only neoeowvry to &,tate LWA incuiry of the c;cid Co ion dioloaeb that, so f4r 41.0 the practice of tte Commission Li conoc,rnbd i a SeniAor or a Congre&emen can qprehrt from any point of vis, public into,-(, t grE:uu have in fact http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ny hearing k,nd t'aeCt466 thk: meritk. of & case ..tiether the, oars invo:ves a mitter of LeriErEal purtUy private muttur, taut Membt.v, of Con- o a.ppe,A.rod Laid aik;cuased the merits of caueu, al- '7-s• 0 m 31 ShOu such appear4noe 7;.-3 t AC: aPlule,xzxnee iafccquant. It .a.a furthc,x utz_ted that fa, a Mclitx:r of Consreen meted cntily Of Congx2a0 tLn,.1 not with the ta lacmc4r COMNiaition. In thii, oonl:eotion, it iL taroly Ileoci.,.,ry to ixint ou thc4 Senk4t,rt. Lnd ConrreoL-.imcn Lisvc froN tisto to titA. 14'3:tired hetorc the Board, notably in the redietrictine caseu of Ohlv.hoxa withvut objucyclon, t leLait from ..ny of the pa.rtito CONCLUSIOF ANE RFCOYMENDATIati Your Coa,,,ittoe hub em:euvors‘i. to give molly .preoLated in th‘ ot,4ci to ING rt..ot a the, testi- to Lihov f irly 1,11Q coLt‘ntiou of thu reiipeotive On the eviciconoe I.A.LLA.nuj,, your Colttee finds ix fol:,cts: gtstiroLy before tbe Orcanizctic't Cog=ittcz (1) tnat thken before the Board at it ra.11:0 to ter.,rinzs, la .pretic11y stantiuily unoontru,4iott$ tht,t the normal, oustmary couroe of Li13114 in the turritory involved is South and North to 4nt:. frcai Miiwaukot and Chicmgo• Th4,t Milvraukas id tne financial and baaiwtia lieconain wld thc; chief diJIributing point of thia territorj. (3) 'Llt I: no 4,,weption a o,t.ritk,1 for flat,.rve Bank of Minnepoli3 11,s1 ben Luvolveu, thmkAndate of f.his 1t%es, Section ;it of Up Act, would, in the opinion of your Committec, have required the Orgnization Cominittee to pliwe at ieaht the gxeLttlr fart of thz. territory invelvtid in tht. (4) levtitlon, inducting Milrmukee, in the Chicago Distrite Th:t the Org4nizatirn Committee wag; justified in placing this territory in the MinneL4poli3 DiLitiot in view of the necessity for http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • • - as to- lug a minimum capitalization of four millic0 of dollars for tbe kf nne uPoile Roeerv..= Bank. ) Tn,Lt tiL Aecesuity, before iuelitionea, no lor,gur exists, in vie of the opinion cf Lhe Attorrwy Gonerhl rendered April ond that the question iks to be conciiderir.d by th* Board on ito mLtite, unhuiTmred by any much liglitation, L,r1C, in :accordance with tht. reuiremcnt of Section i$ of the Act thL.t ' ,The dibtriotu eh‹...11 be a 4,ortiont.d 'oith due regard to tht, oonvenience (6) customilry courLe ef buoines That froa time, imalemori,-1, the bucAnt.to of thio tfc:rritory has ooveraed u-fon Itilwukele and Chiottgoe that thi., 1:3 Lorne cut by ti f ct th;.;t :M out of 2.)41 replies iron, the 244 bunko, Natiom.1 and State., in this territory, atuted that the tr:nd. of buoino Wdd Umards and Chicullo4 that the bulk of the exohunge cr.tei erigine.tou in buLiineJe tr_neLotions bettcden aail territory ni iii.Lw,_uk,ae, and thGt the mail and telegr4h fz.cL.itia z.rie, on the whole, .mort. favorL.blc tt:; Mil_uke;; k,nd Chicago thi_ta to Minneapolis, That tory in ,luiiation, mjcrity of ,the th_ticn,a banks in the terriupproxillutt;ly L3 out of 61, ar, in favor of and urge the tranvfr and that their uttitude seeme to be com,istant Aith Interst the public in this territory. (8) That rhile the Feder41 Reuerve Bank of Minnea;olici is A-11- ing and able to care for the intorewts of the wember banke in Wiit. territory, the neceveity for deoQiting c:.pit, 1 L:nd rutJarves in Mintlez.polid ttke. thee aeposita avay from the ueual COUV.C, of trde and will probbly necotleit:,te account' to be eLALbliahed I'ith the banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6ri •••k of the ToAn Oitie4, if for no ttrzr reaon, to maint4.in re!ierve balanceu aitid care for (AeLlikals Q44U4Ca ty oirotaitibus routing of chr,cks rather th,L by 1egitimate buLsintii UeILLLLdo, to the injury of the ooml_eroicx1 bud ineao interuLto of tile. (9) Tbat vhile txi tate. tlirvitenec. injury cf.A.I.wea by thc clLcmnce re guitAion Ltcutlotilis onIy Twin City t:Achange in uc:t4;1.5ment ha:. been trt viporurily vrtedby tile new regulation, - publiohed without the 10v,1edEe or conment of Lilt; Bord, xchangei pr doubtz or 1aieuiatC aconting ChicmEo -nd Milvaukee it, your Committee entertain grave to thtl exp4uienoy of :ivah a courue s involving a: it does the absorptirm of ouch an amount of Iloc.4.t by tne Minneutpolis Reserve Bunk as may total, in the ,lzggegt-te, fear thi..t , 4.uon action iglry don3iderable sum, and we grezAly 1i. bt, found impracticable and that it iii1 ultirimtely have to be reuoinded, (1) Timt the exch4nge buLini.L.L, of 1hE. bunks in this territory con&)ist4 lc.rgely oi uheyks drawn on Ullwi.ukoc and Chicago; thia rould ocom C3.CL ly to be dumonotrated by tile evidance to the effect that out of 63 bz:liko in the ter”itory in qution, 292 oarry account in Millaukila or Chivago, ui against only 71 in th.; Twin Cities, vibile out of ;,04 bunking tol.Nno in 1,14 of Chico trritory, 202 carry account in Milwauke aE.iniA only 46 in th.. Twin Cities (stn, Record p.14,15); oleo by the teutimony of Ur. Lindsay tit Ii.ukee bLnks, Natioml Land State, held county bLaances duv to bunks in ViLocrwin z-na Norther uichig,q1 of over 9-1/2 millions a aolluru. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (Rvcord p.10,11); (Alpo by th,.; i‘ ,utJz oi above rzferrd to, du.ted July 21, 191G, s.moug ota,r tin, tilz,t in the territory sought to oe trLa,s(J.,: 249 bniw, NaLticnal anu State, 166 have Milwi.ukee a.c..(;untE;, oi the total 404 banks, National nd State, in nuconsin, ex- cluding tnoss ih No.rthwa.st Wisconsin and Milwt, .ukee, 320 have Milwaukee accounts; oy the fact that in the Directory or July, 1916, the 1.)nts in Wisconsin reported among their FrinOpal correopondents 669 b4rkks in Chi bi..44'4s in Milt4ukee said la3 - Cities, thou cry in the Twin ortiag the 1,‘t1.c:r being, as to the creter number, locia.ted in the Nor turn iAat of tilt; StLte, npt affected by the pro- posed tr,41er; also oy the f:Act 4wh,4.t our statistica l division report, under aatkl ci Au6ust 191tio that thc National tAnks in Northoe,Itern Wiscom.ln hLd only $780,0G0 deposited in LW; Milw-ukee bud. Chichgo Nutionul bnkb, hi tr.,nsfor hud mi_liuLio do deposited; c..ieo by the fact, aa uhown in Lrlt: Nationka Owsks in the territory ,propozed for petitioners brief, paw. E7, that lettcrt. rc,ceived from National bankk, in forty attics in t;oe petitioning (strict, r,:.pr4;enting 19 couLtic.c., scattered ovt-.1- the territory, showed that during the firet six month_ Of 1916 they received 4pproximato1y 70,000 items on Chicago and Milwaul as against 19 , 00 on Minneapolis, or 34 to 1; while the amount of the items on Chio40 4,n4 Milwaukee W4W 94 willions us ag;...inst B.8 millic= on Minneapolis, or 4 -4 'to 1. 1) VILA LL- transfer of said to4:ritury iil atia.1 lv th; 0;) ,pita1 ci tii== Minneapolis 7eder4 Reserve Be.nk in exocs or four wiilions of dollars, tnd we Lalieve thzA this i...moun t, with toe corrospona.ing http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis rosary* depositu, wiil bo ample to ormble the Bank to ‘i,..10:; 1:01 tha needs of itu diotrict. (12) That the trLmifor of the 1- ;rGposed territory, or part thereof, may tend to rc,acvt-, in part suWtantial tilt; objection, the State banks towards ent*:Ting the Feder, 1 flearve (l)On the wustion raikted au to the tr:161:wi: a four counties in the Peninoula of MiehivIn, whi1 th Ulotimony scums to ohou th:A businese tends tow4rds Milwukee and Chloafo r:.thur t1n torda Minrak. apoliss, yet your Corwittee feele tiliv.t a m're careful e-lid thoro ugh inveutigation muut b mnde, ei$ptcially iL view of the fot that a majority of the banks in the Penirkuul were not repreaznted at the La:aril-4, that notLiar, &ut tie olourest neoeuaity, most careful inquiry, would warrnt the ,iplittinq up of thio territory, it uhoul d further bs noted tht whil the 31 WttionL-.1 bL,uk; , , in thi4 territory negligible aepouit in t:L.Ly CitAes (t167,000), and large depodits in Chicago v,n6 Uilwaukee (S1,83,000), they huvo °von IL:.rgar depoz; itis, (11B,276,000), - in Clevelana, Detroit, NO9 York t,alL Bosto na seem to irouto that the territory, oL the This wouid zion of rectistrioting, tretect az a ,hole, and in tlic ,4b..ncte of tk,i.tic,ouy, shGwing such difference in tho buc.ines4 of itie, banks in the four couritis petitioning from that of thc bLnka in th3 ri;m:tiDing kart o.t: the territory would warrant oplitting ur. the territory, Ae cnnot recommend the propoced trau4;er. Your ComAldttoo, oherol'oro, rioo ndel thtkz no action be t,ken ale to thous four Miehiva counzieee (10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Your Vowiuitted rualizes that in zee caueu of rodiatrioting it is impOusible to ura be hopod for iu oh,Irp aiatinot 1in,4 0.ni th-,.lt all thilt can cwcthion which, on the ::110.1.J, ?:i. justioe in acQortl4no,.- : ,:ith the letter ,ork aubLtantl nci the apirit of th Lot, With this end in view we rt:oommend that the territory included in tht ccunties Jaekuon, Clark, Mv.rathon, L4nglade, Oconto, of M and all othr couutieu now in the Minneapolio Dik,triot so.a cutA tUe reef be tnaferrcu from tilt; Minnei.rolia to ti.t: Chic:L ef„o DiLtrioto There iu hnexed hereto memoranla of our Statiatioal Divik)lon giving inform4tion au to the que.ztionu irAvolvd o und a oomputation showing the ei.fect on the Minneapolio Bank of the transfer reoozitiended; alJo an informal opinion of counael aginst the claim of the Minneapolia c;der-1 Readerve Bank that rediatrioting deoLliono of law Fedora ReAlrve Board i4,1%; eubject to rt,view by the oourta upon certiorari prooeedinge. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Rcctfully w.mmittcd, Otto 0o:twitters. mi • /c) ) 1 , ,— ,FtDERAL RESEhVE BOARD. /ASHINGTON. September 26, 1916. To be circulated and returned to office of Secretary. Letter from Rdxford L. Holmes, dated Sept. 25th, asking that the word "Delta" be changed to "Ashland" in the brief on the Wisconsin Petition. Page 8, +:411e-I? last line, and Page 57, line 17. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PI http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / '4;1 September 26, 1916. Lr. Rexford L. Holmes, if322 Southern Building, :Ashinon, D. C. Dear Sir:Your letter of September 25th asking that the word "Delta" be changed to".Ashland" where it occurs on page 8 in the brief filed in connection with the 71sconsin Petition, is received and the change will be made. Very truly yours, Assistant Secretary. e 4 4.1 RESIDENCE TELEPHONE LINCOLN 2323 FFICE TELEPHONE MAIN 817E1 P http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REXFORD L. HOLMES ATTORNEY AND GOUNSELLOR AT LAW ROOM 322 SOUTHERN BUILDING WASHINGTON, D. C. September 25, 1916. The Honorable, The Federal Reserve Board, Washington, D. C.' Gentlemen: Will you have the kindness to change the word "Delta" to "Adaland" where it occurs in the last line on page 8 and in line 17 on page 57 in the brief recently filed by me "In the Matter of Application of Banks in Eastern Wisconsin to Be Detached from Federal Reserve District Number Nine and Annexed to Federal Reserve District Number Seven?" I should be glad to have these words changed particularly in the copies of the briefs that are being used by Members of the Board. Very respectfully, HLH/C0 .- ;ashinf,ton, I). C. We have your fa-:ors of Septem'er 8th and September 13th our attention to errors f.nd corrections you desire nade in your brief to the Federal lesrrve Dcg•rd in the matter of appl;cation of banks in Eastern isconsin to be detached from Federal and annexed to Federel http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis eservo Distrivt Po. 9, eserve District Ho. 7. I trust that we will continue to hear from you alont; similar lines. Your table upon Page 87 is not in accordnnce with the actual fnets. On Page 47 your statement thnt the rte charged upon sixty and ninety day paper is highcr than the mte cherged by the Federvl Reserve sank of 0:hied upon the same character of paper, in not in accordance with the fscts. )3 On the contrary, the mt.() on sixty day prpor charged 1 y the Federal 7os rve Dank of Minneapolis, is 1/'2: lower than the rate charged on eixty day paper by the Federal Reserve Bank of Chic,;.o. therefore hope you yill conti.luo to send us corrections from time to time er you find that the strte'lcnts made by you in your brief are not in accordance w;th the fncts. RESIDENCE TELEPHONE 'FICE TELEPHONE LINCOLN 2323 MAIN 8178 FR E: VFORDL. HOLMES ATTORNEY AND COUNSELLOR AT LAW ROOM 322 SOUTHERN BUILDING WASHINGTON, D. C. 17/4 iFFICE September 13, 191/6i...:2:169:3:30 Th A916 Dear Sir: Boiasai fitaKag Kindly make the following pen corrections in the brief recently sent you "In the matter of application of banks in eastern Wisconsin to be detached from Federal Regrasheomvsat****,reiii. serve District No. Nine" etc.: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Page 8, 1at line: Delta should be Ashland. Page 57, under "Conclusion" --(2):. Delta should be Ashland. Page 87, first name in table, instead of First National Bank of Milwaukee should be Wood Count y National Bank, Grand Rapids; and the last name in table, instead of Wisconsin National Bank, Milwaukee, should be Citizens National Bank, Grand Rapids. (Grand Rapids in both cases is in Wisconsin) Very truly yours, Rex ford L. Holmes, Counsel. • FEDERAL RESERVE BANK OF MINN-E010LIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NINTH DISTRICT • c(‘-'-‘ September fifth, 1 9 1 6 My dear Dr.Miller,— The suggestions 1,n your letter of the 3oth. ult. are very good, and I am writing both Go7ernor Harding and Mr.Hamlin today. I hope that you will find opportunity to core back and visit us again. I greatly enjoyed having you here. If there is opportunity before the winter is ov,r, I should much like to have you come when you can attend a session of our directors and put in a day or two. There are always matters to discuss, and the opporturity to sit down and talk things over is very helpful. A-1 411) W. P. G. HARDING. GOVERNOR PAUL M. WARBURG. Vice GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN ' Ex•OFFicio MEMBERS WILLIAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN sKELTON WILLIAMS! CompTRou4, , RRI, THE CURRENCY http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARDk H. PARKER WILLIS, SECRETARY SHERMAN P. ALLEN. ASST. SECRETARY AND NEM AGENT go-it ZDDRCSS REPLY TO I WASHINGTON 14° FEDE.Ftl RESERVE BOARD I September 1,1, 1916. Mr. Rexford L. Holmes, Southern Building, Washington, D. C. Dear Sir:The Federal Reserve Board has received a copy of questions said to hap been sent out by you to banks in the Ninth Federak1téseè D let asking their pre- ference as to locatiO. Will you IC y tell me for the information of the Board, the p rpose of these questions and the motive which lead to their circulation by you? Very truly yours, Governor. ,n. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis September 1, 1916. Mr. Rexford L. Holmes, Southern Building, 7ashingtan, D. C. Dear The Federal Peserve Board has received a copy of questions said to have been sent out by you to banks In the Ninth Federal Reserve :)istrict asking their preference as to location. 111 you kindly tell me for the information of the 17,oard, the purpose of these questions and the motive which lead to their circulation by you? Very truly yours, Governor. Ori :FILE 011 C „ LITLLER La. p :,ugust 30, 1916. r. John H. Rich, Chairman of the "Aard and Federal neserve Agent, Federal eserve Dank of inneapolis, '!Inneepolis, 7innosota. y dear • :ach: As I return to my office here, I recall with the greate st plensure the delightful day I bad with you and your associ ates last Saturday in !tinneapolis. ilease accept my warm thanks for your courtesy nnd hospitalities. i am returning with this note your letter to -le of As our discussion last Zaturday developed that had put a con- struction on certain paseages of jour letter different from that you had intended, and as the substantive questions u on which you presented your views in that letter are to be dispos ed of by the Doard in a formal way, and after exrimination of the brief to be submitted by your Eank, your letter has no further releva nce, and its return, in accordnnceh your request, seems to me the pro'I' per course to pursue. I think this same course lied-best be pursued A.h reference to your letter to 'Ir. Hamlin of Wgust 16th, copy of which was sent to Pr. Hnrding. That letter, as : pointed out to you when you showed me your copy, is also, think, clearly subject to misconstruction, and calculated to give an impression which http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7r. Jokal H. Rich yol did not intond. to - 2- Aug. 30, 1915. I would therefore suggest that you write Hanlin substantially to this effect and request the return of the letter, and also to Ur. Harding, requesting the return of ft4., copy. This course, I believe, will close the incident satis- factorily without leaving any cause for embarrassment ar irritation to anyone concerned in the matter. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sincerely yours, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - FEDERAL RESERVE BOARD FILE ',IA:: August 23, 1916. Mr. Rexford L. Holmes, Boom 322, Southern Building, C. -7ashington, Dear Sir:This will acknowledge and thank you for your letter of August 22ntVenolesing copies of a letter from the Cashier of the City Rational Bank of Oshkosh, Wis., for insertion in the reports on the -isoonsin petition. Very truly yours, Assistant Seoretary. RI A.1.11“.....o.. RESIDENCE TELEPHONE LINCOLN 2323 OFFICE TELEPHONE MAIN 8178 REXFORD L. HOLMES SHORTHAND REPORTER CONVENTION REPORTING A SPECIALTY ROOM 322 SOUTHERN BUILDING WASHINGTON. D. C. August 22, 1916. Hon. Sherman Allen, Federal Reserve Board, Washington, D. C. Dear Mr. Allen: Mr. Lombard has sent me the letter mentioned on "Errata" sheet, just following page 154 of the Wisconsin report. I have made copies of same and enclose them here- with, to be included in the copies of the report now filed with the Board. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Very respectfully, ,Y „It. 1,1,0,11 lllll i Form 40 i GF(AM c' ----- • T I 11111Y1 F,',7---Z7 : 7---------- ",2 RD 2* • FEDERAL. RESERVE E 0A WAS HI N G-ro N inietLA 19, 1916. Governor* Pod 1'41 R000rra 2aric, Minneapolis, Eine. eausioript at hairing intilod you Thursdaj pipit br roportar, itit.1",0aret ary. NS OFFICIAL BUSINESS GOVERNMENT RATES CHARGE FEDERAL RESERVE BOARD for FRASER Digitized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 ' u`"1"D FILE, Pir,o(7 n CLASS OF SLR VICE SYMBOL Day Message Day Letter Blue Night Message Nite Night Letter NL If none of these three symbols appears after the check (number of words)this is a day message. Otherwise its character is indicated by the symbol appearing after the check. WEgTEL..? TENE;,,, 1'4 WESTERN UNION • UNION AM CARLTON. PPFsiDENT RECEIVED AT WYATT BUILDING, COR. 14TH AND F STS., WASHINGTON, D. C. ALWAYS opr4 DB 1 CH BJ 40 BLUE Day Letter Else Night Message r:ito Night Letter 1 N L If none of these three symbols appears after the check (number of words)this is a day message. Otherwise its character is indicated by the symbol appearing after the check. / WASHINGTON DC THE TRANSCRIPT OF THE TESTIMONY AUGUST EIGHTH UNLESS IT IS RECEIVED SOON WOULD ASK TO TO PREPARE BRIEF CAN YOU http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HAVE FURTHER TIME IN WH I CH HURRY IT ALONG FOR US WOLD GOVERNOR 427P SYMSOL Day Message FEDERAL RESERVE BOARD TAKEN AT THE HEARING ON Form 1201 CLASS OF SERVICE MINNEAPOLIS MI NN 126P AUGUST 18 1916 WE HAVE NOT YET RECEIVED ; http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDtRAL PY21:R\L -/ 7 August 1, 1916. Deer Lt. Rich: Complying; with the request contained in VOUP telegram of July 31st I oucloee herewith copy of tho letter aud order relative to 'Asconsin Ix11:11T, referred to in the Juno Bulletin. Very truly you', .,scistant Secretary. Honorable John H. Rich, Chairman, Feth,ral Reserve Bala, Uinneawlie, /ann. STAL., a TE.L-'7:ORAPH—CABL.F, COMPANY NI a 14 ..* ~ma * I. GRAM LETTE THE POSTAL TELEGRAPH-CABLE COMPANY (INCORPORATED) TRANSMITS AND DELIVERS THIS NIGHT LETTERGRAM SUBJECT TO THE CLARENCE H. MACKAY, PRESIDENT. TERMS AND CONDITIONS PRINTED ON THE BACK OF THIS BLANK. OttLIVERY N ReCCIVtiO AT .OMPIETiTIVE. INDEPENDENT PROGRESSIVE. 4-550 c'58Ch Gi 48 N1 1210am Collect Collect Govt d Ms Minneapolis Minnd Jul 31 16 Sherman Allen Asst Secretary Federal Reserve Board, Washington DC Will you please send by first mail copy of letter referred page two hundred sixty four which was sent to interested to thelidecison in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to on of June bulletin Banks in transmitting Wisconsin Bank case RICH Agent au .1. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JAL P.:SERVE 8001D " D r /L) EEaAt - 1 te'•/ July 20, 916. RESER,VEB :473:10RANDUM Par mr. Harding:- At a meeting of the Federal aeserve Board on July 20 1916 , the following matter (as Chairman, Ccmmittee on was referred to you (as member, 0 (as Operation of the P. R. Bank of Linneapolis. Telegram from B. N. ring, President, Batavian, -;isconsin,National Bank, dated July 17thi statiig that all banks in LaCrosse county and other counties desire to be transferred to District No. 7. V 3) Ass o-ecretary. JUL 2i 19 16 F, 1 1, Ausiatifl* Oval if JUL 2( 1916 etsuertia 114)*(Ye 24364 Please return this memorandum with copy of documents resulting fror. action taken, if any. - Date Documen Signature 9, -*I 47%0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis iiEriznAL RESRVE BOARD t _ • July 19, 1916. hr. E. M. Wing, President Batavian National Dank, La Crosse, Wisconsin. Dear Et. Wing:I have your lOter of the 17th instant enclosing map, for which I am very much obliged. Senator Hustig called to see me this morning and we discussed the wishes of the Wisconsin banks. The readjustment that you desire appears reasonable to me, and I am in hopes that the Board will take the mntter up in the very near future. Very truly yours, “5,0 Mt http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 18, 1916. M. Ting, President Batavian National Bank, Ma Crosse, Wisconsin. Dear 2ir:acknowlede receipt of your telegram of the 17th ins.4# rearding the desire of a inajority of the banks in your immediate section to be transferred to the seventh District. I will bring your telegram to the attention of the Board at its regular meeting on the 20th instant, and will await in the meantime your letter which I presume will reach me tolszroisti Very truly ::ours, .011.0 G.VAN STEENWYK,V.E PRESIDENT. JOHN A.BAYER CAS HIER H.O.KLEIN, ASST. CASHIER. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BATAV1AN NATIONAL BANK CAPITAL AND SURPLUS $550p00 CROSSE,WIS. ally 17 1.016• lion. 1.V. E. G. Harding, Federal Reserve Board, ':iashington, D. C. Dear Lr. Harding: I return,-)a to La Crosse Saturday morning and immediately tried to ascertain the sentiment of the bankers of La Crosse, Trempelean, and 'Tuffalo Counties as to which Feder41 Reserve District they preferred to be in. The information regctding Buffalo County I obtained through Mi. `outhworth, vice-president of the First Zational Dank of :.:ondovi. The First National Bank of Alma and the Farmers and Merchants Bank of Cochrane expressed a preference for Minneapolis. Mr. Sotthworth was unable to get the First State Bank of Fountain City. The German American Bank of Alma had no preference and the First :ational Bank of Ilelson, the 7aumandee State Bank of 71aumandee, the Gilmanton State Dank of Gilmanton, and the Buffalo County Bank of Hondovi preferred Chicago. Southworth himself was of the opinion that they should belong to the Chicago District. In Trempeleau County, all of the banks heard from except a new State Bank at Dodge preferred the Chicago District. I was unable to get the First National Bank of Blair and cannot get them today because of trouble with the telephone. In La Crosse County? all of the banks in the city as well as all of those in the country favor the transfer of La Crosse County to the Chicago District. I had a talk with Mr. Hixonnd told him what you said about his serving his terd4on the Minneapolis Board,ana he did not seem to care to express himself when I talked with him, i4c,) did say that if Lc Crosse Banks thought it was to their interest to go into the Chicago District he should certain1-7 make no objection. He told Mr. Burton the ORMO thing and Mr. Burton agrees with me that it is to our interest to zo into the Chicago District. I tried tp reach Rixon this mornintj to get his opinion afoer consiaeration, and found that he was out of town. Very trul our, 2re'sident. Wisconsin National Bank of illiltoau The tee I Capital, $2,000,000 Surplus, $1,000,000 L. J.-PETIT HERMAN F. WOLF L. G. BOURNIQUE WALTER KASTEN J. M. HAYS FRANZ SIEMENS WM. K. ADAMS F. K. McPHERSON A. V. D. CLARKSON - Vice-President Vice-President Vice-President Cashier Asst. Cashier Asst. Cashier Asst. Cashier Asst. Cashier ISAAC D. ADLER WALTER KASTEN DR.C. E. ALBRIGHT GUSTAVE PABST L. G. BOURNIQUE L. J. PETIT PATRICK CUDAHY CHAS. SCHRIBER HERMAN W. FALK CLEMENT C. SMITH OLIVER C. FULLER HENRY M. THOMPSON R. W. HOUGHTON GEO. D. VAN DYKE HERMAN F. WOLF Accounts of Banks, Trust Companies, Bankers, Merchants and Corporations Solicited http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis When In Doubt , ' 1Z1113 ABOUT BANKERS' DIRECTORY SERVICE Ask Your Reserve City Correspondents THEY KNOW THE BEST AND USE IT l'enow qEIdal L. BURN '°Freya • ranlabur WoodEtT° Ranhrl-r ...44ato Trado:41ni nidarizpaya a Timber • Alabama o rakr..steteBerreoe W01 Den,ark' 4 • roek 11 W 333 ,CD JO Exelan c w 4>.• . skinus, '''):11e7. • 6741 Ja'n•oe a.‘na L „K .4 P 7.rikzitY lod 4,t7 , 0NT tSS et,e t z p.kwitoinay cr,h.t.b.: 104: 8 h: ; F Jump Bine Westboro a, Eib ' n‘ r Binh, (1St Auburn fhtaeystene Fri -CcIiTi ray. .°. oiro lio Cj̀a b F, ow Bloom",Cr zi.to veryleo • '" Ti H re: *m lVehdittliu Littl a ultryw Eim, f,.p City foiet° or „ib m..c.„, Cb I vimiP;als OW: 14.,allako, Cogs y „ wen0 aroa•• r eTee?,Ludin R Ks'ou reenwo ' Loyal • 2, Q., aurnbirde• 9,411 mnlia J A AL....Keaton tibia p 19, hotrwo. • 'w 11 ion . oetIona . . SAnuarZar. Kirby .sct.Cataract id*ay3..7 I YTho*rm Gen°L1 "'Ill o svl r Victory cr t' c kgars . tbs..0 Keyspz 11, •••••'' 4 47,..c c. m• 3,14110a man u NAK1 °Leland du 8 U M B ingrowerviiii.„, 3'7'1* 4. • , -I C I „S Richland . _ALLAMAKEE cp7„;:,,--;. AW ORL', 8,,uk 1 ,... ''' r -11-aiikon Plain° iloCeo Lyn a (▪ iklata o, P (1, s••••• pgunabgag,=, $.4 ...v."' I .Caw :sr kiejeb . P. ,. J'rafr ,. C.. .[..s,,c,.._ .,,6? :,:: AT.j..N;v::.1.:17.1:1:°‘': G.:‘• ,Ne - - °Kt .,:iL,,: :. le.4 e, „Fr, e,..." ... s r.- La. "Postville q Wy?oning . • Woodrali:t. ..z,.. r .. root _cti:C. *1" 0Sti;il'etktg..„ ItA ft,. C. 0 '44. 1147 . /-• • - "41:" • w ile r 1 -""'-, 8 00I' gr 3 . vflie ntias 1Zo . dse .. 1 . S. .1"VV.: f10). el, L. ICeir . ieri Oa Union 4 P pri,osg ..tsy*6 S“ ,c* :frit° .,_,JAI al....tobb gtr:e.1;`'. P. , .... Grave a .-9 ,Li.late. f _111,0, .ili ,...ist,./t. -, ,7. os!i r, ;...a 0 al....,_. a...I' ez.tg.a ., • 7 Btorgtint-in ,..A., w tile.• ii .. .._.E . ., ou , 9 liapfileter . Artkatf P,IL ( Giton Htten A.,..,..N . ..„,..T..6.14,..?L'h 4.01...itomiici .o . r plist„ pliw ii 5v 0.Cannille a‘..k : : rEtc te l.,,. ...0,. p11n Sorb Pr..7 . ; in4,143‘11721t: Zi .... 4." -%. A7artnay. 1 •, ."S.,.-.1, .--.. ." F Arn, q . r... sev. !`"1 Q? E N. 1 . 107R ltiff Peace t, 9' F ,,,:',A... . ", iti z ke t 9 0 c, oni;11,, ‘D.k.i. r. m° Go a.., a, if ooT 0i; cabs Ein.woo.saget4,:lo Plokat Efgr,.- .olUro dae4,0; : A l'' Pat _'' O0 0 apone •, 0. / Widtt ''. BeLit innit:wa ei I cl''''"" e..c.1 Clazi;i T_Decorah -I L. sidg ; ; 2 . W'ollula l ct* .bert tea t, ..1.47:ti' • N o odatool Evan 1 _ Q ...., w A Wyar artoISta. oym:ye, OnaY,WInc'cl, iC1NsA WM-14\ po.r0.k1 &lib Milwaukee , qounty Lir! I t4 Ltatio 1 11.11,1 • I Ile 11 a Mop.' Wille0•410. Copyright by Road-McNally k Co. 1915 •Rand-11rNally'• Now http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SEND YOUR WISCONSIN COLLECTIONS TO THE WISCONSIN NATIONAL BANK OF mumauKEr CAPITAL AND SURPLUS. $3,000.000 414/reasuril pcpartment TELEGRAM 18wu ro 47 4 ex LACIAOSSL Wis 1024am W P G 7arding 71edera1 heserve July 17 1916 Board , i )Ii X. \\\''\,, \.* ...," \ )--,,---' \ -- Washington All of the banks in LaCrosse county including Mr Hixons bank pracitcally all in Trempeleau and a maj ority in Buffalo prefer to be in seventh district. Yr Hixon is satisfied if LaCrosse banks think it to their interest to be transferred. . Letter follows r - http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E M Wing,President, Batavian National Bank 138pm 2.6 191C ,t1ruitwidsleiwarl FEDERAL RESE1VE BOARD Fft •I 5 / Washington,D. C., At a aonferencs of representativls of Eilliaukee 13L.nks carrying country bank baLLnces, W3 were a'ointed a ComrAttee to confer -7ith you concerning the effect of the par clearance plan on our relations with country corres_.ondents. han Milwaukee or years ben a wide open turn in 3=1=0 matt'Alls. In fact, exchange is a rd ink proposition with probably us. 1I of Under the circumstances you can realize that ye are,gan- lrally speaking in favor of the new clearance plan, but,nntura:ly we would like to minimize the effect on our relations 7,ith correspondentsin 1:IisconfAn and Northern Mic3ligan. As havin:4 direct bearing on such relations, it will be necessary to Algrass for a moment and tell you something of Milwaukee. A citA's of over 400,000 .population, of wbich 130,000 are emloyed in factories having a production valued at 0400,000,000 last year: It will be seen that Ullwaukee is essentially a nanufactpring city, but our banks have kept pace A.th the city's gra*th. At -orasint we have 24 individual banks and 5 branches of three state banks. Total deposits 0.21,000,000 of which t25,000,000 is due ccuntry banks (nearly all of it to Wisconsin and Northern Michigan institutions) Years ago we realized tE.Lt our bank- ing territory was practically limited to 71sconsin and Northern Michigan as we had the Great Lakes on two sides, the wonderful city of Chicago 85 miles to the so7.1h and the aggressive and growing Twin-Cities to the West and Northwest. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • -2With the realization of this limitation Milwaukee banks conceived and carried out the plan of intensive cultivation. To illust,ate how successfully, re again refer to figures previously quoted, namely, 025,000,000 country bank deposits. ing banks must have be.)n well served or gone elsewhere. The deposit- buoinss 7:ruld have A close knowledge of local conditions coupled ith an intimate acquaintance 'lith the men in c arge of the country banks, growinz out of business and social relations extending over many yalars, resulted in a confidents that brought them to us with their affairs and placed us in a position of inteiligently meting their needs. Assuming that the statements are correctly reported made by the officers of your Board and nf the various di:Itrict 14anks at recent bankers conventions,to the effect that the 23oF.rd does not wish to impose any hardships or unreasonable con . itions, we are here thinking we may be -nelpful to you in .vorLing out some of the problems arising in our territory in the proposed check A.aarance plan, many of which problems are influenced by geographical lines. -Ten the Federal Reserve Bank Measure became a law the Committee charred -7ith the preliminary steps, assumed an enormous task, -7ith no precedents for guidance. pioneer work. It vas doing The wording of the law made Wisconsin bankers feel that Northern Michigan and Tisconsin would be placed in a district ; - ith Chicago ,as the reserve city, because convenience and the customary course of trade placed them there, but the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -3Organization Committee, using its best judgment, decided tablioh the full number of banks r,ernitted by tha law, tvelve, and place one in Linneppolis. The Northern ti7n1.thirds of "Imconsin and Northern nilligan •gere loofttld in tha Binnenpolio district. Tven ninnaapolis bankers expressed their surpri3e at thio aLrJortionnlnt, but not iJo overcome that tly fail3d to instantly realize the business-getting job1lii3 thlreby opened up in a territory wIliCh they- had loretofo:e never been able to cultivate becusl tile trend of tre,de and bankdric connections were toward Milwaukee and Chicago, and the cenpaiFn they immediately inaugurat2d did not produce tangible results. "When th.2 district boundaries wer announced North'rn -isconsin and the Peninsula of Michigan were quick to voice talleir protests, ;nd were admised by your Board, that the law fforded a remedy, namely petition by n requisite number of banks located in the territory seekimy, to be changed. A conflrince between Northern Wisconsin bank3rs ard their Milwaukee friends developed the fact that L.he portion of Wisconsin 1:ring Test of a line drawn from La Crosse to Ashland following 2nunty lines preferred to renain in Dicltrint No.9. Although tfte banks of Northlrn Michigan w r almost unanimous in protesting 'Alen district boundaries were fir3t announced, they peened to have Ipcone indifferent. They ware royally en- tertpined at Minneapolis for several days and a proninent busine20 man from their section was placed on the Board of the Minneapolis Reserve Bank. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S. • • 01. The banks in '"isconsin north of the line dividirr diritritts 7 and V ona 7ast of thl before-mIntined La Crosse 1.1:1t.nd line nen petitioned your Honorable Body for a hearing, All ths .gation: 1 banks but eight in the territory in queE3tion joiring in the petition. At the hearing Dinneaoolis nada 1.7ry effort to retain tlds tettitory. Although a poll taken about v. year later by your Board shoved practically no change in the sentii-ent of the petitioninE banks, when the decioion - It:s finally made it WEISS . adv!re. Since the deoiF:ion the efforts of the Minneapolis banks to secure the business of tbis territory have been undiminished. It has recently cone to our attention that a notice sent to tie State Banks invitinF: theta to join the ,::heck clearance plan, proonly vided for settlemenI/by draft on member banks in Minneapolis or St. Paul, -which notice was folio:71d the na:zt day by 1-Aterr3 of solicittttion r;,trt by Minneapolis banks referrIng to the Federal Bank's notice, leadinf! to the conclumion that the Minneapolis Faderal Reservo Bank, c.nd the Minneapolis member banks were 7orking hand in hand to deprive Miliaukee and Chia,tgo of business 1!‘a herr of the -riscon- which logically and properly sin State Banks that would join in the check cllarance nirm could they remit in drafts drawn on their preslnt correfTocnd.Ints in Mil-saukae. We, therefore, suggest that to further the check clearance plan that re-Sitrictire of the territory in question be reor that - the Minneapolis Federal Reol,rve Bank be instructed to accept Milwaukee exchange from both National And State opened, Banks in tnsir district.. Respectfully subriittld, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis et 4 - t L. 1.,10 pv, ' /t OM. • eir);er' http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ( ) o June 9, 1916. Mr. George D. Bartlett, Secretary, The •iisconsin Bankers' Association, Milwaukee, -isconsin. Dear Sir:Your letter of June 7th,'statinc, the receipt by you of inquiries 113 to the grounds upon which the Fed- eral Reserve Board based its decision to postpone action on the petition of certain "Asconsin banks to be separa ted from District No. 9 and attached to District No. 7, is received. There is enclosed for your information copy of the statement to newspapers authorized by the Federa l Reserve Board. There is al6o being sent you under separate cover a copy of the Federal Reserve Bulletin in which you will find a statement relative to the matter. Mile I trust the mutter sent you will give you the information which you desire, I shall in additi on bring your letter to the attention of the Federal Reserve Bo.,xd at its next meeting. Very truly yours, Assistant Secretary. • 4 Executive Council:- Association Officers:- EARLE PEASE, Grand Rapids A. E. BRADFORD, Augusta H. G. HAMBRIGHT, Marshfield W. W. WARREN, Tomah President, S. M. SMITH, Janesville Vice'President, J. R. WHEELER, Columbus Treasurer, C. E. GIBSON, Clintonville Secretary, GEO. D. BARTLETT A. C. KINGSTON, Chilton E. J. PERRY, Fond du Lac Secretary's Office • Room 408 Pabst Building Milwaukee, Wis. Phone Main 390 J. J. JAMIESON, Shullsburg W. E. SPRECHER, Independence E. H. WILLIAMS, Milwaukee Milwaukee, It) June 7, 1916. Secretary, Federal Peserve Board, Washington, D.C. Dear sir:We notice from newspaper reports that the protest filed by various National Banks in Northern Wisconsin, in opposition to their assignment to the Minneapolis Federal Feserve District, has been denied This office is in reaeipt of inquiries by your Board. from several of those banks for information as to the grounds on which your Board based its decision (if the newspaper reports are correct in announcizz such decision.) That I may be in position to correctly answer such inquiries, I would appreciate it very much if you can consistently give me the reasons and grounds upon which your Board has made the decision in this protest matter. Thanking you in advance for the same and hoping to receive an early reply, I remain, V ry respectfully yours, III ad Secretary, Wisconsin Bankers Assn. GB f http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1NE*L44,,,, 1' 4 1 M ::. il 9Pt 1 441„, E3 tg n104.2) Form 40 / • • FEDERAL E RVE BOARD ?/,/ WASHINGTON ) 2'..* p4 25, 19/15-e-...---- :41011 Zodaral 1:Q3u2've ;zent, Chicago, 111. eeleral Leserre ;.gent, Board todny dismissed without prejudice as to filing new petition request of :Aesonsin bunks to be nttaohed to Chico-Co. Vice ..;ovorn tr. OFFICIAL BUSINESS GOVERNMENT RATES CHARGE FEDERAL RESERVE BOARD http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis kaD HLr PCM. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis May 25, 1916. fig. Charles H. Bosworth, Federal Reserve Lent, Chicago, Illinois. Dear Sir:There is enclosed for your information copy of a lotter toda7 sent out to those interested in the petition filed by certain banks in —isconsin to be separated from District No. 9 and attached to Distriot no. 7. This is accompanied by a press notice vaddh was given out today. Very truly yours, Vico C..overnor. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yhore is enciosod for your information copy of a 'letter soday sent out to those interested in the petition filed by certain banks in "'isoonsin to be separated from District No. 9 and. attaored to District Eo. 7. This is accompanied oy a press notice which was given out today. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Taere is enclosed for your information col?„' of a letter today sent out to those interested in tae petition Viled by certain banks in l'isconsin to be separated from District No. 9 and attached to District No. 7. This is acopmpanied by a press notice will= was given out today. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis "4, I ro-ii - May 25, 1916. Mr. John H. Rich, Federal Reserve Agent, Minneapolis, Minn. Dear Sir:There is enclosed for your information copy of a 'letter today sent out to those interested in the petition filed by certain banks in Wisconsin to be separated from District No. 9 and attached to Distriot No. 7. This Is accompanied by a press not toe which was given out today. Very truly yours, Vice Governor. •-.4t e•; •4-.:1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IN THE MATTER OF THE PETITION OF CERTAIN BANKS IN WISCONSIN FOR MODIFICATION OF DISTRICTS NOS. 7 AND 9. Upon consideration of the petition of certain banks in Wisconsin that the geographical limits of Districts Nos. 7 and 9 be modified so as to include in District No. 7 a part of the territory now included in District No. 9, and e 14e_ iu 4, )27//6,- Z e-V er; 471-1-47/ 7 /4-17:4077--; ------ • F • "5 SUGGESTED-FORE1 OF-LETTER-TO-BE SEN13/TO PARTIES ----------IN INTEREST., . , --------... -.----_ / , /OA? http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis For your information I beg to enclose copy of order entered by the Board in the matter of the petition of certain banks in 7isconsin for change in the geographical limits of Districts Nos. 7 and 9. The Board has given careful consideration to the views presented and has reached the conclusion that it would not be justified in If king any alterations at this time. should indicate bsequenb developrnentswe.e any necessity for such change the Board will, at a later date, give consideration to the matter upon the application of banks desiring to be transferred ttention is called to the fact In-41A-&-rconnWeitc j 406-/ that if the Board .s.hat,grant the petition as filed2 those banks located in that/portion of the Minneapolis District em/ 114-- 444,t--•• i/ braced within the/Upper peninsula of Michigan would bi,isolated 4 ar cut off froth the rest of the District. This fact should be ,444-- its 44.0-e-c..;t(-7 taken intq/consideration if, at a future date, aaath4r petition 4 is filed for modification of the44 /1 V 4y districtistb.,t,kv. 4444i9N3444,--4,4,44, 7 / `-‘44/ 7)'C'12 Itt"' , A.4"42 470fr • 666a. OF CE7TAIN BANNS IN WISCONSIN IN THE MATTER OF r271-,1 7 iS 110S. 7 I:JD 9. DiSTLIC' FOR :ACriFia:tliN OF Upon consideration of the petition of certain banks Nos. 7 inWissonsin that the geographical limits of Districts a part and 9 be melifiei so as to include in District Nj. 7 nf the territory now included in District No. 9, and After a full investiga icn of the ratter the Federal Reserve Board has arrived at the conclusion that there is no present necessity for any chanze in the geographical limits of the said Districts Nos. 7 and 9 at this time. It is oraerod that said petition be dismissed with— out prejudice to the rights of the signers to file an amended petition at a later date. 5 /25 /16. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Carded 6r-et.„4„444 -OFFICIO MEMEIERS , _ • CHARLES S. tiAM L N. GOVERNOR FREDERIC A. DELANO,Inca GOVERNOR PAUL M.WARBURG W. P. G. HARDING ADOLPH C. MILLER WILLIAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD WAS \a.DONI. H. PAH.K.E.R.WILETS:.SEciETARY _..-----SWER-MAN P. L,LEN,'Asir. SECRETARY - , F 116,Wi'elo AuuRESS REPLY TO FEDERAL RESXRVIE BOARD i• May 24, 1916. garded Dear Sir: For your information I beg to enclose copy of order entered by the Board in %he matter of the petition of certain/ banks in Wisconsin for change in the geographical limits of Districts Nos 7 and 9. The Board has given careful consideration to the views presented and has reach:A the conclusion that it would not be justified in making any alterations at this time. If future developments should indicate any necessity for such change the Board will, at a later date, give consideration to the matter upon the application cf banks The Board, however, is very desiring to be transferred, hopeful that the results under the new clearing system will make a transfer unnecessary. Attention is particularly called to the fact that if the Board had granted the petition as filed, those banks located in that portion of the Minneapolis District ambraced within the upper peninsula of Michigan would have been isolated and cut off from the rest of the District. This fact should be taken into consideration if, at a future date, an amended petition is filed for modification of the district lines. Very truly yours, Vice Enclosure. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD January 17, 1916. 1.1'.1-10,ANDITI: FOR 1,21. DrZAITO. The total capital and surplus of nation-a] 24 banks in the followincoun tiesAin district 9, is .2,695,323.30: Ashland Iron Vilas Forest Florence Price Oneida M.arinetteTaylor Lincoln Langlade Clark Marathon Shawano Oconto Door J%ckson Yo. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD January 17, 1916. 2,ECIORANDUL: FORM. DELMTO. The total capital and surplus of national banks in the State of Eichian, in district No. 9, is ,:34,390,300. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Li(J- t the National Banks in the peuitionin, terfitory who joined in the petition '') Aggregate Capital and Surplus. City Antigo Appleton, Askland, Berlin Black River Falls Brillion Chilton Clintonville Crandon Dale De Pere Fond du Lac Grand Rapids, Green Bay Kaukauna Manawa Manitowoc Matinette, Marshfield Medford, Merrill Neenah Neillsville New London OcOnto Oshkosh Peshtigo Princton Rheinlander, Rib Lake Ripon, Seymour Shawano Stevens Poi •t Tigerton Waupaca Wausau We, • 277/°° 195,000 950,p0Ql 175,000 100,000 62,500 32,500 60,000 72,000 29,500 28,400 75,000 250,000 460,000 800,000 75,000 30,000 106,000 100,000 '200,000 50,000 111,500 187,500 187,500 63,500 150,00 540,000 433,000 30,000 80,000 27,500 125,000 37,000 140,000 250,000 30,000 565,000 450,000 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Total Car. & Sur. of banks in Petitioning Dist., Wisconsin, ,368,723. 67 equals, Total Cap & Sur. Banks in Nor.Michigan, 6% equals 263,418 765,541 Total Cap. Minn'pls. F.R. Bank Dec.31, Deduct Petitioning Wis. Banks percentage, Deduct No.Mich.Banks 4,390,300. 13,759,023. 5,100,000 502,123. 4,597,877 263,418 4,334,459 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Make list showing result if all banks in petitioning district plus al banks in upper Mich. were added to Chicago. 6';' interest). (Capital and surplus, What effect would this have on Linn. capitalization? http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 16 Banks in Wisconcin petitioning territory who did not participatein petition: • Cap. & Sur. Northern National, Ashland 190,000 Commercial 11 Fend DuLac 200,000 TI First 150,000 IT First Marinette 140,000 11 First Menasha 100,000 11 First Park Falls 29,825 11 First Phillips 27,700 11 First Ripon 125,000 962,525 Thare are 84 Fationta Banks in the State of Wisconsin now members of Minneapolis District. Of this number, 61 are in that part of the State which appealed for a revision of district lines. In the appealing territory, 8 banks did not join in the appeal. 23 Banks in the state are outside of the territory covered by the apreal. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • FEDERAL RESERVE BOARD January 15, 1916. 2011 LJ. =AIX. The total capital and surplus of the banks in the following counties is .5,673,400.: Wood Portage Waupaca Outagamie 3rown nwaunee Juneau Adans Waushara Winnebago Calumet Manitowoc idarquette Green Lake Pond du Lac Sheboygan The total capital and surplus of the banks in the above counties answering "ro" is .'.911,000 Remarks of Eillk% K. Coffin. Pres., EaullOaire National Bank of Eau Claire. Wis., Jan. 11. 1916: ') "We do not blame the banks in the Northeastern part of Wisconsin for preferririg to be in the Seventh District, rather than the Ninth. Their business has always been with Chicago and Milwaukee, rather than with the Tain Cities. We are strongly of the opinion that the banks in Northwestern Wisconsin had better stay in the Ninth District, and we are inclined to think that the District had better not be changed until the present arrangement is fairly tried out. " http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD • -JC11. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis January 1U, 1916. :Ir. John H. Rich, "federal Reserve ,,uent, Zinneapolis, Dear f T111.8 will acknowledge the receipt of_ya4r 117 t letter 'addressed to Vice Governor Delano forwarding replies of six Asconsin banks as to their desire to be transferred from the 9th 2ederal Deserve District, these having been sent to you in error. Vary respectfully, ::ecretary. F/L0/ • FEDERAL RESERVE BANK OF MINNEAPOLIS NINTH DISTRICT f S.S.COOK, CASHIER DI RECTORS JOHNH.RICH,HAIRNIAN AN. FEDERAL RESERVEAGENT - .144 OFFICERS THEODORE WOLD,GovERNoR R.M.KERST,viCE .10 19/6 CHAIRMAN AND DEPUTY FEDERAL RESERVE AGENT J , C.BASSETT,ABERDEEN,s.DAm. E.W.OECKER F. R.BIOELOW,GT.PAUL,MINNESOTA L.B.HAN NA, FARGO, JOHN W. BLACK, HOuGHT0N,micH, F. P. HIXON,LA cRoSSE,wiScoNs. MINNEAPOLIS,MINN, N, DA KOTA N. B.HOLTER,HELENA ,MONT. January 7, 1916. Hon, F. A. Delano, Vice Governor, Federal Reserve Board, Washington, D. C. My dear Mr. Delano:- 4,1/ //LW) 441.444,2„, X. 1_44 ei Aa..4 I enclose herewith communications to the Federal Reserve Board from six Wisconsin banks, which have been sent here by mistake. We were ndt advised that the Federal Reserve Board desired to reope4 this question with the banks in that part of the district, and were surprised at the poll that is be' ing taken. I should like to call attention to the fact that out of these six banks, the only one that has had any business with this reserve bank, or any opIt 414,41/0 Portunity to form an opinion as to the value of the 4444 ( 74 'service rendered by this bank as compared with what might be afforded by the Seventh at Chicago, is the "/A-mti 44 “ German-American National of Shawano, which has discounted an a:gregate of 0612.83, and you will note that they speak very well of their relations with us. I am much interested in the remarks of Mr. H. R. Potter, President of the Commercial National of Fond du Lac, because he is a very active man, and while his bank has discounted no paper, he has taken every occasion to write us on questions arising from time to time, and has kept himself well informed as to our progress. Oeti seitrct, e-44.44-;,, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis involved, One of the priricile is the effect upon our capitar and deposits and also upon our rediscounts, if cur present Wisconsin terriDuring December the rediscounts tory is cut down. from the Wisconsin portion of our territory were greater than for the entire state of North Dakota and alFrom the most twice as great as for all of Montana. date of organization to December 31st, the aggregate rediscounts for Wisconsin banks were greater than for for invee/igation-antl-report, .tha,Doard being of the opinion \tha,t,jio_pre,Fent npc_etast-ty—exists—frr--=7-414,7.7 in the geo- graphical limits of the said Districts Nos. 7 and 9 at this \ time, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis It is ordered that said petition be dismissed without prejudice to the rights of the signers to file an amended petition at a later date. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No. 2. To Hon. F. A. Delano. J. H. R. 1-7-16. any other state in this district with the exception of Minnesota. They amounted to 0.,323,480, out of a total of C5,817,899 for the entire district. We have thought it 1.,ould be unfortunate to lose the portion of the district from which we have had so much good business, particularly when we know that the particular raxt of Wisconsin that may be detached from this district is the part from which our best business has been coming. If the Board should come to a decision to take Wisconsin territory from us and give it to Chicago, Governor Wold and I believe that it should by all means, consider at the same time what compensating territory it can detach from some other district and give to us in order that our paid-in cs.pital and deposits may not be impaired, and in order that we may not be handicapped through the loss of what promises to be very good business during. 1916. I think there is no instance, during the entire period since organization, of any Wisconsin bank that has not been thoroughly well pleased zith the results of its rediscounting here. We, therefore, think that you should not give too much weiLht to the expressions of banks that have done no business with us and can have no practical knowledge of the subject. Very tru urs, r 44.0110011. Federal Reserve Agent. • r1 ar ti Offict-,_ 1 IrstLfitinai. ILlurth , Dec. 29, 1915. Mr. H. Parker Willis, Secretary, Fodoral Reserve Board, Washington, D. • 1 Sir: In answer to yours of the 27th instant ie beg to advise you that we have not been connected with any movement seeking • to be transferred from the Ninth Federal Reserve District to the Seventh Federal Reserve District, nor are we interested in any such movement, being entirely satisfied with the present arrangement. At. the same time, if a change should take place, whereby the greater part of the banks in Northern Wisconsin were transferred from the Ninth Federal Reserve District to the Seventh Federal Reserve District, then we might prefer to be transferred with the rest of the banks, for we cannot see any .particular advantage in being one of a very few Wisconsin banks to remain in the Ninth District while all the rest were going into the Seventh. Our Board of Directors have not considered the question at all, and T think they would agree with me in expressioA3 of satisfaction as respects our relations to the Ninth Federal Reserve District. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Re spe c /7 * Ct PRESIDENT. r- Form 1204 CLASS OF SERVICE SYMBOL Day Message Day Letter • blue Night Messa7o Nite Night Letter N L If none o.• these three symto!s appears after the check (number of words) this is a day message. Otherwise its character is indicated by the symbol appearing after the check. RECEIVED AT WeitTE TEL AM NEWCOMB CARLTON. PRESIDENT GEORGE W. E. ATKINS. VICE-PRESIDENT BELVIDERE BROOKS. VICE-PRESIDENT ViiS; / 2M9 , ( UNIeN WESTERKUNION ) • • ,/ V ' . e" r/ ' 7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 17- (( z (://( • CLASS OF SERVICE SYMBOL Day Message Day Letter Blue Night Message Nite Night Letter N L It none of these three symbols appears after the check (number of words)this is a day message. Otherwise its character is indicated by the symbol appearing after the check. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 377 TO THE FEDERLL RESERVE BOARD! In response to your reqUesti ahd 'by authority of its Board of Directors) I beg to advi o that the ,.. jam° of bank) of (P11.co) desire to (Does or does not) Ninth be transferred from the -giVINeg=trFederc.1 Ras,-,rve District to the ihr, Seventh 41144,ftee—B-Fewah—Q4-4,11.3—Qembiu.rederal Reserve District. (Nana and official title.) Dated Remarks: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /1117 EX-OFFICIO MEMBERS F rr) " C II ' CHARLES S. HAMLIN. GOVERNOR FREDERIC A. DELANO, GOVERNOR PAUL M WARBURG' P. G. HARINNG ADOLPH C. MILLER Vice WILLIAM G. MCADOO SECRETARY or THE TREASURY CHAIRMAN w. e1 JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL; RESERVE BOARD • • • PARKER WILLIS, SECRETARY ALLEN. ASST. SECRETARY Art" WASHINGTON EPkY TO I EDERAL RES:IERVE BOARD • (-?r*--/ My dear Sir: 4\1 Some months ago petitions were filed with the Federal • Reserve Board by fifty-three banks in Wisconsin for the purpose of scouring the transfer of the territory in which these banks were situated from the ninth (Lanneapolis) district to the seventh (Chicago) district. Recently request has been made of this Board to consider Pnd dispose of these petitions. The Board requests you kindly to indicate upon the inclosed blank whether it would be the preference of your bank to be transferred to the Chicago district or whether you -refer to remain attached to the Prompt return of the blank would be appreciated by the Board. Past exnerience has shown in canvasses made by several Federal Reserve Banks, that some member banks have hositaed to give anlbut equivocal expressions of thcir views so that not unfrequently they have been claimed by both sides. In order to secure absolutely authentic exeressions, the Board has decided upon canvassing the district direct and assures you that your vote in the matter o„ will be tw.L;;;4.44-irt-4f7 1 strict coi.fidence. If you desire to give the Bead the benefit of the ex)resion of your views in connection with the suggested transfer, the Board -"I be r_jad to receive it. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.es7; ctfully, Lt".7144,04 liZSERVE POLi. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ;)ocember 27, 191,. LW. J. Dunegan, 6tevens Point, •.isconsin. Dear zAr:In rinswor to your letter of December 22nd, : I send you herewith a copy of the i,'ederal Reserve Bulletin in which is printed an opinion of the Attorney General with reference to the powers of the iederal Reserve Board with regard to districting. This has no relation to the chanijnie; of boundaries in the way you refer to and I may add for your information that efforts are now being made by the iederal Leserve Board to get further information with reference to the 4.iestion of tranferring the banks to which you have made reference. I shall be glad to keep you advised concerning this matter from time to time. Very respectfully, 3ecretary. ao,1,--o FILE J. W. DUNEG A.N STEN'ENS POI NT, WiNcONSON cOOP1-1M EN rS Op THE SEASON http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Deceiner 22nd, 1915. II. Parker Willis, Sec. Federal Reserve Board, Washington, D. C. Dear Sir: Referring to the protest of the banks in District 9 asking to be transferred to District 7. I noticed recently in some financial papers an opinion of the Attorney General, U. S. rendered to the Federal Reserve Board concerning their ri - ht to Abolish Federal Reserve districr,s Change the reserve city of a district Change the geographical boundaries of of a district. The attorney general stated thfat there was nothing to prevent the changing of district boundaries. Wou1,1 _Like to have you write me, giving me all the infornation on the proposition that you can. Yours very truly, ,... , ',...<` c) . ..4 `` ...-k '". .„..._, r: --=' ' ''.' ..s 1 x'';•I.-. c!''' tr, ,tzi 1 .7.N ...- 1 t,' • ::: 1 ." -41 _„,. . ;;;T •,.r:.,1 ......, 1#1 .4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -7. FEDERAL RESERVE BOARD December .:2;-, I .Jor 15,..--- 22 1915 v1cE-G-617-11R,N -2 OR UL :C DLAQ. As requested, I hand you herewith draft of . letter to be used in polling the Tisconsin baxic s aSine; for transfer. Secretary. N.A.„ tkat b-a-iiC d ‘i-C_,ri-c -; http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • THE FIRST NATIONAL BANK WAUSAU, WISCONSIN UNITED STATES DEPOSITARY REPORT OF CONDITION AT THE CLOSE OF BUSINESS NOVEMBER 10, 1915 LIABILITIES RESOURCES Loans and Discounts. $1,836,177.99 U. S. Bonds, . . . 205,000.00 Bonds, Securities, Etc., . 34,950.00 Real Estate, Furn. and Fix.. 80,000.00 Internal Revenue Stamps, 296.00 Stock in Federal Reserve Bank, 15,000.00 Due from Federal Reserve Bank, 26,651.12 Due from U. S. Treasurer, . . 10,000.00 Cash, and Due from Banks, . . 188,867.57 $2,396,942.68 Capital Stock, . Surplus and Profits, . . $350,000.00 . 172,207.51 Circulation . . . 200,000.00 Notes and Bills Rediscounted, 27,220.88 Reserved for Taxes, . 6,500.00 Dividends Unpaid . 123.00 Deposits, ... . 1,640,891.29 $2,396,942.68 The Savings Department of this Bank is especially helpful to those who desire to build up reserve funds for future uses. You can start the account with any amount and add to it at any time. We pay interest on these accounts. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • r) g==•&toassIgss Lay 26, 1915. LaialInd, Esq., Oshkosh, Wion-sin. 7:y dear Sir: Your nC.e of Lay 221d,/Lidre3cad to the leeretv.ry of the Treaoury, has bocn referred to Lle, 1,nd 1 siv..11 call it at once to the attention of the Podeml Re:lervo Board. Bellow me, Very truly yours, iBigned) C. S. Hamline Govornor. • FEDERAL RESERVE BOARD FILE /9 1)4 ; 1 (1,) ( 144-4'11 !kJ WILLIAM & SI444CLAJIR May Twenty-second, Nineteen Fifteen. MAINLAND SH. WIISCONSIN Ion D m. G. 1.1cdoo, in,t on, D. C. 2 77--t! Re' Federal Reserve Bank: r 14r. LeAdoo:While further North in the state recently, I incidentally met some bankers who brought up the question of the desirability of having the greater part of the state transferred from the Minneapolis to theChicago district, givtheir reasons for the same. It is a fact that a great deal of the buying by merchants is made in Chicago, and not a few, I am told, keep Chicago accounts where their business amounts to a considerGsle volume in a year. Personally I am quite in sympathy with their views and 90 expressed myself, whereupon some of them asked me to write to any one whom I happened to know, if any, connected with the Treasury Department. This I promised to do, but as a mutter of fact, have overlooked it in the press of my own business, until the present time. So far as this state is concerned, I am of the opinion that it would not be a ba ove for the Administra- tion to do this. I am, Very resp W.1117.4, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis fully yours, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • FED:CiAL \ 1 1 ) Mly 179 14Llo Ilon. Reilly. TioTao o of Ropr000ntitiveo• ritv dear :IA. Aellly: 12,1-7o your note of Ar _labs 1( .19 to the petition of certain banks In Utwoneln to bo transforrod to the Chi,of_v -o districts I shall -4.th plowaro rafor th13 to the 2o1erAl togierve i30'1.Vd • i3ollev6 le, Vcr:, truly yowl, (signed) O S Hamlin Governor. M. K. REILLY .,..k 4111 6TH DISTRICT WISCONSIN • :,. HOUSE OF REPRESENTATIVES WASHINGTON „COMMITTEE ON AGRICULTURE / RECEIVED, MAY 1 Fond du Lac,Wis., May Fifteenth, Nineteen Fifteen. 7 1915 GOVESIINOR'S OFFICE OSSOFT GAINIPir Hon. Charles S. Hamlin, Washington, D.C. SL61 ncl.q A‘-flik) My Dear Sir:I understand that there is to be a hearing,next rrlyt week, before the Federal Reserve Board, in the mat of XVia_Isp„tol 21915 el the application of certain National Banks in Wisculis be taiga transferred from the Minneapolis Reserve Distric t to the Chicago Reserve District. There has been a great deal of dissatisfaction expressed by the large majority of the National banks of this District over the inclusion of this territory in the Minneapolis Reserve district. This part of Wisconsin is tributary to Chicago, and in fact very few of the banks or business institutions have any business dealings at all with Minneapolis. I trust that your Board will give very careful consideration to the petition of the Wisconsin bankers, as I am satisfied that the business and banking interests of my district, all of which is involved in the proposed change,will be pleased to learn of the transfer of this territory from the Minneapolis to the Chicago Federal Reserve District. Die. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis , \ f May 12, 1915. Name No. of No. of Times Banks Re-dis. Re-discounted. 11 Number of Items Re-discounted. Total Amt. Total Amt. Items Items Rediscounted. In Force. Number of Items In Force. Minnesota 23 36 157 68 U 707,121.18 C 75,807.35 North Dakota 12 19 106 77 96,343.40 69,718.67 0outh Dakota 13 25 104 62 130,397.31 73,434.20 Montana 11 20 89 78 112,467.71 99,074.26 2 4 13 3 28,041.87 8,09.2.50 Wisconsin 11 38 277 112 434.527.42 165.204.59 Grand Total 72 142 746 400 $1,508,898.89 C491,331.57 Michigan Banks in thtt portion of the Wisconsin district covered by appeal. No. of No. of Banks. No. of Times. No. of Items 8 33 245 Items in Force. 104 Total to date. u332,333.84 Amount in force. U123,382.59 CAF1 7LL.LTOCK LAY 12, 1915 Tot/.11 1,,r-otint c In tl-As criritral. ,(.- 1eri bed ty cii mcrtter tsukc TOtal culzeriTtifs.ris "iCraio.sr. c sCrove o-r cur r;,, Fa.er• bcnils in 262,500.00 t-1-,ove by rneintier bur.e:s. in thEt. Total utaE. crijtions Tortion of the V:iscer,Fin diE;trict covered ty the taciecl-- 5020340.00 The number of tanks in the ditrct covered t,r arretii and their stock sa12scrirtions stout one -tenth. The 1-1.-.iresc of ther_e harks one-fifth, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis t h the 2.0serve l'ank rapre than consin to be transferred from the Ninth to the 'Seventh Federal Reserve District. Complying with your su:estion therein, I have expressed to the Federal Reserve Board, twenty copies of reply brief and have also mailed to counsel for the Federal Reserve Bank of Minneapolis, a copy of said brief. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I FEDERAL riE,',TVE BOARD FILE . r I 4 , --------- M7Ly 6, 1915. Henry I. Weed, C-re 77eod n Holastar, Oshkosh, "Tizconsin. I -Ash to 14knowledge receipt of your lotter_pf April 2‘6*Itim- to the application of certiin banks in 7actorn 7isconsin to be trnnsf7rred fron the Ninth to the Seventh FeAeral Reserve District. You are advised that it will be proper for you to file a brief in reply to tha answer of the Federal Reserve Bank of Minneapolis. Attention is called to the fact, however, that the hearins of oral arztmente in this case will be held in the office of the Federal Reserve Board on May 20, and it is suggested that your reply brief be filed on or before May 13* that a copy be rent to the Federal Reserve .1.':71k of Minnearolis as coon as printed. Respectfully, Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis COAD FILE 1 1 May 5, 1915* Mai Dear :".1r:- Your letter of :11.y 3rd,/with relation to the netition of certc.in banIcnrs in Wisconsin to be changed from Federal l'Ieserve -Astrict District ro. ro. 9 to toderal I, ,eservo 7 is received, and I dhall bring it ironipt- li to the attention of the 2edera1 I have noted what you Tk)ard. or of your action in this matter :9rlor to this letter and have no ctoubt that you know that ::.ay 20th has been fixed as the date on which the 2ederal Reserve Board will hold a hearing on the petition. Very respoctfully, Secretary. Ron, Thomas 2 - . Konop, II. C., Green Bay, -is. f b 11.a 9 •s SIM-THIRD CONGRESS. • 411 THOMAS F. FOND'''. WIS.. CHAIRMAN. FINIS .1. GARRETT. TENN. ADOLPH J. SABATH. ILL. JEREMIAH DONOVAN. CONN. HARRY H DALE. N. Y. aCott.)e of JOHN J. ESCH. WIS. JAMES C. MC LAUGHLIN. MICH. Mepteentative 6)./e. 6. Committee on Clx,penbitnze JOS. H. RAY. CLERK. Ott 5.,)t4 6Wcoftiv9toti T. cr c e. Green Bay, Wis., Yay,3, 1915 Federal Reserve :i.D,oard, Washington, D. C. Gentlemen; Bankers in my district have joined in a petition to change East Wisconsin from the Federal Reserve District Number Nine to Federal Reserve District Number Seven. After the Organization Committee had made public thR boundary of the different Federal Reserve Districts , I entered a written protest against including Northeastern Wisconsin in District !Amber Nine and filed petitions and letters for the change to the Chicago District Number Seven. I was then informed that the Organization Committee was powerless to act in the premises and that the matter would be referred to the Federal Reserve Board. I am writing you now to call your attention to the papers on file in the matter and the reasons presented in such papers for the change. The bankers in my district are put at a great disadvantage, as all business and commercial relations in this part of the state are transacted with I:ilwaukee and Chicago. I therefore hope that the petition of the bankers of Eastern Wisconsin will be granted by your Honorable body. Thanking you in advan TFK/AGM http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis am, Sincerel ,pi ,70 4 • FEDERAL RESERVE BANK OF MINNEAPOLISNINTH DISTRICT EVi-V‘ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OFFICERS THEODORE WOLD,GovERNoR JOHN H. RICH,cKA1RmAN s.s. COO K, CASH I ER DI RECTORS CHAIRMAN CCC AND FEDERAL. RESERVEAGENT IANJ p IDEPaTY FRDERAL RESERVE AGENT \ I ?,ININNEAPOLIS ,MNN. J . C.DAS S ETT.ABERDEEN,S.DA K. , S.11/V.OrCKE1 F. R.BIGELOW,sr. PAUL,MINNESOTA L.B.HA N NA,FARGO, N. DA KOTA iM055,WISCONSIN JOHN W. BLACK. HOUGHTON.MICH. fOr.P. HIX N. B.H0 LTEW,I4kieltuA MONT. ,141 29, 1915, ftitInaAwmT014 Mr. H. Parker Willis, Sec'y, Federal Reserve Board, Washington, D. C. Dear Mr. Willis:Acknowledging your favor_of_th_27th inst. .ith reference to the hearing of the petition of the Eastern WiSconsin group of banks. I have made note of the hearing set before the Board on May 20th at 11 o'clock A. M. and will be present in Washington at that time to present the answer in behalf of this bank. Very trl ourd, c alr 44 4,tee 40001.1rit' Federal Reserve Agent. Ca P01114, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ) 1!0 /AA 1.rril 27, 1,15. Dear 'Saar letter o: Wra . ac7i:now1odce b7 the Pedaral Reserve Zoara on L.Dril 2604 has I)o312 laid befcre the Boaii3, aaa:am aiectoa to inform you that that zrou aay v111 7,!.7c! zousideration.., hearing in. the matter of tho , letition of "oan.1:21 in etorn A.S3Q113iP, to be seTarated from the District of amoapoii anC. attaChaa to bc held at 1100 ; District of Chicago, 'will , Mursdaj, 1:37 nth, iz 4.1-v, Roam af tL Teaeral Reserve Bcara at T:ashinton. Vor7 reopeotfully, ,:ecretary• 0. !:c2adden, 2ecretarg, Uorth 1.akota 3a.flzers' ...soociat4 en, Farco, 7orth • http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis :,,:, \ ., tv • April 27, 1915. Dear Sir::our letter of ).-A2ril atatinc that you have malled,tander separate cT771r, teDty-rive coTyleo of the answor arid brief to tie petition of the Eastern ;:lsconsin o bamkn to be detachod from Zederal P,ozerve Distz'ict 7Te. 9, is recoiv32. The briefs have aloe eolIt to hand. Your letter has been called to the attention of the Peaeral :leserve Board and I an directed to inform yaa that the Boa has fi=ed May 20th as the dats on thich the hearing on the above 12enti3nol -ootition v111 'be Lilte the other heariw:s this -doe '7111 be eonatced in the Board doom, beginning at eleven A. LL I trust that thic will be entirely satisfactory to you. Very respectfully, -.1ecretary. las. John H. "filch, Federal Reserve :zont, LlinneaDolis, :Jan. t, \ ,i http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Lriq , 0.1 27, 191b. Dear 6ir:You are horb: netifiel that the 1.-ioderal Po2erve ?Apard has fix:sa Muraday, :Jay 20th for ttho heri=z of arsumonts on the petition of banlm in z,13tern Asoonoin to bo aetaohea from Veaoral .2,encrve No. 9 and annexod to 2oaeral 2eoerv District Uo. Y. 1,11:4 t'ao other hearings this ono will be corduotaa In the Dara Rooa, beginning at 11:0 L. cow of the reply brief of t1K?. 2:dend , ,J.osorve Bank of 1m1 o1i i Zo2vaied to you heruJitho Very res?ootfully, 1:45cratar7e !te. L. I.'Ailed, Care, 7oed (!; WEED & HOLLISTER WrEo A. Ho1,ISTER TELE/mom: No. 18 ATTORNEYS AND COUNSELORS No. 123 MAIN STREET Dictated OSIIICORIT, WIS., Apr. 2, 1915. Yr. Parker Seely. Federal Reserve Board, Washington, D. C. In the matter of the application of banks in Eastern Wisconsin to be annexed to Reserve District Number Seven. Dear Sir: I have been favored with a copy of brief by counsel for the Minneapolis Federal Reserve Bank. Will you be kind enough to inform me if it is proper un- der the rules of the Federal Reserve Board for me to file a printed reply to this brief. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Respectfully yours, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OP,?1D 1-11.1 1 2, 1915, lcar Governor • Your latter of *pril 24th *Lcknowledcing receipt of co of the -letition of the asconoin Ban1cors, la receive" and I note yoar ce to Ther tho nztition wax, siunel. fina that the banks signsa individual ?rintati.uiL thich are tttnchea to no tz7nwritsa aoy of the potition, nazt of te iip arc lated in October, but soL:e in 2ovoLor and one in Decotber, 1914:. The71rintin::: upon the slip is a3 follows: C.3. Hamlin, 33voraor, -Ta37Aincton, D. C. ''Bolieving that taw Organization Cormittea of to Federal Ioserve Boar" were not fully informed concerning 'The convonionce na fluotomary course of bAsinoast in oar locclity when we wors plaood in Di3trict Dos 9, and. reforrin3 to yaur circular lettor of August 28th, 1911, marked 'Regulation To. 11 7:action 2-"Petit1on forehtnwss in sacgr4hical limis of Federal Tasorve 3istriots, wo earnestly petition your Board for a heariro to the ond tilzt VT may be ta-,:en from District To. 9 uu1.p1aaf3d in District :10. 7. raTaect being authorized by Directors of this bank, on.. (BanIt) Corporate ';30e.l. (?own) By Dated.. "Aesnoctfully, Assistant *ecreiry. :r. Theodore old, Governor, Federal aeserve Banlc, anneanolis, Minn. • WEED Sz. HOLLISTER IT. I. WrED R. A. Trotr.isrEn a TELEPHONE No. 18 ATTORNEYS...COUNSELORS No. 123 MAIN STREET Dictated OSIIKOSIT. WIS.. Apr. 26, 1915. Yr. A. Ueland, Minneapolis, Minn. Dear Sir: acknowledp:e receipt of your communication of April 23rd last, gether with a copy of your brief in the matter of the ap- plication of banks in eastern Wisconsin to be changed from Federal Reserve District Number Nine to Federal Reserve District Number Seven. I take pleasure in complying with your request for a copy of the petition in the above mentioned matter, which is enclosed herewith. If you have two extra copies of your brief tnat you could furnish me, I. would greatly appreciate it. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Respectfully yours, • • I* 201 1,0,5.ABL TRACI' 1. 07 ,1,1"2EFTS ,9 J- 7,2E O / Copy of the petition for review, fcznis hod by Coui eel io:c petitioners ri.26 after tic triei cf ti- reiresci:ttive of the ..'2.e-_,erve hank rns filed, shore that only three Lfro.,iber bt..L__ sii!..,ned the fetition; have egalat1on 1 reculires the signtares of at lenet two-tl:irc of the :mbc.r -oanks. 2.• The lecal press Lss icn iric:Fes'eci rather thaL losl...e.Led the of hoaf2. issa Asfaction in the • district, a circulaj letter of ingUiry to the member banks in the district v‘Its sent by the Governo'r of t'nc, eserve hank February 16. Fifteen letters, Earked Ex. A-1 to Ex. A-15, are repii:,)L iroLl banks v.hich are cl&fmed to be petitioners, showing that these tanks have no real g7riovance for havir been attached to the. I:inth District, .or for the service \-.- hich they•11:-Ive so far received; and they 4 v. dicate, clearly, thf:t some of the. banks are not aware of beinz ;carties to the .-'31.1.ea1. 4. e etterc, r 2.-.1, ed Ex.. B-1 to Ex... .p,; are replies • from inc...-Ther bans in the oistraot, not clainied to be petitioners, all ',trongly opposed to cry change in the CWItrict bour.daries• 5. eve: letters, marked Ex. C-1 to Ex. C-7, are .re-flies from 7:15con51n banks in counties bordering on the district affected by the arpeal .0 shbv,,ing that these banks, situated practically the same as banks which .are• olninied • to be petitiolnere, aro v.ell satisfied to be in the rinth. District. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • • -4- 6. Tv,- o bulletins lE cued by the 7orth Dakota ranker's Association Ehov. that the larks in that state are stronzly r1.-I nF-td to a ol:anF;e in the boundaries of the irirth .Three talle.s: ahoy: lcetv.een vhich toy:na and the Lity of Iiinneapolis there is over-ni$7ht mail servd.e6; shot; comr.i5rative exreLs rtea to T'inneapolit.-2 frid .Chicac:7o; Ccov:,- the a1 inaura-,Lce,: rates, alike to and from 'Loth these cites; slim,: the rediscounts May 12 by the member banks in the Cistriet affected by the areal and by the other member bani?:.f.' in the ith LiEtriet and ;.-lhovi the ca1 it-:1 stock held May 12 by the member banks in the district affected b •:tnCi by the in,,,zber banks in the Entire Ninth District. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the cizret.1 • FEDERAL RESERVE BANK OF MINNEAPOLIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NINTH DISTRICT OFFICERS THEODORE WOLD,Go•ER•oR JOHN H.RICH,CHAIRMAN 5.S.COOK, CASHIER DI RECTORS P.M.KER ST,vicE AN.0 FEDERAL RESERVE AGENT CHAIRMAN AND DEPUTY FEDERAL RESERVE AGENT J.C.BASSETT,ABERocEN,S•OA, F. R.BIGELOW,sr.•AuL,miNNEscyr• JOHN W. BLACK, MOUGOITON,MICH. E.W.DECKER,mINNtAvoLis,mINN. L.B.HA N NA,FARGO, N. DA ROTA F. P. HIXON,LA CROSSE,WISCONSiN N. B.HO LTER,•ELENA,MONT. April 24,1915. Mr. Sherman Allen, Assistant Secretary, Federal Reserve Board, • Washington,D.C. Dear sir: I thank you for your favor of the 22rd i// Wisconsin enclosing me a copy of the petition of the the 13th. bankers, as requested by me in my letter of I do not find any place in this petition when the that the date appears giving any time as to petition might have been executed. Is there any information the petition was in your department that would indicate that signed by the banks this year or last year? If so, I would thank you for advising me. Yours truly, Governor TW-C W.I.:. APR 6 4,0^ 4,15 J. J. NU:RUNG. PRESIDENT pREt.DENT CITIZENS NATIONAL BANK. JAMESTo w' (..2,2AWFORD. CHAIRMAN EXECUTIVE COUNCIL CAsAiER INTERSTATE BANK OF BILLINGS, SENTINE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D. J. J. EARLEY, TREASURER W. D. McCLINTOCK, VICE PRESIDENT PRESIDENT MERCHANTS BANK, RUGBY, N D - ES1DENT BANK OF VALLEY CITY. VALLEY CITY. N. D BUTTE, N. W. C. MACFADDEN. SECRETARY FARGO. N. D. HON. EDWARD ENGERUD. ATTORNEY FARGO, N. D. 61P4f_ijemAyd/ 7raithely „ORGANIZED 1903. INCORPORATED 906. April 2 3 r d 1 9 1 5. Federal Reserve Bank, 7ashington, D. C. Gentlemen:-I have been authorized by the Executive Council of our organization - the North Dakota Bankers Association - to file objections to any change in the Ninth rederal Reserve District which would contemplate the transfer of any part of the state of lisconsin to any other District, and it seems to our Executive Council and tothe individual members of our Association that such change would be detrimental, not only to Reserve Bank members in North Dakota but to such members of the state of .;:isconsin. As the District is now located ,:isconsin Ban's in the Ninth District f,re able to carry real estate mortgages on farm lands in North Dakota, South Dakota and Minnesota. These mortgages are very desirable and offer to the ',:isconsin banks a class of investment which they cannot obtain if the change proposed is made. North Dakota farm lands are being rapidly developed and are increasing in value from year toyear which make mortgages on such lands particularly desirable. "isconsin is an older state and the banks of that state are seeking investments outside of their own state. North Dakota is a borrowing state. sie need funds to improve and build up the business of agriculture in our state and thus the interests of the two states are very much in common. Wisconsin has developed the dairying interest to such an extent that farmers from our state are continually going there and are encouraged to do so by our banks for the rurpose of learning the methods of handling dairy herds and also for purchasing the foundation for such herds. The farming 21ass of the two states are becoming more and more interested in each other and there can be no dcy;bt but that the interests of both states would be very materially increased if all of the state of :Asconsin could be attached to the Ninth District. Such an arrangement would open a vast territory for the investment of .Asconsin films and would materially assist in the development of agriculture and dairying in the states that need capital for this purpose. We believe in North Dakota that perhaps the banks of jisconsin do not fully reali.:e the advantages which they gain by beimg attached to the Ninth Federal Reserve District and we trust that your Honorable body will go into this matter thoroughly before making any change in the District unless such W. D. McCLINTOCK, VICE PRESIDENT PRESIDENT MERCHANTS BANK, RUGBY, N D G. PRESIDENT CITIZENS NATIONAL BANK. JAMESTO VVFO RD. CHAIRMAN EXECUTIVE COUNCIL .ER IN TERSTATE BANK OF BILLINGS, SENTINEL BUTTE, N. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ARLEY, TREASURER ESIDENT BANK OF VALLEY CITY, VALLEY CITY, N. D W. C. MACFADDEN. SECRETARY FARGO. N, D. HON. EDWARD ENGERUD. ATTORNEY FARGO, N. D. /twdeeid 4rae& ORGANIZED 1903. INCORPORATED 1906. F.R.B. # 2. change would add to the Ninth District all of the state of Wisconsin. Very truly yours, ir-e )1A Secretar .7CM/T. to RW;01.V.10 , 1..EsEFIfr y. • FEDERAL RESERVE BANK OF MIN?ie EAPOLIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NINTH DISTRICT OFFICERS muwoREwOLD,GovEntioR 5.5,COOK. CASHIER DI R ECTO RS JOHNN.FNC.14,cHAIRmAy, P.M.KERST, , CE CHAIRMAN AND FEDERAL RESERVEAGENT AND DEPUTY FEDERAL RESERVE AGENT J. C.BAS SETT,ABERDEEN,S.DAR. E.W.DECKER,miNNeAPoLIS.miNN. F. R.BIGELOW,sr PAUL ,P.iiNNESOTA JOHN W. BLACK, NOUGHTON,MIGH. N L.B.HAN NA, FARGO, N. DA KOTA F. P. HIXON,LA GROSSE,WISCONSIN B.HOLTER,HELENA,MONT. Aril 23, 1915. Mr. H. Parker Willis, Secretary, Federal Reserve Board, Washington, D. C. Dear Mr. Willis:I have mai3ed you, under separate cover, parcel post, a packae containing twenty-five copies of the Answer and Brief to the Petition of the Eastern Wisconsin Group to be detached from Federal Reserve District No. 9. N I suppose that on receipt of these the Board will set a date for the hearing, and I will have to go to Washington to be present at this hearing, according to my present instructions. Now I have addresses to be delivered before the different Croups of Bankers in North Dakota as follows: Jamestown, No. Dak. Fargo, No. flak. Grand Forks, No. flak. Minot, No. flak. May 11, " 12, 1 13, 14. I shall return here immediately from Minot. My next meeting is on the first of June, but of course this June first meeting can be cared for by somebody else if I am not here. So if this hearing can be arranged in Washington any time between the 19th and the 28th of May it would exactly suit my conv.nience, but I do not expect my convenience to be consulted unless it should work out right with the engagements of the Federal Board. I simply offer this as a suggestiqn. I would like to keep these appointments Very trl -ours, iO 4 9f414411.. \\t„,c1` APR 26 E3 0 3 400 ; 44( Federal Reserve Agent. rNal. WEED Sz HOLLISTER I. 11. A. ATTORNEYS AND COUNSELORS • Ticrannroma No. 18 No. 123 MAIN STREET Dictated OSHKOSH. WIS., • Par. 23, 1915. Mr. H. Parker Willis, Secretary Federal Reserve Board, Washington, D. C. Dear Sir: In the matter of the application of banks in Eastern Wisconsin to be detached from Federal Reserve District Number Nine and annexed to Federal Reserve District Number Seven. I have your communication under date of March 13th in • the above matter, stating that when a date for oral arguments has been fixed by the Board, I will be notified. Since that time no communication from you has reached me. Would it be possible for you now to give me the date of the hearing. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Respectfully yours, r.:12;CRIVFP' iAlfst% APB .!•IP t) April 2n-d, 1015. 0, TTerir I. Teed, Atto.rney OchkoF.h, 1.12 co rz . De' 71nrci:nrt to •Rp7171rtion 1 of the redern1 P.er.erve Board, te Ponrd o Director of tile Federvl P.7rinted Park of P. rich, the 7-'ederr.,.1 reFerve 'r.7 sfrent c'if the liar.k, as its ..rnpresen tative to fibc. , . crcv..er tInd brief ir. thc tter nrrlicetio,n of bnickx: .- in the It:artern rieconFir ri. , .-trict to Le ('etched ata-ined from thE; until 7ay lct.' F:cs'erve Pow.cd Cu cf time L'o-day there :lc beim: , forrarded to. 7edena1 tv.-er;ty corieE: of the nra-- wer 4-.,-(•,e3 rief nr..0 Iercl °Fe ono copy • for yourh9lf, , for vhich ov:ledfre roceIrt, art,?. obli!zo, liovr:: very truly, Councel ior the xederal Perk . . I have not been. atle to obtain n copy of t •and if you have 6 coy y to Epe.re an d would shall be very much obli_p:ed. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Tet it i on end., it to me, 7 BEFOLE TUE FEDLPAL hESEI,VF. DOM). S. In the matter of tho application of barks in ) ?astern Wisconsin to be detached from Rederal ) Tiecerve nistrict Number Nine (inneapo1is) and ) annexed to Redoral Reserve District runiber ) coven (Chicaro). ) The petitioning banks 'respectfully represent and show to your Yonorable Board; That they comprise more than two thirds of the member banks in the territory asking to be taken out of Federal Petlerve District umber Nine and to be annexed to Federal Reserve %strict Nulaber Seven. That the petitioninc,ThflzS are named and located Ls follow:1. 0. V 4. 5. 6. I/ 7. d. ) I 9. /10. 12. - / 1.j. V 14. lb. 16. 17. 18. 19, 20,. 21. 22. 23. 24. -1/ 26. 27. 28. 29. v ! 1.2 / `56* v 07. 63. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pirst National Dank Langladu National Bank Citizens National Bank comuercial National Bank First National Bank Ashland -ational Bank First National Bunk First National Bunk vire+, National Bank Chilton National Dank Pirst rational "Rank virst National Bank FirLit National Bank National Bank of De Pere Pond du Lac National Bank Pirst National Bank Citizens National Bank • Vood County Ilational Bc,nk Citizens Ni*tiorul Bank reCartney rPnk rellogg National Bank First National Bank First ratIonal Bank National Bank of -anitewoc Stenhenson'ThLtional Bank Rirst rational Tian1. American ttational 'lank First National Bank Citizens National Bank First Dank National Manufacturers Bank First Eational .Bank Virbt National Rank' eiti4ens rational Rflnis. Oconto ?eitional City Vational Bank' ep -ationalkbank rad tjonil 1 ank 46tigo, Wisconsin Antif!,0, Wisconsin .Appleton, Wisconsin Appleton, Wisconsin Appleton, Wisconsin Ashland, Wisconsin Berlin, Visconsin Black River Falls, Wisconsin Rrillion, Wisconsin Chilton, Wisconsin Clintonville, Wisconsin Crandon, Wisconsin Dale, Wisconsin De Dere, Wisconsin Fond du Lac, Wisconsin Grand Rapids, Wisconsin rlrand Rapids, Wiuconsin nrimd Rapids, Wisconsin Oreon Bay, Wisconsin C7reen '1aL.) 'ciisconEin Green Bay, Wisconsin Yalkkauna, Wisconsin ranuwa, Wisconsin ranitm3oc, Wisconsin 7Tarinette, Wisconsin rarthfield, Wisconsin Ifarshfield, Wisconsin Tedford, Wisconsin Yerrill, Wisconsin Neenah, Wisconsin Neenah Wisconsin reiilsville, Wisconsin t!el London, Wisconsin Oconto, Wisconsin !lc oil L-6-1 -- :=113-C 02hicosh, 7isc(rt Oshkosh, ';isc Oshl,o01, 'is Ptchtigo, WiEt!on;3in Peuhtigo ri''.,tional Bank Princeton, Wiscornin 1/40.. Yirst National Bank Phineli,nder, Wicon2in 41. Pirtst lItctional Bank • Rib Lake, Winconein 42. Pirat Visttional Bank Ripon, Wibcomin per,dan Seymour, Vistonoin 44. Virf3t 4±tjOr1a1 Ehnk Shaw2,no, Wisconsin v/65. Pirat rP 4., onal ;3ank aawano, VisconLin 'Bank rational qU, CQrman k:1rican "Point, WiLcom:in, Stt:vens Banl: l 47. CitienYkItiona Point, Wicconsin Stevrms Banh 46. Pirst National WiF,conEin n, TiFierto 40. Pirt Nation41 ;iank in Witiconr, , WauwIch 1 :n. ()lei 7atinna Bank n WicorLd WauEa!J., :lank Yational Pir National (1,3:lart Atterican Bank Wauttu, Wizconsin WeyLuwegD., Wieconsin Pirfit T.Tationca Bank being fifty-three in n4mber out of a total of Llxty one 19cted in the territory, petitioning for the chanco z,.nd sinedl their rietitiorc ri Ule duly a thorizQd ofZiemrs of ech bhni: are he.veto FeLknrvu Dil3tricts vL th due re- That iP,pportioninG the buslnebb 1-(!mtirem gard to the conveniuPct.: and clitoLfary oohnde of tk.1..t the Lurritory in Wiliconxiin, til:Thro,cud within ti..e court t;ii-Js of Tron, Vilab, Oneida, Vonroe, .Thc.&Ason, Clrh, Tikylor, Price, ,!, \ ood, Porture, juntLu, AdarAs, 7 Lincoln, nri-110: ..cluattur, Gretin Lake, .0c onto, Vond du Lac, Wo,uuhara, -Winnebago, Vauaca, Outur,urlie, Fhno, , 7,711e:tte, Lunglude, Foreot rioranc, n3cr,,7e,imunce, Drowr s Calunet t 7.:'.4.knitowoc and Sheboygan be detached from 11,-..td?;ral-Perve nistric !ral Eesurve PitArict (klinnapoliE) and atacd to 7ed, ru::ber ',11A-ber Seven (Chicago). ar zuch charTe T1-10;i map fillowinf7 the territory petitioninr f, rel'ergl to and is Ivireto attached Liar:KrA Lxhibit "A° ;:.i.nd herewith made a p*Lrt toi- 4446 t,,41,i44.,0i11,---the Thcl thfi pround and re6.zon of thitiir pfltin iv that entiruly ctik;toi,ry courvm of businesu of y(r . etitionors is almoLt ntrth Find linuth &rid wftth the citi or Chicago and rilw4ukee incj. that but a Euall Traction thereo-.0 purtiuut, Of wobtt,rly courLe. our putitiont)i.c ceny.ire very larvoly in Chic'i.4go Ifihile the tLIB Litetion 6"1 WibconBin v.ith connoquonce. trict toiard http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Tht th,:l irraoli That ;-4,:si the custoLletrzi ce,,rtlo of buzlneot in toward eliim,ro and but a .14,Jr ;•lent, your :'Yst; is of 5mial tL— tia3,1 proportion tlwreof roes claln that the .tholuslon of the pe- 19 410 4, 410 ilk 40 40 . 'itionirT territory 4 ' redPrl Pusierve 7)ietrict Nuitber Vine wfs rot in conformity with tIvI lett.r or rpirit of the Pedoral EtwJrve bct in that the inclusion of tho .sititdoninr, territory within uid without due rer:ard to the cnveriercc,i and cuss. trict t=ary courw, of busireii. vnbt the tf!stilAony trJ.ken befor the Orpaniation CO:g.nitatee at Chicuo tended to prow, tht thc ;titionirw diEitrict wrJi tributory to'Chicho ftrd that. tllo trond of trwle anC the flow of that direction and: can" w in no t(!:3tivacny to the contmct. VTIFORP) your petitionem pray that your honorbi&.., body will review. the detf,,,:mairw.tion ot thc, ,ointed t.;.n4 iAnor!). thn Act of Conr.rosn 'mown as the Pethlral Reuerve Act). 1,14,tc.ing your petitioners witnin Poder41 neverve District Number 1;ino and will by proper order dc:temir petition 1.) the;t the tcrritory ric.d in this taker out of Pederkl PeF.erve "District rumb , ."rinc, ,T,ncl an- ricxed to PeOLral Ew3erve District 7.7w,lbor Seven,. To:11db rchriber, Chshier, Old Pa.tioual Oshosh. Xohn P. Phierul Vice-Pres., Pit Yat. Pan.., 'Tenah. S. W. Durgin, tMr,Firnt r&t. P. T. Wo9d, Oshkos11, Couneel. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ptevene Point. • e t e /et ‘3',1kr:D flE Et3k.V.iNL i.ifc: '.01# http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Am.il 22, 1915. 7,7y dear Govemor:Yaar latter of April 13thiiras Taly rec-tived ana 3 have had a copy of the petition of tho A.sconsin bans made, Which is enclosaa herewith. rel;ort of tho Or- ganisation OommittTe was smt to you ame days ago. If there Is an7thinc else I can sand yua I shall be glad to have you ask foz: it. Very roslloctfally, .osIntant 3eoreta2'7. Theodol, e 7o161, Governar„ reeml rmerva Eat, 7b-Lreano1.l8, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I.E.S.",Ta Uji'Jlo Xis) April 20, 1915. 7:r. John H. Rich, Federal r,aer7e Agent, reclaim" reserve TI.irk, :Anneapo11:1, nnn. r In ropiy to yours of the sixtonnth inAant4 'A= in 7:hich tc fi1. r:wly bri,f in the case of co;-tin banks in EaAorn 7isoonsin 1:,;k1n EtAte be detached from -tle rint .•. ., A 1-43 hoc to alvise tIlt your regnant for extonilon \ that pqrt of that niotrict and added to the '.!.aventh District, has lor, July rcicoived and eon.. c1& L,; roluasted by you to Poard hP:77 authorized th3 extension of time in -hich to file reply until ny first. ?esrcctfully, "ice C-overnor. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis WIre.17.7" Vf.DreatA. Rt..S?_\1\1 BOAR 1 April 20, 1915. Mr. John H. Rich, Federal Reeerve Agent, Minneapolis, Minnesota. S r: I eish to acknowledge receipt of your two letters of April 8 and April 10, addressed to Mr. Willis:which have been referred by the Board to me for reply. In reply I bee to advise that under the regulation of the Board, Federal reserve banks will not be limited to any particular hearing before the Organization Committee, but in preparing their brief may consider and refer to any evidence taken in any hearing, and Tay refer to the reason:, aerigned by the Organization Committee for its decision and to any part of the record, which consists of (a) Briefs filed by the several citieF, (b) Testimony of witnesses at the various hearings, (c) Statistical information collected and analyzed by the Organization Committee, (d) Decision of the Organization Committee, (e) Statement of the Organization Committee as to its reasons, exhibits filed. Any (0 It should be borne in mind that any proceedings relatine to the establishment of the several Federal reserve banks and the determination of the various districts, were eurely ex parte end that the i..earines held were merely for the purpose of collecting information to be used in determining the question under consideration. In other words, the caoe before the Organization Committee is not analoeous to a case in court where the procedure is designed to reduce the queetion under consideration to an issue and to take totimony on matters relating to the issue raised. In preeenting its case, tberefore, the Counsel for Reserve Bank of Minneapolis should not be confined Federal the to the single issue, or to evidence adduced or not adduced in support of the issue of ehether or not it is te the beet inter- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J.H.R. 2. 4/20/15. este of the territory irvolved to be attaChed to the Seventh or the Ninth District, but may properly di6cusz any evidence or argurents based thereon considered by the Organizion Committee in rechinz its conclusion as to the limits of any or all of the twelve districts. In viow of all the circumstances set forth in to letters, your the Board 17i very :lad to extend the time for filing a rcITly brief until May 1, 1915. Respectfully, Counsel. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S AQ 1 FEDERAL. RESE RVE BOARD OFFICE OF CO UNSEL • C;biVED \ SUBJECT: 2 11915 DATE: April 20, 1915. . Li OF VICk.1-00VERN0R My dear Governor:I am handing you let ter written to Mr. John H. Ric h, FeteiaL Neserve Agent, Minneapolis, 4A Accordance with your request. Unlese rfgaeliiinikome objection I will seia4h lazgr04 132 Please note the conclu ding paragraph in reference to extension of time for filing reply bri ef. I have interpreted your note to write them along the line of my letter to you authorizing thi s. Very sincerely, Hon. F. A. Delano, Federal Reser 41? Bo rd. '1/ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - FEDERAL RESERVE BOARD April 16th, 1915. My dear Mr. Elliott: Referring to the attached papers concerning the application of banks in eastern 7isconsin to be transferred to the Seventh Federal Reserve Dist rict: Will you kindly write to /Jr. Rich, as upon the request of the Federal Reserve Board, following the lines of your letter to ma? Yours very truly, F. A. Delano. Hon. M. C. Elliott, Counsel. • ) FEDERAL RESERVE BANK OF MINNEAPOLIS — http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NINTH DISTRICT OFFICERS THEODORE WOLD,GOvERrvoR JOHNH,RICH,c,...,114NIAN S.S.COOK, CASH DIRECTORS P.M,KEIRST,viCE IER CHAIRMAN AND FEDERAL RESERVE AGENT AND DEPUTY F.ERAL REGERVE AGENT J. C•BASSETT.ABERoEEN,s.D.An, E.W.DECKER,miNNeAvoLts ,miNN. F. R.BIGELOW,sr.pAuL,mINNEsorr, L.B HANNA,rAGO. JOHN W. BLACK, F. P. HIXON,LA HOU GHTON,MICH. N. DA noTA CROSSE,WISCONSIN N.B.HOLTER,HELENA,MONT. Hon. Frederick A. Delano, Vice Governor, Federal Reserve Board, Washington, D. C. D't Dear Mr. Delano:With reference tio the notification of the Board dated the 13th ult./and the redifiedf that we make reply-to the petition filed by certain banks in eastern Wisconsin, asking that part of that state be detached from the Ninth District and added to the Seventh District, Pursuant to the regulation of the Board, this matter was presented to our Directors at the next ensuing meeting, which occurred on the 5th inst. and was at that time considered. I was named, by resolution, to make reply to this petition and am proceeding with the compilation of the information and argument. This work is still in progress, but has been somewhat delayed due to the necessity of sending for information and by the fact that it has been necessary to review a very large amount of The delays that have occurred were necmaterial. essary and this matter is being handled with all possible dispatch. In view of the circumstances, however, I would respectfully request that the Board allow this Bank until May let to file reply. Without this grant of additional time we may perhaps be embarrassed by the provision of the regulation allowing seven days in which to make reply, which provisicn it was not possible for us to comply with because our Board did not meet for more than two weeks after the receipt of the notification. Very truly yours, Federal Reserve Agent. 5 • APR 1 4 1915 FEDERAL RESERVE BOARD ft WASHINGTON OFFICE', OP VICE -GOVERNOR April 13th, 1915. M.C.ELLIOTT COUNSEL My dear Governor:- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I beg to hand you herewith two letters from Mr. John H. Rich, Federal Reserve Agent of the Federal Reserve Bank of Minneapolis referred to me by the Secretary to the Board which relate to applications of certain banks in Eastern Wisconsin to have that section transferred from the ninth to the seventh district. Yr. Rich suggests that if in making reply to the brief and argument filed on behalf of the banks in question the Board of Directors of the Federal Reserve Dank of Minneapolis is limited to the subject matter covered in the testimony before the Organization Committed in Chicago they will be very seriously handicapped. I would suggest that in reply he be advised that under the regulation of the Board Federal reserve banks will not be limited to any hearing heard by the Organization Committee but in preparing their brief may consider and refer to any evidence taken at any hearing and to the reasons assigned by the Organization Committee for its decision, and may refer to any part of the record which consists of (a) Briefs filed by the several cities, (b) Testimony of witnesses at the various hearings, (c) Statistical information collected and analyzed by the Organization Committee, (d) Decision of the Organization, (e) Statement of the Organization Committee as to its reasons, (f) Any exhibits filed. It should be borne in mind that any proceedings relating to the establishment of the several Federal reserve banks were purely ex parte and that the hearings held were merely for the purpose of collecting information to be used in determining the question under consideration. In other words, the case is not analogous to a case in court where the procedure is designed to reduce the question under consideration to an issue and to take testimony on matters relating to the issue raised. The Federal Reserve Bank of Minneapolis, therefore, need not treat the case as if the Federal Reserve Board were called upon to determine the single issue of • 411-2-4/13/15/ whether or not the territory involved should be included in the seventh or ninth district but may treat the matter on the broader scale of whether or not these districts are properly laid out, taking all factors and the whole country into consideration. It is obvious that in defining the geographical limits of a country of this size local considerations may, in some instances, run contra to the broader question of districting the whole country. In the matter of request for extension of time within which to file reply brief, I recommend Three members of the Board, that this be granted. Chairman, are absent and no interests including the delay. prejudiced by the will be Very sincerely, Hon. F. A. Delano, Vice Governor. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Counsel. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 FEDERAL RESERVE BOARD .I:LLORA1DUI.1 FOR COUNSEL. Can you supply us with the documents asked for in this letter sr.2:4, , ,, ; ;I :an answer Mr. ',Mid? _ 17, 191fl, ) 41:( Ce.- %L,.. ,gt/ 4 t1 Iffitif (h ,R A10A et/ . , . ,. ' GtVj Mink , 1 v uyJ ). . 1 FEDERAL RESERVE BANK OF MINNEAPOLIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NINTH DISTRICT OFFICERS THEODORE WOLD,GOvERnoR S.S.COOK, CASHIER DIRECTORS P.M.KERS T.ViCE JOHN H.RICH,CHAIRMAN AND FEDERAL RESERVEAGENT CHAIRMAN AND DEPUTY FEDERAL RESERVE AGENT J• C.BAS S ETT,ABERDEEN,S.DA E.W.DECHER,HINNE*Poos.miNN. F. R.BIGELOW,T.PAUL,MINNESOTA JOHN W. BLACK, MOUGHTON,MICH, L.B.HA N NA,rAnco, N. DA ROTA F. P. HIXON,LA CROSSE,WISCONSIN N. B.HO LTER,HELENA,HONT. April 13,1915. Mr. H. Parker Willis, Secretary, Federal Reserve Board, 1:ashington, 1). C. Dear Doctor Willis: Our attorney in drawing an answer to the petition of certain Msconsin national banks to be transferred from the Ninth District to the Seventh District, desires to have a copy of petition made by the nsconsin Banks with names of petitioners, and if possible, a report of the Organization --------Committee to the Senate after the districts were formed. Can you furnish us with them? Assuring you we would very much appreciate it, and that it would enable him to draw an intelligent ,ansWer, I Sincerely yours, Governor TW-C ItNCRI J;.,, E/z4, 6.1 0 E3 0 A ,, •-•/44.14 - 6 'Pt.. 13 :•1 .-, ft sith 414 G-201. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -pril 12, 1915. Mr. John H. Rich, Federal Reserve ¢, Vanneapolis, Minnesota. 3 1 r: I wish to acknowledge receipt of your letter_9f,4pril 8, rouesti.:: 71 a cony of the tos1;twe taken before the Organization Committee. have directed that a copy of Senate Docuzent No. 485, 4hich contains the report of the Organization Irmittee regarding the location of the Federal reserve districts, and the letter of transmittal to Congress, be sent to you. This docunent cortainc extracts of the testimony ta%en before the cornittee, together aith reasons for its Jecision. Verbrltim reports of the testimony received in the various hear1p7s in cliffereat parts of the country, ny be pnrcinsed, at the rate of ten cents per typewritten rage, from the L=7 Report1n7 Company, 115 Broadway, Nev Yorli: City. Respe-tfully, Secretary. FEDERAL R ESERVE BANK OF MINNEAPOLIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DISTRICT NINTH OFFICERS 5,S,c00k, CASHIER mumoREwoLD,covElqmoR JOHNIA , MCH,HAIARAN a DIRECTORS P. M.K ERST,vocE CHAIRMAN AND FEDERAL RESERVEAGENT AND DEPUTY FEDERAL RESERVE AGENT J. C.BASS ETT,ABERDEEN ,S.DA K E.W. DECKER,MINNEAPOLIS,M INN. F. R.BIGELOW,sT.PAUL,MINNESOTA L.B.HA N NA, FARGO, N. DA ROTA F.P.MXON,LacRoSSE,wiScONSIN JOHN W. BLACK, HOU GHTON,MIEN. N.B.HOLTER.HELENA,moN, April 10, 1915. Mr. H. Parker Willis, Secretary, Federal Res-rve Board, Washington, D. C. P4'n,r Acknowledging your T.24.y.o;,.,4IL,in.e//' with reference to the peition of the eastern Wisconsin bankers. Notification of the filing of this petition was received about the middle of March, but it was not possible for our Boarcl to act on it until their meeting last Monday, at which I was designated as the representative of this bank to prepare a reply and to appear before the Board. My letters, which reached you this morning, explain some of the complications that enter into this matter, and requested information as to the scope of the reply and likewise requested that the official record of the Organization Cormittee, so far as it relates to the boundaries of the Ninth District, be forwarJed at once. We have alrady prepared some material, but are unable to make any progress with cur reply to the Wisconsin brief and argument until we are advised as to the $oope that will be permitted us under regulation No. 1. I will proceed with this matter with all possible speed, but in view of all the confltions would like to ask that we be permitted a reasonable. aLount of time, after the receipt of the information which I have requested, in which to prepare proper evibe.• Very trulM6, Federal Reserve Agent. FEDERAL RESERVE BANK OF MINNEAPOLIS NINTH DISTRICT OFFICERS THEODORE WOLD,covERNoR JOHN H. RICH.CHAIRPAAN S.S.000 K. CASHIER DIRECTORS P.M•KERST,ICE CHAIRMAN AND FEDERAL RESERVEAGENT AND DEPUTY FEPERAL RESERVE AGENT J. C.BASSETT,ABERDEEN.S.DA H. F. R.BIGELOW,sr. PAUL ,MINNESOTA E.W.DECKER.miNNCAPOLIS.MINN. JOHN W. BLACK, HOU GHTON,MICH. L.B.HA N NA, FARGO, F. P. HIXON,LA N. DA NOTA CROSSE,WISC.ONSIN N. B.HOLTER.HELENA ,MONT. - Mr. H. Parker Willis, Secretary, Federal Reserve Board, Washington, D. C. Dear Mr. Willis:Referring to your favor of the 13th ., containing notification that certair=iiiiea ern Wisconsin have made application to have that section transferred from the Ninth District to the Seventh District. A copy of the brief of the Wisconsin petitioners has been filed with this office, and in making answer thereto I have gone over Regulation No. 1, and find therein the statement that the Board, in this case, will not hear testimony, but will limit the parties at issue to the official record before the Organization Committee. This ruling would present a very peculiar situation with reference to this Wisconsin matter. The arguments presented in behalf of establishing the Ninth Reserve Bank at Minneapolis were based upon the assumption that the territory of the Ninth District would be Minnesota, North and South Dakota, Montana, the northern part of Idaho and Washington. In all the voluminous statistics and figures presented to the Board there was no reference to Wisconsin: No attempt was made to show the relation of this center to the section of Wisconsin that is now involved, and witnesses before the Organization Committee, in behalf of Minneapolis,specifically said that their testimony was without intimation or request that any part of Wisconsin be attached to the Minneapolis district. These facts are brought out in the printed brief of the Wisconsin petition. Following the testimony presented in Chicago, the Organization Committee proceeded to establish the boundary lines of the various districts, and instead of adding Wisconsin to the Chicago district, as was the supposition of the witnesses in behalf of Minneapolis, that Committee gave part of Wisconsin to Chicago and the rest to Minneapolis and added to the Minneapolis territory the northern peninsula of Michigan. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No. 2. To Mr. H. Parker Willis. J H R It will, therefore, be clear that if in making reply to the brief and argument in behal: of eastern Wisconsin, the 13oard of Directors of this bank is limited to the subject matter covered in the testimony before the Organization Committee in Chicao, that we will be very seriously handicapped. We would be barred from showing the inconvenient situation that would arise by placing the northern peninsula of Michigan in an entirely detached relation to the rest of the Ninth District. We would be barred from showing that the decision of the question raised by Wisconsin should rest, not on questions as to what the trend of commercial business may be, but upon the question as to whether the Ninth Lank can or cannot render prompt and adequate service to each one of its Wisconsin members. We would, in fact, be barred from making any effective answer whatever, because we closed the door when the witnesses in behalf of Minneapolis frankly stated to the Organization Committee that they made no claims for Wisconsin whatever. It, therefore, seems very important that I be advised at once -hat latitude we will be permitted in drawing up our retly and whethr . we will be allowed to meet the case upon its merits, or must confine ourselves strictly, as the regulations seem to indicate, to matters that were broup:ht up before the Organization Committee and to no other facts or testimony. It is also esi:ecially irf.portan to be_advised at what ari:roximate date we will be expected to appear in Washington on this argument. I assume that the hearir.,-; on this question will not be held at once, but it will take some days of active work to finish cur reply and prepare for the hearing, and it would, therefore, be very desirable to have some ide as to how much time will be allowed for this work. k(EGN-IN EP Very truly yours, LE.1 9i http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis c) A 4 r;'114. Federal Reserve Agent. -4Pp. 10 11 FEDERAL RESERVE BANK OF MINNEAP01:11 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NINTH DISTRICT OFFICERS THEODORE WOLD,GovERNoR S.S.000 K • 12 CASHIER DIRECTORS JOHN H. RICH. CH^IRMAN AND FEDERAL RESERVEAGENT C.BAS SETT,ABERIDEEN,S.DA F. R.BIGELOW,sr. PAUL,HiNNESOTA JOHN W. BLACK, HOUGHTON,MIGH. P. M.K ERST,vicE CNAIRMAN AND DEPUTY FEDERAL RESERVE AGENT E.W.DECKER,miNNEAPous.PAINN. L. B.HA N NA, FARGO, N. F. P.HIXON,LA DA KOTA CROSSE,WISCONSIN N. B.H0 LTER,HELENA,moNT. April 1915. Yr. H. Parker Willis, Secretary, Federal Reserve Board, Washington, D. C. Dear mr. Willis:— This Bank has never had an official copy of the testimony before the Organization Committee with reference to establishing boundaries of the Ninth District. In connection with my letter of this date with reference to the petition of banks in eastern Wisconsin it 13 highly important that we have this am4asam record before the Organization Comittee on which to base our rely. I would like to ask that you take proper steps to have this forwarded to me at once. vea:y truly yours, Federal Reserve Agent. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis b40,tokv April 8, 1915. Mr. John H. Riuh, 3hairman, ?oderal Reserve Bank, Einneapolis, Minnesota. 3 1 r: On 12arch, 13, 1915, you were notified from this office that certain member banks located in Mastern Msconsin have -etitioned for a tranafer from the lanneanolis to the ",:hicaco district, o.rd the brief in sunnort that petition wns flrvrarded you, with the reruest that you app int a representative to reply thereto. Will you please notify t'e Board whom you have designated, So that his appoiatment may be made a matter of rocord? Till you also roluest your representative to expedite the filirr; of his brief. re!Nlation governing procedure in this maer, which was foruarded to you in the letter of liarc.h 13, srecifies that the reply brief shall be filed within seven days. Respectfully, Secretary. J. W. D. McCLINTOCK, VICE PRESIDENT J. J. NIERLING, PRESIDENT PRESIDENT MERCHANTS BANK. RUGBY. N. D PRESIDENT CITIZENS NATIONAL DANK, JAM ESTOW -2 wW. C MACFAD DEN. SECRETARY L. F. CRAWFORD, CHAIRMAN EXECUTIVE COUNCIL FARGO, N. D. CASHIER INTERSTATE BANK OF BILLINGS. SENTINEL BUTTE, N D. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ORGANIZED RLEY, TREASURE :SIDENT DANK OF VALLEY CITY. %ALLEY CITY. N. D. HON. EDWARD ENGERUD, ATTORNEY FARGO. N. D. 1903. INCORPORATED 1906. Ear eh 30 t h 1 9 1 5. To Secretaries, J. E. Platt, and G. H. iiichards. Gentlemen:— I enclose herewith a bulletin we are sending out to all of our mombers today in connection with an effort of the banks in Wisconsin now in the Ninth Federal Bank District,,to be transferred to the Chicago District, and this it has occurred to me that you might want to take up also I . subject with members of your Associations Balf:er" have an article on the :lubject in the "North Dakota which which will be rinted in a couple of days now, in I have gone a little more into detail. It surely is to the interost of the banks in Minnesota, North and south Dakota to prevent any chance If the Wisconsin ban: are in the Ninth District. transferred to the Chicapo District it will cut off that much of a market for our rerl estate loans as well as other classes of loans in which those banks can invest while they are member:, in the Ninth District. Our bankers have been encouraging their farmer Lannesota clients in every way possible to visit Southern famibecome and diseonsin Dairyin, localities in order to . states liar with the methods on the dairyi.nr farms in those A great many dairy cattle have also been shipped into North Dakota from that terrioty and the interestsof our brnks in many here and the banks in that territory are common to make us for while worth It seems to me it is ways. in relies st intere their an effort to have them see that up taken also have I maining in tho Ninth District. they and gton Washin the mattor with our delegation at in its are doing what they can to present this matter proper light to the Federal Reerve Board. Very truly yours, Secretary. WM/T. Encl. • ©nIbDakota ,:°)- arcRkerca zsocEsaton„ ' 1(21 do SECRETARY'S OFFICE Furg©9 NoTth Jik©t BULLETIN Bulletin No. 172 To Members North Dakota Bankers Association:- An effort is being made by the banks located in that part of the new Federal Bank District in Wisconsin which is a part of the Ninth or Minneapolis District, to change the boundaries of the district so as to put the counties in Wisconsin which are now attFLOed to the Minneapolis District in the Seventh or Chicago District. he question naturally arises, how would such a change affect the banks of North Dakota? North Dakota Real Estate mortgages can be carried, under the Federal Reserve Bank law, as legal assets by any Member Bank located in the Minneapolis District and a market is therefore open for such mortgages in any Member bank in that part of Wisconsin now a part of the Minneapolis District. Should the cunties in Wisconsin be transferred to the Chicago District North Dakota Mortgages could not be placed with Member banks located in such counties, thereby diminishing very largely the available funds for investment in our mortgages. There are thirty-four counties in Wisconsin embraced in the proposed change and it would seem to be advisable that the banks in North Dakota should take an active part in a campaign to have the banks in that territory remain in the Minneapolis District. To this end members of the association are urged to write to th calks in the territory affected in Wisconsin urging them to remain in our Federal District. This is an attractive territory for them to invest surplus funds in and the Chicago District does not offer them a field that can be compared to this. Letters should also be written to the Governor of the Minneapolis Reserve Bank strongly opposing such a change. If convenient copies of all letters in this connection should be sent to the secretary's orfice at Fargo so that we can get up a strong petition to our representatives in Washington urging their support with the Federal Reserve Board, in Washington in opposing the proposed change. Our delegation in Washington have signified their willingness to interest themselves in this matter. This should be attended to as promptly as possible and the effort to prevent the change will be followed up energetically by the officers of the association. Very truly, Fargo, N. D., March 30th, 1915. 07•7:. ; e( Secretary. REMEMBER THE THIRTEENTH ANNUAL CONVENTION AT BISMARCK JUNE 16th and 17th, 1915. NOTE—Members are requested to file this Bulletin on the Bulletin Board furnished by the Association. In corresponding with the Secretary about information in this Bulletin be sure to refer to the number. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis _ 18, 1915. —;0"n-ch 2, My dear j - r. Rich; 1 am retaraing to you herewith the sixty-eight letters from member banks in Wisconsin, rocoived your letter of the 3rd instant.! wii iI hay() looked through theme and have shown them to the various members of the Board, who have noted them. Thanking you for lotting me sea the file, 1 am, Yours very traly, SIGN Mr. John H. Rich Federal Reserve Agent, Minneapolis, c_RAL RESEVE BOAN FILE .'- )TATE1.0,1-r2 FOR THE PBBSS. Llarch 13, A4 There has been filed with the Federal Reserve Board an application on the part of the banks in liastern lisconsin to be detached from the Federal Reserve District o2 Linneal)olis ,./1(1 annexed to the Federal Reserve District of Chico. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The petitionin counties are: Ashland. ;'nrice: Vi las Oneida:Taylor. Forest: s.?lorence: .T.Tarinette: Langlade:,-Clark. arathonirShawano:Oconto.LDoor.' Kewaunee Brown.' Lianitowoc Outaga.mie• ',7aur-5:aca. Portage Wood. Jacks on Lionroe Juneau.; ‘- iaushara‘'' Fond Bi. Lac:Sheboygan./ :"arcluette.Green Lake. 77inneb o V Calumet.'vTO-2AL .34 Countie s. VE01-.11M. E. B011-0) /) GLEN° http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I/4 March 13, 1S15. Mr. John H. Rich, Ch-a%irr.2,n, Federal Peeerve Bank, Minneapolis; Minnesota. You are hereby notified that certain ,stern Tisconzin hr_ve mL.a.b9r banks 1ocAe(7 in .);, duly petitioned for a transfer from the Min— neapolis distrIct to the Chicato district and have filel brilfs in support of petition before thie Poard. In accordance with Regulation No. 1 of the Federal •Reserve Board, relating to the pel from the decision of the procedure in Reserve Ilmlk Organization Committee, you are reluez.-ted to have the Board of Directors of your bank select a representative to reply to ?aid brif and to represent your bank at the hearinz of mal arguments when a date therefor has he fixed. T lm forwarding, under separate cover, brief filed by the petitioning the of a copy bFall's, and enclose therewith a copy of Pezula— tion No. 1, above referreJ to. Respectfully, '-'ecretary• http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mr. Henry T. Teed, Oshl:oeh, Tisconsin. I wish to notify you th:lt the Federal Reserve Board is in receipt cf petition and twenty copies of +fro bri-f filed for you by Mr. IR. A. Hollieter with the FErleral Reserve Board on March 12th. for the hearing of As soon as a of this petition matter oral argument in th you aill be to noBoard, ha bqm fixed,y the tified. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Honorable M. K. Reilly, House of Ropreoontativ-s, Washington, D. C. Ithe Federal ReE:erve Bcr rocaived on March 12 a petition ;.nd briefs filed by M. H=ry I. Weed, of Cehkort, Wisconsin, in. behalf of certain mczler banls_located ir astsrli aplying for transfer from the Minneapolis district to the Chicago ditrict. Petition and briefs appear to be in due form, and as soon La the date for the hes:lring of oral arguments has beon fixed by the Federal Reserve Board, you will be ao notified. RESEM E \ Lle,t1/41. MiD HUE /-1 :#. 44 GLH/M http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis March 13, 1915. *() Mr. R. A. Hollister, The New Willard, Ta-hington, D. C. r: wish to acknowledge receipt cf petition and twenty copies of a brief vubmitted by you in behalf of cert7.in banks located in eastern Wisconsin, in the matter of the application of such banks to be transferred from Federal Reserve District No. 9 to Federal Relerve District No. 7. As soon as a date for the hearkng of oral ar7urentT ha7 been fixed by the Beard, Mr. Henry T. 7eed, Counsel for the banl:e, will be notified. I an tody sooding a notice of the receirt of petition and briefs to '!r. Weed. Respectfully, Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 1!ir. Delano: Referring to the attached fil e of papers and to your request that I go through them and make a com pilation; I have gone through this fil e quite carefully and I find that, in the majority of cases, the replies indica te tha while the bankers would have pre t ferred to be in the Chicago Distri ct - the trend of business being in tha t direction - none of them expressed any dissatisfaction at the treatment they have received from the Minneapolis Bank. A number of them state that the actions have been only the dep ir transositing of the required subscription s to capital stock and a few of them, nam ely located close to Minneapolis, , those state that they would regret being removed and placed in the Chicas)Distr ict. In running through these pap ers I find that 17 prefer to rem ain where they are, and 37 would rather be in the Chicago District. Thirteen express no preference, but are not dissatisfied, and in no case is there any definite complaint registered. You will also notice (fourt h letter from the top) a letter signed by Mr. J. 7. Dunegan, stating that he was incorrectly quoted in the new spaper article referred to, but that he doe s prefer doing business in Chicago. J.D. March 10, 1915. FEDERAL RESERVE BOARD http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ' 10- 1.:arch 9th, 1915. Ky dear in eonnecti'm with the large file of letter concerninq. the campaign .:111eed to have been instituted by hIr. J. Dunegan, of :iteven? Point, 716., I find two lottero which do not seem to refer to the particular subject mentioned and, I was running throuet this file for the benefit of Mr. Delano, I take the liberty of extractin7 these two and am returninc them to you herewith. The one from -r. Getchel, in particular, seems to contain oeveral inquiries which you will doubtless want to arrange to answer. Yours very trul:, Sec5'. to Vice-Governor. Er. John D. Rich, Federal 2eserve .gent. inneap oils,:Ann. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.;.% Pc. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ri L bu,tau r,1L tv as-0kir Li, 1915. Dear air:Your letter or F Larch 5/relating to a to1.3- phone conversation concernin3 appeals for chzne;e of location by bamks in the eedoral reserve district of iiinneapolio, is receivod. 7cur request that in case allplication is made to the Board. for aance in the boundaries of this district, • you be InZormed/has been noted and I will ury to compiq With 7iewr-reiu Respectfully, 6ocretary. 7on. Goorg fl. Young, riouse of ,4]?resentatives, hington, D. C. THEODORE WOLD, GOVERNOR JOHN H. RICH, CHAIRMAN OF BOARD S. S. COOK, CASHIER P. M. KERST, DEPUTY CHAIRMAN http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERAL RESERVE BANK NINTH DISTRICT MINNEAPOLIS. MINN.. March 6, 191:3. Hon. Frederick A. Delano, Vice Governor, Federal Reserve Board, Washington, D. C. Dear Mr. Delano:— A few days ago I sent you a file of letters from Wisconsin bankers as to the ques— tion of contest over that portion of the district. I am enclosing herewith one more letter, which came in today, as I wish to make this file as complete for you as possible for future use. Will you kinIlly have this letter filed with the others. Very truly ra, Federal Reserve Agent . • t, ,Dc:Azipo, RGE M. YOUNG 011 'EMBER OR CONGRESS 2o DISTRICT VALLEY CITY, ND/ DURING SEssiONS OF CONGRESS WASHINOTpN. D. C. or NORTH DAKOTA http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0-Ja WOMEADDREss: HOUSE OF REPRESENTATIVES WASHINGTON, 0. C. March 5th Federal Reserve Board, Washington, D. C. Gentlemen:I wish to thank you for the information given to me over the telephone today, that no appeal had been made to the board respecting the boundaries fixed for the Minneapolis Reserve District. In case any application is made to the board for a change of the boundaries of that diotriet will you not kindly inform me? - Yours respectfully, Diet, n • THEODO-RE WOLD, GOVERNOR JOHN H. RICH, CHAIRMAN OF BOARD S. S. COOK, CASHIER P. M. KERST, DEPUTY CHAIRMAN FEDERAL RESERVE BANK NINTH DISTRICT MINNEAPOLIS, MINN., March 3, 1915. • Hon. Frederick A. Delano, Vice Governor, Federal Reserve Board, Washington, D. C. MAR C 1915 My dear Mr. Delano:With reference to a movement, headed by Mr. J. W. Dunegan, of the First National Bank of Stevens Point, Wis., to have a part of the eastern and southern Wisconsin territory, that is now in the Ninth District, transferred to the Seventh or Chicago District. I understand that it is the intention to present In anticithis question to the Board for consideration. of Governor Wold, pation of this action, I have asked Mr. are that this Bank, to take up the matter with the banks affected, and he has had a circular letter, which with file of newspaper clippings, is herewith enclosed, sent to the Wisconsin banks. Thera was a very satisfactory reply to this letter and I enclose 68 replies, which indicate, while many of the banks feel that the natural drift of business is not in the direction of Minneapolis, that they have no complaint whatever against the Ninth Bank and express no dissatisfacThese letters would seem to clearly indicate that tion. there is no general sentiment among the Wisconsin banks to have a change made in the District boundary lines. On the other hand, it appears that a great majority of all the banks that have made reply are satisfied tc allow the present boundaries to stand without change. I submit this file for your consideration and such use as you may desire to make of it when this question is presented to the Board. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Very truly yours, gogaimi'v Federal Reserve Agent. 0 DIRECTORS, RAY J. HAGGERTY. PRESIDENT VICE•PRESIDENT SCHMIDT. AUGUST L. B. YOUNG BILLINGS THOS. D. E. RIORDAN THE FIRST NATIONAL BANK OF PARK FALLS 10489 PARK FALLS. WISCONSIN F. J. KANDUTSCH. CASHIER Feby 23rd, 1915. Federal Reserve rank, Minneapolis , Minn. Genf'emen in reply to your letter of the 16th inst /relating to the reports of Mr. J. T. Dunegan of Stevens Point and the working of the federal reserve banking law wish to inform you that, at the time protest was sent us by Mr. Dune7an we absolutely refused to sign same or have any- thing to do with it however, we understood that the only matter which was unsatisfactory to Mr. nun egan and others was the District not properly divided.The largest volume of business was Chicago business and as we understood it correctly, they wanted to be transfered into the Chicago district, Te as one are perfectly well pleased asto the operation of the law and our dealingn with you have proven very satisfactory. Te Very truly yours Cashier. Lr http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEB 2 6 1915 • • 111 110 1 CAUTNEYNATIONAL .31C • 10 478:3 CAPITAL S200,000.00 tANT& SURPLUS S100,000.00 40" J.H.TAYLER,PRESIDENT WM.LARSEN,VicE PRESIDENT - GEO.A.RICHARDSON,CASHIER C.W.LOMAS,VICE PRESIDENT J.F.KETTENHOFEN,AssTCAsH. CilackimBliar,NVIus. February 22, 1915 Hon. Theo. Wold, Governor Federal Reserve Bank, Minneapolis, Minn. Dear Sir, Your favor of the 16th,4 arrived during my absence hence delay in answering. At the time we were notified of our assignment to district number 9, we entered our orotest against it and asked to be assigned to number 7 instead. Since that time we have taken no active part in seeking to effect a change. It would be 'Infair to say that your dealings with us have been unsatisfactory, as we have as yet had no dealings beyond the payment by us of the amounts required by law. The placing of this territory in district number nine is unsatis factory to us for the reason that it requires the deposit of a under ordinary circumstances it is ' considerable sum of money, where of no use to us. The commercial business of this section is transacted mostly with Chicago and Milwaukee and to divert the banking business to Minneapolis means unnecessary and annoying delay. We believe there are several ways in which the operation of the law could be made more practicable and satisfactory to bankers, but presume you do not care to have us go into that matter at this time. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Very since ely, President. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • R(.....rT. MILLER, T.' R. Wi -r7 sig3Enur. p C. E. GIBSON. VICE PRESIDENT. F. E. RUTH, CASHli ASST. CASHIER. NO. 6273 k. v) P iir iffirM National ISattit of 011intottuitir CAPITAL,SURPLUS AND PROFITS $75,000.00 CLINTONVILLE, WIS., 7s-,./xyz„e 14 4: 14,--x_e_ -74 _ /c : Ct • • • B.F. M9 M I LLA N, President H.G.HAM BRIGHT,Cashier J.C.MARSH,Vice President e tit J. C. DORPAT,Asst Cashier MARSHFIELD,WIS. Fab. lc), 1SJ1E. Ur. Theodore Wold, Governor, Fed:rrl Reserve Banks Vinneapol i , Mi n n. rear Sir:Replying to your letter of February 16.444hicl., vas not answered before owing to my absence from the city, would say that the same was certainly news to me. While we have always been of the opinion that it would be better for us to be 1.11 distrixt #7 on account of the major part of our business bein7, with C%Icr:go or Milwaukee banks, we had not been • trying to be transferred to that district. We nre not in a position to say whether your dealings with us have been satisfactory or unsatisfactory, as we have had no busi/lean to take up vith you ol:Lerviee than to make the necessary deposits according to law. Yours very truly, HGH-LT Cashier. 74. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis r\EB \\ _I I n 11 1915 4, • r• Oly iffirM ...National Vank 1911 CAPITAL $25,000.00 Prinrani, Thitironsin. FEB 19 1915 G. J. KRUEGER, PRESIDENT ERICH MUELLER, VICE PRESIDENT HENRY SCHULTHEIS, CASHIER : http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis •: Y-0 •••• Theo. Wold Governor Federal 7n3rve Bank 7inneapo1is, '.inn. Gentlemen. nnfrring to your letter of 'eby 16th 1913 skin. in just what manner the operttion of the law and the dealings with your bank have been unsatitory. 71,1plying thereto will sly that we have no ood grounds for complaint as we have lione • no business with you ir • except to pay our share to the capital ttoak and nade our regkired deposit. 7e have had no busineas that we might sent you, abnut the only thing do not think is just right is that we do not receive any interest on the money we df,posit with you. Reap Yours. to _ ?) ‘/3 11 / 41 I / fthttp://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • • B. HATHVEMANN. PResrot,• ,Vict PArs,oewr. ,̀ WAL.7 CP ALEXANDE. PRcsior,vr CHAS.S.G/LSE::•7, • H.G.FLIETH,CA3'41E14. 4744. 011-lintfinual german antriian Pin& OF a,AUSAU,W:SCONSIN CAPITAL $300,00009 SURPLUS 0130,00099 UNITED STATES DEPOSITARY. WAUSAU,WISCONSIN. Feb. 19, 1915. " Friday " Mr. Theo. -jold, Governor, Federal Reserve Bank, Minneapolis, Minn. Dear Sir: j In reply to your faur tiregarding statement made by J. 7. Dunegan, tevens Point, will say that we are very much surprised to hear that Mr. Dune,c7an made a stateHe usually is very conservative ment of this kind. and we feel now that in all probability he has been misquoted by the press. jc In regard to our position will say that we have always felt that we would prefer to belong In the Seventh District as our channels of trade and travel have been to Milwaukee and Chicago Besides we rather expectinstead of Minneapolis. ed that on account of Montana and the Dakotas being high interest states that the rates of discount would be more reasonable in Chicago than they would be in Minneapolis, our interest rates here being based more on a line with Chicago than Minneapolis. We want, however, to say that we appreciate the fact there are many strong banks at St. Paul and Minneapolis, that our connections at both places have been entirely satisfactory. We value the friendship and connection with the St. Paul and Minneapolis bankers highly. We also want to state that our business relations with the Federal Reserve Bank at Minneapolis have been very pleasant and harmonious, and we have absolutely no criticism to make on that point. Respectfully yours, / ,/,‘„;, 00- / ., c,,•\::,\--'/ • &WO' http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • - 7- ,/".;,3-ededeiv4 1 e• ) (///, :711,A7,e/AC• • 641-69. 74/(///)(//// _ ( rid ( UNITED STATES DEPOSITARY /Feb. 18, 1915. Theo. Wold, Governor, Federal Reserve Bank, Ninth District, Minneapolis, idinn., Honorable Sir: Yours of the 16th just/ duly received, cnd in response beg to state that this is the first intimation that we have had that any movement of the kind you refer to, was on foot, as we do not remember of having any communication from Mr. Dunegan or anyone else with reference to the question, and certainly not for a long time. i While we naturally felt somewhat chagrined at the fact that we were placed in the ilinth District, instead of the Seventh, feeling that we naturally belonged with the Chicago people, where we were very intimately acquainted, while our business relations with you certainly have been very slight, indeed, we fully appreciate that we cannot all expect to have everything to our entire liking, and therefore, have learned to a great extent, to adapt ourselves to the conditions, and felt that experience would probably teach us that tile business could be handled practically as well there as elsewhere. Our relations with yon have been of a very limited nature so far, and we really hardly anticipate Where there will be a necessity of getting in very intimate touch with you, except to comply with the conditions of the Law, as it exists, and we confess we -• are somewhat ignorant of what we may be call ed upon to do in the future. 4 / „eatc Pytit/e///: e)/7 , 64110're/1 j.• '.71.41 ( ma. • http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ( /2 7/7(_ 1 //4„ (:)//// UNITED STATES DEPOSITARY. AGW-TW. Sheet-2- We certainly have had no occasion to criticise the manner in which you have dealt with us so 'far, and have not offered any protest. Trusting that everything will be worked out satisfactorily, although we must confess we would have felt more at home in the Seventh Districr, than with yours, we remain, Yours very truly, THE N1TIONAL BANK OF DE PERE. Per AGW-HP. Pres. T. R. WALL,11:e President. • • THOS DAL', President. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis < mai E.R.A.: • NO. 35411P LIAMS, Cashier. CAPITAL 5, SURPLUS,$ 250.000. 7 ,tsif/ .b'ebruary 18th, Theodore Jold, Governor, iiiederal Reserve Bank, Ninth District, Minneapolis, Minn. Dear Sir: We have your letter of the 16th inst. in which you quote from a letter of J. 7. Dunegan, who, you state, is actively engaged in a campaign to have Wisconsin banks put in the seventh Pederal Reserve District, as follows: "Many banks in Wisconsin who have previously done business in Chicago were placed in District No. 9, of which Minneapolis is the Reserve city. Immediately a strenuous protest was voiced and the actual operation of the law has increased ratheT—Than lessened the dissatisfaction." You state that as Governor of the Ninth District, you are interested in knowing in just what manner the operation of the law and your dealings with us have proven unsatisfactory. /line this bank was a party to the protest and petition to have Wisconsin included in the Seventh District, we have never expressed any dissatisfaction with the actual operation of the law. In fact, we have never availed ourselves of any of the many functions of the bank over which you preside, consequently are not in a position to express the opinion that you quote from Mr. Dunegan's letter; therefore, we are not to be included in the "Many banks in Wisconsin' mentioned above. Yours very truly, .7. 0/5. CHAS.G. KAPELOVIrz A.N • T. S..SABY, CASHIER V. PRE''00 • , veit q - February 18)&915. Mr.Thso.Wold,Governor, Federal Reserve Bank, Minneapolis,Winn. Tear Sir:. of the 16th instant Replying to your jAu_ijl regarding the inclusion of this part of Wisconsin in the Ninth Federal Reserve District of which Minneapolis is the reserve city, we wish to state that in no manner have the actual operation of the law and your dealings with us proved unsatisfactory. We may state furtheour inclusion in the ninth district is highly satisfactvry to us and_that-for-various reasons we would regret very much to have boundaries changed as to place us in the Chicago district. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yours very truly, • • LUMBERMENS N*EIONAL BANK • • CHIPPEWA FALLS,WISCONSIN WILLIAM IRVINE, PRESIDENT S. B. NIMM ON S ,VICE PRESIDENT R TIN , CASHIER. F. G. NI T. W.JENNINGS,AssT.CAsHIER. February 18,1915. Hon. Theodore wold, Governor, Federal Reserve Bank, Minneapolis, Minn. • http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dear Sir:Replying to your,..._,oW•keL41eould state that the location of the Federal Reserve Bank for the 9th District in rinneapolis is entirely satisfactory to us and was, as a matter of fact, our choice. We are Perfectly satisfied with all the dealinzs th.t, we have had with your institution and have no complaint of any kind to make. Yours truly, ' - \‘‘ \\‘ Vice President. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • VICE PRESIDENT- GEO. E.STUBBINS.PRESIANT • 0322 ?",d 441 A 0,1%..1 - 4H Afr.7— k., CAPITAL S25.000.00 \ ,t),*tone take, February 18, 1915. Mr. Theodore Wold, Governor, Federal Reserve Bank, tginneapolis, vinn. Dear Sir:Replying to your letter of February 16th, Nill say that we have no objections to make about being in the 9th Federal Reserve District, or complaints in regard to the operation of the law and your dealings with us. We have always been in favor of being in the Minneapolis District. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • di KaM•,PREsmENT. JAME5/100D,Vice PREs.r. ' L "GT6 H.PtE4 EiC5T.CA5H. 2565 COMMERCIAL NATIONAL BANK CAPITAL 6, SURPLUS $250,000 APPLETON;WIS. / /f14 ictek,.( 7ebruary 17, 115. Theodore Told, Governer, Miyriearoliq, Minn. near Fir: Replyin,o, to your 7etter of the 16th. We have no complaInt to male regarding our Federal Pegerve account. You cfetw'se conver- sant with the natural trend of business in this district. It remains to he seen if it can b.-.2 handled through Minneapolis. rs ve ->" Cash er. R. A. CHRISTIE. PIlk!DENT ' 111P • • T. H, RUMS., VICE PRESIDENT ESTABLISHED W. N GIFFORD. CASHIER 1876 61, CAPITAL $75,000.00 SURPLUS $25,000.00 2,2,-1,40KI; February r7, 191 5. Mr. Theo. ,old, Govel-nor, tc 44- Minneapolis, Minn. / 14#4 Te-r 7.re are in receipt of your favor of the 16th inst. n regard to our relations with the Federal Reserve Bank at Minneapolis and in reply would say that our business with the Reserve Bank has been to the payment of the ctoc and pETment of the reserve required, *and we are hardly _ in a position to criT167se uile actual operation of the law. • • I / Vie are of the opinion, however, that our interest will not be materially affected by having t'he Reserve district in Minneapolis . and we certainly would not be in a position to criticise until r2fter our business was , actIv e Our relations wIth the Federal Reserve Bank of MinneapoT.is, which you represent as Governor,,have cert7:inly been satisTagto .• ry as far as we are concerned and we trust that this letter will answer your inquiries.. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yours very truly, FIRST N'mTfl'AL BANK Mir ( • • JOHNSON, PRESIDENT. S BECHLER, VICE-PRESIDENT. J. . sAI LEY, VICE-PREsIDENT. F H. H. RICHARD SHIER. • J. R. BOLGER, A .Y CASHIER. LULU M. THOMPSON, Ass,T CASHIER. FIRST NATIONAL BANK CAPITAL $50,000,00 2.:31A-Zif ill V111 -Li, ,Y1 Feb. 17-Gh,1915. Yr. Theodore —old, Governor, Federal Pei,erve Bank, Minnearolis,-Minn. Dear 1:7ir: Pepiinc to 'lours of the leth tp to this time, the operation of the Law and your dealincrs with us, have http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis verybn satisfacGory. • Yours v,-ry truly, Cashier. v7. • Paustian, President, Nrank 3E.itierker. Pict President. Geortve Dawson, (Cashier. S. •epok National ct#airk • NO.7224. #6000. CAPITAL $25000. SURPLUS SMID. BRILLION, WIS., Feb 77 1915 191 Federal Reserve Bank. 14inneapo1is, Gentlemen; We have your favor_of the leth. inst and note contents with considerable surprise. Ve- jolned In rdrmer protests, although we do not recall being approached on the one in question, because we felt and still feel, that this district rightfully belonged to the Chicago one. This feeling was not due to any emlnity to the Federal Reserve Bank of .(inneapolis or any of its officials, but solely to the facts that 90 % of our " out of state " business was done with Chicago, and the better mail and express service etc with that point. So far as this bank is concerned, wish to say that we have no complaint to make as to your manner of handling our business or the treatment given nu. Neither do we imagine that any different, or better ser-F-ff quicker retUrnm, would be given us by vice, ezcopt in -TEZ matte Bank, at this tire. Reserve Federal ànfther Trusting this explains our position, I am, Yours very truly, 4 ,3 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1A27AP: • GEORGE KLOSTERMAN, President. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OUCKUK, Vice President. 6403 IRA J. WEEKS, er. SHAWANO, WIS., , Theodore Wold, Governor, Def.r Slr:ReplyinL; to your letter of 1T't At one time tis bank siL:ned P petition Psking that tis district be removed from the Minoenpolis district pnd placed in the district 17 Our principal refJson for doing tAis wns-the fact thrit mnil service from here to Cicago is much better than it is to snd principally because we have 'Plwnys carried on 01111111.eS'a telations in Chicac,o. I m unable to say that our bein locptd in the 7inneppolis district would be unsvtisfectary to us, but t}lus far, ns you know, we hove hPd very litt]e business relati7ns with the Federal Reserve lank. -Unless we carried r very, nctiv account with your bank, I cannot see no it makes any difference to us whether we are in district #7 or #9. If we could get the sPme mail service to Tinneapolis no to Chico, then as fqr as we 'Ire concerned, there would be no difference. It sams to me thnt the agitation is caused in P great -ovrt by the bankers of C1177o and 7:il-i1uhee In order friot the cUsiness, which has :for years been coming tneir wry, moy not be token to other cities. Yours C."S r. • • • • • • • UNITED STATES DEPOSITARY GEO.W. BURTON,President. F. P. H IXON, Vice ,President. L.C.COLMAN, Vice President. THE NATIONAL BANK OF LA CROSSE F. H.HANKERSON,Cashier. li JOSEPH BOSCH ERT, Asst. Cash. R.C.wHELPLEY, Assr.Cash. CAPITAL $ 250,000 SURPLUS LA CROSSE,WIS., 400,000. February 17, 1913. Mr. Theo. Vold, Governor, Federal Reserve Bank, Minneapolis, :Ann. Dear Mr. Vold: Replying to your letter of the 1, say that we have no part in I would r. Dunegan's campaign and had not heard of it until we received your letter. We are perfectly satisfied with our location in the Ninth District and celieve the Federal Reserve Bank of Minneapolis is as well equipped in the way of officers and directors as any of the other banks. Of course, we have done very little business with you as yet, out we have no criticism to make and have heard of none from any source. We cannot imagine what is referred to in the newspaper report you quote http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Probably it is nothing but newspaper inaccuracy. Very truly yours, 4,0 tis S. M. MAHSII. VICE-PRESIDENT W. II. WOODWORTII, VICE-PRESIDENT • ellA ItLEM CORNEAL. PRESIDENT 124, A. CLEANS, CASHIER • PAUL A. ItAirruz.i., ASM.T. CASHIER, ) 7irs, and Only Wational 92ank in Clark ConnIg y• \ A loe FIisT NATIONAL BANK, \ CAPITA L A ND SURPLUS. $60,000.00 V. S. DEPOSPINHCV P1CA12 POSTAL SAVINGS FUNDS. STATE 114.:P().SIT( It Y. NEILLSVILI,E, WIS., Fel). 171,h.15 GOVERNMENT INSPECTED. Nr. Vie°. Won, Governor. Minneapolis, irn. Dear fir: ti.12 rk Replying to your letterelative to the remarks of Mr. J. W. Dunegan will say that oul;-15i17,7riess relations with the Federal Reserve Lank of inneapolis, Minn. have been very satisfactory and we have no reason for any complaint. In our opinion such remarks are detrimental to the purpose and workings of the bank and should not be made publiclylifttn there is DP good reason. loll 9 VC17- trli http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis , BANK WITH THE NATIONAL BANK" M. D. Keith. President • E. II. Ite. Viee-President •S. T. Ritchie. CaR. H.* Ritehie.ssistant Cashier 5013 ;•.% First National Bank Capital $50,000 New London, Wis., rf? Feb. 17th 1915. y http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Theo. Wold, Governor, Federal Reserve Bank, Minneapolis, Minn. Sir:Replying to20 .1,:u.rp, of tkanlatb, iug ... .....•••• ..... we ..... have no knowledge of any action taken upon the part of the mana0m,.ment of the Federal Reserve Bank of the ninth District which has .• • proven unsatisfactory to this bank. We are not aware of the fact that we are associated `......1.t I t• ..1.41,•••a1/1•4.14.1.4•144.6......>PPOUp.1.41.,41..q...111.1talit , with J. fl. Dunnegan, Steven Point, Wis., in • .......• •• •• • '. • •. ......6411112..04t, o4kr.11.11111.li h Ye46 •••••• 6,4 I .1.1,1 111.11.1114.*.t....... any criticism. 14..' . 11 111.101111.4.1•1 Yours very truly, IISR-V. O • 9347. •• • OF OSHKOSH. CAPITAL AND SURPLUS $240,000.00 LANDEem, pEoRqumutiso,PRESIDEN tti ORGAN,VICE PRESID A.T.HENNIG, CASHIER A.A.ABRAHAM, ASS'''. CASHIER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 17, 1915. Mr. Theodore Wold, Governor, Federal Reserve Bank, Minneapolis, Minn. Dear Sir:We have yar letter of the 16th inst.‘ in respect to cann'aign of J. W. Dunegan. In reply, would say that we have not been a-o -nrached by the gentleman in question, and. doubt whether we would consider the same seriously. While we feel that we should have been !ut in the Seventh Federal Reserve District, nevertheless we are pleased to state that the service of the Minneapolis Reserve Bank has been entirely satisfactory tn • • BATAVIAN NATIONAL BANK A.WRSFIFIEINIER,Pweasoorwr. E.M.WING. VICK PPM 610KP,', JOHN A BAYER, CASHIK H.O.KLEIN,Ass,CasHIKN, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CAPITAL AND SURPLUS S500,000 LA CROSS E,WIS. IE 'eb. 17, 1915 S Mr. Theodore 7!o1d,-4,104V, Federal Reserve Bank, Minneapolis, Minn. Dear Mr. Wold:7:0 have yours o_the_l§th/balling attention to the actVITF- of some Wisconsin bankers who are attempting to be transferred to the Chicago District and inquiring in just what manner we do not approve of the operation of the law. In reply I beg to say that I was considerably peeved at being put in the Minneapolis District, inasmuch as we had appeared before the Com-littee at Chicago and had asked to be put in that District and the line was placed just six miles below us, but since you have been elected Governor of the Federal Reserve Bank, I have become entirely reconciled to the situation and I think I would object just as strenuously now tO-WIng transferred to the 7th District. As fEi-as this bank is concerned,we feel that with Mr. Hixon one of the Directors and yourself as one of the officers, with z-our knowledge of this institution's methods of doing business and our standing, that Te would be in a great deal better position if we should require assistance, than we would with the Chicago people. My objection to being put in the Minneapolis District was that the Minneapolis District is comparativ_ely_ small and will have at times a very heavyraemand. T c FEB 1 8 1915 President. • http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 410 •• 410 EAU CLAIRE NATIONAL BANK • • 2759 • C.1.1r,u. $150,000.00 W.K.COFFIN,PREsioeNT • SI711PI.I7S $:30,000.00 OTTO VON SCH RADER.Assisi-Ana CASHIER C.W.LOCKWOOD,VicE PreestoeN-r J.A.PLAYTER,ASSISTANT CASHIER E.J.LEN MA R K,CASHIER W.S.WOODR UFF,Assisi-ANT CASMICI1 EAU CLAIRE, WISCONSIN February 17, 1915. DeRr Sir: ; Your letter of the 16th/is received and noted. There was some dissatisfaction because Northern Wisconsin was put into the Minneapolis District. The dissatisfaction was from the eastern part of the state, and I think, came principally from a few individuals who were disappointed because they could not dictate and controll the Wisconsin member of your board. I think Mr. Chapman of the Northwestern National Bank, or Mr. Hixon of your Board can tell you all about it. On some accounts, we would have liked to be in the Chicago District, but were iontirely satisfied when we were put into your District. We are entirely satisfied with the organization and management of your Bank and have heard no criticism from any quarter. We know that you have a big job on your hands, and it will be renarkalle if you do not have some criticism. You have our best wishes, and will have cur -Ayal and faithful co— operation. If there is anything that we can do at any time, please advise us. Yours truly, Theo. Vold, Governor, Federal Reserve Bank, Minneapolis, Minnesota. I • 82 i • • • • nal :1 71 arat CAPITAL S200,000.00 O.H.I NO RA M, PREsT J. T. JOYCE, VICE PRE5T MARSHALL COUSINS,C,,,HIER M.E. BAUMBERGER,Assi CASH. M. B. SYVERSON, Ass-r CASH. KNUTE ANDERSON,Assr CA ,H February 17th, 1915. EAU CLAIRE, WISCONSIN Theadore Wold, Governor, Federal Reserve Bank, Minneapolis, Minn. Dear Sir: We are in receipt of yours_of_Fpb,. 16thiland in reply would say last summer we heard a great deal from Mr. Munnipan and others situated in the eastern part of the state, regarding their dissatisfaction at being placed in the Ninth District. At a meeting held in Oshkosh a resolution was offered asking that the Wisconsin banks , http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis be changed to the Seventh District, but the resolution was withdrawn upon my strenuous objection that we people in the western part of the state were satisfied with Minneapolis. We have never heard anything from any of these people since that time. Our dealings with your bank have been perfectly satisfactory to us, and we do not see how they could be improved upon, viewing the matter from the immense amount of work that your Ninth District has had to do and the obstacles you have been obliged to overcome. JTJ1E • 0 • • • No.425 . THE FIRST NATIONAL BANK PON,W[SCON CAPITA L 10 0,000. 1LSIJ GAR D MIL LE R, PRESIDENT. H P CODY. Vice PRESIDENT. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ft PLUS $25000. F.SPRAT'',CASHIER . W.R.DVE4R T.Ass,CAs I ER. 17,1915. Mr. Theodore '7o1d, Go-irrnor, Federal Reserve Rank, 7inneapolis, Minn. Dear =dr;.0" Replying to your :letter of Feb. 16th,„ beg to say we hal-6—not takeir-57qg-5 in any of the steps taken by ,e.any of the banks in Wisconsin to have this )art of the State -out in the seventh Federal 7eserve District, as we believe our interests can be as well served from Minneapolis as from Chicago. Respeatfully yours, • • • • A LB VINK ONA No.60I5 H. R. POTTER, PRESIDENT HENRY BOYLE, VICE PRESIDENT A.G. BECHAND, ST.VICEPRESIOENT M. T. SIMMONS, CASHIER F.A.BOYD, ASSI*CASIOEli CAPITAL AND SURPLUS $500,000 FOND DU LAC,WIS. FEBRUARY SIININTEEFTH, 1915. Mr. Theodore Wold, Governor, The Federal Reserve Bank, - Anneapolis, Minn. My dear Sir:/ , In reply to your letter__p the 16th(in which you call our attention to fE effort ThaTi. Dunegan of Stevens Point is making to have the banks in this district put in the Seventh Federal Reserve District. the [The officers of this bank are not in sympathy With changed. -effort that is being made to have our district been We think that all the unrest in this district has middle if that feel sure, am I They, caused by Milwaukee. t Distric Seventh the to added are and Southern Wisconsin time such when branch, a be can that in time —ilwaukee in t comes. We feel that it is to our interest to remain our northern the Minneapolis District for the reason that all Wisconsin, :"inneaota, North and south Dakota and - ontana farm loans can be made at a very much higher rate than can be secured in the Chicago district. We will be able from the to heap just the class of people that need help strong banks of Wisconsin. Chicago now is the second us at largest Federal Reserve Bank, and they do not need all, while Minneapolis does. ed, As far as doing business with Minneapolis is concern olis Minneap with it do to us it is just as convenient for at here from out goes as it is with Chicago. Out mail same as night and is in ,:inneapolis in the morning, the 7 : Chicago to have this The officers of this bank would be very sorry any way in can we district changed, and if at any time if it is state, assist you to retain this portion of the to serve indeed your wish to do so, we would be very glad you. A( ? Very truly ou Presid n . http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 9 • Airst atiottaMianh 0 CAPITAL.$25,000.00 P. E. REEDAL, PRESIDENT W. K. PARKINSON, VICE PRESIDENT Feb. 17, 1915. glistonsin G. B. REEDAL, CASHIER Theodore Told, Oevernor Federal Reserve Bank Minneapolig, Minn. Dear Sir; Your letter of the 1Gth receive(Vand in reply thereto I - will say that our first choice of the District was Minneapolis and that in response to lettera from Mr. Dunnegan and others we have - r-etud-tiE-a4 . -fdr-anY- Chillni;e in the Federal 5e6erve District and 30 notified theM, me find with us that a lare rercentae of our business through the Twin cities and in fact have always kept our main balances in Minneapolis. re have no criticism to make in regard to the operation of th4; law or your dealings with us. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yours truly Cashier 4010/1 44FM_ * •.. WISCONSIN BANKS WANT DISTRICT CHANGED. When the National banks of the country were assigned to the new Federal Reserve districts several months ago, says the Stevens Point Journ al, many banks of Wisconsin that had previously do .e business through Chica go were placed in district No. 9, of which Minneapolis is the reserve city. Imme diately a strenuous protest was voice d and the actual operation of the law has increased rather than lessened the dissatisfaction. Recently seventy-six Wisconsin bank s were asked for an expression and practically all of these signed a protest against remaining in the Minne apolis district. As a result a committee composed of Louis Schreiber of Oshkosh, John P. Shields of Neenah and J. W. Dunegan of this city, with Col. H. I. Weed of Oshkosh as counsel, has been selected to take up the matter with the Federal Reserve board. They will ask for a hearing, at which time argument s in favor of being placed in Chicago district No. 7 will be presented. It is probable that the hearing will 133 secured some time during the prese nt month. The objection to being in the Minneapolis district is based on the fact that the regular channels of business lead to Chicago, making it much more factory and convenient to be in Digitized forsatis FRASER that district. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERAL RESERVE BANK OF MINNEAPOLIS NINTH DISTRICT OFFICERS THEODORE WOLD,GOvERNoR S.S.000 K, CASHIER DIRECTORS JOHN H.RICH,CHAIRMAN AND FEDERAL RES ERVEAGENT P.M.KERST,,CECHAiRMAN AND DEPUTY FEDERAL RESERVE AGENT J.C.BASSETT.ABERDEEN,s.oAK. F. R.BiGELOW,sr. PAUL ,mINNESOTA E.W.DECKER,mtNNEAPOLIS,HINN. L.B.HA N NA, FARGO, N. DA KOTA JON N W. BLACK, NOUGHTON,MICH. F. P. HIXON,LA GROSSE,WISGONSIN N. B.HOLTERMELENA,MONT. February 16,1915. Gentlemen: J. W. Dunegan of Stevens Point, Wisconsin, with one or two other gentlemen, is actively engaged in a campaign to hf- v1 the Wisconsin banks put in the 7th Federal Reserve District, to which of course we take no exception, as they have a perfect right to act in that matter as they see fit, but part of the statement made in the newspapers of his own city is as follows: "Many banks in Wisconsin who have previously done business in Chicago were placed in District No. 9, of which Minneapolis is the reserve city. Immediately a strenuous protest was voiced, and the actual operation of the law has increased rather than lessened the dissatisfaction. What I am interested in as the Governor of this bank is in just what manner the operation of the law and our dealings with you have proven unsatisfactory. Awaiting your reply, I am, yours very truly, Governor k •• MAIL TIME FOR THE • FOLLOWING 71500110 IN TOWNS. =RE:3S RATES. Mpls. Chicago. Antigo, v• .50 Appleton, .40 Ashland, .60 .50 .50 Bayfield, .60 Berlin, .40 .50 Black RiverFalls,.40 .50 .50 .40 Brillion, .50 .40 Chilton, .50 .40 Clintonville, .50 .40 Cranton, .50 .40 Dale, .50 De Pere, .40 .40 .50 Fairchild, .50 Fond DuLac, .40 .50 .40 Grand Rapids, •..50 .40 Green Bay, .4U .50 Kaukauna, .50 .40 Manitowoc, .50 .40 Manawa, .50 .40 Marshfield, .50 .50 Medford,, .40 .50 Menasha, .50 .50 Marinette, .50 .50 Merrill, .40 .50 Neenah, _ .50 .40 Neilsville, .40 .50 New London, .40 .50 Oconto, .40 .50 Oshkosh, .50 .50 Falls, Park .40 .50 Peshtigo, .50 .50 Phillip, .40 .50 Princeton, .50 .50 Rhinelander, .60 .50 Rib Lake, .40 .50 Ripon, .40 .50 Seymour, .40 .50 Shawano, .40 Stevens Point, .50 .40 .50 Tigerton, .40 .50 Wapaca, .40 .50 Wausau, .40 .50 Weyawega, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • INSURANCE Over night. it Vi it ii it Second morning. 00ver night. ft ft it it Second day. It If Over night. ft It ft It it If 11 Vt If ii it It 11 If it it It Vt it it it it Vt 9 it 9 9 9, 9 9 9 Second morning. Over night. It If ft 11 It ft 1 it Vi It it ft it fl It II Second morning. Over night. ft RATES. Currency & Coin, 4.06, .06. Securities, it P9 ) ' \\t)\' REGULATION No. 1. FEDERAL RESERVE BOARD WASHINGTON PROCEDURE IN APPEALS FROM DECISION OF THE RESERVE BANK ORGANIZATION COMMITTEE. 1. Petitions for changes in designation of Federal reserve cities. Petitions for review of the action of the Reserve Bank Organization Committee in designating Federal reserve cities must be signed by duly authorized officers of a majority of the member banks located in the city requesting a review. Such petitions must set forth briefly the grounds and reasons relied upon for such review. Within five days after mailing said petition the petitioner shall file twenty copies of a brief setting forth fully the grounds relied upon for a review of the action of said Reserve Bank Organization Committee. The secretary of the Board shall notify all member banks in the Federal reserve city of the district in question that such petition has been filed, and shall request such banks to designate a representative to act for such city at the hearing thereon. He shall also send to the representative of such banks, when designated, a copy of the brief filed by the petitioner, and said representative shall be given seven days within which to file twenty copies of his brief in reply. The Fes:LW-al-Reserve Board-wilt thereu-pun-fix-ts-azituTbriLy which arguments will be limited to one hour on each side. i ed to the record before the OrganiThe Board will not hear testimony, but the parties will zation Committee. di* The record need not be printed, but reference may be made in the briefs by page to the report filed by the Organization Committee with the Senate of the United States and ordered printed, and may likewise be made by page and volume to the typewritten testimony of the witnesses appearing before the Organization Committee at the hearings held by the Committee. 2. Petitions for changes in the geographical limits of Federal reserve districts. Petitions for review of the determination of Federal reserve districts by the Organization Committee must be signed by duly authorized officers of at least two-thirds of the member banks in the territory which the petition asks to have taken out of one district and annexed to another. .ns for changes Proceedings as to notice, filing of briefs and arguments shall be the same as for petitio in the designation of Federal reserve cities, except that the board of directors of the Federal reserve bank and not the member banks in the Federal reserve city shall select the representative to appear and answer the petition. Class A and B directors elected may act, pending appointment of Class C directors, in the selection of such representative. At all hearings held hereunder all questions of law or fact, including jurisdiction and powers of the Federal Reserve Board, may be tirgued. FEDERAL RESERVE BOARD, By August 28, 1914. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Governor. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis