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http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 122.5-9 - Wisconsin Appeal http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / 4• 1 f ) e 1/ 9 1 ' i ammo)215, 1917. veraor old:- I IL.,vo Jour letter of Jr.nutry to the taz41 z„.2-)11 cxpres* from iedford - as ana :i.stionsIno to Limeapolis L nd to , aacaGo, whleh I shall call to the L:ttontion of t:1 Voderal Leservo Bolzd. ! . I do not fool that the 13or(1 will cure to takn wa7 action upon this mutter until, at leant, the i'roAdont of the -odford Bank can call upon jou with reourd to it. tjineorely yourc, (Signed) C. S. Hamlin. TEPodore 4ove4nor, Federal Reserve -innei.Tolis, ** 1 4 ; ".,04,„ 0!) , / 00 c- EDERAL RESERVE BANK OF MINNEAPOLIS NINTH DISTRICT I ki,EC 31. V ED OFFICERS THEODORE WOLD,GovERNoR JAN 25 19'17. S.S.COOK. CASHIER DIRECTORS JOHN H. RICH,CHAIRMAN W.H.LIGHTNER,Depurr AND FEDERAL RESERVE AGENT I. C.BAS SETT,ABEROEEN,S.DA OYVICE OF Lat. CHAIRMAN AND DEPUTY FEDERAL RESERVE AGENT E.W.DECKER.m.NNEApous.m.r4. L.B.HA N NA,rAnco, N. DA KOTA F. P. HIXON,LA cRosse,wiscoNsIN K. F. R.BIGELOW,sr. PAUL,MINNESOTA JOHN W. BLACK. HOUGHTON,MIDN. N. B.HOLTER,HELets^,moNr. January 25,r17. Mr. C. S. Hamlin, C/o Federal Resrrve Board, Washington, D.J. Dear Mr. Hamlin: I am enclosing you herewith a schedule showing the departure of mail trains from Medford, gisconsin, and Rib Lake, Wisconsin, to Minneapolis, and also to Chi ago. The schedule also shows the departure of mail trains from Chicago and from Minneapolis and their arrival at Medford and Rib Lake. Your especial attention is called to the fact that the departure from both points and the arrival at both points, of mail either from t;hicago or Minneapolis, are identically the same -61tre and on the same train. The only question that arises is as to when mail leaving there reaches either hicago or Minneapolis. TheK.ain leaving Medford at 11:50 A. M. reaches here at 3:55 P. Y. but would not reach chicago until 10:30 P.i. there at 11:16 would reach hero at 6:59 the next morning and L'hicago at 9:15 the next morning. at 3 o'clock in the The train leaving Mail leaving here at 7:45 A.M. would arrive at Medford afternoon. Mail leaving here at 7:05 F..% wo ld reach there at 4 A.M. In order for mail or passnnger to reach Medford at 3 7. M. it would have to leave here at 7:45 A.1:. and Jhi.-go at 2:15 1.1.1. In order for mail or passenger to reach Medford on the 4 A.M. train it would have to leave Chicago at 6 P.M. whereas it would not have to leave Minneapolis until 7:05 P.M. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • H---2 Express cllarges, as you will note from the schedule attached, are the same in either case. It is perfectly plain that as far as mail or passenger service is concerned, the business can be transacted to better advantage with Minneapolis than with Chicago. Exactly the same condition prevail in reference to Rib Lake, where vie have another member bank, as you will note from the schedule. We have heard nothing further from Medford, although today I was pleased to receive from them a fifteen day collateral no e for discount. Sincerely yours, -' 4 1'4/ Governor MAIL FACILITIES Between Minnep polis and Medford, Wisconsin: : Exact departure of mail trains from here: 7:45am and 7:05pm Time of arrival there 3:00pm and 4:00am Exact departure of mail trains from there 11:50am and 11:16pm Time of arrival here Between Chicago and Medford 8:55pm and 6:59am Wisconsin: Exact departure of mail trains from Chicago 2:15am and 6:00pm Time of arrival at Medford 3:00pm and 4:00am Exact departure of mail trains from Medford 11:50am and 11:16pm Time of arrival Chicago 10:30pm and 9:15am ** * Between Minneapolis and Rib Lake, Wisconsin: Exact departure of mail trains from hare 7:45am and 7:05pm Time of arrival there 3:45pm and 12:01pm Exact departure of mail trains from there 10:30am ..nd 2:15pm - Time of arrival here 6:59am and 8:55am Between Chicago and Rib Lake, Wisconsin: Exact departure of mail trains from Chicago... Time of arrival at Rib Lake 2:15am and 6:00pm . 1201pm Exact departure of mail trains from Rib Lake.. 10:30am and 2:15pm Time of arrival at Chicago http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10:30pm and 9:15am • EXPRESS CHARGES Between: Minneapolis and Medford, Wisconsin Cy 50 Gold 75 Medford, Wisconsin, and Minneapolis. Minneapolis and Rib Lake, Wisconsin Cy 50 Gold 75 Rib Lake Wisconsin and Minneapolis Between: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Chicago and Medford, Wisconsin Cy 50 Gold 75 Medford, Wisconsin, and Chicago Chicago and Rib Lake, Wisconsin Rib Lake, Wisconsin, and Chicago... Cy 50 Gold 75 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tizalutiry 2, 1917. Dear Jovernor I he Jour note of (R;rtuars 19th cnolosizi: corromendonoe botwoon the First :.-tto;;2.1 Bnz of dfor1, 7-'1seonsin .,,, our office. colik11 ono° before the 3oard. Very v:neorely yours, (Signed) C. S. Han lia; , Theodore Governar, Federal Leger?. Bunk* «Itnn. • FEDERAL RESERVE BANK OF MINNEAPOLIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NINTH IGE DISTRICT JAN 21 1917 OFFICERS THEODORE WOLD,GovERNoR JOHN H. RI CH,cliAiRmAN S.S.COOK. CASHIER DIRECTORS W.H.LIGHTNER,ozeurr OF.VIC -11 OF CHAIRMAN AND FEDERAL RESERVEAGENT AND DEPUTY FEDERAL RESERVE AGENT C.SASS ETT,ABERDEEN,S.DA K. E.W.DECK ER ,MINNEAPOLIS.MINN. F. R.B IGELOW,sr. PAUL,HINNESOTA JOHN W. BLACK, HOUGHTON,MiCH. L. B.HA VED N NA, r ARCO, N. DA KOTA F. P. HIXON,LA CROSS E,WISCONSiN K.B.HOLTER,HELENA,MONT. January 19,1917. Yx. C. S. Hamlin, C/o Federal Resrve Board, Washington, D.C. Dear Mr. Hamlin: In order that you may be posted, I am enclosing herein the recent correspondence between First National Bank, Medford, Wisconsin, and this office. Yours very truly, Governor I RESERVF. BANK OPYCk qiNNEAPC-IS Tanneapolis,7ann. \ January 19,1917. L. D. Russell, Cashier, First National Bank, Medford,ais. Dear Sir: Your favor of the 18th ,firtating that awing to illness you had not been able to come to Minneapolis, and expressing the hope that the matter might be adjusted. through correspondence, is -t hand. It seemed to us that it was a matter of sufficient importance to you to justify a visit to Minneapolis. If the desire to transfer to Chicago is simply because it is your personal preference, that would be one thing; if it is due to Lhe fact that you cannot be adequately served, and nail services are such that you cannot conveniently transact business with us, that would be an entirely different matter, and we would not want to have you remain in the Ninth District t_t a disadvantage to you or your institution. I wish you would therefore make it convenient to spend a day with us and advise me beforehand, so as to he sure that you will find me at home. Yours ver: truly, (Signed) Theodore Wald Governor TN —C http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis copy 'r BANK /(JS Medford, Wis., Jan.18,1917. Mr. Theodore Told, Governor, Federal Reserve Bank, Minneapelis,Minn. Dear Sir: Replying to your favor of the 13th inst./ I beg to inform you that owing to sickness I have been unable to come to Minneapolis, and it is not convenient for me to come at this time. I wish that we might be able to close up the matter by correspondence. Yours truly, (Signed) L. D. Russell Cashier RESERVE BANK COPY iINNEAPOLIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Minneapoli s,I.linn. January 13,1917. Mr. L. D. Passell, Cashier, First National Bank, Medford,7iis. Dear Sir: I have been a little disappointed that up to this time I have had no response to my letter to you of the 26th. I know the weather has leen severe, but I trust you will be able to get over to see us at an early date. I would like to discuss the question which you have raised, fully and freely. Yours very truly, (Signed) Theodore hold Gove-nor T7 -C http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis , Doconbor L91 .1910. , I oar tVArt'llwr niAte , ao to 02 joco:rib:.r to tile:, l'irio; + ISdak of t 1n L t 4 .kr,t,ardc.: with f t u1 km.'4:hoodore old, • doral 3anit 4 :Amu. • FEDERAL RESERVE BANK OF MINNEAPOLIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NINTH DISTRICT DEC__2 OFFICER S THEODORE WOLD,GovcalloR JOHN H. RICH,CmokiRmAN 5.S.COOK. CASHIER DI RECTORS W.H.LIGHTNER.DEPUTY CHAIRMAN AND FEDERAL RESERVEAGENT J.C.BAS S ETT,ABERIDEEN,S.oan. F. R.BiGELOW,GT. PAULMINNESOTA JOH N W. BLACK, HouGHT0tv,micm. FED'LL • AND DEPUTY FEDERAL RESERVE AGENT E.W.DECKER.m,NNEAPOLIS.MINN. L. B.HA N NA,rAnco, N. DA ROTA F. P. HIXON,LA cRoSSE,wiscoNsiti N. B.HO LT ER ,ME LENA,mo NT. December 26,1916. * Mr. C. S. Homlin, C/o Federal Reserve Board, Washington, D.C. Dear Mr. Hamlin: I am in receipt today of L letter from the First National Bank, Medford, Vasconsin, sending me a copy of their letter to the Federal Reserve Ioard under date of November 29th. I have responded, and suggested that it is quite impossible by correspondence to discuss the matter satisfactorily to them or to us, and have invited him, in vim of the fact that they are located at no great distance, to come up and go over the matter personally, and no doubt it will be done. With the compliments of the season, I am, Yours very ti:Uly, 'Governor • • .— ; MAYER, MEYER, AUSTRIAN & PLATT CONTINENTAL AND COMMERCIAL BANK BUILDING LEVY MAYER ISAAC H. MAYER CARL MEYER ALFRED S. AUSTRIAN ABRAHAM MEYER HENRY RUSSELL PLATT FRANCIS E.MATTHEWS CAREY W.PHODES ELMER SCHLESINGER HAL C,BANGS CHICAGO ( ' CHAS. L. POWELL Oct. 26, 1916 Mr. H. Parker Willis, Sec., Federal Reserve Board, Washington, D.C. '4 Dear Sir: Re Geozraphic,a Limits Districts No. 7 &9 I have your favor of the 19th inst., enclosing copy of the Board's formal order amending the geographical limits of Districts Toe. 7 and 9, together with copy of Federal Reserva Bulletin for July, 1915, in which are given details of the proceelings in connection with the transfer of certain West Virginia banks from Richmond to the Cleveland District. Governor McDougal of the Federal Reserve Bank of Chicago has communicated with the Governor of the Minneapolis Bank, calling his attention to your letter to me and to the joint steps required to be taken and will proceed with all due dispatch to carry out the plan outlined for the transfer. //P. s,/ o-41 I take it that the joint letter to be sent out by the Governors of the two Banks should be substantially in accordance with the form on page 142 of the July, 1015 bulletin, including paragraph numbered (8); and as in that case the papers were required to be sent by the member Banks to the Bank at Cleveland, in our case the papers will be required to be sent to the Chicac;o Bank. Please observe that my address is Continental and Commercial Bank Building, and communications to me as counsel for the Federal Reserve Bank should be addressed accordingly to avoid delay. tru r j A -14f CL? http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis i' 11 3/ ' Counsel Federal reserve Bank of Chicago I cette° ..SERVE BOARD [ILL FEDLRAL ..- ,(\1 • 4P' ( 'PZ r - 837 STATEVENT 'OR THE ?RESS. ) October 13, 1916 The Federal Reserve Board todalr, acting upon the appeal of certain Thconoin bankers, voted to transfer the territory included in the counties of Monroe, Jackson, Clark, Marathon,, Langlade, Oconto and Marinette, of '7'isconsin, and all other counties in the same State now in the Minneapolis District east and south thereof, from the Minneapolis to the Chicago District. No change as to northern Michiwin. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The transfer was made effective as of January 1, 1917. i'• FEDE1111_,.. RESERVE BO, WAS H I N GTO N yr h The telegram given below is hereby confirmed. assistant Secretary. 7729 2 - Oetobor 1$0 1914* J. `II. Donegal', Stevens Point, A.2oatain, At rpilorP.Oof T. W. Uraheni you are advised ILIA 'Moral 7.-,aserva Boara atsLitlg upon tironeei of certain 'Asoonnin bankers, voted, to tmansfor the territory inoinded In the oauntiss of illonroo, daokeon, fUark, Karathon, LtInglade, Goonto Uarinette, of '-isoonsit, nad, all other ceunti4s in same State, now 121 Distriot ecst and south, thereof, from the Minneapolis to th Cigo Distriot. 1c) Oh::Ange as to northorn Midhigan. Transfer vas offeeti7e 4,1&) of January one, nineteen seventeen. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sherman Allen. I FEDERAL RESERVE BANK OF CHICAGO http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 79 WEST MONROE STREET OFFICERS DIRECTORS C. H. BOSWORTH JAMES B. MS DOUGAL GOVERNOR C. R. Mc KAY DEPUTY GOVERNOR W.F.MSLALLEN SECRETARY GO. Mc CLOU D CASHIER W. F. Mc LALLE N CHAIRMAN AND FEDERAL RESERVE AGENT DEPUTY FEDERAL RESERVE AGENT J. B. FORGAN,CHICAGO ILLINOIS M.B. H UTCHISON,OTTUMWA.10 NA , E.T. MEREDITH.DES MOINESJOWA E. L.JOHNSON,wATERL00.10WA A H. VOGEL,MiLWAUKEE ,WISCONSIN G.M.REYNOLOS,CHiCAGO,ILLINOIS H. B. JOY, DETROIT. MICHIGAN Chicago, October 13, 1916. Mr. H. Parker Willis, Secretary, FEraRAL RESERVE BOARD, Washington, D.C. Dear Sir: I have your telegranyadvising me of the transfer of certain Wisconsin Counties from the iederal Reserve District of Minneapolis to the Chicago district, effective Jaluary first,1917. I will assume that at the proper time you will advise us what action to take in connection with this additional territory and that until 30 advised nothing is to be done by us. Yours truly, 6HB/S. Chai man . Form 40 O TE GRAM , • FEDERAL RESERVE BOARD WAS HI N G-T0N Cotobur 1.4 10.6. C. IT. Boeworth, AiJoral :Ienurve 4gent„ Chicago, 'he 2ederal F.esorve Board today Latins; upon the uppem1 of certain 'iseonsin bankers, voted to trunefor the territory included in the counties of Llonroe, JSOIC3011, C1rk, zarathon, Langiedet Ooonto and :lurinette, of Asoonsin, and all other counties in the same :tato, now in the :1inneapolis Amtriot V° District. °hat und f)outh thereJf, from the L:inne%polin to the Chicago of JtInun,r7 s mcdo effective an Imnsfor chf-nce an to nortnern Laahigan. 1, 1917. °aro tar/. OFFICIAL fAiiNESS GOVERNMENT 1. CHARGE FE0r http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis :0 Form 40 TELEGRAM 1111 FEDERAL. RESERVE BOARD / 4463 , WAS HI N GTO N Henry I. ,veed, Oshkosh, Wisconsin. 0o6ober 12, 1.916. The Federal Reserve Board today acting upon the appeal of certain 'isconsin bankers, voted to transfer the territory included in the counties of Monroe, Jackson, Clark, Marathon, Langlade, Oconto and Marinette, of "Asconsin, and all other countids in the same State now in the Minneapolis District east and south thereof, from the Minneapolis to the Chicago District. No change as to northern iiichigan. Transfer was made effective as of JanuLry 1, 1917. S7ecretary. OFFICIAL BUSINESS GOVERNMENT RATES CHARGE for FRASER FEDERAL RESERVE BOARD Digitized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Form 40 -ELIGRAM FEDERAL RE,8ERVE • BOARD *WAS H I N GTO N NB October 12, 1916. John E. Rich, Federal Reserve Agent, Minneapolis, Minn. The Federal Reserve Bovrd today acting upon the appewl cf certain Wisconsin bankers, voted to transfer the territm included in the counties of Monroe, Jackson, curt, Marathon, Langlade, Cconto and Marinette, of Yisconsin, and zonitz all other counties in the same State nom in tte Minneapolis District east and south thereof, from the Minneapolis to the Chicago District. NO change as to northern Michigan. The transfer was made effective as of Januar/ 1, 1917. Secretary. OFFICIAL BUSINESS GOVERNMENT RATES CHARGE FEDERAL RESERVE BOARD http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I NAMES. AIID LOCATIONS OF NATIONAL Balcs IN vascorsIN CONSIDLMID FOR TRANSFER , FROM Ti2 NINTH TO TILE SEVENTH FEDERAL RESERVE DISTRICT. efV - :N..1- re of Bank. Ashland National Northern " Citizens " Kellogg " McCartney" National Bank of First Nati ona.1 11 ft '1it 17 ft Chilton First Commercial Nat io nal Fir st Nati onal Fon du Lac National First Nat io nal If Germaii It First It tt H It It ft County. Tom. Ashland Against transfer. (nO) Ashla.ni ft ti Green &iv it It Brown ii Yes It it it it it ft ft DePere Alma Londovi Nelson Brillion Chilton Nei11sv he FonS du Lac it It Buffalo tt ft It it Calumet If It It Clark FonSdu Lac tt ft ft it if Ripon ft It 11 It Crandon Berlin Princeton Black River Falls La Crosse It it Forest Green .I.4ke it Bat a.v ia.n " Nati onal Bank of Antigo First 1t ional Antigo rzlade " Lerrill " Citizens 1:anitowoc Nati on;.z1 Bank of Wausau National First it National German American IJarinette First Natio nal tt ephen son National St Pesht iep Peshti go " Oco/ItoCitizens It ft It Oconto 'I Rhinelander First Appleton C it ions It ft Commercial Nati0 raa It First National If Dale It tt Kauk;cura If tI Seymour it it Park Fulls it ft Phillips . Steven] Citizens " Po int If tt ft First it Shawano National It German-American TiGerton First Nati o http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In favor of transfer. (yes)' ft if , 4.11016041:.fra45,14 Ja.ckson La Crosse fr' ft It Ti Langlade ft ft it Lincoln Man it owoc LIzr ath on 11 it it T.r.prinette tt ft ft it OCO nto ft Oneida Out agamie ft ft ii If t ft It It It ft ft tt Prine it , 7.1 o No vote Port age It Shawano ft it No vote / .A • • First Nation.v.1 tf II It It t1 1, It II Old First :t It PI il il National Manufacturers City National Commercial National It Old. Citizens 11 First Wood. County Eat ional Alnerican Nat/final It First http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Total — Ledford Rib Lake Blair Clintonville 2!lanawa New Lona_ cu 74aunaca Vireyauwega Lienasha Neenah it Oshkosh. fl Yes Taylor VI It / Trenmealea 7;:zupaca No 7/ tl It II It it TV Winnebago it It it Pt it It II et No /I 111 Grand Raid s li Wood 11 11 ft " II II II !I u it II PI Marshfield It 67 bsnks — 2 not voting *-4 49 Yes f ti /.;,,i 16 No 'TAKES AND LOCATIONS OF vATIONAL BANKS IN THE UPPER MIC131—Er PENIE-31LA ) CONSIDERP FOR TRANSFER FROM THE NINTH TO :HE SEVENTH FEDERAL RESERVE DISTRICT. Name (bf Bank First National Bank of A1Eer County Baraga County National First National ,Ezcsnaba National If First It it ft It ft ft Gogebic First ft ft If if Superior Citizens Houslaton First It It Countg Lunsing L9 Anse Sault Ste 1,:arie ".Iscanaba ft ft Iron Mountain Norway Bessemer Ironwood Calumet Hancock Dickinson 1t lioudaton it Hubbell Lake Linden Laurium Alpha Crystal Falls Iron River St • I glace Ishpening Llar quette ft It ft Iron County National ft First It U Ziners ft First idarquette " ti First tt Ner,:Lunee ft First Lumbermen 9 s National First tt ft ft ft Total 31 banks Against transfer (No) No ro vote vote No No vote Yes ft ft ft ft In favor of transfer (Yes) A1Per Baraga Chilmewa Delta ft ft http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis To No vote Gogebic Gogebic Haighton ft It No No /To No No ft vote vote vote vote ft It tt No vote No vote Houghton ft Yes Iron Mackinac Liarquette No vote No vote Yes tt ft No If It It Negaunee 11 ft ft Lenominee ft Lenominee Ontonagon Rockland idanistique Ontonagon It Ochoolcraft No vote vote No vote ro Yes No No No No vote vote vote vote 8 Yes -5 in 4 ro 1916, 3 in i19 not 1914. voting I http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Of the forty banke whose reports are contained in the folder, twenty-six are located in that portion of the Ninth Federal Reserve District which it is proposed to transfer to the Seventh District; and fourteen outside that area. The total number of banks located within the thirty-three counties which it is proposed to transfer to the Chicago District is sixty-one. The above twenty-six banks showed the following distribution of reserves with approved agents. In Central Reserve Cities, 41,495,000, 44.41. In Reserve CitiA3 _1 11171.000, 55.6 100. 3,366,000 The other fourteen banks located outside the area which it is proposed to transfer to the Chicago Dist*ict showed the following distribution of reserves In Central Reserve Cities, 4 238,000 In Reserve Cities 766,000 1,004,000 23.71 76.3 100. For all forty banks, the figures and percentages are as follows: In Central Reserve Cities, 41,733,000 In Reserve Cities .,2,637_,000 4,370,000 39.75 60.3, 100. MEI MEMORANDUM FOR GOVERNOR HAMLIN. SUBJECT: Result of the poll of the Wisconsin and Michigan National Banks. 1. Of the 67 banks considered for transfer from Federal Reserve District No. 9 to Federal Reserve District No. 7, 45 voted "yes" , January 1916 17 voted wno". 5 not voting 67 Of the 17 banks voting "no", 10 are located in the counties adjacent to the counties which are to remain in District No. 9. 20 Of the 21 Wisconsin banks in the 9th Federal Reserve District which are not considered for transfer, 20 voted "no" e.,against transfer to the 7th Federal Reserve District, and 1 had no preference, Of the 31 banks in the Upper Peninsula of Michigan, 3e 8 have requested to be transferred (4 letters dated 1914 (4 " " 1915 3 w " not " 3 " 1916 " 20 have not been heard from 31 Respectfully submitted, Statistician. August 3, 1916. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD Washington Oetobr 5, 1916. Memorandum for Mr. Baailin: have ii honor to preoeEt ocrtain statiaGical dat& in connt,oLioa v)ith Lnc: ruoommenue.i, tx,nr cf b2 National bank.* from the ( cth to tho 7th Districts The tr,;.nsfer from the 9th to the 7th District of Val 132 National banks iU. roLult in a decrease of the paid-in oapital of the Minneapolis Fe1erL1 R serve Bunk by $239,350, while the member bunk deposits of the Fe1erL1 Reeerve Bunk Aill deorease by $1,300,709• These wmputations are bL4ied upon data, contined in reports of the banks in queotion to the Comptroller under date of June :)0, 1916, The total paid-in oapit1 of tne Minnualxlis Federal Rcserve Bank on June 30, 19.t1, as reportcd to the Feder]. Resorve Boa,rd, was tp,574,650. t.c.n.3fer The decrease r:Aiultinc from the the 52 National bilks mounte thus to less than 9% of the bank's total paid-in capital, Tne aggregate member bank deposists of the Minneapolis Federal Reserve bank on June 60,1916, 48 roport'44 to the Fedev_l Reserve Board, were 0.9,378,659. The JecreL,oe in member bank deposits as the relAilt of th:.: recommended tri..nsfer http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ill thus ISM amount to lee than 7% of thLi total member bank deposite of the Federal Reserve Bank of Minnaapolia. Net amounts due to the 52 National banks on June 30, 1916, from approved Reserve Agents show the following distri— bution: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Due net from Aproved Reserve Agenta in — Per Cent 04,999,036.13 50.3 1,994,541.56 33.5 Minneapolis. 250,454.34 4,2 In other cities (mainly Nev York u.nd St.Paul) 714,251.82 1200 $5,958,263.85 100.0 Milwaukee Chicago, Total. Respectfully aubmitted, Statistician. , / • 4.40 / 7 Aileda4eI / 4 #~ .- 41* 7 44/eied, - 7 - 130;:,- .). ILDLRAL BAYFIELD ! LIRON ASHLAN IP •••••,- v IWASHBURN1 BURNETT ; k ( I I GATES. , r-------- I ' ._.L • --1,_r____IIIARINETTE • I LINCOLN 'r J CE i___ _____jEAU CLAIRE FOREST1'. V I . V v ti icHippEwA iv sT.cnoixi !DuNNI ---i v ! I FLORENCE v 'fAYLOR t Ah I ! 1 1.1. SAWYER ---J 1 FOLK i !BARRON IV . 1 I I A'''. j LANG LADE! v L., .LL !MARATHON' CLARK I I Pie e ,' / 'fl,4 1 , r-------, -- -----7 I ,\ V --—1 1 BUFFALO;V ',:,' I W A. V L, •ar : -- l ocoNTOL 1----- — ' ' V e . <_ •••••1 ,, f r......f•.....,11 ,,,•••.. j 1 i 1 (, . ,-, --- i Le,-1 ' IV 0 0 D—; •IYAUPACA • 'KEWAUNEE !OUTAGAMIE! r _.." v ----T. 1------ --:- / 7 .. A.7 -I - 'MANITOWOC ALUMETi ! M 0 N R 0 E 'JUNEAU ADAMS r----,-P'''' IWINNERAG pcuuluE.rT,trj ...e . . 1 r 1 r I t/ . Furl) IrU LAC ,SHEBOYGAN i YERNON1 'COLUMBIA! _ SAUK wAsHiNGT1InzA(Es I 'RICHLAND! cRAwroito! D ! ANE I 0 W A IJEFFERSONI T 1411 WALKESUA I NELV \ - GRANT •RACINE I LAFAYETTEiV R E E NI i — Petitioning District — Chicago District — Minneapolis District http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I ROCK I WA I,WORTII • UNITED STATES DEPOSITOR_Y *‘ Wisconsin NationalBank The OF MILWAUKEE Capital, $2,000,000 Surplus, $1,000,000 OFFICERS L. J. PETIT - HERMAN F. WOLF L. G. BOURNIQUE WALTER KASTEN J. M. HAYS - FRANZ SIEMENS WM. K. ADAMS F. K. McPHERSON President Vice-President Vice-President Vice-President Cashier Asst. Cashier Asst. Cashier Asst. Cashier DIRECTORS WALTER KASTEN ISAAC D. ADLER 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 WE WANT YOUk 73USIATESLS' CORRESPONDENTS Fourth National Bank, New York National City Bank, New York First National Bank, Chicago Continental and Commercial National Bank, Chicago SPECIAL ATTENTION GIVEN TO COLLECTIONS Accounts of Banks and Bankers, Merchants and Corporations Solicited http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 (1 9.1reta TIVa - ta /1Z3z1-100.:74 &.g•g&=z. Z O g: g Pr r EreP1 et, C S • o o c t iggrg ; • a g. t tfi ) o••-• c era. COCO A . it..4 Pat 92° in co ry, P. • I .00... 88° 9d° 91* moun, V.h: and, 14•Nnily & Co.'• New lial I Nap Wiseomim. Copyright. /895 by Rood, 11.1,Nelly & II Ar Jo PF lIon rs.9 co 0, CZ/WV:V:0 _Nous J.; TO rraVer.e1P,9 ' 41 ° Pail • vial° ntonagon , , Teett Tolfr. 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'n • ° • , F,noiloor M(1Io • o Biaommgratr Lancaster E4m owa °Linden Stitrer vLi•ingsto Rowe Arthur Winslow I '6_17.CHassavveillec=r;," latteville ° . •. Potoei Big Parch° 6i. • 1 31:.,., 4:,,,P c 1 • s oa , " It; . . P.' ne,:*: -Rutle aterloo 490 \ ktolahy. , , , • South MilWaukee C:irreillillle\\V Coaliatitivei , , L., Oaierten \ , ) j Irrek ro• 1tti‘n o Para Cis U., • 0 • Ie • a/ Mt% 8holt• •G• "R. 11 . 0 ,. art Baena 55 R 1.2 . rat211_, P4 t Brodt!Ond " Picket BrownP. M 0or..•se A 111110,. eak d G L. Ira, Oreg. ° da.-Be „ qadt ji7or;111' •••••.• n ‘/; /Lwies' 1`' Par , A' AG?: , , 1 l \- , . ‘, 1 A c r g Turkey River 11vei gt rio,s . tional lloMell 4, .";',*•°-**114/., ° VV 0 Ptitch. Cedar Falls Too FalaBn."1 ' ( -Postville 4 / s 91cdregor Oelwein N D Brandon Reloi P. liarv4d Galena c JO DAVIESS. HENR v Junction kockr Nt oe 7 Mor.tiee lo ••.:• WISCONSIN 5 10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 92* 6 4 x 4 Ito2:1 ' " 17 70 Clinton , omio. Aug-McNally'. Ne. II I SlItt Copyright by Bood./dclielly & Co. 1911 A Lake Sabula SCALE 0 ft0h, c oiei voorego% r l3 to: ca ,c c• 1'1494 04 11 lbaRood N. Bellevue d,,‘ Gladl,rook I Inch. Statute Miles, 35 60 50 10 30 20 .sts BO 12 N W. '4Cauth , 91° E. G 89° 88* CAPITAL AND SURPLUS, $3,000.000 ot 4 I http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis z When In Doubt ABOUT BANKERS' DIRECTORY SERVICE Ask Your Reserve City Correspondents THEY KNOW THE BEST AND USE IT *ober 5, 1916. To the Federal Reserve Board: r WISCONSIN ?LTIaON *** RIPUIT OF COLIUTTTEEI I 4,4* i) 4 41 rt ? 1 A9. 6 The Organization Committee rendered its decision ass-i6 ung vis&a,N6.' of Wisconsin to the Linneapolis District and part to the d1-8s'; District on April 2, 1914. ITAlly banks in Wisconsin 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 sisned in the form or printed slips and sent to the Federal Reserve Board. The formal petition to the Board, with the said slips, was filed early in larch, 1915, and a hearing was ordered for Lay 20,194m Between March loth and May 20th a number or letters favoring the transfer, signed by banknes 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 deferred until further experience in the operation of the several districts, especially in the light of the new clearing system about to go into effect, and of the extent to which State Banks take me:abership in the System, shall have provided the Board with the necessary data for a conclusion. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J (See Bulletin, . une 15, 1915) At this time the only pending redistricting petitions were those , -^••••••••, 2.011.1,411.1116111- - -2.- filed by Wisconsin and Connecticut Banks. So far as your Committee is aware no mention of this decision f the Board MS made in the Record of this case, although it greatly broadened the scope of this and all other future inquiries on the matter of redistricting. At the hearing, counsel for the petitioning banks referred to the appeal regulations issued by the Board on August 26, 1914, in which the Board announced that it would not take testimony in pending appeals 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 Wisconsin in the Minneapolis District; that on the contrary, the evidence was practically unanimous in favor of its inclusion in the Chicago District; that the Linneapolis bankers conceded Wisconsin to Chicago in a written statement; that in a summary of the proposed capital and surplus for the Minneapolis Bank, no reference whatsoever was made to Wisconsin banks; that positively tile only evidence relating to Wisconsin eanks was a map which included part of Wisconsin but which was withdrawn and the Secretary of the Treasury so notified, ana the further fact that St. Paul bankers did at one time make some pfetensions to part of Wisconsin but expressly upon the assumption that the Organizati_n Committee should decide to have only eight Federal Reserve Banks. Based on these facts, which apparently were not put in issue by the Federal ResJrve Bank, counsel for the petitioners claimed that the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -3 - Board was bound as a matter of law, upon this record, to reverse the decision of the Organization Committee, it being against the evidence and he weight of the evidence. On the other hand, counsel for the Reserve Bank argued that the Reserve Board was not bound by the record as would be an appellate court by the record of the lover court; that the decision of this Board was not judicial but administrative; that the Board was entitled to use its own judgment and exnert knowledge, and could take the testimony before the Organization Committee for what it was worth, supplemented by its own inquiries. As a matter of fact, the petitioners, although taking this very technical position in argument and in their brief, did not confine themselves to the record before the Organization Committee but put in evidence actual conditions, tables, figures, etc., based on actual experience of the operation of the system, as dia also the respondents, the Federal Reserve Bank. Briefly stated, the brief and oral argument of the petitioning banlin brought out that kilwaukee is the business and financial center of Wisconsin; that Wisconsin is limited in a banking and business sense to the. State and part of Michigan, being bounded on the East and North by the Groat Lakes, on the West by the Twin Cities, and on the South by Chicago; that the trend or 'business in the petitioning territory is almost entirely North and South between said territory and Milwaukee and Chicago; that this was shown by these banks in 1914 in asking admission, which was given by the Secretary of the Treasury, to the Milwaukee Currency Association for the issue of the so-called Aldrich-Vreeland currency; that http://fraser.stlouisfed.org _ Federal Reserve Bank of St. Louis -4- iittle or no exchange is created with Minneapolis, it almost all originatng with Chicago or Milwaukee; that Milwaukee and Chicago from time memorial have been distributing centers for this petitioning territory; that the trend of the railroads was generally ilorth and South between this territory and Milwaukee and Chicago; that railroad, telephone and telegraph rates were higher to Minneapolis than to Chicago and that the railroad journey to Minneapolis was much longer from many points and more circuitous than to Milwaukee and Chicago; that an inquiry had been made of all of the 244 ban;c9, State and rational, in the petitioning territory asking as to the course or general business in their communities, and that 234 replies had been received, of which 200 said the general trend of business was to and from Chicago, 34 said Minneapolis and 10 failed to reply; that including this Wisconsin territory in the Minneapolis District prevented the bomk9 of Wisconsin which were in the Chicago District from loaning on farm mortgages in tae part of Wisconsin in tae Minneapolis District, although this District was rapidly being settled and there was a great demand for farm loans there, ana but little demand in the part of Wisconsin in the Chicago District; that the necessity Of keeping their reserve deposits in the Minneapolis Federal Reserve Bank rather than in Chicago Federal Res2rve Bank will necessitate keeping even larger accounts with the banks or Milwaukee and Chicago, thus reducing their loaning power and crippling their industries; that the suggestion that their difriculties may be removed by the operation or the clearing system is not helpful as the simpler way would be to remove these difficulties by transier of the territory; that even in the western part of the petitioning territory from 90 to 91% or all transactions were with Chicago and Milwaukee, which http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -b- percentage is even greater in the eastern part; that the reserves should be kept where the business is; that under the present division State banks not join the Federal Reserve System as under it tneir reserves would be separated from the natural channels of trade. The respondent, the Federal Reserve Bank, in its brief and. argument claimea that the Reserve Board had lawful authority to rest its decision on its own export judgment and was not bound, as in a judicial roceeding, by the record before the Organization Committee; that the Organization Committee was not so bound nor was it even bound to take any evidence; that it was merely authorized to take evidence if it saw fit to do so; that it had power, as did also the Reserve Board, to district without taking any evidence; that experience under the Act and not the record before the Organization 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 orr from tne remainder of the District; that the regulations of the Board required the signatures of two-thirds or the banks involved; tnat this required the signature of two-thirds of all the banks in the District, including those not in the petitioning territory and that the D3 banks signing the petition were less tnan the necessary two-thirds; that the petition filed in March, 1915, contained only three signatures; that the slips attached to the petition were not, as matter or law, signatures; that tne woras "due regard" in Section 2 of the Act did not mean sole regard; that they meant only proper regard; that in many other parts of the United States the decision of the Organization Committee did and must necessarily interfere, more or less, with existing channels or business; that other reasons for its decision http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis io • appe ar in the report of the Organization Comittee, e.g. the necessity for providing the minimum capitalization of four millions of dollars, the mercantile conditions Of the districts, fair distribution of available pital among the respective districts, geographical situation, railroad, telephone and telegraphic facilities, population, business activities, ana future prospects of growth, etc; that the Minneapolis bank is the smallest, except one, of the Reserve Banks; that the transfer of the petitioning territory would leave to the Minneapolis Reserve Bark a margin over the four million minimum requirement of only a little over 4300,000; that if the peninsula of northern Michigan also were transferred the margin would be only about 0.24,000; that the Minneapolis Reserve Bank would be crippled by such a reduction in its capital and the consequent reduction in its reserve deposits. The Federal Reserve Bank did not put in issue the fact that the natural and actual movem, nt of business in the territory was to and from Milwaukee and Chicago; it admitted that the railroad passenger facilities were better to Milwaukee and Chicago, but claimed business with Reserve Banks does not require personal attendance; it stated it Lad no reliable data as to telephone and telegraph rates but that probably there was not much difference; it pointed out that the center of the petitioning territory was 50 miles nearer 'Minneapolis than Chicago so that probably railroad transportation was not cheaper to Chicago; it claimed that with four exceptions, letters from points in the territory in question, mailed in the afternoon would be delivered in Minneapolis the next morning; that of the total rediscounts with the Minneapolis Reserve Bank, amounting to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis _7.. 4341,2 1 06, the banks in this territory had taken (1;277,256; that the proposed transfer would prevent these banks loaning on farm mortgages in sota, North and. 3outh Dakota and. Montana; that some of the eight banks refusing to sign the petition had given this as their reason.; that one of these banks, -the Commercial National of Fon du Lac, - stated that it opposed the transfer because it could secure very much higher rates on arm loans in Northern Wisconsin, Minnesota, North and South Dakota and 'antLna than it could in the Chicago District; that the North Dakota Barkers Association in its Bulletin of March 30, 1915, stated that the transfer would 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 part in a campaign against the transfer. The Minneapolis Reserve Bank also claimed that the petitions were not filed within a reasonable time after the decision of the Organization Committee and should, therefore, be dismissed. In the reply brief and arguments the petitioners claimed that the power of review vested in the Federal Reserve Board is a continuing power; that the petitioners filed their petition within a reasonable time; that the Regulations of the Board required the signatures of only two-thirds of the banks in the petitioning territory; that they were willing' to accept a broad and liberal construction of the rule of the Board limiting testimony to the record before the Organization Committee; that the Board can take into consideration matters of common knowledge or facts within the knowledge of its members; that the testimony before the Organization Committee is not necessarily controiling. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The petitioners also averred that the Fed(ral Reserve Bank had practically admitted all the essential allegations and facts offered by the -a as to the trend of business, railroad, telephone and telegraph facilities; that the statoLlent of the respondent as to mail deliveries in and from Minneapolis was not true as such mail in nearly all of the pe-titioning territory is not delivered until the afternoon of the following day, and the banks are unable to care for it on that day. The respondent Reserve Bank, through its counsel, also put in evidence a numbur Of letters from banks in the petitioning territory, some of which had signed the original petition, indicating satisfaction with the operation of the LAInn,,apolis Federal Reserve Bank, and in some cases evincing a change of mind as to the proposed transfer. These letters were from the following uanks:1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. First National, Berlin, Green Lake County. First National, Black River Falls, Jadkson County. First National, Brillion, Calumet County. First National, Clintonville, Waupaca County. National Bank of De Pere, Brown County. UcCortney National, Green Bay, Brown County. First National, Liarshfield, Wood County. First National, New London, Waupaca County. Oshkosh City National, Winnebago County. Co=ercial National, Oshkosh, Winnebago County. Shawano Ger. American National, Shawano County. Alma First National, Buffalo County. First National Bank in Ripon, Fond du Lac County. 11 si Comercial National Of those banks, Nos. 5, 6, 7 and probably most of thc others signed the original petition. It is significant, however, to note that in the poll taken by the Board some six or seven months later, out of the 14 banks above, mentioned, all but five voted in favor of the proposed transfer, these ;lye being http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -9- those numbered. 1, 9, 12, 13 and 14 above. One bank, - the Commercial National of Fond du Lac, - gave as its chief reason for opposing the transfer the fact that it could get yery much higher rates from farm mortgage loans in Minnesota, rorth d South Dakota and 'Montana than it could in the Chicago District. The Reserve Bank albe claimed that Michigan receives the bulk of its checks from banks in Wisconsin now in the Minnea9o1is District and that the proposcd transfer would cut off Michigan from the benefits of the clearing system. No action was taken by the Board upon this petition until November, 1915, when the matter was discussed. No atsempt was made to discuss the evidence, the question raised being nrimarily concerned with whether to take up the matter at that time for final determination or whether to postpone it. Some of the members expressed the opinion, informally, that the expressed desire of such a large majority of the banks of the territory involved would warrant the granting of the petition, although some doubt was expressed as to whether the reduction of capital involved and the withdrawal of reserves would not impair the Minneapolis Reserve Bank in its ability to care for its district. Finally, especially in view of the letters introduced by the Eeserve Bank showing a change of mind as to the merits of the transfer by some of the banks which had sic;ned the original petition or the slips attached thereto, it was voted to take a poll of all of the banks in the territory asked to be transferred, and a poll was accordingly ordered. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -10- It will be remembered that at this time the question was still an open one whether the Reserve Board had authority under the Act to reduce, by redistricting, the capital of a Reserve Bank below the four million minimum imposed as a condition of commencing business. The opinion or the Attorney General in the affirmative was not rendered until April 15, 1916. The result of this poll, as originally rendered, was Ayo, 45; No, 10; Not voting, 6. The capital and surplus of the banks voting Aye was 6.4 millions; of those voting Ko, 1.2 millions; and of those not voting, 046,000. In the second hearing, held Aucast 8, 1916, some changes were recorded in the attitude of the banks. It is probably substantially accurate to state that at the time of said second hearing the banks in favor of the transfer were 53 and those opposed, 8. On January 7, 1916, Federal Reserve Agent Rich wrote to the Board, or to a Member, that he was surprised at the action of the Board in orddring the poll; that he did not know the Board desired to reopen the question and that if any territcxy were taken from the Minneapolis Bank, other territory should be added in compensation. On May 15, 1916, the Committee having charge of the matter, consisting of Lessrs. Delano, Warburg and Miller, made a report. In this report it was pointed out that to grant the whole i)etition would result in cutting off 22 banks in the upper peninsula of Michigan from the remainder of the iiiinneapolis District; that most of the petitioning banks were in the 16 counties nearest Milwaukee; that the poll showed that the banks in these 16 counties voted Aye, 29 (7E4); 1;o, 7 (14); not voting, 2 (6%); http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -11- that the caidt,1 and surplus of the banks voting liye was 4.3 millions; of those voting iTO, about 1;900,000; and of those not voting, about 1,400,000; that t was remarkable that some of the banks nearest to the ChicaL:o Distr let voted to remain in the ainneapolis District; that the priLeioal reasoii for the chance was that these banks had their chief business relations with iiilwaukee and Chicago banks and wiwied to continue to do bus mess through idilwaukee and. ChicaL;o as a gateway and. not through Minneapolis. The ConLiittee report also stated that there was no considerable repondorance of evidence of inconvenience under existing circumstances nor is it apparent that there is any very strong feeling on the subject either one way or the other; that it did not seem desirable to transfer even the 16 counties nearest Chicago for fear that it mi,h'G weaa.en the ainneapolis Dank. The Committee concluded its report with the recommendation that no change be made at the present time, but that the petitioning banks be informed that if at the end of the current year they wish to renew the petition in an amended fornL, the 'Board will be glad to take it up; it also expressed the belief that the development of the new clearing system may change somewhat the views of the member banks in the district. After a brief discussion it was felt that it might be well to adopt the report of the Committee in the hope that the operation of the new clearing system would Take the banks more contented with their present location and less disposed to a transfer to the Chicago District. The merits of the contentions of the petitioners as to the trend of business in the territory and as to the propriety of ultimately granting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • -12- tho petition, were not considered by the Board, these questions bein,; left for flit e determination in case they should file an amended petition at some r uk,ure time. On May 24, 1916, a formal. Order of the Board was issued, setting forth that the Board found no present necessity for any chan,'e and that the petition was dismissed without prejudice to the rights of the siners to file an amended petition at a later date. On the same date a letter wa:, sent out to all parties interested, enclosing a copy of said Order. On June 26th, the Board received a letter from a Committee of ilwaukee bankers in which the injurious effect of tile new clearing system, ,vhici, was to be start d in June and later postponed to ,July 15th, - upon their relation., iith their country correspondents in i.sconsin and Michigan. 'his letter either preceded or followed a visit to Washinton of this Committee and a conference with the Committe of the Board on clec..ri:,s and, later, with other members of the Board. 'his letter, amo_:, other statements, declared that since the decision or the Board on iday 24, 1916, the Twin City banks had made every effort to secure the deposit accounts maintained. with tne Milwaukee banks by banks in ':iisconsin and ,,dbhigan in the Minneapolis District; that the Federal Reserve Bank had sent out notices in which 3tate Banks were invited to join the clearing system,in which notices it was annouhced tnat settlement could only be made by drafts upon member bwilz in the Twin Cities; that the very not day member banks of 1:.inneapol3s sent out letters of solicitation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • -13- referring to this notice; that there are 24 individual banks and 5 branch banks (of 3 State banks) in Lilwaukee; that their total deposits are 121 millions, or Wilich 25 millions is due to country banks chiefly in jiisconsin and Northern 'Michigan; that the banking territory of Lilwaukne was limited to Wisconsin and Northern Michigan by the fact that on two sides it was bounded by the Great Lakes and on the other sides by the Twin Cities and Chicago respectively; that all parties believed that the Organization Committee would place this territory in the Chicago District where it logically belonged; that the Twin City member banks were working hand in hand with the iiinneapolis Reserve Bank to deprive 1:ilvaukce and Chicao of business logically and properly belonging to the latter; that Wisconsi.a Statp banks would join the Federal Reserve System if they could remit in drafts upon their Lilwaukee correspondents. he letter finally asked tnat to rurther the check clearing system the question of redistricting be opened or that the Minneapolis Reserve Bank be instructed to accept Milwaukee exchange from both National and State banks in their district. About the same time, Congressman Stafford, or Wisconsi-, called upon a member or members of the Board, urgently advocating a reopening of the whole matter Of redistricting. From about July 1st to July 20th the members constituting your Committee, later ap2ointed to hear the evidence at the hearing on August 8th, considered carerully whothor some modification of the clearing regulations could not be devised which would prevent the suggested injury from the loss of these accounts. Among others, the suggestion was made that the banks could remit to the .iinneapolis Reserve Bank by drafts on Milwaukee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -1/1sent to the Chice.go Reserve Bank to the credit of the Liinneapolis Reserve Bank, o.I the assu:.iption that the Liilwaukee banks could. have their checl:s parred. at the Chicaso Reserve Bank by makinc there the necessary excess ; . depoei ts. It was found, however, that the Chicago bank had refused. to alloy this, and. further consideration led. your Committee to the conclusion that such an a.rrangermnt would. cause delay, additional labor, and. confe. sion . and would very likely load, to the creation of artificial exchange which would ha:aper and. injure the new clearing system. Shortly after this, La-. Wing, President of the 3atavian :,atiene.1 Bank of La Cross County, wrote to one of the present Co:Llittee strongly 'argil).- that the proposed transfer be allowed by the Board. Then followed also conferences with representatives in Congress or in the Senate strongly urging this. Conferences were also held. with Governor Viola on the same subject, and. on July 21st Governor Weld wrote a member of this CoLlinittee tatin3 conferences he had had with the Corraittee of Liilwaukee bankers on the subject beginning July 3rd. In this let.. ..er, among other things, he stated. that the L:ilwaukee banizrs felt that reopening of the redietricting question would enable them to hold. substantial country balances they are now threatened. with losing, and that he had writ'..en thorn raising the que3tion as to remitting in Chicago exchange, the Minneapolis Iteserve Bank thus carrying the float one day, instead or two days as would be the case if Liilwauke exchane were accepted. This letter finally concladed by ex2ress- ing the opinion that, if any change were Inade, all of Wisconsin should. be transferred. to the Llinnea-eolis district; that it would he better to transfer the 19 Wisconsin couutieSaild. 4b member banks - excluding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - now in the Chicago Ddstrict to the 1:linneapo1is District than to transfer to the Chicago .bistrict the 33 Wisconsin counties and 63 member banks now in the Liinneapohs district; tit:_t 62 out of 83 member banks and 123 out of the 146 State banks in trio territory sought to be transfdrred now have Milwaukee accounts; that 32 out of the 45 member banks and 103 out of the 130State banks of Wisconsin, excluding Milwaukee, now in the Chicago Dietriot have accounts in Milwaukee; that if all this territory were transferred to the Minneapolis District it would be based on State lines; that in such an event Milwauke could be made a clearing agency and erhaps'in the future a branch bank; that such a transrer would [7rop the . ;:isconsin banks about their chief financial center. (Italies ours). On the afternoon of July 25th, the matt)r was taken up by the Board, and on the morning of July 26th, a motion to reopen the petition and transfer certain Wisconsin territory, leaving enough to connect Lichigan with the balance of the Minneapolis territory, was lost by a tie vote. This vote was riot on the _Aerits of the case, those voting No resting their vote ion the fact that as the original petition was dismissed there was noa no pending petition and that - new petition must be filed before action by the Board. In the afternoon of the same day, the jlestion was considered again and the conclusion was reached that the Board had power to reopen the ori,sinal .netition and that, in fact, it had rower under the Act to redistrict on its uwu motion without any potitioL. filed. It was then voted unanimously to reopen the petition and to order a new hearing, which http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis was finally fixed for AuL;ust 6th, all banks being -16— notified and the Michigan banks beinG permitted to intervene. On Au4 u3t 6th, the hearin 3 aas held and your committee was duly appointed to hear the evidence and report to the Board. The Comptroller or the Currency, duly appointed a member of the Comaittec, attended the hearings, but decided not to join in the mmittee deliberations or in its re.-)ort because of the fact that he had eon a member of the Organization Committee. Your Committee suggests that each member or the Board read carefully the eviaence taken at said hearing, as only a general resume can be given in this report. There were present at the hearing, senators —a Follette and / . Hustin3. and Congressmen Stafford, 2eilly, Browne, Z mop c.n,1 .Jenroot (the latter by letter), representing the petitioning banks and the bani:ers of Milwaukee; Mr. A4mbard, representing the petitioning banks and also the idilwaukee Clearing House Association; the officers of seven :ational banks in Milwaukee; Mr. Bissell, representing L11 the rational banks in four counties of the 2eninsula of Upper Michigan, and officers of six banks in disconsin. The l'ederal Reserve Bank of Minneapolis was reoresented by its C:-overnor and by its counsel, Jude Ueland. resolution, pased unanimously by the "disconsin Bankers Association, was presented in favor of the rroposea transfer anu it was stated that many members of the As,;ociation were prevented from being present inasmuch as the Bankers Convention was still in session, but that they would be represented by those in attendance above enumerated. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • -17- Mr. liombLrd st:;.ted that members of the Board had exrresscd regret that the Milwaukee bankerz; did not appear at the former hearing in 1915, and that Mr. Lindsay was present to speak in behalf of the Milwaukee banking interests. There were in all nine or ton bankers, representing banks in different parts of Wisconsin, who testified in favor of ,yantint; the petition for transfer, and in addition four Congressmen representing districts in Wisconsin appeared LI favor ana the two Senators from the State. It was represented that 53 oAof 61 banks in the territory in question were in favor of the transfer; that the banks in four counties of _ichiL;un were acting independently and were unanimous in favor or being transrerred to the Ohica7Jo District; that the petitioners were willing that Ashland and Iron Counties, embraced in the original petition, be retained in the :,:inneapolis District in order to z.vold shuttin off Michigan from the balance of the Llinneaolis Jistrict; that in compensation, La Urosse, Trempealean and. possibly Buffalo Counties be transferred to the Jhicago District; that the Milwaukee ITational banks held over 4.5 millions due to country banks in Wisconsin and MichiL;an now in the Minneapolis district and the State banks of Milwaukee held 5 minions, making a total of over 9.-L- millions; that Wisconsin and. Michigan banks originate very little exchange in the Twin Cities; that the trend of business is to and fromhUilwaukee and Chicago and that the Chicago Reserve Bank will handle a large volume of checks drawn on Wisconsin and Michigan banks now in the Minneapolis District on two days deferred credit which must be sent to Minneapolis for collection, consuming surely four and perhaps http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -18- five days; that if the territory is transferred to Chicago,returns could be made in two days, - the exact time of deferred credit; that the expense of carrying this float on Northern Wisconsin and Michigan checks is a large item and will steadily increase; that tae normal business relations of this territory lie with Milwaukee and Chicago; that this is proven by the fact tLat 232 of the 363 banks in thi„; territory carry Milwaukee accounts as against only 71 in the Twin Jities; that oi the 204 banking towns in this territory 202 carry their accounts in Milaaukee or Chicago as against 46 in the Twin Cities; that the itonLi sent for conectish to the Minneapolis Reserve Bark, as reports from the banks in the territory show, almost all originate from territory which made collection through the Minneapolis Reserve Bank in a roundabout way; that one bank, the Old 1:ational of Oshkosh analyzed its account at a particular period and fouad that out of 120 items received from the Minneapolis Reserve Bank, 115 originated out cf the Minneapolis District, co.diii:; t -duneapolis from Chicago and .Jt. Louis; that this routing caused a delay of two days; that only five out of 120 items were indorsed directly to the Minneapolis Reserve Bank by Northern Wisconsin banks; that railroad connections are mor.3 direct to .ilwaukee and Chicado and much ouicker; that mail facilities are better to LiLiaukee and Chicago than to Minneapolis; that reserves should be deposited where tne natural course or business flows; that disregard of trade cw:ents will set back banking proLyess; that the petition aas not a Milwaukee movement but the feeling or a large majority of the banks in the territory in question; that in the long run banking business will, go where the reserves are; that the banz.s,or some ox tnem, opposing the transfer do 80 because they c;et higher razes on farm loans in Minnesota, ITorth and http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -19— South Dakota and L:ontana than they could Get in the ChicaL;o District; that the Organization Comittee was undoubtedly influenced in its decision by the necessity ror proviain a minimum capital of four millions for the 1,:inneapolis lieserve Bank; that since then the Attorney General of the United Stetes had advised the Board that in redistricting the rour minimum need not be considered; that in any event, the capital re:saining, even if the lachijan territory were transferred, would Le in excess of four milLions. The Federal Reserve Bank, by its counsel, in argument, claimed -chat a new petition should have been filed; tilat the claims in. the present proceeding are soiaewhat different as to territory frole the first petition; that Licnigan banks can not intervene if the former decision of the Beard is a judicial decision; that the proposed transfer would impair the earnin,; power of the Linne-Dolis B:;,111:; that it; was unwise to increase the assets of the Chicago Reserve Bank; that the purpose of the /Let was to decentralize banking reserves; that no serious inconvenience has been shown • up to the present time; that the matter should be delayed until the clear in eystem is more fully developed; that the laKileapolis Lcserve Bank is now well balanced, consisting of loaninG and borrowing districts; that parties not in the petitionin,2 territory had no rift to be heard by the Board; that the only parties interested are the banks in the petitioning territory; that the puelic is not intorested; that the petition should be dismissed. Governor Weld also spoke in behalf of the Linneapolis Reserve Bank, stating, among other thins, that the bankers protest was based on the rule of the Federal Reserve Bank requirin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Twin city exchange in settle:lent; that the rule had been changed so that now settlement can be made in 1.111ilaukee or Chicago exchange and that this was all Milwaukee had contended for; that it does not necessarily follow that because their reserve s are in Minneapolis "t:,e Wisconsin banks will open accounts there with 2win City panks; that the aisconsin banks are now sendir..,_ items dlr.:et to Chicago Reserve Banh; that there is no difference whether these items are sentip the Minneapolis Reserve Bank or to Chicago; if sent to Chicago it gets there next day and goes out; Chicago takes it on two days deferred credit; if sent direct to Llinnea2olis Reserve Bank it aould be taken on :;ame basis of two days 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 questiun of Governor Harding, Governor old said his bank was now taking checks on Milwaukee and Chicago at par for immediate credit, absorbing the float. Governor Hardin6 then asked whether this was an economical arrangement looked at from the point or view or the whole system, and whether it would not be better to transfer these banks to Chicago where they naturally belong. Governor Weld replied that it made no difference, that ir the volume of such checks is large, instructions can be given rs:hicaco to re-tit to credit of Minneapolis in Chicago. Governor Wold also said that one year ago, one-third of his rediscounts were from Wisconsin banks, but that today there were none owing to the concerted effort of the Milwaukee banks which offered rates as low as those or the Minneap olis Reserve Bark. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis He farther -21- denied thz.s.t there was any loss of tizle in sendi-n,..; Wisconsin checks to lanneapOlis, as banking is done on an overni,ht proposition. In resly. to a question from a member of the Board, Governor , Wold said the circular accepting Milwaukee and Chicago exchange at pax was dated July 26th and that he was not sure whether the Board was advised of this circular, that it should have received it. Mx. Lombard asked whether July 26th was not the date on which Governor ";iold received the telegram from the Board reopening the petition and Governor Wold relied that the telegram was received July 27th. (Pa.je 66 of Record). In this connection it is interesting to note that later Governor Wold admitted to Governor Harding that this circular was antedated. Governor Wold also stated that he had written some of the banks, which said they had larger deposits in Milwaukee than in Chicago and that it would be more convenient to check on Milwaukee than on Chicago, - sendins' the now circular. A.:, a matter of fact your Committee would poirt out that this circular was never scnt to the Board, until Governor Weld produced it at the hearing. At this point a member of the petitionin: delegation said that it was necessary to keep larger reserves with the Minneapolis Rdserve Bank to maintain their balance intact, but this was denied by Governor Wold. Governor Weld ad,,,ed that if lalwaukee has money not belonging to her, ta:_on out of normal cl-annels, paying therefor high rates of interest, thus getting business selonsil- to some otlier territory, she will lose it as the Federal Aeserve Act will put it wheru it belonLs; that he did not mean http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • • -22- to imply that Milwaukee by givin g high interest rates was getting money to which it was not entitled; that there will be a readjustment under the Vederal Reserve Act aci it is intended to do so; that it would be absufd to tr-de Ashland and iron Counties for Buffalo, Trempealeau and La Crosse Counties, as every bank in these counties oppos es the transfer. In this connection your Committee would point out that in the record, page 12b, there is a telegraln from l'Er. Wing, of the Batavian 1:ational Bank of La Crosse, as folioas:La Crosse, "aisconsin, July 17, 1916. The bankers in La Crosse County, all but one in Tromp and majority in Buffalo, want to go into Seventh District.ealeau, Mr. Dickinson will agree to whatever is for bust inturests of La Crosse bankers. Am wiring Mr. Hardin- as above. Letter follows. 11. Li. Wing. Your Committ.,e deems it wise,,at this poin t, to j_ve some special consideration to thc tochnical claims in the brief filed by Federal Reserve Agent Rich subseouent to the hearing of August 0, 1916. These claims, in substance, made in this brief are as follo ws:(1) That the Federal Courts have power, - under U.S.l ievised Statutes Section 716 and Jection 262 of the. Judiciary Act, - to Review upon certiorari the redistricting decisions of the Federal Reserve Board. (2) That the Board, therefore, must a, :t , in a "udicial manner, although the brief admits that the Board is an -idministrative Board. (3) That the Board is bound by its rulus of procedure promu lgated .ki.u,_;ust 21, 1914, both as to hearings and rehearings. (4) That the Michigan bankers can intervene only in suppo rt of or in Opposition to the original petition and cannot, therefore, raise the question of the proposed transfer of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis any mxt of the peninsula of Michigan. • -23- These claims may well be considered together. They practically amount to a claim that the Federal deserve Board is a Court of RecOrd, bound to consider and weigh evidence presented, according to the usual rules of evidence in courts of law, and subject to the technical rules of pleading. Only in this way could a record be made upon which the record could be reviewed by a higher court. Such a claim loses sight of the fact that the Federal Reserve Board consists of experts and that any decision rendered may be the result as much of personal knowledge of the Board as upon any evidence which might be taken; while the Board is given quasi judicial powers it can find all the facts upon which its decisions rest unhampered by any technical rules of legal pleading or evidence. This was clearly so as to the Organization Committee, which was empowered to summon witnesses but was not obliged to do so; on the other hand the Federal Reserve Board is given no express power under the Act to sum.on witnesses at all. It would seem reasonably clear that either the Organization Committee or the Federal Aeserve Board, respectively, could have originally districted or later redistricted without giving any hearing whatsoever to any parties, and, having this power, it can give hearings and decide questions upon the merits, without being bound b:" any legal technicalities, such as are raised in the respondents brief. It is interesting to note here the somewhat startling change of attitude on the part of the respondent bank. At the first hearing in Lay, 1915, the petitioning banks raised the technical question that the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Reserve Board was compelled to decide the question upon the record before the Organization Committee and that, as there was not a scrap of evidence in that record favoring the inclusion of this territory in the Llinnea ,oils District, the Board, it claimed, as matter of law, was bound to everrule the decision of the Organization Committee and to transfer this territory to the Chicago District in accordance with the uncontradicted testL.Iony. (Record, p.6,12,13.) The Minneapolis Reserve Bank, however, vigorously controverted this argument. (I) Por example: Counsel in argument claimed that under Section 2 of the Act the Board is to be governed by experience and not by a review of the decision of the Organization 6 “—ittee. (2) (Record, p. 2) That while a court can only ascertain facts from evidence and can not act dm its own knowledge, or obtain information in its own way, the Organization Committee, under the act, can do this and is directed by the Act to do it. (.Aecord, p. 4) (3) That the Organization Committee is merely empowered, and not directed to take testimony. (Record, p. 4) (4) Zlat the Organization Committee had ,.,:)wor to district without taking any testimony. (5) (Record, p. 4) That the determination of boundaries rested in the good judgment of the Organization Committee. (Record, p. 4) (6) That the iederal deserve Board can rely unoL its own judorit and is not bound by testimony taken by the Organization Committee. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (liecord, p.5) It would seem clear to your Committee that the Board has ample • power to render justice on th-, 1erit„ of the case free from the necessity, - adnittedly incumbent upon a court of record., - to i_ve resa d to leeal technicalities and niceities of legal pleading. It would also seem clear that the Minneapolis Reserve Bank had 0:111 le notice of every claim advanced by any of tLc petitioners. If tL ere were any doubt upon this point, a reading of Governor Wold's 1etter of July 21st to the Board, - showing that he was in conference with the petitioning parties, including the ':;isconsin bankers from July 3rd to Aust 0th, the date of the final hearing, - will remove any doubt as to this. (7) That no one was entitled to be heard upon the question of transfer except the banks in the territory involved. As to this, it would see:a sufficient to state that the public, including all bankers in any way affected, is as much interested in the decision as the banks in the territory. The Federal 'Reserve Board is bound to consider questions presented from the broad aspect of the whole Federal Reserve system, and in fact, in every case, the Board has ordered notice given to the ilderal Reserve Bank to which the pr000,ed territory is asked to be transferred as well as to the Reserve Bank in which the territory is situated. Furthermore, if there were any doubt, the letter of Governor Wold of July 21, 1916, above referred to, suggesting that all of Wisconsin be transferred to the Minneapolis District, in case any change is ordered by the Board, would clearly give the Milwaukee bankers the right to intervene and be heard. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -26- Furthermore, it will be remembered that the counsel for the Reserve Bank argued that the Member banks of the territory involved knew best what was for the interest of the District and that he could not see that the public had any interest in the matter, whereupon the ,Jomptroller of the Currency reminded him that 53 out of the 61 banks in the territory involved had voted for and strongly urged that the transfer be made. (Record, pages 73, 74) (8) That the proceedins before the Board were inconsistent with methods employed by judicial or quasi judicial inquiries, - mentioni,g particularly inquiries before the Interstate Commerce Commission, in that, among othor thins, Jongressmen and Senators were permitted to testify at the hearing; that to sanction such a practice would be pernicious and will establish a precedent so tIlat delegations from Congress may at any ti .e ilnportune the Board for acquisition of territory in utter disregard or the Board's rules and regulations; that if such is to become the method of the Board the Federal Reserve System will suffer a set-back hard to retrieve; that the aspect ::iven to the advocacy employed (meaning the appearance of said Senators and Congressmen) makes the decision of the Board a matter of i:stional concern. This is the first time the 'i:hit of Senators and ongressmefl to ap2ear before the Federal Reserve Board in matters of general public interest, involving the trend of commerce and of trade, has been put in issue. Your Committee assumos that the lannea7)olis Reserve Bank does not int• nd to charge that partisan political influences prompted these http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • -27- representatives of the people of Wiseonsin to appear before the Board. The political composition of the delegation which appeared, - four 2::epublicans and three Democrats, - would clearly in advance negative any Such charge. Furthermore, these gentlemen confined themselves to testimony as to the general course or business in the territory involved, and their testimony was unanimous that this course was I:orth and South, from and to ilailwaukee and Chicago, and not Last and. West from and to Minneapolis. When further it is considered that the two Senators represented the whole State and that the five Congressmen represented a population of over one million of people, in 65 counties, every county in the territory involved in which the banks voted, except two, and that these two were unanimous in favor of the transfer, it aill be manifest that their evidence should be entitled to sreat weight as to the usual course of business. The references of the Reserve Bank to n2ocedure before the Interstate Commerce Commission may also require passing mention. Inquiry of the Commission shows that while it has instituted Rules of Procedure, yet its intent is to secure substantial justice without adherence to fixed rules eitner of procedure or or evidence. As a fact, section 17 of the Intrstate Commerce Act specifcally authorizes the Commission to conduct its proceedings in "such manner as will best conduce to the jproper dispatch of business ant to the ends of justice." Upon applications for rehearing, Section 16-A of the Statute specifically provides that the Commission shall not only consiuer its http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -28-i oris:inal order but as well all facts arlsin: since the former nearing. Furthermore, while Section l6-11. provides that the proceedings at the rehearing shall. conrorm as nearly as may be to the proceedings in an original hearing, specific power is vested in tne Commission to direct otherwise if it so desires. To deny that the Interst-te Commerce Commission would have power to reopen a case, under circumstances similar to those now under consider tion before the Board, would be to deny to the Commission power to conduct its proceedings in such manner as will best conduce to the "dispatch of business and to the ends of justice." Your Coalittoo is satisfied that the Federal Reserve Board has ample power to reopen this petition and to permit new parties to interand that vene, to require a new petition to be filed, - involving time, labor and expense, when the parties have already properly raised the principal question in the original petition, and when all parties have had apple notice not only as to the original petition, but as to all new claims arisin out of new conditions such as the cleLrin_; reL;alations, - would be to obscure justice 1.1 technicalities, which no Commission nor Board would wish to do. Furthormore, as this Board has power to redistrict of its own motion without any hearing or notice, it clearly follows that it has power to reopen and broaden the scope of the present petition upon due notice to all parties. Az to the objection of the ilinneapolis Reserve 3anh that Senators and Congressmen were allowed to appear anct testify, with the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis intimation that such procedure was contrary to the precedents of the Interstate Commerce Commission, and other quasi-judicial bodies, it is only necessary to state. that inquiry of the saia Commission discloses that, so far as the practice of the Commission is concerned., a : enator J or a Concressman can appear at any hearing and discuss the merits of a cse from any poiilt f viea, whether the case involves a matter of General public interest or a purely private matter, and. that .Members of Congress have in fact so appeared and discussed such appearance was very infrequent. the merits of cases, although It was furthor stated that the appearance of a Member of Congress rested entirely with the Member of Congress and not with the Commission. In this connection, it is hardly necessary to point out that Senators and Congressmen have from tine to tie appeared before the Board, notably in the redistricting cases of Oklahoma and Connecticut, without objection, at least from any of the .1. rti-s interested. , WITCLUSla .ZD li-ECOZME:odlaTIOIN Your Committee has endeavored to give an abstract of the testimony presented in the case so as to show fairly the contentions of the respective parties. On the evidence presented, your Committee finds as follows: (1) The testimony before the Organization Committee and also that taken before the Board at its two hearincs, is practically substantially uncontrz..dicted that the normal, oustom,ry course of business in the territory involved is South and 1,orth to and from Milwaukee and Chicago. , http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ) That Milwaukee is the financial and business center of -30- ;iisconsiu and the chief distributing point of tLis territory. (3) That if no question of capital for the LesLrv e Bank of lanneapolis had been involved, the mandate Of the law, section 2 of the Act, would, in the opinion of your Committee, have required the Organization Committee to place at leLst the greater part of tile territory involved in the petition, including Milwaukee, in the Chicago (4) That the Organization ;.;o,:...littee was justified in placin g this territory in the Minneapolis District in viow of the necessity for securing a minimum capitalization of four ailiion of doliars for the Minneapolis deserve Bank. (5) That this necessity, before mentioned, no loner exists , LI view of the opinion of the Attorney General render ed Li)ril 15, 1916, and that the question is to be considered by the Board on its merits, unhampered by any such limitation, and in accordance with the requirement of Section 2 of the Act that "The districts shall be apportioned with due regard to the convenience and customary course of business." (6) That from time immemorial, the business of this territory has converged upon Milwaukee and Jilicgo; that this is borne out by the fact that 200 out of 234 replies fro::, the 244 bunks, -;.tional and State, in this territory, stated that the trend of business was towards Milwaukee L.11J Chicago; that the bulk of the exchange created originates in business transactions between 3a1d territory and :Alwaukee and Chicago, and that the railroad, mail and telegraph facilities are, on the whole, more favorable to Milwaukee and Chicago than to Minneapolis. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • -31- (7) That a large majorit, of the ::ational bans in the territory in question, - approximately 53 out of 61, are in favor of and ur2e the transfer and that their attitude secmJ to be con-istent aith interest of the public in this territory. (6) That while the 1J'ederal Reserve Bank of Llinneapolis is willing and able to care for the interests of the member banks in this territory, the necessity for depositing capital and reserves in Minneapolis takes these deposits away from the usual and ordinary course of trade and will probably necessitate accounts to be established with the banks of the Twin Cities, if for no other reason, to maintain reserve balances and care for demands caused by circuitous routill of chcelm rather than by legitimate business demands, to th.: injury of the commercial and business interests of tiz State. (9) That while the threatened injury caused by the clearance regulation accepting only Twin City exchange in settlement has been temporc,rily averted by the new regulation, - published without the :cnowledge or consent of the Board, - acceptin,3 Chicago and Milwaukee exchange at par for immediate c;edit, your Committee entertain grave doubts as to the expediency of such a course, involving as it does the absorption of such an o:no-ant of float by the lanneapolis Heserve Bank as may total, in the aggregate, a very considerz..ble sum, and we greatly fear that such action will be found i:aere:.cticable and that it dill ultimately have to be rescinded. (10) That the exchange business of the banks in this territory consists largely of checks drawn on Llilwaukee and Chicago; thi'J would seem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -32 clearly to be demonstrated by the evidence to the effect that out of 363 banks in the territory in question, 292 carry accounts in Milwaukee or Chicago, as against only 71 in the Twin Cities, while out of 201 banking towns in the territory, 202 carry accounts in Milwaukee or Chicago as against only 46 in the Twin Cities (Kasten, Record p.14, 15); also by the testimony of Mr. Lindsay that Milwaukee banks, National and State, held country balances due to banks in Wisconsin and Northern Michigan of over *millions of dollars. (Record. p.10, 11); also by the letter of Governor Wold, above referred to, dated July 21, 1916, showing, among other things, that in the territory sought to be transferred, out of 229 banks, National and. State, 185 have Milwaukee accounts, and that of the total 404 banks, National and State, inWisconsin, excluding those in Northwest Wisconsin and. Liilnukee, 320 have Milwaukee accounts; also by the fact that in the Directory for July, 1916, the banks in Wisconsin reported among their principal correspondents 669 bAnIrl in Chicago, 573 banks in Milwaukee and 105 banks only in the Twin Cities, those reporting the latter being, as to the greater number, located in the Northwestern part of the State, not affected by the proposed transfer; also by the fact that our statistical division reports, under date of August 2, 1916, that the National banks in Northwestern Wisconsin had only ;1;780,000 deposited in the Milwaukee and Chicago rational i;anks, while the National banks in the territory proposed for transfer had. 5.4 millions so deposited; also by the fact, as shown in petitioners brief, Pe 87, that letters received from National bunks in forty cities in the petitioning district, representing 19 counties scattered over the territory, showed that during the first six months of 1916 they received approximately 760,000 items on. Chicago and Milwaukee as against 19,000 on Minneapolis, or http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • -3334 to 1; while the amount of the items on Chicago and Milwaukee was 93 millions as against 2,8 millions on Minneapolis, or 33 to 1. (11) That the transfer of said territory will still leave the capital of the Minneapolis Federal Reserve Bank in excess of four millions of dollars, and we believe that this amount, with the corresponding reserve deposits, will be ample to enable the Bank to care for all the needs of its district. ? (12) That the transfer of the proposed territory, or a substantial part thereof, may tend to remove, in part at least, the objections of the State banks towards entering the Federal Reserve System. (13) On the question raised as to the transfer of four counties in the Peninsula of Michigan, while the testimony seem to show that business tends towards Milwaukee and Chicago rather than towards minneapolis, yet your Committee feels that a more careful and thorough investigation must be made, especially in view of the fact that a majority of the banks in the Peninsula were not represented at the hearing, and that nothing but the clearest necessity, after most careful inquiry, would warrant the splitting up of this territory; it should further be noted that while the 31 National banks in this territory have only negligible deposits in the Twin Cities (0167,000, and large deposits in Chicago and. Milwaukee (01,864,000), they have even larger deposits, - (2,276,000), - in. Cleveland, Detroit, New York and Boston. This would seem to indicate that the territory, on the question of redistricting, should. be treated as a whole, and in the absence of testimony, showing such a difference in the business of the banks in the four counties petitioning from that of the banks in the remaining part http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • • -34- of the territory as would warrant splitting up the territory, we cPrnot recommend the proposed transfer. Your Committee, therefore, recommends that no action be taLen as to these four Michic ;an counties. (14) Your Committee realizes that in these cases of redistricting it is impossible to draw a sharp and distinct line and that all that can be hoped for is a decision which, on the whole, will work substantial justice in accordance with the letter and spirit of the Act. With this end in view we recommend that the territory included in the counties of Monroe, Jackson, Clark, Marathon, Langlade, Oconto, and Marinette, and all other counties now in the Minneapolis District east and south thereof be transferred from the Minneapolis to the Chicago dstrict. There is annexed horeto memoranda of our Statistical Division giving information as to the questions involved, and a computation showing the effect on the Minneapolis Bank of the transfer recommended; also an informal opinion of counsel against the claim of the Minneapolis Federal Reserve Bank that redistricting decisions of the Federal Reserve Board are subject to review by the courts upon certiorari *proceedings. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Respectfully submitted, • vs.: • Committee. t), FEDERAL RESERVE BOARD WASHINGTON October 5, 1916. Memorandum for Mr. Hamlin: I hare the honor to present below certain statistical data in connection with the recommended transfer of 52 National banks from the 9th to the 7th :District. The transfer from the 9th to the 7th District of the 52 National banks will result in a decrease of the paid-in capital of the Minneapolis Federal Reserve Bank by 4229,350, while the member bank deposits of the Federal Reserve Bank will decrease by 41,300,709. These computations are based upon data contained in reports of the banks in question to the Comptroller under date of June 30, 1916. The total paid-in capital of the Minneapolis Federal Reserve Bank on June 30, 1916, as reported to the Federal Reserve Board, was 42,574,650. 'The decrease resulting from the transfer of the 52 National banks amounts thus to less than 9% of the bank's total paid-in capital. The aggregate member bank deposits of the Minneapolis Federal Reserve Bank on June 30, 1916, as reported to the Federal Reserve Board, were 419,376,659. The decrease in member bank deposits as the result of the recommended transfer will thus amount to less than 7% of the total member bank deposits of the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -2- Federal Reserve Bank of Mnneapolis. Net amounts due to the 52 National banks on June 30, 1916, from aporoved Reserve ligents show the following distribution: Due net from approved Reserve Agents in 1.1ilwaukee Per Cent $2,999,036.13 50.3 1,994,521.56 33.5 Minneapolis 250,454.54 4.2 In othor cities (mainly New York and 6t.Paulj.. 714,251.82 12.0 4;5,958,263.85 100.0 Chicago • Total Respectfully submitted, ZZle St tistician. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis eir Septer Aber 13, 1916. Honorable T. W. Brahany, Asbury Park, K. J. Dear Tam: I have your letter of September 12th r In It asking that I wireir sia when action is taken 4n the Asconsin petition and shall be glad to do this for you. I do not think that action will be taken immediately. I trust that you will now find some time for recreation and hope that you and Eudolph 2oster will think of me when you take your morning plunge. Vary sincerely yours, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis _ THE WHITE HOUSE WA SHIN GTO N Asbury Park, New Jersey, September 12, 191C. Dear Merman: I shall be greatly obliged if you will wire Er. J. -. Dunegan at Stevens Point, Wisconsin, when a decision is handed down in the case in which the Wisconsin bankers are interested. Dane- gan is my brother-in-law and I promised to keep him advised. With kindast regards, Sincerely yours, Li% Sherman Allen, Federal Reserve Board, Washington, D.C. , http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sentenbor 7# 191G• John I:. Ric:12 Chairran of the Board, Rezerro inns Dear art, '110.2.:!',.3 rove:Awl. ill ;four lobLor of the 5th inztallt 1 return horovata volax lottor of to 138 toaethor with cow of letter that was attached Lheroto. Voz7; truly ziotwo, '/- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 'Bo ep cr 5. 197.6. John H. Pinh, Chair:aan, BoIrd or Direotors, Pectoral Remorve 3ank, 'Tinnt Desr Ur. Rich: have 'ale honor o aOknor1et2ze roceipt of copies of tha briefs of tho Poderal Eeservo Bank of Linnewpolis, tn connection with petitior cf ocxtin Wicconsin banks, nml thanIr you for your :30'.:rtesy in formrdlLg the same. Ver. truzly yours, / Assistant r'oorolfir::. ti BOARD f-IL 4' A PC:1. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tA,4 f: •-/ August 31, 1916. Mr. Otto Fawle, President, First Yational Bank, Sault Ste Uarie, Mich. Dear Sir:This will acknowledge and thank you for your letter of August 29th forwarding for the information of the Federal Reserve Board certain questions submitted to you by Rexford L. Holmes, of Washington, D. O., and your answers thereto. Very truly yours, Assistant Secretary. 0 FEDERAL RESERVE BANK OF MINNEAPOLIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NINTH OFFICE AND DISTRICT OF THE FEDERAL CHAIRMAN RESERVE AGE NT August 31st 1 9 1 6 Mr. Sherman Allen, Assistant Secretary, Federal Reserve Board, Washington, D.C. Dear Mr. Allen: There have been sent to you, by express, to be filed with the brief of this bank in the Wisconsin Bank Case, folders, containing charts and supplementary data, which are submitted for the consideration of the Board in this connection. I trust that both the briefs and the supplements will reach you promptly. You ery truly, ChairmarlY EIVEI; IAESERI, - zE:p2 p9rt, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • No. ---931 412 =lugust 31, 1916. FEDERAL RESERVE BOARD MEMORANDUM For Mr. Delano:Under the regulations of the Board the following matter is referred to you ac Chairman, Committee on olearing. Member, U It Letter from kl.rst rational Balmk, Sault Ste Marie, Mich. dated August::29th,/with questions submitted by 1177L. 101mesand answers theret -1 o. rt) fr, Assistant S etary. F U.6621ZIAttd d (4-;-5 Blease return this memerand to the Secretary with copy of documents resulting from action taken, if any, that it may be placed on the docket. 2/4 . ve..e., 9 14a1- Date. =/tit due_wa • • jfirst Natinnal OTTO rOWLE,PFICSIDCHT CHASE 5.05BORN,vict PRES, UNITED STATES DEPOSITARY ttIt tr Marie.Mirk OTTO B.MeNAUGHTON.Assrcaan.cw DOP4A1-0 FINLAYSON,SiTCASMI. August 29, 1916. Federal Reserve Board, Washinton, D. C. Gentlemen: We have answered the following questions received from Rexford L. Holmes, Attorney and Counsellor at Law, WashirPton, D. C.. in relation to our preference as to location in Federal Feserve district as follows+ 1. Do you ;Teter location in the Chicago or Minneapolis Peserve Districtta_ Minneapolis. 2. Is the natural course of your business normally tovard Chicago cr Minneapolis?a_ Originally Chicago. 3. Will serious inconvenience attend your remaining with the Minneapolis District? No. 4. Have you actually suffered any loss or injury from being placed in the lianneapoll No. District? Upon which city, Chicago or Minneapolis, are the large,- number of items passing through your bank? Chicago. 6. Have you ever been refused any favors by the Minneapolis Reserve Bank owing to that instiution having ma6e farm loans up to the limit in favor of the Dakotas and Montana? No. 7. What are the tlephone -ates from your town to Chicago and to Minneapolis? 02.75- 3 minutes, 4.90 each additional minute. Minneapolis the same. S. What are the telegrach rates from your town to ChicaT:i and to Minneapolis? Chicago $.50- 10 w(rds, 4i;.03 each additional word. Minneapolis -...40-10 words an 4.03 each adAtional word. As the letter of Mt. Holmes will probably not appeET., 1,..v1n„.1._,,., 1.A before -Ai-1A V vq, ie body we send it direct. ESEPi Respectfully, \ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/ 93 2 \ . 1,spn MI 0 "4. — WA' 72' pmumrilPepartmeut $ TELEGRAM 54WU Hg 42 Princeton Wisconsin Aug 7 lp Sherm'n Lllen Asst Secy Fed Res Board 7:ashn It is evident from the tone of your letter addressed Erich Lualler under date August ' fifth that you have misinterpreted our resolutions relating to trAsfer from Linneapolis to the Chicago Reserve District 7e are decidedly agai nst a transfer from :"Allikeapolis to Chicago http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis First :at Bank 340r, "r1 4< 4 1, 114:' ' / 1 4 •-• ''‘c\ -14N NN• . •tise+ S liteasurg peparia/tent - TELEGRAM 24,TU Hg 24 xa Lacrosse Wis kug 7. 1135a Federal Reserve Board , lashn Our objections to r3maining in the ninth district have been largely removed and we do not ask to be transferred rational Bank of LaCrosse G W Burton President lp http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CI g(yeasurg pepartineukurpr TELEGRAM 25WU ISO AUGV7 -1916 r.viriVKFIN 13 1120am Aug 7 1916 STEVENS+ POINT Wis C S Hamlin, Governor, Washing ton We want to go on record as being in favor of Chicago district http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Citizens National Bank 150pm ;a\ Form 4O TELEGRAM FEDERAL_ -• RESERVE BOARD WAS ; First National Bank, Princeton, Wisconsin. . fr7 7ire received.. Lettur of rugust fifth misstates your desire but your vote is recordecl ainEtt transfer. Sorry to have troubled you. Assistant Secretary. OFFICIAL BUSINESS GOVERNMENT RATES for FRASER FEDERAL RESERVE GoARD CHARGE Digitized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Ex-Orricio MEMBERS CHARLES S. HAMLIN, GOVERNOR FREDERIC A. DELANO, VICE GOVERNOR PAUL M. WARBURG W. P. G. HARDING ADOLPH C. MILLER WILLIAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS H. PARKER WILLIS SECRETARY SHERMAN ALLEN, ASST. SECRETARY FEDERAL RESERVE BOARD COMPTROLLER OF THE CURRENCY ADDRESS WASHINGTON REPLY TO FEDERAL RESERVE BOARD ,l,utjast 7, 1916. LaIL:ORANDUY. FOR 1. -; icettached hereto please find. list of names and location:. of national btaks izn Wisconsin in favor of, and. opposed to, transfer to the Seventh Federal Reserve District, as per letters received up to August 8, "16. 2. Ditto of l'Torthern Ilichigm banks. 3 and. 4. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Amounts due from the F. R. Bank of Linneapolis (a) To all member banks in the Ninth F. R. District, as shown by the F. R. Bank's state— ment of June 30, 1916, 19,378,659 To the 67 member barks in Wisconsin, (b) ccnsidered for transfer to the Seventh F. R. District, as shown in the Comptroller's re— ports of June 30, 1916, 1,597,548 To the 21 malmber banks in Wisconsin (c) not considered for transfer to the Seventh F. R. District, as shown in the Comptroller's reports of Thrne 30, 1916, (d.) To all the member banks in Wisconsin at present in the Ninth F. R. District, as per ComlAraller's rqperts of June 30, 1916,....... To the 61 member banks in Wisconsin (e) outside Ashlatd, Price and Taylor Counties, considered for transfer to the Seventh F. R. District, as per Comptroller's reports of June 30, 1916, 83,219 A 1,680,767 1,514,330 To the 31 member banks on the upper (f) Lichigan peninsula cctisidered for transfer to the Seventh F. R. District, as per Comp— troller's reports of June 30, 1916, Respectfully submitted, 831,587 CHAS. R.SMITH. PRE.sT. SI LAS BULLARD,VICE-PREST •of.4 IT( 3724- • sit: 0 p-AtmAp c ft ii r gAggSA 1 v. % 15•' CAPITAL $80,000. * SURPLUS $20000 ,----- I ---- 1---- ---- XAW -dX .0a August 5,19 6, 0 9 Federal Reserve Board, Washington, D.C. ntlemen:Believing that the Organization 2omrnittee of the Federal Reserve Board uere not fully informed concerning,"The convenience and customary course of business"in our locality when we were placed in District No.9,and refering to your circular letter of August 23", I9I4 1 marked "Regulation No.I- Sec.2-Petition for chan6t=is In eographIcal Limits of Federal Reserve Districts",we earnestly petition your Board for a hearing to the end that we may be taken from District No.9 anu placed in District http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yours very truly, A16 i4114 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 5, 1916. Mr. Eridh Mueller, First N4tiona1 Bank, Princoton, - isconsin. Dear sir: hhve the honor of acknowledging roceipt of resolutions signed by seven members of the Board of Directors of the First ITationta Bank of Trincetca, Wisconsin. These resolutions relate to the desire of your Bank to bo tmnaferreq Iron the Lana:capons to the Ohio Federal BE:serve District, rad I shzill 14y them promptly bofore the Federal Eeserve Board. Very truly yours, Isesisten t Secretary. J A VAN CLEVE,PRESWENT. R F GOOOMAN,Vicr PRESIDENT HJ BROWN,CAsHIER OP OSTHELDER,AssT CASHIER GW STEPHENSON, Ass* CASHIER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 We are In receipt of your telegram stating tLat a re-hearing of the petition of the banks in 1%)rthern Wisconsin now jr the Ninth Federal Reserve District to be transferred to the Seventh Federal Reserve District has been granted by the Federal Reserve Board, and that such hearing will be held at Washington on Tuesday, Al2.st eighth, 1016, at three o/clock P. 11. We expect to have a representative at the hearing and we take this occasion to ask for your favorable action on our petition. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THOS. DALY, Presiden T. R. WALL , VIce Pr E NO. 5557 .w. coGER, Cashier A5s, Cash, NIF Dr? 111 *011j1:11. CAPITAL . f •t4 OF SURPLUS $ 300,000 / 4 11.1'r (I kugust 4th, Hon. 0. S. Hamlin, Governor, C. Federal Reserve Board, :;ashington, J. C. Dear Sir: In the re-hearing of the petition of Banks in Wisconsin,to be held Aug. 8th, for a change from District No.9 to No. 7, - situated as we are, our business Intercourse with Linneapolis is very small. Chicago and Milwaukee are within easy hailing distance either by 'phone or wire. Vie rely entirely upon our correspondents in these cities for all our business wants. It is needless to enlarge upon the subject of change. we would not ask it were it not to our advntage. Yours truly, 7 Presiden 1g45-- • JAMES UPJOHN. PREIVT E. C. GETCHEI, CASHIER C. GETCHEL, VICE PCIES'T TAYLOR. DIRECTOR E. .1. KILT:NOEL. DIRECTOR triv..47.1vE ARD F'EU / LFIjL T L TtJ@LrLa- AUG. 7 16 @ANai CAPITAL S27),000 ElDIP ILIAlage WI& August 4th, 1l6. C. S. Hamlin, Gov. Federal Reserve Board, Vlashiegton, D. C. Dear Sir:- I understand there will be a rehearing cf the petition of the bankers of northern Wisconsin to be taken from the ninth and placed in the seventh Federal Reserve District. As a signer of that petition we wish to say that we are still of the same opinion, that it would be more convenient for this bank to be in the Chicago district. We are a little farther from Chicago than from Minneapolis but we can go to the former in less time and without a change of cars. Our local business man do very little business in the twin cities because of the inconvenience of getting there and return while some of them frequently go to Chicago. Lost of the checks and drafts we handle are on Chicago and Milwaukee banks and very few ef-the on either St. Paul or Minneapolis, and we have never carried an account at either of the last two named cities because we have never felt the need of such an account. We have no quarrel with the Federal Reserve Bank at Minneapolis, and what Itl little business we have done with them has been very pleasant and we are considering only our own convenience in asking the change. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Very truly yours, e Cashier. . •FEDU'iAL rt'iLSLIA"L BOARD Ell.E JAMES UPJOUN, PRENI•T E. C. GETCHEL, CASHIER C. GETCII EL, VICE PI? ES'T E. E. TAYLOR. DIRECTOR E. J. KRINGEL, DIRECTOR FOIMT LLTIJ@LFL &MK CAPITAL S27'1,000 IFJOIL3 IL-LAALgt , Ky August 4th, 1916. Hon. I L.Lenroot, Washington, D. C. Dear Sir:- You are doubtless aware that several banks in Northern Wisconsin have petitioned the Federal Reserve Board to he taken from the 9th. and placed in the 7th. Feder71,1 Reserve District. A hearing regarding this petition will be held in Washington on the 8th. inst. and we would appreciste it very much if you could arrange to be present at the hearing and use your influence to have the petition allowed. We feel in our own individual case it would be more conveniert were we connected with the Federal Reserve bank in Chicago. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yours truly, • ELEPH ONE IN 8178 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RESIDENCE TELEPHONE LINCOLN 2323 REXFORD L. HOLMES SHORTHAND REPORTER CONVENTION REPORTING A SPECIALTY ROOM 322 SOUTHERN BUILDING WASHINGTON. D. C. , AUG 23 1916 oFFICE OF Returned to files of Federal Reserve Board. This letter was put in the record in hearing of Aug. 8-9-,1916, in re petition of Wisconsin banks, by Governor Hamlin. Holmes. • J. F. ALBERS. PRESIDENT I D. STEFFEN. VICE PRESIDENT OTTO P. WALCH. CASHIER • Fi12Edr-I. D. STEFFEN WM. T. NEVER. ASST. CASHIER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FINUCANE J. CAPITAL AND SURPLUS CODY JOHN OLK $75,000.00 W. U. MAXCY LANGLADE NATIONAL BANK LOUIS SCHRIBER ANTIGO, WISCONSIN 4, 1916. s/gFiNOR'S OFFICA Hon. C. S. Hamlin, Governor, The Pederal Reserve Board, 7iashi.ngton, D. C. Dear 3ir,Relative to proposed change of a part of this state from the Ninth to tne Seventh reserve district, hearing on which isi to be had on the 8th inst., we sincerely trust that your action on the matter will be a favorable one. This locality has always been in direct communication with Milwaukee and Chicago, having no direct comMunication or railroad and mail facilities with Minneapolis, which naturally causes some delay. Having firmly established our outside business relations with the former named cities after years of business dealings with those cities, we find it unsatisfactory to re-establish those business relations in another locality. Again urging the favorable action of your Honorable Board on such proposed change, we are, Yours truly, THE LANGLADE ITTIONAL BANk, E.L.IKOSAN KE PRESIDENT http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H W.GL ODE H LER VICE:- PRES. VIC -.awn ES. 7470 VOID' „C'ZSVN- 9 Augpst 3rd. 1916. • ( 2I 0 CAPITAL & PROFITS $3 , IffailMilignaett% HIER r\ 4uG Gov,_ 1916 ' Opr,te. Mr. C. S. Hamlin, Governor of the Board of Federal Reserve System, Washington, D.C. Dear Sir:Your telegram to us stating that the matter of the Wisconsin BankSthat petitioned sometime ago to be transferred from District 0 to District W7 will be granted a rehearing on August 8th. next, has been received. In regard to above we wish to state that we are still of the same opinion that we were and that we would still like to be transferred to district #7. Yours very truly, Cashier. • No.4.312 J • IMMO CO,MILWAIIKEE FEDERAL RESERVE NARY FILE fr FIRST NATIONAL IANK/ FIRST NATIONAL BANK cAprEki, J. 0. MOEN,PRESIDENT. A. D. DANIELS,VICE PREd-r. W. E ASHTON, CASHIER. R. J LA SELLE, CASO-IR. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SURPLUS $80.00 d.- 1 16 Of.44" Cji = i RII'NOLAND ER AVIS 1"4,16 Hon. C. S. -Hamlin, Governor Federal Reserve Board, Washington, D. C. Dear Sir:We cannot be represented in person at the hearing by your Board on the 8th inst., of certain Wisconsin Banks for transfer from the 9th to the 7th Reserve,District, but we hope the action by your board will be favorable to the transfer. Yours respectfully, First National Bank _DV / President http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H.G.FREE JAMES A. RESIDENT. NICE PREST. C.5.DICRINS. HIER. G EO.H.PEER OM;A 551*.CAsH. • 2565 COMMERCIAL NATIONAL BANK / CAPITAL 6, SURPLUS $250,000 APPLETONNVIS. August 3, l916. C. S. Hamlin, Governer, Washington, D. C. Dear Sir: We are in receipt of your telegram advising that petition for transfer from the 9th to the 7th District is to be reoponed. We trust the action that your take in this matter will be favorable. Yoi ve 6ruly, Casn L W. W. LINDSAY. PRESIDENT E. H. RAMM. VICE PRESIDENT H. S. RITCHIE. CASHIER JOHN KROMSCHINSKI, ASST-CASHIER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 5013 • li ty#5NiA/1 DEPARTME T Q .. alFE DEPOSIT BOXE S TRAVELERS CHECKS ,,AVA\-•" First National Ba ) Capital $50,000 New London, Wis., , - 1916 GOVE.FtniOk'S Qer10.41 AUG C. S Hari.i1r,, GQ17. ri-deral 'rieserve Board, Wa..;hington„ 3 Achnowledgemnit iz made of y,- .1.r teleran o2 receri..t1date stating that rJetition of•certi:7-1 I)2111.4:S to be changed frcJm redral Reserve District .No. 9 to No. / has ben.reconstde:ed for hearing at Washington On Tuesday, August 8th. Our reason for joining in this Tetiti,on I:7'1s due to the fact that we were of the opinion that a large. 'bull( of our business was lone in the. direction of District No. 7 rather than in. the direction of District No. 9. VTe have not received Triarly cash lettro.for: or Federal Rserve but.T haVe watched the endorF.ements on the ite:as, received closely, an(i can state ccnzervatively that three fourths of theia were originally forwarded for collection from points south an east of Chicago. However, they - Tave had to go around :by the way of Minneadolio. This, we belive, to be -corclu. f. dvf-. evidence th::,t our loiricai locatin should. te in the Chioagr, District. al?,'reciate the rriblec in conrctin'Vth the starting :of the operation of .th• Federal . Reserve Banx and wish to asoure yo't.'t of Our willingness to r.o-operate wI.t you. Very truly yours Ct er. THE BANK OF PERSONAL SERVICE 0.40./ N910667 111FinitINVW 111132kiviK OF BLAIR K C. F M. I. GILBE ie. goor P FICERS N, PRESIDENT ND, VICE PRESIDENT E PRESIDENT RSON, CASHIER 1 911r1oecomarosfor • Basil I. August 3rd, 1916. DIRECTORS GABRIEL ANDEft fiYNN RCUt E.EtKHOISTOP ERSON M. I GILBERT ERNEST A. PETERSON FRANK C. RICHMOND JOHN THOMPSON Federal Reserve Board, Wahington, D. C. Gentlemen: We desire to make known to you our opposition to any change in the 9th Federal Reserve District which will take our Bank out of that District. Many of our customers are interested in business enterprises and have aL ricultural interests in Minne, sota and the Dakotas, and we are much better able to serve our people by remaining in the Minneapolis District. In fact if a change is made which places us in the Chicago District it will be a change against the public interest so far as the public which we serve Or may be culled on to serve is concerned. As our Banic is the only National Bank in Trempealeau County we feel that our wishes in this matter should be respected. Ours , http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REICUIV ipesEavc NIG 5 I.4"' Vice President. • TO • tFEWNI. RESERVE BOARD FILE - 4424 • '2 • CAPITAL ; OLD NATIONALBANK OFWAITPACA H. E.M ILES, PRESIDENT C. A.SPENCER, VICE-PREST. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SA T LOU S WM.ORESSEN, CASHIER MATT OVROM. ASST. CASH. WAUPACARWIS. "Wednesday. Aug. 2nd,1916. I:MOON/ED AUG 5 -1916 Gov t..PINOR'S OFFICa Hon. C. S. Hamlin, Governor, Federal Reserve Board, Washington, D.C. Dear Sir:When we cast our referendum vote in the matter of changing from lanneapolis to the Chicago Federal Reserve District, matters had not so shaped themselves as to make any difference as to the district in which we might be located. Since the par collection system was inaugurated we find that it would be infinitely more convenient for us to be in the ChicaLo district. Over 95 of cur items are with Chicacc or cities East nnd South thereof and for that reason we would be very much in favor of seeing this change brought about and heartily endorse any move tending towards that end. Very truly yours, Aashi '.4.•...,:, • ""----------"-------------.---------------- 0 . • , at...Puir4PRE5.),, JOHN RINGLE,VicEpR, H.GROUTZA Z 57 ; :1 1 -. r P STONE,V1cEPwcsr C G.KRUEGE ASST CASH , 9 7. •.-- 7\1 THE FIRST NATION CAPITAL AND SURPLUS $500,000 k WAUSAU. WIS., Aug. FIRST NATIONAL BANK 2, 1916. BUILDING Hon. C. S. Hamlin, Governor, Federal Reserve Board, Washington, D. C. Dear Sir: Your message of recent date, advising us that your Board has voted to reopen petition filed 77ith your Board some time ago, for transfer fro!.1 the 9th, to the 7th Reserve District, and that an informal hearing of oral arguments will be held Aug. 8th, was duly received. It seems unfortunate that your BoLrd has selected as the date for said hearing, the day on which the Wisconsin Bankers Association will hold its annual convention at Madison, Wis.; and which will doubtless prevent many Wisconsin Bankers from being present, including a representative from this bank; but we hope • the action taken by your Board will be favorable to the Banks who for greater convenience in the transaction of their business, have petitioned your honorable Board for a transfer from the 9th to the 7th Reserve District, where thy, all except a few banks in N. 17. aisconsin, properly belong; if Sec. 2 of the Federal Reserve Act is rightly interpreted. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yours r-spectfully, Cashier. 00 • CHAS. COWAN,PRESIDENT H. J. FAUSTMAN,VicE PREsT. • ( iv o#JAS.L. ON,CAsu ER ir ) 1.1" A .B ZT . r ) : . .441,ASST,e3SHI ER r)/ c chkrITAT,$100,000.00 SURPLUS $23,000 Rummy'Wks., AUG 4 -1916 •,ONIE,Etts101i.'S August 2, 3 93 6. 1,:r. C. S. Hamley, Gov. Reserve Board, Washington, D. C. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis My dear Sir: The great volume of the ousiness of this bank is with Chicago and the Seventh neserve District. We are also nearer Chicago, the mail service is better, and we feel that that is the district this bank should belong to. We sincerely hope that in the informal hearing held in Washington, August 8th ,1916 the decision will be favorable in having us transfered to the Seventh Reserve District. Very truly yours, 4 - -— fr5e__7..............A...,,- 1.... j ...,e_______L---....4_ ...-- Cashier. JLS/GS. ICIS • p. •;;i, - 2132 THE KELLOGG NATIONAL BANK OF LGREEN BAY GREEN Bisx,WisAug. 2, l9l6.71/ 4 Hon. C. S. Hamlin, .7r7Leg Jrnor, Federal P.eserve Board, Cov , Washington, D. C. Dear Sir:re have yours of the 26th advising us that the Board had voted to re-open the petition filed by certain risconsin banks for transfer from the I:inth to the Seventh Federal Reserve District in an informal hearing to be held in Washington on August 8th. We appreciate very much the action of the Federal Reserve Board in re-opening our case, and we have reasons to believe that after the hearing has been held the Board 'sill agree with us th'-'t we ought to be transferred. As Chicago is the natural channel of business for this locality, besides we are nearer to Chicago, and better mail facilities t-gt Minneapolis. It is two hundred miles from Green Bay to Chicago: whereas it is two hundred and ei7hty-two miles to Minneapolis. We are having six mail trains too, and seven from Chicago daily without any transfers: wheeas to Minneapolis we have only three, and all mail is transferred in transit. The best service takes t,:elve hours to deliver mail in Minneapolis, and only five and onehalf to Chicago. Any mail leaving Green Bay after midnight arrive5 in Chicago in ample time for the next morning clearings: whereas to Minneapolis it is received most of the time too late for the next dy clearings, consequently it means a delay of twenty-four hours. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis For these reasons, we hope the action that • • 2132 THE KELLOGG NATIONAL BANK OF GREEN BAY GREEN BAY,WIS. the Eoard takes in this matter will be a fvorble one. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yours truly, Cashier. 3t.1. 4783 It CARTNEyMili I CAPITAL $2 0,0 0 0 0 0 . 0 witm, ED o SURPLUS 191Q J.H.TAYLER,PRESIDENT WM .LARSEN,VicE PRESIDENT -- GEO.A.RICHARDSON, CASHIE C.W.LOMAS,VICE PRESIDENT -- J.F.KETTENHOFEN,Assr.0 G rigneEN Ti orMa l s foNio , 1916. August Hon. C. S. Hamlin, Governor of Reserve Board, fashington, D.C. Dear Sir:Sometime ago we joined in the petition to have this bank with others changed from District Eunber Nine to District Number Seven. We understand that there will be a re-hearing of the case on August 8th. We wish to renew our request for the change in view of the fact that over a years experience has demonstrated that there is no natural business relationship between this part of the State and Minneapolis. .e keep our required balance with the Reserve Bank at Minneapolis but have no other business with them. The business of this section of the state practically all goes to Chicago or Milwaukee. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sincerely yours, 'Presi dent. OFFI t National R4 100 3. Vattstian, ?Prcsibent. Yrank 31. Accker, Dire Presibent. Dawson, (Cashier. (fico. etith aiVkl`` NO. 7224. g. CAPITAL $25000. JvI --, - CU 4 SURPLUS $8000. BRILLION, WIS., Aug 2 1916 191 C. S. Hamlin, Governor. Federal Reserve Board. Washington, D. C. Dear Sir, We weremuch pleased at the contents of your telegram advising that the Board had voted to re-open the petition filed by certain Wisconsin banks for transfer to the 7th. Reserve District. We signed the petition asking for transfer, as we felt then that we properly belonged to the other district. After several motths of experience, we are more firmly convinced than ever. We therefore hope that the action taken by the Board will be a favorable one. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yours respect AY lly, aseg/// 1 1 • • ccamiTheronddudiaeNallionalliank 419 N?3685 , e Capital and Surplus $250,000 G.A.KNAPP, President J.A.MERRVMAN,ce President' T.0 EBERNAU,Cashier J.L.GORMICAN, ASSt. Cashier IF'ondduLacffils. ust 2nd 1916 AUG ,1 - 1Y16 GOVERNOR'i. OFFECAr. Honorable U. 3. Hamlin, .a.shinston, D.O. Dear Sir: iitive your telegram notifying us that the Federal Reserve Board has voted to reopen the petition filed by certain ..Jisconsin Bankers for transfer from the ii1th to the SeVenth DiLltrict, a formal hearing to be held in Washington Lugust 8th. Vie are very much pleased to learn that the Federal Rese:vo Board .las decided to reopen this case as we would very much prefer to be located in the Chicago' District. Our flow of business is towards Lilwaukee and Chicago, and we have but very few transactions in ,, inneaDolis or jt. 2aul. e tiiank you for advising us and hope that the Board will take favorable action in the petition. Yours truly, President. • http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ' 1:77 7r.'t • • , • •" • August 2, 1916. Arat National Bank, Alma, WisaonsIn. Dear Sir3: Your letter of July 31st, &toting your desire that the banks in Buffalo County be p:rmitted to remain in the Ninth Federal Roservo District, is reoeived ana will be promptly brought to the attention of the Federal Reserve Board. I thank you for the expression of your views in the ratter. yoars, Governor. HLE! - ,......--..."'""E.TEITGE THOS.MGGM '' F.T. ZENTN ,Nr 111 .. R G.A.NYHAGE PRESIDENT •. C .' I 4 . t.. 7 ,..,.. UNITED STATES DEPOSITARY NO.4975 C-Y,all,d01//01/A..J.; August 2/16 Hon. C. S. Hamlin, Governor, Pederal heserve Board, Washington, D. C. Sir:Referring to your telegram of July 26th,in which you state that the 2ederal Reserve Board would reopen the potition filed by certain isconsin Banks for transfer from the 9th to the 7th Reserve District, and that this matter would come up for a hearing before your Honorable Board on August 8th at 3 1'.11. We wish to most earnestly request that this petition be granted and this bank be changed from the 9th to the 7th Reserve District for the reason of the poor mail facilities between this city and Minneapolis and the great difference in distance between the two points. Purther, the natural trend of business from this city ic is to Chicago instead of iiiinneapolis, it taking only 4-3 hours to reach Chicago from here while it takes 18 hours at the best to go to Minneapolis. To illustrate the poor mail service I enclose you herewith an envelope from the il'ederal iieserve Bank, Minneapolis, which shows a postmark of July 31st, 7:30 P.M. which letter was not received here until 7:30 A.M. August 2nd. We most earnestly request that the petition for the change will receive favorable consideration at the hands of your Honorable Board. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Respectfully yours, • k krt 7:7 C After 5 days, return to FEDERAL RESERVE BANK, Ninth District, MINNEAPOLIS, MINN. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Nat'l Bank of Manitowoc, Manitowoc, 4 Wis. 1 :61.11AL liLSE.tiVE BOARD ,kk ILO opirt 29 16, , MUNsiza thuoscirt liQat ZdORANDUM FOR THE BOARD: The number of Wisconsin national banks Which it is proposed to transfer from the ITint to the Seventh Federal Reserve District, is 67, with an aggregate capital and surplus of 49,719,447,26. of capital paid over to the Federal Reserve of 3% The ccaculated amaant Bank of Minneapolis (at the rate of the member banks' aggregate amaants of capital and garplus) is 0291,600, or 11,3';, of the total paid—in capital of the Federal Reserve Bank of Minneapolis, which on July 31 was $2,578,000. total These 67 banks an June 30, 1916, had/deposits with approved re— uerve agits of $6,906,000, of Which 43,247,000, or 46,7 per cent was depos— ited with MilmaUkee national banks; 42,285,000, or 33,1 per cant with Chi.. °ago national banks; 4631,000, or a little over 9 per cent with New York national banks, and 4459,000, or less than 7 per cent, with Minneapolis nat— iona banks. The 5 Milwaukee national banks report under date of June 30, 1916, a total of 420,004,000 due to banks and bankers, While the aggregate calcu— lated amount due all Wisconsin bankm from their approved reserve agents in Milwaukee on the same date, was $6,036,000. There are 21 banks in Wisconsin with a combined capital and gar— plus of 41,868,300, Whose transfer from the Reserve District is not under consideration. Ninth to the SevantliFederal They report $1,574,000 as due them from approved reserve agents, of Nihich40134,000, or 27,6 per cant rep— resents the amount due them from Milwaukee national banks, and $376,000, or 23,9Y, , from the Minneapolis national babka. The number of national banks in Wisoonsin, at present located in the Seventh District, is 49, with an aggregate capital and garplus of 414,970,250, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ilk .2m and total deposits with approved reserve agants of 42,001,000, of Witch 47,8 per ant is held with Chicago banks, and 2398 per cant — with .New York City barL•,:' t The total number of national banks in Wisconsin is 137, with an ag... gre ate capital and surplus of ',126,558,000, and 420,520,000 of deposits with apm Pr ed reserve agents, of which over 40 per cent is hold an deposit with Chicago banks, and less than 30 per cent with Milwaakee banks, The number of national bunIrs in the upper Michigan :aninsula, all of ti am considered for transfer from the Ninth to the Seventh Federal Reserve Die— riot, is 31, with combined capital and surplus of S4,404,000. Their contribum ion to the paid. -in capital of the Federal Reserve Bank of Yanneapolis is about 4132,100. The transfer of these 31 banks, also of the 67 banks in Wisconsin, would, therefore, reduce the capital of the Federal Reserve Bank of kinneapelis by about 432,100 plus 4291,600, or 4423,700, or about 1605 per cant, leaving the paidmin capital of the Federal Reserve Bank about :2,154,000.1 i These 31 banks held on deposit with approved reserve agents a total of 44,311,000, of which over 31 per cent is held with Chicago national banks; over 23 per cent with New York City national banks; about 17 per cant with Bosm ton national banks; :;.;nd less than 3 per cent with Minneapolis national banks. '2he following exhibits give the amounts of capital and surplus of the national banks in Wisconsin and in the upper Michigan peninsula; also their deposits with approved reserve agents by cities., June 3), 1918$ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Al]. figares relate to (4- .„. C) 4-* cv or= 1,71SOONS IN NATIONAL BANKS' DEPOSITS IAITH APPROVED RESERVE AGE2T2 IN CaTTRAL RESERVE AND RESEaVE CITIES (In thousands of dollars) Considered fa, transfer to F.R. District ro.#7 67 Banks To remain in F. R. District No. 9 21 Banks Now in F. R. District No. 7 Total 137 Banks 49 Banks 3,247 434 2,355 6,036 2,285 356 5,759 8,400 rea York 631 66 2,672 3,569 Minneapolis 459 376 41 876 St. Paul 157 339 10 506 Philadelphia 66 ... St. Louis 31 1 914 946 Cleveland 27 004 00000 27 Lilwaukeo Chicago Boston Washington 3 66 3 400 3 4.400 5 Cedar Hanids ....t ... 14 14 Dubuque ..000 0.0 72 72 Total 6,906 1,574 12,040 20,520 Deposits of Vilwaukee bans in Central Reserve Cities Due from Chicago 3,791 New York 1,724 St. Louis Total 907 6,422 Not amount duo to banks and bankers by IJilicaukee banks... Division of Reports & Statistics, Federal Reserve Board. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $20,004 Aug. 2, 1916. OF r)Ki? 31 BANKS IN THE NORTHERN PENINSULA OF EICHIG1N WITH APPROVED RESMVE AGENTS IN CENTRAL RESERVE'AND RESERVE CITIES (From reports dated June 30, 1916) In thousands of dollars New York 994 1,349 Chicago Milwaukee 515 Detroit 298 Boston 732 Minneapolis 124 St. Paul Cleveland 43 252 Philadelphia 2 Washington 2 Total 4,311 Oapital and surplus 4,404 AGGREGATE cApITAL AND SURPLUS OF WISCONSIN BANKS AS REPORTED UNDER DATE OF JUNE 30, 1916. 21 banks to remain in Federal reserve district No. 9 $1868,300.00 67 banks applying for transfer to Federal reserve distrct. No. 7 49 banks now in Federal reserve district No. 7 Total Division of Reports & StaA.stics, FederL1 Reserve Board, Aug. 2, 1916. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9719,447.26 14,970,250.00 :,26,557,997.26 CHARTER No. 10733 GOTTLIEB NOLD, THOMAS OTTESEN, 110 PRESIDENT. WEE V/HRST VICE PRESIDENT. ATIONAL —wc-1 illfti)..:. ‘Pr 1u3r A J , , au% ;1;E:3.. E30AttG Et4,'ER. , UNEILS N FARNERS STATE DA . „--, SUCCESSOR ,-c- ‘ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NELson.Wis. August 2nd 1216. Federal Reserve Board, -ushington ,D.C. gentlemen:Believing that the banking con,Ationa in our county conform more to the general banking conditions in the 9th Federal Reserve •istrict than to tiie conditions in the 7th districtl we respectfully ask that our county be permitted to remain in the Minneapolis district. Te are entirely satisfied with the service rendred by the Federal Reserve Bunk of Minneapolis. -:e believe that the field covered by the 9th district is u much more desirable field for us than that of the 7th di3trict,as it is the field from which c -,:ire taken utaide paper in the past and we would very much oulk dislike any change which would compel us to seek outside inall of vestments in a territory altogether new to us. For this reason -e we are oppoLled to any chan,; that would take ufzrout of the :Unneapolis district. re know that at least two of three member bunks in our county are oppooed to any change. - espectfully submitted, e .Clashier /W Pr es7: dent MARSH, VICE-PRESIDENT A. URE, SECOND VICE-PRESIDENT CHARLES CORNELIUS, PRESIDENT RAY A. CLEMENS, CAnntzu CARL STANGE, TEI.I.E "first ant) On12 1attonaI23ank in Clark Countr CAPITAL AND SURPLUS, $60,000.00 U. S. DEPOSITORY FOR POSTAL SAVINGS FUNDS. NEILLSVILLE, Aug•2nd•16• Hon. C. S. Hamlin, Gov. 5 Washington, D. C. Federal Reserve Board. Honorable Sir: P9 The re-hearing argument of the changing the boundries of district , will take place on Aug. 8th. and we wish to state that it is the opinion of this bank thatv it would be to our advantage to be associated in District #7 instead of #9 for the reason that the check clearing process will effect us to a greater degree to our disadvantage. Besides this the largest source oc our exchange is accumulated from District #7 territory. Trusting you will give this letter some consideration we remain http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W. M. GILBERT PREsioENT CHAS. SCHRIBER VICE PRESIDENT E.E.JAN GREY VICE PRESIDENT W. G. BROWN c...swER CAPITAL $100,000.0 G c SURPLUS $ 2 , , H. C. HI LTON ASST CASHIER the Board had voted to reopen the Wisconsin banks for transfer from Reserve District,will say that we The trend of business and the mail service in this locality practically all points in the direction of Chicago and we feel that we should be placed in that We trust that you till take favorable action TH EVALLLY INN N E EN A H ,WIS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Fl UST NATI(KNTAL liA 1602 CAPITAL AND SURPLUS $130 00000 ESTABLISHED 1861 yVU BOPO VILE 30 J.A.KIMBERLY, PRE JOHN P.SHIELLS,.Vic PREST. F. E.BALLISTER, CASH R NEENAH,WIS., • Aug. 2, 1916 jar. C. S. Hamlin, Governor, Federal Reserve Board, Washington, D. C. Dear /) We received your telegram of July 26 advising that on Aug. 8 you wi I reopen petition filed by certain disconsin anks from 9th to 7th Reserve District. A As we are unable to be present, we wish herew-ith to notify you that it is our earnest desire that we do be transferred to the Chicago District as that is the natural place for us to be. Mail service between Chicago and Neenah is much more prompt than it is between Minneapolis and Neenah and also the entire general trend of our business is to Chicago. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE BANK ON THE CORNER f.batALUVITILEle,v7.TA6.(kE, , GEO. A. FOSTER. PR 11 0 11 . H. H. HEINEMAN. V. PRES. 10176 E. A. KREMBS. CASH Ehr Eitizrust \l'zttionttl -punk SUCCEEDING THE NATIONAL BANK OF MERRILL CAPITAL $100,000.00 SURPLUS $14.000.00 \ '1'IUG4 - Li MERRILL. WISCONSIN Chas. S. Hamlin Governor. Federal Reserve Board. Washington D. C. Dear Sir:— Relative to the petition of certain Wisconsin Banks for removal from the 9th to 7th district:— When we were first placed in the 9th district we felt mis—placed, as the trend of our business is eastward, however the practical working out of it has been that we find Minneap— olis is equally a- convenient as Chicago would be, especially since the late ruling of accepting Chicago and Milwaukee ex— change in payment for remittances, has been iut into effect. Further, our business relations with the Minneapolis Bank have been very satisfactory and pleasant, and taking it all in all we believe it to our best interest to remain in the 9th. district. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I ••••••Ts•••• Sporry co.*crowd • N 1-37 4 Ilk ,F WE -Iiinimmilintffilor.. * * tr * AM LERf W. O. CONNOR', PRESIDENT INAGTIIC) AN P. N. CHRISTENSEN, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis VICE PRESIDENT THOS.. D. SPALDING/ ,"` c.ATH I ' 1 CAPITAL *50,000.00 kt1: ii ...)AC01431:EINWANOEH., ASST. CASHIER -At)G SURPLUS $40,000.00, MARSHFIELD, WI S. Aug. 1, 1916. Govenor, Federal Reserve System, Washington, D. C. Dear Sir:.. Answering your telegram of recent date:We want to re-iterate the statements we have made to you in former letters, that we want to be transferred to the Chicago District, as the trend of our business, or practically all of our business is with Chicago and Milwaukee. We do very little business with the banks in Minneapolis and St. Paul. The only business we have from them is grain drafts. The mail service to Chicago is very much better, and practically all of our merchants do the bulk of their business east of litre rather than west. We certainly do want to be transferred to the Chicago District, if such a thing is possible, and hope that the petition of this bank and all other banks who are dissatisfied will receive your favorable consideration. THE AMERICAN TDS.S CASHIER. • 6604. TT I- L.i)Lttii,L i;jiEav E„ LI,„, . - CAPITAL, $300,000.00. SURPLUS, $100,000.00. i cinelkAlVfir..3 RS OFF7rIA E.P. SAWYER, President. CHAS,SCHR I BER,Vice Pres .t. LOUIS SCHRIBER, Cash,er. J.P. FITCH, Ass't Cashier. F. ALA E3U DDE, Assi.Cashier UNITED STATES DEPOSITORY OSHKOSH,Wis Aug. 1, 1916. C. S. Hamlin, Chairman, Federal Reserve Board, Washington, D. 0. Dear Sir: We respectfully urge that your Board rearrange the Federal Reserve Districts so that banks in this locality be transferred to the Chicago District from the Minneapolis District. Practically none of our business originates in the Minneapolis District, as a careful record of all Checks received since the Clearing Plan has gone into effect, will show. We believe it for the best interests of banks in eastern Wisconsin, also for the Federal Reserve banks, that the change be made. Trusting that this matter will be given careful consideration by your Board, we are, Respectfully, The Old Yona1 Bank 7 Cashier. LS-ES http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • FEDERAL RESERVE BOARD WASHINGTON Au rust 1,1916. Llr. Otto Fowls, President, First L'ational Bank, Sault Ste fairie, Lichig,an. Dear Sir: Your letter of July 2th,relative to the hearing to lie given by the Feder6,1 Reserve Board. on August 0th in connection with the petition of certain Wisconsin banks to be transferred to the Seventh Federal Reserve District, is received. In fixing the date for this hearing, the Board had in mind the letters which have been received from certain of the banks in the upper peninsula of Michigan vhich indicate that they also desire to be transferred, and it was agreed. that the nichigan banks also should be heard. If you desire, therefore, to present either in person or by letter any further facts in this connection, we shall be very glad to have them. Very truly yours, AUG 4 k 1916 gmic, _eza http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2•9 0604-> /. ..,1 . , : To the Federal Rellerve Board. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Board of Directors of the First National Bank, of Princeton, ',7isconsin, has adopted under date of July, 31st, 1916, the following resolution. 'Laereaii., The First National Bank of Princeton, Wisconsin, being a member of the Federal Reserve District number nine, or tore comonly known as the Minneapolis Reserve District, and Where. 1s, The Federal Reserve Board has, at the request of . certain Wisconsin banks, voted to reopen the petition for transfer frcA the ninth (rinneapolis) to the seventh, (Chicago) reserve district. Resolved, That we, as Directors of the Fiat National Bank, Princeton, Wisconsin, hereby express our opinion v.04 , that such a transfer would be not only detrimental to this bank o far as it earnincs are at stake be a har, 4that in time would cause 4 our but would loans and deposits to decrease materially, and Resolved, That we, said Board of Directors, pray that such a transfer be voted down as before 4.........„,, , ,eowmwowsWONIMI,BIMOMmitmegopppoppivo,r,y.tm*twy—k and Resolved, That a copy of this resolution be sent to the Federal Reserve Board in due time for the informal hearing at 7ahington, D. C. August, 8th, 1916, A. N. BE/SEKER, V. F'REstoEN-i- CHAS.G. KAPELOVITZ F'RE.stocHr. T. S . SABY, CAS/4/ July 31,1218. Federal Reserve Board, Vashintton, D. C. Gentlemen: Believing that the banking conditions in our county conform more to the general banking conditions in the 9th Federal Reserve district than to the conditions in the 7th distritt, e resrectfully ask that our county be permitted to remain in the Minneapolis district. We are entirely satisfied with the service rendered by the Federal Reserve Bank of Minneapolis. We believe that the field covered by the 9th district is a much more desirable field for us than that of the 7th district, as it is the field from which we have takeh all of our outside paper in the past and we would very much dislike any change whibh would compel us to seek outside investments in a territory altogether new to us. For this reason we are op- posed to any change that would take us out of the Minneapolis district. We know that at least two of the three member banks in our county are opposed to any change. Respedtfully submitted, 0 , 14 TSS*TE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 R 111 OFFICERS AND DIRECTORS FRANK F. BECKER. PRESIDENT, J. J. MARTENS. VICE PRESIDENT. WM. J. KOWALKE. CASHIER LUTHER LINDAUER. CHARLES E. RAUGHT. JUDSON G. ROSEBUSH. JOHN Mc NAUGHTON. FIRST NATIO N „" ,574 A CAPITAL $50,000. SURPLUS $25,000 NO. 3641. I .44 ( la KAUKAUNA, WIS., Jul y 31st, 1916. Gov. C. S. Hanlir, Federal Reserve Board, Washington, D. C. Dear Sir: We wish to thank you for your telegram of recent date advising us of formal hearing of arguments respecting changes in territory comprising Federal Districts 7 and 9. The position taken by us was, from the start, and still is that particularly the territory in the Fox River Valley and much of that adjoining would be best served if included in the 7th District. This is the natural conclusion for us to arrive at after giving thorough consideration to all the points which formed a basis of division and districting. It is not our purpose to answer for other member banks, but we find, without exception, that member banks in this valley welcome a change to the 7th District. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis t) , 17"•%); . *11,4 Respectfully, /4 1 Cashier http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1i0ARD HIE July 31, 1916. Pirst N4.1.ion41 Bunk, Gram. Eapius, isconsin. Dear Zirs: Your letter or July, nth, stating thrlt you Drefer to he t.ratsferrod to the Federal Beserve Bnik of Chicago, is received, and 1 shall bring it promptly to the attention of to Federal Reserve L(;:,,rd. Very truly yours, As Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • i4eCEIVEF-" 1 ,Tfirst National '0atilt OTTO FOWLE,AcsieeNT CHASE S.OSSORN, UNITED STATES DEPOSITARY L ItIt - te itturit.:Mirk $ ) E OTTo B.MCNAucm-roN,AssicAs7 DONALD FINLAYSOH, AsiTcwsmot JUL 11 v eite4OR S ' 7 July 29, 1916. 3 Governor of the Federal Reserve Bank, Washington, D. C. Dear Sir: We are requested by various banks in the Seventh District of the Federal Reerve honorable body to rearrange Bank to petition your the districts so as to place the Upper Peninsula of Michigar with the Serenth District instead of the Ninth. as We are satified that our interests are well if not better served for the legitimate purpose of the Federal Peserre Bark in the present arrpncrer ent. , If the Federal Reserve manar'enent sees fit to make its primary function that of check collections the Oistricts throughout the country generally we bele1 7e should be a-ranged 7.eographically. , Respectfully yours, President. OF/LT 1916 QfFIC • ,7uly 2, 1916. Batavian Naticinl Bank, La Crow, 1e, r Sirs: -7 Acg-noviletizplent 1.P.11%10.e of your letter of July 27th sttting that tveust 8th is an ineOnVonient dutte for you to attend the hearing iii'ehailizi6ton ,-- on the petition of variou6 to the 2eventh ra-aher thvti th 9nth ibconnin banks to be attactiud Peden)]. neSerVe DIS triet. This matter 'KIS CIVer Cor! ,Ideration by the iederal Eeeerve Boc.rd yeeterdaw, awl thgl Bo ..d recrets that it cannot Dee ita cir to mice http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cha:xo in the date. 7firy traly yaws, 3si!3t2nt Seoretary. FELJJ:AL RESERVE BOARD FILE / July Cotamer,11 :;utio.aa Ban;c, Pond du Lac, 'icAcent;in. .joar 4irs: Your letter Qf July 27th statinu tIv.t you prefer to • ft1 U.L •• •••• - • the Ninth iederal Res,zxve District, is receive,.i mi -*Ali have the careful consideration of the Pederta lieserve Bmrd. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis thank you frsr yollr expreLsion of opinial. VIry truly yawn), Asiistant 9ecrotqry. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • -July 29, 16: 083 FEDERAL RESE7TE BNPD NEMORLNU.26 For Mr. Harding: Under the regulations of the Board the following matter is ruferred to you at: Chairman, Committee on Member, A3 tant ecreIry. Letter, July 27th,, from The Cola.iercial onlE, Pthad du Lac, '•Wis., stating Nati ondl—Bits preference to remain in the Ninth District. Please return this memorandum to the Secretary with copy of documents resulting from action taken, if any, that it may be placed on the docket. REMARKS. Date. • ORGAN 1Z E372 THE FIRST NATIONAL BANK CAPITAL AND SUR PLUS $ 150,000Q9 GEO.W MEAD,PRESIDENT EARLE PEAS E,VicE PRES, A G.MILLER. CASHIER HENRY C.DEMITZ,Ass" CASH - GRAND RAPIDS.WISCONSIN, July 28, 1916. JUL 3 11916 C. S. Hamlin, Governor, Washington, D. C. a VERNOR'S 0 OFFInc; Dear Sir: Inasmuch as it will not be possible for us to be represented at the August 8th hearing I write to say that we are very strongly in favor of the change to the Chicago District. Fully 90% of our business is with Chicago and tributary cities and any remittances we might wish to make through the Federal Reserve Bank of Minneapolis would be delayed. In addition to this the mail service to Minneapolis is uncertain so that letters frequently do not reach us until late in the afternoon of the day following the mailing. Our business frequently takes us to Chicago enabling us to keep in close personal touch with the Federal Reserve Bank of that city while we never have , occasion to visit Minneapolis, and should we be called there it would be a very hard and tiresome trip on account of the railroad connections. Trusting you may see fit to give the petition favorable consideration, I remain EH http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Respectfully, Vice President F J. WOO D, President XANC)E R, Vice Prost. L.t r 7-0-11 1. " -• ; . — , , D1)1"-5. 134.6VC11,.Ca shier" j '•••••• -WAItiTEN G.FISH ERAsstCash. 1, —. , V&A TAti.mrY CAPITAL Sic SURPLUS $52 GRAND RAPIDS, IS. July Mr. C. S. Hamlin, Governor, 28,1916. AUG 4 -1Y16 tovsaRt..ion's oFr'y rederal Reserve Board, Washington D. C. Dear Sir: Wa acknowledge receipt of your message announcing the fact that the Federal Reserve Board had voted to re—open the petition filed by certain Wisconsin banks, for transfer from ninth to seventh reserve district. We fully appreciate this action taken by your board and sincerely hope that the arguments presented will be sufficiently convincing to war— rant the change. Before signing the petition for the change, our board of directors gave the question due consideration and tried to intelligently view the situation from all sides. We did not act hastily in the matter and after a long con— ference we were firmly convinced that our locality properly belonged in the Chicago district. Our business naturally drifts to the South and West with a few Eastern points. We have very few large items on points Northwest of us and very little business in that direction. Furthermore we have perfect mail service between here and Chicago while the Minneapolis service is very ir— regular. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Our Chicago and Milwaukee mail arrives at 5:1_5 A.M. • — 2 — regularAly and is always on our desks the first thing in the morning. lainneapolis mail frequently reaches us later in the day and of late has usually arrived late in the afternoon aid sometimes after banking hours. Passenger service is also far better to Chicago and return, than to Minneapolis. We can take a very convenient evening train from Grand Rapids and this locality, spend a whole day in Chicago and be absent from the bank but one day only, while the trip to Linneapolis in any reasonable comfort requires practically two days. This is very important as we frequently have business to transact with our correspondents that requires a personal interview. We have no fault whatever to find with the management of the liinneapolis Federal Reserve Bank but we are absolutely positive that it is to ourand will prove to be to the best interest of the Federal Reserve system and all concerned that the nortion of Wisconsin tributary to Chicago district be transferred. Since the adoption of the check collection system by the Federal Reserve Banks it is far more important and almost absolutely necessary that we be changed. We have many large paper mills and other big manufacturing industries on the Wisconsin River who daily receive and bank large remittances. As stated above, these items are drawn principally on points South and West with many on the city of Chicago and http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • -3 . the time saved by sending them to Chicago for collection is of vast importance to these concerns, as well as ourselves. We have so many arguments in favor of the change, that to note them all in this letter would prove to be long and tiresome. To sum up the whole situation we will simply state that our business has been built up and developed under conditions which naturally connect us with Chicago and we do not believe it is possible to ever successfully make Minneapolis our main reserve city. We thank you for giving this letter your consideration and concienciously urge your Board to take favorable action on this change. Yours truly, Attest by Directors. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis President. •(1,k34gtatWert4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ?: WOX, gee/Mien/. 6‘469. 0 UNITED STATES DEPOSITARY. e i- 00000 • July 28 ,1916. C. D. Harnlin,Governor, Iiieder_-_1 Reserve Bank, ,rash ing t on,1) C Der ;31r:acknowledge receipt GE your telegram of the 2, th'.inst.,and -thank you for the information 3 do not anticipate beinr represented ,-, directly at the meeting referred to, st2.te .nt this -Bank is in favor of being tronofnrred from tl-, the 1Tinth to the ;'3eventh Diutrict. e certoinly will apprecite any movement that may -f.;. ke , will bring such conditions about, and would like to register as being in favor of the change. Very truly :ours, rill17, Per ..07-1'513 B7.72 OF DE PERE, • G.VAN STEENWYK,VicE PRESIDENT. JOHN A.BAYER,CASHIER. H.O.KLEIN, ASST.CASHIER. • ill/1E7) BATAV1AN NATIONAL BANK JUL CAPITAL AND SURPLUS 5550,000 2 9 1916 Gov eRtvon'.$ rf.!.FF1Cet LAcRossE,wis. July 27 1916. Lir. C. ;3. Hamlin, 11-ov., Federal .7.eserte Board, Washington, D. C. Dear Kr. Hamlin: We have your wire of the 26th advising us that the 3oard will reoen the -:,etition filed by certain Woconsin banks for transfer from Ninth to Seventh District and that a hearing will be hold on August 8th. The Wisconsin Bankers Association hold thei. ,convention ; in 2.:adison on August 8th and 9th and it wk.114. be rather difficult for the bankers to attend the hearing in Washington on that date. 'Sill you please advise us if you wish us to file further application than is contained in the letter which I wrote Harding? Your records will show that the La Crosse banks did not join in the original petition, but because of the operation of the collection ystem we are very anxious to be put inthe Chicago District where we should have been in the first place. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . 11. t.Cfti<400 410 CoNNERciALNAmom O No.60I5 Fycl i% • I H. R. POTTER, PRESIDENT HENRY BOYLE, VICE PRESIDENT A.G. BECHAND, 2t"VICEPRESIDENT M. T. SIMMONS, CASHIER F. A. BOYD, ASS'T CASHIER CAPITAL AND SURPLU $aoo,000 FOND DU LAC,WIS. (e:CEIVED JUL 2 9 1916 svVFANOR'S OFFICEr JULY TWENTY SEVENTH, 1916. Mr. 6. S. Hamlin, Govenor, The Federal Reserve Board, Washington. B. C. ; Our bank has always felt that they would rather belong to the Northwest and the Ninth District than the Seventh. We believe that the Ninth District needs Wisconsin, and the bankers in the southern part of Wisconsin need the Ninth District for the reason that the farmers in the northwest need our money. We think that all this trouble could be eliminated by putting all of Wisconsin into the Ninth District and establishing a branch bank in Milwaukee. Very tru urs, t —, 4/27Jr- President. Or,'EM_RAL RESERVE BOARD FILE THE FinST NATIONAL BANK.(IF CRAND.. CAPITAL $ 25,000.00 C 0.OECKER, Prosident. 5.A.GIFFORO,VicePresident EOVVIN E. PALMER, Ce5hier.. GRAND ,WISCONSI J U L 2 1916 July 27, 1916. QOVe.fitiOR741. .1P on. C. S. Hamlin, Governor, L JUL :3 1 191C kreuerta Reserve baud Federal neserve Board, ,ashington, C. Sir: This bank is just in receipt of your telegram advising that the matter of the petition of certain banks in this ._;.tate desiring to be transfered from the ninth to the seventh district is to be reopened and that a hearing on the petition will be held August 8th. .e wish to state that we are still most emphatically desirous of being transferred, not from any feeling of dissatisfaction with the manner in which we have been treated by the Federal Reserve Bank of _inneapolis, but entirely because of the facts that the natural commercial relationships of our territory are with the cities to the ,Jouth, principally Chicago and _ilwaukee, and that therefore there is no natural demand for banking connections with Llinneapolis as there is for the maintenance of accounts with correspondents in Chicago and :iilwaukee. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Aespectfully, The First 1Tational Bank of Crandon, - President-, Cashier. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S ••••,, FEDERAL RESERVE BOARD MEMORANDUM FOR THE BOARD Reports dated June 30 for the 61 banks, Alidh it is proposed to transfer to the Chicago district, indicate that of the total amounts due them from approved reserve agents the amounts due from Chicago and Milwaukee agents were as follows: Chicago 2,131,000 32.6 Milwaukee 3,159,000 48.3 Other 1,255,000 19.1 6,545,000 100.0 Total Division of Reports & Statistics, Federal Reserve Board, July 26,1916. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • No. 412 P.90 July 17, 1916. FEDERAL RESERVE BOARD MEMORANDUM For la-. Delano:Under the regulations of the Board the ao following matter is referred to you \ Chairman, Committee on Member, I II iketter_from First National Bank, Phillips, Wisconsin, dated July 15th, stating its desire to be transferred to the Chicago F. R. District. Assis t ec etary. Please return this memorandum to the Secretary with copy of documents resulting from action taken, if any, that it may be • aced on the docket. REILIA Date. KS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4. 0 • 0 July 17, 1916. The First National Bank, Phillips, Wisconsin. Dear f3irs:Your letter of July 15th,rstating that you would prefer to be in the Chicago Federal Reserve District, is received and will bo brought to the early attention of the Federal Reserve Board. Very truly yours, Assistant Secretary. o Airsi 1atitrnauth CAPITAL.$25,000.00 P. E. REEDAL. PRESIDENT W. K. PARKINSON. VICE PRESIDENT flji1Ui, Pisronsin July 15, 1916 G. B. REEDAL, CASHIER Treasury Department Washington, D.C. Gentlemen; We have been requested by other Banks in this District to write expressing our opinion as to whether we preferred to stay in the Ninth Federal Reserve District or would prefer to be in the Chicago District. For several reasons we would prefer to be in The Chicago Federal Reserve district the main one being that nearly all of our call for exchange is for Chicago exchange and the bulk of our items come through Chicago. By being in the Chicago District it would do away with the necessity of carrying our present Chicago account and our active account there could be handled by the Federal Reserve Bank. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yours truly, First National Bank of Phillips, By/ 47/4-(__JL„Q_ Cashier. iaciw ‘,4 0 4 0 144.14 F,•.; , http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L-77 19; 2 0 ^4) .„e ftt . „et, July 14t1 , 1916. ' Mr. J. R. Taylor, President, The McCartney National Bank, My dear Sir:— Your 1et4er of the 12th instant is • just at hand, registering your desire that your Bank be transferred from the Ninth to the Seventh Federal Reserve Distrist, and ;;iving the reasons therefor. This communication will be broujht to the attontion of our Board for consideration. Yours very trA.y, Vice Governor. -4783 • ? CARTNEYNAVIOM ciunTAT,$200,000.O() SURPLUS S100,000.00 J.H.TAYLER , PRESIDENT WM .LARSEN,VicE PRESIDENT GEO.A.RICHARDSON , CASHIER C.W.LOMAS,VICE PRESIDENT J.F.KETTENHOFEN ,Assr.CAsH. GmEmnyllAarAVils. July 12, 191L. Hon. F. A. Delano, Federal Reserve Board, :;ashinc;ton, D.C. Dear Sir:1:y attention is called to the fact that this bank did not respond to a referendum vote submitted by the Board with reference to the change of Wisconsin banks to District number seven. I do not recall having seen this referendum. If it was received we should certainly have been interested in recording ourselves in favor of the change, and we desire to do so at this time. The business of this section of “iscorsin is almost wholly Chicago and .iilwaukee. It is not an exaggeration to say that nine-tenths of our business naturally goes either to one or the other of the cities named. The operation of the proposed check clearance plan would be inconvenient for us as well as inprac ticable for the reason that the great bulk of the exchan ge charge we handle would fall in District number seven. are http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Asking your consideration of this matter, we Sincerely yours, President. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis