Full text of Records of the Federal Reserve System, Record Group 82 : Boundaries of FR Districts: Wisconsin Appeal (Part 4), Box 271, Folder 4

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Federal Reserve Bank of St. Louis

122.5-9 - Wisconsin Appeal

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Federal Reserve Bank of St. Louis

/ 4• 1

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ammo)215, 1917.

veraor

old:-

I IL.,vo Jour letter of Jr.nutry
to the taz41 z„.2-)11 cxpres* from i- edford

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

;

0!) ,".,04,„

c- EDERAL RESERVE BANK OF MINNEAPOLIS
NINTH

DISTRICT

ki,EC 31. V ED -I
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

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.

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.

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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

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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

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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

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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

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

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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

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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

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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

.4kr,t,ardc.: with

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km.'4:hoodore old,
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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

AND DEPUTY FEDERAL RESERVE AGENT

J.C.BAS S ETT,ABERIDEEN,S.oan.
F. R.BiGELOW,GT. PAULMINNESOTA
JOH N W. BLACK, HouGHT0tv,micm.

E.W.DECKER.m,NNEAPOLIS.MINN.
L. B.HA N NA,rAnco, N. DA ROTA
F. P. HIXON,LA cRoSSE,wiscoNsiti

FED'LL
•

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?

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Federal Reserve Bank of St. Louis

i'
311/
'

Counsel Federal reserve Bank of Chicago

cette°

FEDLRAL ..-..SERVE BOARD [ILL

,(\1 •

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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.

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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

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.

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Federal Reserve Bank of St. Louis

Sherman Allen.

FEDERAL RESERVE BANK OF CHICAGO

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Federal Reserve Bank of St. Louis

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

GRAM
,

•

FEDERAL RESERVE BOARD
WAS HI N G-T-0N

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
JtInun,r7
of
s mcdo effective an
Imnsfor
chf-nce an to nortnern Laahigan.
1, 1917.
°aro tar/.

OFFICIAL fAiiNESS
GOVERNMENT 1.

CHARGE

FE0r

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Federal Reserve Bank of St. Louis

Form 40

1111

FEDERAL. RESERVE BOARD

/
3
446
,

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 FEDERAL RESERVE BOARD
for FRASER

Digitized
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Federal Reserve Bank of St. Louis

Form 40

-ELIGRAM
FEDERAL RE,8ERVE

•
BOARD

*WAS H I N GTO N

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

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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

'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

County.

Tom.

Ashland

Green &iv
it
It

Brown
ii

Yes
It

DePere
Alma
Londovi
Nelson
Brillion
Chilton
Nei11sv he
FonS du Lac
it

Against transfer.
(nO)

Ashla.ni

Buffalo
tt

ft
It

Calumet

Clark
FonSdu Lac

ft
ft

Ripon

Crandon
Berlin
Princeton
Black River
Falls
La Crosse
It it

Forest
Green .I.4ke

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
National
son
ephen
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
It
National
German-American
TiGerton
First Nati o

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

In favor of
transfer.
(yes)'

4.11016041:.fra45,14,

Ja.ckson
La Crosse fr'

Langlade

Lincoln
Man it owoc
LIzr ath on

11
it

T.r.prinette

OCO nto
ft

Oneida
Out agamie

Prine
it

7.1,o
No vote

Port age
It
Shawano
ft
it

No vote

.A •
• First Nation.v.1
tf
II
It

1,
It

Old
First
:t
It

il
il
National Manufacturers
City National
Commercial National
It
Old.
Citizens
11
First
Wood. County Eat ional
Alnerican Nat/final
It
First

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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

It
/

Trenmealea
7;:zupaca

No
7/

II
It
it

Winnebago
it
It
it
Pt

it
It
II

No
/I

111

Grand Raid s

Wood

Marshfield
It

67 bsnks

—

2 not voting

*-4

49 Yes
f/.;,,i
ti

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

Gogebic
First

ft
ft

Superior
Citizens
Houslaton
First

It
It

Countg

Lunsing
L9 Anse
Sault Ste 1,:arie
".Iscanaba

A1Per
Baraga
Chilmewa
Delta

Iron Mountain
Norway
Bessemer
Ironwood
Calumet
Hancock

Dickinson

lioudaton

Hubbell
Lake Linden
Laurium
Alpha
Crystal Falls
Iron River
St • I glace
Ishpening
Llar quette

ft
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

Total 31 banks

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

In favor
of transfer
(Yes)

Against
transfer
(No)

No
ro

vote
vote

No
No vote
Yes
ft
No vote

Gogebic
Gogebic
Haighton

No
No
/To
No
No

No vote
No vote

Houghton
ft

Yes

Iron

Mackinac
Liarquette

No vote
No vote
Yes
tt
ft

Negaunee

Lenominee
ft

Lenominee

Ontonagon
Rockland
idanistique

Ontonagon

Ochoolcraft

vote
vote
vote
vote

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

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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
_111171.000,
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.

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.

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,

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.

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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

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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.

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— Petitioning District
— Chicago District
— Minneapolis District

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Federal Reserve Bank of St. Louis

ROCK

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

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Federal Reserve Bank of St. Louis

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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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:

WISCONSIN ?LTIaON
***

RIPUIT OF COLIUTTTEEI
I
4,4*

i) 4
41

rt
?

A9.16
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

(See Bulletin, .-June 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

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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

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_ Reserve Bank of St. Louis
Federal

-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

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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

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Federal Reserve Bank of St. Louis

•

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

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Federal Reserve Bank of St. Louis

_7..

4
1 341,206, 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.

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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

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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.

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-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.

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%);

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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

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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

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•
-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

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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

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- 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

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was finally fixed for AuL;ust 6th, all banks being

-16—

notified and the Michigan banks beinG permitted to intervene.
On Au43u3t 6th, the hearin

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.

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•
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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 oA-of 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

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-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

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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

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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.

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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 re,sly. 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

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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
ealeau,
and majority in Buffalo, want to go into Seventh DistrTromp
ict.
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

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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

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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.

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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.

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.

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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

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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

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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

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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 :J
- enator
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.

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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.

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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

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Federal Reserve Bank of St. Louis

-32clearly 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

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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

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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.

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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

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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.

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Federal Reserve Bank of St. Louis

eir

SepterAber 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,

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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.

,
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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

to 138

toaethor with cow of letter

that was attached Lheroto.
Voz7; truly ziotwo,

'/-

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Federal Reserve Bank of St. Louis

'Bo

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
A4'

PC:1.

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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.

FEDERAL RESERVE BANK OF MINNEAPOLIS

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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,

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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,

Letter from kl.rst rational Balmk, Sault Ste
Marie, Mich. dated August::29th,/with questions
submitted by 1177L.-1101mesand answers theret
o.
rt)

fr,

Assistant S

etary.

F
U.6621ZIAttd

(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.

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.

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-Ai-1A V vq,
before
ie body we send it direct.
ESEPi
Respectfully,
\

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Federal Reserve Bank of St. Louis

10/
93

2\
.

1,spn

0 "4.
— WA'

72'

pmumrilPepartmeut

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

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Federal Reserve Bank of St. Louis

First :at Bank
340r,

"r1

4<14
11,4:' '
/
1
4
•-•

''‘c\
-14
.
N NN•

•tise+

liteasurg

peparia/tent

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

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Federal Reserve Bank of St. Louis

g(yeasurg

pepartineukurpr

25WU ISO

AUGV7 -1916

r.viriVKFIN

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

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Federal Reserve Bank of St. Louis

Citizens National Bank
150pm

;a\

Form 4O

TELEGRAM
FEDERAL_

-•

RESERVE BOARD
WAS

;

First National Bank, Princeton, Wisconsin. .
fr-7
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
CHARGE FEDERAL RESERVE GoARD

Digitized
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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.

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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

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
i
r
i
gAggSA
1 v. %
15•'

CAPITAL $80,000. * SURPLUS $20000
,-----

----

1----

----

XAW-dX0
9 .0a August 5,19 6,

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

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Federal Reserve Bank of St. Louis

Yours very truly,

A16

i4114

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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

•tf4

SURPLUS $ 300,000

4/11.1'r
(I
kugust 4th,

Hon. 0.
C. S. Hamlin, Governor,
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

@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--

Augpst 3rd. 1916.

•

(
2I

CAPITAL & PROFITS $30,

IffailMilignaett%

HIER

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

•

IMMO CO,MILWAIIKEE

NARY FILE
FEDERAL RESERVE
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

6ruly,

Casn

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

•

lity#5NiA/1
DEPARTME T
Q ..SalFE DEPOSIT BOXE
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
Minnea.dolio. This, we belive, to be -corcluf.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

er.

THE BANK OF PERSONAL SERVICE

0.40./

N910667

111FinitINVW

111132kiviK
OF BLAIR

K C.
F
M. I. GILBE
goorie. P

FICERS
N, PRESIDENT
ND, VICE PRESIDENT
E PRESIDENT
RSON, CASHIER

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 Minnesota 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.

•

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.•...,:,

•

""----------"-------------.----------------

•

at...Puir4PRE5.),,
JOHN RINGLE,VicEpR,
H.GROUTZA
Z
:1
5
1
7;
-.
r P STONE,V1cEPwcsr
C G.KRUEGE ASST CASH

7. •.--

7\1

THE FIRST NATION
CAPITAL AND SURPLUS $500,000

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.

•

CHAS. COWAN,PRESIDENT
H. J. FAUSTMAN,VicE PREsT.

• (iv

o#JAS.L. ON,CAsu
ir ER
)
.
r
1.1"
)
. A .B
:
ZT
.441,ASST,e3SHI ER

r)/

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.

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,
..............A...,,
--— - 1....
fr5e__74j
...,e_______L---....4_ ...--

Cashier.
JLS/GS.

ICIS

•

•;;i,
-

2132

THE KELLOGG NATIONAL BANK OF LGREEN BAY
GREEN Bisx,WisAug. 2, l9l6.71/

Hon. C. S. Hamlin,

.7r7Leg

Cov ,Jrnor, Federal P.eserve Board,
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

CARTNEyMili

CAPITAL $200,000.00

witm,
ED

SURPLUS

191Q

J.H.TAYLER,PRESIDENT
WM .LARSEN,VicE PRESIDENT --

GEO.A.RICHARDSON, CASHIE

C.W.LOMAS,VICE PRESIDENT --

J.F.KETTENHOFEN,Assr.0

GrigneEN TilorMas

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.

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.

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///

•

ccamiTheronddudiaeNallionalliank
419

N?3685

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:
i- itive 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

' 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..

,..,..

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
is to Chicago instead of iiiinneapolis, it taking only 4-3ic 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,

•

krt
7:7C-

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.

: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 :
i 2,154,000.1
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

(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

2,672

3,569

Minneapolis

459

376

876

St. Paul

157

339

506

Philadelphia

...

St. Louis

914

946

Cleveland

004

00000

Lilwaukeo
Chicago

Boston
Washington

400

4.400

Cedar Hanids

....t

...

Dubuque

..000

0.0

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

Washington

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
1
,u3r 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

-,: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
we are oppoLled to any chan,;-e 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

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.

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.

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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 -

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

41-37

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

CAPITAL *50,000.00

kt1:

...)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.

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

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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,44that in time would cause

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

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Federal Reserve Bank of St. Louis

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

CAPITAL $50,000. SURPLUS $25,000
NO. 3641.

.(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"•%);*1
.
1,4

Respectfully,

/41

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,

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

ItIt -L$te itturit.:Mirk

)

E
OTTo B.MCNAucm-roN,AssicAs7
DONALD FINLAYSOH, AsiTcwsmot

JUL

v eite4OR
'
S
7

July 29, 1916.

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,-7r Sirs:
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

-*Ali have the careful consideration of the Pederta lieserve Bmrd.

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Federal Reserve Bank of St. Louis

thank you frsr yollr expreLsion of opinial.

VIry truly yawn),

Asiistant 9ecrotqry.

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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,

tant

ecreIry.

Letter, July 27th,, from The Cola.iercial
Nati ondl—B-onlE, Pthad du Lac, '•Wis., stating
its 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.

a0VERNOR'S
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.

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

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
'
1,—.•••••• -WAI,tiTEN G.FISH ERAsstCash.

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.

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

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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.

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Federal Reserve Bank of St. Louis

President.

•(1,k34gtatWert4

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Federal Reserve Bank of St. Louis

WOX,

gee/Mien/.

6‘469.

0
UNITED STATES DEPOSITARY.

i-e00000

•
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 2,3th'.inst.,and -thank you for the information
do not anticipate beinr,-, represented
directly at the meeting referred to,
st2.te
tl-,.nt this -Bank is in favor of being tronofnrred from
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.

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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:CEIV
ED

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
4/27—Jr-

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,

JUL :3 1 191C
kreuerta Reserve baud

Federal neserve Board,
,ashington,

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.

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Federal Reserve Bank of St. Louis

Aespectfully,
The First 1Tational Bank of Crandon,
- President-,

Cashier.

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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.

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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
following matter is referred to you \ao
Chairman, Committee on
Member,

iketter_from First National Bank, Phillips,
Wisconsin, dated July 15th, stating its desire
to be transferred to the Chicago F. R. District.

Assis

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.

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Federal Reserve Bank of St. Louis

4.0
•

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.

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.

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Federal Reserve Bank of St. Louis

Yours truly,
First National Bank of Phillips,
By/47/4-(__JL„Q_
Cashier.

iaciw
‘,4400

144.14

F,•.; ,

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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

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Federal Reserve Bank of St. Louis

Asking your consideration of this matter, we

Sincerely yours,

President.

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Federal Reserve Bank of St. Louis