Full text of Records of the Federal Reserve System, Record Group 82 : FR Banks: Location (1913-Apr. 15, 1914) Part 1, Box 591, Folder 7

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Federal Reserve Bank of St. Louis

•

Form F. R. 567

END
KIND OF MATERIAL OR NUMBER

301.

NAME OR SUBJECT

Location
FRBanko

DATES (Inclusive)

1913 ....

PART NUMBER

Part 1

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Federal Reserve Bank of St. Louis

SHEET

Apr 15 1914

April L3, 1914.

Your lettur of A•oril 11 to the Eocriatz-Lry of
the r.jrcao.irj -Las bet,u feforrW. to this office for z2ttenion.
IL reply

tcice Dleasure in miclosirc

stataaent silo-dine an analysis of the votes cast b• tic
banics of ':,.isconsin, indicating their first, cocond, r..111
thini choices for tile location of

Pederal resetve city.

:..-CCrOtCr7•

lionornble Jean
17Ach,
ilouse of Popresentatives,
'.•;acilincton, D. C.

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

nclosure.

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

FIRST, SECOND and THIRD choices
of rational aanim in luscorsr: for a
FEDRAL RESER77. CITY

21rst
Chicao----------------- 09
—
Cleveland
DubuqueLladison----------------1:114.-mkee----------= 1.
flinneanoli-s
New York
3t.Lolli3:;t•naul
7
1
Twin Cities
'toLoult, cr 7linno::1.i,o1is110
Total

.:ecrn
17

23
16
1
1
9
1
73

Third
11
1
1
1
2
22
1
3
7
gl
1
54

SU RP.
2.000.000

CN11402.000.000
DOUGLAS H. THO
ASSIDENT
t:RE
JOIJN B. RAMSAY
VICE PRESIDENT
CHAIRMAN OF THE BOARD

WILLIAM INGLE
VICE PRESIDENT
JOHN

Orrthintt5--AFtrritartitg Natiattat 1,6antt

B.H. DUNN
CASHIER

CHARLES HANN
ASSISTANT CASHIER

J CLEVELAND WANDS
ASSISTANT CASHIER

1,,Gattititttrzfifttr.

ROBERT A.WELSH
ASSISTANTCASMER

April Seventeenth,
:aneteen Fourteen.

P12,10,1U11,.

Hon. John Skelton
Coil:ptroller of the Curreiwy,
Viashington, D.C.

My dear
You were very kind in so fully writing me inder
your date of the 15t1-. inst.

Since the moment of the receipt of your

letter I have been endeavoring to find such - ime in which to make
reply aprroprinte to your suggestions but believe me the days simply
are not long enough as obviously it. must require more than a few
minutes in which to not only express npprecirtion of your letter
but categorically respond to the points you raise.

I shall, try to

save an hour or two from tomorrow's ti:. e, Saturday being a half
holiday, in which after the close of active business I can find
really the only opportunity permitted during the week for real thoughtful work.

I shall then write you v letter, I meanwhile feeling that

yourle+Aer required acknowledgment.

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Federal Reserve Bank of St. Louis

Very truly yours

your ...‘••••ttur

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

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

71006 19011 to
Coo 00410,4 41V, latrolt4 4111 the emktiwl beaks of
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:ifty por vast the Netuel
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.4.

lYnk4 M thia 1111
jeurnoy
within
;:"stit VA,
Ak that tho
::.,Aione
1•U!:11$
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:
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tr-ao
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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

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togA I
to
wh1h yu:;4714v,"

April 15, 1914.

Ur. Inglo:
h..tvo jour .a.ottor of thc 14t4
r.,11:1.sona
ai..rtion of the
.4or&t ,rcat
.tbraorci 43
4 rii.Z.
:IrStitiki
hr
:a :
Oru4niAation Coridtti: L13
:.an) for this Tintriot.
!:',0),eit of
thL) ocatiz,Ti Eta
. th.,;
thc.:•;•i zero .1“::,t lorth iy tho
ittaol3 t:a.t%-zot of tho iti.i!aritat.lt;
it ',ma not
e.;It
ooroU. hf1y roforr9a to* un..1 othor:.-:1
nocoo”0.ry to brill.... .3‘ot in that st
I j;o nut bolicv. tho 9t().:Iont t%v.t tho kwinoss ro.i4tiz;ntl cx.11Abotilaon IrylAna a.itho ta0 Crolinla,
tho two
moro 1ntimato and ratonkdvo than botwoon Vtrint.
roLin,Tho two CarcIims fJtronf:ly dooirod to doll 41th nichaio1:4;
. ory nmat majority of no.
'0ankts of Virginia ,lodIrva to
with Ilieisoond, ;Ana thoir V1641 won” entitic/4 to opeoll conoiieraTbs. Capital an4 Slxpluz of tbo national brml%a a 7ITT;ini::4 oxoodtion.
ad thi.) CitAl and Surp11)41 o tu
nk.0 of MAryl,'.t.n,I. nur:Aoro,
in t'int reisDint VirtiniA
con3rltion. Ti
o.atit'lcd to
MYptaits in. t1.- Virz;iniA banka
laraly in ancoa of tho
Z'244'.11 4M1
11,k111 of 74aryLni.,
114.1t1=oro.
tr.oL*ana Q111 Dilw4ont9.
roon hv. OL to ina.fwt tMt 71rf;LA:A., 14A000 population. w,
rj t4o0 th..:t of Mar7lv14; 1/21w30
xia.; mire than throe tir; t .t. a Tki.ry1J-na !lad ahosa
rvwouroon ire largoly
0: Ulryland, .ohouLl m)t bz ivon rrefol-in0c4
ovon if all otrwr
4or,3 ovA17

Dut ct7:w:Ir thirditzs wcre
i
by
On -an Imprtial ballot tk
the. Troury Dopartmont (I do not refor to tho ballot tAkan by tM
.;:1.11'To of both tiw °AroTtichnond 43no, or tho 111.0:1!:ond Committoo)„
llnaa stro.tv:ly law:4'nd Itichnont„ ao onocod
Blitl'eDm.PTh5 figpro3
w)crol by thit DopartmInt &hoz/ that no loans tall() by tho national b,nkg
71i0Y...xvnd in otivx tufts of District No. 5, exc1v4ivo 0.f Virzin1A and
Mar;L..ad, amounta to
melt A4 tho
mths
tha natima
fiE1i- i7a 11,4timoro and 7.Altiima2n o91144,12d in tho wr,c DiArict.
3!n4A
have you to ex,
/ to thia?
In viow of the's° :totoe.d.rs not tho
whioh you nadot in ono of tIlv Baltimore, papers a £
o manlleztly
unjuat and unfair?

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

/14,14
4/V.

(41ci
,„4,44

Yo. t1oritilzod the Daprtonf Zr ovitUn:: to oirrk-4ro tho
ritto btAni trnot comlAnica of D:%.itimoro wit,11 riic4t4on,:t :An4 otaor
Comitto08rcrto; April AA aAa vix,.lony.lallo by
teb;.i3c, roTormd to in tho Iwort - A, 13, C0 7), 1; and
zavo
eonipariaon or popIALtionp nulmor o: tx‘nUncttttLo
z1
tlwir ozLi7;ital
. .1„ ingivid=1 c;,4:oislto WO 104113 And ,Ii::;ucalat
ol a.11 tho thirty Jov.,11 citio whio azkivl to to ao4losatel ao tiv oa:;tkia 1or rodorA, 741Qtv:xvo DaAo,„ti t4ble zivoJ to ab,ove 112prc)3
au to 4,4 4:taka - both natixaal and utAtc„ 1ncirAlmj, truiA oampa;
(L4n t:Yv. juuti:y your 71ttmont fU.,1 nk2 couAriaon too gla4a
GortpwAl
,n4. otAtu 41a4,

wore r;ivwx :or Junk)
?howl agtir
1:1tmt date for
whi44t thin
114v3 boon ci £J.4L anaLnt
rwArtina 1,4a,aka. ?hia
otin la zotUn up
coUrt.bortin
Qf
ioroAt
::vr; t1:4 Cotro-or of tle
rouiva tho MAtzi inutliono to okofitc47; rrt; .1roo.t t5 hi
:t,ru J14(14 VL..t t4o par o4pit.3, 04iit1
::;rpluc; o: ti1.:.1t1r4ro 410Z
4S0 only !IW on thQ
‘Aqlti<med„ ac:11ct
ior Riononl.
ia4L:Luaticins

.10.0010.10.011.1
,

LtL ,
tlp,n 50
.

In Llaivi4wt1 L40oita, tho MIltImoro
invtlt,-fiowo, on *count
vi tu1:417,e Aviloaltu in
banlv.a,
ot
pot
Qatit ahead oi niehnonit„
,foll t
. uolaa poLL'S1 aa I Uo, flIz4t thow3
Jap,Guits., no
Y6:
'
7-tha o.erct. fliInattArl::1
th,3 Diatriot
zoncorao4,
pr.z.ofically ar1øiiu.nioao
LIvar;tv,1
i.13.y itirt.111,Ci;y..a StAti
r.11ro .1
in f;;;e n'orth and Raot ;, 1111 *net, 30
1. ;-!.0 in the South, will aro,niA uaok;
to
ly t7i1 4cAnandu for iu.it
Col. the ownliercil inforo
cl
th.Q Qoution.
nAttor of fag-to tho table to '4:11,011 I rorcx vhoaa Lwi6ne and DinAz
coutt of 111 tho bankluc inztitvtiom; in 711titloro, 1uolu4ing Zt.,tta llanL,3,
inittione .
..mi trust oom:)unioz„ ,tu ic.L v.0 m..tionAlnko„ alint
s :a l'oJr cA:lta, attiwit :.19, par 0.11: in 111014,13nd.
to aaly ;
In ot1z11'
aonlf;, Loavto ctul Diazonnta ',7Ail0 by tho b:Ankz$ .And trtmt clniaz o: Maio.
,01%ntol to al pr cont more than tho:;43 of tho bai;l:ins i210,11ttio:la
c‘t .D.;-ltincIrci.
Do yau think
11:4to fAir to 4-,../,1 ovarlookoki t:.;0 :1Q,r0,3
I..it yvar itoor oritIcliam?
,.Ao Orgaiztltirt ComAttooto rrt 31ao
ahoacp thxt 1:: thAn .1. .io,r ont of thv to'z1 loar,a 01 thcb, a.:tional bi..,ilko
of alltihore wcrn3 beirp; :ait in thi, thirtaan Zoufil..L4rn St:Afou, an:
atill
7,12,11ar 1)m,x4tcl ia tha IouthQrn C.!:f4; ,7,nimaal in Diateot :To. :i.
) 'oi ILv:; nAtioAal btnka of 11,104zmi in tI
/4 d1W3 loAns tio ,
outhr
1'..Acta
ro.ttunt. to ,ork., tan Lour tl!;',,,u, ut moll a tho lolaa v,,Ado in tivl
12at;.L%tie by tlwi 1.1.!Ltiol 4Alcs or i71tievro an 7;ahirOon coi,ALinod. In
Lot, t:lo. ,orn at_tocnt5; uubiAtto to nio DolrtL..o1;/4 tt aa o:: rolimar; 1(;„
1014, :Jhoa tiltt tiv; not:ton:a 'i,A.nka or 111(7.1.m ;o:o lenliw: in th_o tirton
7otAthorn 77ttOtSAmi th dto name4„ morY; uioney thaa act beim-, leanol on that

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

date by %he coe.ibino ntin1 bamko of
and Cinoinnatil
44=1„.
--a-trQ-c

ChicAgos BootGn

From
to 1913 tiv,; oft,it,1 n.iaurpluo of th.) naticrnal
o pori,)4 th.G capital
coat; zrt tho
icitn:at inora,acAl 2I
atr:.:Lug of thraticnal bank:: of D..1.1ti,%oro incroased 1z
xv cont.
i.aoctmary. for thitsowaito rolativo VtAteig„; al inI
cro.A4o to contime for piN yimro nor.::. for tis
An
urpit of
AianonO-to actually 'xout.: thow of tho City of Daltiworp._

In thoir 103X13 'and d;lcovint3 from 1X3 to 1013) the wtional tg,.nks
of PioltNona incromq .207„ whil.:1 Paltinerz ba.nk::: incromod th,....,Ir lcri.no
and diocounta duzLnr!, tho so poriod 35 por cont. lo a nattor 31 :ot,
tho actLoil Inoroal,pa elicit t,.;o1r, place In tho loan: and di.3countL of tho
intiore41 bnkft or Rio4mond Iran 1?,), to 191 ox,leodf'd by n3a.rly fifty
par tAit to actual incrzauo 'la loan and al4Zwiztt; :Itule by tho 'oata in
alltimor..) in 4:11;.; saw fnlod.
Th.r, it.g.n.n.c.3 •Ini JiJCOU112.1 of tel.x 241t1morc
in thz:0: poriod inorsed ::15,4810(..,00, whi'o t.:115 loi-lui z.4.-al ,.114:cov.nt7;
of the itio:vaona bakm:-.0 ineren4od 4t.,;3,360000:11. / 'no notr4U inorea.uz, in
t
'
l
iAAAT-Ial de:twilt2 ia tho ton yolx poTiod in the; lichvmd
Ur th,:*,n In t40 a-Utilizer-a bP.1.nkq durinz tho 34‘1413 porioa- t11.1.3 inr:ro0 il
ilich,a.or,t1 bain2:$140.V:';',1,000 il...r.1.713-4; 42356,000 i.n Illaitizr.oro - 4o ti.e.t y u
,ii...,1 ob.-,-,rve tiAt tit:, grli4 intr ii.10 in iliciuona in not c.nly r,•51;:.tivo but
aatuv.I.
In other worts, tho baainz iTs111,1sgi 3f Rickionai
an
ad 1e 1oJ•'
t&th
tor tn th(: bankiac bwantzs

as boon,

Come.A.Itteo dia not
awssJ nnt indor...o the statement ahii:;11 tho
zioasoro croalt you -,:1-441 nakik; '• 1A11c1y to ;,;::..yor Prestona few 4%7s
.ago, in sayirk;', tIlat the IMOIA020 3f BAltimora3ilUk1,44* bnt I 4o b*liova tiv..t it ig tlw; otrwl kylpres4if:v or tho ColzAttee that t!.,5 fl;rc,0
%lc) not icate that thi.3
mch Uv
or flt
Ivo
the Iyoltincis
ttlin ILAti ;;rtt.y boon
true for *avoml yt.NAre put.
1141, to tM ralationohi; o:dotinsz bot13.n t
of T.L.."'Alt:L‘oro
m.ioi banko in tho Sozthil
t
44v; eo you tot thit it ,vorx
aigr.111Alat anl indicativo of
pr,Aorence that th itioUJ tho
Zo13thornOtA4x3 killouldeArryLxcorb4e92LiT,IAL
49_17.3449.1);1-113..9.1,Ptiohon4,
4.11an000 41.11'
o COM Qd AS ft of their rozorvo, t
ti
Try iIi JO11,1),YiOrial hliku Tr—glitirsere
Do ttm tldWz: it 747opor to ieor th fact tluts azlio fromother con1.1„;.ov"tifme, nichmAalo
xv,p'tin1.1
6ULCO it It 1-ro cosivanient
loaAicn for nor;t of tho banks of the Di:3tricti than D‘itimore? You, o:
coufJo, :n1A7 t4xt colloctiono :,°,3nt by ui1 from
2ortio or North tod
nioAloni In tho er1y
rnin, in tine to bo
t.1 1 o tliolr rfaceipt.
Yot. al2o kno.
:•.uch of this 1:ai1, if it
;;Ilauld koop en to rilltimoro inato .d of boil-,:; otoo..1 in Ilio14-iond,
not '67: clotrod thQ day of ite roccizA And that thor• ou1a bc a lona of
oz. ot17 0110 4A7, and in may canon a less of anothor a:ty on tho oturn.

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

A3 to MAttrie
•t
Lii. ov,to ban o in nw,rly ovry :vArt of thn Diatriat mroitflono nightta journoy of ti 1.7cAloml 11)rvo 1.1u.1tk, ,:. 114 this
D yo,,A think that
will affect a very atorla oaving, in tiDo and 1,notion.
oatt3r, .itca it concerns
the eavng of t4:ky0<thwJe ilnks la
conciornad?
so 1:4ra
Ivoortioa of tho
1;NArt:oretoro, the.A omittoo d5.d not tk it rth1 ew .c,31..n.l.blo
l'Zia ,,,..tlraz of ikwil
01T.ce tiros' roriorla rte,.crve P,0411ea.) athin (.4 iti:AATICI,
thor
York, Philadolphk.i.
.1 3:L1timore
t.:irritors :Are-telt-11r
eir aovkanwr
i1o3 to the t.loutha3rd, covorinp, a .. .al' pa114.44d
r..1,r4dly zrovilir oactiono cra.-..tly- in need of pro or baniin I i.. t1alla
ont,10 mid 71+,11113t . Toaarni rie,3:1c.rvo
Tbv..)
dow,
aot •:o.11.1.. rm that tIrt.i; ciould Ittvo hocal rrilad au LI. fair ann.I
Aintrit-tinn of thotw
stzgo:Ition haz Itam niIda thxt it wordd have bc11,n better to
atmill.rtt. alltioru and Nryland to the Philaaolphi- Dxit, ratcryl. thaz
to th:rf Riciaand Diatriet. ..:;.altilmore,,, 3owver, had prpr...;naatea that hor
trmdo and bucinwo intorento wore iv.442..:iay identifio wita thc Zulltil, and
in ,
ew of tin..? A%teu,ont.6 iaWe 1.-fl thia conaoctien. tho IIGrvc 2
1 -,tri.;.!.. Orgnizatil;
. n Comattco acceptua -thodo attt4vtc.n',‘.a .:,,;A trtio., -1.1r1.,A a*ataatAi i'.;:-.o.:t it
401414 ba a lac;ro nAturai Lairpment vo •f4.,.z.f.co D:=1.timoro in tita rcs.dur.-U nl.::...orvc
Allstrict whi(.ill embrateod tA0 t!.1:...,t, of Virv,ini:....„, W0,:.7t Thruivli*o. North and
Solltit CArolinm, mthor timn in th., Diotrist includin i.torn Pdanaylv!alla
all1.1 Nv.,,,. Jartlo. wh*cK!, bankat rolti, - ara certainly more irtto id.th
x. - rtharricro, Baltimore diztinctly ar$
P11.1:i.101„:,..itia th:ln ‘lith a.;,Lt fimore./i/• A4
uno;-ivi,vocally .•:,,,:',...iiia....k. :')1;:vi.2
.
(1.12.I. mAtrict which allould or.htivgi tia
..1..v.%nia DIJArict.
Ifirr±"dtto and av-'..1, C.-:.4.*cairn, mtior tait'a La .1-;.1w Ntil.ni4
.
a tho, briof 13.1.-oa 'by the nnattv.i.orc, iiannit?Att myzi:
kno..ilod':o
4iti;
'It iz t:
blzt mtur.:;.1.
o
0
bitioz and 110ed
f
thc) fil.t:%reof ito
in t'.hArtior \lavo.loprient sf their vet reaourova, ahoula iioL
to contInu-:1 the relv.tiolI:hiT; as I.tin°' oatCaliche4,
2c1.,lomrc Vlach oul ba :oorellitted in Cho 1.1Iont that 7odoml 1.1ot.,evu
B:Lnk 4o thivo ost:VolilhDj. As the
at of wIch a ULIA. the City
an4
invest
it riut7441,
vmultImorc mtura%ly continua to
oJora in diroetiJm IA_E121_0111LL.p 4mr,1 accustImod tr, en?loi_14_
than wold bc the cee should it cl0,41.4.ncee an! )u-dncitto connocti re;
o o tor and now ol
Tito CortAtteu talt gully jw.3tifiod in Intorprotine*, tha3o r3tatminto
raaanint, that 11391.tinercs n imuld zrc wtur1ly Calltinrain ita buLlineaz
rol.,:ttiona with thce
tutracod in District No. 5 thn 11 niorced into
rYthOr 2.2131 now olrannala.ft
flUiy, 'jr./111o, Daltillorota ,t):;itio- nat thia 1%t3 dato in oyig
for.aarU and i3ayik, thxt it difl not - 4:F.nt to ho incIrtded in a Diatrict
b=4;ing thu two Virginias aztd the tar) CArolims, but would. ?rotor to be

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

"5ii qlth Philo.dokillA and the Zt-.toc z.;1. Pon:v4,1
71nia an4 Nov; Jamey,
la ,xttraoraintr7,
a Iittl
to ImThrA..1.na.fifriLo t;iti
do;ir t bo inoludod im the PonnJylv
anis, Di!4tricto lot 1,e C.U.
tint t thto;-;-orrt. statmant
recently stavslittoa
Vila office to to the
i,,eotnt
ici t311.1.ticro.1 1..)Ank!J
Br.:41tini.vra
iv,41 ontateavting :A.'S Of ret"oruary 170
1144, in all.terent
razio
agurao 4mrkl.in1y flo not dun; Pvl.t t
rtl-„I;)171•041i of the 7351t.4o4r
vt3o.1 to any ociwiaerti.W.4-2 oxtont fokr th
oNnitaoL,.tion of bit.m.u,
rtazarts or other hwinoa.3 non., 111.thSt,.
1.4“;Tzof Py1a,DDlawaroo
or UoWeroey, for the total 10-.n3r4ti
diaolunto *Ado
tho tiftwn
Auttiontil L3nYirs of " s- roit
throtl 3tatos on
bmt
ry 17, 1914,
.e.:mtittil to 13
In or ,te: than 1 ?or Oin17 u it
t4.4.
4
of
.$79,335
;)(21.A.z.;; loJ.Aol to banks in P41:!Lc:473.V42-14.13
Jw:43: yr Dolalaro,
'VA() b.11,
..noo to inaividuals, corporAtIonu
otLorlt in thette fit7Aes.
It tait nmtura, thot 7altImoro. ahoulci
tool ii0140i
it bolnc
oi t11,
3 t7lenty flvo
t2
4ich wore not 43looted, rthGr than or of
tho tolvo Alf* were aolaotoa
tho 10.,IALIm3 :or rod,.ral
R)aurvo 1174,
:Jut naatimoro hfxrdly taeoma to mo to
be 1.,t1fled noti In piotz, :J.Ack upon tho
ahitth 3ho 31 bolcUy proQ,;,Intod in tt,:.1,/
1
4inz
a9,n‘lin
hr ro0.1 intorosto artl trade relatione:.1
1.4
.A.ro
with
PhiL
ldolphia
ada thAt I3trt, rithf:r tl.an with Virclnia
ara.1 the othkx
tcoa
raim
zed
DA,:striet No. 5, with ,,11.01,1 ,he had proto
f3ta.i tt Lurtuzint,Jo rol
047.1ti COlaiT.4rOilts3.
ritlanCina itithi wr
o ztruorlimrily
intito
anti exto;loive, and to hitapotion oho
olainal to luvo bean tiourid by oo
nany tit a of !!'ri.x..fl!Thip ant).
av .;411 au zoweparal
Upon f1,3.11 r3ii,- ;otitAn, I Qnot help feeiir,...
IL.t jo..t
rlist) that
9:11fliors.,;.14 iltutuat:ik;.tion2 tf t
oti*n of t713 Ormlization Couzltto44 and
waoribo
tv moti7e3 f6r
favor,
poli.l.oe, are unlixot%I..n.11 unaorthy of
tha
inte
alic
ance
1:1:1-1t oarr'.2 of 11.1nor widch "ruxa
ti1y c
Visa.; tazzino.74 non of
your 47,rxtt ziblatorio city.
1:7;.,
•::cx-vorstV.I. latter 0441,1 not tor publication,
but I %,n.w..,t you to
have th4-zia 1:Act in !.4nd lvforo the *inl
igratiorto fliciatinG w.I-Lio:a you ta,Aviso
sto ix., t b$
Rtltinora thin

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

Tours vary than

/ngle,
Vice Proaidont# Wrchmntti-Uot:4A.nlem Nhti
.m1.1 7,10.a a
UAryIand.

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

•
•

A.)...1"11 UT, Ic.:`.14.

noar sir:
11,:lvo your lettor

th,9 11th ir.simt,

to noto tT1:-..).t the wor::: or tho
P.oz.lorvo 13an: Ornnizati on (..,-,';nriitteo
neet,
F7ith your approval.
Tor0 very trvly,

(S;gned) 3. S. Williams.
4-1

tie/s;
*'f
*

3. C. ZItttl1.:441,
Iltio11.41 Bank a ac,rry,
berry, S. C.

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

Mairei.te:4,,,
*a4111
CAPITAL

$ 2 I 9,750.00

SURPLUS

$ 550,000.00

ESTABLISHED
1866.

-2
13
Xl/"
.

I-

WiMeid

:)/fiNi/

April

151

Honorable Jno. Skelton Williams,
Washington, D.C.

Dear Sir:We thank you very mach for the
report of the Committee on the Reginal Bank,- it
appears to as that it is unanswerable and conclusive.

With best wishes and compliments,
we are

Very truly yours,

President.

CAPi•

•
AL ,02.000.000

SURPLUS 52.000.000

V
DOUGLAS H. THOMAS
PRESIDENT

JOHN B. RAMSAY
VICE PRESIDENT
CHAIRMAN OF THE BOARD

WILLIAM INGLE
VICE PRESIDENT

JOHN B. H. DUNN

Arthartto-Airdtartiro Natinnat

CASHIER

CHARLES HANN
ASSISTANT CASHIER

J. CLEVELAND WANDS
ASSISTANT CASHIER

-V
E attintore,

ROBERT A.WELSH
ASSISTANT CASHIER

April Fourteenth,
1 9 1 4.
Hon. John 'Skelton Williams,
Comptroller of the Currency,
Washington, D.C.
Deer Sir:Permit me to own receipt of copy of circular dispatch prepared by the Federal Organization Board under date of April 10th,
the matter reaching me covering your official cardiand to express
appreciation of your courtesy in the premises.

It would be trif-

ling with the truth to say anything other than that Baltimore feels
that it has been seriously discredited not only in our own country
but abroad as a result of its action.

In offering this suggestion

I do not for a moment intend to convey the thought that the Board
for a moment lost sight of the very great economic problems before
it for solution.

At the same time and with practically one mind

our people feel that in justice to themselves and to the commerce
of a City which for very many years has been of world importance,
it would not be proper to accept the judgment of the Board without
comment and in so doing seem to assent to the equity of the situation
as judged from our point of view.

It has, therefore, been arranged

to hold tomorrow evening at the Lyric in this City a mass meeting of
our interested citizens at which such formal protest will probably
be made as at least shall advise the world that Baltimore is still
on the map.

It will be the aim of those having the meeting in

charge to see that no intemperate language or otherwise improper action be taken, it being felt by all that both the Organization Board

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Federal Reserve Bank of St. Louis

No. 2.

as well as others of -461() Administration will probably
have more respect for us in so assertinr:, our convictions than were
we to simply
accept the judgment given as a matter of course and
altogether the
ti

o hive beer expected.
It is hardly necessary to add that the action taken has

in no wise -ffected my allegiance to the principles of the Currency
Rill itself and as heretofoce I shall in the future be dilige
nt in
endeavoring to cultivate a he)pful

ttitude towards the measure at

the hands of those who at the monent are not yet of us.

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Federal Reserve Bank of St. Louis

Very truly yours,
04

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

••

•

.•

;SkNintEW

a•

VAN W0111s1

INVESTIGATOR AND

BRANCH OFFICE:
NVEsiT PLAINS, Mo.

ADJusTi.:Ir
CLAim s
AccinuNT
171ZANC1i COM 1.-k:cll.]S
Fon
911 SYNDICATETRUST BUILDING

ST.Lou 1 s,Mo.

, Plains, Mo., A ril 14th, 1914
Hon. John Skelton
Comptroller of the Currency,
cashington, D. C.
Dear Sir:-Referring to brief but H.easant interview with you in 'fashington
some ten days ago, beg, first, to thank you for so kindly granting same,9,secially as it was not connected ,A.th business of your Deiartmant.
fl n my way home I had occasion tu stop, on business in my lin,
at several points in the Lortions of Ientucky, Indiana and Illinois embraced
in the St. Louis Reserve Bank District; and found bankers, commercial men and
the people generally therein very well pleased with the territorial construction of said District.
,hile some hysterical and unreasonable persons are unjustly comlaining over the construction of some LI the Reserve Bank Districts, and do
not sem to arpreciate.the difficult task the nrganization Committee had
before it, and the able and conscientious work it has
erharcs you might be

erformed, I thought

leased to knov, that there are/an-yea, very many,

who D') highly appreciate the splendid results worked out by your Committee,
7

and who are greatly pleased and satisfied vith,the formation and territorial
lines and limits of the various Districts, alwell as 4ith the cities selected for the location, of the telve Reserve Banks.

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Federal Reserve Bank of St. Louis

A.th nigh regard, I beg to remain,
Yours very truly,
?fa-

,Okla, April

1914.

To the Federal Reserve B.*
Was ilgton s D. C.
Gentlemen:—
This bank, having been placed in District
.
No. 11 of the Regional Reserve Banking System,
declares its natural course of trade and finan—
cial communicaticn violated, and urgently re—
quests that the districts be so re-adjusted
that it will be in District No. 10, with head—
quarters at Kansas City.
Bank
DigitizedOfficer
for FRASER Signing
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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

•
•

OFFICE OF THE SECRETARY
908 Colcord Building

OKLAHOMA CITY, OKLA.

April 13, 1914.

To the Bank Addressed:—
We have not as yet received from you one of
the signed slips like the enclosed which we mailed you
a week a,c) and asked to be returned immediately. This
is exceedingly important, and we cannot put too much
stress on the necessity of hearing from every Oklahoma
bank in the Dallas district at once definitely. If you
want to be in the Dallas district, please state that
plainly. If you do not, sign this slip today and mail
to us, unless you already have one in the mail.
We admit that there is only a fighting chance
to get the district changed, but we have good reason to
believe it can be done. Today we have received from
Washington a signed statement by a high government
official whose support means as much to us as that of
any other man, saying he thinks this change can be made
if the banks will all sign the protest.
It is very important to not only send this in
but to wire your congressman and senators, unless you
have already done so. Let them hear from you direct in
protest against the lines as at present formed, if you
feel that way about it. We have received 220 replies
to date, of which 215 have been protest.
Remember we are working day and night on this
proposition in your interest and intend to keep up that
work until we get a decision. So please do your part
by forwarding the slip to us by next mail.
Yours truly,

Secretary 0. B. A.

GORE, OKLA., CHAIRMAN.

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Federal Reserve Bank of St. Louis

••
PliCrtiteb Ztate Zertate/
COMMITTEE ON AGRICULTURE AND FORESTRY,
WASHINGTON.

April 11, 1914.

Yr. W. H. IaliTerce,
Vain], (kla.
My dear Sir:
T beg to call your attention to the ennlosed
letter which I addressed to the Secretary of the
Treasury on March 10th, last. In this letter, as you
will observe, I urged upon the Secretary the desire and
preference of the people of Oklahoma to be assigned to
the Kansas City district. I also called on the Secretary in person and emphasized the views and wish of our
people and our bankers to be included in the Kansas City
district. I adviced him that the established course of
business and exsisting financial connections would all be
best conserved b5i such an assignment and 1 assured him of
my hearty sympathy with this well-founded wish and
preference.

When I heard it suggested that Oklahoma would
probably be divided T stated to each member of the
Committee that such division would not insure to the best
interest of the state and insisted that if such division
be inevitable then as much territory as possible be
assigned to the Kansas City district and as little territory as possible to the alias district in order that the
express preference of Oklelhoma should be as fnr as possible respected.
Since the reserve cities have been announced T
have again represented to the Secretary of the Treasi/ry
the opposition and protest on the part of our people and
have requested a reconsideration of the question and a
reassignment of our state to Kansas City. I am informed
that the organization committee has not the power to reconsider the question. It is my judgment, however, thRt
the question can be reopened and reconsidered by the
federal reserve board when it has been organized and I
shall be happy to cooperate with you, with the bankers,
commercial organizations and the people generally in an
effort to readjust the matter and thus respect the common
wish and promote the commercial and financial progress and
welfare of the state.
With assurances of the highest esteem and best
wishes, I am
Very truly yours,

•
•

0
•
...HOMAS p.'GORE, OKLA., CHAIRMAN.

'AlCniteb Ztalez Zenatel
COMMITTEE ON AGRICULTURE AND FORESTRY,
WASHINGTON.

March 10, 1914.

To the Honorable
The Secretary of the Treasury,
Washington, D. O.
My dear Mr, Secretary:
I beg to hand you herewith two letters. One of
them comes from Mr. W. S. Guthrie, of Oklahoma City, President
of the Oklahoma Bankers Association, and the other from Mr.
Wm, Mee, of Oklahoma City, President of the Oklahoma Clearing
House.
These letters state that a poll has been made of the
national banks in Oklahoma to ascertain their wish as to
whether Oklahoma should be placed in a federal reserve district with Kansas City or St. Louis as the reserve city, or
whether they prefer that Oklahoma or a part of Oklahoma should
be placed in a federal reserve district with some Texas city
as the reserve city.
The letters further state that 95% of
the national banks prefer to be placed in a district with
Kansas City or St. Louis, as the established course of business would be better preserved if either of those cities
should be the reserve city.
Less that two per cent of the
bankers prefer to be placed in a district with a Texas city
as the head of the district.
Of course, I am in sympathy
with the wishes of the ma jority of the bankers and people
of Oklahoma and shall hope that you will attach due weight to
these letters and the wishes therein expressed.

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Federal Reserve Bank of St. Louis

Most respectfully,

•
G. L. MEYER
Ex-State's Attorney
Attorney-at-Law. Loans and Real Estate
GREENVILLE. ILLINOIS.

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

Af-e

•

JL-7

,rN.7 ./ ‘_,. , .

G. L. MEYER
EN,Siate'a Attorney
Attorney-nt.,Law. Loans and Real Estate
GREENVILLE, ILLINOIS.

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

••

April 130 1914.

15y denx Sir:
hnvelour lottr of, 1t7;ivi 10th ,taetskrit*
id rt

iyith intorct thx i

v,tork e the

AowirvozkOrgaliztn CaillAttf-Tv 1.,ouv.).orula
ItL;c1f to tho wil inNrmai
?r4Iii(iont of t1

axperiamod

Third Lctior:41 oL

,
40
4AOSP:10‘11.14.4Y,

Williex0.
13.
(Signed) J.

F. 0. Wmtto,
Prcnictolit, Third rAtioval nank,
St. T4,11u, MivccItri.

N91844.
INO.. 41i
•

wyrialt4wil
Capiial cum oea
4
B. C. M
, D. 5

,
4ESIDENT.

ITH, CSHIER.

T. SAN NO N, ASS.T. CASHIER.

John Ske3 t on Will lams

'
/94

Lf CLiRHE
Apri] 11,1974.

Comp.

Wash ingt on, D.C.
Bear Sir:
We today forwarded Mr. M.C.
Fal of t , Sec. Reserve Bank
Organization Committee re s oiut i on of
or Board of Dire nt; ors for
Stock in the Fe de ral Reserve Bank of
Richmond Ira.
Permit me t o c on.F•,rat u3 at e you and the ot
h r merfh,"rs of
y our c ornrn ittee on the wise divisi on of the Unit
ed St at e s f or the
t we1 ve Rese rve Cit ie s.
Rospect ively yours

BCM/S

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Federal Reserve Bank of St. Louis

GOkm)ritE

•
•

SIXTY-THIRD CONGRESS.
THOMAS F. KONOP, WIS., CHAIRMAN.
FINIS J. GARRETT, TENN.
•ADOLPH J. SABATH. ILL.

5fot/oe of Nerzeetttative 6).f.

JEREMIAH DONOVAN, CONN.
HARRY H

DALE, N. Y.

JOHN J. ESCH, WIS.
JAME'S C. MC LAUGHLIN. MICH.

Committee olv 6-..rpeiv&twce Oil,TuVic

JOS. H. RAY, CLE

62i/cokittiton, T.

vitcp

e.
April 112 1914.

Honorable William G. McAdoo,
Secretary of the Treasury.
My Dear Secretary:

.7-- P.-I

bI V

iiPti 1 1 1914

If available and not inconsistant with the rules of
ft‘

4
,
0fai.

Organization Committee appointed under the Federal Reserve Act,
will you be kind enough to send me a list of the votes as to
choice of regional reserve city of the banks of my State, Wisconsin!

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Federal Reserve Bank of St. Louis

Compliance with this request will very greatly oblige,
Yours very truly
,A:NSWERED
rt.\

R ;2, .1

•
•

SENATORS

JOE T. ROBINSON. ARK.. CHAIRMAN
HARRY LANE. ORES.
CHARLES E. TOWNSEND. MICH.
REPRESENTATIVES
JOHN H. STEPHENS. TED
CHARLES D. CARTER, OKLA.
CHARLES H. BURKE. S. DAN.

•
•

Cangrrssi.if thr Ilnitrri Statrs,
JOINT COMMISSION

R.B.KEATING.A...SECRETARY

TO INVESTIGATE INDIAN AFFAIRS.

11, 1.911- 1

Hon. John Skelton 'Jilliams,
Comptroller of the Currency,
Washincton, D. C.
dear
have received many vi-orous protests against
placin; the Uprer Peninsula of :-ic

c;an in the ninth 7ederal

Reserve District with :innearolis as the reserve Pan17.

_anu

-portions of the Upper Peninsula have no connection with
:I:Inca-12015s whatever and, in fact, I doubt if ary bank in
that part of Tachican has any relation with the banks of
:annearolis,

The ex-oress and mail service to :linneapolis is

very f,,00r and in some -awes none e::ists at all, while this
kind oT' service with Chicacp could not be better.

I sincere-

hope that it will be -oossible for the Board to readjust
t72.is matter and allow all of

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Federal Reserve Bank of St. Louis

to [-:o to Clhicar..:o.
aesroctr -'1:r yours,

H. A. FITCH, PRESIDENT
EDW. C. SMITH. 1ST VICE-PRESIDENT

J. H. KITCHEN. 2D VICE-PRESIDENT
F. W. FLEMING. 3D VICE-PRESIDENT

•0

•

H. R. ENNIS. 4TH VICE-PRESIDENT
WM T. KEMPER, TREASURER

DIRECTORS 1913-191.

R. KIRK ASKEW
R. BUTLER
G. S. CARKENER
GEO. H. DAVIS
H. R. ENNIS
F. W. FLEMING
H. A. FITCH

J. A. GALLAGHER
H. P. HARBISON
FRED HUTTIG
W. M. JACCARD
CHAS. S KEITH
WM. T. KEMPER
J. H KITCHEN

HOMER B. MANN
A. W. PEET
C. C. PETERS
L. L. SEIBEL
EDW. C. SMITH
J. C SWIFT
JOHN H WILES

E. M. CLENDENING, GENERAL SECRETARY
G. H. FORSEE, INDUSTRIAL COMMISSIONER
H, G. WILSON TRANSPORTATION COMMISSIONER

THE C0MMERCIAL CLUE
OF KANSAS CITY
KANSAS CITY, MO.
OFFICE GENERAL SECRETARY
BOARD OF TRADE BLDG.

April Eleventh, 1 9 1 4.

.Honorable John Skelton viilliams,
Comptroller of the Currency,
Washinton,D.C.
lily Dear Sir:The business interests of Kansas City are highly
appreciative of the good judgment displayed by the Organization Committee in selecting Kansas City as a location for one of the twelve
Lle-loaal Banks.
The Commercial Club took an acti',e interest in furnishing statistics aad doing whatever .;e could to assist in giving
information that would arrive at a conclusion based upon sound business princi2les.

Our organization held a celebration meeting last

2riday night and at that meeting we distributed an "Extra" of the
monthly publication which :, /e Losue, civin- statistical information
in regard to our )istrict.

• -,
uru
l of• good fueling i)revailed and

there was much rejoicing ins City.
I have the 91easure of sendin7 you under se)arate
cover a copy of this "Extra" to wiilch I refer.

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Federal Reserve Bank of St. Louis

I an, with great respect, Sir,
Yours very truly,

General Secretary.

CAPITAL t1,000,000.— SURPLUS AND PROFITS $ 600.000.

5tafetti-3'itiona1 iiiuu1t viOntalta
PRESIDENT.
M .T. BAR LO W.
G.W. WATTLES, VICE PRESIDENT
V. B.CALDWELL,VicE PRESIDENT.

W. E.RHOADES.
CASHIER.
G.E.RAVERSTICK.Assr.CASHIER .

R.R MORSMAN. ASST.CA.SHIER
J.C.McCLURE. ASST.CASHI ER
G.H.YATES, ASST.CASHIER

Ontalut,Nvbrallka.

April 10th, 1914.

TO OUR OWN CORRESPONDENTS AND OTHERS.
Gentlemen:We sincerely regret that the commerce of the two states of
Nebraska and Wyoming naturally tributary to Omaha and Chicago, was
most unwisely included in a Federal district so inconveniently located.
To transact business with the Federal Dank of this district is to follow
channels absolutely adverse to the natural flow of trade within the boundaries of these two states that are thereby deprived of the service and
the very benefits the Currency Law was intended to give them.
As one of many banks in the states of Nebraska and Wyoming
thus adversely situated for our own best interests, we are protesting
against the district thus extablished and are so advising our own
representatives in both houses of Congress.

We will be very much

pleased if you will do likewise if your belief and opinion coincides
with our own.
We shall do everything within our power to continue to render
the very best of service to our correspondents and all other banks in
our own territory, and to that end we earnestly ask for your co-operation.
Very respectfully yours,

VBC-H

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Federal Reserve Bank of St. Louis

r‘T

Vice-President.

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Federal Reserve Bank of St. Louis

2665
THE

-J -,
1‹ i\

r-hr•c-j- \If

BANK OF

TAJ
HENRY W. YATES, PREST.
F. W. CLARKE, VICE PREST
H. W. YATES, JR., CASHIER
L. W. SCHEIBEL, ASST. CASH.

Dear Sir:
Wyoming and Nebraska have been assigned to a district in plain violation of the text and spirit of the Federal Reserve Act, but no reading of the
law can justify in the slightest manner the assertion or suggestion, contained
in circulars sent out from Kansas City banks, that banks in these states will
be called upon to keep accounts with other banks in Kansas City in addition
to the reserve account at the Federal reserve bank to be located there.
Member banks are required to subscribe and pay in a certain amount
as capital stoek of the reserve bank, and must "hold and maintain" there certain reserves upon which no interest will be allowed. These reserves cannot
be lessened oil withdrawn except when a bank is in a weak or perhaps failing
condition. The only other possible transactions are in connection with what
are covered in the latter part of Section 16, relating to the exchange of checks.
Should a balance result in favor of a member bank from such exchanges,
It may be made available by a check upon the reserve bank deposited with its
usual correspondent in Omaha or elsewhere. The proceeds of loans, if any
were made, could be withdrawn in the same manner.
On the other hand, should it be a debit balance, it may be made good at
once by remitting a draft upon a regular correspondent that is a member bank.
The Omaha banks, in their efforts to obtain a reserve bank for Omaha,
have been actuated more by a desire to serve the interests of the entire country naturally tributary to Omaha than to obtain any special advantages for
themselves. The great object asserted in the currency law is the supplying
of a broader discount market than has heretofore prevailed; but the attaching
of Nebraska and Wyoming to this Kansas City district places the business of
these two states in a narrower market. In the country tributary to Kansas
City, a strong demand for loans and a higher rate of interest prevails. There
is probably not a bank in Omaha which is not carrying at this time paper
bought in Kansas City. Should the interest rate in Omaha and the larger cities
east, outside of reserve banks, be less than that of the Kansas City reserve
bank, there would be no object in going there to borrow, and this is almost
certain to be the case. Except in a general way, banks in this part of the
country would receive no benefit from the new system and the money legislated
from them would be used to supply the greater needs of another and more
speculative section.
We think it very clear that your interests will be served here in the
future, as in the past, in a more acceptable manner than elsewhere, and that
no possible advantage would be gained by a change to Kansas City.
We respectfully offer you the best services of the Nebraska National
Bank if we are not already favored with your business, and we believe that
we can supply special services which you will appreciate.
Yours very respectfully,
HENRY W. YATES,
President.

. O. WATTS, PREST.

COOKE,AssT.CASHIER.
H.HAI Li...,ASST.CASHIE R.
E. C.STUART,Assr.CAsti iEp.
F. K.HOUSTO N,AssT. CASHIER.
W.C.TOM PKINS , AuorroP.

THOS.WRIGHT,VicE PRE ST.

R.S.HAWES,VicE PREsT.
J.R.COOKE, CASHIER.

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Federal Reserve Bank of St. Louis

CAPITAL t 2,000,000.00
SURPLUS $ 2,000,000.00

April

1 9 1 4 ..

Honorable John Skelton Williams,

Comptroller of the Currency,

. Washington, D. C. .

-My dear Sir,—
We are returning to-day to the Reserve
Bank Organization Committee the subscription of this
bank to the capital stock of the Federal Reserve Bank
of St. Louis, in accordance with your circular letter.
I take this opportunity of extending my
congratulations to you and your associates on the Organization Committee upon the successful completion of the
very difficult task which you had to perform..
I do not
share at all in such criticisms as appear to have as a
basis local disappointments..
011ie, no doubt some
adjustments will be necessary after the system is put
into practical operation, I have no doubt that you and
your associates upon the Federal 'Reserve Board will make
such changes, as appears for the best of the Federal Reserve System as a whole.

Yours very truly,

- President -

•

JOSEPH E. RANSDELL. LA.. CHAIRMAN.
DUNCAN U. FLETCHER. FLA.
ROBERT L. OWEN. OKLA.

REED SMOOT, UTAH.
ELIHU ROOT. N.Y.

JOHN SHARP WILLIAMS. MISS.

JOHN D. WORKS. CAL.

WILLIAM HUGHES. N. J.

JAMES H. BRADY. IDAHO.

CHARLES A. CULBERSON. TEX.

JOHN W. WEEKS. MASS.

'"Zertifeb

JETS T. JOHNSON. CLERK.

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Federal Reserve Bank of St. Louis

,T3enatel
COMMITTEE ON

PUBLIC HEALTH AND NATIONAL QUARANTINE.

WASHINGTON, D. C.

Lpril

10, 191;

Hon. George R. Cooksey,
1;rivate Secretary to the Secretary of the Treasury,
Washington.
Dear Mr. Cooksey:I am returning herein the papers in regard to
the location of a regional bank at "Tow Orleans, which you
kindly sent to my office the other day.

I intended to

put them in the record myself, and to caution the reporter
very carefully not to mutilate them.

One of the Members

of the House had them printed, however, and neglected to see
that they wore not cut up.

They are all together and

can be preserved with no more trouble than in their forer
shape,

still they have been somewhat cut by the printer

at the Government •_rinting Office.
Hoping that this will not cause you any inconvenience, and assuring you of my appreciation of your courtesy,
be:love me,
Very sincerely yours,

•
•

E.0. TENISON, VICE-PRES ENT.
C R. BUDDY,VicE-Pgcswejly
J HOWARD ARDRE.Y,CASHIcR

U.B.WILSON. CHAIRMAN
R.H . STEWART, PRESIDENT

•
•

HOWARD P. MAY, ASST.CASHIER.
LANG WHARTON,Assy.CAsmica
J. D. GILLESPIE,AssY.CAsulep

FOUNDED 1873.

The City National Bank
CAPITAL & SURPLUS TWO MILLION DOLLARS

DALLAS , TE X AS .

.coril 10, 1914.

(Personal)

Hon. Otto Praeger, Post Master,
Washington, D. C.
Dear La.. Praeger:
In response to your night letter of the
5th to Mr. Dealey, and as a matter of information for you,
I enclose herewith some clippings which may have already
come to your attention', but in addition thereto I enclose
copy of a letter I have written to the principal eligible
State Banks, accompanied by copy of the paper containing
these articles, and urging them to come in now. From advices
reaching me, a number of them are responding promptly.
I have also secured the co-operation of
the Guaranty State Bank & Trust Co., of this city, which is
the largest State Bank in Texas, and is influential with the
State Banks.
I got them to send a telegram, of which the
enclosed is a copy, to their principal State Bank correspondents,
as per list enclosed.
In addition to the interview. I got
Er. Collier to give to the News, I got him to let me prepare
an article over his signature, for the Texas Bankers Record,
which is the official journal of the Texas Bankers Association,
and which will go to press today or tomorrow; a copy of which
will be sent to every State Bank in Texas.
On the whole, we have covered the matter
pretty thoroughly, and results ought to beeame immediately
Also as a matter of information, I enclose
apparent at your end.
please treat as private, from the
letter,
will
a
which you
largest Rank in Louisiana, outside of New Orleans; also a clipping
from the Shreveport Times with reference to the action of their
Commercial bodies. Mr. Atkins, the Secretary and Traffic
Manager of the Shreveport Chamber of Commerce, formerly lived in
Dallas, and secured his present position with them at my
instance.
I am sure the Shreveport Banks will give little
comfort to New Orleans.

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Federal Reserve Bank of St. Louis

City National Bank, Dallas.

0. P.

•
•

•
-2-

I might mention in this connection that the
Louisiana Bankers Association meets in Shreveport on the
14th, and I am going over to help direct the course of events
there.
It may be a matter of interest to you to know
that most of the agitation in Oklahoma is involuntary on the
part of the Banks, and is being fomented by the two circulars
enclosed herewith.
I might add, however, that I have received
nearly a hundred letters from Banks in new flexico, Oklahoma
and Louisiena, giving voluntary expression to their pleasure
and satisfac-6ion at being included in the Dallas district.
It is of course absurd to talk about re-arrangement of the
districts at this time, but if any of these letters would be
useful in relieving the situation of any embarrassments, they
are not confidential, ,Lnd are available for any such purpose
as they would serve.
Kindly return the Shreveport letter for my files.
the time the designation was made our Committee
sent you a telegram expressing their appreciation of your
generous aid, but I want to take this occasion to express
to you personally my gratitude for your unceasing loyalty and
, I the full extent
co-operation, as no one knows better -nig'
of the service rendered by you.
dith mu boat wishes, I am,
Sincerely yours,

Enclosures.

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Federal Reserve Bank of St. Louis

•
A‘e"AiL yo—c-c
-

9`.

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Federal Reserve Bank of St. Louis

•
•

•10
MU*

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,,,544414it
- t
CHARLES G.SANFORD,Prest.
P. W. WREN, Vice Prest
F. N.B EN HAM, Vice Prest.
0.H BROTHWELL, Cashier.
H.C.WOODWORTH, Asst.Cashier.
F. N. BENHAM JR. Asst.Cashier.
F. W. HALL, Asst Cashier.

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

3144rovitar# of tilt Unital. Statrr,

April 8, 1914.

Yr. S. D. Scudder,
Washington, D. C.
1:y Dear Ex. Scudder:
Since

hL.d. a corres-,)ondence with

you recently, the cities in which the 7edera1 lanks
tre to be located have been mentioned, and, as you
Probably "know, we have been included in the 3oston
area

hich is not very sat'sfactoxy to us, as :ou may know..

-cant very much to have the territory divided so that
Toast the southern lart of Oonn.,(ari
state ought to be,)is included in the

I think all the

Te\: 7oric: territory.

Your close connection with LIz'. Williams
_IL:Ices

IL7t

it seem to

that a

ord. to him Llonl: the lines if

Mov: Coo-at t]ds territory

_ish :you 7:oula use it and that as s,$)

:
-1Ls.vG

C's

some influence.

;oc-ible.

•
T

IRST - BRIDGEPORT

Cou kno
,ith 1To'. Toi

NATIONAL

•
•

BANK

—2ter all our Lffiliations

Oitr bunkers Lald the v:arm ,personal

acqUaintance 1..e have there that it

)0 very un-

"Jusine.3slil:e :lid very hard in every nay to have to
Lmll up all the ro2ts, so .to speck,

nd trw:,s-vlant

them somewhere else.
Do ..hat

c)u can -lon

will reciprocate so -a.,2 as

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

this line tnd

cLn in ;Jur favor.

Yours

'lice

FORM 447 1M-11-13

•
The Kansas City, Mexico & Orient Railway Company
RIIRKINSON, J. 0. DAVIDSON, M. L. TURNER, REIPIS4110

Kansas City, Yissouri, April 7,

SUBJEC T:

1914.

PERSOY.AL.
Hon.John F;kelton
C/o Treasury Department,
Washinaton, D. C.
T:y dear :Jr. Williams:I have noticed with pleasure that all of the Reserve
Banks have been located by your honorable board. I will, so far
my bank, the Western National Bank of Oklahoma City, is concernea, comDly with the rules of your board at the earliest possible moment, in fact, if it is desired by you my subscril?tion
will be the first, or this can be implied as my subPcription to
the caOtal stock of the Reserve Bank with which I have to take
stock in for the Western rational Bank.
I believe men of your ability will be able to handle
this matter to the entire satisfaction of the whole countrv, and
while it is indicated that different points are dissatisfied because of the location of the banks, there is no one on earth who
could have located them satisfactorily to the whole United States.
I trust everything will cane out correct and nleasinr,
to yourself and all concerned.

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

With kindest regards, believe me, my dear'
4r.7il1iams,
Sincerely yours,
/1 -

.ss
•

••-e

..„

00
(I1IrF1

N. EWA.

TII AM 1?ICANNATIONAL 1 L SNK OF MACON
fd

14
]

][A(:()N, GE 012C;Et
, rut:mint:NT
L.

April 7th., 1914.

1111.1XF:it.VicE-PRE.mm..,

S noo.o00.c•

IL P. 01 7.STE.i..,vicE-ritEsiDENr
E. G.SCOTT,CAsismi
W E./30ZE:MANT,A3T CASHIP.Ii

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

SuupLus
S 44_30,000.CM

Honorable John Skelton Williams,
Office of the Comptroller of the Currency
Washington, D. C.

My dear Mr. Villiams:
I enjoyed very much indeed
to the Organization Committee
given
the banquet
by the Capital City Club in Atlanta, as well
as all of the speeches made by the members of
that Committee. I regretted my inability to
see more of you on that occasion. I congratulate
you and your associates on the splendid work
they have done up to the present time. It looks
to me that the nation is fortunate in having
three earnest, painstaking and competent men to
handle the situation. The Macon Clearing House,
the Executive Council of the Georgia Bankers'
AssociLtion, the Macon Chamber of Commerce, and
several other organizations in the State, have
endorsed me as a Director of the Regional Bank
which is to be established in Atlanta. The leading
Atlanta Bankers have written me that they would
support me for this place. I have many letters
from Bankers in this and adjoining States pledging
me their support.
Don't be worried by the adverse
criticisms of disappointed parties. Remember that
if Angel Gabriel had done the work of the Organization
Committee, direful complaints would have been
registered just the same.
'Pith best wishes, I sm.
Sincerely your

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Federal Reserve Bank of St. Louis

•
•

11.1111..••••

April 7, 1914.
DII,Ar Ur1

alyth:

I hxr-.) your lattc:r of tile
4th inntant,
anl ar 1,3.ert3ed to no
thz.,t th#

woe,: tAte

far acconplithed by ilu;
r3401 1
. RoF,ovvc Liiak
Orpnisation ComAtttm =ots with
your 31,pro,31.

3i4cor,qy young,

(&gned)
ola A.

L. Wilitarom

:;:fti.t„ 244.,
a4tk o: Ooiton,
L4.atia„ Soutla Oaroiina.

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

April 7, 1914.
Doctor Jo:instont
Lam thankc; for jour te1ozrn411 of no
3rd inatAnt„ oxpre5ninn your . rprcy.st7,4 of the
work thl;o far ucconliohod 4 t4c Yodisea.1 PO*
lorvo rk=.nk Ornittion Coatteo.
Uncomly- your4,

Vv7il1iare1s.
Dr. Joan T.

Jol,naton,
Proolt, gitiona ilemiarvo Sank,

RAM

THE POSTAL. TELEGRAPH-CABLE COMPANY (INCORPORATED) TRANSMITS AND DELIVERS THIS NIGHT LETTERGRAW SUBJECT To THE
CLARENCE H. MACKAY. PRESIDENT.
TERMS AND CONDITIONS PRINTED ON THE BACK OF THIS BLANK.
IEOIVED A1DELIVERY NUMBER

Comt,-oller of the Currency 'asha DC

c ongratulat ions Oii—your

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

serve system

work you have made a

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Federal Reserve Bank of St. Louis

•
•

Arril 7, 1914.
Ir. Y. Aush(lr,
Pr',. Pompei!ai Co..

Washin5to,

Dear Sir:
By diroction ol Cou,?troller Williams,
I have to acttowledso rioeipt vf your
letter of the 4th initant, enclozing a
communication which tour

Thomas mailed

to the bank.,re and busirAss ,y,on -f Baltimore,
concernine, the selection of Richmond as
the site for the rsgional bank for District

NO* 5.
Yours truly,

Secretary to the Comptroller.

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

•
•

April 7, 1914.
Dtc.tr Er. W4do:
ILvie your tologram, and ttic pl000d
to know tint tho mei: of tho Vaaol
BAni: Orz7..Ani2,mtin

:1.'t

fAr

1"300iV03

your 4.1.,probion.
Sinooroly yourJ,

(Stned) J. S. Williams.
Fofi1n1 J. 0,410,
it,Y.orcv,t1lo True; Cox,ny,
St. 141.11110

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

•

•
•

MONDAY, APRIL 6, 1914.
LOCATION OF RESERVE BANKS
We have not seen a more sensible' Street great business . and financial
.utterance
.
on the subject of the loca-! centers of the country heretofore
little known there. this is its merit as
7 tion of the regional banks than that of
well as its purpose.
the New York World, replying to the
We submit that that is very neatly
- wail of the New • York Tribune that
put. The fact is overlooked by those
a ipolitical start" had‘ been given the
who are criticising the selections made
new currency system, as shawn by the
by the board that the prime object
locations given the reserve banks.
of the framers of the Glass-Owen curSays the World:
rency act was to wrest from Wall
Why Richmond instead of Baltithe
'more if not for reasons personal to Street control of the finances of
a member of the organizing commit- United States., The aim was to de,:tee? But Richmond was first choice centralize bank reserves, to put an
: of a majority of. the banks in that
end to Wall Street domination of re- district.
Why Dallas over New Orleana?, or serves and credit, evils which for years
do we forget the great empire of trade had been recognized everywhere, in
and finance grown up thereabouts the Street as well as in the most rewithin a generation?
Why Kansas City when another mote banking town of the country.
Wall Street is sore because the
Missouri city has a reserve bank? Or
is the fact overlooked that Kansas organization committee did not help
City is the distributing center of an make surer
the Street's continued
rea quite distinct from that of St.
control of the country's credit altd
Louis?
Why have tributary points in New neserves.
The country eventually,
'Jersey and Connecticut been cut off once the law is . working
smoothly,
from New York city? But complaint
would bd as great had these points will commend the committee far givbeen included and the upper State cut ing us a scheme of location which
off.
means a new "financial" start and not
If the new system as now outlined
las put on the map of the United a "political" start, as the Tribune inStates which must be'hung up in Wall timates.

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

••

•
•

April 6, 1914.

My ..21r Sir:
h.tve your lotto' of ttza 5th, and

am gla to ace that you :1,17,ro75 tho iork
of the Organization Comitt3o In itE;
tormintion of ,liatriota anl location of
Podeml 1.1wiorvQ flank.
71'tA beTt Athos,

Sinooroly mrs,
(Signed) J. S.
.•

E. F. Ominney„ Esq.,
Preiident, Tho Virat Ts4tionia Bank,
Kantm3 City, Nipeouri,

' •
•

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

••

•
•

kril 6, 1914.

Daar Mr. Turner:
have your 1ott,Jr. of 111

3rd inatant,

and am clad to know that you think wel. of
the work thus far aocop1inhe.-1 by the radoral Re3orve Dittnk OrgoaizatioT:. Committee/.
Sinler9ly yo-are,

(S1gned) J. S.

Williams.

U. L. Ttrner„ rel.,
Prooident, Weatc,rn national Ban,
Oklahof:o. City, Maahoma.

CUkS. E. SMITH

Smarm & HILL

CO..
0

NVNI. H. 1111.1.

NIERCHANDISE

BROKERAGE AND COMMISSION
OFFICE AND WAREHOUSE:
114-116 VIRGINIA STREET

WE USE ALL CODES

RICHMOND, VA.,

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DC et tiic csg).7,&

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

(lb(
rice/e/

mmrmi-L.

E-Aim AIR & HILL).

11 1 1

MERCH A NimsE

'I
FIROICIalAGE ANT) COMA,
0411r1rIlin A. NI, NV A nicki()t Trric
I 14

V Int./MIA t4t1'141.:147r.

I ON.

CALIFORNIA PRODUCTS

IrAJ31Is}I}4:J'1 ,•?r-r
NV lc

A IA.

RICHMOND, VA., December 30, 1913.

Gentlemen:-Christmas is over, and thoughtful merchants are now looking
forward to the new year's business, the outlook for which is most
flattering.
Our country is indeed fortunate now at the happy settlement
of our financial and currency system on a most scientific basis,
by which the volume of business becomes the basis for the currency
needed, and also by which the National Banks will profit, the more
new currency they take out.
Business cannot either stagnate now, or remain inactive,
with any such excellent financial system, arranged for the benefit
of all sections of our country, rather than the worn-out system
which the country has now discarded, and which was never of benefit
to any one except the big banks and bankers in New York, who were
enriched greatly thereby at the expense of all other sections,
and who had occupied the peculiar position of making the most money
according to the most panics they could produce, and which they
have always

disclaimed, but which all thoughtful people now admit.

We see no obstacle to business activities and safe progress
for the coming year, and we feel that we are all to be congratulated
on this prospect.
Wishing you a very Happy and Prosperous New Year, and hoping
to be of much service to you therein, we are,
Yours very truly,
SMITH & HILL CO.
Diet., C.E.S./B.
P. S.--The only apparent cloud in the sky is the possibility
of Government intervention in Mexico, and we are convinced that
even in that event business will not be hurt thereby, even though
Mexican intervention might be deplorable in the process, though
hardly in the outcome.

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

LEWIS L. CLARKE,

PRESIDENT

EDWARD BdRNS
Vice•IICSIDENT

WALTER H. BENNETT

ARTHUR P. IEE

GEORGE C. HAIGH

VICE-PRESIDENT

CASHIER

VICE-PRESIDENT

K. DE GUISCARD
ASST. CASHIER

ELBERT A. BENNETT
ASST. CASHIER

THE AMERICAN EXCHANGE NATIONAL BANK
N9 128 BROADWAY

NEWYORK

April 6, 1914.

Dear 17r. Williams:I am writin(:: you a Yew lines this morning in
relation to the lost Office account, and as I have you 1,efore me,
as it were, I cannot help but write a few personal lines regarding
the Federal aeserve Board designations.
T am not in sympathy with the public criticism
so -Far as Richmond and Atlanta is concerned, but frankly, T do
severely cliticize the New York designation where it does not
take in at least Northern New Jersey and Western Connecticut,
Further, I think the Committee made a mistake in designating
twelve instead of eight regional reserves.
As a matter of fact, no matter what designations were made, there was bound to he critician.
Faithfully yours,

T:on. John Skelton Williams,
Washington, D. C.

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Federal Reserve Bank of St. Louis

1757 4111110•
JOHN McHUGH , PRESIDENT
H.A.GOOCH,CASHIER
O.D.PETTIT, Ass,CASHIER
FRITZ FRITZSON,Assr.CASHIER

JOHN J. LARGE , Vitt'
W.L.MONTGOMERY,VICE PRES,
HENRY G.WEARE , VICE PRE ST
F. A .M CORNACK VI CE PREST.

WA;U2JIvr&M.K1WW.6
SIOUX CITY,IOWA

;ULNc y

pri1 6th.1914:.

30 /
Non. John Skelton Williams,
Comptroller

the Currency,

7ashincton, ''''. C.
75,r Der Sir:

I note that the Reserve Bank 6rL.z.LIII:ation
Coinnittee, of which you are a member, has made its announcerents defining the boundaries of ti 2 several Reserve Bank
Districts.
We aro'particularly well satisfied that all of Iowa is
included in the Chicago District, but a little disappointed
that Sioux City's territory in Southern south Dakota and Yorthorn Nebraska is not included in the Chico District.
However, I can personally, readily understand that the
Committee had a difficult task on its hands and could not
suit everyone.

I want you to know, that we

1,e very

haT)py to do all we can to the end that the whole plan will
prove a great success.
personal records, I am

Yours truly

.49

r)!•

POSTAL TELPGRAPH

COMMERCIi‘L CABLES

lENCE H. MACKAY, PREsIc

RECEIVED AT
STAL TELEGRAPH BUILDING

•

1345 PENNSYLVANIA AVENUE

WASHINGTON, D. C.

TELEPHONE: MAIN 0800

- The Postal Telegraph-Cable Comply (Incorporated)transmits and delivers this message subject to the terms and conditions

the back of this blank.

DESIGN PATENT NO, 406X/

16W-10646

40b1

printed on

wy 17

1038am
New Orleans La Apl 5 14

Hon John Shelton Willima
comptroller of the Currency, 2,eliver Residence, WablinDO
The present justifies it and the future demands that a Federal reserve
bank be located at NewOrleans

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Federal Reserve Bank of St. Louis

Henry Church

Form 2289 B

LETTER...

TELEGRAPH COMPANY
THE WESTERN UNION
INCORPORATED
25,000 OFFICES IN AMERiCA

CABLE SERVICE TO ALL THE WORLD

This Company TRANSMITS and DELIVERS messages only on conditions limiting its liability, which have been assented to by the sender of the following Night Letter.
Errors can be guarded against only by repeating a message back to the sending station for comparison, and the Company will not hold itself liable for errors or delays in
transmission or delivery of Unrepeated Night Lettere, sent at reduced rates, beyond a slim equal to the amount paid for transmission; nor In any case beyond the sum of
Fifty Dollars, at which, unless otherwise stated below, this message has been valued by the sender thereof, nor in any case ahere the claim is nut presented In ,riting within
sixty days after the message is flied with the Company for transmission.
This is an UNREPEATED NIGHT LETTER,and is delivered by request of the sender, under the conditions named above.

THEO. N. VAIL, PRESIDENT

RECEIVED AT

BELVIDERE BROOKS, GENERAL MANAGER

2212

55A Al 64 NL 1 EYTRA

,‘ rfl1 9 04
...- A

OKLAHOMACITY OKLA APR 5 1914
HON JOHN SKELTON 'IMAMS
WASHINOTON DC
ALWAYS WILLING COOPERATE WITH GOVERNMENT

BUT WE GET A SET

HAVE HAD BANK OKLAHOMACITY BUT
SHOULD
DIVISION1
KEPT QUIET DEFERENCE OLDER LARGER CITIES OKLAHOMA STOCK-YARDS NATIONAL

BACK ON THIS

LARGEST BANK DEPOSITS IN STATE
FROM BANKS NOW TAKEN OUT

OF WHICH NINETY PERCENT COMES

OF OUR SAME TERRITORY BY

\ STATE DIVISION APPRECIATE ESTABLISHMENT ANOTHER

BANK OKLAHOMACITY

OR LEAVE OUR STATE INTACTIPLEASE ANSWER

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Federal Reserve Bank of St. Louis

I P MARTIN JR
PRESIDENT

838PM

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

April 4, 1914.

Dear Sir:
In accordance with the instructions of
the mass meeting of the entire citizenship of the City of
New Orleans, I have the honor to hand you herewith coRy of
resolutions adopted by that meeting by a rising vote on
Adril 4, 1914.
An expression of your views on the subject
matter of these resolutions will be appreciated.
Yours very truly,
u,Agf4;, /€4trree,
CHAIRMAN OF MEETING.

Honorable John Skelton Williams, Member,
Reserve Bank Organization Committee,
Washington, D. C.

Enc

eic

06
ELLISON A. SMYTH,
PRESIDENT

WALTER E. GREER ,
VICE PREST. 5. CASHIER

HENRY R.CAMPBELL,
ASST. CASHIER

67 - 202

THE BANK or BEtaw oiv
CAPITAL $ 50,00000
SURPLUS $ 50,000°Y
UNDIVIDED PROFITS $ 15,000°0

BELTON,

Greenville, S. C.,
April 4, 1914.

S
iA1

Hon. John Skelton Tilliams,

Iknswered APR

7 19 14

Tashington, D. 2.
Dear Sir:I write to con7ratu1ate you on the selection of Eichmond
for the location of a Federal Pes2rve Bank.

This is very gratifying to your

South C..rolina friends who have be:n active in their efforts to further this
end, and we are much pleased to be associated with them.

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Federal Reserve Bank of St. Louis

Yours truly,
I

f's

)

THE
OMPEIA
4

e
[I

mAriK

MPOGnICD

RflNE

Og
LmEASuRE

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

We thought you might be interested to read
the attached letter that was mailed to every banker
and prominent merchant in the City of Baltimore.
Mr. Ingle and a committee of bankers, had
a few words with Mayor Preston of Baltimore, attributing the loss of the regional bank to the heavy
state tax on banking capital.
Our Mr. Thomas, as you will see, has taken
the stand that from a banking standpoint, Richmond
is ahead of Baltimore, and the selection of Richmond

PARIS

BERLIN

THE

OMPEIAN

N Tiz7lire
13
TRADE__

SUPERFINE FULL
MEASURE

WASHINGTON. D.0 .
(AMERICAN OFFICE)
BALTIMORE, MD.

The controversy between a committee of bankers and the
Honorable Mayor of Baltimore, as reported in last night's Baltimor
Sun, is worthy of the consideration of every progressive banker,
merchant and resident of the City of Baltimore.
The banking community of Baltimore is mourning the loss
of the regional bank.
According to the figures in the Baltimore Sun of April
4th, Baltimore, with a population of 600,000, has a banking capital, undivided profits, and surplus of $21,000,000, and deposits
of approximately $84,000,000.

Richmond, Va., with a population

of 130,000, has a banking capital, undivided profits and surplus
of $17,000,000, and deposits of $47,000,000.
Comparing the banking capital and deposits of Richmond
to Baltimore, Baltimore, having 4?i times as much population, shouL
show, in order to compare with Richmond, a banking capital, and
surplus of 166,000,000 and deposits of $211,000,000.

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

TtE4110'OMPEIAN COMP'O
CONT'D

-2--

A further comparison between Baltimore, St. Louis,
Cleveland, Detroit and Cincinnati, will show that financial Baltimore is even more out of proportion with these cities than it is
with Richmond.
Instead of blaming someone else, or tax conditions for
the defeat of Baltimore, why not get together and study carefully
the causes that led up to such a condition.
- Are the commercial banks, the trust companies, the
savings banks, and the private bankers of Baltimore investing
their own, as well' as the wealth entrusted to them, in the development of Baltimore industries?

What are they doing towards

bringing additional foreign capital into the development of industry
and commerce in Baltimore?
A thorough investigation of this subject would disclose
a good many facts, which the majority of merchants and bankers in
the city of Baltimore are not familiar with.
A great deal of Baltimore wealth, instead of being used
to develop Baltimore, is invested in street railways, and various
enterprises in other localities.
The natural geographical location of Baltimore is such
that it should rank very high as an export and import center.
Vessels of every nation should be anchored in the harbor of Baltimore, making it a leading port of entry for merchandise
as well as immigrants.

The wares of Baltimore should find ready

markets abroad as well as throughout the United States.

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

7411E410)
0MPEIAN

comPft.

CONT'D

—3—

This cannot be accomplished without the united asistance
of the banking community, and without a commercial leLter of credit
system, as practiced by leading banking institutions in other
commercial centers.
The April issue of Rand, McNally & Co's Bankers' Monthly
has an article entitled "Use of Credits in Financing Foreign
Trade".

If you do not receive this magazine, we will furnish

you with a copy upon request.
The new currency law provides for the opening of foreign
credits by national banks to the extent of one-half of the bank's
capital and surplus.

The State of New York has recently gone a

step further, authorizing the New York State Banks to open domestic,
as well as foreign credits without any limitation.
The Baltimore Bankers and the leading merchants of
Baltimore should get together in semi-monthly meetings, where all
matters pertaining to the welfare of Baltimore should be openly
discussed, plans formulated, and effectively carried out.
Yours for a united, wide-awake, modern, progressive
Baltimore,
THE POMP IAN
WST*DB.

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Federal Reserve Bank of St. Louis

E. F. SWINNEY, PREST.
•1-1. T. ABERNATHY,Vice PREST.
A.C. JOBES,VICE PREST.
C. G. HUTCH ESON,CASHIER.
G. R REICH EL, ASST CASHIER.
C.W. ALLENDOERFER, As* CASHIER.

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

•
THE FIRST NATIONAL BANK,
OF KANSAS CITY. MO.
CAPITAL

$1.000,000.00

SURPLUS $1,000,000.00
UNDIVIDED
PROFITS.

$1,000,000.00

Answered ApH

6 1914

7r. John Skelton Williams,
Comptroller of the Currency,
Vashington, D. C.

doar Sir:

There are two things I am thankful
One is that Kansas City secured a 7eThrll bank and
for.
t1::: other is that Lood old state of Virginia is on the
Of course Pichmond should represent that
financial map .
part of the South and I am, of course, ö.elighted at the result and want to assure you that I am ready and willing to
aid in any way I can in gettins. the system into woKing
order.
With deep appreciation, and my very
kindest personal regards, I am,
y yours,

iVIT\518113 JO

I
.

•
KANSAS CITY 01.14:A1{ING HOUSE ASSOCIATION
4uLb0j aaaiu

JEROME THRALLS,
MANAGER.

KANSAS CITY,MO.1-11)11i1 4,1914.

Hon. John Skelton Wil1iw.s, Comptroller of Curryncy,
Washington, D. C.
1.1y dear Sir:The citizens of ;:tansos City are proud to
receive the notice through the -nress that your honorable
body has recognized our town as the logical location for
the _leCeral 1Zese,rve Bank of district

ho. 10.

We believe the bank to be located here
will be a success from its very inception utrid we are
ready to do OVOTZT thine, in our power to make the entire
system a success.

Please feel at liberty to command

us at all times.

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Federal Reserve Bank of St. Louis

Yours sincerely,

:::."1;arCerff

POSTAL

TELF-.9F/AP H -CAB LE,

LETTE

COMPANY

RAM

THE POSTAL TELEGRAPH-CABLE COMPANY (INCORPORATED) TRANSMIT
S AND DELIVERS THIS NIGHT LETTERGRAM SUBJECT TO THE
TERTAS AND CONDITIONS PRINTED ON THE BACK OF THIS
BLANK.
CLARENCE H. MACKAY. PRESIDENT.
FREGIVIDAT
1=ti._1\ec.ptvINIuMErnyt

INDEPENDENT

COMPETITIVE

PROGRESSIVE

"i3nonf336 NL 3 extra
NewOrleans Ta April 4-14

7 -544

Hon John Skelton Williams
,Tember, Reserve Bank

0-,ganization Committee

Washn DC
At a meeting of the citizens of NewOr
leans held tonight the following
resolutions were unani-qously adopted by
a rising vote and I, as chairman of the meetinc:, was instructed to
wire them to you; now therefore
be it resolved, that the confidence of
this community in the entire
proposed banking system as a syste
m founded on an earnest effort to
meet the needs of the whole people,
without regard to geographical
location ur political affiliation, and admin
istered by impartial

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Federal Reserve Bank of St. Louis

-41111mmiu
THE POSTAL TELEGRAPH-CABLE COMPANY (INCORPORATED) TRANSMITS AND DELIVERS THIS NIGHT LETTERGRAM SUBJECT TO True
TERMS AND CONDMONS PRINTED ON THE BACK OF THIS BLANK.
CLARENCE H. MACKAY. PRESIDENT.
Ft EC)EIV

oAr

DEL.AvaFtv Nu

4483

heads without bias or partisanship, is
foundation stone; that this community

rocked and rent to its very
sees in a money power thus

utilized in its inception to Day political

debts and fore political

fetters a menace to this Republic far more overwhelming than that
which threatened the united States of

Andrew Jackson, and caused the

dissolution of the bank of the United

States; that this community

forsees the upbuilding in this country of ours of a plutocracy having
at its command the vast financial resources of the government, using
those resources to increase its power and to maintain its
sway, a
plutocracy deaf to reason, blind to justice, scornful of right;
that
this citizenship now rises to crush

in its infancy such an octopus

and demands without delay a congressio
nal investigation of the methods

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Federal Reserve Bank of St. Louis

TELF-GRAPH
"
46169

CABLE

LETTE

COMPANY
L.

RAM

LETTERGRAM SUBJECT TO THE
THE POSTAL TELEGRAPH-CABLE COMPANY (INCORPORATED) TRANSMITS AND DELIVERS THIS NIG
CL.AREKc H. MACKAY. PRESIDENT.
TERMB AND CONDITIONS PRINTED ON THE BACK OF THIS BLANK.

Feeoeivao

„13\,
11.!:

LII
III
III

{VERY NUMIBMFE

-INDEPENDENT

COMPETITIVE

PROGRESS VE

4-383

used and. of the influences brought to bear upon the reserve bank orge,nization committee, and a relocation of the reserve districts and cities
in accordance with the just requirements

of the business of the

country and. the provisions of the currency act; that this community
demands in no uncertain terms that the reserve bank organization
committee be taught once and for all time that they serve and do not
dominate, that their law is the welfare of the state, not the

welfare

of their personal friends and political allies; that they are an
instrument, not an autocrat; that they are not greater than but subser—
vient to the people who created them.
Preamble and full text follows by toniL;hts mail.

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Federal Reserve Bank of St. Louis

Martin Behrman,

Chairman of Meeting.

go,my

A3tiniffleibtEttx
R. O. Wunderlich, Mgr.

OKLAHOMA CITY CLEARING HOUSE ASSOCIATION
OKLAHOMA CITY. OKLAHOMA

April 4, 1914.
To the Bankers of Oklahoma:
Two separate and distinct finAncial districts in Oklahoma are created by the organization committee of the Federal Reserve System; the
one tributary to Missouri and the other to Texas. A careful study of
the provisions of the new currency measure in connection with the information that every banker in Oklahoma has concerning the channels of business shows conclusively that the result of this action can be nothing
more than a financial calamity to the business interest of the state at
large. Among the various objections that might be raised to such a
division we wish to mention the following:
First:- the principal agricultural product of the south half of
Oklahoma is cotton, and since this part of the State is joined with
Texas, the greatest cotton producing state in the Union, the district
will not be self-supporting for the reason that every bank in the district will want to borrow at the same season of the year.
Second:- Southwestern Oklahoma has but little business, if any,
with Dallas, and the natural trend is to Kansas City. Existing railroad facilities are certain to prevent economical diversion towards
•
the south for years to come.
Oklahoma
the
map
of
of
study
discloses
Third:- A close
the fast
that the proposed division injects financial conflict into communities
naturally allied and inter-dependent and so diverts the local trend
of trade as to disorganize established business interests.
Fourth:- The growth of strong financial centers within the state is
essential to its welfare and with our State cut in two there will be no
opportunity to develop a center of sufficient importance to justify a
branch bank and the two reserve cities that we now have, Muskogee and
Oklahoma City, will not have sufficient territory left to support them.
Fifth:- It is the purpose of the law that business shall flow in
channels and along customery lines, and the Federal Reserve
natural
its
appointed,
has power to make such changes in the boundary
when
Board,
judgment,
are proper and right.
its
in
lines as,
to
do
about it, not only as bankers, but as
What are you going
business men who have interests to conserve that depend to a large exThe remedy seems to
tent upon the financial integrity of the State?
be through appeal to the powers at Washington, who are there to represent. the best interests of no section but those of the state at large.
Such an appeal, to have et'fect, must come from representative interests without class distinction, and must be truly representative.
A committee appointed by the Oklahoma City Clearine. House is therefore sending to you this hurried call for action, requesting that you
insist that the state's boundaries be the same financially as Eeographically. This letter is to urge you to see to it that there is a full,
firm and concerted protest against the division of the State sent in
at once from your immediate community to Senators and Congressmen, from
the banks and bankers, the commercial and industrial interests, and
from the representative men of your agricultural and professional interests. All business and all business men are affected for weal or
woe alike in this instance, and what is Eood or bad for one is good or
bad for another. To procure results we need co-operation, and any
suggestion from you will be appreciated.
Respectfully,
D. W. Hogan,
Arch W. Anderson,

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R. O. Wunderlich, Committee.
Federal Reserve Bank of St. Louis

Form 22S9 B

LETTER.

THE WESTERN UNION TELEGRAPH COMPANY
INCORPORATED

25,000 OFFICES IN AMERICA

CABLE SERVICE TO ALL THE WORLD

This Company TRANSMITS And DELIVERS messages only on conditions limiting its liability, which have been assented to by the aender of the following Night Letter.
Errors can be guarded against only by repeating a message back to the sending station for comparison, and the Company will not hold itself liable for errors or delays in
transmission or delivery of Unrepented Night Letters, sent at reduced rates, beyond a sum equal YO the amount paid for transmission; nor in any case beyond the sum of
Fifty Dollars, at which, unless otherwise stated below, this message has been valued by the sender thereof, nor in any ease where the claim is not presented in writing within
sixty days after the message is filed with the Company for transmission.
This is an UNREPEATED NIGHT LETTER.and is delivered by request of the sender, tinder the conditions named above.

THEO. N. VAIL, PRESIDENT

RECEIVED AT
A4611Y WI

26NL

BELVIDERE BROOKS, GENERAL MANAGER

1906

KANSASCITY MO APR 3 1914

€.re(1 A P

1914

HON JOHN SKELTON WILLIAMS
WASHINGTON DC
YOU HAVE DONE YOUR WORK

WISELY AND WELL THE WHOLE

COUNTRY AND ESPECIALLY DISTRICT TEN
APPRECIATE YOUR WORK AND CONGRATULATE

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Federal Reserve Bank of St. Louis

ARE DEEPLY GRATEFUL I PERSONALLY
YOU

JOHN T M JOHNSTON
344A

•
••

N9 515 9

•

;

WESTERN NATIONBANK

L.TURNER. PRESIDENT
GUY

111•

J. TURNER. V PRESIDENT

J. V. HOLT. CASHIER

CAPITAL

S, PROFITS

5 2 5 O. 0 0 0

UNITED STATES DEPOSITORY

OKLAHOMA CITY. OKLA..

April 3, 1914.

Answered MR

6 1914

Hon. John Skelton Willians,
A,Treasury Department.
'

Washington, D. C.

MY dear Mr. Williams:I ar'a home for

today

from my work in Kansas

City in connection with the Orient Railroad,
I notice with pleasure that the Reserve Banks
have been located and I am much gratified with your
selections.

I knew when it became known that you

7yould be donnected with the loard that just and
equitable arrangements would be made all over.
I have been quite busy on the Railroad for the
past three months or woqld have been in Washington.
On my next trip Fast I intend stopping in Washington
and hope to have the pleasure of seeing you again,
With kindest regards and beot wishes, I am,
my dear Mr. Williams,
Mostoordially yours,

,e-t-c 41) 7af-ee4*a"1/e

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

•^14

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

•
•

A. H VAN HOOK. AST CASHIER.

P.YOUREE, PRESIDENT.

A.T.KAH N, CASHIER

E. K. SMITH, VICE-PRES'T.

R. H. DAVIS, A s s'-r CASHIER.

N° 3600

itilanotoi N 11111(1 MOS
UNITED STATES DEPOSITARY"

SHREVEPORT,LA.

4/3/14

City National bank,
Texas,
De r
upon comirii; down this mornin, I wired you,
e- xtendialL Jay ccnrz.tulations to Lallas, and to you personally,
and shortly tIterwarcis we received your very kind tele,r8_, zcirising
us th ,. t Dallas Li e d been selected es the location for
re6iona1
reserve Bank, anci extendink, 60 us your facilities v.ithout cnarge.
\ie assure you tnat this is reat3 -y appreciated, find we also be6 to
assure you tnst it is particurly
ratifyirii_.; to all o, us in
the o ercial 1tion&l Bank to know that ills s hes secured the
Re&ional Bank.

You can readily appreciate t.e delicate .dosition in which
we were p1ace at the time you Spoite to the writer over tie phone
in reord tI, savocatin, 1.,1111ns lox- tais appointment on account, of
our loyalty, aliu it would nave been a vel%.
rf1CLdt matter for us
to nave mite out openly and advocated Dal I a e, but as In e best
y
around this, you will remember, I extencteci an invitation to you
to address Liroup C of tie Louisiana bankers Association on the subject,
tiouon for some reason you Isil eci to turn up. It has bee. the
preference, of the writer al.i of the time to have_eitier Della e or
bt. Louis deoinaéd- for tri e r E6iona 1 itinic with wiicn we would oecoue associated,' and v.e have always placed Dallas either first or
second in our list ox proierences, and we cannot help but believe
that tne selection of Dallas will be ox more ueneiit : to us tnan
e se1— a oi-.1 -61 any 'Otn'er • point.' • Your p ersonal ef fo rtt.., he ve,
o'
ii; ZiOne more toward havin6 Dallas selected then aLy-Liing
we know of, el.d I wish to conizystulate you personally, ts well rs
e other bankers ox your city upon their success,

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

very beet wish?,.s end kindest re arcis 1roii tie writer,
beL to remain,
Yours ver:, truly,

ie r

•
•

•
•
rI
1

When it comes to spending
m y good money for advertising
I cannot see anything but tile
daily newf-7)uper.

Brnn wiSE.

,
AMINE

PORT, LA., WEDNESDAY, APRIt .8, 1914

Woman Who

s MENU
NON-COMMITTAL REPLY SENT TO
NEW ORLEANS' REQUEST FOR
4tEPORT CO-OPERATION.
SHRE

RECIONAL BANN ISSUE
New Orleans Wants Co-operation in
Movement to Have Country Redistricted "Along Business and Not
Lines"
Personal and
Political
Shreveport Clearing House Acts.
•
nst
nt
e
-

The New Orleans Association of
Commerce failed yesterday in an effort to commit the Shreveport banking interests to a redistricting of the
s country for regional bank purpose&
?s The Shreveport Chamber of CoMmerce received a telegram from the
New Orleans body asking it to cooperate in a "sustained and determined effort" for a business and nonpolitical- and non-personal districting
plan, independent of New Orleans'
claims to a Federal reserve bank.
It was decided to have the Shreveport Clearing House Association conthe request at its meeting yesfl t-sider
terday afternoon and the New Orleans
Association of Commerce was promptly advised this action would be taken.
Representatives of the banking 'interests of Shreveport discussed the matter at some length in the afternoon
and the decision reached was embraced in a reply to the original telegram of the New Orleans Chamber of
Commerce, which does not commit
ubthe Shreveport banks to a redistrictlost ing plan.
taState Body to Consider It.
on
It was stated after the meeting that
let. the strong probability of this matter
bankers at
on- coming before the State
their convention here on April 14 and
to 15 really removed the necessity for inner dividual action, since general action
lity, may be had at so early, a date. Some
the bankers felt, too, that complirat, of
ance with the request of the New Orent leans Association of Commeree would
ore- put Shreveport financiers in the atti1 of tude of criticizing the interests with
which they. are to have financial affiliation, and while they regret New
ign Orleans being eliminated in making
-ith up the list of regional bank cities, it
good business nor good
lets is neither
sense for Shreveport to join a "suseffort" at
determined
49; tamed and
rest repudiation of the regional bank comro- mittee's judgment.
the telegram of the
-So, while
at- Shreveport Clearing House expresses
does not commit that
it
Ion its sympathy,
ra- body to a financial redistricting of the
he country. As the New Orleans telea gram was addressed to the Shreveport
es- Chamber of Commerce, it is expected
ts that it will be considered at the next
ult meeting of the board of directors of
Of that body. But' the action of the
e- Shreveport Clearing House Associant tion is expected to stand for Shrevern
ed
The Correspondence.
elf
Following is a copy of the telegraphic correspondence:
a
New Orleans, La., April 7, 1914.
ew Chamber of Commerce, Shreveport:
ed
The New Orleans Clearing House
and the. commercial bodies' believe
era that the districting of the country by
inthe Federal Reserve Bank Organization Committee is uneconomic and
eal
Impracticable and are endeavoring to
ingsecure a redistricting of the country
in
with the ordinary
In accordance
the
of business and along business
the course
and economic instead of political and
personal lines. This has no reference
to whether or not la regional bank is
located in New Orleans but simply,to
at the outset the evident inIon eliminate
politics in the national
nor jection ,of
system. Will you co-operate
banking
ken
sustained and determined
rac- with us in a
direction. Please preling effort in this
to your board or
no sent this matter as quick action is
ar- proper committeeappreciate quick achis desirable. Would
visit tion and response. ASSOCIATION OF
left NEW ORLEANS
COMMERCE.
oke.
his
Shreveport, La., April 7, 1914.
cted
ComNew Orleans Association of
Orleans, La.:
New
merce,
'ears
Shreveport Clearing House will consider at special meeting this afternoon redistricting of country by FedY.
eral Reserve Bank Organization Comactiai taken.
-The mittee. Will wire
GEO. T. ATKINS, JR.
and

re
so
te
in
do
co
cer
aft

man
adm
peel
who
to
not
anal
insp
Shreveport, La., April 7, 1914.
the
Association of Com- 1w
by New Orleans
ha
merce, New Orleans, La.:
mpOr- Va
We unanimously favored New
ombank
reserve
leans for the Federal
State at
and deplore the division of our
Into two Federal reserve districts.
DigitizedSHREVEP
for FRASERORT CLEARING HOUSE.
leehttp://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

16 PAGES

Ni- MBER

244

•",

•
•

THE SHREVEPORT TIMES, WEDNESDAY,

SAW1

APRIL

11)14

MEMONVIII1•Pnts-

.3ara...n.

111113.2.1.11.1,..1419111,116L[retcd-P—ACIMMIONICS.3,
.
17 16.
1
....
it

FREE
Facial Zassage Today
VISIT our store TODAY and enjoy a .renuine good facial
massage—hand movement only, n

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Federal Reserve Bank of St. Louis

•

I OUESTION OF INTENT
FAVORELE TO NEGRO
SOUGHT TO KILL AND NOT M1TRDkat HIS VICTIM IS CONCLUSION OF JUItY.

AWARD CONTRACT FOR
,REPA R PLANT TODAY
Any Little Chap
w id sit up all night to
eat -read and Velva—that
great food-sweet for old or
No, there isn't
ke

COMMISSIONERS EXPEND AFTERNOON IN COMPARING NINE
BIDS RECEIVED.

POSTPONE BOND ELECTION
Waterworks Issue Delayed Indefinitely but Election on Traction Concession Will Be Held April 15 WS
Scheduled—Portion of Paving. Assessments Refunded to Owners.

in the
e who
se it's
w in
red

'Up
td.

chorus
.nd and
1 their
Drge T.
tritone,
n augfor the

'ES.
boson
Car,
e a sec_hitoches,
ce Wynn,
der him,
)lice early
.chitoches
hite man
s. They
rceny for
car beeived
authorithe trio
ere on
it. SerMcGlaem as
S. &
,h also
. They
es ofback

The contract, or contracts, to furnish the city with a plant and materials to repair its paved streets will
be awarded by the city council at a
special session at three o'clock this
afternion, the nine bids received at
the regular meeting yesterday morning having been examined and compared yesterday afternoon. The bids
were:
General Paving and Construction
Comp,9.a.o-T Shreveport—for portable asphalt plant, 40 tons of asphalt and
necessary tools, $7,545. Without tools
and asphalt, $2,226. Pprtable plant
convertible to stationary, $2,525; same
with 40 tons of asphalt and tools,
$10,895,
Warren Brothers Company, Nashville, Tenn; new plant of 800-yard
daily capacii,,v, $9,474.50; second-hand
plant, 8-ton roller included, $6,126.50.
-Acme asphalt at $22.60 per ton, Alex'can, $19.80.
Southern Bithulitic Company, Nash3v,ar
furnish
ille
di Tenn.; bid to
5,500
yards of crushed slione at $3.00 per C,
Maintenance
Equitable
Asphalt
Company, Kansas City; to ,furnish
Equitable mixing plant for $4,500.
William T. Fulton Company, Dailas; eight-ton tandem
roller,
road
$2,566; necessary tools and equipment, $1,507.45.
Austin-Western
Machine
Road
Company, Chicago; eight-ton tand,en
niotor road roller, $2,527.
.Alagnolia
Compalny,
Petroleum
Dallas; bid to furnish 450 tbns Magnolia asphalt at $18.40 per ton.
John Baker, Jr., Chicago; bid to
furnish Texaco paving cement
No.
54 for one year at $16.50 per 2,000pound ton.
Oklahoma Portland Cement Company; bid to furnish 200 barrels of
cement at $2.00 per barrel.
All bids were f. o. b, Shreveport
with the exception of the Fulton bid.
The Mayor has been authiJrized to
borrow the money to pay for the
plant tiols, materials and labor from
the Firemen's Relief Association, to
the extent of $22,500.
Certificates
of indebtedness will be issued to secure the loan. The materials, tdRls
and labor will' be paid for in cash
but the plant will be paid for in installments.
Jordan Street, Market Street, Texas
Avenue, beyond Jordan Street, and
Fairfield Avenue, will be the streets
attended to first as they are most in
need of repair; other streets in need
of new paving to be attended to
later,
Recall Bond Election.
The election on the proposed issue
of $1,000,000 worth of bonds for the
construction or purcnase of a new
waterwi3rks and sewer system was
indefinitely postponed after
Victor
Grospeana, as spokesman of the committee of five appointed to petition
the council for the postponement, had
presented the petition of the mass
meeting of Thursday night. The rtstponement is for the purpose of allowing the voters a better opportunity to
familiarize themselves with the purposes of the proposed issue.
The recall will not, however, affect the election on the p4oposition
to allow the Shreveport Traction Company to double track its Fair Grounds
line on Texas Avenue, from Jordan
Street to Cedar. The election is to
he held April 15 and if the proposition carries the resurfacing of Texas
Avenue between the points named will
not be begun by the city until after
the Company has finished its work.
Street Matters.
- Bids for the paving of Line Avenue from Olive Street to Rutherford
Street with asphaltic concrete are to
be opened on April 21. A' resolution
authorizing the bids
be advertised
for, introduced by Commissioner Eppie, was adopted.
A petition presented by some of
the property owners of the Pinehurst
sub-division asking that a new subdivision of the property be accepted
was granted. Dedications for streets
and alleys already accepted by the
City are made unnecessary by a new
plan of the property and the city
is asked to surrender these and accept new ones.
Only that part of
the sub-division bounded by Highland Avenue, Robinson Place, Wilkinson Street and Olive Street, is affected. The ordinance granting the petition passed its first reading.
Old ordinances passed
on
final
reading were those establishing grades
on Columbia, Washington, Prospect,
Rutherford and Pinehurst Avenues,
amending section 28 of the building
ordinance so as to require all chimneys and flues to have walls not less
than four inches thick and cancelling
bond No. 1 of the 1913 improvement
issue,
Refund Assessments.
The sum of $628.13 was authorized
to be refunded to owners of property
abutting on the Ifoulevard who paid
the paving assessment originally levied by the city. The refund is the
result of a decision of the Supreme
Court which held that the city was
an abutter on the esplanade in that
street and therefore liable .to,-pay
its portion of the cost of paving, thereby sustaining the contention of the
piiperty owners who filed suit against
the city to force it to pay its share.
The money is to be divided in proportion to the assessments among the
four who brought suit; other prop-

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P. D. LEE
1 President

•

EXECUTIVE COMMITTEE

J. B. ARMS
1st Vicc-President
W. Ks HENDERSON, Sr.
2nd Vice-President
ANDREW QUERBES
Treasurer
JOSEPH B. BABB
Secretary

CHAMBER OF COMMERCE
GEO. T. ATKINS, Jr.
Traffic Manager

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Federal Reserve Bank of St. Louis

SHREVEPORT, LOUISIANA

j
GE
O T.DIT
B..
ASKINS, Jr.
SAM DREYFUS
W. E. GLASSELL
F. H. GOSMAN
W. K. HENDERSON, Sr..
JOHN JENKIN§)
k4A.r.r
od
J. H. JORDAN
F. D. LEE
SAM W. MASON
ANDREW QUXIIBE,Ska
rzt,
E. K. SMITH
LEON R. SMITH,
•
4.t..
L. E. THOMAS

"ha-ce

WHEN YOU B

OUGH ME YOU GET MANUFACT
Y APPLIANCES A SPECIALTY.

A. W

LYMAN

MANUFACTURER'S AGENT
544 NORTH CALVERT STREET

BALTIMORE, MD.

•

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4;"""2'L.

(
-/I)--e(%e
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Federal Reserve Bank of St. Louis

ESSEkfk,,7-N4
mA-

Fo= .35•89

UNICION

WESTERN UNION

DAY

TER

THEO, N. VAIL, PRESIDENT

RECEIVED AT
1 650 V X 4E5 B LUE
HAMLET NC APR 3 1S1;
HON JNO SKELTOH V,ILLIAMS
COMPTROLLER OF CURRENCY WASHINGTON DC
AS A SOUTHERN MAN I

AM PROUD OF YOUR IrFLUENCE

ON CURRENT HISTROY ILLUSTRATED THE . SECTIOJ OF RICHMOND AND ATLANTA
PA) TYPICAL SOUTHERN CENTER AS CITIES
MAKING HISTORY YOU AND THE

FOR RESERVE BANKS YOU ARE

,',DHrSTRATION AND MAI:ENG IT RIGHT

ACCEPT My HEARTY CONGRATULATIONS

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Federal Reserve Bank of St. Louis

"HOLLINS N RANDOLPH
936PM

perartment

TEL.E.GRAM

7WU MO 56
RICHMOND Va April 3 1914

Hon John Skelton Williams,
Washington,D.C.
Dear Mr Williams: I wrote you last Monday extending to you an invitation for Saturday night or Sunday dinner, but have not heard ffom you.
Hope it will be convenient for you to accept but if not kindly wire
me this morning and greatly oblige.All of Richmond are lifting their
hats to you this morning.

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Federal Reserve Bank of St. Louis

H W Jackson

1014am

WEE

.Form 168

UNICV

WESTERN UNION

TEL

THEO. N. VAIL, PRESIDENT

RECEIVED AT Wyatt Building, Cor. 14th and F Sts., Washington, D. C. A0'
titt
..,-5RD KR

:ND 191,t
,
RICHMOND VA 'PR

'
101

HON JOHN SKELTON WILLIAMS
wAbHINuToN De
WE .RE ALL ON A PINNACLE

OF JOY VIRGINIA IS

ALWAYS PROUD OF YOU BUT

NEVER SO MUCH SO AS

NOW IN THIS NEW PROOF

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

OF YOUR LOYALTY AND DEVOTION
FRED W SCOTT
10 t,:3PM

111 casnr,

am cut

•
•

58WU

87pd Blue

Ytex
Atlanta Ca Apr 3 1914

Comprtoller Jno Skelton :
1 !i1liams
Wauhn DC
At a called meeting of the Atlanta Clearing House aosociation
held thia day the following resolution wau offered and unanimously
adopted: Where as the organization board has designated Atlanta
au the location of one of the federal reserve banks therefore
be it resolved that the sincere thanks of the association be
tendered to the organization board for selecting Atlanta as
the location of one of the federal reserve banks where we believe
it will eftioently
serve the important southeastern section
of our repub.Lic
The Atlanta Clearing House
Association Robert J lowrey President
404p

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Federal Reserve Bank of St. Louis

‘asurB Peparbneut
TELEGRAM

11WU MO 52 NL 1 ex
ATLANTA Ga April 2 1914
Hon John Skelton Williams,Comptroller of Currency,

Washington,D.C.
That the South's two leading cities should share the honor of being
made Reserve Centres speaks volumes for two resources of the south
Atlantic States. Atlanta joins Richmond in congratulations over our
pfomised victory. We shall not soon forget the special honor you
paid us by coming to the Atlanta hearing.

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

J K Orr,Chairman

1034am

•P

ea.Eitirij -Department

R 18

6P0

TELE.GRAM

Chicago Ill Apr 3 1914
Aon John S
Comptroller of the Currenoy Vadiam DC
Congratulate you on the good work of the Organization
Committee an, _fairness in the distribution of reserve
banks
Goo B Caldwell

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Federal Reserve Bank of St. Louis

1130am

•

enxwijpepartment

•

9P0 - M0 30
ATLANTA Ga April 3 1914
Hon John Skelton

Williams,Comptrol ler of Currency,
Washington,D.C.

I am delighted that both Richmond and Atlanta are on the official
map. Your many friends in this city including myself, are deeply
appreciative of the committee's action. Kindest regards

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Federal Reserve Bank of St. Louis

John K Ottley
1223pm

•
•
reasnr,ti Ppartment
TELEGRAM

40WU MO 32 Blue
KAYSAS CITY Mo April 3 1914
cy,
Hon John Skelton Williams,Comptroller of Curren
Washington,D.C.
consideration and
I want to express my personal thanks for your
approval of the
my
and
City
Kansas
of
recognition of the claims
l banks and districts
committee's work in locating the several federa

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Federal Reserve Bank of St. Louis

F P Neal

154pm

flPeasurg
Blue 32WU

R 22pd

pepartment

Greenville SC Apr 3 1914
Hon John Skelton Williams
Comptroller ofthe Currency mashn DC
We are pleased that Richmond is to have a regional bank
and that southCaroli a is in her territory
W C Beacham
Prest Greenville Clearing Assn
lp

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Federal Reserve Bank of St. Louis

•
Ocasurg Pepartment

•

TELE.FR AM

53W1.i MO 40 Blue
t..•

EL PASO Texas Apr 3 1914

Hon John Skelton Williams,Comptroller Currency,

Washington B C

Heartiest congratulations upon absolute fairness of organization committee's report. If consistent plea!,e debignate First National Bank
of ElPaso as one of the five organizations banks under section four
for this district. It is representative of Arizona, New Mexico and
west Texas

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Federal Reserve Bank of St. Louis

Zach Lamar Cobb

331pm

Ocasurg

•
•

pepartment

TELE.RAM

10P0 MO

ATLANTA Ga April

1914

Hon John Skelton Williams,Comptroller Currency,
Washington,D.C.
I wish to express my personal appreciation especially to you on committee's action and awarding Atlanta a Federal Bank. Under new conditions I hope I may have pleasure of seeing you oftener in future
than I have in past. Please accept my kindest regards.

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Federal Reserve Bank of St. Louis

Jas W English

1229pm

COMMERCI

POSTAL TELF1RAPH
NCE H

RECEIVED AT
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MACKAY, PRESIDENT

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DESIGN PATENT NO.40120

IOW-40446

199ag inn 440pm 29
Greenville SC Apl 3-14
John Skelton "Tilliams
Comptroller of the Currercy, washn D C
Tyre congratulate you on your wisdom in selecting Richmond as
location of Reserve Bank and extend our sincere thanks to
your committee for

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•
Federal Reserve Bank of St. Louis

including South Carolina in its territory.

Fourth National Bank

wuril Pepartm cut

•
•

21WiJ MO 41 Blue 4 ex
MU

RICHMOND Va April 3 1914

Hon John Skelton Williams,Comptroller of Currency,
Washington D C
We desire to express our cordial appreciation of the action of the
committee in naming Richmond one of the reserve cities and our thanks
for the large part we know you took in this Richmond's biggest boost.

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

H N Phillips,President,
Broadway National Bank

1126am

•
•flpeasurtl P,cpartlititt •
11P0 MO

"TEL_E.IRAM

RICHMOND Va April 3 1914
Hon John Skelton Williams,Comptroller of Currency,

Washington,D.C.
Richmond congratulates herself that our government has honored one of
her best citizens and he has helped to honor her

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Federal Reserve Bank of St. Louis

M C Patterson
207pm

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Federal Reserve Bank of St. Louis

Of,

ALLEN & GINTER BRANCH
LIGGETT 1S MYERS TOBACCO COMPANY
RICHMOND, VA.

April 3, 1914.

Hon. John Skelton Williams,
Comptroller of Currency,
Washington, D. C.
My dear John:
It affords me great pleasure to congratulate you
upon the decision of the Reserve Board in selecting
Richmond as one of the reserve bank centres.
I realize you were placed in an embarrassing position and feel that under the existing conditions you
have succeeded splendidly in aiding the efforts of the
Richmond committee in securing this bank.
I can not let the matter pass without offering
you my sincere congratulations and appreciation of your
efforts, and also my warm personal regards.
Yours very sincerely, .

JAMES N BOYD, PRESIDENT
J. J.MONTAGUE,VICE PRESIDENT.
RICHD H.SMITH , VICE PREs-r- & CASHIER.

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Federal Reserve Bank of St. Louis

•11111

aDO

TIMER GORDON, ASS'TCASHIER.

/A4 WAY H. GORDON, ASS'TCASHIER
ARTHUR S,CH ERRY, MGR SAVINGS DEPT.

CAPITAL $300,000,
SURPLUS & PROFITS 81,4-25,000,00

THE PLANTERS NATIONAL BANK
RICHMOND.VA., April 3rd, 1914.

Honorable John Skelton Williams,
Washington, D. C.
My dear La'. Williams:I want to thank you for your very
earnest help in the selection of our city of lidchmond as
the seat of a Regional Reserve Bank.

I am sure that we can

prove to the Organization Committee that they have made no
mistake, and you know that we have ficjhting blood and will
give a good account of our trust.
With regards, I am,
Yours sincerely,

•

OSTAL

TELm,GRAPH-CABLF

LETTE

-"'OMPANY

RAM

THE POSTAL TELEGRAPH-CABLE COMPANY (INCORPORATED) TRANsairre AND DEWIER! THIS NIGHT LETTERGRANI SUBJECT TO THE
TERNS Atit) CONDITIONS PRINTED ON THE BACK Of THIS BLANK.
CLARENCE H. MACKAY. PRESIDENT.
Ft MCD.

INDEPENDENT
4.384,
7-ny hf

1%/ ED AT

COMPETITIVE

v r_• PO" r'JuMLiE

PROGRESSIVE

NL 223a

Dallas mex Apr 2-14
Hon John Skelton

rilliems,
washington DC

The people of Texas and the Southwest are deeply sensible of the great
benefit conferred in the location of regional reserve bank at Dallas
and will heartily cooperate to justify your committees action we beg to
express our high appreciation of your accurate insight into the financial conditions and needs of our section.

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

Dellas Regional Bank eommittee.

WEgallIE
TEL

WESTERN UNION

•
•
UNION
AM,,

Form 168

THEO. N. VAIL, PRESIDENT

RECEIVED AT Wyatt Building, Cor. 14th and F Sts., Washington, D. C. %-11.Ns
326RD KR

PXA

RICI'MO"D VA APR 2NJ 1914
HON

LJN.0

SKELTON WILLIAMS
I.J\SHINGTON DC

YOUR FELLOW CITIZENS ARE VERY
BUT \.dE KNOW UE HAD

A FRIEND WHO COULD PRESENT

THE CASE FROM ACTUAL KNOWLEDGE

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Federal Reserve Bank of St. Louis

HAPPY TONIGHT RICHMOND DESERVED 4T

AND CONDITIONS

OLIVER J SANDS
CHAIR

EX COM

10 .34PM

UNItil4

IFP-02

Form 22`)

WtSTERNLINION

IGH ''T
N

TER

THEO. N. VAIL, PRE-Thc'IDENT

RECEIVED AT

1711
331RD

N L
RICHMOND VA APR 2 ND 1914

•-

HUNJOHN SKELTeN_WILLIAMS
COMPTROLLEP OFFICE

WASHINGTON DC

ALL RICHMOND IS REJOICING TONIGHT

AND FEEL THE MOST PROFOUND

APPRECIATION OF THE

OF YOUR COMMITTE41 KNOW

SPLENDID.WORK

THAT ,IT MUST HAVE AFFORDED
TO MAKE

YOU INTENSE GRATIFICATION 'TO BE ABLE

THIS DISCISSIONIAOCEPT

ENDING TO YOUR ARGUOUS

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Federal Reserve Bank of St. Louis

CONGPATULATION FOR SUCH A HAPPY

LABORS
GEO J SEAY
10

r3PM

FORM F. R. 326

RECTD IN FILES SECTION

DEC I 4 1949
CROSS REFERENCE SHEET
KAIXRIKKIXXIX2XXXXXXIX

DATE
KIND OF MATERIAL:

April 2, 1914

Booklet

NAME OR SUBJECT:

Decision of the Reserve Bank Organization Committee
determining the Federal Reserve Districts and the
location of Federal Reserve Banks under Federal Reserve
Act approved December 23, 1913

REMARKS:

Original filed:

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Federal Reserve Bank of St. Louis

301.
Pocket

CHECKED BY

L.B.B.

DATE

14/14/49

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Federal Reserve Bank of St. Louis

•
•
y,

'
ATE pATH-:--0-!,9101t,1

1.00.$ 1.50 &

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Federal Reserve Bank of St. Louis

EUROPEAN

$1.00,$1.50 &$ 2.00.

ROOMS WITH PRIVATE BATH.
RESTAURANT IN CONNECTION

W.T.BARBOUR, MGR.

Lti

e"-z

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

April 1, 191/1.

On behalf of the Chairan I beg to achno -An;lgo the receipt of your letter of March 24
making suggestions with ref,3ronco to tho °stabliAll:lont of Fedwal Reserve blnks and citing your
reazions for 1)olieving that Dallas, Texas, ehould
be named as th ,, location for on of those banks.
The pressure of other matters has ren(it:red it difficult to promptly acknowledge corroopendenco, hut the Chairran wished re to assure
you that all d:Ata submitted bearing on these questions has been carefully considered by the Committoe in its sndeavor to best sarve the. business
interests of the country at large.
Respectfully,

Secretary,
Reslrve Bank Organization Committee.

Er. N.
Crane,
ConJonwealth National Bank Building,
Dallas, Texas.

FORM 14

irt.t=liriffNORTON.
TEXTILE
BUILDING,
LEONARDN?&CHURCH
CORNER
STREETS
TELEPHONE
2273 FRANKLIN
CABLE ADORESS

tar 0:J11MTS.

NEW YORK OFFICE:

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Federal Reserve Bank of St. Louis

OFFICE & SALESROOM 527 To 535.
MAIN ST COR. SIXTH.

FAD

VE.ST.CA

Y ADD

March 31st, 1914.

Hon: Woodrow Wilson,
Executive Department,
Washington, D.C.
Dear Sir:-

AtA"?

As an Honorary Member of the Louisville
Boosters (1000 strong)-your acceptance of which I
enclose, I call on you to assist us in establishing a Regional Bank in Louisville.
There are sentimental reasons why you
should do this. Dr. Axton, Mrs. Wilson's father was
pastor of the church in Rome, Ga. that my grandfather's family attended. I also was a schoolmate
there of your brother-in-law, Stockton Axton.
Are not the above good reasons or arguments
for your assistance in our behalf.
Prompt and strong action will greatly oblige
your fellow members of the Louisville Boosters and its
President.
Yours very respectfully,

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

;arch 31r3t, 19:V•

dear donator:
I am directed 'by tile Cerriittee to attvise

Ou that your

comunication r-c;!zinc roc amondatdon ao to the location of a
izederal Ilosonre Bali': to be otab?1thod

been received

and filed, *a2-1(1 will be calsidered by the Cemittoo in determininc- tido oiloc.Ition.
Resrocttally,

1)ecreta.rzr,
Reserve Ba2c0- Orcnnization Collaittee.

Hon. L:orria Sheppard,
United States Eonate,
Washin(ston, D. C.

WHEN YOU BlerlIOUGH ME YOU GET MANUFACTL,
RY APPLIANCES A SPECIALTY

c--,

RICES

'AL ilf-SEME

A. W. LYMAN
MANUFACTURER'S AGENT

544 NORTH CALVERT STREET
--e -----z511„
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7
BALTIMORE, MD. /

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Federal Reserve Bank of St. Louis

fe.)6

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411

WHEN YOU 111141110UGH ME YOU GET MANUFACT.VRICES
RY APPLIANCES A SPECIALTY

A. W. LY M A N
MANUFACTURER'S AGENT
544 NORTH CALVERT STREET

BALTIMORE, MD.

v1A,
GP-71

/72

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

D--1)

-() o

212

17'71_
a

62-

WHEN YOU 81.4OUGH ME YOU GET MANUFACT.R.RICES
RY APPLIANCES A SPECIALTY

MT. LYMAN

MANUFACTURER'S AGENT

544 NORTH CALVERT STREET

BALTIMORE. MD.

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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 YOU 11114tUGH ME YOU GET MANUFACTAIVICES
Y APPLIANCES A SPECIALTY

A. W. LYMAN
MANUFACTURER'S AGENT
544 NORTH CALVERT STREET

BALTIMORE.

Mn.

-77 61-2-c)

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4
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•

OLIO

RESERVE BANK ORGANIZATION
COMMITTEE.

March 30th, 1914.

Memorandum for Mr. Coo
ksey.

(

Will you please ascortlin
from the
Secretary if Mr. Watson
is one of his
friends or acquaintance
s and indicate
the manner of the rep
ly he would like
to have made.

Mr. Watson would lik
e

to be notified at the
Hotel Raleigh today.

Secretary.

igt
j
- -friA

6Cr-1,f/4.--q

POSTAL TELrlr'APH

COMMERCI L CABLES

,2ENCE H. MACKA', PREsioENT.

RECEIVED AT
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?,ZSc_TIE

bON\ID V1U_

Kansas'7ity Mo March 29-11
Judge Elliott,
Treaaury Dept, Uashington DC.
It will be great kindness if you will wire me location of reserve
banks as soon as decided.

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

'fm P Borland,

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

•0

•41
_..,..,„:...4...a......„ - - -.....-4,7T.... -,-:1
',:. ',

rio4c4'

Ugroh 29, 1914,

My ktwx Sn.w.tor:
i'.itve
ilista4 0

AIV-

.i.Gtte)r of tic 26th
re

riUy itn c:oacntF5.
3theorai7 yonr00

MIT:ied) J. S. Williams.
Non.

SAappir40
Unitcd StAtos Sonate.

Otateuf*out!! Tarolino

Erpartinent of Agrirulturr, Toutmera anb

OtittlffOE. BOARD 'FILE\

E. J. WATSON. COMMISSIONER
M. J. MILLER, CLERK

20
'
3

(ADDRESS ALL COMMUNICATIONS
TO E. J. WATSON. COMMISSIONER)

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

Talumbia. & 031.,

Har. 27,1914.

Ur. H. C. Elliptt, Secretary,
Reserve Bank Organization Commit'ee,
Washington, D. C.
UIT dear Sir:
I beg to acknowlek,pre the recei-1 of
)yours of darch 21st in response to my telegraphic
request. My reason for making the inquiry was that
I felt that I had some data bearing sa materially
upon this miter that it world be of more or less
value to the commit'ee, independently of whether
or not the location that I would naturally Advocate
for a regional bank in this section is designated.
In the prosectuion of investigations in my official
capacity abroad, an

in my capacity as President of

the Southern Cotlon Congress, I have in the last
dec= de gathered personally a ft-rent deal of world
trade information in regard to ollr own American conditions that might have b-3en of some interest to the
committee. It was my fortune to be personally in touch
with methods eMployed by the German Government when sha
was entering u:)
- on her policy of extension of commercial
sphere of influence in the South American countires.
As I am extremely busy, however, with many
other maters of vital concern to our people I do not

•

'tate of tioutli Olarolina

Eirpartinput of Agrirititurr, Tamura atth 3fibustriro
E. J. WATSON. COMMISSIONER
M. J. MILLER. CLERK
(ADDRESS ALL COMMUNICATIONS
TO E. J. WATSON. COMMISSIONER)

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

Toltunbia. 6. T.,

Mr.

C. Elliott

-2-

care to devote any time to this matter needlessly.
If you will kindly indicate to me whether or not the
data would be desirable, and the latest possible date
that it could be received, I would thank you to drop
me a note at the Potel Raleigh in ,iashinFton, where
I will be on Monday, :larch nth, for the purpose of
keeping an engagement with the President.
I note you say that if such a brief reaches
the committee before the matter is definitely determined
it will have consideration. I wish to say that I regret
that the committee should have considered my telegram
as a request for any special consideration. I simply
wished to be of any service I co .1d to the cause of the
people, with whose welfare I am supremely concerned, and
to render any assistance that I could to the loader
s of $11
party who are charged with a difficult and
deli3ate task
of a purelyfundamentali
ckAad economic character.
Very tin

Commissio er.

TELEGRAM.

••

•
hite

qjle

1111ffe,

asitingten.
1 PO JM 124
Dal3E.s, Texas, March 26,1914.

cA:—A R 26

1914

'40
Pm\4 •to tte
DeA‘‘ e61'

The President:
Our people intensely interested in Washington dispatct!es relative to
regional bank location.

Am firmly convinced that every proper considera-

tion suggests locution of bank for Texas territory at

Das. This is

based on intimate study of banking conditions and operations in this state
since 1903 and three years experience as commissioner in charge of the
supervision of more than half of the incorporated banks of the state. No
other location can be so conveniently reuched and used by a great preponderance of 'the banks of Texas and the southwestern district presenting a large
majority of the population. I feel absolutely sure of the correctness of
these statements and um witing because of my deep conviction as to the
importance of the matter.

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

Thos. B. Love.

MORRIS SHEPPARD,tir

iiarms
f
.
.
„
,
•

CHAIRMAN

PZICrtite4.---Zteitt Zenate,

1 1914
MAR 3(

COMMITTEE ON
EXPENDITURES IN THE D

\I
ARTMENT OF AGNICULTURE.

FORM
Mar
tC)'
i
Jr ,
y dear Mr. Secretar:
7
,
s---..--Following up my letter of rece
the need for one of the princippl FederaLE.e.serve Bisaake
Texas, I beg to say that in case Texas is given favorable consideration I earnestly hope that the bank will be located at
•

Dallas.

I have studied the situation very carefully, and I

believe that the best interests of the state and that section
of the country will be served by the location of the bank at
Dallas.

Dallas is the center of a tremendous agricultural

territory, Eincl it is conveniently connected by rail with a
territory embracing several hundred miles in every direction.
Dallas has had a wonderful growth in recent years, and the
territory surrounding it has grown proportionately in wealth
and population.

The people of Dallas are intensely interest-

ed in this matter, and I earnestly hope that a principal Federal Reserve Bank will be located there.

A glance at the nap

and a comparison of the resources of that section of the country will show that Dallas is a most appropriate place for one
of the principal banks under the new system.
that Dallas will be recognized in this mat
s very
Hon. 7illiam G. flbAdoo,
Secretary of the Tres
Washington, D. C.

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

I certainly hope

r -77!E 00;VID HUE

MORRIS SHEPPARD,
CHAIRMAN

Crtifeb Zfcrtes Zertate
Were

COMMITTEE ON

MAR 2 8 1914

EXPENDITURES IN THE DEPARTMENT OF AGRICULTURE.

March 26, 1914.

My dear Er. Williams:
Referring to cy letter of recent date pointing out
the need for one of the principal Federal Reserve Banks in
Texas, I beg to say that in case Texas is given favorable consideration I earnestly hope that the bank will be located at
Dallas.

A glance at the map and a comparison of the resources

of that section of the country will show that Dallas is a most
appropriate place for one of the principal banks under the new
systen.

Dallas is the center of a tremendous agricultural

territory, and it is conveniently connected by rail with a
territory enbracing several hundred miles in every direction.
I have studied the situation very carefully, and I believe
that the best interests of the state and that section of the
country will be served by the location of the bank at Dallas.
Dallas has had. a wonderful growth in recent years, and thei.',/
1,- 4 >territory surrounding it has grown proportionately iriO4.alth

and population.

I certainly hope that Dallas wj

nized in this natter.

be Ocog-

The people of Dallas are intensel

interested in the natter, and I earnestly hope tha
pal Federal Reserve Bank will be locatefa at that place.

//
Hon. John Skelton Williams,
Comptroller of the Currency,
Washington, D. C.

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Federal Reserve Bank of St. Louis

•tt
c3
c,0‘

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

(MAC

Uarch 2Gth, )914.

Sir:
On 1)ohalf of tho Chairman, I 'oer, to acknowledq,e tha recei't of your 1ett3r of 'larc
h YOth 'pith
reference to the oessibll establishment
of a Federal
Reserve Ban': in ?hiladelphia.

The Committee is care-

fully considering all the dlta and exhibits
submitted
from various sources, bearing on this
su:ject, and has
authorized uo sGch statemeilt as the publi
c announcement
to which you refer.
The Committee has closei its hearings and
is not
receiving any delegations at this
Rospectfully,

Secretary,
Reservo BAnk OrgalAzation Committ,)e.

Hr. J. W. England,
Philadelphia Drug Exchange,
Philtdolohia, Pi.

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Federal Reserve Bank of St. Louis

War eh 2 5, 1 14.

Sir:
Your joint latter 1T th Mr. 2. R. /loses,
dated !arch 17th, =dressed to tho Comptroner of
the Currency, has boon reforre

to this office

for

reply, and I bog to advise that I shall ho glad to
give instructions that the'sro is to be brouitt
to the attorticn of the Organization Corr,ittee vhon
this Lattar ía being detominel.
ResDoctfully,

Secretary,
Re3ervo Bank cr:;anirltion Committeo.

Ur. Charlas E. Lobdell, President,
The First N%tional pank,
Groat pond, Kansas.

5 I y 1,4

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

March 2

Your joint lot',3r vlith
Lobdell, datod nlrch 17th, tv1drou4o

1914.

Charleo T.
to the

-Comptroller of the Currency, ha,3 1:oen reforred
to this office for reply, and T beg to udiise
that I sb.all he glad to give instructions that
, ht to the attention of
the same is to be irow.;
the Or;:anization CoriAttoo vhon tis

.attor is

beinc deterinod.
Respectfully,

Secretary,
Re:)erve rank Orl;anization CoDlmittec.

Mr.

B. Moses, Prooidorit,
Citizons National Bank,
Great Pond, Kansas.

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Federal Reserve Bank of St. Louis

OMC

(con)

M:Irch 25th, 1914.

Sir:
\Y - ur letter of March 9th, addressee to
Horkoruble John Skelton Williams, —ith reference
to the preference of the people of New Mexico
as to the district with which the7 wish to be
connected, when the Federal Reserv'e Banks are
established, has been referred to this office
for attention urd in reply I beg to advise that
I Have given instructions that your letter is
to be •Jaced with the matters to be

rought to

the social attention of the Committee when this
subject is under discussion.

Socrotar7,
Reserve Bank Organization Committee.

Honerable F. B. Catron,
United States Senate.

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

OLIC

March 25th,, 1914.

Sir:
On behalf of the Chairmin, I bag to
acknovtle3ge the recait of your lett,)r of
March 19th, statin7, t:le district with vrhich
you wish to be connected when the Federal Re—
serve BAnks are established, and to advise
th-it I have given instructions t!ll.t you let—
ter is to be )laced with matters to he _):•0115!ht
to the spociAl attention of the Organization
Committee when this subject is under discussin.
Respectfully,

Secret try,
Reserve Bank Organization Conznitt5e.

Mr. D. N. Fink, President,
Muskogee Clearing House AssocIation,
Muskogee, Oklaho7la.

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

March 25, 191,S.

31e:
from tht Socrc,tf;ry of State
your letter

Ai February 24th Ilas rsached this of-

fice, and /15 rlply I

tn asour3 you that the at-

titude of the Ornizatior, ConTritta3 has beam to
carefully consider all data and exhibits submitted
bearing on tht

clai.it of the vr.rious a!ties, and

',or arguments .
1:ave beer: so filed that thuy may be
0-onTtly placed Leff,re $17,6 cenoi6ere,,; by the CumIrittee in its endeavor to so IccUe the 7odoral he?)ervo banks to be establiAted au to best serve the
business interests of the country at larLo.
Respectfully,

Gocretary,
rye Bank OrrAniAl-ion Com-ittee.

Ir. P. L. Hull,
aticriDerocratic Cor itteo of :"ebraska,
Lincoln, T:ebraska.

March 24, lc-14.

MEUORANDUY, FOR THE SECRETARY:

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

I have read carefully the atte_ched letter cf
Flannagan and havo given some thought to the ratter of expediting the ereanization of the Federal Reeerve banks.
From my understanding of the procedure specified by the Act I am forced to tile concluoion that the
suggestions eade are not practical, and will have a
tendency to retard rather than expedite the cnTanization of banks.
Without reviewing in detail the slope suggested by Mr. Flannagan, his plan 13 to the effect that
the Organization Committee should appcint an aeent
in
each city to represent it in the organization ef
the
banks, and to act ontirely through this agent. This
would reean that after the oanke aro grouped ao prcvid
ed
by the statute a list %/ould be sent to each of tl,e
agent3 named, these agents to send out the circulars,
with instructions for return to them, ami than forwar
d
them to Wauhineton. The returns would :an 'fostly be
nor() promptly received if tho applicatione -fere sent
direct from tie office to to banks, as the al:onto
wculd :et have facilities fur nailing applications,
circulars, etc., unlese each one organized a force for
this purpose, and if they were prepared by this office
it would simply delay the E atter with each hank if
they were forwared to the agent and . ailed by him.
In the
tter of the selection e quarters
the rieent could of course elake merely tentative arrangements, as his views might not be in accord with the
views of the ricerd of Directors of each bank /hen selected.
Mr. Flannagan suee:osts that the person selected as agent ehou]d ho cr cf experience in such ratter's;

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Federal Reserve Bank of St. Louis

-2-

preferably a Lan qualified to act as reserve agent if
named by the Fod-lral Peserve Board. I do riot imagine
that the Cor.p.iittoo would desire to undertake to select
the reserve a.:ents before the Bo--..rd is appointed, and
It ic douful whether the c•-•aract 'of rr.an needed for
this purpose ct:dd afford to devote the neceloary time
c such matt r f3 unless there ',Y3..3 at least a re.kona.ble
imp° that he
ght be selected as a fenral roerve
Since preparing the memorandum estimating
approximately the time receary to corripiute the organization of these banks I have given further thought to
the attor and bel..eve that if the Cozamittee can arrange to group tho ban1; in ttle owiral districts within a reasonable tire the estimate furnished you can be
Latorially reduced, ancl t•!:-:at the organization can probably be completed by July 1st instead of Auc;ust 1st, as
.Cirst estimated.
Very sincerely yours,

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

•
•

•

Larci-4 ,4, 1,14.

Ly dear Senator:
t in,hLve your favor of the :13
sent to ycu Ly
stant, enclosinE a letter
ident of the Security
S. R. Raymond, iice-Pros
City, advocating
National rank of Oklahoma
bank in Kansas City,
tie location of a reserve
erest.
which I hflve read .;;ith int
Vory truly yours,

Hon.

L. Owen,
tJtted States 3enate.

FiLt:
RESERVE 13OM1D

•

HOKE SMITH, GA., CHAIRMAN.
BENJAMIN F. SHIVELY. INS. WILLIAM E. BORAH. IDAHO.
BOILS PENROSE. PA.
CLAUDE A. SWANSON, VA.
CARROLL S. PAGE. VT.
JAMES E. MARTINE. N.J.
GEORGE P. MC LEAN. CONN.
CHARLES F. JOHNSON. ME.
WILLIAM S. KENYON. IOWA.
JOHN K. SHIELDS, TENN.
JOSIAH CARTER, CLERK.
D. E. MONCRIEF, JR., ASST. CLERK.

'3J) Cnifeb ,5tatez
COMMITTEE ON EDUCATION AND LABOR,

WASHINGTON, D. C.

00 0
-•
it.BGECIVI
MAR 2 4 1914
Res. Bank Org

cc'. 1)y ir. Oi;tley of 2111— ta,t • ,t

-7c. lilt cc" trto

cs,1

c liT.lcaGe
1 oc

.;hioago,

.:'L.Ct r tocc Lour,
Li;1:aita c

ie s in :hich Jae or e 72,

of ore t

1)0.7 ore :.c.ir
C c-Lnitt

tC,

. Louis

iai

- ifth in tlic nit-2,L or of
f
Ornizat ion C

rccd tic

ee tn.on thc c

c1ooted LT:,21 ro:_.ervo
I hav-e no cicyabl.; thic fact tia
I a: cu;:c
the

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

for 1.:c -Liti oni-p.g it on

11. ject.
-

in T.77

i• TT!

alr
(2,11-1)4t;

t'.2
rr

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

014C

FtE.012tIN',. rei:LV",:.til\IE

BOO

o i-

March ).18.t, 1914.

Sir:
direction of the Chairman, I be

acknowleige thl recol72t of your telegram and to
state that while Via tiLno

fihed by the Com-

mittee for to rfleelpt of aAitiwial Lriefs

ex-

red oi Marcll 10th, if your briJf reAchas the
Committee blfora the matter is definitsly determined, it will have censidlratIon.

It is not

bo,
-,e4er, to state hcr soon a dar:!sioe
will be reached.
Respectfulay,

Secretary,
Rosi.r-,rs Bank OrganIzatioa Committee.

Vr47. J. W, tson, Cornn13o1(;nor.,
9cut% Curolin'A.

k•I!.E.

ROBERT L. OWEN, OKLA , CHAIRMAN.

BOARD FILE
FEDERAL RESERVE.

LBERT M. HITCHCOCK,NEBR. KNUTE NELSON , MIN N
JOSEPH L . BRISTOW , KANS.
JAMES A .0.0ORMAN, N.Y.
JAMES A . REED , MO.

COL I. CRAWFORD,S. OAK .

ATLEE POMERENE,01410 .

GEORGE P. MC LEAN,CON N
JOHN W. WEEKS, MASS .

JOHN V. SNAP-ROTH , COLO.
HENRY F. HOLLIS, N . H .

UNITED STATES SENATE,

JAMES W. BELLEP,CLERK .

COMMITTEE ON BANKING AND CURRENCY.

!larch 21, 191.

Hon. . G. 7:cAdoo,
Secretary of the Treasury,
City.
dear Sir;
forward you a letter addressed to me by Hr.
Raymond, PresiCtent of the Security National Bank, which
--....aftimmummummWOMMMisomme

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

would be glad to have ym read.
Yours very truly,

441

O.
•
•
Pilabripina Drug Exillattgr
BOURSE BUILDING
PHILADELPHIA

1914

:larch 20

3El V 3t
Hon.
TicAdoo,
seer e t u2 y of the Treasury,
7ainfY tofl,
C.

MAR 266 1914
Res. Bank

72Iu dotz'Six:on .Toniiaj li..st, one of the le adi n

"..„

Org Connitte 1-110+

nTA ilLtr C TS of

taine 1ur,ar ti c le , prorn.ntntlU displayed,

el p' -it, con-

tatinr, tl.a 4 , pos'si1.14, ad-

er al 7), es erve "94A,n7: micTht not be es tab 11 shed in this city, becae of the
Lp„. thy of business int c re:.3t s in rear
t that you do not labor undor

•,70
rein

ncb delii

AnswERED
iorMAR 26 1914

stlictly a banlinr,.. proposition, the subject

.......
'1) -Iri"--ors of this ci. ty, 'Alio present e:1 their opinionsat

sid er
le nr th

to the natter.

to the 0,
-ganiz ut 1. on Comni ttee.

.. It has be en F.,ere rally und ex. s t ood that the se
did not favor reed vi

dolecati or

et ar y of the Treasury

of business !
,
,en., and -because of this,

our leadinL co..crcial oranizati on - The Chanl:cr of Com erce, thourht
it inadvisable to press for

heuring.

Tiovtever, in view of the vord in

of the 1.aar, "thz_;.t• the districts shall 1.e appor toned
the convenience and c.us to mar IT course of

si ne 21-2 orJ

ith, z-;ue rer7ard to
El ai not necosur-

I ly be contemminons ii;ith any state or states," they clearly hold ti.. t
this sh

I .Lt 7c.e it imper ativ e and 1-iand at or

thzA a barl,
_ sLouT

beesta-

blishc d. in this City.
In this cOflclusiofl, the

ilatelphia

Exchanc

( and Ao prcurc tl'e

other business or ,
r aniri; at ono of this city) hear tily concur.

If un:-.,7 de mon-

strati. on of the ,ttitu le of our busi nesv r.er is needed, INeshall be very
to t.pnet_.,r before you

Ith a

eler,at in composed of impmess men of

such c1,4r-cter,
, promin rice, ahi lit:j an

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

irLrci

s turdi nc, as to fully

-2- Fon.

•

esent, on1 chk.:1
thtl isrcit of a

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

•
*

idoo

of the

tie

eiea1 r.c so/ ve

tros of' the r.:laifris 1.z1. ie -ro?.- tic
tn tL
:esre

Jit

of P1i1z,zie1-pb -1;...

±:171'y your:),

J. EMERY HARRIMAN,JR1111

vatil
HARRIMAN BROS.
BOSTON, MASS

53 State

,cL.

March 20, 1914.

To his Excellency, ffoodrcw Wilscn,
President of the United States,
Washingtcn, D. C.

I desire to call ycur attention to certain geographical features of three impertant Ccngressicnal Acts, now under
consideration in three separate adinistrative departments cf
the gcvernment, which are bound to have a tremendcus influence
in the matter cf the mcvements of trade and ccrmerce.
Each of these Acts is based upcn an identical use of
the transportation system of the ccuntry in serving the 60CCC
post offices, 35000 express offices and 25000 banks.
These mcvements are influenced:
1st.

Under the Parcel Post Act by base measurements dividing the ccuntry into 390C Atlas
Units, each cf approximately 900 square
miles of area, or in other words, usin
39CC base points in crder to ascertain the
rate between any two post offices in the
country.

2nd.

Under the Interstate Commerce Act in the
Express Rate Decision cf the Commissicn,
by base measurements dividing the country
into 95C Atlas Units, each cf apprcximately 36CC square miles cf area, or An other
words, using 950 base points :in order to
ascertain the rate between any two extress
.cf-fices in the ccuntry.

(
3d.

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

Under the Federal Reserve Act by regicnal
areas, dividing the country into not less
than eight ncr more than twelve regions,
or in other words, using from eight to
twelve base points throughout the country,
and this Act expressly stipulates that the
districts shall be apperticned with due regard to the ccnvenience and customary course
cf business, and aha)l not necessarily be

coternincus with any State cr States.
As anAllustraticn, when cne place ccntains an express
cffice, tcst cffice and bank, and it is desired tc send tc ancther nlace which contains an express cffice, tcst cffice and
bank, it is obvious that the government should jut set up three
different standards cf neasurenent between such tlaces, because
of attendent ccuplicaticns and eventually cnly cne standard zeasurenent wculd hcld gccd in law.
As an engineer with large experience An transpertaticn
matters, I have had to dc with work applicable tc all these features, as is evidenced b7 my pricrity patent applicaticn fcr Earrinan's Transtcrtaticn and :Industrial Gecgraphic Code Systen dividing the country intc Atlas Unit Areas, bounded by neridians of
lcngitude and parallels cf latitude adattable tc correctly interpretino the geograthical features of all of the above acts-, and
from which the actillai_LUata.
nay be auara.2a12_azd_silliz11.7
neasured between any two tcints in the country.
In ny otinicn, the gcvernnent should adctt one s7sten
fcr all three departnents and this one systen shculd so sinplify
its applicaticn to these three Acts as tc result in the saving
of an ercrncus anovnt cf tine, ncney and ccnplicaticns.
:It is clear tc ire that this nay be dcre, by use cf my
systen and further, which s7sten used in ccrelaticn with the
U. S. Coast and Gecdetie triangulation strvBys, and the surveys
of all the railroads cf the country, about tc be begur by the
Valuaticn Division cf the Interstate Ccnnerce Ccnnissicn, would
absolutely standardize for tcstarity, these great fundanental
wcrks.
By way of personal identification, the writer recalls
with great tleasura, at evening and the folicwing zcrning spent
with yct on the Federal Extress, a few years a6a, while returning frcn Washingtcn to Bcstcn, at the tine you boarded the train
for Boston without having reservation nade for you In advance.

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

Restectfully,

ESERVE BOARD FILE
\
fakletA
- 40
E.D.

It Pl.,'SIDE:NW

•

ETT,VrciE

ENEY.CAsm
MPSON,JR,

sT.C.4snixit
•

r•

COMMERCI

ifr4P411
,,Frra;
,
r
,fiot

C.API1AL,S•Z50,0009(.' SUIZMUS AND UNDIVIDED PROVITS,S100,000

144;1;;;;A
Aisr4rai;

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Federal Reserve Bank of St. Louis

NATIONikl, 13Avs-K

UNITED STATES DEPOSITORY

solllului°0 14) lug14 1"
NusKOGEE,OKLA.
March 19

1914 irt6t"
r-r eNtrA

Reserve Organization Committee,

.n4

Washington, D. O.
Gentlemen:It has come to us from several sources that
a portion of Oklahoma will be included in a Texas
territory, with the Regional Bank located somewhere
in Texas, and that Muskogee may be included in this
district.

I believe I could safely say that ninety-

five per cent. of our entire business goes North
from here, hence we hope that we will not be included
in this Soutivirn territory.

While we have taken the

A,q;

position previously that we do not care in wha

5Qj

Northern District you place us, either Kansaer-Gity- ___ _
or St. Louis being satisfactory to us, but for the
reason that our territory is exactly the same kind
of territory as Texas is, we believe it would be a
vital mistake to create a region out of various
localities that have practically the same crop conditions.
Therefore we pray that we be not put in that kind of
district.
We wired you several days ago to that
effect, but since that tine these various rumors have

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

come to

us,

which we believe have some foundation, is

our reason for again calling your attention to same.
Yours truly,

Erre
kogee
CleW ing Ho -e Association.
DNF/T.

Ofb
E;Tufry NATIONAL BANK
1)1 LAN TO 31

CITY

March lA
Hon. Robert L. Owen,
United States Senate,
Washington, D. C.

Res. ..nk Org

Committee

Dear Sir:
Under another cover we are sending you today a marked
copy of The Oklahoman in which appears an editorial with reference
to the Regional banks.
e great importance
I beg leave to call your attention to
St. Louis
While
City.
Kansas
at
banks
of
these
one
of locating
for
better
far
be
woula
choiC;71.1
second
be
the
would probably
bank
such
regional
have
to
Oklahoma
throe-fourths of the banks of
clearing
and
house
natural
the
be
to
It seems
at Kansas City.
commercial center for clearing all banking business, not only for
the state of Oklahoma but for a large portion of the southwestern
This is true to a far greater extent than would be
country.
Kansas City
St. Louis, even though St. Louis is a larger place.
bank clearof
way
the
in
importance
greater
has a location of far
which might
city
other
any
or
Louis
then
St.
ings for the Southwest
be nemed; in fact, we here in this part of the state would prefer
being connected with Chicago rather than St. Louis, as we can send
and receive mail just as quick from Chicago as from St. Louis.
In this connection, I wish to add that at least ninety por cent of
our bank mail comes from the North and East and especially through
Kansas city as a clearing house center for all the country, and to
endeavor by arbitrary rules to change such relation, I think, is
unbusinesslike and very detrimental to every business interest of
the state of Oklahoma.
How groat and important such a change would be, and how
detrimental, can hardly be realized until such change or effort to
change has been tried out; and it is for this reason that I am again
calling your attention and urging you to use your influence in every
possible way for the location of such a bank at Kansas City.
Under no circumstances should we or the banks of this city oy-..att
It would work vn untold
be joined to any district on the south.
damage in a business way for us to be thus joined with any Texas
or southern city.

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Federal Reserve Bank of St. Louis

•

SECURIT Y Xtl

°NAM A

OV OiILA110.M..

BANK

C11"11

As you know, most of the towns in Oklahoma
Kansas city in twelve hours by m1131, i. e., mnil can
in the afternoon or evening and be cleared by Kansas
following morning; whereas at St. Louis it takes two
can clear and do business just as quick with Chicago
St. Louis.

can reach
go from here
City banks the
days, and we
as with

The amount of banking business which we transact with
Texas or southern points is a very small fraction of our business,
and we again urge upon you the Importance of impressing this upon
the Committee having the matter in charge, and urging the location
of the bank as indicated above; and under no conditions to allow us
In facts personally, I
to be joined to a Texas, or any other southern city.
think .nearly every bank in this city would prefer to be joined to
Chicago rather than St. Louis, us we believe it would be better for
us in a businOss way.
Thanking you for your past endeavors to assist us in this
matter, and trusting you will take the matter up with renewed vigor
and be successful in accomplishing the desired results, I remain,

Very respectfully yours,

Vice-Pres.

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Federal Reserve Bank of St. Louis

t.;

March 18th, 1S14.

Sirs:
In response to your lettor of
March 13th, addrassei to the Comptroller
:.T aud rlferrA to this ofof the Crren1'
floe fc,r* atteLLions I beg to advise ',Alat
the Committee has not as yot complotod
Its careful consideration of the argumonts
submitted in connection V7tth th) claims
of varous cities for the location of the
Federaa Resorv) Banks to be established.
when this has been 13no public notice Vloreof

111 be given.

Secretary,
Reserve Bank Orgo.niLation Comnittco.

Messrs. Henry S. Junkor & Conpany,
107 W. Markot 51 root,
Chicago, Illinois.

CHAS.E. LOBDELL,PREsuocna
R L. NA MILTON,Vict PRESIDENT
0. B. CHAPMAN,Vicc PRESIDENT.

of,

No. 3363

F W. BRINK MAN.CAsHIER
FRED L.HANS.AssT CASHIER
FRANK H.UNRUH. ASST. CASV-IIER

THE FIRST NATIONAL BANK
COUNTY, STATE AND UNITED STATES DEPOSITORY
CAPITAL $100,000

SURPLUS S20.000

GREAT BEND,KtiNSAS

Comptroller of the Currency,

3/17/14
----,,,,---1
i'll.A
„
-----iki.SVSI\JV, BOAD
V9PA.1..
‘i
\
1
,

77ashi ngton, D.C.
•I

Sir:Our attention is called to rumor, through the press,
that a Regional bank will be located at Denver,, and that
thi-F-557Ffin--37-71 i7177s-7317-beir-rrnia-territory.
This is to express to you our most earnest protest
against such an arrangement. It would be detrimental to
every business condition in existance in this territory.
Te have nothing in common with Denver; neither buy from them,
nor sell to then, and have no Bank relations with them.

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Federal Reserve Bank of St. Louis

"le had earnestly hoped that Kansas 3ity's position
would justify tle establishment of a Bank there. If this
can not be done, we would rather have stock in the iank at
St. Louis or Chicago and be in a district with these cities,
than with Denver.

Respectfuly yours,

President, First National Bank.

President, Citizens Natl. Bank.

FEDE.RAL RESERVE 13

Falkstone Courts,
14th & Fairmont Sta., N.W.
Washington, D. C., March 16, 1914.

Dear Ir. Williams:

N‘3k-

C°11OMA"
Concerning your suggestion thaigiiittlidr6 mark a map giving my idea of the proper division of the country into Federal Reserve Districts; I have already given my views on this subject in a
"supplementary statement" made at the request of Secretary McAdoo,
when I appeared before the Organization Committee at the New York
hearing.

This "supplementary statement" was enclosed with a let-

ter addressed to the Secretary about the time of the Washington
hearing, which paper, I imagine, was referred to your department,
and which I would be glad if you will have brought to your personal
attention.
Since that time, after reading the greater portion of all
the transcripts of the hearings by the committee throughout the
country, I am still of the opinion then expressed, to wit: That as
affecting the general commercial welfare through the operation of
the Federal Reserve Act, it is immaterial in what cities the Reserve
Banks are located, except as to convenience of access.

I do not be-

lieve there is any material advantage to a city in having a Federal
Reserve Bank located therein, that is, by reason of location--that tm
benefits to be derived under the Act do not accrue from the location
of the parent bank l and are equally available to any community through
a branch.

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Federal Reserve Bank of St. Louis

1,1y. idea is, that the clamor for parent banks results

-2-

partly from a want of examination into the details of the operation
of the Federal Reserve Act, and is largely a matter of local pride.
In the communication referred to,I gave the reasons for my
belief that ten cities should be selected with reference to accessibility l and the present prevailing channels of trade, and that the matter of defining); the limits of the district should be largely determined (as far as possible) by the preferences of the subscribing
banks of the territory contiguous to the respective cities.
I understand you have already asked what these preferences
are, so that you have this information to use as a factor in determining locations, even if you do not consider it should have controlling influence.
I could mark upon a map my idea of ten districts, but it
would be largely arbitrary or guess work.

It would be only one of

an indefinite number of possible combinations.

The men controlling

the respective member banks are in far better positions to determine
what location would best suit their business convenience than any
outside individual can possibly be, no matter how unbiased he may be,
or how desirous for the best result, and according to democratic
doctrine, the majority should control.
Yours sincerely,

Hon. John Skelton Williams,
Comptroller of the Currency,
Treasury Department,
City.

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Federal Reserve Bank of St. Louis

Pin3LISHER

STATE SURVEYS
GEOGRAPHICAL PUBLICATIONS

The Co:aptroller of the Currency,
WashiAton, D.C.
We are very much interested in . the final distribution of territory under the Federal Reserve Act and would
appreciate hearing from you as to the probable time of decision
on that point and as soon as the division is lade we would like
to be acquainted with the outcome as we expect to do our share
to making this clear to the public by showing on our editions
of U.S.'raps the division of the field and and synopsis of the
law as we consider it will be a great public benefit in every
way. Will you kindly advise us when the decision is expected
so that we ria.,y prepare accordingly:

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Federal Reserve Bank of St. Louis

Yours very truly,
Henry S. Junker & Co.

BOM
JORESER.V E

"1'E"

C.T.VVHITMAN, PR ESIO
R. E. BODINE,\loc. Plaza
WM. H. HYILE, CASHIER
J. M. SPEED, Vice PRES
5 W. PORT OCK,A55'r CASH.

'.-TH E NATIONAL CABAN K
OF MEMPHIS.

MEMPHIS,TENN.

Man:11 12, :D14

REICE(vED
MAY 2
Mr. John Skelton Williams,
c/o Treasury Department,
Washington, D.C.

1914

Res. Bank Org Committee

My dear Mr. Williams,
I have a letter of introduction to you
from Mr. Thos. S. Wheelwright of Richmond, Va. I had
hoped to be able to present this in person in Washington,
but found it impossible to get there. This is my excuse
for addressing you personally.
I was a member of the Committee of Bankers
sent to New Orleans to put forth the claim of Memphis for
a Regional Reserve Bank. I enclose a copy of our brief,
which, if you have not already done so, I would like to
have you read. This brief was accomIanied by a map, a
copy of which is on file in the Committee's office.
The principal objection it appears to the
establishment of a Reserve Bank in the South is the inability of any section, making such claims, to produce a
rotation of liquidation. I am familiar, of course, with
conditions in the South having been in the banking business
in Memphis for the past twenty-six years. I believe it
would be impossible for the Committee to establish a
region
that would come up to their requirements in the South.
ilemphis, I believe, offers as near a selfsustaining territory as is possible to find South of
the
Mason and Dixon line. I believe if they will run our lines
North to the Chicago line, taking in St. Louis on the North,
it would give us a strictly Southern Regional Bank with a
district that will easily take care of itself.
Of course, we have been paying tribute to
Louis, Chicago and the East so long it is hard for our
3ankers to get out of the habit of going there
for theci
accommodations. This habit is strong upon them and
they
lose sight of the main idea of the legislation
soon to be
put in operation.
If our excess moneys were kept at home we
would be much more able to take care of
ourselves than we
are now. The need of money in the
crop -moving time of the

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Federal Reserve Bank of St. Louis

C.T. WHITMAN, PRESIDENT
R. E. BODINE, V$ce Pwes
WM. H. KYLE, CAsHIER
J. M.SPEED, V.cc PRES
S. W. RORTLOCK,As5'yC.

THE NATIONAL CITY BANK
OF MEMPHIS.

:Ir. J. S. .alliams,
77ashington, D. C.
Page 2-

M EM PH IS,TEN N.

arch 1:2, 1914

year, however, makes it necessary for our Factors, klanters
and Bankers to carry larpTe balances in the North and East
in order to get the necessary accommodation when it is
needed.
From remarks made by your Committee in
New Orleans, that in their trip in regard to the 1-;egiona1
Bank, they had practically no der.and in any co=amunity to
have ::emphis designated for a Regional Reserve 3ank, I
can only say that they have not been in our i.f4me1iate
territory. I am very sorry indeed that they could not
see their way clear to take 1,:emphis in their itinerary.
I have tried to look in the matter from
strictly an impartial standpoint and for the best interest
of the Country, and I shall be at 31 ti.nes ready to
give you the benefit of any information you may wish in
regard to this territory.
Trusting I may have the pleasure to meet
you at some future time, I beg to remain

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Federal Reserve Bank of St. Louis

•

Memphis-1

GEOGRAPHY.
geograPWThis map is drawn to scale- and is
Memphis
sed
propo
the
in
des
inclu
cally correct. it
part of
ng,
shadi
region, as indicated .by the green
Oklahoma
uri,
Misso
of
part
the state Of Kentucky,
Texas as far west
as far west as the 100th parallel,
s of Arkansas,
state
the'
and
as the 100th parallel,
Alabama.
LoniSiana, Mississippi, Tennessee .and
in this tercity
sible
acces
Memphis !s' the most
.
paints
vs
vario
its
from
.
ritory
of rail*ayg
Memphis, becasse of its 17 lines
access. to every
easy
in
is
ion,
direct
every
in
ing
reach
point wIthin the. proposed region.
his and all
The mail' service between Memp
n, has a
regio
this.
iii
,
Points, with a few exceptions
exceptions
few
the
and
less,
and
run of 12 hours
less than an lverage of 24 hours.
service in and
The mail service and the train
of any other
those.
out of Memphis are better than
n.
city in this regio
center, with
A circle 'drawn with Memphis as a
13 states.
of
part
des
Inclu
,
miles
.
a radius of 300
ing for a
apply
city.
This is. not true of any other
regional reserve bank.
Memphis has
In addition to its 'train service,
year.
e
entir
the
an open river service
between the
Memphis is the great gateway
of the river.
west
south
and
south, east of the river
from the City
Memphis is within easy distance
of Washington-30 hours.
center of the
Geographically, Memphis is the
south.
BANKING CAPITAL.
national
The banking capital and surplus of the
00.
370,0
$174,
banks within this section are
. the state
The banking capital .and surplus of
of a to00,
236,0
$188,
banks within .this region are
.
00.
605.0
tal of $362,
the reserve.
if the national._ banks alone enter
62,206. If
$10,4
of
l
capita
a
give
system they would
give a
Would
it
m
the state banks entered the. syste
bank of
nal
regio
the
for
l
combined capita
$21,756,060.
banking ,capiIt will be seen that there is ample
nal bank.
regio
g
stron
Jai in this region to-establish a
•
.
DEPOSITS.
nal banks in
The aggregate deposits of the natio and of the
00.
752,0
$564,
are
,
n
the proposed regio
total deposit of
state banks $551,493,000, or a
$1,116,245,000.
COTTON.
hours of
Within this region and within five
producing area
n
cotto
the
of
r
cente
the
is
his
Memp
producing area
in this country, as well as the lumber
.
south
of the
national
Cotton- is the great stabilizer of inter
nge.
bxcha
bringing balCotton is the supreme factor in
of the United
favor
in
e
Europ
from
trade
of
ances
it does bring
States. it has brought back and
that goes
gold
the.
s
State
d
Unite
the
into
back
d by
abroa
spent
Is
abroad in trade and.. that
travelers.
region of
Memphis is the heart of the cotton
commercially.
and.
ally
aphic
geogr
blith
,
the south
et in the
Memphis is the largest cotton mark
_
pool
Liver
ting
world, excep
more enMemphis is • becoming more and
se a sysbecau
t
marke
n
cotto
ng
leadi
the
trenched as
-termiht
freig
and
n
tem or warehouses, compressio
handthe
es
enabl
that
d
ructe
const
been
nals has
se to
expen
er
small
ling of cotton in Memphis at a
city.
other
any
in
than
the farmer
n market
The supremacy of Memphis as a cotto
confrom
s
buyer
that,
fact
the
by
n
Is further show
tives
senta
repre
tinental Europe, from Englatid and
ed in Memof Japanese houses are permanently locat
ing counactur
manuf
phis, and that the great cotton
is.
Memph
in'
s
office
ain,
tries maint
r cotton
Memphis - will become a stilll greVe
tary to
tribu
ory
territ
al
alluvi
the
se.
market becau
is only
n,
grow
;Memphis, where the .finer grades are
•
one-sixth open.
tory beThe cotton grown in this alluvial terri
gth of
stren
and
h
lengt
in
y
iorit
Cause of its super
cotton grown
staple. commands a premium over. the
and cents
elsewhere and is more valuable in dollars average
than the number of bales based upon an
price would indicate.
other
This alluvial cotton more nearly than any
the. Carolina
approximates the Sea Island cotton of
Coast.
n in
Half of the American crop .of cotton is grow
ct.
the proposed Memphis regional bank distri
EXCHANGE.
lTy
The City of Memphis alone originates annua
domestic
of
0
00,00
$38,0
gn
and
of
forei
0
00,00
$56,0
exchange based on cotton exclusively.
nge
These amounts represent merely the excha
de the
that originates in Memphis and' do not inclu
to it.
exchange originating in the territory contiguous
3[47.3'11E11.
lumber mar- Memphis is the largest hardwood
ket'in the world.
In the proposed territory the largest supply of
lumber in the United States is located.
The value of the lumber business done in Memfrom
phis alone is approximately $20,000,090 a year,
which is originated $6,000,000 foreign exchange and
$14,000;000 domestic exchange.
It will be seen, therefore, that by the operation
unof the three industries of whiCh Memphis is the
disputed leading market place, there is originated
from cotton, from cotton seed products and from
lumber, foreign exchange in the amount of $62,of
000,000 and domestic exchange in the amount
extic
domes
and
gn
forei
of
a
total
or
0,
e0,00
$74,0
not
change of. $134,000,000 annually. This doesinclufle exchange Qriivate i tiA territory: adja4
i,.._ 0;044t4kiakirt,
•

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Federal Reserve Bank of St. Louis

COTTON FINANCE.
for a regional
Memphis, being the logical city
s', and, as
state
ing
grow
on
bank, located in the Cott
bankingNeapital
le
amp
g
bein
e
ther
n,
has been show
of. the bank seems
in-the Proposed_ regiolt, the success
cy _indicated in
cien
effi
and
ty
utili
its
assured, and
of this sectiolf.
ent
lopm
no uncertain way. The deve
folloWed the
that
ns
itio
cond
ted
since the 'bankrup
h. What
sout
the
ofCivil War is the. history of all
ific and
ient
unsc
an
r
unde
shed
has , been accompli
the posages
pres
but
inadequate monetary system
. of the
n
atio
oper
the
r
unde
ion
• sibilities of this sect
federal reserve act.
federal reserve
Success in the operation of the
e will be atsens
c,
banks in the larger and patrioti
ngth resultstre
and
s
urce
reso
tained by taking the
-issuing
note
and
ing from reserve mobilization
it posg
erin
rend
and
d
Worl
g
power, to the producin
—our
ton
cOt
Of
growers
sible in that.sense for the
first
at
lly
tica
prac
help
in
"royal crop"—to obta
hand.
is unable to grow
The south, with its own means,
the south canthat
true
edly
oubt
u`nd
is
it
the crop;
stance. The •
assi
out
with
umn
not finance it in the aut
cash to .the .south and
necessity of shipping actual
operation of obtaining
the
the -expense involved in
as the cost of currency
credit in the centers, as well
average annually ot
An
shipments; is .well known.
ped in and out of
ship
is
ency
curr
of
$20,000,000
these figure for
give
to
le
Memphis. It 'is impossib
the figures
upon
it
subm
We.
.
osed
prop
the region
the whole
of
ents
irem
requ
of Memphis alone the
currency
and
credit
region in respect to necespry
*
res.
figu
e
larg
y
shipment will run into -ver
k in Memban
onal
regi
a
of
tion
loca
With the
and expense would be
phis this unnecessary tribute
g about 6,000,000
ucin
prod
y
itor
terr
saved to a
which Memphis is
in
on
bales of cotton. That regi
best from Mem:ed
serv
be
d
woul
er
the logical cent
tation and mail
spor
tran
phis, because of its superior
ssibility considacce
and
sit
tran
in
e
service. \ Tim
location—the very "hub."
ered, Memphis is the ideal
and the suffering in the
cy
ngen
stri
nt
The conseque
due to the paramount.
fall by other lines of business
ness—will soon be at
busi
on
cott
the
necessities of
notes will come into
an end—for federal ' reserve
to the need of them
on
orti
prop
, existence just in
ead of a big crop movewhen cotton is moving. Inst
ngency, it will bring
stri
ey
mon
.
''
ment creating a
ly of federal reserve
about a corresponding supp
on of vast new wealth
ucti
prod
notes. Instead gof a
page of credit, it will,
from the soil causing a stop
bring attendant prosand
it
as - it should, enlarge
perity.
s location is to be conAdvantage in the Memphi
em is perfected and the
sidered again when - the, syst
the member banks i3
all
for
s
ange
handling of exch
subject to a small
or'
in vogue. Whether at par
ext saving of time and
charge, there will be a grea
proposed
on
regi
the
for
k
, pense by having the ban
center.
at Memphis—the logical
the region proposed
Foreign hills originating in
Credit
, will be reduced to
aggregating many millions
instantly
e
mad
and
is—
mph
—Me
at this logical center
or
intervention of any broker
available without the
to the
e
ens
imm
-be
will
ng
eastern banker. This savi
proposed and the ideal foi:.
producers in the region as
s.
that conversion is at Memphi
COTTON SEED.
seed products are
In the proposed region cotton
one-fourth of the
t
abou
are
e
valu
produced which in
cotton fiber.
est manufacturer of
Memphis itself is the larg
d.
cotton seed products in the worl
alohe $20,000,000
s
phi
Mem
in
e
These originat
ucts.
bxchange ba,eci on cotton seed prod
JOBBING AND DISTRIBUTING.
center, MemAs a jobbing and a distributing
goods in all
sells
and
s
tion
rela
ness
phis has busi
hern dissout
the
As
on.
Parts of the proposed regi
implement
ural
cult
agri
t
grea
the
Of
t
tributing depo
ional Harvester Co. and
manufacturers—the Internat
oration—the trend of
Corp
l
Stee
es
Stat
the United
is irresistibly and inion
trade all through this sect
It is no exaggeration
his.
Memp
rds
creasingly towa
it is the leading city
er
to say that as a jobbing cent
et place.
mark
ural
,nat
he
on—t
in this regi
in the great fruit
eers
Memphis men .were pion
the development
in
and
nsas
Arka
of
growing region
Missouri, and
of
of, the southern tier of counties
ure, these
meas
e
larg
very
a
in
,
Memphis financed
business
its
s
tain
main
industries, and this city still
relations there.
with cotton seed
'With cotton, With lumber;
minerals and rice
and
t
products and With the frui
r of Louisiana, the
of Arkansas, the rice and suga
stock and phoslive
iron and coal of Alabama, the
essee and the
Tenn
le
Midd
of
cco
phates and toba
, there is emucky
Kent
lower tier ot counties of
sufficiency, a
self
a
on
regi
s
phi
braced in the Mem
to make a
fail
ot
h cann
rotation of liquidation whic
not only helpful
s
phi
Mem
in
ted
loca
regional - bank
in the whole general
--not only an important part
but one which will'yield
scheme of regional banks—
on .their investment.
dend
divi
a
s
bank
to its member
the "boom-town
of
ing
noth
Finally, there is
has for its - object the
h
whic
nt
eme
mov
the
in
spirit"
phis. It' is believed that
location of the bank in Mem
ed better from Memphis
the whole south will be serv
the committees from
but
,
city
r
othe
than from any
ciation and from
AS§o
se
aring Hou
the MemPhii cli3
actuated bz a broad
are
Club
's
Dlou
S
the- 'Z',1Eille
gell
Pi t
, er4 ijj 9.043

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Federal Reserve Bank of St. Louis

J. S. RICE,PRESIDENT

T.C. DUNN.VicE-PREs.

DEWITT C.DUNN,CA

IER.

W.T. CARTER,VICE•PRES.
JESSE H. JONES.VicE-PrzEs.

GEO. HAMMAN. VICE -PRE S

. COOLEY. ASST.
O.1

SHIER.

C. G. PILLOT. VICE-PRES.

ARE M. LEVY, VICE-PRES.

J. M. ROCKWELL,VicE-Pats.

(-)

R.PEARSON,AUDITOR.
No.9712

CAPITAL

$1,000,000.00

MEMBER AMERICAN AND TEXAS BANKERS ASSOCIATIONS

HOUSTON,TEXAS.

I',

March 12th, 1914.

My dear friend:gotten an
Port Worth and Dallas bankers have
Reserve
the
t)iat
way
intimation or an impression in some
of the
one
allot
to
going
Bank Organization Comm:ttee is
woods
the
ing
snoll
are
regional banks to Texas, and they
wirare
They
s.
citie
for support for their respective
g
askin
e,
littl
and
big
ing to every bank in the state,
for support.
on the ComHouston has not done this, relying
pressure.
ical
polit
ut
mittee to place these banks witho
ttee.
Commi
the
to
nce
We don't want to become a nuisa
ng that
meani
as
rued
const
Houston's silence must not be
these
of
one
get
to
ever
Houston is not as anxious as
merely
n
natio
exami
An
banks, if Texas is to have one.
shed
publi
just
ments
state
of the figures of the bank
on, her bank dewill show the pre-eminence of Houst
than those of Dallas,
er
great
posits being fifty per cent
ess.
showing unmistably the trend of busin
relations with
Knowing your intimate personal
you may be
that
feel
Secretaries McAdoo and Houston, I
before the
views
your
given an opportunity of expressing
prompts
se
surmi
this
and
matter is disposed of finally,
this letter.
before. you leave Texas
I want to see you again
I will run up to
on
Houst
and if you are not coming to
Austin for a day.
With love and best wishes,
Yours faithfully,
Li'. E. LI. House,
Austin, Texas.

FINCH.Assr. CAS !Era

PETERS,ASST.ciASHiEI,

I.
*C-4.

APR -1 1914

COMPARATIVE STATElaNT

OF DEPOSITS OF THE cLrAriyo HOUSE BANKS OF HCUSTOUla124.
4
f4.fnmittee
MARCH 4TH, 1914.

-HOUSTON-

First National Bank,
South Texas Commercial Nat.Bank,
Union National Bank,
Lumbermenls National Bank,
Houston National Exchange Bank,
National Bank of Commerce,
Total,

Individuals

Banks

Totals

t 7,585,921.53
5,662,837.61
5,693,856.88
2,828,623.13
2,679,314.77
758,124,10

t 3,782,943.59
3,559,643.57
2,371,767.63
1,484,844.04
905,490.39
548,780.16

t11,368,865.12
9,222,481.18
8,065,624.51
4,313,467.17
3,584,805.16
904.

25O8,678.02

.221LEE4147.40

014,14

-DALLAS• American Exchange Nat.Bank,
City National Bank,
Commonwealth National Bank,
National Bank of Comnerce,
Guaranty State Bank & Trust Co.,
Citizens State Bank & Trust Co.,
Merchants National Dank,
First State Bank,

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Federal Reserve Bank of St. Louis

Total,

t 8,830,905.18
6,328,401.52
1,892,549.41
1,286,722.15
2,326,560.65
520,162.69
325,838.58 1
778,66.28'
.
t22,289,806.46

xy-**.

•-• f •

2,697,567.64
'11,528,472.82
2,084,502.76
8,412,904.28
1,321,085.76
3,213,635.17
1,686,722.15
400,000.00
3,810,727.06
1,484,166.41
553,445.19
33,282.50
525,838.58
200,000.00 '

t 8 520 605.07v/ t30 810 411.53

( 1 Estimated )
•

4",:111-

S.
g - MAR

197,,
—

411 110

!i1440,Mtout Street, , 0
/Denver, Colorado. /%
March 12, 1914724

Honorable Woodrow Tilson,
?resident of The United States
Washington, D. C.

--rscrl-: '30
c-u

My dear Sir:May I ask you if it will be proper to grant the
follotkinR favor to our friend, speaking from the love that
we Denver people have for the Honorable William Jennings
Bryan, Secretary of State.
My reason for askinR. this favor is that I believe
that he would appreciate the point I wish to make and that
is:- Could you allow him the personal privilege of
announcing the establishing of what we look for from the
Secretary of Treasury, Mr. McAdoo, as to the announcement
that Derv

may have en2 of the re-lnnel barorl?

Mr. Bryan is held in suck high esteem by us Denver
and Colorado people and I personally have the highest
re;:7erd that it

possible for one to have for the Secretary.

I have thought if he could have the privilege of
announcing to us Denver people this fact, it would please
the people of Denver very much, for he has said in public
speeches here that Denver is his second love next to Lincoln.
Trusting this is proper and that it will not interfere
with the business in the official sense, I will again ask you
to grant this favor to Tjr. Bryan.

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Federal Reserve Bank of St. Louis

Thanking you, I beg to remain,
Yours respectfully,

EC El1
MAR

ErnAJ7Ati•UNIin
WESTERN UNION

TTER,

1 2 1914

THEO. N. VAL. PRESIDENT

RECEIVED AT

1373

300AN KW 49 NL 1 EXTRA

COLUMBIA SC tIAR 11TH 1914
.
HON D F HOUSTON
REG 1.0NAL BANK BOARD
NOT I NC PRESS DE PATO H DO I

BY BOARD AT ATLANTA SESSION S

FOR WHICH WAS GIVEN

COULD FORWARD IF DESIRED WITHIN

DO NOT CARE TO JASTE

TIME IN PREPARATION'UNLES IT

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Federal Reserve Bank of St. Louis

MA R 211
,
14

UNDERSTAND IT IS TOO LATE 72'2,-.).

TO FILE BRIEF OFFICIAL PERMISSION

FOUR OR FIVE DAYS,BUT

WASH I NGTON DC

IS WORTH iiHILE
E J WATSON COMMISSIONER
1233A

frvivo-

tivc' ,
vil
A

N^11
'

v:ro•

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Federal Reserve Bank of St. Louis

410

LCOPYJ

United liates

Senate.

••

March 9th, 1914.

Hon. John Skelton Williams,
Comotrollor of the Currency,
Treasury Department,
Washington, D. C.

BOARD ME
VOLIIAL RESEME

)
•
\._
(4.2 vi

Dear Sir:
In designating th9 regional reserve banks, I
wish to state to you that the people of New Mexico, generally i. el. the bankers there ivould prefer to go into
a regional reserve bank with Kansas City, if one is established there, qr with Dekayer, Nhgr one tor hui
Wffi rRPie!
Y'rneTst a n 3.11PAnP Y, weH44 be
all New Mexico and all Arizona and the country in Texas
embracing the Cit-, of El Paso, between the Pecos and Rio
Grande Rivers, to all go together, but they do not want to
go to Dillas, Texas, or any other places rather than Kansas City. I hope you will find it in your way to put New
Mexico in the K'tnsas City district. The only difficulty
we have in that regard is that the largest bank in El Paso
Texas i ty owned and controlled by persons who own and control 3 or 4 or more banks in New Mexico, one of them being
the First National Bank of Albuquerque, another the First
Natitonll B.mk of Los Vegas and I believe the hank at
Carrizozo and probably one some other place that I do not
remember. They are a strong firm, but they do not own or
do a majority of the busIness of New Mexico, although the
bank at Albuquerque is the largest bank in the State.
towever, I do not understand that they desire to go into Texas,
but what they want, as I understand, is to got their banking interests all in the same reserve. But our own people
prefer to 7-,o into Kinsas City.
Very truly yo,Irs,
( Signed) F. B. Catront

4110
xmoll;!,

• 5IXTY-THIRO CONGRESS.
A

URY F. LEVER. S. C.. CHAIRMAN.

GORDON LEE. GA.

GILBERT N. HAUGEN. 10

EZEKIEL S. CANDLER JR.. MISS.

JAMES C MC LAULINk CH
.
. ,...7
WILLIS C. IlAtfLE 4.R.
EG.

J. THOMAS HEFLIN. ALA.
JAMES T. MC DERMOT" I L.
JOHN A. MAGUIRE.

THOMAS L.,,11. ,EY1

J OSE PWKOW,L4411JAH.
.,‘ CHARLES:, SLOAN. NEBR.

f iLGEsEN. N. 1:31:
,,
t
e..ei k PATTON, PA,..f'
HICIfK

.
jAYMWOA:S
H

ell.:

HEN
i
HA

JAMES YOVNG. 111.
RA
"

IANikott. HAWAII.

,/,'"" eotwmittev, ovt,

...-----.....- q DI-11
-------- cs0 `-' '

et9z cktowat)

Niziyceentativ

61e.

...0'

JOHN V. LESHE
MICHAEL K. REI

OS)

ci P,„* •

9./Vada4'Litoi4, T.

BENJAMIN I. TAY OR. N. Y.
DUDLEY DOOLITTLE. KANS.
D. S. NURPH. CLERK.

/larch 6, 1914.

dAroOf

Hon. William G. McAdoo, Secretary of the Treasury,
Hon. David F. Houston, Secretary of Agriculture',
Hon. John Skelton Williams, Comptroller of the Currency,

nitnittee

Acting as "THE RESERVE BANK ORGANIZATION COMMITTEE."
Dear Sirs;
I am here supplementing what I called to your attention on
an earlier date in support of Lincoln, Nebraska, my home city,
as a point for the location of one of the Federal Reserve Banks.
This is also to be considered in connection with the hearings
held in Lincoln by your committee at the request of its citizens
and the citizens of surrounding territory.
While there is much to be said on several points still I wish
to group what I have to offer for Lincoln around three general
heads:
Location in an Agricultural territory.
As a railroad point and cnnter of communication and distribution.
Banking, Business,and Commercial power of the territory.
The last is largely a question of facts;the first two have to
do not alone with facts but likewise with the proper application
of the theory and policy of this new Regional Banking Law.
Lincoln is the center of the most exclusively intensified
agricultural region of any great extent in the United States. It
cannot well be overlooked in the location of these banks that

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Federal Reserve Bank of St. Louis

,
I

SIXTY-THIRD CONGRESS.
ER. S. C.. CHAIRMAN.
GA.

•

GILBERT N. HAUGEN, IOWA.

CANDLER JR., MISS.
S HEFLIN. ALA.

JAMES C. MC LAUGHLIN. MICH.
WILLIS C. HAWLEY, OREG.
JOSEPH HOWELL. UTAH.
CHARLES H. SLOAN. NEBR.

/T. MC DERNOTT, ILL.
A. MAGUIRE. NEBR.
HAS L. HUBEI', MO.

HENRY T. HELGESCN, N. OAK.
CHARLES E. PATTON, PA.

MES YOUNG. TEX.
H. M. JACOWAY, ARK.

KUNIO KALANIANAOLE, HAWAII.

eotvt/tvtittee OH, aivi/evattv,
5.Covve, of aly.f.inientaLive 6)..,r. 8.,

RALPH W. MOSS, IND.
JOHN V. LESHER, PA.
MICHAEL K. REILLY, WIS.

6Wao-fi1/14it014

BENJAMIN I. TAYLOR. N. Y.
DUDLEY DOOLITTLE. KANS.
D. S. 14URPH. CLERK.

T. e.

agriculture, as a whole the country over, is by far the largest
part of the productive industry of our country.

Agriculture

gives to us the great field of peaceful independent producers
the field where a man institutes and operates a business under
his own supervision and management and becomes an independent
contributor to the Nation's wealth and our Country's prosperity.

222CX2XXXIELCCINSWICDEti2i2C7.2Z&XCLNEXZEitiMairS

ommxmimpaunckmtmmxxmtxmmumgmummt.

The establishment of at least

one of these banks in such a locality as Lincolni uninfluenced
by intensified business centers and financial control) would it
seems to me be in accordance with the spirit of the legislative
intent and in harmony with the soundest economic principles and
purest public policy.

One of the faults of the banking system

under which we have lived so long is its failure to encourage
the independent producer of rural wealth or permit him to hold
his rightful place as a contributor to the wealth and welfare
of the country.
The theory of the Regional Bank, as opposed to a central
bank theory, is to remove as far as consistent with sound banking practices the banking operations from the predominating
financial influences and to retain the money and banking operations and business connections in the locality where needed to
carry on the normal business of the people. Agricultural paper
in our banking systems has been discredited and deprived of a

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Federal Reserve Bank of St. Louis

SIXTY-THIRD CONGRESS.
VER. S. C.. CHAIRMAN.
E. GA.
GILBERT N. HAUGEN, IOWA.
. CANDLER JR., MISS. JAMES C. MC LAUGHLIN, MICH.
S HEFLIN. ALA.
WILLIS C. HAWLEY, ORES.
T. MC DERMOTT. ILL.
JOSEPH HOWELL. UTAH.
A. MAGUIRE. NEBR.
CHARLES H. SLOAN, NEBR.
MAS L. RUBES. MO.
HENRY T. HELGESEN. N. OAK.
HEY YOUNG. TEX.
CHARLES E. PATTON. PA.
H. M. JACOWAY, ARK.
J. KUNIO KALANIANAOLE, HAWAII.
RALPH W. MOSS. IND.
JOHN V. LESHER, PA.
MICHAEL K. REILLY, WIS.
BENJAMIN I. TAYLOR. N.Y.
DUDLEY DOOLITTLE. KANS.
D. S. MURPH, CLERK.

•
•

I•

Coti4i4tiltez otv alvi,cwettme,
acot,oe of e?v taLiv 1. 8.,
3

9./Va,Ait4cjtou, T. C.

rightful market by banking and big business influences. One thing
kept fully in mind by the Legislators in shaping the new Law was
to give an assurance that paper arising from agricultural transactions will be given its full strength and credit in the
commercial and banking world.

A bank in such a territory would

give the best guaranty at the very outset to the great number of
smaller banks and to the patrons of these banks that this Law
was to make banking operations in fact what the enactment intended..
These are largely administrative and not commercial banks
and therefore need not, of necessity, be in what is commonly
termed a financial or commercial center.

They WM11 be the in-

struments through which the controlling and supervising arm of
the government will exercise its power and direct the banking
policy. A small city with ample local conveniences combined
with first class mail and railroad facilities into the territory
to be served it seems to me,l is what is most needed in a location.
0
No doubt railroad facilities and easy communication between the
Federal Bank and the territory to be served will be considered
as a necessary requirement. A study and examination of its
trunk lines and laterals with connecting lines readily reveals
this requirement as fully supplied in Lincoln. There are daily
46 incoming and 45 outgoing mail and passenger trains. The great
bulk of the mail put in transit either at Lincoln or at points
of average distance in the suggested territory would reach its

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Federal Reserve Bank of St. Louis

nIXT,THIRO

CONGRESS.

EVER, S. C., CHAIRMAN.
E. GA.
GILBERT N. HAUGEN, IOWA.
,S. CANDLER JR.. MISS JAMES C. MC LAUGHLIN, MICH.
.A5 HEFLIN. ALA.
WILLIS C HAWLEY. ORES.
T. MC DERMOTT, ILL.
JOSEPH HOWELL. UTAH.
A A. MAGUIRE. NEBR.
CHARLES H. SLOAN, NEBR.
,OMAS L. RUBES. MO.
HENRY T. HELGESEN. N. DAK.
,AMLS YOUNG. TEX.
CHARLES E. PATTON. PA.
H. M. JACOWAY, ARK.
J. KUNIO KALANIANAOLE, HAWAII.
RALPH W. MOSS, IND.
JOHN V. LESHER, PA.
MICHAEL K. REILLY. WIS.
IlENJAMIN I. TAYLOR. N. Y.
DUDLEY DOOLITTLE. KANS.
D. S. MURPH. CLERK.

•
•

•

Committee on elizictatt,44,-e,
acovoe of atei:Yceentativ,n 6ie. 8"
4

destination on the same day.

6/Vadlittitovt, T.

As a postal center Lincoln ranks

very high in the amount of mail handled.

While the postal re-

ceipts for the calender year 1913, amounting to c403,398.10 may
have purely a local application still it indicates in a way the
postal conveniences as a location.

The bulk of the every day

business between one of these banks and a member bank in the
district will be through the postal service.
From many financial and banking sources in other

parts of

the country constant and repeated attempts were made to break
down and discredit the legislation and the theory upon thich
the lax; is based. In view of the revelations of the Money Trust
Investigation and the common knowledge that financial centers
had dominated the big transactions in transportation, finance
and the developmient of the ilations resources it is reasonable
the new system
that the people would still view with some suspicion/until finally demonstrated.
Out of this may easily grow the suggestion that the surest
way to speedily and fully encourage confidence is to locate at
least part of these banks in localities removed from large congested denters which have heretogore unduly influenced banking
business.

The people of Lincoln and vicinitu are in full sympathy

with the enactment, the quick responses of its banks requesting
admission is evidence of the earnest and enthusiastic co-operation
of the banks and the people.

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Federal Reserve Bank of St. Louis

The administration of a Reserve

SIXTY-THIRD CONGRESS.

•
•

. LEVER. S. C..
CHAIRMAN.
a LEE, GA.
GILBERT N. HAUGEN. IOWA.
EL S. CAHDLER JR.,
MISS. JAMES C. MC LAUGHLIN, MICH.
tOMAS HEFLIN, ALA.
WILLIS C. HAWLEY. ORES.
MES T. MC
DERMOTT, ILL.
JOSEPH HOWELL. UTAH.
..OHN A. MAGUIRE,
CHARLES H. SLOAN, NEBR.
NEBR.
THOMAS L. RODEO, MO.
JAMES YOUNG. TEX.

eowirmittee

HENRY T. HELGESEN. N. DAM.

014

elizicm/ettme,

acot-te of Nv./p,c42,evitative GIC. 8.,

CHARLES E. PATTON, PA.

H. M. JACOWAY.
ARK.
RALPH W. MOSS. NO.

•
•

J. KIIIII0 KALANIANAOLE. HAWAII.

JOHN V. LESHER. PA.
MICHAEL K. REILLY. WIS.
BENJAMIN I. TAYLOR. N. Y.
DUDLEY DOOLITTLE. KANS.

D. S. MURPH, CLERK.

61Vadtivtiton, T.

hearted and continuing supBank will be made easy by such whole,
port.
I am presenting my reasons briefly because you already have
before you the very carefully prepared hearing held in Lincoln
and because you have a large number of these hearings to so
over from many cities.

Information and statistics relating to

transportation, banking and all other lines of business were
supplied in Lincoln for the suggested territory based on 8, 10,
and 12 Regional Banks.

The statistical information fully and

carefully reflects the banking power of the Lincoln territory.
I will not restate the statistical information on which the
hearings were based but fully co4cur in what was there presented.
In the large undertaking before you I am confident that you
will fully, honestly and carefully weigh the larger considerations
in the interests of the Nation's welfare.
I therefore submit to you the foloing in support of a Reserve
Bank at Lincoln, Nebraska.

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Federal Reserve Bank of St. Louis

Very trul

yours,

a/r

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Federal Reserve Bank of St. Louis

UTIU

March 6th,

Sir:
Yovr lett,3r of Yobruary 27th to Secrotary
Mc Adoo was referred to Vile office for attention.
The C*mmito.1 Itas

nuhlinhed the result

of tha official vot-1 ta7on sho7.rine; the cities with
7h1ch various banks desire to be connelted and it
is m7 im?ression that the names of the banks are
not to no 7iveln out, since the vote was taken merely
for tha Comtlittoe's information and assistance in lay—
Inc,
, nut the district.

I shall, holfevar, be tv rt

lad to cull your

letter to the Committee's -1..ttant1on ft,r considaratIon
at its next testing.
Rocroctful1v,

Seccetary,
Resirve 13,Lyik Organization Committ3o.

Honorable J. Hamoton Mooro,
House of Representatives.

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Federal Reserve Bank of St. Louis

March 6th,

114.

Sir:
In reply to',your_ler of Felirnary 24th,
beg to advise that the Committee hfls not given
out the names of banks voting for varl:)us cities
as proper location for Fedora]. Reserve ainko and
hardly think it is the intention to do so.

an' event, with our ,,resent sm11 force, it .trould
be imnracticable to furnish yo- the list requested
which will comprise nearly 3000 names.

I shall

be glad to take up AtIl the Committee the question
of ,rhothor or not it diree to 17ake an announcement publicly of thi risult of these vot/o anl to
notif-r yi211 of ite detlrmIdation in thl natter.
Reepectfully,

Secretar7,
Reserve Bank Orlanization Committee.

Mr. Logan Uc Kee, Secretary,
ChAmber of Comnarce,
PPAuburg,

Q.Zr, a (.,tc..

Larch 4, 1914.

La-4.1.1ortiumu11

FOR JUDGE ELLIOTT.

The figures given by Mr. loore in the attached letter are
correct .ccording to the exhibit which we made up on the return
of the Committee; since that time additional cards have Jeen
received making the vote at present as follows:
Cincinnati
Cleveland
Louisville
Pittsburgh

1071
460
229
1089

LT. Lioore is evidently laboring under a false impression.

The

banks advocating the selection of the above cities arc aot all "located
in that section of the country transacting business with Cincinnati,
Pittsburgh and Louisville," but are located in -oractically every state
in the Union.

To make such a list as he desires would necessitate the

handling of every card, (about 6500 in the file) and would consume the
the of n typewriter for about one week.

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Federal Reserve Bank of St. Louis

‘7/1
h

11,-4E40

FZDZIa
M.MCRANE
EeWAFD CRANE
M.M.GRANEJR.

)iwile/K/ r7
1/1"~

SVarymp.atrYaee/102- Hog- 1/01/-//e5
(
4->ibmow(eieettay,A/e,/_/.
CABLE ADDRESS(CRANE)
W. U.0ODE

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Federal Reserve Bank of St. Louis

a/414

I7.arch 2nd,1914.

1914
Hon. W. J. McAdoo,
Secretary of Treasury,
Washington, D. C.

1 19"
APR '

Committv;,
es. Bunk ON

Dear Sir:I find your letter of the 27th ult.
on my desk on my return from New Orleans.
I am sure that I did not misapprehend either the questions or the remarks of
yourself or Dr. Houston. I regret that my letter seemed to convey to you the contrary impression. I did fear, however, that the disposition of the Board might be to establish
a small number of regional banks, not more than
eight or nine, and then serve this cotton growing section of Texas and Southern Oklahoma
with a branch. This I am sure would never
prove satisfactory.
I note that you think I misunderstand the act in question. I know it is difficult to make a lawyer believe he does not
knaw all the law, no matter how often it may
be demonstrated that he does not. I believe,
however, that I can say with beco_ling modesty
that I comprehend the terms of this act fairly
well. Ey opinion has not undergone any change
by its re-examination.
As I previously stated the bankers
wanted one central bank in control of all the
branches. The administration took issue with
the bankers and the Aldrich plan. The result
w2,s the law that we hatei-, which provided for
the creation of not less than eight regional
banks, nor more than twelve. It was no doubt
foreseen that the twelve regional banks might
prove to be wholly inadequate before Congress
should amend it extending the number. It was,

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Federal Reserve Bank of St. Louis

•
•

therefore, vrovided that branches shall be established in various districts. ;Jo presume
that no one will contend that branches shall
be established unless in the wisdom of the
Board they are needed.
There was aaother contingency which
Congress wisely foresaw. Some of the country
IS sparsely settled. Take, for instance, Arizona, New Eexico, portions of Colorado, and
the extreme western Texas contLzuous to El
Paso. It may be that in none of the districts
that may be carved out can that territory be
placed so as to receive efficient service
from the regional banks. To it a branch
would become a necessity without reference to
location of the regional bank of the district
of which it may become a part. I have no
doubt that Congress intended for the regional
banks, in so far as possible to perform the
services necessary, supplementing them only
with branch banks when that Shall become
necessary to serve the public after having
exhausted the power of the Government to establish regional banks.
To make myself
clearer, if, after the Government Shall
create twelve regional districts, it will
become the duty of the Board to establish
regional banks within such of those districts
at such places as may be necessary for more
efficient service. I do not believe that the
act contemplates that eight districts may
be created, and eight regional banh established, and the work of the other four regional banks, which will be entirely sufficient,
be given to branch banks located at various
roints withdln the several districts. I trust
I have made mysel:: clear.
No matter, however, whether I am
right or wrong on that proposition I do feel
quite sure that Texas needs and should have
a regional bank in order to be able to handle
in satisfactory way the cotton that shall be
shipped from the district Iroposed. The report of the Comptroller for 1912 showed a mar-

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Federal Reserve Bank of St. Louis

•
•

•

velous growth in banking facilities in Texas.
It showed that we are eighth in the list,
that we have 555 national banks with assets
of 4352,796,000.00. To this should be added
849 state banks and trust companies, with the
grand total of 4502,796,000.00 available in
the regional district. Missouri has
405,645,000.00, that is in her national banks.
Yet, it must be remembered that our business
is developing and growing mach more rapidly
than that of :assouri. In 1900 we had 223 national banks, with an aggregate of only 097,063,0(0
assets. This shows that in the twelve years
the national ban-:s have grown by increasing
their assets ',255,033,000.00. The state banks
have all come into existence within the past
few years.
In addition to this the population of
Dallas in 1900 as shown by the Federal census
was 42,000. In 1910 it was 92,000. A census
was taken at the close of 1913 in an indirect
way by counting the Doll tax payers within the
city limits of Dallas. ;:e found that there
were nearly 21,000 including those who got exemption certificates. That show, according to
every proper basis of coMputation, that we
have 120,000 within the corporate limits of
the City of Dallas. In other words, within
three years we have gained 20,000 within the
corporate limits, and have additions just outside the corporate limits that will make it
easily 10,000 more.
This indicates the growth of Texas
in a general way. Ft.jorth,San Antonio,Houston, Austin,Waco, Sherman, Denison and the
other towns are growing likewise. It is safe
to say that at the end of the present decade,
in other words, by 1920, Dallas will probably
have 200,000 people, and the business of
this entire district will very largely
increase. The cotton crop with its by-product,
cotton-seed, alone in the territory named will
be equal to 000,000.00 per annum. We are
not borrowers at all seasons of the year, but

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Federal Reserve Bank of St. Louis

•

only during the time that the crops are being
moved. At other periods our assets are avail
able for general use. It must be admitted
that New York is a very heavy borrower at
certain seasons of the year. Indeed, it cause
d
the panic in 1907 by borrowing all our money
and locking it -up in its vaults, or putting
it in such collateral that it could not immediately convert.
Viewed from any stand-ooint Texas
ought to have a regional bank, even though
no other territory should be considered excep
t
itw own. Naturally, I think the regi
onal
bank ought to be in Dallas for the reaso
ns
shown the Committee at Austin.
This will be my last communication
on this subject. I leave the matter
with you,
and with such presentation as other gentl
emen
may make.
Yours

JC-c

truly,

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Federal Reserve Bank of St. Louis

•
•

March 2n

914.

De r Vr. Secretary:
I hioste your letter of the 24th
ultimo, enclosing a letter from Vr. P.L.Hall
in reference to the Federal Reserve Bank
question.

You may be sure that it will re—

colve careful consideration.
Very sincerely yours.

Honorable William J.Brpin,
Secretary of State.

.1.7/101•Meln 0.....rfC,+P•e•it•un•SNOZTMOXLI.A.S.

tit6 t S !V t\!
H751.11'1

EXECUTIVE COMMITTEE
SIGO MYERS, Chairman
RICHARD J. DAVANT
MILLS B. LANE
W. P. McCAULEY
LEOPOLD ADLER
JACOB S. COLLINS
JOSEPH HULL
HENRY f3LUN
THOS. PURSE, Committee Secretary

410

SAVANNAH CLEARING ASSOCIATION
SAVANNAH, GA.

R''SEIVE BOAVID

Feb. 23th- 1914.

MAY 2 - 1914
Hon. John Laelton
Organization Uommittek,
1edera1 Reserve Nank,
Yashington, D. C.

Nes. Bank Org Committee

Sir:
We are sending today to the Chairman
of the committee, lion.

. G. McAdoo, three copies of a brief

setting out the claims of Savannah. for one o-7 the Federal
Reserve Banks.
-Jo are very desirous, of course, that
the Committee should carefully examine the claims of i3avannan
and we nave endeavored therefore to so condense the brief as
to eliminate everything except such information as the Committee
will needlin arriving at a conclusion.

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Federal Reserve Bank of St. Louis

BOARD FILE
L RESERVE

COPY

2••
February 27,1914.

y dear

r. Crane:

I have your letter of the 21st instant, submitting
your views on the purposes and meaning of the Federal Reserve
Act, and urging the claims of Eallas as a suitable point for
the location of a Federal Reserve Bank.
Please dismiss from
your mind all thought that your views are intrusive; on the
contrary we welcome intelligent opinion as well as facts, and
it is our purpose to give them the largest possible consideration
in arriving at ultimate conclusions.
I can not at this tire enter into a discussion of
the points raised in your letter but should like to call your
attention to what I said in Austin and in every other city where
hearings were held, that the questions of the Committee were not
to be considered as indicating any trend of opinion or views on
the part of any members of the Committee; that the questions
were asked for the sole purpose of developing facts and bringing
out argument. I desire to repeat that statement again, in order
to avoid wholly unwarranted inferences, some of which, to my
surprise, have, in the face of our repeated warnings, appeared
You may be sure that the Committee is
in the public prints.
going to be guided in making its decision by the highest intelligence and patriotism which its members possess. I ought, however,
to say that your arryment about the branch banks seems to indicate
a lack of understanding of this feature of the act. The central
bank idea ias, as you say, discarded and in lieu thereof the country
is to be divided into not less than eight nor more than twelve
districts, and the main office of the federal reserve bank is to
be located in each district. In addition to this the Act requires
that the Federal Reserve Bank in each district shall locate branch
banks in that district. This is, to my mind, a very wise provision,
because it brings the headquarters bank into more immediate and
direct touch with all parts of the district than if the branches
should not be established. Certainly three branch banks can perform,
under proper reulations, almost every function of the headquarters
bank itself.
Believe me, with kind regards and best wishes,
Sincerely yours,
(Signed)
M. M. Crane, Fsq.,
Commonwealth National Bank Building
Dallas, Texas.

. McAdoo

J. HAMPTON MOORE

RESEW. BOARD
0110

•
•

3DI DISTRICT PA.

00•

3fjuitt_it% of littprrtirittatinv5

1111

February 27, 1914.

Hon. William G. McAdoo,
Secretary of the Treasury,
Washington, D. C.
Dear hr. Secretary:
I understand that preferences have been expressed by
banks joining the new currency system as to regional bank
centres.

If I am correctly informed banks located in that

section of the country transacting business with Cincinnati;
Pittsburgh, Cleveland and Louisville, have voted as follows:
In favor of Cincinnati, 942; for Pittsburgh, 940; for Cleveland 395 and for Louisville 194.''
I have been asked to secure, if possible, a list of the
banks favoring locations as above given and if it is not inconsistent with your policy, will

ppreciate your forwarding

the same to me at your earlie t con enience.
Very trul

ours,
1/4401)

irVir

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

FILE

•
•

•

WILLIAM H. THOMPSON. KANS.. CHAIRMAN.
WILLIAM E CHILTON, W VA.
THOMAS S. MARTIN VA.
ALBERT B FALL, 11. /AEX
JAMES H. BRADY. IDAHO.
ALBERT A. JONES, CLERK.

?.1Cnite6

,,Dociiate/
COMMITTEE ON

EXPENDITURES IN THE DEPARTMENTS OF COMMERCE AND LABOR.

0
,r1A0
:
4;

FebrI

,
Honorable John Skelton Williams,
sg.

Comi)troller of the Currency,

(

Treasuny Department,
Washington, D. C.
717

ear Sir:
I hope in the selection of places for the location of the

Federal

eserve Banks you will not overlook the importance of

Kansas City to the state of Kansas and all that immediate territory.

You will no doubt remember from the showing made that

Kansas City has just as distinct business and banking territer7
from St. Louis as Chicago has from New York.

A branch bank

for Kansas City would not satisfy the demands of the business
rublic in that locality any more than a branch would satisfy
s-ch interests at Chicago or St. Louis.
If Kansas City has failed in any way to make a conclusive
showing in this regard, I trust an opportunity will be given
for introducing further evidence.

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

Very resre r

ISTAPID FILE

a:DOA
JNO.W.LANGLEY
10T21 DISTRICT. KY.

••

•
.
00

HOUSE OF REPRESENTATIV
WAS

February 25, 1914.
'

Hon. John S. Williams,

'eJ2
-1

APB 111
"

Ast,Fistant Secretary of the TreasurY
Res.
Washington, D. C.

Org

Committee

My dear Sir:Application has been made for the establishment of a regional reserve bank at Louisville, Kentucky
and also at Cincinnati, Ohio.

Both of these points

are convenient to the people army Congressional District.
As a Kentuckian, I naturally prefer Louisville, but Cincinnati is my second choice.

Aside trom these two ap-

plications, I feel no hesitancy in expressing the opinion
that, as between Washington, Baltimore and Richmond, Virginia, the last named City is entitled to preference.
I earnestly hope that one of the banks may be located
there.

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

Very respectfully,

WILLIAM H.STEVENSON,PREsIDENT.
D. P. BLACK,1ST. VICE PREST.
ROBERT GARLAND,2ND.VicE PREsT.
JOHN B.BARBOUR,3RD.VicE PREST.

PHONES:

•0

BELL, GRANT 447
P & A. MAIN 10 91

H. M.LAN D1S,TREASURER.
LOGAN McKEE,SEcRETARy.
ROBt.W.BARBOUR,Ass'T.SEc'y.
HARRY F. DEN IG,TRAFFIC MANAGER.

MEMBER
CHAMBER OF COMMERCE OF U

hi Ptt it u

OFFICE OF THE SECRETARY

February 24, 1914.

Mr. M. C. Elliott, Secretary,
Reserve Bank Organization Committee,
Washington, D. C.
Dear Sir:The Chamber of Commerce of Pittsburgh is very much
interested in the location of the regional banks contemplated
under the new Currency Law, and at the invitation of your Committee s appeared before you on January 17th, advocating Pittsburgh's claims.
We notice an announcement that national banks having
business connection with the cities of Cleveland, Cincinnati,
Louisville and Pittsburgh have indicated their preference in
favor of Cincinnati -- 942; Pittsburgh -- 940; Cleveland -395; Louisville -- 194.

We would appreciate it very much if

you could kindly cause to be forwarded to us the names of the
banks which indicated their preference for these various
cities.

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

Yours

very truly,

ANSWERED

MAR ()

1::);
ar y.

,
I-1ESERVE
\1 FEDUAL

,
=i (
00

February 24

1914.

The Honorable
The Secretary of the Treasury.
My clear Mr. Secretary:
take the liberty of enclosing a letter from Mr. P. L.
Hall, member of the Democratic National CoilrAttee of Nebraska.
I would ayorociate it very much if you would invertirmto
data which Mr. Hall mentions.
It would of course -oloane me very nu3h
one of the regiorlal banks in Lincoln.

if you could

establish

I have not mit e given

uT) hope that you may thus honor our town.

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

Very truly yours,

-r

•IL VED

MAR 2 4 1914
Res. Bank arg Committee

C)
0

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

410

(JD

(\)
U"

RESERVE
\--FEDERAL

is0

t\.)

February 24

1914.

The Honorable
The Secretary of the Treasury.
My dear Mr. Secretary:
I take the liberty of enclosing a letter from Mr. P. L.
Hall, member of the Democratic National CoiT:littee of Nebraska.
I would ayoreciate it very =eh if you would inveiltigate the
data which 1:1. Hall mentions.
It would of cou:'se Dloane me very much if you could establish
one of the rer;ional banks in Lincoln.

I have not (mt... e given

up hope that you may thus honor our town.
Very truly yours,

f't

MAR 2 4 1914
Res. Bank Org Committee

.
01 1?›.
ME

HALL

R OF DEMOCRATIC
ATIONAL COMMITTEE

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

•
•

Adk

•,,,ormile4

nsErprE Bow@ nt.E

"O' 1

LINCOLN, NEBRASKA, Feb. 19, 1914

Dear Sir:We are today forwarding to the Federal Reser
ve
Comlission the remainder of the data that we
were asked
to furnish in support of the contention of
Lincoln as
a City suited for the location of one of the
Regional
Banks. We have forwarded this to Congressman
Maguire
asking him to file it with the Commission.
We feel that we have made a showing that
would
fully justify the Commission in establishi
ng a bank in
Lincoln. Our main contention Is that the spiri
t of the
present currency law is to prevent the conge
stion of reserves incident to the former law, and to preve
nt
ilization of reserves in the large money centers a mobto be
used in speculative investments. Certain maps
and data
furnished the commission show conclusively that
we have
a territory tributary to Lincoln amply able to
furnish
the Capital, Surplus and Deposits to make a ,
iegional Bank
in Lincoln a successful financial institution,
and one
of the main contentions that we made was that
it concentrated the reserves of a region practically pumiy
agricultural
and that our in erests here in the West would
mbe jeopardized
a compulsory mobilization of our
reserves in the large speculr-tive centers.
We have, in
this region outlined as tributary to
Linco
ln
a class of
paper unequaled in its security and the
diver
sifie
d interests of this agricultural region are
such that our

4ALL
/OF DEMOCRATIC

111.

••

,ONAL COMMITTEE
,

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

LINCOLN,

NEBRASKA,

W. j. B•tk. -2

Ito

paper is liquidated every six months as surely as the
crops are sold and the stock marketed.
We would be glad to have you examine the presentation made and we feel that you would then be
entirely satisfied that we are not without reason, in
asking for one of these banks here in Lincoln. While
I know that it has been charged that more or less politics might be played in the location of these banks,
yet I feel that this Commission is so far above petty
politics in the consideration of this vital question
that the charge is entirely without any foundation.
However, I can say frankly to you that aside from
the fact that we have all the resources and every requisite of every kind to make one of these banks a success
and to justify the Commission in locating a bank in
Lincoln, yet the fact that such a bank in the years to
come would be looked upon as a monument to the splendid
fight that you have made in the last twenty years
on the money question, would be to me a satisfaction
beyond my ability to express in words. While I know
that you are doing everything you can for Lincoln, I
could not refrain from taking a little of
your valuable
time in expressing to you a word of cheer and hope that
we might succeed in our efforts to obtain one of these
banks.
Yours truly,
Hon w. J. Brysn,
Washington, D. C.

.PL

A D I-1LE

L()%
00

CAPITAL 5100.000.- SURPLUS $100000.

R.E.HU FF,PREsIDENT.

(,0,w013'%45;ii.

FEBRU A,Rii,

1914

Apt?

ij
Hon. J. S. .:Alliams,
Reserve Bank Organization Committee,
Vashington, D. C.
Dear Sir:

10
3

Ole

Res. Bank
urg

As our Cashier was absent I was unable to be at the fleeting of your Committee at ,,ustin February 9th.
I note from the paper5in Texas, with extreme regret, that
indications seem to point that there will be no Reserve Bank in
Texas, and most probably none ilest of the Mississippi, unless
right on the banks, at St. Louis, Minneapolis or New Orleans.
Of course, I know that Newspaper Correspondents may not
understand what is in the minds of the Committee, and that your
Committee may not have resolved upon any such action.
As a business man who takes some small interest in politics
I wish to say that both from a business standpoint and the standpoint of a Democrat, I think it will be a great mistake if the
—eserve Banks are all placed East of the NAssissippi, or in cities
lined immediately on the West bank, and if the great West and
Southwest is ignored except by one at San Francisco, it seems
to me that such a course would hardly be in consonance with the
principle of the present Currency Bill which seems to have been
to decentralize money as near as possible and give the whole
country a chance.
For instance, we here would be nearly 800
miles from St. Louis, and not much nearer to New Orleans.
If the Government is going to require National Banks to
keep their reserve in these Reserve Banks they should be made
reasonably accessible to us in the great West. Texas is over
800 miles across, and in the extreme :Jest, St. Louis or New
Orleans would be even more inconvenient than to thisplace.
As Hon. T.H. Ball stated at Austin., "The great State of
Texas ought not to be made the tail of a dog to be wagged by
St. Louis" and while Texas is a Democratic State and will still
stand by the Administration, if the 7iest is ignored you cannot
expect the mountain States like Colorado and Montana to have the same party devotion that Col. Ball proclaims.
In my humble judgment the great West should be recognized
even thoual in so doing it should be necessary to increase the
number of Banks to twelve, as the law provides.
I have not one cent of interest ,in Dallas, nor in any Dallas
Bank, but sincerely trust that Dallas may be made a place for
location of one of these Banks, and also hope that Denver and
Seattle, as well as San Francisco shall be recognized.

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

lb•
sivA,cXA\kxv.N.,\ %L\\I

•
•

CAPITAL SI00.000.- SURPLUS S100 000.

040oclOWSZi-

R.E. HU FF,PRESIDENT

When we are doi.E business with private banks ten
:here is
competition between them in accom,odations and in courte
sy, and we
can afford to do business .with Banks even a long Way
,off, but when
w - are roqui ed by law 'Co place .our reserve in a Bank
controlled
by the Government, if we are so far distanced, that the
expense of
consultation with the managers of it eat up the profit
of obtaining
accommodations through it, we 'might as well do 'business
with private
organizations with whom we have established lines of
credit, aid
where we would not have to get acquainted in order to have
some
standing.
If the new system is to be popular with the people then
it
should be brought as close to them in every part of the
Union as
the law will 'permit.
I do not think there is much in the theory that seems
to be
in the minds of some of the Committee that a Bank in
Texas or
Colorado will not be strong enough to serve its commun
ity. I
think that it will, and if not, that the powers of the
Reserve Board
are sufficient as to be of assistance at any time through
Banks
where the balances are larger.
I am reasonably sure that
most of the Banks in Western ilexas have far more business
with
Kansas City than with bt. Louis. We, ourselves, would
feel if
we had to have our reserve bank in St. Louis, that we would
just
have that much dead money tied up, for a.:11 matters under
the control
of the Government are usually so much a matter of set
regulation
and red tape that it would be hard to do anything by
correspondence.
I am a little afraid that as the Secretary of the Treasu
ry
and the Comptroller live on the Eastern seaboard, and the
Commissioner
of Agriculture is now a citizen of St. LouiS,. that the
Committee
does not fully appreciate the needs of t'ae great West,
and the
importance of placing some of the Banks in this great
territory.
I would not want any sound business rule disregarded
for
political effect, but half of the Union can _ot be ignore
d in se,lecticn
of these Banks without a feeling of resentment from the
territory
ignored, which feeling would certainly be displayed at
election
time and might turn the scale in States t_aLt are closer
politically
than Texas.
As one of the Texas Delegation with Col. Ball, at
Baltimore,
I wish to express the hope that the Committee can
see its way
clear to a different conclusion fron that foreca
sted by the
reporters of the Austin He ring.
I have sent a similar letter to the other member
s of the
Committee.

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

Yours re-snectfully,

fe,W

240
A7p
111,

DIRECTORS.

'5 ,

JAMES S.ALEXANDER,Prest.Nat. Bank of Ctmerce in N.Y.
STEPHEN BAKER,President Bank of the Man ,attan Co.
SAMUEL G. BAYN E, President Seaboard Nattank.
EDWIN M.BULKLEY,Spencer Trask & Coliankers.
JAMES G.CANNON, President Fourth Nat.B,ink.
E.C. CONVERSE,President.
THOMAS DEWITT CUYLER,Prest.Comnfircial Trust Co.Phila.
HENRY F. DAVISON, J.P.Morgan & Co/tankers.
RUDULPN ELLIS, President Fidelity Trust Co. Phila.
E. HAYWARD FERRY, Vice Pre.sident Hanover Nat.Bank.
WALTER
FREW, President COm Exchange Bank.
FR ED.K T.',HA§KELL,V.Pttst.111.Trust & Savings Bank Chicago.
A.BARTON HEPBUR N,Oairman Chase Nat.Bank.
FRANCIS L. HINE,Preslent First Nat.Bank.
THOMAS W. LAMONT, .P.Morgan & Co. Bankers.
EDGAR L. MARSTON, Blair& Co. Bankers.
JOSEPH B. MARTIN DALE, President Chemical Nat.Bank.
GATES W. McGAR RAH,Prest.Mechanic&& Metals Nat.Bank.
CHARLES D. NORTON, Vice Prest.First.Nat.Bank,
WILLIAM C. POILLON, Vice President.
DANI EL E.P OM ERPY,Vice President.
WILLIAM H.P ORTER J.P.Morgan &Co.Bankers.
SEWAR D pROssER,Prestliberty Nat. Bank.
DANIEL G. REID, Vice President Liberty Nat.Bank.
BENJ. STRONG,JR.Vice President.
EDWARD F. SWIN N EY, Prest.First Nat.Bank,Kansas.City.
GILBERT G.TH ORN E, Vice President Nat.Park Bank.
EDWARD TOWNS EN D,Prest.Imp.8. Traders Nat.Bank.
ALBERT H. WIGGIN, President Chase Nat.Bank.
SAMUEL WOOLVERTON,President Gallatin Nat.Bank.

•t-1 • -

HI7'
OFFI

BANKERS TRUST
COMPANY
CAPITAL
SURPLUS

$10,000,000
10,000,000

CAB LE ADDRESS: BANKTRUST, NEW YORK.

WALL

STREET

ERS.

E.C.CONVER E,President.
B ENJ. ST RON ,JR.,Vice President.
WILLIAM C. FOILLON, Vice President.
D. E. POM ER Y, Vi_oe President.
\AZ—N-7511A
,Vict,e'President.
F. I KEN
4011'resident.
HAR9A.
11-1-1ORNE , Vice President.
F. NI. B. LO E,Vice President.
GEO. TH 0 SON, Secretary.
GEOftE W. ENTON, Treasurer.
GUYR I CHAR S, Asst. Secretary.
H.W. DONOVAN, Asst.Treasurer.
BETHUN E W. JONES, Asst.Secretary.
H. F. WI LS ON,J R.,Asst. Secretary.
R. H.GI LES , Asst. Treasurer.
PERRY D. BOGUE, Asst.Secretary.
HARRY N. DUNHAM, Asst.Treasurer.
I. MICHAELS, Trust Officer.

,
f

NEW YORK, Febrilary

11,

1914.

FOREIGN E.C.HA.NGE DEPARTMENT

Hon. William G. McAdoo,
Secretary of the Treasury of the United States,
Washington, D. C.
Dear Mr. McAdoo:After finishing my testimony before your committee in
New York City, it was my intention to divide the country into
such regional reserve districts as seemed to me advisable, as requested by you. It only took very little consideration, however,
to realize that snap judgment should not be applied to such a
proposition. I can clearly see that state lines must be ignored
in order to make any sort of scientific division, which would of
necessity require figuring upon each separate banking institution, so that the compilation by states, as given in the comptroller's report, would be of comparatively little benefit. This
would mean such an immense amount of work that it is quite out
of the question my undertaking it in connection with my other
duties.
It seems to me that with the statisticians at your command in connection with the testimony taken in all parts of the
country, you can have the districts worked out much more satisfactorily than I can do it with the time at my disposal. This
does not mean that I would not be most pleased to serve you in
the matter in any way that you would consider of value, but merely that I feel the importance of the formation of the regional
districts too great to be willing to undertake it in any haphazard manner. If in going on with your work there are any facts
or figures that you may desire that you think I might be able to
obtain for you, because of my many years' experience in handling
such matters, I shall be most pleased to have you call upon me.

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

Very truly yours,

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

January 28th, 1914.

T!y dear ConlTeosnwa:-

La re-ply to your letfAm of January
th, I beg to advise that I will call
matter to the atention of 1;i1 Cormittee wad
see that the recommendation is altered to
show Cincinnati as the Zirct oLeice of the
*1.)007)1e of southern -!est Viriniepand Richmond
as aecon0 choioe, accordins. to y7,ur ,j1:413rier,.t.
Respectf'ally,

...1.030r70

;-'41c-trnzAry,
Banc Oraanization Cornri

Honorable :Ilinter H. Mmla, Jr.,
Hcane of Aolvosentatives.

cc.

43 I
E. R. Preston,
Attorney-at-Law
Personal
Offices: 1 and 3 Law Bldg.,
Charlotte, 11.0.

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

January 26, 19141,

Honorable John Skelton Williams,
Acting 7,ecretary of the (.:Yeasury,
C.
ashillgton,

vio herewith sending you copies of matter
about which we halm had sore conwrsation and thought possibly they milt be useful in your files.
Tanking you for your many kindnesses to

Very siacerely yours,
(Signed) B. R. Preston

Fncs.

o 2Y

!'onorable Crentlenen of the Committee of Organisation, Federal
Reserve Act
lfpon the reasonable i)reoumption that the Southeast
District viill be comj:)osod of Virginia, North Carolina,
South Carolina, Georgia and Florida certainly, d probably East Tennessee and. Eastern Alabama because of the
kindred interests and the usual custom of trade, a Reserve Bank north of these states woulc: be inconvenient
on account of the distance and mail 5ac11ities• Figures
covering this district are as follows

Capital.

Sur.121110.. No. of 7.1at1.3k84, .,.. Amt. borrouod as Of
QgIaDer 214121.a•

,000......133 •
..... 72
19,000.
a..11,3
Carolin
North
.... 48.
•
«
,000
,516
8
a..
South Carolin
0414041

1!;.1abama
Tennessee •« «.«.18 ,700 ,000..
TOTAL

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Federal Reserve Bank of St. Louis

119,014 ,000

53*• ..
90
109

Duosit

110,563,000
3,556 ,000
43,002 ,000
....3,518,000
28 ,092,000
•
.......
•.3,560 ,000
63,553,000
•
•
•
.....
••••5,822 ,000•••
38 ,248 ,000
2,616 ,000
,722,000
48
,925,000
74
,453,000
3,&18 ,000..
25 ,913,000

407,523,000

Reserves being 5/12 of total reserve against above deposits would amount to 20 ,376 ,000. These are the total figures
for the above states which woult be slightly less by reason
the
of deducting the Western half of Tennessee, Alabama and
ted
auL,Iten
be
largely
wolz1,.
7,'estcra corner of ,lorida, but which
banks
statk
of
hip
members
from
by the added figures resultin
who will no du'u'ot join the system on account of great advantages offered by the ],ederal Rescrve Act.
7:i1l state in this connectiod, that the state banks
to
in the states =zed have a eaj_tal and dep.,sits almost equal
,
lar,
_articu
in
a
Carolin
North
to
As
that of the National 3anks.
to
as
States
United
the
in
h
elevent
will say that it stands
agTicultural proth2ction, 1Gth as to population and 28th as
to 18114 area.
In the District outlined above, Charlotte is within
twelve hours ride or one night'13 ride by mail of every city
r2atva, 10 hours, Birmingham, 14 hours,
of imi›ortance ,
, Chattanooga, 15 hs)ara. The following
L:azitgorlery, 14 ho
Richcities §per e within 12 ,ours of C::Is.rlotte,- 1:,-nchburg,
burg,
Spartan
a,
Columbi
le,
Ashevil
mond, Wilmington, ','Inston,
oro,
,
Greensb
Raleigh
,
Norfolk
Atlanta, Savannah, Is4..mville,
Zap:L-0.11e, Greenville, Charleston, Augusta, Jacksonville.

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Federal Reserve Bank of St. Louis

0.2011.

Charlotte is almost In the center of the district outlined, being very slightly to the North of the °enter
.
The banks of the South, without exception, desire that
the reserve bank be to the ::orth of them rather than to
the
South. All that Artion outlined to the north of Charlo
tte,
is within 000 niOat'a mail of Charlotte and the tread of
bustneee in this—territory Is to the South. The mail facili
ties
from Charlotte are ea*colient, nails Going lorth , South, East
and west on evening trains, reachlup. 12.hour cities the next
morning. We vresent, herewith, a map showing Charlotte's
geOg` •
raphical location in reulion to the district and Showin
g
distances and
receiptz; 'and deliveries.
We desire (ecially to call the attention of t1-p
Honorable Comuittee to the number of railroads radiating
from
Charlotte, penetratin„; th suounding country in cig.,t 6ifferent directions. We are sure that, from the standpoint,
of railroad service that no other city located in this territory is so well equi pped to render the service that Charlotte
can give.
Charlotte is in the irmediate center of the larces
t
cotton manufacturing district in the South. Ninety ver cent
of tnc production of cotton :vrns and cloth of the south
is
ra„.nufs,ctured within a radius of 11.0 miles of Charlotte.
It is
also a large market for the handlin
center of a large production 04. totto
lotte
eaIon..
ducts an immense amount of busineee with all points in the
distriot outlined and with a reserve bank would be conven
iently
situated to serve vdth dispatCh and convenience the wants
and
needs of the entire district. The established custom
and tread .
of business has for so long been in favor of New
York, Philadelphia and Baltimore, that it would be presumptious
for any
city now in this district to claim to control or have any
overwhelming ere of the Leneral banking transactions of
the Southeast.
The ver7 nature and object of the formation of the
reserve banks is to create such a center of financial
operatious for which Charlotte is most admirably adapted by
reason
of location, size, business surroundings and the immense
amount
of commerce carried on to the imaediate Northeaat and
South.
alohmoae on the North and Atlanta on the south offer a wonder
ful array of figures showing why each point should be select
ed
but Charlotte is an equal distance imrediately between the
two, offers the sum total of both their figures an0 advan-

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Federal Reserve Bank of St. Louis

tects and in addition, the wonderful and rapidly developing
territory intervening of which Charlotte is the center.
Charlotte is the center geographically, the center of population and thc center comercially of this istrict.
The 1;opuiation of this district is of thy Bare
radical decent and it could be said. also, for the most part,
enzaged in the came lines of pursuit co that their business
shows such a similarit;; in character that it --old make it
most convenient anu most Ilracticable to have it handled through
one reserve bp:11z.
The Government already owns valuable and admirably
located property in Charlotte, known as the United States mint,
recently used ac an assau office, and this property has long
been associated with the financial operations of the Govern..
mnt and would afford a slcm'.1. ho7e for a reserve bank for
this district.
These facts and exhibits have been hastily gotten together and before arriving at a decision, we feel that it
would .be fair and just to Charlotte that your c maittee favor
us with a stopover, if only for one day, on your return from
the rest and (2.uth. Yk iavite you to be our ueets on your
way from Atlanta to '3ashington en any day convenient to you
in February. Charlotte mast be seen to be a2,reciatod and
you should not jud8e her by thio modest delecation. You contiemen would be surpriseii at the grcst c.:iary,ete that have gown
in Charlotte in the past row years. Further, we will auk your
you, withie the course
iadu gentle in alloving us to file ;ith
of the next week or ten days, a ixinted pamphlet setting out
what has been told you and other data, more carefully and
consecutively gotten toj-ither, which will, we hope, be interestinL; to you and helpful to Us.

HUNTER H. MOSS, JR.
4TH

DISTRICT W. VA.

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Federal Reserve Bank of St. Louis

,:SERVE. BOARD F1LE',

iqinuir uf Erprtsnitatiurti
asIlington, EL T.,

#-goo

Jan. 26, 1914.

Hon. N. C. Elliott, Sects-.,
Reserve Bank Organization Committee,
U. S. Treasury Dept.,
C I T Y.
My dear Sir:
At the time I appeared before the Committee
when the representatives from Wheeling, W. Va. were
heard, I stated that in my judgment Cincinnati was
the first choice of the people of southern West Virginia, and Baltimore the second choice, for reserve
bank.

Since then I have received some information

from prominent citizens which causes me to wish to
change this statement as to Baltimore being the second
choice, and to say to you that I believe the correct
situation is that Cincinnati is their first choice
and Richmond their second choice.

Kindly change

my statement accordingly, and oblige
Yours very truly,

HHM/DBL

A.I.N:LivtLERED
JAN 27 1914
-0

•••1111111.1I

r )1-NZ BOARD FiLE

—
/Iikto'

A •

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

db,

January 26th, 1914.

:3 I R
In the aboo2ico

•ecrettiry

.loo,

I bop to reply to y ur)communication of the .1st
In which you su.mest each State should. invo a A3deral .7ieservo Dank,

Yoar letter vill be submitted

to the Conmittee on its return, but In t is connection I be

to call your attentioll to the fact that

the law creatin7. t!loso banks limits the nunber to
twelve.
:es$ootfully,

'Jecrotary,
7-leservo Bank Organi .ation 0ornittee.

Colby,
.r.
0/0 :;tandard otor lon.-9any,
:Iason [lity, Iowa.

Nts

ono
)

••••

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Federal Reserve Bank of St. Louis

r
NBID c
rg7T j
r rAVII.
"

Qft
January 23r4-1-914•

31r:.)Your letter of January Ust

aug-

gootions as to the numi:ter an4 locmtion of
2oderal
;iosorve 3anke has been r000ivea aud

bo sub-

mitted to and consilero6 by t%e Ci7,nmittee
in determinin

thi3 queation.
Ro32,00trullyt

:ontirvo
lipaert D. ''ont Pro-l'ont
(
.;k's .:ronczats 7:Alk-6f.7aaDa19;')

'Secretary,
Jr.;anizatio::

•

•
•
••
faitbarb4Hthør (Company

OF DEL
"
ARC

MANUFACTURER OF

AUTOMOBILES
TRUCKS AND TRACTORS
223-5-7-9 COMMERCIAL BANK BUILDING

FISCAL DEPARTMENT

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Federal Reserve Bank of St. Louis

MASON CITY, IOWA, Jan. 21st, 1914.

1,J r.

. r-.
Seely. of U. S. Treasury,
Washington, B. C.

Dear Sir:--As it has been
the policy of the Democratic party to listen to e - ch
and every interest I think it perhaps fair for me to
give my opinion, whatever it may be worth, in regard
to the currency proposition.
It seems to me that each and every state
in the Unton should have the priviledge of having a
Reserve Bank and part of the expense of maintainihg
such a bank, the state would gladly contribute.its
proportion.
This would give every Reserve Bank a
chance to help the concerns that are worthy of credit,
such as manufacturing institutions, which the writer
is interedted in. It is hard for the manufacturers
in the at
of Iowa, or any western state to get credit
in Chicago, but if :this Central L
- ank was located in
e-tch state, it would be a very easy matter for the
Reserve Bank to know who was entitled to credit. This
would do away with jealousy.
I think the state of Iowa produces as much
revenue to the national wialfare of the United States as
any etat,e in the Union, and I think she is entitled to
a Reserve Bank.
I also think that every state in the
Union is entitled to an institution of its own and I
think if each state was 0Aven an opportunity they would
gladly burden themselves with the additional expense of
maintairjnz a Reserve Bank.
A banker in Illinois is cert&inly nct as
familiar with the conditions as a banker who lives in
the state of Iowa, and especially the banker who has
been doing business for years--- and, we have some very
good banks in Iowa, and they would all be glad to incorporate.

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Federal Reserve Bank of St. Louis

•
•

Mr. r

•
•

AcAdoo--- -fl.

Dez:onratic party is in the
Now that
saddle and are doinFd; things, and have gained the confidence of the people, I should think it would be a
worthy consideration for each state to have its own
Reserve Bank.

Very truly yours,

TMC*C.

••

MERCHANTS BANK OF PASSAIC
PAS S Al C ,N

ROBERT D.KENT, PRESIDENT
JOHN HARDIFER, VICE PRESIDENT

Jan, 21st, 1c114.

EDWARD F.HACKETT, CASHIER

Organization Committee of Rational Reserve Banks,
WatAiington, D. C.
Gentlemen:

.
C

bt.

As a oractical banker for nearly forty years and a close student
of monetary principles for ten years permit me to express some views
on the subject of the question now before you. regarding the number and
location of the Regional Reserve Banks.
By a study of present conditions and what has happened in the past
an economic law may be discovered which would indicate the policy that
should be adopted.
Please note the fact that within the past two weeks the Bank of
England discount rate has been reduced one half of one per cent, rurinE: the week that this occurred the Clearing House Banks of New York City
gained 028,000,000 in cash. The harmony between a low rate of discount
by the Bank of England and a full supply of money in New York has alwas existed, and never has the Bank rate been low for a period of any
time and a scarcity of money existed in the United States. Practically
never has there been difficulty in furnishing proper banking accommodation in any banking city or town in this country when the Bank of England rate has been continuously low. On the other hand never have we
been able to furnish adequate accommodation throughout the United States
when the Bank of England rate has been continuously high. Just as water
high at one point will flow to points where it is lower so will an abundant supply of money in the leading money market of the world result in
money being easy in the other money centers. The terms current as
applied to water and currency as applied to money indicates a similarity
of action.
It is not desirable nor necessary that our country with its vast
resources and wealth should be dependent as it has been on the Europeon market but 'in remedying this condition we should recognize
the
economic law of the flow of currency and not go to the other extreme
and endeavor to establish money centres in many parts of the country
through the establishment of more Reserve Banks than requited by the law
together with the required branches. The fact has been shown that abundant money in London has resulted in easy money throughout the United
States where the Bank of England does not even have one branch. If
our
new system provided but one strong institution in the United States which
was properly conducted and with no brnaches every part of the Country
would be able to obtain all reasonable and proper accommodation:
I enclose herewith a circular from a prominent New York banking
house which states that "the new banking eystem will bring to life
billions of credit" If that is true or even if we are to have less
credit expansion than indicated there is great daAger that much
harm will
res1)1t from injudicious use of our new powers. I would therefore
urge
that as few Reserve Banks and branches be established as is
permisuable
under the law.
EREI Yours very tieal-

IVF
encls.

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Federal Reserve Bank of St. Louis

•
•

MERCHANTS BANK OF PASSAIC
PAS SAIC,N _ J.
ROBERT D.KENT, PRESIDENT
JOHN HARDIFER, VICE PRESIDENT
EDWARD F.HACKETT. CASHIER

Organization Committee of National Reserve Banks.

P. S.
The theory under which it is proposed to have a large number of Regional Reserve Banks and branches thereffl if
carried to its logical conclusion would require that we should
resolve out National Government into that of the various states
of which it is composed.

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Federal Reserve Bank of St. Louis

Janwszy 21, 1914.

r:
On be.0,E1f of .1:1

02,17...inlz

I tcc to velciov1olle7: ry.f.).i.pt of

t5.On

C,
....rrtittoct o

omw lot:ta- o-Z

tb0 9th/hint:Int witt! 1.-- frcrlon to the ir)ctio:i
of va:rlorr: rot1,7xcl Fosrvc., rm1:.
In r21y, I vdn.1: to A•ttr.) thc,t your
Oommrriontior. will to cr,11ed tc th,
:
, attNAici.-1
of tlr, e'r).'7.....1 l'stOe:

/ALI .;c7r:41 I.4 !r.)r ,--;1 f

Raporvo
'c../frod.

--,1.1.4r1e,
:

:,:o.

Iti ,...1L,tz,..lri-Zzii-a-; this

ccrotary,
Orcpziz,
..tion C:ormittee.

•
•

DAVID R. FORGAN. PRESIDENT
ALFRED L. RAKER. VICE PREST.
H. E. OTTE. VICE PREST.
F. A. CRANDALL. VICE PREST.
WALKER G. McLAURY, CASHIER
W. T. PERKINS, ASST. CASHIER
W. D. DICKEY, ASST. CASHIER

HENRY MEYER, ASST. CASHIER
A. W. MORTON, AssT. CASHIER
WM. N. JARNAGIN, ASST. CASHIER
GEORGE L. WIRE, ATTORNEY

rfllENATIONALCITYBANKOF CI

BOND DEPT
U. LANSING, VICE PREST

K. BAKER. ASST. MNGR.

,
(
7

CAVO

iLOLhA

BOARD HU

SuRrnAus snoo,000
CABLE ADDRESS
N ATCYDAN

CmcA.ao,

January 20, 1914.

7onorable -)avid 7. Touston,
3ecretary of Agriculture,
7ashington, D. C.
Sir:I be to submit the enclosed form which I t-rnuld surest
being sent out to banks in reserve cities and which 7 believe :fouli
give you the data required in deciding on the location of the regional
banks.
I would require the banks to rerort on tie out-of-town checks
received on deposit on banks in adjacent Ttates from city customers
and banks in those aipiacent States, and I would have them report by
States, which would be an in5ex of the amount of business transacted
in the different States by the merchants and manufacturers of any
particular reserve city.
I would surest that the districts te fixed by states, at
//least, in the beginning, as I believe a great deal of confusion would
' result from cutting up or dividing States. later if necessary, this
could very easily be re-adjustei.
world also suggest that the regional banks do not attempt
to collect any checks except those within their own district from
member banks during the first year of their existence• This would
give an opportunity for the managers of the reginnal bans and the
7ederal Reserve 1=flard to stud- the proposition and to perfect a
system for the clearing of out-of-town checks.
T

The form I have submitted is just a rough draft of some
ideas that I muld embody in the form to be sent to the Chicago bani:s.
If I can be of any assiltance or service in this matter,
kindly command me.
very resrectfull - ,

770/77

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Federal Reserve Bank of St. Louis

AND MNGR.

-rice T'resident,

..
,

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Federal Reserve Bank of St. Louis

Capital
Surplus
( Banks
Deposits ( Demand
( Tire
Amount
(Illinois
(Wisconsin
(Iowa
Checks and drafts received (Nebraska
from city custoners and
(!linnesota
hanks in the states herein (North Dakota-mentioned ( But not checks (South Dakotaor drafts on your own ety) (7!1eriiiran
(Indiana
(Ohl '
_
4/11.

.
(yen tuCky.

Do you buy Commercial paper?
When?
What per cent of loans are
csmnercial paper with loans at higl)est point?..
Then are banl: deposits at lowest point?
'Men are loans to bank at hirheet point?
Number an total amount of loans to
banks and. bankers at hirtest point
That per cent of total loans?

rumber of Items

SIXTY-THIRD CONGRESS.
CARTER GLASS,VA., CHAIRMAN.
EMMETT WILSON, FLA.
CHARLES A. KORBLY, IND.
CLAUDE WEAVER,OKLA .
WILLIAM G. BROWN . W.VA.
J.WILLARD RAGSDALE,S.0
ROBERT J. BULKLEY, OHIO.
EVERIS A.HAYES.CAL.
GEORGE A. NEELEY, KANS.
FRANK E GUERNSEY. ME.
THOMAS G.PATTEN , N.Y
JAMES F. BURKE , PA
CLAUDIUS U.STONE , ILL.
FRANK P. WOODS,IOWA.
MICHAEL F. PHELAN. MASS.
EDMUND PLATT, N.Y.
JOE H.EAGLE.TEX.
GEORGE R.SMITH, MINN.
OTIS T. WINGO, ARK.
HARRY H.SELDOMRIDGE,COLO. CHARLES A.LINDBERGH.MINN
CHAS.D.HAMNERXLERK.

.40:
) 10
80
;
•000009Agagoac4Av..

HOUSE OF REPRESENTATIVES,
COMMITTEE ON GANKING AND CURRENCY,
WAS

January 11 3
E.DOkAk.

SVLSCIE.

NWO V1LE

Hon. John Skelton Williams,
Asstt Secretary of the Treasury,
Washington, D.C.
Dear Mr. Williams:
I return herewith certain papers which you loaned me
yesterday including photostat copies of diagrams, et cetera. I
am also sending you memorandum shwoing the grouping of counties
in western New York and western Pennsylvania which should go in
the Cleveland district, according to the revised plan which I
left in your office yesterday.

The total capital and surplus of

the national banks in western New York, as shown by the enclosed
memorandum, coincides exactly with the estimates submitted
yesterday with the map.

Schedule A of western Pennsylvania also

coincides exactly with the estimate, but I have appended
Schedule B believing that possibly the business relations of
these counties with Pittsburg are so close as to necessitate
their going into the same district.
With many thanks for your kind courtesy, I am
Sincerely yours,

C112
"
14
4at

P. S.
I drew blue pencil lines showing proposed grouping of
counties on the New York and Pennsylvania maps in the back of the
copy of the Congressional Directory in your office.

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Federal Reserve Bank of St. Louis

Alfred Jack Quayle
Attorney- at - Law
212'4 N.Williams

Moberly, Mo.,
Secretary Of - Treasury,-M .- McAdoo,
Washinton, D. O.
dear. Sir.:
know it to be. a fact that you have a. much w
and minute. knowledge of all conditions, and elements - attending your.course- ation - on the. reserve amount and ; locations. of- the, Reserve. Banks,
of - investi i
than 1,, but I. do, however-, feel that on calling your. attention' to a certain
practical.and logical fact as. being very essential in this advisory capacity
yeurself. and others now have-under:consideration, will not be taken as:ill-adviez
which is

that the life and - purpose:of - the Currency and Banking Law. is to

die tribute out over the Nation in justiand , fair:propoo*tion such Reserve Banking
unctions:as:.will. placethat. section of theaountry on such a:stable-money and
bases:of - banking - for. the pur'pose.of•encourageinrs and developing all. business:
the' money and exchange in that region, but where
with the , useful application
.
1
f
thereiS:toO particular. and close attention given to the great amount of - need
of. an overpowering influence of - a. great amount of' moneytowering high above:
the. other sections:of- our. Country, the, vital purpose and aim of' this new Law.
has:been - lost sight of,
- for it was more the, purpose to promote. an open and free
exchange , all. over, the. ?fide expanse of the nation and not, to. allow, such condition
to further. exist with a high centered point of this. close exchange, of market and
stock margin: profit, speculation in New. York, so whatever, they. may claim as: need4i.
-ful.for.their:exchange,may it remain your; purpose after: giviri, them due -consideration to distribute the , RegiOnal Reserve Banks: on such a bases as. to fulfil
the true spirit and intendment. of - this' new:Law. My. sincere' wish is. for. high. accomplishments_for.President 4ilson i s:Administratio
Very sincere?.

ANSVIMIM

JAN 2J19
.40.11••••••■••••••....Milinft111164.mom

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Federal Reserve Bank of St. Louis

yours,

NOTARY PUBLIC

J. P. PERKINS
ATTORNEY AT LAW
SUITE 302 HYDE BLDG.
SPOKANE. WASH.

January 8th, 1914.
Secretary of the Treasury,
Washington D. C.
My dear Sir:
The press is havipelnuch t*sith regard to the demand
of New York for a largeaeo0ional,Aa

, asNcbmpared with the other

An-08dy is fle to under'tand vrhat this means.
.
1.
i
ation 1 the matter of a regional
New York deserves nct more c
i
y,
bank than any other Dart of the c ntrvland if the Democratic party

regional banks.

permits New York, through

re/onal bank, to control or have

extra influence over t1..money Wthe country, there will be an
accounting called for by the people, as soon as the people can get a
chance to express themselves.
While I am a Republican, I have thought all the time, that
the Democratic party would not permit any favors to one part of the
country.

As a humble citizen, I want to say to you that so far, I

congratulate the Democratic party on its administration of affairs,
and hope that it will not be cajoled or hood-winked into anything
that will give one part of the country any advantage or power that
any other part of the country may not have.

IAN

Cia.

Ens

'IJPP4'i`:11(-:-1, 19/147)
6ORM

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Federal Reserve Bank of St. Louis

Respectfully,

FiD13A! IV:SERVE

BOARD fla

lorY
RCTIA1/774-LE:CHA1ICS' NATIONAL

RA3,71:..

til-nc re
.4.4;

Fon. John 8110,1trmoWilltaaar4,.
oj.; the TrocAurzio
;:1.tor.,D. C.
11.34r

,,71."411Aast

914 t• ell; Org

in 13'-'-itia-A-fiv: (1)1,1v; vati
catl0.:17.,t our City
i1bo
ri.a3aad
0;.f 0‘10 O± tlor
Pzakr.
Mile our 1:ora
have 1,:nst-Ithini:f to no.y ontJ.t. subject from
-1thO ;repose in
tC de.,7; 7,•0 .
duo tiao, .Lo prassy:t our ci4se bw ti=ght it %;.viiici to refmin from undue
asito,tion whieb does rot .tcl,t t.0.1 nour that
not in oti.rnest.
At
t1W,
tiMe Wi9 111010,4 boon follovfinfi: with nuch intemot tha rromn of
tha OrganitiAtion Board umd the aonoral di*e-Aission of tho subject as it
kaigi o)j4t,i't
i
?mos in mid out Of tv'311.
7.ro hr..,/:) with va a roisort
of rrocaeldin:iil or to P;o4rd ftt the ilcarin,: 1791,1 tn Nov ?or', on Monday
Llth i1dt, ttlid it occurc to vie th. t I would like to connent uron part
th. ttmtilriony
Hine in which h 3uggeeted tbat the Ponnsylvz..nia
rrolabl.y dcalirc or Sroelz,
NeN York than with Philactolphia.
kr. Law of Phil..:i.delphia ir .ki; r 4:-)1,7 to a cit7Ory adtire.iaied him
in to premi3e0 did. not* it (36&-:Al to me, take acl.vanta€:e of t}g5 opportunity
protsonttia him.,
X think it would have loon wise to have entirely wreed
with Mr. Trinela fluci;astion and then to h.:Ivo followed up tho statomont with
reaecnii tor t15. aitth4,tion glo
Stml.1 of tl:,3 trado of the country East
of the kiiini which doo3 not find itwy to Now Orleans in
elozreee..board tixouzh tr
r<rUtIon olnino).! f:1io the lino
of
ruzietazioa.
Along sech
cryee,t volume of corr,oroe reaclioa
our .r.7-ort
mon)
than any 01:Yor Cit;" on the Coast
and t1:5.P.,
orazy on of ur
sitxto,tiorr3.
riotutts bollix in mind th.t ihilo all of Ude cam-norm C013011 area to
1,timire and not throu7,1, rkwr York or PtIladoirhia 'so in handling it and
collectin,: for Its, ry..cceeds,
you choose.4,, ara not pertiittod to laaap the
ta.13?-1Ces in cur rouseusion for liquidation by chocks of the owning bank in
thc ir.tonior.
On ,ti;e contrary all of thitl =my i transterred to Now
York in oxchange on that City. tinder the nevi order of things
bank, let
U9 !lay, in 'alatig,ore will in 1.1;). .iida..ting ;any froiht novomont first ksef
te raon.N., vovl 14:;t4r.trl.z.:1:t',....tr it not to Nevi 'York 11.3,t to our own Rotional
•
from Aicl:
?,.-111. bo ollocq.od EA par the country over.
It i3 F.,3roctly propQr for 2.,Vw York to uso conditions az tIlsy hk,.vo 1.,- •_43en found as an
ns.T.T.),rnent to 1.1stify oxclusive or e..4.co3:tiorsa troci.tiLent but I submit tiv..t it
thi3 vorj excal:tionta treitliartsnt that the r.r.w., li uee.3 to do WL with.
In otror .,yordri the
rropeson Vat wh natural center of trade
•A.2.:1
within coriakin
the aeat of a Regional Bank.
A* a
nattor o..? fact I take it t.14;,t the laa
or
controllinz Bozarve
73ozz.t in ryt:,.:511i32;ton
tho cuuntri in offect oNactl;r what it would have
had mr tho .111::rieli sill, na.:11i a utrong Cantr.11 Bank (tho rodera..1 Reserve
3ot,/..rd in absolute control) it mutters vor;/ little -Nhere tia) nsorves are
71k/i1ea:1ly kor.t.
More 1,3 no ,:u3.son whtovor as :tar %la I can see to have
at szy ',lace one bmk of colLrlandinz importance rif.s
:1.3 figure'z t',.re con-.
corriod, at tiro exponlie of other co.:itroz which are Vic -1--ft;:,:ar tomini of
icras trtitita nx>itn..)nta, as the reserves of all b:Arlks aliko are under the
domination of a in,gle organi2ation.

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Federal Reserve Bank of St. Louis

- its i'fation thzm habit L.n.:1I ouLost
Ect1-45.1-17 1.;;; core iffintrj.r. In
unicona:;..-tIon3 compelled by tho old law it ainrily h(iat
buccrw a hk;bit the country- over to *4Loop balances, in New York City, und
mturt.11:7ti174'.ti1, hi, bren enciAtrovi and ulky
ae,.y courpc.illed by the
trglicirv: riond lf)t u3e.y
Once i
artiV.cittel oon1ttion..3.
hira
ot I: more for
in the Gc..fkith will ,vrito ws tl.,1:!.t we aro
I reply thet in the first place
rroney th;.n 1.4 hi.; rnvi 'nee. corecspondente
cr
ev
ccxiTt it pr YKIthiXIV,* IAA cJ.an 4'4OW
u:!!1;siscf,.‘11uou3 ci-zcla3
while Ora.' bulaqce is ti.;:i.do
rda tictwi4,1.
othin:; o-S the
p-jr,Cer I toll him 1‘,..t NLiloI
avcepttt,i
oite of 1)1,4 1144G119 hk‘Lurice in Fiow York I will (sight unseen) enzaj) to
the it York rte 3.'1' he will
1 lower
!
)
givuur Dri45 at 4'41 of 14
in ryqr band° ia more than ':!55 of the awolat of:
tell ri:e
I do not recall thIt I have over
J-vf,rage, bfilants• Taint:Ained in New York.
E, coLnebtier-,.
ZirT.,t to let yvu ?mew
naeeo linim in :I. IT,r;:,c../r7.1.
em wtiUr
04$11or in Datirxre, and zawnd with the idea theA
rot,
that
j theln i.ny thought worth consiring the
ohciald you think them o
thtzlroL:ens; itstqf in ciltic.% you could trir-, tne thought to
cpvcrt=ity
17:;-4er.t to our 1104 ta.nd, wi t:4..01A cez L-1,4 you t ezlightut etub:.:xratIrr.nont.
Ver./ truly yours*
T7i11L13.,;,
($ea)
Vice President,

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Federal Reserve Bank of St. Louis

OLIVER HARRIMAN,
JOSEPH W. HARRIMAN.

S.
HARRIMAN & CO.,

BRANCH OFFICES :
CHICAGO, ILL..
THE ROOKERY.

MEMBERS NEIN YORK STOCK EXCHANGE.
TELEPHONE,
RECTOR 2740,
CABLE ADDRESS.
HARco-NEW YORK.

1 1 1 BROADWAY,
NEW YORK.

WASHINGTON. D. C.,
COLORADO BUILDING.
ATLANTIC CITY. N. J..
1115 BOARD WALK.
THE BILTMORE.
MADISON AVE. & 44TH ST. N.Y.

January 1, 1914.
WALL STREET THE SAFEST PLACE NOW.
Wishing you a happy New Year, we desire to put our wishes in substantial shape and therefore
call
your attention to the fact that Wall Street is just now the safest place in the world to invest
money. Such
drastic liquidation has taken place both in the stock market and in general business that it would
require
some positively new and overwhelming disaster to make matters worse for holdersof securities.
General business is still swinging downward but security prices already reflect the smaller earnings
and the additional failures that seem certain for the next few months. War in Europe and Mexico,
tariff
reform and political agitation in America, together with world-wide crop failure, have forced investors everywhere to liquidate and have frightened speculators away from the buying side.
The new banking and ciEsEsygena. . wAir
bring to life billions—yes, billions—of credit that has been
rceettrire ciTnnt when urgently needed. The first effect of the law will be to establish a continuous
ly
reasonable rate of interest. This will restore confidence among business men and new enterprises will
spring
into activity. This country grows in wealth at the rate of five million dollars a day and the new
banking
system will make this development a continuous movement rather than a series of spasmodic booms
and
depressions.
Since business men will for the first time be able to get funds at reasonable prices at all seasons, they
will put their surplus money permanently into high grade investments. There will be an
absence of the
urgent liquidation that has disturbed the stock market when seasonal increases of general business
made it
impossible for the banks to finance both business and securities.
President Wilson's corporation program should prove positively beneficial to investors because
it will
give official recognition to corporations that are now looked upon by the general public as little less
than tolerated outlaws. As a Democrat elected by a minority of business men and by a majority of the
most radical
element of the country, President Wilson is in the happy position of being able to make compromis
es and
readjustments of corporations that a Republican president could never consider without being
accused of
turning the Government over to the trusts. President Wilson is learning fast and his radical
following will
accept as just whatever compromises he may make with the corporations.
The great mass of the people approve President Wilson's determination to have no war with Mexico.
Whatever blood-shed there has been in Mexico as a result of his tactics is small compared with what
might
have been if an American army had crossed the border. While the Mexican situation is by no means
settled
the security markets have no doubt felt the worst that can come to it.
Crop conditions are good. The acreage of winter wheat is the greatest on record and it is protected
with a heavy layer of snow thus giving promise of an abundant yield. The high prices obtained
for the
small crops of last season not only raised the farm value of those crops to the greatest total on record
but
will spur farmers to put forth every effort to produce big crops for 1914. This country has seldom
had two
crop failures in succession.
By next June the country ought to be in full swing toward a new era of prosperity the
duration of
which will depend entirely upon the wisdom with which the new banking law is administered.
The revival
of business will result in greater railroad traffic and the public will demand an advance in rates
in order that
the roads may be able to furnish facilities for handling the business rapidly. Any increase in
transportation
will naturally cause demand for equipment and new buildings of all kinds thus reviving the
steel business
and when steel revives, copper follows it.
We do not pretend to say that the market is at the exact bottom, but it is only by accident
that anyone
ever buys at the exact bottom. All that anyone can learn by experience is that stocks should
be purchased
when they are cheap, provided the reasons for the cheapness are common knowledge and
have existed for a
prolonged period. All the world has liquidated its stocks, its blood and its political venom
This new year
should see the beginning of an era of good feeling, first in Wall Street and then in the
general world of business.
We are equipped to purchase and carry securities for investment or on credit and would
be pleased to
receive your orders. We have recently made such additions to our statistical department
that there is no
firm or bank more thoroughly equipped for giving quick and reliable reports on any security.
Thomas C. Shotwell.

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Federal Reserve Bank of St. Louis

HARRIMAN & CO.

•
•
Memorandum regarding the
recommendations of Mr. Flannapan.

In what reserve cities do you carry balances —hich you
count as reserve? Name them in re
ive cird r; beginning
with city having the largest amouni
This information is now shown on re

/2.

K
3.

condition.

With what two cities do you transact the greatest volume
of your exchange business? Answer in the order of priorityl
)
A good suggestion.
Where have you heretofore obtained your rediscounts when
required? What is the maximum amount you ask and at
what season of the year?
A good suggestion.

4. From what place do you ordinarily order curency shipped,
when needed? To what place do you ordinarilysend currency
when redundant?
Unnecessasry, as the Federal Reservk. Bank will attend to this.

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Federal Reserve Bank of St. Louis

If you should decide to joint the Federal Reserve System where
would you prefer the Federal reserve bank of your district to
be located? Please name, first choice, second choice, and
third choice?
Circular now being prepared.

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ASSISTANT SECRETARY OF THE TREASURY

January 12, 1914.

MFMORANDUM FOR MR. ELLIOTT
FROM MR. WILLIAMS:
Attached please find letter to Secretary
McAdoo from Mr. Flanagan, making certain
suggestions in regard to the circular letter
which it is proposed to send out to national
banks in connection with the matter of the
Iodation of the reserve banks.

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Federal Reserve Bank of St. Louis

INTOODROVir WILSON
08

ATATIC NP.. TRENTON. N..7.

NoveLber 14, 1912

Deer Mr. Nortoa:
Governor Wilson requested me to thank you
sincerely for electing him an honorary member of
the Boosters' Club of Louisville.

He was much

pleased that you thought of him in this connection.
Very truly yours,

e pry

Chtirles B. Norton
L uisville, Kentucky
n

o the roverior.

TREASUAltPARTMENT TELEGRAm.
WHERE WRITTEN:

Washington,
Lpril 2, 1913.

Hon. William P. Borland,
Kansas City, Missouri.
Your telegram. Cities vnnouncod this evening: District one,
Boston; District two, New York; District throe, Philadelnhia; District
four Cleveland; District five, Riclmond; District six, Atlanta; District,
seven, Chicago; District oirht, St. Louis; District nine Minneapolis;
District ton, Kansas City, iassouri; District olovon, Dallas; District
twelve, San 7rancisco.

Fecrotary,
Popery° Bank Organization Committee.

OFFICIAL BUSINESS.
GOVERNMENT RATES.
CHARGE TREASURY DEPARTMENT, APPROPRIATION FOR
2-6827

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Federal Reserve Bank of St. Louis

The appropriation from which payable must be stated on above line.

DEPARTMENTAL STOCK FORM 2128.

00
Additional Statement by
William W. Plannagan,
of "ontclair, N. J.
Purpose of the Law,
The spirit of the lay (1?ederal Reserve Act) accordin
to my interpretation is to promote the general welfare
of the
,Thole country, by oncouragine; and facilitating the
dovelopment
of the material interests of the several districts,
preserving
as far as possible their separate financial indep
endence.
To attain thisresult I believe it would have been
better if under the law the capital of each Piederal Reser
ve
Bank had been made the same, allotting to the Government
any deficiency in subscription below the minimum fixed.
.
with the right on the part of the Secretary of the
Treasury
to dispose of such allotted stock to the general
public.
But we must take the law as we find it, andwith the requi
rement
that the capital stock must be

of the aggregate capital-

on of the ban%Sin each district 414)4 it becomes a vory
differ/
aN4 problem so to divide the districts as to preserve
the spieAi
nt of the law
if the districts are to approximato present
1
leograpical lines.
New York City,.
The preponderance of Now York City and the terri
tory
contiguous thereto l seems to present the great
est stumbling
block.

It would hurt local pride immensely, not to locate

a parent bank in that Cityo and would probably be const
rued
as an antagonism or unfriendliness on the part of the admin
istration,
not to do so.

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Federal Reserve Bank of St. Louis

Yet "tith a branch of a parent hank in Philadelphia,

_ 2 and another branch from a parent bank in Boston, the
dividing
line between the districts being so drawn as to separate
into
approximately equal amounts, the banking capital of
the Oity,
New York would have from these two branches greater advant
ages than
any other city. Indeed these branches would probably do.Aina
te the
balance of Cne respective districts, measured by the volume
of
business done.
The law prescribes that the districts "shall be apportioned with due regard to the convenience and customary course
of business" and it becomes a question to consider

how

these terms are

to be construed.
IMMO.

Ocnvenienco.
Under this provision,"Convenience" becomes a big word,
evoi,s
if tbe Pederal aeserve board, fully realizes and
utilizes
for

the benefit of the people.

The board can do so, so that it will

be inmaterial rbere any of the banks are located, so far
as banking functions are concerned, and locality may be
determined by
accessibility, in the

way

of mail, and transportation facilities.

The Act provides that necks on member banks shall be
accepted Dyr deposit at par.

This opens a great field for the

utilization of current deposits, irrespective of the place
of
deposit.

As deposits constitute about 95;4 of the circulating

medium of the country, throu6h the instrumentality
of checksi
this form of circulating medium will have the same
parity of
availability everywhere as NatiOnal Bank notes now have.

The

merchant in Dallas. Texas, may pay his creditor
in New York

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Federal Reserve Bank of St. Louis

04r'
)

00 _ 3 -

or Mlicago, by his own check on

is lome bank, without any "kick"

coming as to "excange cP.arges."
It w111 nct be necessary for the Dallas bank to maintain
large 1alanco in otIer cities for "exchange purposes" nor as a
basis for asking rediscounts.

The resrvo bank of its district

is propar-ed to meet thee drmandc,irrespective of its location,
and its draft on such reserve bank will be accepted at par by
any other reserve bank and. !lence by any member bank;

consd-

quently by any deT)esitor of a member bank.
Customary Opurse of businecs.
One is apt to regard the volume of bank fl balances as between two lccalities l as evidencing the custcmary cours:. of business
v
and to draw the conclusion, that credit bank balances in cities are
kept as the 'esu1t of accumulations fro!u differencs in traci.o, and
arc 1- 01,-1. there to allist tIlesc differences.
I suppose this 12 normally true, and would be true with
us, except for artificial ccnscouences, which have resulted from
&,,
EC
certain provicions of our bar:king laws. ,1v 3' pr'ef2rential advantage to certain localities,
ve
cA
,
444Due 'f'rom .
I refer to the provision of the National Bank Act, wnich
allows the debts cf banks in reserve cities to be counted and con-

sidered as legal reserve money by other banks.

I venture the as-

sertion, tough I have not accecsible the data to prove it, that
if an qnolysis is made showing the reserves of other banks held
by Nei York. Chicago and St. Louis0)anks1 and to a lesser extent
by other Reserve Cities, it will be founti that balances are held

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Federal Reserve Bank of St. Louis

-4
by banks/in Vlose cities from banls in far distant points Tft,eve
respective cormunities nave little, if any. .ok1.971

comiwrcial

intercourse, thus ElowinE.; anything but the ilitnistemary colLei;
business."

These balances have grown up primarily froia the

fact that they can be under V-le law "counted as reserve,N
and because of inducements held out in the way of rediscounts,
or interest on balances, and in clny cases tbecause of friendly
and personal relations between the respective bank officers.
That is, if these balances are not indicative of commerclal.rolations between tl"e sections )Lcannot be inferrea therefrom, that
the product of one locality nits found a market in the other, and
]
,
is no criterion to jude 'the customary course of business."
*.i-ltrer-tr41-e.e-yeFtp&-te-seetr-e11-41:1-1w47,-wil-be-en4?-leal;vi
re+me,44e4-13y-a-4e4eea-i-Ree...f,
‘xe-AetBy the Pederal Reserve Act. aftr three years, this defect of the law will bo entirely remedied and it is therefore
needless now to discuss how far tnis provision has been :Contributory
A
cause of financial predominance.
Volume of Exchanges.
Tor does it follow that the relative a:o.ount of ttlf= 'Exchanges". thptiggh the swapping of checks by the banks at the Clearing houses, indicates the relative volume of commercial business
done by the respective cities.

It is impossible to determine

from available datmewhat oropertion of these checks originate
at the locality where the exchange is made, and what proportion
represents movements of commodities from one locality to another.
It is safe to say however thata great portion of such checks
represent exchanges of commodities or services originating at

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

-5 far distanOoints, and ttlat tle cnecks L,ivun in ':3ettlnt may

20-

pro!;ent moverfpntF2 of co=odities between otber points entirely distinct from the place at whicb. sottleLient ie finally mite.
ample

:owr ex-

cotton shippea from Texas to Now Orleans for exportI or

grain shipped from Kansas to lalveston,mhy bo '.;ettlecl. by a cbeck
or draft on New York City or (nlicaL;o, qnd tile "business" would
be qlion as a part of tile volume of Now York' or Onica6o's
urf,:/4
Fixchanges, *4-i-cb. in point of y'act i noitn.Ar city mai have had
any other connect- ion ivith te fflovement.
The same cause vrlion crecites tile voluilo of ttle ,)an
balances in reserve cities increse,
at tIlc Clearing houses.

t11:: volu= of 7,1-z) oxe'riange

O'necks in settlement of c!itoidr.3 trans-

actions tbus a9lear)because bank balaaces are t'r7ere available,
these balances being created by reaon of the operFition of law,
RS

before ex-olained-

It follows therefore tIlat in desic,natin reserve dis,Cve
tricts and 1 -reserve banks, you cad_ot be governed by
the vnlumcibf

t11.9

excangen at Clearing bouves. as inaicatinE:

the 'Convenience and customary course of business."
_
T wc.,uld suggest to the Committee to inquire concerning the customary markets of the agriaalt4val and industrial
,cr
products of tile v:irious sections, tile cniinels,
)thoy
$
follow. to
have statistics on the sublect furnished, to tbeifl by the Inter3tate CoL erce Commission, to inquire as to the mover:onto of
currency to and from the various localities f and from the facts
thus gathered to deter.fAne "the custcin designating the various districts.

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Federal Reserve Bank of St. Louis

py course of business"

04)
-

If therefore t'ne usual course of bisin(31; 11', not to 1)(determined by the aoluit

of the "exchange

balances kept, nor by tne

in any particular City, ane one plce i

equally

convenient as anothor on which drafts may be drawn for tie purpose
of effecting excllsnges of commodities and services, the question
of lccqlity may really rcsclve itself into one of acceuibility,
and t-rlo preferences of to soverl banks vth1ci are not located
in any re3efv,,.-.3 Oityl and have no ox-occtations o1 ly)ing so, oty
reasonably become the daterininim7c factor.
Benefit,snot deDendent upon location.
Banks are but intorclediarics for tnc transfer of debts
created by tr-do and commerce.

They create no trade, tile/ only fac-

Inuit•? the transfer essential to its proper devolopramt.
not producers. 0.istributers y nor conswilars.

The

They are

iember banks

in d.ireet contact with tie Tirticipants in,anCt creators of social
development, hut tie reerve banks have no Ruch contact.
member bank must be the intermediary.

The

The reseYvo, bank offers

no faciiition for the transfer of property or servica, except
through the member bf.ink.
particular locations

8. ft')

Hence it follows that when men of
clamoring for tN) establishment of

Poservo banks in their midst. because of the volusiv:-.) of trade
already deve1oped'4, there, end. its assumed necessity for the
preservation a- nd growth of that development. they lose sigh:
of the true functions of such bank.
whatever to (io

The loefdity has nothing.

t:71.3 exercize of thoElo f-ancticns, such ex-

ercise dewnding tuitirely upon membership, t1

creation of

commercial -pa -per, and tho ability to provide the required gold

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

MIINO

•

roserve lg1fl3t ii(tbilities assumed.
;-atter of volition;
actual builiness

glio

The membership is only :t

444114t$4 ti4€. cormnexicial paper is created by

no parOpor dezana for the credit facilities of

the rOSOfVe barIR evi

X1Ct

and. 1m1035 the required. .2!)ijerve

roactily avq11-1e, it is prifaa facie if not conclusive ovidonce
Viat

0,r4:2(1117 aThCilitiaS of the, community are already extended

'neyond the 'oound s of prudence ,or. in 0t

IVOrd.S tbt t.)e volume

of debts 1i:1t1 assumed an unsafe proportion to the coranunity, a cap-

ital employed,ancii‘ wlould be rostrained.
So many figures

owind the co:0)inations of Capital,

Snrpius find aeposito in the different localities :'Ill be furnished
you, that T 1(:) !(:t beliove it will be productive of any
rn

to a6d to

be number.

(.4e,"oct -Co

()(;(1, for

'would suggest nowevor, Mut you eitUnate

‘-‘1-a-i; other banks entirely from consideration
nlaDeitiffj

bear-

ing on tho riesi6nation of boUnd.%rien,or ocation cf reserve cities.
WpL4
LA,ve. IbetAAA:
frAA
L ate is on thoul , in conn,ictiq -ritn the knotty
problem preoented by the great .prewmdorance of the New York
district, which may lead to a solution satisfwtory to all parties,
T /Ylliove it to be very undecirablo to have any one bank
so predominant both in capital and resources, N: as to overshadow
the root of the oy”teL.

I do not considi)

such a condition

o be

In Iceping with the spirit of the lc'oT.
thoupait is to have one 'ofink out3ias of New York Oity,
with a ea Atal of at last ;;;:15.000.000 and locate this beslik in
the Oity of Wasilion.
TRke into th.:. Washington district such coatist.mis Territory
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ViA0 t;t,
t
as is conveniently accessible, including Ealtimorend offer the pubic

allot to the U. S. whatever amount of capital may be necessary

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

to make up the capital stock to -rhatever amount may be determined upon,
but not lecc than ,$25,000.000, in accordance with Section 2 of the
Federal Reserve Act.

Then designate nine cities additional, tenta-

tively as the places where Yederal Reserve banks will be located,
and announce Vlat the preferences of the banks situated in the
territory contiguous to these cities as to membership)would be
followed as far as possible '
,with due regard to the convenience
Hand custovary course of business."

If any City thus designated

did not show uufficient caoital subscriptions by preferences to
reach th

inimum of 04.000,000 (on basis of 6i;) then it would be

time to consider whether the committee would offer the unsubscribed
amount to the public or allot it ro the U. S.
cov.,17f44,
The a4Voeoe',Ftele.t.siOArtirlate the designation of the reserve cities Tvior to the division of the country into districts.
The Citio2I would tentatively suggest are Boston, New
York, Philadelpia. wa.Tnington. New Orleans, Atlanta, Chicago.
St. Louis, T)enver, San -1'rancisco.

This would leave the Reserve

board, with a margin of two banks to readjust the districts,if
experience demonstrated this was desirable.
In :iddition to the reason stated, other advantages of having
4At"44CA.

cne p.paAo411/44.A.4-44aa4 in WasinLton **le that it will be under the direct
supervistenn of the Pederal Reserve board, and*lose contact with the
Treasury Department.

Thro' its instrumentality the board p or the

TreasurxI can readily make any transfer of funds it may desire, and
if it becomes necessary to utilize foreign markets in any way, for
the negotiations of loans or otherwise 1 the fact of its location
in Washington would associate it in the mind% of foreigner0 with
iN

the Government itself, and the more readily enable the coordination

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Federal Reserve Bank of St. Louis

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LI' lioci:y :ccaiial'ed.

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Federal Reserve Bank of St. Louis