Full text of Records of the Federal Reserve System, Record Group 82 : FR Banks: Location (Pocket), Box 592, Folder 1

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Federal Reserve Bank of St. Louis

REC'D I FILES sEcnoti

DEC 14 1949
,

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
APRIL 2, 1914

WITH STATEMENT OF THE COMMITTEE
IN RELATION THERETO


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Federal Reserve Bank of St. Louis

APRIL 10, 1914

WASHINGTON
GOVERNMENT PRINTING OFFICE
1914


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Federal Reserve Bank of St. Louis

DECISION OF THE RESERVE BANK ORGANIZATION COMMITTEE DETERMINING THE FEDERAL RESERVE DISTRICTS
AND THE LOCATION OF THE FEDERAL RESERVE BANKS.
[Under the Federal Reserve Act approved December 23, 1913.1

The Federal Reserve Act directs the Reserve Bank Organization
Committee to "designate not less than eight nor more than twelve
cities to be known as Federal reserve cities"; to "divide the continental United States, excluding Alaska, into districts, each district
to contain only one of such Federal reserve cities," and to apportion
the districts "with due regard to the convenience and customary
course of business." The act provides that the districts may not
necessarily be coterminous with any State or States.
In determining the reserve districts and in designating the cities
within such districts where Federal Reserve banks shall be severally
located, the organization committee has given full consideration to
the important factors bearing upon the subject. The committee
held public hearings in eighteen of the leading cities from the Atlantic to the Pacific and from the Great Lakes to the Gulf, and was materially assisted thereby in determining the districts and the reserve
cities.
Every reasonable opportunity has been afforded applicant cities to
furnish evidence to support their claims as locations for Federal
Reserve banks.
More than 200 cities, through their clearing-house associations,
chambers of commerce, and other representatives, were heard. Of
these, thirty-seven cities asked to be designated as the headquarters
of a Federal Reserve
bank.
The majority of the organization committee, including its chairman
and the Secretary of Agriculture, were present at all hearings, and
stenographic reports of the proceedings were made for more deliberate
consideration. Independent investigations were, in addition, made
through the Treasury Department, and the preference of each bank
as to the location of the Federal Reserve bank with which it
desired
to be connected
was ascertained by an independent card ballot
addressed to each of the 7,471 national banks throughout the country which had
formally assented to the provisions of the Federal
reserve act.
Among the many factors which governed the committee in deter_
11lining the respective districts and the selection of the cities which
have been chosen were:
vide
First. The ability of the member banks within the district to prothe minimum capital of $4,000,000 required for the Federal


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Federal Reserve Bank of St. Louis

3

4

DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

Reserve bank, on the basis of six per cent of the capital stock and
surplus of member banks within the district.
Second. The mercantile, industrial, and financial connections
existing in each district and the relations between the various portions of the district and the city selected for the location of the
Federal Reserve bank.
Third. The probable ability of the Federal Reserve bank in each
district, after organization and after the provisions of the Federal
Reserve Act shall have gono into effect, to meet the legitimate demands
of business, whether normal or abnormal, in accordance with the
spirit and provisions of the Federal Reserve Act.
Fourth. The fair and equitable division of the available capital
for the Federal Reserve banks among the districts created.
Fifth. The general geographical situation of the district, transportation lines, and the facilities for speedy communication between
the Federal Reserve bank and all portions of the district.
Sixth. The population, area, and prevalent business activities of
the district, whether agricultural, manufacturing, mining, or commercial, its record of growth and development in the past and its
prospects for the future.
In determining the several districts the committee has endeavored
to follow State lines as closely as practicable, and wherever it has
been found necessary to deviate the division has been along lines
which are believed to be most convenient and advantageous for the
district affected.
The twelve Districts and the twelve Cities selected for the location
of the Federal Reserve banks are as follows:
DISTRICT No. I.
The New England States: Maine, New Hampshire, Vermont, Massachusetts,
Rhode Island, and Connecticut, with the city of Boston as the location of
•
the Federal Reserve bank.

This district contains 445 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Boston,on the basis of six per cent of the
total capital stock and surplus of the assenting national banks in
the district, will amount to $9,924,543.
DISTRICT No. 2.
The State of New York, with New York City as the location of the Federal
Reserve bank.

This district contains 477 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of New York, on the basis of six per cent of the
total capital stock and surplus of the assenting national banks in the


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Federal Reserve Bank of St. Louis

DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

5

district, will amount to $20,621,606; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have applied for membership up to April 1, 1914,
the total capital stock will be $20,687,606.
DISTRICT No. 3.
The States of New Jersey and Delaware and all that part of Pennsylvania
located east of the western boundary of the following counties: McKean,
Elk, Clearfield, Cambria, and Bedford, with the Federal Reserve bank in
• the city of Philadelphia.

This district contains 757 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Philadelphia, on the basis of six per cent
of the total • capital stock and surplus of the assenting national
banks in the district, will amount to $12,488,138; and if there be
added six per cent of the capital stock and surplus of the State banks
and trust companies which have applied for membership up to
April 1, 1914, the total capital stock will be $12,500,738.
DISTRICT No. 4.
The State of Ohio; all that part of Pennsylvania lying west of district No.3;
the counties of Marshall, Ohio, Brooke, and Hancock, in the State of West
Virginia; and all that part of the State of Kentucky located east of the
western boundary of the following counties: Boone, Grant, Scott, Woodford, Jessamine, Garrard, Lincoln, Pulaski, and McCreary; with the city
of Cleveland, Ohio, as the location of the Federal Reserve bank.

This district contains 767 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal
Reserve Bank of Cleveland, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the district, will amount to $12,007,384; and if there be added six per cent of
the capital stock and surplus of the State banks and trust companies
which have applied for membership up to April 1, 1914, the total
capital stock will be $12,100,384.
DISTRICT No. 5.
The District of Columbia, and the States of Maryland, Virginia, North
Carolina, South Carolina, and all of West Virginia except the counties of
Marshall, Ohio, Brooke, and Hancock, with the Federal Reserve bank
located in the city of Richmond, Va.

This district contains 475 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal
Reserve Bank of Richmond, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the district, will amount to $6,303,301; and if there be added six per cent of
the capital stock and surplus of the State banks and trust companies
which have applied for membership up to April 1, 1914, the total
capital stock will be $6,542,713.


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Federal Reserve Bank of St. Louis

6

DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

DISTRICT No. 6.
The States of Alabama, Georgia, and Florida; all that part of Tennessee
located east of the western boundary of the following counties: Stewart,
Houston, Wayne, Humphreys, and Perry; all that part of Mississippi
located south of the northern boundary of the following counties: Issaquena, Sharkey, Yazoo, Kemper, Madison, Leake, and Neshoba; and all
of the southeastern part of Louisiana located east of the western boundary of the following parishes: Pointe Coupee, Iberville, Assumption, and
Terrebonne, with the city of Atlanta, Ga., as the location of the Federal
Reserve bank.

This district contains 372 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Atlanta, on the basis of six per cent of
the total capital stock and surplus of the assenting national banks in
the district, will amount to $4,641,193; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have applied for membership up to April 1, 1914,
the total capital stock will be $4,702,558.
DISTRICT No. 7.
The State of Iowa; all that part of Wisconsin located south of the northern
boundary of the following counties: Vernon, Sauk, Columbia, Dodge,
Washington, and Ozaukee; all of the southern peninsula of Michigan,
viz, that part east of Lake Michigan; all that part of Illinois located north
of a line forming the southern boundary of the following counties: Hancock, Schuyler, Cass, Sangamon, Christian, Shelby, Cumberland, and
Clark; and all that part of Indiana north of a line forming the southern
boundary of the following counties: Vigo, Clay, Owen, Monroe, Brown,
Bartholomew, Jennings, Ripley, and Ohio, with the Federal Reserve bank
located in the city of Chicago, Ill.

This district contains 952 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal Reserve Bank of Chicago, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the district, will amount to $12,479,876; and if there be added six per cent of
the capital stock and surplus of the State banks and trust companies
which have applied for membership up to April 1, 1914, the total
capital stock will be $12,967,701.
DISTRICT No. 8.
The State of Arkansas; all that part of Missouri located east of the western
boundary of the following counties: Harrison, Daviess, Caldwell, Ray,
Lafayette, Johnson, Henry, St. Clair, Cedar, Dade, Lawrence, and Barry;
all that part of Illinois not included in district No. 7; all that part of
Indiana not included in district No. 7; all that part of Kentucky not included in district No. 4; all that part of Tennessee not included in district
No. 6; and all that part of Mississippi not included in district No. 6, with
the city of St. Louis, Mo., as the location of the Federal Reserve bank.

This district contains 458 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the


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Federal Reserve Bank of St. Louis

DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

7

Federal Reserve Bank of St. Louis, on the basis of six per cent of the
total capital stock and surplus of the assenting national banks in
the district, will amount to $4,990,761; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have applied for membership up to April 1, 1914,
the total capital stock will be $6,367,006.
DISTRICT No. 9.
The States of Montana, North Dakota, South Dakota, Minnesota; all that
part of Wisconsin not included in district No. 7, and all that part of Michigan not included in district No. 7, with the city of Minneapolis, Minn., as
the location of the Federal Reserve bank.

This district contains 687 national banks, which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal Reserve Bank of Minneapolis, on the basis of six per cent of the
total capital stock and surplus of the assenting national banks in the
district, will amount to $4,702,925.
DISTRICT No. 10.
The States of Kansas, Nebraska, Colorado, and Wyoming; all that part of
Missouri not included in district No. 8; all that part of Oklahoma north of
a line forming the southern boundary of the following counties: Ellis,
Dewey, Blaine, Canadian, Cleveland, Pottawatomie, Seminole, Okfuskee,
McIntosh, Muskogee, and Sequoyah; and all that part of New Mexico
north of a line forming the southern boundary of the following counties:
McKinley, Sandoval, Santa Fe, San Miguel, and Union, with the city of
Kansas City, Mo., as the location of the Federal Reserve bank.

This district contains 836 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Kansas City, on the basis of six per cent of
the total capital stock and surplus of the assenting national banks in
the district, will amount to $5,590,015; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have applied for membership up to April 1, 1914,
the total capital stock will be $5,600,977.
DISTRICT No. 11.
The State of Texas; all that part of New Mexico not included in district No.
10; all that part of Oklahoma not included in district No.10; all that part
of Louisiana not included in district No. 6; and the following counties in
the State of Arizona: Pima, Graham, Greenlee, Cochise, and Santa Cruz,
with the city of Dallas, Tex., as the location of the Federal Reserve bank.

This district contains 731 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Dallas, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the
district, will amount to $5,540,020; and if there be added six per cent


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Federal Reserve Bank of St. Louis

8

DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

of the capital stock and surplus of the State banks and trust companies which have applied for membership up to April 1, 1914, the
total capital stock will be $5,653,924.
DISTRICT No. 12.
The States of California, Washington, Oregon. Idaho, Nevada, and Utah,
and all that part of Arizona not included in district No. 11, with the city
of San Francisco, Cal., as the location of the Federal Reserve bank.

This district contains 514 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal Reserve Bank of San Francisco, on the basis of six per cent of
the total capital stock and surplus of the assenting national banks in
the district, will amount to $7,825,375; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have applied for membership up to April 1, 1914,
the total capital stock will be $8,115,494.
The committee was impressed with the growth and development of
the States of Idaho, Washington, and Oregon, but on the basis of six
per cent of the capital stock and surplus of national banks and State
banks and trust companies which have applied for membership, that
section could not provide the $4,000,000 minimum capital stock
required by the law. With the continued growth of that region it is
reasonable to expect that in a few years the capital and surplus of
its member banks will be sufficient to justify the creation of an additional Federal Reserve district, at which time application may be
made to the Congress for a grant of the necessary authority.
It is no part of the duty of the organization committee to locate
branches of the Federal Reserve banks. The law specifically provides that "each Federal Reserve bank shall establish branch banks
within the Federal Reserve district in which it is located." All
the material collected by the committee will be placed at the disposal of the Federal Reserve banks and the Federal Reserve Board
when they are organized and ready to consider the establishment of
branch banks.
Reference is made to the Map of the Districts and to tables A, B,
C, D, E, and F hereto attached.
W. G. McADoo,
D. F. HOUSTON,
JNO. SKELTON WILLIAMS,

Reserve Bank Organization Committee.
WASHINGTON, D. C., April 2, 1914.


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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

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TABLE A.
-Showing subscriptions to stock of Federal reserve banks by national banks, State banks, and trust companies with area and population of each
district.
1.1

National banks March 4,1914.

Districts.
District
No.

1
2
3
4
5
6
7
8
9
10
11
12

Including State banks and trust companies that have applied for membership up to April 1, 1914.

Federal reserve cities.
Land area
in square
miles.'
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City, Mo
Dallas
San Francisco
Total


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Federal Reserve Bank of St. Louis

Population.1

Numher of
banks.

Capital and
surplus.

61,976
47,654
40,449
72,693
152,931
233,821
171,306
194,767
433,281
450,831
430,329
683,852
2,973,890

6,552,681
9,113,614
7,932,065
8,326,668
8,519,310
8,677,288
12,348,767
8,747,662
5,195,886
5,671,051
5,797,970
5,089,304
91,972,266

445
477
757
767
475
372
952
458
687
836
731
514
7.471

1165,409,043
343,693.437
203,135,631
200,123,060
105,055,023
77.353,221
207,997,941
83,179,348
78,382.081
93.166,912
92.333.673
130,422,921
1.785:.252,291

'United States census of 1910.

6 per cent Number of
subscription. banks.
19.924,543
20.621.606
12.488,138
12,007,384
6.303,301
4.641.193
12.479,876
4,990,761
4.702.925
5,590,015
5,540,020
7.825.375
107.115,137

445
478
758
769
484
382
967
469
687
839
737
529
7.544

Capital and
surplus.
1165.409,043
344.793.437
208,345,631
201,673,060
109,045.223
78,375,971
216,128,363
106,116,764
78.382.081
93,349.612
94,232,073
135.258,231
1,831,109,489

6 per cent
subscription.
19,924,543
20.687,606
12,500,738
12,100,384
6.542,713
4,702.558
12,967,701
6.367,006
4.702.925
5.600,977
5.653,924
8.115,494
109.866,569

DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

(PART

-Showing amount due to and due from banks amount of individual deposits and all deposits, also cash in vault,for all national banks
TABLE A.
Federal reserve district as of March 4, 1914.
in each'

District
No.•

•
•
•

•

1
2
3
4
5
6
7
8
9
10
11
12

Total due to Total due from Net balance Net balance
due from
due to
banks.
banks.
banks.
banks.

Fedeial reserve cities.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City, Mo
Dallas
San Francisco
Total


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Federal Reserve Bank of St. Louis

‘

$125,363,123
863,414,285
214,326,384
186,273,482
71,963,378
39,603,415
441,078,660
131,446,049
80,671 243
146,742:582
51,172,553
120,188,341
2,472,243,495

$275,495
$125,087,628
192,806,668 670,607,617
189,222,922 25,103,462
170,831,707 15,441,775
72,983,655
61,442,028
278,661,678 162,416,982
92,813,994 38,632,055
104,873,520
134,726,219 12,016,363
78,083,730
122,927,748
1,624,461,497 924,493,749

$1,020,277
21,838,613
24,202,277
26,911,177
2,739,407
76,711,751

Individual
deposits.

Per
All deposits. capita Cash in
deposit. vault.

$500,636,637 $631,356,974
1,191,533,728 2,061,858,058
937,181,166
718,185,010
851,157,633
654,985,827
399,579,841
317,659,065
262,318,818
215,744,303
208,
811,307,271 1,265, 464
378,858,307
241,740,690
475,684,697
389,088,959
521,318,350
365,978,140
307,130,732
252,490,607
573,243,051
444,274,574
6,103,624,811 8,664,896,091

$96
226
118
102
47
30
102
43
92
92
53
113
94

$53,354,398
3.59,715,324
77,909,120
75,287,748
25,524,694
.18,752,412
150,414,811
40,866,167
34,917,883
44,118,906
25,979,225
60,077,300
966,917,988

DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

[PART 2.]

TABLE B.
-Number of national banks on September 9, 1903, and August 9, 1913, with increase or decrease; also amount of capital stock and surplus,
loans and discounts, and individual deposits (in thousands), with amount and percentage ofincrease or decrease.

Increase
1903 1913 or decrease.3
NevrYork,IT.Y
Chicago, Ill
Philadelphia,Pa
Boston, Mass
Pittsburgh, Pa
San Francisco, Cal
St Lonisplio
Cincinnati, Ohio
13altinaore,Md
Cleveland, Ohio
Minneapolis, Minn
KaaunisCity,Mo
Washington, D. C
St. Paul, Minn
Riclinuml,Ini.1
Indianapolis, Ind
Atianta,Cia.1
New Orleans, La
Louisville, Ky
Denver, Cob
Houston,Tex
Portland Oreg
Cornalia,Nebr
Dallas, Tex.
Seattle, Wash.'
FortWorth,TcoLs
Columbus, Ohio
Nashville, Tenn.'
Spokane Wash.
Ifnuartara, Ala.'
Des llo es, Iowa
Cluirlotte,N.C.1
Columbia, EL CL1
Savannah,(la
Memphis, Mari.'
Lincoln, Nebr
Kansas City, Kens


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Federal Reserve Bank of St. Louis

43
12
34
32
35
7
7
13
' 19
13
5
6
11
6
5
7
4
6
8
5
6
3
7
4
5
6
6
4
4
2
4
4
2
2
4
3
2

1 Nonreserve cities,

36
9
32
17
22
9
7
8
16
7
6
12
11
4
8
5
6
5
8
6
6
5
7
5
6
8
8
5
5
2
4
5
5
2
3
4
2

1903

1913

-- 7 $173,185 $249,305
-- 3
38,625
69,050
-- 2
45,630
62,065
--15
46,836
48,081
--13
45,200
48,514
2
11,238
44,880
25,910
29,140
-- 5
14,405
20,350
18,926
19,760
-- 3
-- 6
15,372
14,400
1
6,120
13,710
6
3,855
11,650
6,102
11,165
-- 2
5,036
9,600
3
2,970
9,484
-- 2
5,860
9,410
2
2,330
8,600
-- 1
5,790
8,230
6,497
8,225
1
3,250
7,538
2,350
7,060
2
1,250
6,675
3,820
6,560
1
2,168
5,900
1
1,460
5,560
2
1,865
4,950
2
3,270
4,673
1
2,389
4,198
1
890
4,172
815
3,114
1,060
3,055
1
1,167
1,850
3
750
1,825
975
1,600
-- 1
1,600
1,590
1
559
1,330
1,470
800

Increase
or de- Percent.
crease.3

1903

1913

Increase
or de- Percent.
crease.3

$76,120
44
$631,565 $936,908 $305,343
30,425
79
181,416 329,024 147,608
16,435
36
142,378 218,746
76,368
1,245
33,003
2.7 156,869 189,872
3,314
14,716
7.3 115,086 129,802
33,642
300
27,658 113,959
86,301
3,230
13
89,312 109,161
19,849
5,945
41,543
53,443
41.3
11,900
63,703
834
47,222
16,481
4.4
--972
-- 6.5
49,155
60,945
11,790
7,590
20,898
55,281
124
34,383
69 673
7,795
203
38,735
30,938
5,063
83
14,343
26,834
12,491
4,564
91
14,870
34,188
19,318
6,514
219
11,372
34,732
23,360
3,550
60
17,850
28,420
10,570
6,270
269
10,128
26,856
16,728
2,440
42
17,389
24,467
7,078
1,728
26.6
25,553
9,753
15,800
4,288
132
15,292
29,212
13,920
4,700
200
6,923
25,612
18,689
5,425
434
5,880
21,947
16,067
2,740
72
16,020
32,810
16,790
3,732
172
6,388
19,816
13,428
4,100
281
8,616
26,857
17,241
3,085
165
4,803
15,507
10,704
1,403
43
11,639
17,429
5,790
1,809
76
7,850
17,335
9,485
3,282
370
4,847
16,056
11,209
2,299
282
4,629
9,697
5,068
1,995
190
5,071
13,485
8,414
683
58
3,354
6,364
3,010
1,075 143
2,029
7,311
5,282
625
64
2,090
3,339
1,249
--10
--0.6
7,990
5,523 --2,467
137
771
3,040
6,314
3,274
--670
--45.5
4,225
4,263
38

3 NOt a reserve city in 1903.

Individual deposits.

Loans and discounts.

Capitalandsurplus.

1903

1913

Increase
or de- Percent.
crease.3

48
$450,732 $636,544 $185,812
125,352 202,335
81
76,983
53
122,387 162,437
40,050
21
118,670 171,327
52,657
86,146 113,796
13
27,650
313
21,860
88,894
67,034
22
46,752
61,380
14,628
32,320
29
38,459
6,139
35
32,191
44,547 ' 12,356
46,110
24
27,656
18,454
164
13,590
42,930
29,340
27,085
40,600
80
13,515
26,319
89
18,699
7,620
29,712
130
14,990
14,722
207
9,668
24,391
14,723
60
18,033
22,790
4,757
165
8,703
20,842
12,139
41
16,675
20,611
3,936
61
10,540
20,766
10,226
91
35,587
29,691
5,896
270
6,794
22,597
15,803
273
23,751
8,619
15,132
105
14,608
27,731
13,123
210
5,915
18,918
13,003
200
12,297
28,931
16,634
223
3,934
11,707
7,773
50
12,582
21,597
9,015
121
6,132
14,759
8,627
230
6,366
16,436
10,070
110
5,367
9,604
4,237
166
2,803
6,669
3,866
so
2,435
4,421
1,986
264
2,002
5,062
3,060
59.7
703
1,358
655
--31
6,869
4,276 --2,593
107
2,649
4,717
2,068
1
2,306
2,765
459

Minus(-)shows decrease; other changes show increase,

41
62
33
45
32
308
32
19
38
67
216
50
40
99
152
27
140
24
97
20
233
176
so
220
135
199
72
140
158
79
138
83
153
93
--37.7
78
20

DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

Nunaberofnational
banks..

t•V

TABLE C.
-Total loans and discounts by geographical divisions, made by national banks in the cities named as of January 13,
1914. Compiled from
speczal statements submitted to the Comptroller of the Currency.
Eastern States.

Southern States.

Middle Western States.

Western States.

Pacific States.

Amount. Percent.
New York
Chicago
Philadelphia
Boston
Pittsburgh
San Francisco
St. Louis
Kansas City, Mo
Cleveland
Baltimore
Minneapolis
Buffalo
Cincinnati
Los Angeles
St. Paul
Richmond
.
Omaha
Washington
Atlanta
Louisville
Providence
Seattle
Albany
Houston
Portland, Oreg
Hartford
Dallas
New Orleans
Nashville
Brooklyn
Memphis

$920,804,000
303,498,000
219,044,000
190,973,000
126,358,000
1 104,696,000
104,006,000
67,237,000
60,763,000
59,435,000
58,021,000
55,084,000
52,290,000
47,985,000
38,018,000
35,721,000
31,536.000
27,790,000
26,916,000
26,452,000
25,032,000
24,486,000
23,950,000
23,659,000
21,446,000
21,202,000
19,731,000
19,677,000
18,031,000
17,437,000
7,977,000

136,819,000
2,055,000
3,789,000
145,411,000
785,000
63,000
1,240,000
15,000
385,000
278,000
660,000
313,000
155,000
125,000
125,000
11,000
120,000
'15,442,000

85,000
778,000
16,019,000
10,000
69,000

Amount.

4.00 $654,822,000
.68
7,027,000
1.73 188,594,000
76.14
18,137,000
.62 119,999,000
.06
1,125,000
1.19
3,769,000
.02
304,000
.63
3,566,000
.47
50,893,000
332,000
1.20
49,061,000
.60
2,145,000
935,000
.40
1,306,000
.35
1,619,000
.40
567.000
.04
26,620,000
.45
277,000
77,000
61.69
4,679,000
.35
568,000
3.25
22,134,000
205,000
47,000
75.55
1,384,000
.05
214,000
171,000
25,000
.39
16,659,000
6,000

Percent.
71.12
2.31
86.10
9.50
94.97
1.08
3.62
.43
5.87
85.63
.57
89.07
4.10
1.95
3.43
4.53
1.79
95.79
1.03
29
18.67
2.32
92.42
.87
.21
6.53
1.08
87
.14
95.54
.07

Amount. Percent.
$86,843,000
17,736,000
9,398,000
4,779,000
598,000
30,000
13,593,000
6,419,000
186,000
6,891,000
25,000
314,000
4,017,000
20,000
187,000
33,473,000
200,000
915,000
26,117,000
25,342,000
536,000
161,000
180,000
23,391,000
15,000
1,059,000
19,123,000
19,477,000
17,735,000
17,000
7,913,000

Amount.

9.43 $116,424,000
5.85
257,427,000
4.29
16,013,000
2.50
19,731,000
.47
4,410,000
.03
1,130,000
13.07
80,208,000
9.55
38,101,000
.31
56,303,000
11.59
1,359,000
.04
52,657,000
.57
4,858,000
7.68
45,699,000
.04
231,000
.48
32,157,000
93.71
489,000
2,172.000
.63
3.29
81,000
97.03
397,000
95.80
1,026,000
2.14
3,586,000
.66
1,444,000
.75
721,000
98.86
25,000
.08
382,000
5.00
2,301,000
96.92
251,000
98.98
20,000
98.36
271,000
.10
562,000
99.20
58,000

Percent.
12.64
84.82
7.31
10.33
3.49
1.08
77.12
56.69
92.66
2.29
90.76
8.82
87.40
.48
84.62
1.37
6.89
.29
1.47
3.88
14.33
5.89
3.01
11
1.78
10.85
1.28
10
1.50
3.22
73

Amount. Percent. Amount. Percent.
$12,668,000
11,358,000
580,000
1,419,000
382,000
25,000
4,701,000
21,804,000
208,000
6,000
4,745,000
150,000
56,000
90,000
2,751,000
5,000
28,212.000
24,000
5,000
7,000
436,000
244,000
85,000
38,000
8,000
287,000
130,000

1.38
3.74
.27
.74
.30
.02
4.52
32.43
.34
.01
8.18
.27
.11
.19
7.23
.01
89.46
.09
02
03
1.74
1.00
.35
.16
.04
1.35
.66

$13,228,000
7,895,000
670,000
1,496,000
184,000
102,323,000
495,000
594,000
115,000
8,000
262,000
41,000
00,000
46,709,000
1,462,000
10,000
260,000
139,000

1.43
2.60
.30
.79
.15
97.73
.48
.88
.19
.01
.45
.07
.11
97.34
3.84
.03
.83
.50

358,000
21,984,000
52,000

1.43
89.78
.22

20,994,000
152,000
3,000
9,000

97.89
.72
.01
.05

5,000

.03

12.5,000

.72

NOTE.
-The above statement has been compiled from special statements made to the Comptroller of the Currency showing all loans in the United
included. The differences between this statement and the abstract of Jan. 13,1914,are made up of foreign loans, bonds loaned and other minor items.States. Foreign loans are not
The above classification by geographical groups, which has been observed in the reports of the comptroller's office for the past 18 years, is as follows: New
England States:
Maine, New Hampshire,Vermont, Massachusetts, Rhode Island, and Connecticut. Eastern States: New York, New Jersey, Pennsylvania, Delaware, Maryland,and
District of
Columbia. Southern States: Virginia,West Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana,Texas, Arkansas,
Kentucky, and Tennessee. Middle Western States: Ohio,Indiana,Illinois, Michigan, Wisconsin, Minnesota,Iowa,and Missouri. Western States: North Dakota,South
Dakota, Nebraska, Kansas,
Montana,Wyoming,Colorado, New Mexico,and Oklahoma. Pacific States: Washington, Oregon, California,Idaho, Utah, Nevada,Arizona,and Alaska.
1 17,457,000 less than abstract Jan. 13, which included report from branches.
2 Includes $1,075,000 not localized.


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Federal Reserve Bank of St. Louis

DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

New England States.
Total loans.

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

DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

TABLE D.—Showmg bank and trust company credit balances with the national banks in some of the-principal cities of the United States; also showing
amounts loaned by the national banks in the same cities to them correspondent banks; also bought paper and collateral loans to noncustomers of the
lending banks, securities owned, and cash reserve in vaults, as of dates named.
Amountloaned
to
Bought paper,
Amount on and all banks
trust com- Per cent stock-exchange Bonds and sedeposit from
bills loaned
loans, etc.,
Reserve in
all banks and panies on and banks Jan. made by na- curities(exclu- vaults(specie
payable,
sive of bonds
trust com13, 1914,
Cities.
panies through- rediscounts,in- to bank tional banks to for circulation) and legal
cluding
noncustomers held
tenders),
out the United rect loans with deposits throughout the tionalby na- Jan. 13, 1914.
banks,
States, Feb. guarantee of Feb. 14, United States, Jan. 13, 1914.
1914.
14, 1914.
directors, etc.,
Jan. 13, 1914.
Jan. 13, 1914.
$742,386,939
New York
7.96 $263,803,618
$59,107,399
$165,827,533
$313,586,128
278,824,567
Chicago
9.20
25,663,706
29,716,830
31,734,647
88,732,480
Philadelphia..
173,584,687
3.95
6,859,243
38,289,408
37,837,529
43,280,798
97,136,156
3.80
Boston
3,695,480
47,402,893
19,958,013
32,661,707
90,430,968
St. Louis
14,271,230
15.78
16,840,657
6,326,699
26,880,206
1,382,363,317
7.92
109,597,058
396,053,406
505,141,319
261,684,421
Pittsburgh
79,314,345
.89
710,415
16,808,600
37,565,648
24,301,181
Kansas City, ?do
54,835,438
34.36
18,844,099
4,869,204
4,035,117
8,703,544
San Francisco'
45,859,188
7.19
3,296,431
13,850,432
17,859,369
18,683,813
Albany
39,528,280
276,052
.70
1,815,045
8,340,938
4,756,442
36,746,820
Cleveland
3.17
1,163,551
6,177,657
6,684,800
10,025,546
Cincinnati
32,593,282
6.00
1,955,816
7,675,667
13,281,317
8,859,630
Minneapolis
31,316,864
2,620,504
8.37
2,449,329
3,649,749
7,365,849
Baltimore
27,421,904
8.04
2,404,815
4,989,093
9,120,902
8,715,311
Omaha.
18,533,939
31.12
5,768,762
3,507,878
2,675,002
4,596,702
Los Angeles
16,290,131
8.44
2,267,638
1,374,958
5,212,186
8,178,093
St. Paul
16,002,069
4.95
792,594
12,637,337
8,036,166
6,425,836
Houston
,
12,616,553
14. 79
1, 678
865,
1,685,948
1,366,532
3,596,044
I
Louisville
11,750,499
18. 76
2,204,727
1,879,833
5,525,095
3,322,604
Buffalo
11,388,536
.96
3,208,005
109,557
13,297,773
4,471,788
Richmond
10,970,068
1,629,449
14.85
4,257,528
2,444,639
2,276,451
Portland, Oreg
8,427,674
6.79
572,100
1,574,059
5,437,032
5,387,374
Seattle
8.02
7,518,865
602,937
3,064,195
4,937,661
4.654,524
New Orleans
7,229,470
15. 70
1,234,109
1,134,102
5,587,233
2,830,769
Dallas
6,237,357
22.21
1,385,687
587,558
1,293,061
2,546,927
Nashville
5,536,719
20.91
1,158,622
91,632
489,888
1,164,930
Washington
5,516,705
1,714,076
31.07
3,266,983
9,790,823
4,053,193
4,436,974
20.12
Atlanta
892,612
865,180
1,408,350
1,855,427
4,017,811
Brooklyn
.25
10,000
4,124,955
5,684,913
4,322,537
Memphis
2,377,836
496,006
20.86
458,088
128,081
1,189,721
1,983,787
6.30
Providence
125,000
13,518,890 ,
6,336,469
1,804,614
'
835,334
Hartford
9,850,001 I
1,367,390
1,348,465
The cities included in the above list are all either central reserve or reserve cities, except the cities of Buffalo, N. Y.; Providence, R. I.; Hartford, Conn.; Richmond, Va.;
Atlanta, Ga., Memphis and Nashville, Tenn., which are not reserve cities.
1 Does not include loans and deposits from banks,in other cities, of branches of Bank of California, N.B. A.

-Statement showing population,capital andsurplus, individual deposits, and loans and discounts of all national banks, as of March 4, 1914,
TABLE E.
,
in the 87 cities which asked to be designated as Federal reserve citus.
Location.

1. Boston
2. New York.
3. P.hiladelphia
4. Cleveland
5. Cincinnati
6. Columbus
7. Pittsburgh
8. Wheeling
9. Baltimore
10. Washington
11. Richmond..
12. Charlotte
13. Columbia
14. Atlanta
15. Savannah
16. Louisville
17. Birmingham
18. Montgomery
19. Chattanooga
20. Memphis
21. New Orleans
22. Chicago
23. St. Louis
24. Minneapolis
25. St. Paul
26. Kansas City, Mo
27. Omaha
28. Denver
29. Lincoln
30. Dallas...
31. Fort Worth
32. Houston
33. San Francisco
34. Seattle
35. Portland
36. Spokane
37. Salt Lake City


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Federal Reserve Bank of St. Louis

S

Population.I
670,585
4,766,883
1,549,008
560,663
363,591
181,511
533,905
41,641
558,485
331,069
127,628
34,014
26,319
154,839
65,064
223,928
132,685
38,136
44,604
131,105
339,075
2,185,283
687,029
301,408
214,744
248,381
124,096
213,381
43,973
92 10
, 4
73,312
78,800
416,912
237,194
207,214
104,402
92,777

Number Capital and
surplus.
of banks.
15
35
32
7
8
8
21
2
15
11
7
5
5
6
2
8
2
4
3
3
4
9
7
6
5
12
7
6
4
5
7
6
9
6
5
5
6

'United States census of 1910.

$47,896,000
248,505,000
62,215,000
14,400,000
20,350,000
4,685,500
46,714,000
1,700,000
19,205,720
11,365,000
9,314,392
1,850,000
1,887,500
8,600,000
1,600,000
8,280,000
3,300,000
2,515,000
2,975,000
2,140,000
6,730,000
69,050,000
29,140,000
13,710,000
9.887,081
11,660,000
6,570,000
7,595,000
1,330,000
5,900,000
4,275,000
7,125,000
45,185,000
5,596,500
6,780,000
4,175,000
3,482,500

Per
capita.

Individual
deposits.

$71 $176,088,004
52 771,724,999
40 184,643,392
40,479,025
25
56
39,154,843
21,853,183
25
88 120,260,088
40
4,331,394
42,553,451
34
28,491,402
34
25,705,866
73
4,578,573
54
6,398,138
72
24,348,912
56
1,443,161
24
20,430,574
37
9.995,561
25
6,115,197
66
10,109,930
66
7,511,216
16
16,857,832
20
211,558,247
31
61,685,925
42
45,453,532
45
35.788.142
46
40,415,210
47
27.258,869
53
34,124.272
35
4,439,212
32
18,551,847
64
11,629.158
58
25.013,951
90
95,756,484
108
29,498,646
23
22,595,277
32
16,156,830
40
11,103,182
37

Per
capita.

Loans and
discounts.

Per
capita.

$268 ' $200,480,934
1,082,272,650
161
232,906,822
119 ',
62,588,735
72 '
55,761,638
1081
17,169,907
120 ,
124,568,231
225
4,915,613
104
60,312,953
76
25,405,554
86
35,593,044
201 i
6,785,057
135
7,322,262
243 ,
26,038,731
157 1
3,244,938
'22
27,999,427
91
10,449,274 "
75
5,658,213
160 I
11,565,519
226
7,014,359
57
17,285,254
50
335,820,233
97
102,138,744
90
57,973,491
150
37,937,913
167
66,205,054
162
32,848,397
220
28,022,377
160
6,066,192
101
18,622,564
201
12,632.408
159
25,923,087
317
120,287,608
230
23,948,338
124
20,173,774
109
13,985,084
155
11,791,043
120

$299
227
153
112
153
95
233
118
108
77
279
199
278
168
50
125
79
148
259
53
51
154
149
192
174
267
265
131
138
202
172
329
288
.101
97
134
127

DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.

•

1-1
C7t

TABLE F.
-Statement showing population, capital and surplus, individual deposits, and loans and discounts
of all
savings, and loan and trust companies), as of June 4, 1918, in the 37 cities which asked to be designated reporting banks (National, State,
as Federal reserve cities.

1. Boston
2. New York
3. Philadelphia
4. Cleveland
5. Cincinnati
6. Columbus
7. Pittsburgh
8. Wheeling
9. Baltimore
10. Washington
11. Richmond
12. Charlotte
13. Columbia
14. Atlanta
15. Savannah
16. Louisville
17. Birmingham
18. Montgomery
19. Chattanooga
20. Memphis
21. New Orleans
22. Chicago
23. St. Louis
24. Minneapolis
25. St. Paul
26. Kansas City, Mo..
27. Omaha
28. Denver
29. Lincoln
30. Dallas
31. Fort Worth..
32. Houston
33. San Francisco
34. Seattle
35. portland
36. Spokane
37. Salt Lake City


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Federal Reserve Bank of St. Louis

Population.'

670,585
4,766,883
1,549,008
560,663
363,591
181,511
533,905
41,641
558,485
331,069
127,628
34,014
26,319
154,839
65,064
223,928
132,685
33,136
44,604
131,105
339,075
2,185,283
687,029
301,408
214,744
248,381
124,096
213,381
43,973
92,104
73,312
78,800
416,912
237,194
207,214
104,402
92,777

Number
of banks
and trust Capital and
surplus.
companies.
60 $100,779,114
142 563,221,701
100 177,448,741
le 41,635,100
39
31,813,107
21
7,099,000
83 130,037,145
11
4,949,393
55
47,952,469
36
29,161,731
26
16,810,955
7
2,680,000
2,365,318
28
15.313,448
16
8,129,605
18
15,100,297
11
6,685,620
9
3,396,762
10
4,294,114
22
7,346,214
' 19
20,532,500
151,882,559
88
44
72,222,500
20,731,391
33
20
11,260,845
30
17,415,500
14
8,165,000
31
11,489,551
15
2,042,000
13
9,997,000
IS
6,667,724
13
13,599,100
45
73,623,325
32
11,567,020
22
12,097,718'
18
7,660,876
18
7,838,696

1 United States census of 1910.

Per
capita.

Individual
deposits.

$150 $661,950,254
118 2,866,351,069
114 592,533, 612
74 271,693,217
98,178,794
87
39
30,498,790
243 350,298,872
118
18,845,965
85
190,679,440
88
72,552,236
131
35,371,126
78
6,616,642
89
5,894,711
28,371,032
98
125
20,622,523
67
41,437,599
23,182,608
50
89
6,018,942
96
15,166,950
56
23,343,841
60
70,854,415
es 682,08,992
105 205,443,737
es 78,258,930
52
40,490,496
70
66,562,431
65
28,038,694
53
57,371,171
46
7.253,010
108
24,808,891
90
14,375,274
172
26,551,714
176 313,153,942
48
67,527,325
58
56,805,140
73
25,821,751
84
33,623,153

Per
capita.

$987
601
382
484
270
168
656
452
341
219
277
194
223
183
316
185
174
157
340
179
209
312
299
260
189
268
228
269
165
269
196
329
752
285
274
249
362

Loans and
discounts.

$561,625,627
2,306,50,682
413,298,566
188,499,403
88,845,791
24,186,704
291,668,678
16,802,317
118,912,253
63,012,066
50,004,572
9,242,936
8,511,384
33,494,035
28,061,700
38,701,079
21,494,705
7,756,141
16,3,55,760
24,442,321
64,845,722
690,799,087
233,385,655
82,720,056
42,322,465
91,688,871
34,989,699
41,365,143
8,696,240
27,517,338
16,861,831
32,775,530
281,447,424
48,963,007
44,132,644
23,235,697
30,676,029

Per
capita.

$803
483
266
336
244
133
547
405
213
190
393
271
326
216
431
172
162
204
366
186
194
315
339
274
197
370
282
194
198
299
231
415
675
206
213
223
330

DECISION OF RESERVE BANK ORGANIZATION COMMIT
TEE.

Location.

ON APRIL 10, 1914,THE FEDERAL RESERVE BANK ORGANIZATION
COMMITTEE MADE PUBLIC THE FOLLOWING STATEMENT RELATING TO ITS DECISION OF APRIL 2, 1914, DEFINING THE
BOUNDARIES OF THE FEDERAL RESERVE DISTRICTS AND
DESIGNATING THE LOCATION OF THE FEDERAL RESERVE
BANKS.
WASHINGTON, D. C., April 10, 1914.
Congress imposed on the committee the duty of dividing the
country into not less than 8 nor more than 12 districts, and the
location of a Federal reserve bank in each. Thirty-seven cities asked
to be chosen. The committee could select at most only 12. Necessarily 25 cities had to be disappointed.
Following its policy declared at the very outset, the committee
refused to be influenced by the purely local and selfish claims of cities
or individuals, and discharged the duty imposed upon it by Congress
after exhaustive investigation and study of the entire country, with
unbiased minds and according to its best judgment. With so many
conflicting claims, somebody had to judge. Congress constituted
the committee a court and gave the Federal Reserve Board the
power of review. Disappointed competitors should seek a remedy
through the orderly processes the law prescribes.
Considerable comment has been occasioned by the failure of the
committee to create districts suggested by New Orleans, with New
Orleans as the location for a reserve bank; by Baltimore, with Baltimore as the location for a reserve bank; by Omaha, with Omaha as
the location for a reserve bank; and by Denver, with Denver as the
location for a reserve bank.
The committee realized that the division of the country into districts was far more important and complex than the designation of
the reserve cities, and that the latter duty was subsidiary and relatively simple, waiving considerations of local pride or prestige. In
arranging the districts the consideration of the character and growth
of industry, trade, and banking, no less than the traditions, habits,
and common understandings of the people was much more intimately
involved.
It became clear, in the hearings, that comparatively few people
realized, or seemed to realize, what the act was intended to accomplish; what the nature and functions of the reserve banks were to be;
and how little change would occur in the ordinary financial relations.
17


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Federal Reserve Bank of St. Louis

18

STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.

of the communities, the business establishments, and the individual
banks.
Critics of the decision of the committee reveal misunderstanding
in these directions, and either do not know, or appear not to know,
that the Federal reserve banks are bankers' banks and not ordinary
commercial banks; that they are to hold the reserves and to clear
the checks of member banks, make rediscounts for them, and engage
in certain open-market operations. As a matter of fact, the ordinary
every-day banking relations of the community, of business men,
and of banks will not be greatly modified or altered. The purpose
of the system is to remove artificiality, promote normal relations,
and create better conditions under which everybody will transact
business.
Every city can continue to do business with individuals, firms, or
corporations, within its own limits, or in its own region, or in any
other part of the Union or the world in which it has heretofore done
business.
Reserves are to be held in a new way and in new places, so far as
this act controls them, but banking and business generally will no
more be confined within districts than heretofore, and it is simply
misleading for any city or individual to represent that the future of
a city will be injuriously affected by reason of its failure to secure
a Federal reserve bank. Every city which has the foundations for
prosperity and progress will continue to grow and expand, whether it
has such a reserve bank or not, and well-informed bankers, especially,
are aware of this.
The facts which the committee had to consider will throw light on
its decision in reference to these cities.
NEW ORLEANS' CLAIMS.

New Orleans selected a district extending from New Mexico to the
Atlantic Ocean, including all of Texas, Louisiana, Mississippi,
Alabama, Florida, Georgia, and that part of Tennessee south of the
Tennessee River.
It was represented by Texas that it would do great violence to her
trade to connect her with New Orleans. It was claimed, and evidence
was submitted in support of the claim, that her trade was with her
own cities or with Kansas City and St. Louis. In a poll of the banks
of Texas made by the Comptroller of the Currency, 212 banks expressed a first choice, 121 a second choice, and 30 a third choice for
Dallas. No bank in Texas expressed a first choice for New Orleans,
only 4 a second choice, and 44 a third choice. The whole State
protested against being related to New Orleans.
The banks of Alabama generally desired to be connected either
with Birmingham or Atlanta, only three expressing a first choice for


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Federal Reserve Bank of St. Louis

STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.

19

New Orleans. The banks of Georgia desired to be connected with
Atlanta, none expressing a first or second choice for New Orleans,
and only 12 a third choice. They represented that it would do violence to them to be connected with a city to the west and claimed
that their relations were mainly with Atlanta or cities to the northeast. Of 44 banks in Florida 19 gave Atlanta as their first choice,
19 as their second choice, and 5 as their third choice. Only 5 expressed a first preference for New Orleans, and these were in the
western corner, 4 a second choice, and 3 a third choice. No bank in
Tennessee expressed a first or second choice for New Orleans, and
only 2 a third choice, while 7 expressed a first choice for Atlanta, 14
a second choice, and 13 a third choice. Generally speaking, the only
banks which desired to be connected with New Orleans and expressed
a first preference for her were 25 of the 26 banks reporting in Louisiana, and 19 of the 32 in Mississippi. On a poll made from the
comptroller's office of all banks expressing their preference as to the
location for a Federal reserve city, 124 expressed a first preference for
Atlanta, 232 for Dallas, and only 52 for New Orleans. The views of
the bankers were supported by chambers of commerce, other business
organizations, and by many business men.
It will thus be seen that if the committee was to give weight to the
views of business men and bankers in the section of the country
affected, to consider the opposition of the States of Texas, Alabama,
Georgia, Florida, and Tennessee, and to be guided by economic considerations, it could not have designated New Orleans as the location
for a reserve bank to serve either the western or the eastern part of
the district that city asked for. The course of business is not from
the Atlantic seaboard toward New Orleans, nor largely from the State
of Texas to that city, and if Dallas and Atlanta had been related to
New Orleans a better grounded complaint could and would have been
lodged by them against the committee's decision than that made by
New Orleans.
Some of the banking statistics which the committee had to consider
throw light on the problem. It should be borne in mind that the
committee could consider primarily only the statistics with reference
to assenting banks. In this section of the country, as in most others,
the assenting banks were the national banks. In March, 1914, the
capital stock and surplus, loans and discounts, and individual deposits
of the national banks in the three cities named, as shown by the sworn
reports to the Comptroller of the Currency, were as follows:
Capital and
surplus.
Atlanta
Dallas
New Orleans


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Federal Reserve Bank of St. Louis

$8,600,000
5,900,000
6,730,000

Loans and
discounts.
$26,038,000
18,622,000
17,285,000

Individual
deposits.
$24,348,00C
18,551,006
16,857,00C

20

STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.

Even more significant are the statistics of growth from September,
1904, to March, 1914.
CAPITAL AND SURPLUS.
Percentage
September,
March, 1914.
of
1904.
increase.
Atlanta
Dallas
New Orleans

$2,410,000
2,676,000
6,250,000

$8,600,000
5,900,000
6,730,000

256
120
8

LOANS AND DISCOUNTS.
Atlanta
Dallas
New Orleans

$10,329,000
7,653,000
20,088,000

826,038,000
152
18,622,000
143
17,285,000 Decrease 13

INDIVIDUAL DEPOSITS.
Atlanta
Dallas
New Orleans

$9,931,000
7,157,000
19,425,000

$24,348,000
145
18,551,000
159
16,857,000 Decrease 13

The loans and discounts in the national banks of New Orleans at
the time of the report, March 4, 1914, were less than those of the
national banks of either Atlanta or Dallas.
While the committee could not figure on the resources of other than
assenting banks which are in this section, the national banks, the
following statistics of all reporting banks, including national banks,
State banks, and trust companies, as of June 4, 1913, were regarded
as significant and were given consideration:
Atlanta reported capital stock and surplus $15,313,000, or $98 per
capita; Dallas $9,997,000, or $108 per capita; and New Orleans
$20,532,000, or $60 per capita. Individual deposits, per capita,
Atlanta, $183; Dallas, $269; New Orleans, $209.
The loans and discounts for all reporting banks for the three cities
were as follows: Atlanta, $33,494,000, or $216 per capita; Dallas,
$27,517,000, or $299 per capita; New Orleans, $64,845,000, or $194
per capita.
The committee found that the total loans and discounts made by
national banks in the cities named in the 13 Southern States on
January 13, 1914, were as follows:
Atlanta
Dallas
New Orleans

$26,117,000
19,123,000
19,477,000

while the total loans made by the national banks of Dallas throughout
the entire United States on the date mentioned exceeded the loans
made by the national banks of New Orleans.
Special reports, made under oath to the Comptroller of the Currency
also show that on February 14, 1914, the credit balances of the banks


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Federal Reserve Bank of St. Louis

TION COMMITTEE.
STATEMENT OF RESERVE BAN K ORGANIZA

21

and trust companies in the 13 Southern States with the national
banks of Dallas exceeded in amount the credit balances of all banks
and trust companies in these same States with the national banks of
New Orleans.
In view of the comparisons and criticisms from New Orleans in
connection with the designation of Dallas, Atlanta, and Richmond,
and the omission of New Orleans and Baltimore, the following table
is instructive:
Maryland, Georgia, Louisiana,
National bank statistics for States of Texas, Virginia, 1914.
and Mississippi as of March 4,
[According to sworn reports made to
Area
(square
miles).
265,780
State of Texas (including Dallas)
42,450
State of Virginia(including Richmond).
State of Maryland (including Balti12,210
more)
59,475
State of Georgia (including Atlanta)
New
State of Louisiana (including
48,720
Orleans)
46,810
State of Mississippi

the Comptroller of the Currency.]

Population, census 1910.
3,896,542
2,061,612

Capital and
surplus.

Individual
deposits.

$76,785,584 $197,663,338
90,887,858
29,732,696

Loans and
discounts.

$215,114329
, :
107 410 063

1,295,346
2,609,121

28,267,420
24,479,735

83,217 376
51,382 061
:

91,326,942
61,852,579

1,656,388
1,797,114 I

12,128,866
5,168,192

32,000,521
17,045,324

34,804 354
13,669 20(

From the above statement it will be seen that in each item, capital
and surplus,individual deposits, and loans and discounts, the national
banks of Virginia, including Richmond, largely surpass the national
banks of Maryland, including Baltimore.
The capital and surplus of the national banks of the State of Virginia are 60 per cent greater than the capital and surplus of the
national banks of the States of Louisiana and Mississippi combined,
including the city of New Orleans, while the loans and discounts by
the national banks of Virginia are more than three times as great as
the loans and discounts in the national banks of Louisiana, including New Orleans.
While the capital and surplus of the national banks of Georgia
largely exceed the combined capital and surplus of the national banks
of the States of both Mississippi and Louisiana; the loans and discounts made by the national banks of Georgia exceed by $13,000,000
the loans and discounts of all the national banks of Louisiana and
Mississippi combined, including the city of New Orleans.
The capital and surplus of the national banks of Texas amount to
four times as much as the capital and surplus of the national banks of
the States of Louisiana and Mississippi combined,and the individual
deposits in the national banks of Texas also amount to about four
times as much as the individual deposits of all national banks in
Louisiana and Mississippi, the only- States from which New Orleans
received as much as half a dozen votes as first choice for the location
for a Federal reserve bank.


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Federal Reserve Bank of St. Louis

22

STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.
KANSAS CITY DISTRICT.

• The region in the middle and far West presented problems of
difficulty. Careful consideration was given to the claims of Omaha,
Lincoln, Denver, and Kansas City, which conflicted in this region.
Denver asked for a district which included Idaho, Montana, Utah,
Wyoming, Colorado, New Mexico, and the eastern two-thirds of Arizona and Texas, Kansas and Nebraska west of the one-hundredth
meridian, and the Deadwood portion of South Dakota. The district
gave approximately the minimum capital provided by law. Of the
territory included in this district Montana unanimously requested to
be connected with Minneapolis or Chicago, saying that she had little
or no trade relations with Denver. Idaho desired to go to Portland
or San Francisco; Arizona preferred San Francisco, and the greater
part of New Mexico asked for Kansas City. Western Texas,
Kansas, and Nebraska unanimously protested against going to Denver. Kansas desired Kansas City; Nebraska preferred Omaha or
Lincoln; and Texas wanted either a Texas city or Kansas City or St.
Louis.
In the poll of banks, Denver received 136 first-choice votes, of
which 112 were from Colorado and 12 from Wyoming. With Montana, Idaho, Arizona, Texas, Kansas, and Nebraska in opposition,
it was clearly impossible to make a district with Denver as the location of a bank. Part of the territory asked to be assigned to San
Francisco and the other part to Minneapolis or Kansas City.
Omaha asked for a district embracing western Iowa, all of Nebraska,
part of South Dakota, part of Kansas, Colorado, Utah, Wyoming,
Idaho, and Montana. All but eight of the banks in South Dakota
insisted upon being connected with Minneapolis; Iowa desired to go
to Chicago; Kansas practically unanimously voted for Kansas City;
Montana protested against any other connection than Minneapolis
or Chicago. The preferences of the other States have already been
indicated.
Of the 218 banks which expressed a first preference for Omaha, 181
were from Nebraska. The committee had to consider the State of
Oklahoma and part of Missouri in connection with this region, and
in district No. 10, 497 banks expressed a first preference for Kansas
City; western Missouri, Oklahoma, and Kansas, and part of New
Mexico, especially asked for this connection. Thirty-seven banks in
Colorado gave Kansas City as second choice and 26 gave Omaha.
It seemed impossible to serve the great section from Kansas
City to the mountains in any other way than by creating a district
with Kansas City as the headquarters, or to provide for the northwestern section except by creating a district with Minneapolis as
headquarters. The only other thing that could have been done
with Nebraska under the conditions which presented themselves


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Federal Reserve Bank of St. Louis

ORGANIZATION COMMITTEE.
STATEMENT OF RESERVE BANK

23

was to relate her to Chicago, and this seemed to be inadvisable in
the circumstances. The Kansas City banks serve a very distinctive
territory and will serve it more satisfactorily than St. Louis could
have done. The relations of that territory on the whole are much
more largely with Kansas City than with any other city in the
Middle West with which it could have been connected. It will,
of course, be recognized by those who are informed that of the
four cities Kansas City is the most dominant banking and business
center. The following statistics as of March, 1914, will throw light
on the situation:
Capital and
surplus,

Loans and
discounts.

$11,660,000
6,570,000
7,545,000
1,330,000

Kansas City
Omaha
Denver
Lincoln

Individual
deposits.

$66,205,000
32,848,000
28,022,000
6,066,000

$40,415,00(
27,258,00(
34,124,00C
4,439,00C

r,
The statistics of growth during the nine years from Septembe
significant:
1904, to March, 1914, are
CAPITAL AND SURPLUS.
September,
1904.
$3,900,000
3,880,000
3,325,000
768,000

Kansas City
Omaha
Denver
Lincoln

Percentage
arc
March 1914. of increase.
$11,660,000
6,570,000
7,545,000
1,330,000

199
69
127
73

$66,205,000
32,848,000
28,022,000
6,066,000

86
102
98
58

$40,415,000
27,258,000
34,124,000
4,439,000

31
73
22
35

LOANS AND DISCOUNTS:
$35,598,000
16,218,000
14,146,000
3,820,000

Kansas City
Omaha
Denver
Lincoln

INDIVIDUAL DEPOSITS.

Kansas City
Omaha
Denver
Lincoln

•
.

$30,730,000
15,728,000
27,798,000
3,283,000

The loans and discounts of all reporting banks and trust companies in Kansas City on June 4, 1913, amounted to $91,686,000,
exceeding by about $7,000,000 the total loans and discounts of all
banks and trust companies in the cities of Omaha, Denver, and
Lincoln combined.
The loans and discounts of the national banks alone in Kansas
City also exceeded the sum total of the loans and discounts of all
national banks in the cities of Omaha and Denver combined.
The great preponderance in the movement of trade in district
No. 10 is to the east. In order to place the Federal reserve bank for


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Federal Reserve Bank of St. Louis

24

STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.

that region in Denver it would have been necessary to disregard
these facts and the opposition and earnest protests of banks, both
national and State, throughout the district.
THE RICHMOND DISTRICT.

The committee named as cities for the location of Federal reserve
banks New York, Chicago, Philadelphia, St. Louis, Boston, and
Cleveland. In population these are the six largest cities in the
United States; their geographical situation and all other considerations fully justified their selection.
San Francisco and Minneapolis were the first choice of the great
majority of the national banks in their respective sections, and
their financial, industrial, and commercial relations and other factors
entitled them to be chosen. Their selection appears to have evoked
no criticism, but to have received general approval. Conditions
relating to the Kansas City, Dallas, and Atlanta districts have been
dealt with. For the territory from eastern Georgia to the Pennsylvania line,
the committee, after fully considering all the facts, decided to create
a district with the Federal reserve bank at Richmond. South
Carolina and North Carolina had protested against being connected
-with a bank to the south or west. They said that their course of
trade was northeast. It seemed undesirable to place a bank in the
'extreme northeastern corner or at Baltimore, not only because of
its proximity to Philadelphia, but also because the industrial and
banking relations of the greater part of the district were more intimate with Richmond than with either Washington or Baltimore.,
The States of Maryland, Virginia, West Virginia, North and South
Carolina, and the District of Columbia had to be considered. North
Carolina, South Carolina, and Virginia preferred to be connected
with Richmond. West Virginia was divided in its preferences;
Maryland and the District of Columbia, of course, desired Baltimore
or Washington. In the poll of banks made directly by the comptroller's office, Richmond received more first-choice ballots than any
other city in the district-167 against 128 for Baltimore, 35 for Pittsburgh, 28 for Columbia, S. C., 37 for Cincinnati, and 25 for Washington, D. C. Of the remaining 21 votes, 19 were for Charlotte, N. C.,
and 2 for New York. Leaving out the States of Maryland and Virginia, Richmond received from the rest of the district three times
as many first-choice votes as were cast for Baltimore.
District No.5 is composed of the States of Maryland, Virginia, West
Virginia (except four counties), North and South Carolina, and the
District of Columbia. These States have always been closely bound
together commercially and financially and their business dealings are
large and intimate. The reports made to the Comptroller of the Cur-


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Federal Reserve Bank of St. Louis

STATEMENT OF RESERVE RANK ORGANIZATION COMMITTEE.

25

rency on March 4, 1914, by all the national banks in each of these
States show in every essential respect that the business of the national
banks of Virginia, including Richmond, is greater than the business
of the national banks of Maryland, including Baltimore, or any other
of the five States embraced in district No. 5, as appears in the following
table:
Capital,surplus,and
undivided
profits.

Virginia
Maryland
West Virginia
North Carolina
South Carolina
District of Columbia

Loans and
discounts.

133,544,631 $107,410,063
91,326,942
31,390,057
18,209,346
56,789,538
44,051,033
13,527,086
10,332,439
28,860,456
12,685,411
26,253,432

Total individual deposits.

190,887,858
83,217,376_
61,421,332
36,051,154
23,330,916
29,520,853

Advocates of New Orleans have criticized the decision of the
organization committee and have given out comparative figures as
to New Orleans, Richmond, and other cities which are incorrect and
misleading. An analysis and study of the actual figures will be
found instructive and can lend no support to the claims of New
Orleans.
From the sworn special reports recently submitted to the Comptroller of the Currency, it appears that the national banks in Richmond were lending in the 13 Southern States, on 'January 13, 1914,
more money than was being loaned in those States by the national
banks of ally other city in the country except New York. The total
loans and discounts in the 13 Southern States by the four cities referred to are as follows:
$33,473,000
Richmond
.. 6,891,000
Baltimore
New Orleans............................................ 19,477,000
915,000
Washington

The figures also show that in these portions of district No. 5 outside
of the States of Virginia and Maryland the Richmond national banks
are lending twice as much money as all the national banks in Baltimore
and Washington combined. They also show that although Richmond
is not a reserve city, the banks and trust companies in the 13 Southern
States had on deposit in the national banks of Richmond on February
14, 1914, $9,876,000, or slightly more than the banks of this section
had on deposit in the city of Baltimore, and four times as much as
they carried in Washington, although these two cities have long
enjoyed the benefits of being reserve cities. That southern banks.
should carry larger balances in Richmond, where they could not be
counted in their reserves, rather than in Baltimore or Washington,.
where they could be counted, is suggestive.


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Federal Reserve Bank of St. Louis

26

STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.

The figures show that the capital and surplus of all reporting
banks—national, State, and savings, and trust companies—per
capita, in'Richmond, as of June 4, 1913, was $131; in Baltimore, $85;
in Washington, $88; and in New Orleans, $60, while the loans and
discounts made by all banks and trust companies in Richmond, on
the same date, amounted to $393 per capita, against $190 in Washington, $213 in Baltimore, and $194 in New Orleans.
The amount of money which banks and trust companies in the
various parts of the country carried on deposit with Richmond, a nonreserve city, on February 14, 1914, amounted to $10,970,000, or
nearly twice as much as the balances carried by outside banks with
the national banks of Washington, which on the same day amounted
to $5,516,000, and one and one-half times as much as they carried
on the same day with the national banks of New Orleans, a reserve
city.
The statistics furnished the organization committee show that on
March 4, 1914, the capital and surplus of the national banks of Richmond, per capita, amounted to more than twice as much as the capital
and surplus, per capita, of the national banks of either Baltimore or
Washington, and three and a half times as much as New Orleans,
while the individual deposits of the national banks of Richmond
amounted to $201 per capita, against $86 for Washington and $76
for Baltimore and $50 for New Orleans. The loans and discounts
in the national banks of Richmond on the same date were reported
at $279 per capita, against $77 for Washington, $108 for Baltimore and $51 for New Orleans.
Especially significant are the following statistics showing the growth
in capital and surplus, loans and discounts, and individual deposits
of national banks in the four cities named:
CAPITAL AND SURPLUS.
September,
1904.

March,
1914.

Percentage
of increase.

_
Richmond
Washington
Baltimore
New Orleans

13,115,000
8,215,000
18,262,000
6,250,000

19,314,000
11,365,000
19,205,000
6,730,000

199
83
5
8

LOANS AND DISCOUNTS.
Richmond
Washington
Baltimore
New Orleans

$12,946,000
15,018,000
48,755,000
20,088,000

$35,593,000
175
25,405,000
69
60,312,000
23
17,285,000 Decrease 13

INDIVIDUAL DEPOSITS.
Richmond
Washington
Baltimore
New Orleans


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

$11,257,000
20,017,000
40,910,000
19,425,000

$25,705,000
128
28,491,000
42
42,553,000
4
16,857,000 Decrease 13

STATEMENT OF RESERVE BANS ORGANIZATION COMMITTEE.

27

In other words, the figures show that the national banks of Richmond were lending on March 4, 1914, twice as much money as all
the national banks in the city of New Orleans, and 40 per cent more
than all the national banks of Washington.
In the original decision of the committee the various economic
and other factors which entered into and determined the committee's
action were enumerated and need not be repeated here. This
statement is made for the purpose of disclosing some of the details
which influenced the Committee's findings.


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

0

BOARD Ha
i.E.Dk_RM. RESERVE

District 0..

District

BosTati
Connecticut
;lathe1.7assachusotts
New Hampshire
Rhoda Island
Verront

38
40
113
35
10
26

District
ITIJYORK CITY
rag York

O.

304

District
C1. 1V'IAND
1
,
Kentucky
.
Ohio
Pennsylvania
;lost Vircinia

District n.
RICIL:OrD
District of :3o1urabla
ilarylrInd
rorth
0outh Carolina
Virrinia
Vircinia

District '6
AT1AN2A
Ilabama
Florida
GeorEia
Louisiana
isslosippi
Tennesseo


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

30A
216
272
C7
109

1060

District #3.
.T.LOUIS
Arkansas
72
Illinois
316
Indiana
168
Kentucky
-87
1.1ississiT21
24
Iassouri
100
Tennessee
67

834

270

2.

District
2KILAD7L2HIA
Delawar3
:Tow Jersey
Po,insylvania

CHIC:_GO
Illinois
Indiana
Iowa
aichiL:an
Isconsin

7.

364

22
13
498

652

15
115
22
3.

153

. 0
12,
41
19
75
L7

16
23
79
9
16
39

District -9.
ISIUMTOLIS
nichican
50
2annesota
177
nontana
30
North Dakot99
3outh Dakota
69
,
Asconsin
31

iistrict
KAr13:2 CITY
Colorado
Kans s
Ilissouri
IlobrasPa
rev/ L'ie::ico
Okla.hor.r.
Wyoming

104

353

District 4
.11.
DALLAS
Arizona
1
Louisiana
2
77pw 71nxico
12
Oklahoma
63
Ts
213

166

39
1::01
02
31
26
218
3

311

District j12.
SALT .I.Til'.:TOISCO
Arizona
California
Idaho
ITovada
Orocon
Utah
Warthington


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

10
41
7
65
16
60

399

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

District

54.

3nItimoro*
Dist. Colubia
Na:71and
North Carolina
south Carolina
Virinia
Woot Virinia

0)0
Co
2,2
12
23
61
211

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

District , 10.
DZNVER.
Colorado
102
4.5
::ansas
54
Nebraska
27
nr
Eow :Jemico
Gklahoma
157
"27
.omi2
16

Anc
rti

District
G.
ORLL'.1751.
AlabaLla
Florida
Georcia
Louisiana
lassissippi
Tennessee

Astrict
=HA.
Colorado
Kansas
icsouri
Nebraska
New :Aexico
01:1ahona

10.

District
SAN '2Arcico.
Arizona
California
Idaho
Ncvada
Oregon
Utah
azhincton

47
23
51
23
26
52
222

12.

15
3
4
170
2
9
16
219

1)
192
41
7
65
16
63
399

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

„Q„t (W 1)

2 A
Nokj;
• T: rtr-Nry •
1••r fY-

FIRST

CHOIC11

VOTE

for

RESERVE

CITIES

by

I) I S T
.R I C T S.

” )
'
L

ILUMML112. 1
.
•••••0•••••

t• :

:

. 1. : Ct. :

V,:
.;;;•

•1110
.10

4flTotal.

t

•
11.

.....

BuGton
Neu York
'Provtdencc

t

:J., :
:

,
(2,

: ,
, : 137 .
..3
•
: 19 ' 17 :
•
.
:
.
•

,t :

U. :
4 : 64 :
3 :
:

207
106
1

4.•

t
.
•
.

alIA.040.011.111.:

Total

61

50

42 : 154

•

16

: 71

6,4
OW.*411.1.4011.1111011111.

Tota1 fltXrabor

of assenting
banks

Tota1 numbor of
voting bunks


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

446
394

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

DT,LaTCT 110. 2

York

•''

WAM114..0000000000

*****
Albuny...............********
tv.Arte a •************ ••• a ••• :
•
PrOOkl:A•***********••••••scos:
lie.044,4,04woo•********•••••:
t
',7e1 or
A:
•:
...............40.04.440041.. ,..........•...
..*•....w.:
,
,
*
........................o....
,,
.........44.,,,,,.....:

r7orta =bar o: nsuentln;7 brnits

47C

Mtal nunbor or votin17 brInlu

420

DISTRICT
:
: Pel. N.J. :Penna. : TOT.AL:
:
:E.Pist.:
•
•

Phi Ltri elnbi a. : 23
.
.
Now York
Pi ttsburgh.. .
.:
Baltimore 4444: 1
Bo:it on
•
.
.
Buffalo
Tashi ng t on . .•
..
,
TOTAL
:.24

: 65
:122
.
.
.
.
: 1
.
.
:

:138 : 496

citri nimbor of :- nsonting banks
Totv1 rrumbor of voti:r ho.,n,kts


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

: 417
. 42
.
. 23
.
. 11
.
1
.
•
.
1
.
.
s
1

800
708

•

505 :
164 :
23:
12:
2:
1:
1:

: 706 :

Din111CIT TM« 4«

......
awmrOMOW..P.

: V:« Va.
t
1 7r* DI.z,
Cleveland
Cincinnati
01:itx.; .
,
43o.
aoitnibas
N'ax "Zork •
Pitts'Extrj).•
Toiodo
'Ylltiaftolpitt
toiliqvillo
OinoinwIti or
Ca0Velfilla

Olevoiarle cr
i-Attlicialj1.
,
,
Loulaville or
Cincinnati_
TOTAL

.
. li:7•
:
obit)
: :•;«
Isti

t
:
t
t
;
:
:
t
:

:
t
t
:
1
"t :
s
;
:

t
34
:
:
:
2
31 I

107 :
160:
t) :
,
36 ;
c, :
31 :
1:
s
s

I:«
,

;
: r'•-f'' f/

:
t
:
3:
2C6 :
G:

1

:

1

2:

:

:

:

.
.

2:

s

:

66

343 :

Z68 :

110 :
194 :
2:
36 :
6:
294 :
1:
6:
31 :
..,
.c. :

1

8 ;

,

:

Tot , munbor of :.snting ban133
1

724

Totv.1 numbor

685


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

:
T

votine beallas

605 :

ILLSTRI CT NO.

: Md.:D.C.:"Ic,Va. : Va..: N.C.: S.C.: TOTAL:
•
.
.
.
•
:
.
:S.Iliat:
•
.
:
......__
: 96 : 44 . 11 :
: 16
.
167 :
•
•
.
Ri c) nrInd.....
,
.
: 11 :
: 21
1:
128 :
.
Baltimore...: 95 :
: 74
35 :
Pittsburgh..: 1 :
-,8 •
28 :
. ... •
Columbia .. .
. 1:
.
. (>6
.
.
•
27 :
•
•
•
.
•
Ci noi nnati.••
• 9: 2 .
•
25 :
1 : 12 :
1 •
•
Ta
•
.
•
•
•
.
1:
19 .
.•mrlote.
•
: 18 •
.
CI•
••
•
. 1:
.
•.
•
•
No w York ..... 1 :
....._..—
431 :
TOTAL ..: 98 : 12 : 97
: 118: 64 : 42 :
•
•

• •

:

•
•

•
•

•
•

•
•

•
•

•

•
• 0shIngto.

•

... - .

Total number of nusentinc
numbor of votiw; bvnhe


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

.•

475
431

DISTRICT
:14i1. .*.
1

: La.

: TOTAL:

19 : 90 : 7
.
.
1:
.
.
5:
.r. : 18 :
,
. 22
.
:
: 14
:
.
.
14 :
.
.
: 11
.
. 7
.
.
:
. 4
•
:
.
•
1:
. 2
•
: 2
2 :
: 1
. 1
•

:
:
.
.
.
.
.
.
:
.
•
:
.
.
.
•
:
.
•
.
.
:
:

:
:
.
.
:
.
.
.
.
:
.
.
.
.
.
•
:
.
•
:
:

. 124 :
.
.
.
54 :
:
:
24
:'
P
: - :' i
.
15t;
.
14 :
:
.
.
11 :
.
.
7:
5:
.
•
:
4:
.
*
.
.
2:
1:
.
•
.
.
1:

1

.
•

.
•

.
.

:Tenn.
:

:Ala;

••

.
Atllnta
Birmingham.:
New Orleans.:
.
Savanmih.....
Nashville....:
.
.
Cincinnati...
Jacksonville.:
Ch7-1ttanoog
.a..:
Louloville...:
St.touis... .•
.
ntgomerf...:
Bloburmd
•
I%!ohinf!ton. .
.
omphi a
•
Baltimore
•
Mlahville or
.
At3:tnta....•

8:
52'7 :
3:
..., :
:
:
1
:
.
•
:
1:
4:
:
.
•
•
.
:
:

:

.
•

19

:

:
Total nurthor ;Tr rzeontinr, b;m1, e


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

mrnbor of voting', brik

$72
319

1:

,
40

••••

TOTAL....: 73 : 44 :100 : 71

4

:

19

•

4

319 :

DISTRICT NO. 7.

4.1.111010*41.1.

71.n. : Ill. : Ind. : Mie.h.:
is
•
: 1014

Chicao
Cincinnati
Dotroit.
Des Janos,
Omaha
Indtaaapolis
St. Louis
Sioux City
Zinneapolis,
Cedar Rapids
Clinton
Chico or Sto Louis
Twin Citios

256 t

7i4
CO

;

2

'

;

14:
1:

9
:
:

39 : 234

Total number of assontinc
bons

984

Total number of votiac banlm

862

2

2

1
1

1:

,
OOP 41•11 110.411...••••

17
17
14
10

2

1:

TOTAL


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

TO1 15.,
.
1

DiSit:

:

170:

C61 :

DISTRICT NO. So

240.

; Ill. : In. :

: Tenn.: 1Tiso.:
TOT.11.:
• al•

:
Ot. Louis
:
Louisville
:
Chicago:
ii:ansas City:
2,:onphis.
:
Cincinnati.
Indianapoliz
Nashville.
:
DallasCh1os8"0 or :t. .-4..ouis. :
Bt. Lotlie or Kans. City:
:
Birminchua

51 : 4:3 : 103 :
:
:
:
: 30 :
:
27 :
2:
:
:
:
:
:
:

4:
1:

2

6:

:
13 :

:

:

1:
1e

:

:

:

4:

:

1
:
:
:
Lic

,
4

:

:
1

:

71 : 105 :

.........

Totcl number of assentinc benks

434

Totfll number of voting banRe

414


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

2 t
15 :
29 :

64 :

62:

15 :
-

4: 208:
773
:
59:
29:
0:
14:
13:
5:
4:
1:
2:
1:
1:
:
1;
lg,: 41'L:

D'T

.14401,110040*

T

:a, 9*

aa.a.44a

:Cacho $

:tso

TOTAL.

olnno.:

Jo

:

4*....0

:

.
0
0 . 4
6 1,4144 .0......
4,
4.44.0 40 1
,
4
4,,4114.0 444.464 *.awN44,11.4414a.41.04441444

,
aunespaiL.
Obioago
St, Puul
Twit; Citios

au 4
:
:

Parg0
DetrOlt

ao 7.

C:
r
0
2$

6:
4:

:

:
4:
t
t

:

:

C:
;

1 .
44

a

I

:
125:

6:
4

44/4.

4a0

Total number of assenting bank

687

Total number or voAng bnris

645

365 :
118
03 .

:
:f
,
2 :
:

A. 1

2

42

;

11 2.

2

11

:

1
1
1

s
1
3

I

I

t

:

;=-X,9 :

90

k....
0,..4.441.40.11•44444400


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

52:
.1sI

33:

:
;

79 :

r'
4 :
I

4
4

1:

:

a

4

,
W.111104 ...•••••

4
,
0.414404.444.4.44410104104 74 av

4,44.4444444•44.4....44,444•44.446444$444,4404444•.

53 :

r,
,, I

:

"

.13,1N1W-Cia,0

alaila
Spo*.izizi.c

1:
10 ;

0
: . ', :
'j
l :
C:

50 t

64

•
10 16040*414,
.
0.1004440444.1
." .
4404

Ter
i'

MM..

41.atn.IvoIlk..111.111100OP..
MeV NM Mk Me Wm WO IIIMMOMMNIMMO41M

••• 01.• OM

OOP 4.• May an.M4 Om rd.MY Md.

Lanoili City,

.
St. Lou'' -;•..
.
Lincoln
.
0'..Ln.
City, 4i,.at..:
Kansas City, ro...:
Kavoc:, +.3ity, KrAn...:
.
Chlcugo
.
Salt Lakn (;1.-ty
:
chits
.
lioux City.
.
Oklahm:At t:Ity
.
Tain Cities
:
Omaha
•
„
or
Lincoln......
:
I

IMP OM

:
.
:
:

:

:

:

9 :
:
:

:
t
:

:
:
:

:

:

:

:

.
2 .
:
:
:
:
:
:

:
:
:
:
:
:
:

:
:
:
:
:

:

,,

:

:
I

4

:
:
:
:
•

:
:
:
:
:
:
:

.
.
:
1
Q. : 401). : Total. 1

or.d.M.....M.M.M•vow ma elm

.
.
:
:
:

170 :

.

MI.1.111.1

......

IMAM

...:I

....

';Ko. : %. !'. : Oela. :
:
:
:

:
: Colo. : Kctn. :
a` 4, a.
,
.

.

:
:

:
:
;
:
:

:
.
.
:
.
,
.
.

:

:
:
:

:

:

:
.
.
:

:
:
:

:
:
t

:
:
:

:
:
:
i :
:
:
:

VOOMMOdm•

......
oremp.4004040.opi.04.100.100.40,01.0.11.1.1•9

:
:
:
1
:
:

:
.
. ,
, :
«
: ..14
:

AM*Mom..MO

•

Total
...................

.............
ammadOmM6

2rambor of assent/11p: bnifita
Total nurA)or of v nt Inc banIcs


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

835

769

•••MOMM...4

35',.:
132
;;3
•
l'a

aMeilt•
......

:
:
:
:

:
2

:
:

:

: 1T9 :

:

I

:

:

: 1
: I
: ..,
0
•
•

:

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:

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.
.
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t

:
:
:

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.
:
:

:

:

:
.
.
:

C
c
c

:

E

:

k6

1

819
994,

:

; .1,
;
,

:
: ,,
$ tl

:

-:

: .*E
: f*

: T
2

i

:
:T
2 I
:
i 7
:
:
:
:

:
!
:
: C,17
: :ill
: 1,6
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utuq

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4

trq;11Alq.uoesc Jo aoqmr=

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:

4.1.4.01.0.1.41••••••4.$ *N.4

:
.
.
2
:

:
:
:

ej

:

:
2
2
:

:
:
:
r,'I.;' :
2 i-,:
:
:

:
:
:
:

:
:
:

: L
: T.'
: ','LR

I

: ?fT :


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

:....4/0 rytmumi .10 sinoli 4.11;
:
140 'IT:A.)1/TM
1
:
owoluy was
..
:.
uosTomArot,
otroano';
:
:
•
•aaArkki
:
*
aoc...;losa4 u3
:uolsnoH 40 mat* *74 I urlica
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:*
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.
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:
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Pr,rtnind4..... •...,:
:
Soattle..,
•
ScAll, talcsa
•
1;pa'eatlo
....t
Loo Angi'Aco...
......:
Ch lco.177e
:
*****
thrd YOrk.i.., ,
t
OlDa ti
:
.2

7,1inutapolla
11*nvnr

:s.j it,
9 :
40 ;
:
16 :
:
:
2
t
:
:
:

10 :

f r, t
:
:
:
:
:
:
t
t
.
.
:

3 :

10 t
12,
9
.:!
2
1
I

;
t
t
2
:
t
t
t
:
:

:v.Ni

.
kri
: :-4 •t
:
.
: null :
To :
: tal.
.
:
tN.DAst
;

t

t :456

i

6

$ 75 :

t

:

:

:

t
:
:
24 :
:
1
.! :
:
1 :
;
:

:
:
:
.
.

1
A3 :
:
:

:
.
.
.
.
:
:

:

t

:
:
:

:
:

10 :
: 1
: V :
: 26 :
:
:
1 :
1 :
1 :

oilPWSWM.O.MWIWI.W.M.MW.m...mre...A-e.adsesOww.wwww.r.4omm.W.n•

Total

•

, •
.51.4...01.4.041.44.40511 101.
.....
.11.160MOO on.

.......

yeL OM/4111,•••

•

ota1

rib

of :lottor !../.14 bas 514
:-

Total numb°r o


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

otI ncbani

4.60

460 :

REOAPITULVZION.

DI3TRIC2 I:O. 1......

194

No.
ft

*Zo., 4...
Dles

U

1,14poolborse4peopoo•4010431

No.
No. 7

ft

ITo•

Ci1411,111.10111% ******

AV.

9essotottooe•IPeter4to64
15

It

ft

ft

10...............769.
o. 11.........*****.616
No.
414 1
.
.0•••••••••••••••

6724

Totn1 number of ascontini.7 national ban1:15 in U.

7475

Tottil number o;: voto8 emt In U. .

6724


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

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

11:S.E.RNIE BOMID
j

e

D

1ST

R

ICT

No. 1.

Distribution of first Choice vote in District No, 1:

Boston

287

New York

106

Providence

1
394

<

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

DISTRICT

No 2.

Distribution of first choice votes in District No. 2:

New York
Buffalo

393

°
..

13

Albany

10

Boston

1

Brooklyn

1

Syracuse

1

New York or Albany

1

420

D

I

)ICT
:-' 7 -

11o3:

Distribution of first cho'c3 votes in District No. 3:


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

505
New =Cork

164

Pittsburgh

23

Baltimore

12

Boston

2

Buffalo

1

Washington
708

DIS

TRICT

No 4.

Distribution of first choice votes in District No. 4:


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

Cleveland ..

110

Cincinnati

194
2

Chicago
Columbus

..

New York
Iittsburch

36
6
294

Toledo

1

Philadelphia .

6

Louisville

31

Cincinnati or Cleveland ..

'2

Claveland or iltisburgh ... 2
Louisville or Cincinnati .

1
685

D

ISTRI

CT

No 5

Distribution -f first choice votes in District No. 5.


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

l
l
di /4.1 i fNRichmond

167

Baltimore

128

Pittsburgh

35

Columbia

28

Cincinnati

27

Washington

25

Charlotte

19

New York

2
431

htc)

DISTRI

CT

N06

Distribution of first choice vote in District No. 6.


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

Atlanta
Birmingham
New Orleans
Savannah
Nashville
CincinTiati
Jacksonville
Chattannoga
Louisville
St. Louis
Montgomery
Richmond
Washington
Memphis
Baltimore
Nashville or
Atlanta

124
54
31
24
22
15
14
11
7
5
4
3
2
1
1
1
319

DISTRICT

No?.

Distribution gf first Choice vote in District No. 7.


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

Chicago
Cincinnati
Detroit
Des Lollies
Omaha
Indianapolis
,
St Louis
Sioux City
Einneapolis
Cedar Rapids
Millvaukbe
Clinton
Chicaco or St. Louis
Twin Cities

714
50
22
17
17
14
10
5
4
3
2
1
1
1
861

DISTRICT

No 8:

Distribution of first choice vote in District ro. 8:


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

St. Louis
208
77
Louisville
Chicago
59
,
.
Kansas Cit 29
Memphis
14
Cincinnati
13
Indianapolis
5
4
Nashville
1
Dallas
2
Chicago or St. Louis
1
St Louis or Kans Cit7
Birmingham
414

DISTRICT

No

9.

Distribution of the first choice vote in District No


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

Minneapolis
Chicago
St Paul
Twin Cities
Milwaukee
Omaha
Spokane

Sioux City
Fargo
Detroit

365
118
93
42
11
8

4
2
1

645

9:

DISTRICT

No

10

Distribution of first choice vote in District No. 10:


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

Kansas City, Ho
Denver
St Louis
Lincoln
Omeha
Kansas City, Hans.
Kansas City, Hans. or
Kansas City, Eo.
Chicago
Salt Lake City
Wichita
Sioux City
Oklahoma City
Twin Cities
Omaha or Lincoln

355
132
26
22
191
8
9
9
4
3
3
2
1
2
769

DISTRICT

No

11.

Distribution of first choice vote in DISTRICT NO. 11:


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

232
Dallas
105
Kansas City
97
Houston
87
Ft. Worth
46
St Louis
21
New Orleans
7
Dallas or Houston
4
Dallas or Ft. Worth
Dallas, Ft. Worth or
3
Houston
3
San Francisco
3
Denver
2
El Paso
2
Waco
2
Galveston
1
New York
1
San Antoni0
1
Oklahoma City
St Louis or Kansas City 1
618

DISTRICT

NO. 12.

Distribution of first Choice vote in District No. 12:


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

San Francisco
Portland
Seattle
salt Lake City
Spokane
Los Angeles
Chicago
New Yori
Omaha
Fresno
Minneapolis
Denver

256
75
40
27
26
26
3
2
2
1
1
1
460

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

First Choice

ycilvj

N
1(EWEENA,
4..

/
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(0
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)7/i- ay 0 1 73

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vioNROE.
-2.

T
I:I CI_ ICVO

Choice.

ziocond

KEWEENA

,
r

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JE

L

I BARAGA)

tRoN • mARQuETTE

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tqr

PAL

CHIPPEWA

I

mAcK,

641
EVA

cl
L. •
I
0 .PRESQUE

CHARLEVOI

/Y0
.


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Federal Reserve Bank of St. Louis

—Z• =kr

5
,0

Vo te-s
22-

PINTRI

cL
A
ACri

e".f.
c10
• 0
I i‘te
0
10

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kk

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0

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h
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LHOU

,ACKSQNi

11i6V
-

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AWEE
•

6

ST.

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

Mira Choice

438

/.
Boston
Congressional Direc
2 ChI cago
3 Cincinnati
161
4 Cleveland
Detroit
6 Grand Rapids.
Kalarrazoo
Mi lwaukee
9 Minneapolis —7-2-MICHIGAN.
I0 Muskegon
(One at large.)
II New York
T2 St. Paul
/
13 Twin Cities
14 Toledo
•/

ko"
1-ILE
FEDERAL RESERVE BOARD
?-:S FOR
.LIELIORANDULI OF FIRST CHOICE V0
RESIMVE BATIK

mins.

SAsas.sw.c7Ite,44-

,a3AITY:
Now York

10

ATIATITA:
Llabama
Florida
Georgia
Tennossoo

0
19
90
7 124

10

1
Dolawa:o
95
:]aryland
11
-,onnnylvania
1
South Carolina
1
Tonnosseo
11
Virginia
::ost Virginia J1 141

Alabama
Florida
BOSTON:
ConneAlcut
flaino
LIassachusetts
New 2amD3hiro
Neu Jersey
Now York
Pennsylvania
Rhode Island
Vermont

CIL'ITTANCOGA:
Tonnoosoe

Idaho
Ill mob
Indiana
Iowa
ibehigan
ilinn000ta
L111;souri
LIontana
Hobraska
forth Dakota
Ohio
South 3akota
*,:isconsin
Utah

55

7
59
137
50
1
11
23 200

9
25

09
1 906

1
63
34
160
14
1
26 299

107
3

110

/

1

20

20

36

36

CLIUTON:
Iowa

BUFFAADO
Now York
?onnsylvfmia

COLILDU3:
Ohio

CEDAR ReIa:
Iowa

DALLAS:
ArizuLoas


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

1
5
2

CINCINNATI:
Alabana
Indiana
Nontuel
Ohio
Tonnessoo
Virginia
Amt Virginia

South Carolina

4•1•••••:•••

10
1

4

CL7VELAND:
Ohio
Ponnsylvania

1
53

BROOKLYN:
How York

CHARLOTTE:
North Carolina
South Carolina

305
134
256
72

Now
Oltlahorm
Tozan
19

1
3
17
212

237,

2

=Tun
Colorado
Idaho
Nebraska
New :oxico
17yotnint;
4E3 MOINES
'
Iowa
DE

CIT.
I.:1chie-r n
-

EL PASO
.Imico
Nov .
Arizona
FARGO
7Torth 9akota

LINCOLN
Nebraska

112
1
9
12

136

17

17

23

FRESNO
California

INDIANAPOLIS
Indinna
JACKSONVILLE
Florida
KANSAS CITY, no.
Arizona
Arkansas
Kansas
Nioscari
Nebraska
New:Joy:leo
Oklfthoma
Texas
Colbrado
KANSAS CITY, Kans.
Kansas

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

LOS ANGELES
Arizona
California

2
24

26

15
93
8

116

Indiana
Kentucky
Tennosseo
=WHIZ
Lissisoippi
Tennessee

3.
2

MILWAUKEE

1

1

1
84

85

1

1

GALVESTON
Texas
HOUSTON
lexas

22

23

roaT woRam
Oklahona
2o-cas

22

2

97

19

14

97

19

34

1
2
179
64
8
20
202
12
1

489

a

8

7ascdoasin
Idaho
Iowa
Minnesota
Ilontana
North. Dakota
South Dakota
7,1 Boonsin
LIONTGarrlea
AlabEuna
NASHVILLF,
Tennessee
NE7 ORLEANS
Alabama
21orida
Louisiana

NEW YORK
California
Connecticut
Maine
Marylnna
1143ssachusetts
Neu Jersey
Naa York
Ohio
Pennsylvania
Rhode Island
Vermont

1
4
188
18
97
54
8

370

A

4

25

25

0
5
24
19

51

2
64
2
17
12.2
393
2
43
4
19
669 (fwd.)

1

4

3

NEW YORK (Cont'd.)
fwd.---Virginia
Texas
':est Virginia
OKLAHWA City
Oklahcma

669
1
1
1

672

3

3

a71'.11.11
Idaho
w
Ioa
aebresim
Jouth Dakota
.;yoming
PHLADL,i,PIIIA.
Delaware
New Jersey
Pennsylvania

23
C5
420

PITTSBUaGH
L'aryland
l'onnay.lvania
West Virginia
Ohio

/
282
41
,71
o....

PORTLAI1D
Idaho
Oregon
ashington
PROVIDENCE
Rhode Islana
RIOITMOND
Florida
North Carolina
South Carolina
lennessee
Virginia
West Virginia
LAKE CITY
Idaho
Novada
Utah
7iyoming
WIN ANTOIO
Texas


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

SAVANNAP:
Alabama
Florida
Georgia

02
10 (1
Ai. r6 i
8
10

3AN FRANCL;CO
Arizona
California
r cl-tho
::ovacla
Oregon
Utah
7:ashington

218

508

ST. LOUIS
Llabame.
Azkansas
111illoie
Indiana
Xentucky
Louisic.na
Mississippi
nissouri
To 16300
Te=a0
Oklahoma

8
208
0
5
16
6
8

259

3
3
18Georgia

24

1
51
112
5
1
2
A

10
56
9

75

1

299

ST. PAUL
Ilin.:esota
Liontana
North Dal:ota
Scuth l)akota
WIseonoin

52
10
19
6
7

94

S2ATTLE
Washington

--rOJO

47
0
13
57

40

40

5
5
2

10

1

1
44
11
2
96
16

JIOU:: CITY
Iowa
Nebraska
3puth Dalosta
170
SPOKM
Idaho
Montana
7',ashington
,rogon

/2
.1
13
1
1

9
A

16
1

30

1

1

31
STIACU.;3.;
Now York
1
TOLEDO
Ohio

A

4

4

.111,HLIGTON D.C.
Dist. of Colambia
Florida
Mary5.3*
North tarolina
South Carolina
Virainia
Pennsylvania
Tennessee

12
1
1
2
1
9
3.
1

CLEVELAND or
PITTSBURGH
Ohio

2

DALL,A,S or "22. WUaTH
Oklahoma
Toxas
28

1
3

4

BOTON or PHI7,ADELPHIA
Pennsylvania

1

1

WACO
T.oxas
WW_HITA
1:ansas
Oklahoma

2

2

1.
1

3

MiNOCITIES (1.1inneano1is
or _t. Paul)
1
Iowa
Montana
20
Minnesota
11
North Dakota
I.
South Dakota
Wyominc

1

NASHVITIE or ATLA:7TA
Tennessee
PHILADm.PIIIA or
PITTSBURGH
Pennsylvania

7

7

3

3

44

2

2

KANSAS CITY, :ans. or
KANSAS CI:2Y, no4
Kaasar,

9

9

OT. LOUIS or
KANSAS cra
3.
Oklahoma
7exao

)

NIT! YORK or ALBANY
New York


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

2

1

DALLAS, FT. WORTH or
HOILTON
TWAS

CHICAGO or ST. LOUIS
Illinois

CINCINNATI or
CIA:MLA-ND
Ohio

_I_

DALLAS or HOUSTON
Texas

- ALTERNATIVES -

MAX,. or LINCOLN
NObraslca

1

2

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

•

RISICAPITULAT ION.

10 v
Albany
124,,
Atlanta
141 v
BaitiraOro
JJr r N./
=
Birming11
29O'
Boston
1v
Brooklyn
14"
Buffalo
2v
Cedar Rapids
19"
Charlotte
11 v
Chattanooga
906 v
Chicago
290'.'
Cincinnati
110"
land
Clovo
1v
Clinton
Columbia, ;:.;.C.
36 v .
Coll-oh-as
2331
Dallas
136 Y
Denver
17'./
Don aoinos
23V
Detroit
2v
El Paso
1'
Fargo
65 v
Fort '::orth
1,
Frenno
2. Galvaston
97'
Houston
19 v
Indianapolis
14"
Jacksonvillo
Kansas City,L1o. .- 409 v
8v
Kansas City,Koza.
22 v
Lincoln
26v
Los Anoles
Louisville
16•/
Viomphin
13 v
Ililviaukoo
370'
Ilinnoapolin
4:1ontgomory
25 v
Hashville
51%7/
New Orleans
672 v1Iiew York
,7,
0v
0k1ahorn. ,Jity
210'.'
Omaha
_500 4
Philadolphia
355 v
Pittsburgh
75 v
Portland.
1"
2rovidenco
1701
Richmond
311
Salt Lake
1i
San Antonio
259v'
San Francisco
24 v
Savannah
299 ,/
St Louis

St Paul
Soattle
Sioux City
Spokane
Syracuse
Tolodo
Vlashin,-;ton
Zbco
Wichita
Twin Citios
,t
Alternc., Ivo°

40•
10,30..
1v
1Y
28 ‘
2,
3,
44'.'
30v'

Total - — - 6724

4

,
STRUT ADDRESS OF "ic;ACH if2iDERAL MSERVE BANK AND BR.ANCEL

ii.ExEivEDA

I, 933
Poston

30 Pearl Street

New York
Buffalo

35 Liberty StrerA
270-276 Mein Street

2hiladelDhia

925 Chestnut street

Cleveland
Cincinnati
2ittsburgh

-ast Sixth Street (lid Superior Avenue
Fourth and .ace Streets
Grant Street and Ogle Way

Richmond
Baltimore
Charlotte

Ninth and Franklin streets
Calvert and Leydngton Streets
First National Bank Building

Atlanta
Birmingham
Jacksonville
Nashville
New Orleans_
Savannah 1.5ency
Havana ,gency

104 Marietta street
18th ,Areet and Fifth _venue North
Church and Hogan ,:treets
n28 Third 2.venuo, North
Corner Oarondelet and Common ;„treets
Citizens and Southern Bank Building
Jr. Julio de Cordenas Street (Metropolitan Bldg.)

Chicago
Detroit

230 0outh La Salle Street
160 Fort street, test

St. Louis
Little itock
Loui3ville
Memphis

411 Locust Street
Third and Louisiana streets
Fifth and Market Streets
Third and Jefferson

Minneapolis
hulena

75 South Fifth -treot
,dwards and Park streets

/- Kansas City
1
./ Denver
Oklahoma City
I Omaha
;


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

Tenth and Grand ,venue
17th and Arapahoe streets
226 Seat Third Street
1701-5 Dodge :Arcot

Dallas
Al Paso
Houston
San Antonio

Wood and Akard Streets
351 'Myrtle Avenue
Texas Avenue and Caroline Street
Garden and Vilita -treats

San Francisco

Sansome and Sacramento -treets
10th and Olive Streets
6th and Oak Streets (Porter Building)
East South Temple and South State Streets
Second Avenue and Spring Street
-;Areotr-btr
)
Salp.

Los Angeles
Portland
v Salt Lake City
Seattle
Spokane

/3.,
February 13, 1933.

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

t

ow on•

.1.1

• __q._#_•

.., il

0
1.4.YIN 0.1.11.te.

•

York

4

et.

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*aft A.
a.

Total

:

..111111111•1111

:
Ow S.••••
,

Total number


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

50

42

.0a...
11.11....0..

of assenting bnnks

Total number of voting banks

RV..0616..A.40.04.410 WO.
*****

446
;394

0.04

151 :

........•••••••••••••
.......

16 :

71 :

.....

394
4644
,

•

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

DISTRICT

O. 2

, York.
YorL CIty
.
..
A1bany.
ricmon
Brooklyn

!4o

Ue2J York or A.11;any
041,100.1.1.:

Total.

•

Total number

of assenting banks

478

Total number

of voting ban:ks

420

S'MI Cr?
: De1.: N.J.:Penna. : TOM:
•
-.,
rhiliel-hia..: tyx : 65
.
:122
Maw York .
•
.
?itVi!llurgh....:
..A
,1 .
•
Baltimora Ogg,*
Bosto...
•
.
•
1
n
.
.
.
..
Bul'f,a0
.
.
.
•
.
na3hirwton
______4.-:138
TOTAL

: 417
: 42
: 2:::,
: 11
.
•

1

'
.
.
.

1
1

. 505 :
.
. 164 :
.
.
•
2'6 :
12 :
.
•
2:
.
•
.
1:
.
..
1:
•
.. •••

...Me.

: 708 :
•• ••• 01*0.16

Total number of nssontilr bv.nkA

800

Total numbor of vo t

708


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

ban113
,

DLITR1CT NO. 4.

seaftimaxelbs.
Sr
•

•:

*

:Ohio

:

Diet. : *A.

:

41 pit.:

2
s•O

1.ovoln.
CinciLnai
Chico
Colnrairab
rc%; Yol
-k
Pittoburch
Toledo
Ihdladolphia
Lout tvilic
Cinol;aviti or
.Clevoland
Olevel.zzi& or
Pittsburcjil
LtraitivIllc or
Cinciptati

107

:
-,
- :
,

:
:

:
:

:
31 :


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

flumbor of voting bankn

:

31 :
1:
:
:

L56 :

294 :
1:

G:

:
•
1

olimosiM

Total number of nesenting bankn

06 :

194:
2:
36 :

724

665

1

raSTRICT 1O.5.

:
:

: Va.: N.C.: $.C.:
:S.Dist:

.
Richmond....:
.
: 16
Baltimore...: 95 :
:21
Pittsburgh..: 1 :
: 74
.
:
Columbia ...:
.
.
Cincinnati..:
: 26
.
Tashington..: 1 : 12 :
.
Charlotte...:
.
:
New York ...: 1:
.
•
TOTAL ..: 98 : 12 : 97

:
:
.
.
.
•
.
•
.
•
.
.
.
•

.
96 : 44 . 11 :
11 :
.
.
1:
.
.
.
.
.
.
.
. 28 :
.
.
.
.
1:
.
.
.
9: 2 .
1:
.
: 18 .
1:
.
1:
.
•
.

: 118: 64 :

Total number of assenting banks 475
Total number of voting banks


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

431

42 :

TOTAL:
•
•

167 :
128:
35 :
28 :
27 :
25 :
19 :
2:
431 :

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

DISTPICT NO.6.
•
.

•
.

:Tenn. :Mies. : La.
: TOTAL:
0a.:E.nist.:S.Dist.:8.E.nist:
••

Atlanta
8 : 19 : 90 : 7
.
Birmingham,: 53 : 1 :
.
New Orleans..: 3 : b :
.
*
.7,
Savannah.....: 3: ..) : lb :
Naohville....:
.
:
. 22
•
Cincinnati
:
3. :
:14
.
: 14 :
.
Chattanooga..:
. 11
•
. 7
Louieville...:
.
. 4
St.touis.....:
.
•
Montgomery...:
.
Richmond
:
:
. 2
•
Washington...:
:
:
. 1
•
Memphis.....
.
•
:
: 1
.
. 1
Baltimore....:
.
:
.
Nashville or
Atlanta....:
..
TOTAL
• 73 : 44 :108 : 71
•
•

Total number of assenting banks

372

Total number of voting banks

319

, S
'
S

s-fr

0.4

.
.
.
.
. 19
e
.
.
:
.
.
.
.
:
.
.
.
:
:
.
•
:
:

.
*
.
.
:
.
.
:
:
:
:
.
.
.
•.
.
:
:
:
.
•
.
.

1

4

. 124:
*
. '4.
.
.
31:
.
.
24:
:
22,:
.
.
151;
.
.
14:
.
.
11:
.
.
7:
.
.
5 :.
:
4:
.
•
3:
:
2:
:
1:
.
.
1 :
1:

: 19

•
•

319 •

11TO7RICT riO•7.

,
411144140.44

rd,

4.4

ladianapolia
•
t Eioulo

• •••

.
; ',Tie• : Xil• ; iral

:
--..-----_--trizio;.1.•>o
,
31a:034 1mox4
Detroit
Dos :::41.viclz;

113,46:6 11P•

r,
:

•

,

hpr

,
wok.

M.+

v.. Mt

1.1 404,11
••••••••••••11.........•••'••••

: TY2'L

: 1.0wt2., : ro•rxin.:..•3):13,4 sZ•Dis• • ills,:
..
.-----,---_—_--..
4.4 2
Vati s
1174 2
36 t
2/36 i
t
.,
:
.
50 ..
s
.
,
s
$
:
.
I
,
17 :
;
s
T
t
:
1.7 i
s
3.4, :
;
;
:
1
0:
:
1

:
:
T ....1
—___4
50 t
, s
17 t
14 t
-

3

its :
:

:
:

Cedar ii.apida
.
1 a1stakitoo

1
.

1

....lintOt:

Ghlottco or 1:..t• Loalc,
0
• :IL AU L;1',i
a

........•
4,
404444..4• ../01,4444444 404.4444444144.4.414,11.4.0

4
:

1
44 :

own-.

So

^

a
a

:

i.
•14 4
:

:

:

3

1

2

:

1

:

:

r••• 4.4444.44444.•
•
.
4.410 ••444.4441114.4•444 4.4 .04044•41.4.14444

1'.70 :
1.4.44444.4.44444ow

••• tub•• •• 4.•

Total number of as

idavt n.•

••••44401,4444444.41/04•4 oa..r.

banks

Total number of vothr banam


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

No.

1.1....11.11.61...

984

881

2:
5:

;

:

4

t

.
a

;

:
,-.. .

,
ai4441....10.4 14,44.44 •••

65 ;
40.1.60.1111...

;

3

:

• ••.4

£61 :
•••• wir 41.4• 0.1,041no

Da!TnICT :T04, 0.

: In. ! Ind. s Ewe -! Tenn.: LiisL:.:
t
.
;
:
2
:
: Aft:.
.
1 TO2ALs
1
:
*:*Dis:S.3ium:::101701c4:743)134,:710Diess
s

Oto Louia
Louisville
011icat,
F.anous Citv

:
:

Cincinnati

51 a 45 : 103
:
:
:
: 30 .
o:
2:

2;
15 a
n9 :
:

:

iz :

;

ralivilio
t
Dallau
;
Chicaao or :t, .:.oulu
:
Ste LolUe or Kans. Citc:

t

•
:
4. :
:

:
:
:
•
.

it
:

4 ,1

4:

4: 206 :

:
1

t

:
:
8:

:

1
:

.
.
:
s
:

-7, ;
:
:
:

54 :

52 :

15:

:
:

77:

i

:
:

:

1

:
:
:
1:
;

C9:
29:
14 :
1V5 :
0:
4 z
1:
1 :
1:

....

WWOP.W.O.400.0


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

!
;

I

...

t71z 135
kV.",

V111. .1.0•11.11P •••••• .41111
1

Totn1 number of assenting banks
Tot(7.1 number of votin

bnalm

dad,*

1124

13: 414 :
ssi

r•

DISTRICT

mt. 9.

••••••••••

:

flluneapolia
Chicao
Ot. Paul
Twin Oitio
Ullwaukoo
Spokazie
Sioux
Fargo
Dotroit
2021,L

:

:

:
:

13 :
1:
10:
20 :
:

:

4:

:

:
:
5Z •

126:

99 :

259:

.......
411.11042.4.000.....

Total number of assenting banks

607

Totn1 number of voAng bar:17s

645


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

---

:
:
: 71.e. : :::Ich.
II, D.: (.7. D. : am. :
:
141)1s.: :7. D. :
___.•
3?:
54;
163:
8:
:
2:
25:
8:
53:
29:
19:
6:
52:
6:
:
6:
4:
11 :
1 1
:
•
11 :
:
8:
:
:
:
:
:
:
:
!
1:
:
:
1
:
:',
:
:
1:
79:

30:

TOTAL.

:
:

365 :
116
93 :
11 :
8 .

1 :
1 :
346 :

4"`,."
-Te'T

ANMPAIWIwillfissolow...Ilasto•glora,

: 1%). : '4. ' : 0,.1a. :
: Colo. : Kan. :
:
:
. •. DItl.:W. DiD.
:
:
.
: ::.
•
erg ye.

Kansas City, No...:
1
Dwaver.....
' 1:1::
St. LouLouth'
Lincoln
'
,
0:7aha
Kansas City, Ktal..:
•
or
•
KanRus City, Ms.:
Kanous City, Kan..;
Chicago
•
Salt La. City
,
:o
.

LincAvi

:
:
: Ll..
,
,,


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

.f

.
•
:
:
:
.
:
:
:
:

:

.
.

:
:
:

:
:
:

:

:

Sioux City.
Oklahoma Cit:;,.
Tlin Citlos

Total

170 :
:
:
:
:
:
:
:
:

:

t

:
_ ,:

:
:
:
:
:
:
:
:
:

..... O.*

41.Mi. •
• OM 40.. NIP 4•11..N•

128 :
. 3.;
.
'24 :
•
.
: 10

: 8
: 2
:
•
•
: 1-1

:
:

:
:

:

:

:

:
:
:

:

Total nunber of nssentinc banks

0:35

'
-ottli number of voting banks

769

:

:
:
; :
:
:

:
:
:
:

:

4•41010004...••••••

, ,
4::

:
:
:

:
:
:

:

:

N.*

: A,1). :

i55 :

i

:

35'..., :
13'4
2 :
191 :
(,)
,
4 :
3 :
11 :
:

DISTRICT NO. 11.

: Ar'z. : ::.

• : Okla.:

T,.:
: Total
Dis.:S. Dis: 0. Die:

TeIct
•••

Dallaq
Kansum City

•

Ft. ',.rth
•
St. Louls..
.
li- ;, Orleans
.
Dallas or Houston
'
Dallas or Pt. Worth—
Dallas, Ft. Worth or Houston:
San Francimco
.:
Derive..:
El Paso
•
Waco
Galveoton
Hew York
San Antonio
'
Oklaficrla City
;
.
St. Louis or Kunoas Clt.:
Total


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

212 :
12:

:
1 :

04 :
13 :
:
'1 :
:
,:
:
:

:
:
:
:
:
:
:
:
:
:
.
.
:
:

:
:
:
1:
:
J. :

:

--

Total =umber of assontinr btnIx

7)-(9
106

Tottll number of voting bani-T.

618

"
.) :
•
1. .
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:

17 :
74:
:
3:
32 :
:
:
1:
:
:
:
:
.
.
•
:
1 :

: 1.0!-, •
: 97 .
:
87 •
1.
:
46 •
:
;,!1 .
.
:
7 •
:
4
:
3 .
:
3 :
:
3 •
:
2 •
:
2
:
2
:
1 :
:
1 :
1 :
:
:
1 :
--:

ptcjo. i.

: '::,i'aJi;- :
:
:Orou .: r:.ia
: ton. :
:
.....
Sab Pranetfic()
17rt1and
Seattle...
Salt Lake
$poimne
Los Angeles
0hicao.
Ni York
OmkAha.
Irrosno
!lioneaolit,,
-0nvor

oftlm*
.......
4.11.41011

•
'

:

.
.
:

.
.
IC, :
:

.
.
:
.
.

16
56

:
:
:
.
.

l':;o1r. : Ut.ali. :
:Total:
:
:;.1.Dist
:

414...11.1.11111.64...6
..

t
t
:

0 :
10 :
..i.

:

• :,

:

h., :

I
6 .

:

:

:
:

:
:

:
z

1 :
I :

:

:

.
•

Totul


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

:
C,a1. :
:
:

:

:

:
:

1
1

4.;

: 460

Total nurlbor

of nesontin,fl. bankc

Total number c/C votIqg banks

514

460

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

ArTRICT NO.

/4 4444,1.44001,4

394

lt

70G

7o.

5................431

Vt

'110
C,I**0***004.04*04600

7s0iroork•*****....ca

4404

U444O440444444444045
104004044)***,(04,470

1:00

11404.4444

44618

H

67Z4

Total numbor of ascontIne; nationa1 ban1rs
in U. •
Th.ltn1 numbor

o: tOtOR

cast

In U. ,

7475
6724

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

l'occfnd
35
-

-

Chtt
C1110 Lalat •*""-

Loui

11c
--------

:::ont.Tprx)r-;
Uem. Orlecmc

3
- 1
Jav=nall------------- 3
73.

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

-

ir&1

3eaor,O.
1.

.
...
1

1
Lot" :11,1%5)
; 1110,
eV
;

t

•

.1.••••••
"
14 aII::
.7
.

2mn...;

••••

o----

t
1
a

.1.11.9.0.110

wor.•014100

1
1

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

2irst
Chickv
Dallas
Ft.Smith
Eans.!%s City
Little 601'
_loft)1,1s
.
new Orleans
1- 077 York.
Ot.Lo-is

1

3ccond
14
2

Third
0
1

16
3.

2
2
12
3
•••••••••••••••

4
5

33

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

2irst
*Chicaco
Denver--------presno-----____
1
EAr;sasity
Los Angelo---- 24
Noy York
Otiklald

Second
3
1
3
Cl
4
9

ram
Liacramento
Salt Lake
Oan ira=isco
208
Oan
St.Louls
3entt1e
'3todkton
,
Vhitier
Seatt..e or Portland 3rd Choice
Total
- 2 )b
-

Third
4
2
2
9
1
15
1

2
25

2
2
5
10
1
1

133

1
64

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

-CC.Y.L0%00-

rst

Pueb10---

3o on(I

112
1

C le ago
Denver
Kansa
Lineo
a17 York.

1
37
3

-

Third
12
26
4
1

2C
1
14

$ait L0 City--3r...71 ?roma:LS CC
Tota1------ 213

3
37

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

OUIECTIJUT

itirot
---_-_----A.bz-..v
.
.......Boston
7
Ilar44.o-d-----------#
Laddlotam-Matz/
Tim York--------- 64
Philadarbla-------71
,Philadol,,Lia or

-mond

Third
.1
6..

30

..)

3.

4
3.

6

;
49

:lard Choice -

1
35

Or.

7/17

4.1.1tZ

1T
.

Ttla
f:
T.
P-T

OZ.

91
4•11.0.IMP •••• 114.4.1..1•.••

ptrJoc4-

co::

tiO fa Oc?,

tV.
317:


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

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

DI2IC` 0?
1
2

PIrut
.33.11;11no3?ta
!Tin/ York.-.
•• 3-11.laao1
a-t

12

0.LITt113I

;;:; cocud
10
1
1
12

alaird

11

Tr

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

21rc,t
----- .: 0
Atlanta
Baltimm----------1
2,1 minr;harn-------— 1 ..:1
Jackaonvi lie
5
Tlinnor,c1
I
-ra,J. x.h.3
1
Washin7ton
.....?.....
44

'LA:Iona
19
7`,

4
.:,
c.
15
—
4.3

Thi ra
:
-;
..,
r;
..,
,....,
..4
10
10
•. _
38

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

Firot
90

:ocond
15

Third
1
9
8

nattanoon----Cincinnati--2.

1
1

senvino---Jack.
3
Liccln
:::cntcoracry
rashville-----Neu OrleanDrev 'fork-Philadel,
alchnond
Savarnah--10
Wachi gton*3irnincham or
Colbia 3rd
Choice.
Co umbia or :iontcalory
Choice.
106
4.

Vt..:

1
1

1
12

2
7
/10
2

1
27
3

1

93

2
75

cri

.1.0
17.;

trwir,

WNW.
rro

(7
(..
164

AI
0
T.

d'Irr

u
....,

91

........•416e014V(10;7,
...v....+A...ft.
..........
4,4.06.0tAZtoddr,

T

,T„A trat

.......................Org)
....................Z4I0

'..
...

El„::1V7 !MC
:

47

••••1010.110,./1*.k *0••• Ore Orr.01.1.
.
tr.:!,
'.
..V
.

tr

t

9

-,,
,

0
1:

ti.

mr....
ire.**r.••••••autrar.N.A.Mrrs.'..*

t":„,z0,,-:

. :1
:
6

rwerIslr.v.I. S9I r A .461•••••••61•41VAVAAAA,,
A IV•AAAPAA/UrtVAZO

OUUT:7

44.0...........0.4rWoolYVZ061V

07,

riNfrra.......rr 1...0HO.......,pro:40107, •4C, t
•

I
I

1

.........—..........-4 T.
0

-Is

c,
C
.c.

Par'

MUM'
l

-4,40471,0C

41%.4.1..*...........•41 ............
4
•
1
T

sji

4

pU,".1.140r

.
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Federal Reserve Bank of St. Louis

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

First
aoston-------Cairo
Chico

Second

Third
4

305

awon7ort,Icva
Dovor

93
1
1
1

3
4

Indinnapolis—
Joliet—
Kano:7n City----

Lannon- olio---p
NO7 Orleans-Euv York
amha
Pooria
A.tts7yarth
Rock Island
Ot.Lanio
112
Starftri*".

3
2
21

2
1
18
3

1
1
20
2
10
1
2
1
24
1

7

109
1

4•

A

1
Chicauo or.
.A.Lonis lot
Choice
Total.

2

"47 j

TIT

P.: 01

132

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Federal Reserve Bank of St. Louis

-INDIALA-

2irot
Ohicn.co------------ 134
Cincimmti--------63
Clevedand--.....
Lottlsvi1111
16
Indianapolit;
----19
Itans::.n City
ro.J., 7orlz-------;3t.Louis
Totni

Second
65
57
2
21
28
1
5
1
,
0
21
234
_201

Cincinnati or St.Louis Second 3:1. Ace

n-Tra
24
39
4
27
14
3
2
55

is


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Federal Reserve Bank of St. Louis

Pivot
3ostm
Cedar 2apidz

2
-.

DavanDort-------DenvorDos

2
256
1 -

17

4
---

5
34

8
4
3.
19

17

San Francisco
Sioux City
Deo 1:012Wo or

31
1
8
37
6
42
14
7

31
23
6

le

Kans.,s
,
Nov
OmahaSt.Lonlo----

3econd

a

15
33

1
2t.Paul r
apoliz
Twin jitias------Total----------

1
1
303

1

30*

153


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Federal Reserve Bank of St. Louis

1

1!,caona

:1r)4 179
r•72',. 1nomwriboopirmamempos
,

1

r
:r17
r

C

U.

.
..,;1.11,r(.1/4041.01.11.1•01.0,•...

,T,C)

I
.
4011.11.......••

r
:,:;

74

e3.104.101..••••••04.41/0

•
t ?:e

—

e !
l

of 4,

•

' zw

t

4

rt:72....
.
11
1
0.4.1.114011M.

1e
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;

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,

111

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- ot
GI

LSI
91:
,
L
t,

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T
1101•0116.0

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I 4:"
• ,
7

0 14
0 1..........401.4orrit:ZOLai
0
17
,
:t:

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•••••••

111-01YU
OP..

p
itaa,Y;7,

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Federal Reserve Bank of St. Louis

-LOUISVMA-

First Oocond T:lird.
Atlanta
2
G
,-,
Ohionco
1
,:.
Dallas-3
2
.)
Houston
,,
1
::zomphis0
1
017; Orl..:13--------1
1
:ow York-1
3t.Louls-----------9
5
ShrovEr)ort
_ 1
Total
21
20
...1...


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Federal Reserve Bank of St. Louis

13
0c

rd.

tJ

::Cif

1!...0.1011 M
•

•

wow...a...Iv
'141

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Federal Reserve Bank of St. Louis

1
3altlnor
Bozton
Cincinvati
Now York-hiladelphia
?Ittsburch
hthon
Total

.11.rot
95

_ocoad
2

1

1
ltL
25
5

1
90

;24
-7n7

1

1

20
7
3
1A
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Federal Reserve Bank of St. Louis

t
.

11.1%.11,..;
..
'1 bc:47,—..........................
........... 137
a:ii.3r.. )
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.c ,..................................
741•0:',:ork,..,..—...—..,.... 1.1
7
_.
Aricyzidone0.........................
1
:Oprincific) a......................Lhallirction.............---........

!

..:. t•:.!ct.onil

'21ifi..,111
10

....:.
7'7
,
1

4
g.
3.9

1

........

ne)"......'i
1!4
-

91

2
4
ta


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Federal Reserve Bank of St. Louis

i41CHIGAN-

oston-----3
ChicoCitzinnati

First
, 72

apolis)
Toledo
!.;L:1
To.

22

Third
1
1
A

C1 • V.0:41.11d'es•—."~'•-•
0

DotrOit----e.Grand P.a.7)1 doZalamazoo
:1ill=ukeo
Lanneapo1i3
:o,r3on
,
Izs".,,
ra 'for]:
3t.Pnul
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23

c)
,...
27

5
3
1

16
i-,
4
I
0
,
...
1
_
7
1

Gclz:
TurC•4',.7
TT
act Erl;Tocivorarri:
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410 zrto G
T
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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

21rst
Atlanta

0

ratfavilluF:ov:
rew York
-20

26


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Federal Reserve Bank of St. Louis

Llocond
It

&Wow SO..

xanza

ITer

0.1 4 7
,

1I
26

42
3

7P.1). •
4.1.4.10

,

rPard

1

CiOntOla s."

4.4.)

t

Lonifs or
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2ota1------ 116

9

83

58

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c.
?
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coT4TO u17111
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sTrv-,7*4C
patrt4ao
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dat:;:CA1
s
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OT
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Federal Reserve Bank of St. Louis

Pirst
........... r.
Z
C ioni..-o-,-,
1:76.13:v6r--------------- ,...
I
'vezoato-----------.
13, ti iaity---------zz.
Li.wolfl---....
.7.1.1.L14.,-c,,,,aix,-zics...................................
7,orl-:,
1C1 .
JoGGI;11,.---. --•
L;t•
":',,iti, I.Kytlia---zt

Second
1/0
7

f3.117
/

r-7'
oc.

25
:i
3
5
2
n6

0..
2

..........1••••••••...
wit,
,1---,

0.1iA113(..

CtiatAii

2

3

5

,..
or I4,1o121
--—;:':.;:z
2o
' tal-

223

'
:$../.......n".'.•...~..............
0

Third,

(7
.)

1.:14.•

.
1
•
MO,

T

•••••••••-•

4.6. .0 •••
•

PaTTT:

pu000r

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trec
11;TO ccrlr: VrarT;
mi

aor•glmam...1.1111T3trr?(7:14)

-----COTO:DM: 00ri
0,11,,u ci
Wk.....•••111110.4.
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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

IL
2.7

Arat
Atlanta
1,.1. 'Way
Boston
-------50
Ghicaco
-------____Concord.
------'flow York
--Philadolni ia—----... -i
50

Second

I
28
29

2 drd
1
1
1
3,
1
10
15


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Federal Reserve Bank of St. Louis

IRSErr-

::i.::..t
Alba4y--3%.V1:ta
3a1tinoreLloston,-BuffaloOhicaco
Jemoy City
New York
______
?torson
?hildobhia------Att3burch--------.D.shinc::ton
:otal

1

13.ocond

,,

1
..,.3-N,
.
,:-,0

r47
Lk;
2
GO
3.
1

Third
1
2
4
25
1
4.7
„.
3
2
0
6
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Federal Reserve Bank of St. Louis

First
Dallas
Donvor
Chieafp
21 Peso
WO
Ft.rth
Houston
ittnsas City
3t.Lcuis
jan 2rancL;co
Dallas or 2t.
.
Denver or ii

9
1

LO

3ocond
6
9
1
1
10
2
1

Third
6
3
5
1
1
6
1

1
0
33

31

L6

Z1
.
••••••••••.......••

41 / .
,11 1101 .1..0 111 •••
,
,

L.
•44,3 Ze ,I
o

474011.
,

Cr4::)TI

JO. OaCrIT4 rCE,

•

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1

:,
..1
,
L

T
tr,
,::14.,

,
q
,:.

t

fFr,
1... tr

09

91
:

1
:

t
9U
'Pa 1 '.Z
.77

01
Pao-00C

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:
;
oas . . :CI
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• ,Z
C
ITAr 17kT.
i:
Ca" --: 0
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t oto,
I
CT
t

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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

soitzt cAs..371.3,1,
21.z.ot
1
.4, tiaarta,.........................s.......
0r0
Balt'II.3 ,.............................

tzarlotto,........
C 01171,:fid
rkya

rta••••.....411/0.0.../.."

d
4

20

..,r
..........w••••••••••10.0.41I.0.00 WNW,
yoti„
-

2
1.7
C

3

j,
ilinttiti 1:41 1................."...^.....
0
...ma ......•

3.
;
2
*
0

'2:1;

3.

..«,.............
ICAssos".......,•...

v
paactiand,.......—.4..
. lact
a inclioa....................,-. .,..

0.00.ad

rlej
c

3
13
r;

ry
g
I
1.
,-.,
..

BaliAnoro c::
'
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,

or
1
.
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Federal Reserve Bank of St. Louis

s

First

'.:ecand

Third

chicaco.................__________

.)
,.

7

95

parco.....--................
1.:innotroo1ls--.--.
Jt I'aul-------

1
97
19

;::pis. or Jt. i'aul--ti, :::2.12.1 or Epls.--Total:.,----

G.
125

19
92
1
1
120

3
2
1
2

103


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Federal Reserve Bank of St. Louis

CUIG

2irct
maltimre--------Ohimco2
Cincinnati-160
Clevoland-------col:malts
— 36
notrolt,
Trelir.. Inaro J. Is
,
Kezno 3 Otty
Lonisville
Now Orleans

,)ccoad
1
37
52

1
33
53

46
1
3

29 •
5
6
1
11
I
9
1
41
6
1
1
1
I
1
1

8
1

Philadelphia
Pittsturf:P.---Ota Louis
Toledo-WAshinston----

31

49

1

1
I
1

New York or ,
;hieaco
Colambus or elevelancl
Onclinazati or Columba!)
or cjioveland
2
Clovoland or Pittsbcil. 2.
Total
343'

283

...— .._.
270

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

-01CLITIOLIA—

First
Chicago
Dallas
Dos :Spines
Ft.OrthNousto
Kansas City

3econd
3

17

22

t",3

S7

'_69

MIskor:ee
:Tow Orlonns
Oklahoma
Omaha
St.JosoI-11
Tulsa
Mchita
3t.Louis or ::an.
City
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1/7.11as or 1:t.orth
Total

T.rd
65
47
1
7
4
9
1
1
1
15
1
1
1
3
,
4

1

1

1
1
1
'33

4

262

191


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Federal Reserve Bank of St. Louis

Chlenrr
-;
Iov: 'Toe:
.:•ortlandr.Zranciscc
Spokane-4,.

11


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Federal Reserve Bank of St. Louis

....P71117SYLTOIA-

First
Altoona---------3altimoro3oston
3uffa10
Chicago—Ginainnati
Cloveland
IlarrisburcLancastor-Low York

Occond

11
1
1

18
1
3
1
15
1

43
<120
232

inttnurch
-----Uniontown
".ashincton
1
Bostan-iiew-icerk or
Philadelphia
1
Denver,Soattle or
1:1rancisco
2h11.or ;:ashinton
"hil.,,,ashincton or
3a/t1moro
Phil.or Chico
Wachincton,7ow York
or Ghicaco
Philadolnhia or
?ittsburgh
1
Washincton or
3altimore
notal------764

117
29

0

TlIrd
1
29
30
3
77
16
1
77
71
1
1
37

1

1
2
1

uoi

1
396


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Federal Reserve Bank of St. Louis

,i43C.,113

t

t
ter,/

c.sz

1..1

2,

5
.
2 ow.tr vn,

troy..

1.G

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4.0


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Federal Reserve Bank of St. Louis

1rat
t an

•••••••••••11111

PI4
i

1
20

Mr..1

1

1••••••....•

743,1

1.1

:44011r1Caldr,••••,. •••• ••••••••••••••••••••••••••••
-

,
4 On..
.
111C
• n.S11

•

r.1••••••••••••••••••.4.1.011.

or

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1

U.
T

g6

66

w

n

0

0

14
0
IT
T

'.)

nr.
,.., .:...

'V

4.
,

,..,
G

9

e
,

1,

7
1000P

PT

g'Z'

97

g
90

""

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--atzlao
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Federal Reserve Bank of St. Louis

"

44 114

aIrd
7
L2,1tkwarc--------- 1
Chat.:,attoorp------- 11
aLief,Y,C0............"...............
ancInnati-------- 14
laloxvillo-------- 3
marou3---------- 8

I%
7
IG
I
13
G
10

11
3
r
‘,.>
r,
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if.,
1
3
15

••

1:te Lalia---------

4
li

2
r
0
16

n

Cin'ti or :float,lianbviL_o or '-- 1
2otal-------. 36

1
....----03

70


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Federal Reserve Bank of St. Louis

21rst
ibiot
Denver
3:11v3
'
31"
a
34
Fort
GalvostoaHouston------------ )7 •

.2,oczond

1
2
1
121.

Third
1
8
5

(10

4

EtlalDae
;TIM/

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(
4
78

30
1
30
4
07

20

womoweeorsonow*

44

Noy
1
t.

13
1

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7
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or Houstom
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.
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430

2

1/0
12

1
1

10
1

1
4
...••••••••11..

400

391


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Federal Reserve Bank of St. Louis

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11
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Federal Reserve Bank of St. Louis

7TIMOIZT —
First
Albang---------------------Bostm
-----adicuc0
Ni York------rniiadolphia-------------

6eco2id

Third

23

4
14

4
2

19

17

2
.5
14

1

0.11....•010M.•

42

35

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6
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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

:Irot

,
dcoond
5
3

LirLloaD011C,00.3."......P.10..01.•-opava.
9
t.
t. ....)a/411.......C.V6 •*V* s,

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11
15
1

8
40
16

3
IG
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5

Z5

71

21

2ala
68

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Federal Reserve Bank of St. Louis

1.91
,

rr
atatthe)

Zinobunt

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Federal Reserve Bank of St. Louis

WLICMOIE-

Ghii.lco)
Cleveland:Thibuquo:ladison
Llinnoapolis
:elw York
Ot.Lonis
3t.1)cm1
2in Citios
.t.licuis or LInnoapolicTotal

first
89

13
6
7
7

ocond
17

28
16
1
1
9

Third
11
1
1
1
4,
,,
,,.,
,,..,
1
3
7

1

1
1/ /
8

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Federal Reserve Bank of St. Louis

2irot

.:.000na

12

0

10

•

:2.1 t
\ 2
3:))71
*
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Third

3.1

City--

3

4
0.1110.11001

2:6

24

St.mal or IliAnoapoliOYirot C:.olee

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Federal Reserve Bank of St. Louis

.01rst
,...- a.,
4*
0
Alc/xr.:=
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... ...
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169

0
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262

191


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Federal Reserve Bank of St. Louis

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29
30
3
77

7
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471
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77
71
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1
r./.4

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Federal Reserve Bank of St. Louis

:•411C ail I

1;j
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13

6


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Federal Reserve Bank of St. Louis

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1
1

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1
5
2
5

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2
17
7
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Federal Reserve Bank of St. Louis

.
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8
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95

7
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77


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Federal Reserve Bank of St. Louis

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1
3
15
11
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2
2
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16

78


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Federal Reserve Bank of St. Louis

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96

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11

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Federal Reserve Bank of St. Louis

7:ASHI3GTON
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9
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St. _Paul-......
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6
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5
3
22
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16
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6
15
1
21
5
6
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Federal Reserve Bank of St. Louis

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First
;-1

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1
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1

7
1
13
12
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7
6
0
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17

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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1?irst
73
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12
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54
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235
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113
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71
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24
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45
Idaho
419
Illinois
254
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503
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190
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120
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61
:..:aine
90
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154
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259
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67
10
46
133
95
49
20
12
43
93
45
246
202
305
159
119
21
47
72
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240
28
83
51
223
5
29
124
31
229
60
120
283
262
68
667
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64
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64
07
06
10
11
30
75
43
152
168
153
127
106
20
32
60
41
45
203
26
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421
184
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Federal Reserve Bank of St. Louis

COMXTIXT -

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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V7311.7,
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Federal Reserve Bank of St. Louis

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31
1
13
37
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42
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iIrst
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1
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61
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1
1
5

5
3
1

74
1
1

1
4

159

127


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Federal Reserve Bank of St. Louis

-:EZTTUCla-

First
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1

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10
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1

2
1
16
113
1

3
4
15
18
106


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Federal Reserve Bank of St. Louis

Irri 1; Zee°lid Third.
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Chiar,C0or.....«...ormovie**wapeo.........••
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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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11
26

.-,
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.
3
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42
3

1
9

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

11,1311111.
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:.,,...'.I .,1111•••••......•••••••••••••14.41.0.41•••••••
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...........
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1

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latr.c.r.t,s City
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Federal Reserve Bank of St. Louis

4.4

2irot
Albany..------10
Atlan--------Iv 3oston----1
V Buffalo13
1.
V 3roolayn
eldeam
Clovoland
liarzston
1,-. IT= yozi:—.............. 303
Fhliadolphlm
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70
34
13
1
9
6
16
60
7
,
,,..

'MIra
26
1
55
16
4
2.
1
4
48
6
9
5

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6
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1
.101100

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4


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Federal Reserve Bank of St. Louis

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2irst

Baltimore---------V Charlotte-- Columbia--—
11434,11 York-----v Ric
tiriond----...........i vlashinctail
17ilui.nr'tan.
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7;a3hinE;ton---7Inshiirton or
L'altimorl
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3.0

44
L,

Jeooad

'Laird

1
;:.:.'5
0
'.

2
17
6
3
7
1

3
15
5
3.

1
..,
,...

1
1
64-

_

1


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Federal Reserve Bank of St. Louis

110227E:

1,1;

.ocorg.1
Z
V01
1 10
..' eV
..

(..

"

7

T.)tauth....-.......---.....
v 2arco-----.......................
v.`" Lirlz:108.p01iS..--,- ------•---,

1
97

19

v

19

9
Z

1215
.

120

90
3
4-)
,:,
1
(-:

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.14/0
.4.1.41•1110.0.1016 **ftwrn.i.r...

6.4

1)01"
.
12,n0••••••••••••••••■•111
.

7

'

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t.w..11 or aplu
103


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Federal Reserve Bank of St. Louis

404, 01110 ow

Mird
3.
,. 7
p-ohloGgo----------37
,-- C.ineiitlati.------ 16052
32
r Ooltrillan------ 56
4.0
1
Ladiu=polio------3
Xaaoas ty-------Louisvillo--------8
New Orloano-------;.
-2
' Yor15...-----------Now
1
/ Pittc;craroll,-1;t. :),C,IttiEle.-----i-, •----"•
vrzoiodo.........-.......

51

40

1

1
3.
1

....
Nrfo York or

'31.1c,r:zo

caumbus or taoveland
, Cilnoir=ti or ,:.'olumbut)
,
v Ciaittl or jlevoland
2
/ trioveltald or .:'1.t,tsbcii_. 2 ,
1
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........

,
.
• I...0 W .
V

;;0
.
3

1
33
.56
62

29
5
6
/
ii
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1
U
6
1
J.
1
1
,
.:.
1
1
OAF.
IIMMINNIa.

70

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•

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4
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-ut74
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c) (..).? 1,
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D
I
C

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0
-----41.•••••••11•OW

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•%•••••••••••••3

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t71:;2:

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41
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4

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pa

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

:!ir:Tt

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1
0
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Third
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1,- 3Daton..---

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3uffalo---------aucaco.-----__
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v Phiitv 1011)71.3.3p---......

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1
4
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i:L71
117
29

0

29
30
3
77
41
16
1
1
77
71
a
,:o
1
1
37

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1
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an 2rancisco
?hil•or Wachinctan
73h1ncton or
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,
or Chico
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- 1.ttzb12rr1
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20tal

reMmet.......100.11.

1
2
1
2
1

1
7G4

667


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Federal Reserve Bank of St. Louis

-,oston--------v!
hiladeI
,rovidr:•1 3

Irst
11

Secmd
5

nlird
1
5

1
16

13


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Federal Reserve Bank of St. Louis

1
- OUTH C;_13.01 /1A-

First
tlat:ta---------- —
./3alt; more
1
, Charlotte-'
1, Oolu2 in
_
1:„11aitf.a.
 : 'almond.
:J..
!.3n,varinril
• • n,shily3tonTotra

3a1ti=ro or

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1

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2

1
1
LX2,

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17

2
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t

11

;7

1
A

21
n
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-

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Federal Reserve Bank of St. Louis

DAKV2A
iirct

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j 1 aCO
1
1 0

..',coona

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25

:.:3

54

2.;-;

56
5
1
1
11

3
6
6

0
33
9
,. , ,)

99

95

..........16

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7
nnas .Jit- -------VI:inaoapolis-----Kau york„---------I/con:111a_
v ;;.;t, kaul................................
Iiiamr. 01%7--------:pize, or
,, l'aul-1..17.7. City or Qm6ha
Total--

i4

7
e._
0
1
77


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Federal Reserve Bank of St. Louis

Pirot
tlantn
Laltimoro---V Chat ,anooi ,
Uhicco
1,/ Cincinnati-Knoxville
'Louisville
i-- Eon:phis
t• Nashvillo------- -Now urlcians
NOW York
Richmond-V :.:t. Louis%." ''':ashincton-Oin'ti or .tlantaI Nnahvi1 0 or "
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7
1
11

14

14

16
1
13
6
10

8
8
25

8
1

7

4
11

Third
13
2
1
3
15
11
3
5
2
2
5
16

1
1 _
36

83

78

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

T.ZAS
;irst

AustinChieaco
Denver
212
I/ Dallas
.0 .laso--------34
1, 2ort Yorth
2
vi;alveriton
____ 97
'(Houton
Kansas jity-------- 12
Hew Lrloans
1
Nov York
Clrtrlhoma .A.tz:
13
" Ot. Louis—----1
1
V13an 2,ntonio-'Jan 2raneiseo
,)
4 7a00----------_____
,,
Wichita
1/Dallas or 2tZorthe. 3
i Dallas or Houston
7
Dallas, 't. Terth
v
or Houston
41
k. Ote Louis or Lans.,- . 1
,
Ft.;7orth or DallasChico or Denver
MIKX14=KIIHXX
YAEIATaIbtAAA;;. 7"..AE
Total
438

Jeco2d

1
,,
c,
1
121
69
4
78
20
4
1
96
2
1
1
1
1

Zird
1
G
r
J
2
30
1
30
4
87
40
44
2
110
12
4
10
1

1
4

403

_
391


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Federal Reserve Bank of St. Louis

V011icn.nso
Donvor-----Lo3 ..'..111 es
irow fork
Omaha
V at Lao City--•
to Can Pro,7:.scluco--—
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first
1

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1
r
...1

1

Ziird

6
i.
1
7

10-, r.

(.4'
",,, •,
—

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17


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Federal Reserve Bank of St. Louis

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WM...
WM

.6.1.1.180-rrrid.111.01.04re•roe

.
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14.11.41.04.1101

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

?lrot

,-------------an.a0a1/011'
'/2
laad.
-----------

.cgooaa
5
3

9

4•04111.11•11
,

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0.1•••••b•••••••••••••"0.0•0

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16

5
16
17
5

73

V 6an. `zen.ner1zeo---

71

241rd
11
6
15

21
5
13
3
GO

Soattlo or i.'orUE..ado ,
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;hoice - 1
zian'i.ancliseo or Titan attoc,
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Federal Reserve Bank of St. Louis

3. 1.1iVp0

,:,irst,
Vik. irrna-------- 21
J.It
.:;6

V3Inotnr.atl-

Collx:Ibuz-----------v rav Yorh-----------1
.,13.ndo1 . 11.1f1 ----**maikt«.
. ,
v ,ittatytirch.......................... ,,,13.
.

6000r1

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2
7
1
13

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1
I9
1
7
6
8

V
""
... 6

-L,1;3134311mt
.
105

1,21/1;01,1 Or 3!
I

13
1
''..)4

17
92

tore Third CID.;ioe 2
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2


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Federal Reserve Bank of St. Louis

iLiCOJITh.'

Pirst
rir-,

• ,
..1•011...•C•40.1...
4.4.11.1.11010.0110009

C1(.1,70

17

1.1.1...•••••••••

13
nilincano
!la-. 8
v
nr, Yor1:- ,
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s
v :::t..Ital
v Tvin Cition............--- 1
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16
1
1
9
,
.4.

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11
1
1
1
2
t".3•

7

1

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Federal Reserve Bank of St. Louis

,octond
5

Z
.V1001P.0011•110.00e,

• ,e••••••••••••,..•

34.

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it

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Federal Reserve Bank of St. Louis

..•.TECAPITULATI

AL:0)am
l'xiziona.
Artzansnc,5
Cl....11 0=13.C.
f

Ooloraflo
Conno3ticut
DelaWaro
DSstriet Colunbiq
elorida
Goorin
Iaaho
Illinois
Indic=
Iolm,
Zaasau
Kontvol:y
Louisiana
Laine
„far,71;cmd
;:::.•x=obusetts
LIchiTan
lannosota '
Uississippi
:A.ssollri
ZOntana
Uo:)rafika
rIovada
row Ettaf;shire
:7m:7 tiors,
3y
row :7 ozico
,
IT= York
North. Carolina
.1Torth Atiota
Ohio
Giaahona
Orer;on.
Pennsylvania
Mode Islrmd

21rot
75
1.,
..,,,,
f.

2.35
113
71
L4
II,
44
100
45
419
234
303
190
120
26
61
90
1511
95
259
3:
116
56
223
7
CO
100
33
44.:0
64
125
.243
203
73
764
16

'.::
,21L1
67
10
. i-

Mird
64
7

40
.:

ti...,

133
95
49
20
12
TO
93
45
246
202
305
159
119
21
47
72
9160
240
20
03
Cl
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64
37
38
10
11
30

5
29
124
31
229
GO
la)
203
262
63
667
13

75
63
132
160
153
127
106
20
.52
CO
41
Pli
203
26
rin
44
104
4
15
54
26
194
U
103
270
191
5G
396
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Federal Reserve Bank of St. Louis

11.:;0.11PI TITT-,12ZI 017

ziouth Caroli2Xt
jouth Dakota
Tennonsee
Tomo
Utah
VOr=2t

.41.;

99
86
458

20
4;1-

:1rc,- nia
I
118
, hin.cton
;ao
73
.7est Vircinia
105
',71.so onsill
118
7.!.o
27
...—...........6724
1o...,

43
95
83
408
18
35
106
72
96
73
24
5504

43
77
78
391
17
14
93
69
94
54
15
4179

Avok."

ro
KLES SECTION'
RETURN

63D CONGRESS /.
2d Session

SENATE

DOCUMENT
No. 485

LOCATION OF RESERVE DISTRICTS
IN THE UNITED STATES


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Federal Reserve Bank of St. Louis

LETTER
FROM THE

RESERVE BANK ORGANIZATION COMMITTEE
TRANSMITTING

THE BRIEFS AND ARGUMENTS PRESENTED
TO THE ORGANIZATION COMMITTEE OF THE
FEDERAL RESERVE BOARD RELATIVE TO
THE LOCATION OF RESERVE DISTRICTS IN
THE UNITED STATES

RETURN TO

MILES StCT1ON

WASHINGTON
GOVERNMENT PRINTING OFFICE
1914


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Federal Reserve Bank of St. Louis

63D CONGRESS
2d o'ession


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Federal Reserve Bank of St. Louis

SENATE

DOCUMENT
No. 485

LOCATION OF RESNRVE DISTRICTS
IN THE UNITED STATES

LETTER
FROM THE

RESERVE BANK ORGANIZATION COMMITTEE
TRANSMITTING

THE BRIEFS AND ARGUMENTS PRESENTED
TO THE ORGANIZATION COMMITTEE OF THE
FEDERAL RESERVE BOARD RELATIVE TO
THE LOCATION OF RESERVE DISTRICTS IN
THE UNITED STATES

WASHINGTON
GOVERNMENT PRINTING OFFICE
1914

PRESENTED BY MR. HITCHCOCK.
IN THE SENATE OF THE UNITED STATES,
May 28, 1914.
That the letter of the Reserve Bank Organization Committee submitted to the Senate on May 18,
Ordered,
1914, transmitting the briefs and arguments presented to the Organization Committee of the Federal Reserve
Board relative to the location of reserve districts in the United States, together with such accompanying maps
and diagrams as may be necessary, be printed as a Senate document.
Attest:
JAMES M. BAKER, Secretary.


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Federal Reserve Bank of St. Louis

2

CONTENTS.
Letter of transmittal
Briefs and written arguments presented to committee on behalf of—
Baltimore, Md
Chattanooga, Tenn
Cincinnati, Ohio
Cleveland, Ohio
..-- Dallas, Tex
Denver, Colo.
El Paso, Tex
Fort Worth, Tex
Houston, Tex
Kansas City, Mo
Louisville, Ky
Memphis, Tenn
Minneapolis, Minn
New Orleans, La
Omaha, Nebr
Pittsburgh, Pa
Richmond, Va
St. Paul, Minn
Savannah, Ga
Seattle, Wash
Vote for reserve-bank cities
Decision of Reserve Bank Organization Committee determining the Federal reserve districts and the location of Federal
reserve banks
Index of witnesses and exhibits at hearings held by Organization Committee


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Federal Reserve Bank of St. Louis

3

Page.
5
7
25
37
89
105
127
143
151
161
171
183
203
209
267
273
280
285
317
3,25
333
347
359
373


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Federal Reserve Bank of St. Louis

LETTER OF TRANSMITTAL.
RESERVE BANK ORGANIZATION COMMITTEE,
Washington, D. C., April 29, 1914.
SIR: The Reserve Bank Organization Committee has the honor to acknowledge the receipt of a copy of
the resolution of the Senate, dated April 14, which reads as follows:
Resolved, That the organization committee of the Federal Reserve Board be, and it is hereby, directed to send to the Senate copies
of all briefs and written arguments made by each city applying to the organization committee for the location of a Federal reserve bank,
together with the poll of the banks and the reasons relied upon by the organization committee in fixing the boundaries of the reserve districts and locating the reserve cities.

In compliance therewith there is transmitted herewith:
1. Copies of briefs, as shown by the list attached hereto, and written arguments presented to the committee by representatives of the various cities asking to be designated as Federal reserve cities.
2. An analysis of the poll of the votes cast by banks expressing the first, second, and third choices of the
respective banks as to the location of the Federal reserve bank, classified to show the result of the vote taken
by States, by cities applying, and according to districts as defined by the committee.
3. Copy of the decision of the committee defining the districts and designating the locations of the Federal
reserve banks.
4. A copy of a statement of the committee dated April 10, 1914.
The resolution above referred to calls for only a part of the evidence before the committee, namely, briefs
and written arguments filed by the various cities and the poll of the banks. In order that the full record may
be available, or such parts of it as the Senate may desire, there is attached hereto an index of the testimony of
the witnesses appearing before the committee at the hearings held, together with an index of exhibits and
papers other than the regular briefs filed at the hearings or with the committee by various individuals, organizations, etc.
To expedite compliance with the Senate's request, wherever printed and typewritten briefs and arguments
were filed in duplicate or triplicate with the committee one of the originals is transmitted. In many instances
only single briefs or written arguments were filed by individuals or organizations on behalf of certain cities.
These originals are not transmitted, but are described in schedule attached.
As it will involve some delay to make copies of all of such records, arguments, and briefs on file in the
office of the committee, the descriptive index referred to is attached in order that any further information
desired may be specifically called for, and such information will be promptly furnished upon request.
Respectfully,
W. G. McADoo,
D. F. HOUSTON,
JNO. SKELTON WILLIAMS,
Reserve Bank Organization Committee.
The PRESIDENT OF THE SENATE.


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BALTIMORE, MD.

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BALTIMORE, MD.
BALTIMORE, MD., February 18, 1914.
SIRS: At Baltimore's hearing before your commit-

tee on the afternoon of January 14, last, lack of time,
as also knowledge of the nature of much of the information desired by the organization board, prevented
such clear and detailed exposition of the matter at
interest as was desirable. In the light of the stenographic reports of the proceedings of the board since
the date named and in acceptance of the invitation
extended to submit in writing any further facts and
thoughts which might appear to bear an important
relation to the subject, this statement and its attached
exhibits are respectfully submitted.
In pressing our suit we have not urged nor shall we
urge sentimental arguments nor have we made any
appeal either to State pride or personal or sectional
friendliness in seeking expression from banking or
other correspondents. In each city the board has
visited stress has been laid upon the fact that in giving
effect to the law, reserve cities will be selected which
in their use shall interfere as little as possible with the
natural flow of trade and exchange as heretofore and
as at present followed in the absence of artificial
stimulation. It is for the reason that Baltimore in
the judgment of its advocates most satisfactorily
meets the requirements of the law in that it is so situated as to be permitted to minister to a large trade
territory as its natural field of endeavor that we venture to rely entirely upon such facts and your reflections thereupon.
Following the Civil War it was to Baltimore that
the southern seaboard States first turned for capital
and credit to be used in building the foundation of
that prosperity which has since been so fully realized.
It is therefore but natural that Baltimore with its
knowledge of the ambition and needs for the future
of its southern friends in the further development of
their great resources, should wish to continue the
relationship so long established and in the larger
measure which would be permitted in the event that
a Federal reserve bank be there established. As the
seat of such a bank the city would more naturally
continue to invest its surplus, capital, and energy in
directions in which it has been accustomed to employ
it than would be the case should its clearances and
business connections be forced into other and new
channels. Under the new order of things there will


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be released or available in Baltimore for investment
larger sums of money than ever before at command,
and as heretofore this capital will seek employment in
development rather than speculative enterprises.
The movement of commerce east of the Rocky
Mountains is generally toward the East. From the
middle and far West, grain, hay, dairy products, coal,
live stock, and manufactured goods seek the eastern
seaboard not only for domestic distribution, but for
export from an Atlantic port. From the eastern
Southern States, exclusive of the movement of cotton
and naval stores, the trend of commerce is northeast
to Norfolk, Baltimore, Philadelphia, and New York
for either further local distribution or transshipment.
Lumber, fruit, truck, tobacco, and textile products
in great volume follow such routing. Of this business
from the South, West, and Northwest, Baltimore
receives, distributes, and liquidates quite its full share,
and naturally so,for the reason that the city in being
closer actually and by rail to the West than any other
Atlantic port also is the point of distribution of a great
trade movement from the South. For like reasons,
Baltimore distributes widely throughout its trade
territory as aside from its export and its large domestic
trade in miscellaneous products; the city is preeminent in the manufacture of fertilizer, clothing,
canned goods, etc., a large share of all of which is sold
in the South Atlantic States, to which general section
also goes a generous share of the jobbing trade in
dry goods, notions, millinery, and hardware.
The business of the city of Baltimore is not dominated by a comparatively small number of great
houses, but is a community of relatively small workers,
all contributing to the support and progress of approximately 700,000 people immediately dependent
upon its trade and commerce. It is safe to assume,
without supporting figures, that movements of exchange following the track of its related merchandise
and final trade settlements, are far greater in volume
and amount in a commercial and manufacturing city
of 700,000 than in a community of one-half, one-third,
or one-quarter its size. To force such clearances to be
made through the smaller community would not only
be unnatural, but would result in delay in the liquidation of the business of the community making the
heaviest single contribution to the business of a
designated region. In order, however, that the
9

10

LOCATION OF RESERVE DISTRICTS.

organization board may have before it certain figures
and facts upon which the within generalizations are
based, we beg to attach hereto as part of these representations certain tables, data, and deductions therefrom, especially inviting attention to Exhibit No. 15.
Exhibit No.1.—Copy of typical letter addressed by the Baltimore
clearing house banks to their own southern correspondents only
and not to other southern banks in the territory suggested as having
large trade and exchange relations with Baltimore, a letter of like
character having been addressed by many Baltimore merchants to
their trade in the South.
Exhibit No. 2.—Pertinent extracts from banking correspondents
in Virginia, West Virginia, North Carolina, South Carolina, Georgia,
Florida, Alabama, etc., selected from large number of like letters,
the originals of which are filed herewith.
While professed "State pride" impelled many banks to make first
choice of their respective capital or metropolitan city, it has been
gratifying to note the many exceptions made in favor of Baltimore,
while for "second choice" Baltimore seems to be the prime favorite.
This fact suggests the thought that, sentiment aside, Baltimore is
really most generally in mind as the one to be designated as the seat
of a reserve bank to serve the southern seaboard.
Exhibit No.3.—Like extracts from letters from merchants located
in the States named under Exhibit No. 2, as also like letters from
merchants in other trade territory related to Baltimore. It possibly
is proper to assume that expressions from merchants directly engaged in business with any given point are more valuable in showing
the trend of actual trade than are letters from banks dealing in
certain directions as the result of inducements offered tending to
disturb the normal flow of exchange. Commercial banks in Baltimore pay 2 per cent interest on average bank balances where interest
is paid at all, and the two or three banks paying a higher rate do
not locally advertise the fact, but rather apologize for it. Where
interest is paid, probably seven-eighths of it is figured at 2 per cent.
Exchange is either absorbed or charged, as individual arrangements
may warrant. In recognition of Baltimore's relation to the South,
it is proper to say that through the banks of that city is cleared certainly $1,000,000 daily in checks on southern banks, for account of
the larger cities east, north, and west of Baltimore.
Exhibit No. 4.—Baltimore bank clearings, showing increase in
10-year period of 72 per cent, or, say,7 per cent per annum. If bank
clearings could reflect only mercantile and commercial settlements
their significance would be greater. Under existing conditions,
however, they mean little. National-bank deposits in 10 years
increased 47.9 per cent.
Exhibit No. 5.—Comparative statement of 5-year-period resources
and • liabilities of Baltimore banking institutions. Increase of
5
-year individual deposits, 24 per cent; increase of 5-year bank deposits, 22 per cent.
Exhibit No.6.—Ratio of single-name paper to total loans in certain
cities and States related to Baltimore.
Exhibit No. 7.—Banking and other out-of-town accounts maintained in Baltimore from States indicated.
Exhibit No. 8.—Lines of credit extended out-of-town banks by
Baltimore banks in same territory.
Exhibit No. 9.—Article from Manufacturers' Record showing
relations of the mutual savings banks of Baltimore to southern development.
Exhibit No. 10.—Imports and exports of port of Baltimore for 10year period, indicating the importance of the city as a foreignexchange center.
Exhibit No. 11.—Sundry miscellaneous facts of importance indicating the volume and character of the trade of the city.
Exhibit No. 12.—Table showing percentage of increase in values
in Baltimore trade territory in 10 years and comparative summary.


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It is respectfully suggested that these percentages place Baltimore
in a most favorable light, and especially so when it is consideied
that an old city of long-established trade in percentage of development can not reasonably expect to continuously show as great an
annual increase of wealth and trade as a smaller and younger community.
Exhibit No. 13.—Statement giving volume of certain of the larger
items entering into the manufacturing output of the city, showing
percentage of increase in 10 years.
Exhibit No. 14.—Copy of resolutions adopted by the Illinois Grain
Dealers' Association (1,200 members). Like resolutions from Iowa
Grain Dealers' Association (1,400 members)and from the Milwaukee
Chamber of Commerce.
Exhibit No. 15.—Statement showing total sales in 1913 of certain
manufacturers and jobbers and the percentage of their sales in the
several States indicated.

In locating Eti regional reserve bank in Baltimore the
purposes of the Federal reserve act would be more
fully carried out than if located in a financial community of smaller size for the reason that the territory
served by the regional reserve bank will look to the
financial center, where the bank is located, not only to
take care of its commercial paper but to finance all
other enterprises looking to the material development
of that particular region. Heretofore the greater
portion of the country has been looking to New York,
and to a large extent in vain, on account of the unfamiliarity of New York banks with securities offered.
With this regional reserve bank located in Baltimore,
which is a city of large bank resources and whose
bankers are in sympathy with and have full knowledge
of the needs and conditions of that territory, the
purposes of the Federal reserve act will be carried out
to its fullest extent. Baltimore, on account of its
interest, knowledge, and sympathy with conditions, is
much better able to encourage the growth and development of that territory by extending proper banking
facilities than can a smaller city with limited resources
or a larger city without knowledge of conditions in that
territory.
CONCLUSION.
If, after considering the within representations in
connection with the oral testimony offered in Washington on January 14, the board feels that it desires to
have further facts or amplification of any thought
herein or heretofore presented, upon notice to such
effect the lack will be promptly supplied either by
letter or in person, as desired.
Respectfully submitted on behalf of the financial,
commercial, mercantile, and manufacturing interests
of the city of Baltimore.
WALDO NEWCOMER,
Chairman.
ROBERT J. BEACHAM,
Secretary.
The FEDERAL RESERVE ORGANIZATION BOARD,
Washington, D. C.

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BALTIMORE, MARYLAND.

11

EXHIBIT NO. 1.

West Virginia banks to banks in Baltimore.

TYPICAL LETTER.

Marlington.—We find that Baltimore is better located and more
capable of taking care of all of our interests than any other city
south of New York.
Martinsburg.—It is safe to say, in addition to our general knowledge, that the major part of the business of our local houses is with
your city. Our people have never thought of any other city than
yours for one of these banks. Our local board of trade recently so
expressed itself.
Board of Trade, Martinsburg.—It was the unanimous opinion that
Baltimore is the logical location for a regional reserve bank for this
section. Appropriate resolution to the effect now being drafted.
Parkersburg
.—We prefer Baltimore to Philadelphia or any other
city farther south. It would be of more benefit to this section than
any other city on the Atlantic coast.
Parsons.—Baltimore decidedly our first choice; commercial center for most of the industries of this section; 60 per cent of our items
come through our Baltimore correspondents.
Romney.—The merchants of a large and prosperous territory do
most of their buying in Baltimore, and, in fact, we believe the
great bulk of business from the fruit, stock, and other agricultural
and lumber interests of this section of the country is done through
Baltimore and 4altimore banks.
Shepherdstown.—Baltimore seems to be our commercial trade
center. Beg to advise you that it seems to be the opinion of our
people that Baltimore should be selected.
Berkeley Springs.—So far as accommodating this section of the
country is concerned, Baltimore is certainly naturally the place.
We have not thought of any other place than Baltimore. It is our
first choice.
Charles Town.—Asfully three-fourths of the business done in this
vicinity is transacted through your city, I believe that this region
is practically unanimous in the opinion that I have given. I regard Baltimore as one of the most important points in the country
for one of these banks.
Fairmont.—Baltimore always has been the reserve center and
sort of a clearing house for a large portion of Pennsylvania, the two
Virginias, and the States lying farther south and has always served
the interests of this territory in a satisfactory manner.
Morgantown.—While Pittsburgh might seem to be the logical,
geographical city for this part of West Virginia, yet for the entire
State Baltimore or Washington would be much more preferable
than Pittsburgh.
Fairmont.—Baltimore is our first love. Cincinnati wired us.
Grafton.—Viewing conditions as we feel them, and we are right
familiar with your section of the country and the country tributary
to it, there is no location in the whole United States which would
be better suited for a regional reserve bank than Baltimore.
Lanes Bottom.—We are much in favor of your city. Cincinnati
being too far west and communications to that point being very
difficult on account of railroad service.
Moorfield.—Baltimore is the fitting place, owing to the central
location.
Mullens.—We heartily recommend Baltimore as first choice. Her
size, central location, and the wonderful facilities she has with her
banks for handling the business of the banks for the southern part
of the United States.
Petersburg.—Baltimore is our first choice.
Piedmont.—Baltimore is our first choice.
Rowelsburg.—For several reasons we prefer Baltimore to any
eastern city. Pittsburgh we have no use for.
Alderson.—Cheerfully and without reserve, indorse Baltimore
because of her geographical location.
Buckhannon.—One reason why we prefer Pittsburgh rather than
any other city is on account of the rate and interest which Pittsburgh banks pay on balances. Banks throughout this section all
pay 4 per cent on time deposits, and naturally feel the necessity of

FIRST NATIONAL BANK,

Baltimore, Md.,

, 1914.

DEAR SIR: As you are probably aware, Baltimore is very desirous

of having a regional reserve bank established in this city. We
believe that its location here is a most logical one to serve the
southeastern Atlantic coast section.
We write this letter to ask your opinion as to how you would
view the location of such an institution here, and whether or not
you could recommend to the organization committee such action
on their part.
We will thank you to write us frankly on this subject, and if you
would prefer some other city to ours will you kindly advise us to
that effect, and whether or not we come as second or third choice.
We would like very much to have your views on this subject.
Thanking you for the courtesy of a prompt reply,
Very truly, yours,
, President.

EXHIBIT NO. 2.

EXTRACTS FROM BANKERS' LETTERS.
Virginia banks to banks in Baltimore.
Woodstock.—It is our idea of the intention of the makers of the
new law that reference should be had to the general course of
business in laying out the district and locating the reserve bank
therein. Fully nine-tenths of the outside business, commercial
and banking, of this section is with or through Baltimore.
The above is the expression of the feeling of five banksin the small
towns immediately adjoining Woodstock.
Hallwood.—Baltimore is the most logical point, the most fitting
place for the next bank south of New York City.
Berryville.—Baltimore is the most fitting place for the next reserve
bank south of New York. We are sorry that the banks in the South
have not united in the fight for Baltimore.
Parksley.—We think you are entitled to it because the advantages
of your city are too numerous and obvious to cite here.
Accomac.—Baltimore is my first choice.
Norfolk.—Beg to say that we are in sympathy with your desire
to have a regional bank located in Baltimore.
Abingdon.—Baltimore is the central pointfor most of the Southern
towns. Almost every bank in adjoining States has an account in
Baltimore, and Baltimore bankers are in position to keep in touch
with conditions in this territory.
Montross.—Richmond, our State capital, wants a reserve bank
and we would not like to work against them, but as we are situated,
Baltimore is our.city.
Newmarket.—We believe that not only the best interests of this
section of Virginia will be served by the selection of Baltimore, but
also a large section of the South.
Luray.—We are heartily in favor of Reserve Bank Organization
Committee naming Baltimore as the seat of one of the banks.
Stanley.—No other city within our reach can so well serve our
wants and needs as Baltimore. From our talks with other bankers
in the Valley of Virginia during the past five years I find that this
is the general conclusion at which they have all arrived.
Front Royal.—We are heartily in sympathy with the movement
to have a regional bank established at Baltimore.
Alexandria.—As a matter of State pride we have already agreed
to use what influence we have in favor of Richmond, though we
know our interest and preference favors Baltimore. You can certainly count on us in favor of Baltimore as second choice.


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12

LOCATION OF RESERVE DISTRICTS.

getting all they can out of their surplus funds. Baltimore would be
our second choice; in fact, we would not feel at all disappointed if
Baltimore was made reserve center for this section.
Beverly.—Think Baltimore would be the logical point. This part
of West Virginia closely allied.
Belington.—Better mail service than any other applicant. We
favor Baltimore as the seat of our district.
Berkeley Springs.—Larger part of our outside business goes through
Baltimore. We much prefer it.
Charles Town.—We people through here look upon Baltimore as
the city for the South,from New York to New Orleans. You have the
largest trade, export and import, good facilities, rail and steamboat,
and in fact we claim you and we hope that we will never have to
be divorced from you in banking or business. But if some other
city is selected, for the Lord's sake keep us with you.
Charles Town.—Believe I voice the sentiments of a large majority
of the people of the Valley of Virginia when I say that we want one
of these banks located in Baltimore.
Davis.—We have more business in Baltimore than in Pittsburgh,
and between the two cities we very much prefer Baltimore.
Shinnston.—Very anxious to see reserve bank in Baltimore, as it
is the central point and natural outlet for the business of this section
of West Virginia.
Shepherdstown.—For many reasons we would like to see Baltimore
designated.
Winona.—We truly hope that your city will be selected. We
think that Baltimore is the proper place for our regional bank.
North Carolina banks to banks in Baltimore.
Haw River.—It would suit us much better to have this section
served by such a bank in your city than either Washington, Richmond, or Atlanta. It would cause less disturbance, as Baltimore
is the present clearing house for most of the North Carolina banks.
Madison.—Would like very much to see Baltimore get one of
the regional reserve banks. We would rather Baltimore be chosen
than Richmond, Va.
Greensboro.—If it were left to the majority of the business people
of Greensboro, they would vote in favor of Baltimore. There is
no city that can serve it better than Baltimore.
Lexington.—I must say that we find Baltimore a great deal more
convenient than our other correspondents. We have never found
it necessary to go outside of your city for any accommodations that
we have needed, and it takes mail only 12 hours to reach us.
Marshall.—A great many banks in this section now carry their
eastern accounts in Baltimore instead of New York City, for we
find it more convenient to do business closer home, and bankers
in your city seem to be in close touch with conditions in this
section.
Hendersonville.—We prefer Baltimore to any town that is near
us that is now seeking one of the banks. Richmond would be our
second choice.
Jacksonville.—On account of the central location of Baltimore
we have special preference that one of these banks be established
in your city. Such location would be very advantageous to this
part of the South.
Charlotte.—Sincerely trust you will secure regional bank in your
city. I very much fear, however, that if there is a bank located
in Atlanta that we will be assigned to that territory, which we
would dislike very much, as more than 90 per cent of the items
we handle are sent in the opposite direction from Atlanta.
Columbus.—In fact, in the eight years of our history we have
never opened a New York account, for the reasons that we can
secure more liberal accommodations and treatment in Baltimore,
your banks evidently being in closer touch and sympathy with
the interests of the south. By the establishment of a regional
reserve bank in Baltimore it occurs to me that the opportunity of
your bank for serving our section would be increased. Otherwise
it is possible that your ability to serve us might be curtailed. This


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fact, along with its central location and strategic position as a city
of import and export for manufacturing and commerce, makes
Baltimore eminently deserving of the location.
Kenly.—We have proven our faith by our actions, in that we are
using Baltimore exclusively for our foreign business and Raleigh
for local business.
Hendersonville.—I will state frankly that we would prefer Baltimore to Atlanta or Washington
Ashboro.—The banking relations, as well as most business relations of this section, in my opinion, move toward Baltimore and
Richmond rather than toward Atlanta. From a sentimental standpoint we would likely say that we would prefer Atlanta, but from
a business point of view, which, in my opinion, should govern in
the matter, there are ten to one reasons why we would prefer
Baltimore or Richmond to Atlanta.
Asheville.—We believe that the interests of the Southern States
could be greatly advanced by the selection of Baltimore as a seat
for a regional reserve bank, from its geographical position and
its familiarity with the needs and conditions existing in the Southeastern States.
Elk Park.—We are heartily in favor of Baltimore being selected.
Baltimore's location entitles it.
South Carolina banks to banks in Baltimore.
St. Matthews.—Baltimore is the most logical point to serve the
southeastern and Atlantic coat section.
Anderson.—We are decidedly in favor of Baltimore. We can
not conceive a more fitting place than Baltimore for the next
regional bank south of New York.
Hampton.—We, of course, would not want in any way to do anything that would prejudice our having one of these regional banks
located in our State, but other than this you have our permission
to use our name as indorsing Baltimore for one of these banks.
Union.—I shall be delighted to see Baltimore made one of the
reserve points. If it has to come farther south, I would like to see
'Richmond named.
Charleston.—Hope that the city of Baltimore will be designated
for the location of one of the reserve banks. We are satisfied that
when the time comes your city will show the reasons why the
authorities should name Baltimore in its selection.
McColl.—We would be glad to see Baltimore selected and you
may count upon our cooperation in this direction.
Georgia banks to banks in Baltimore.
Dalton.—We unhesitatingly indorse the city of Baltimore as our
first choice for a regional bank for the next bank south of New
York City.
Griffin.—We hope that Baltimore will be favored in this respect,
for the location is well suited for southern territory and is the most
desirable place for the next bank south of New York.
Waycross.—We believe its location is a most logical one to serve
the southeastern and Atlantic coast section. We have connections in Baltimore, Philadelphia, and New York, and we very
much prefer Baltimore .as against Philadelphia, because it is a
little closer and we have really been able to get better service
than we have from other points.
Washington.—For both patriotic and selfish reasons, perhaps, we
favor Atlanta for a regional reserve bank. From a strict business
viewpoint we favor Baltimore as a seat for one of these banks, and
we feel that she should have the next bank south of New York
independently of any other city south.
Carrollton.—Carrollton clearing house has, of course, indorsed
Atlanta,but so far as we are individually concerned,we are as much
interested in seeing your city selected as Atlanta.
Montezuma.—We heartily indorse Baltimore.
Bainbridge.—I have watched for 23 years the commerce of the
country, and it seems to me that the business would be better

18

BALTIMORE MARYLAND.
;

served in the cities named. New York, next Baltimore, then
Savannah,and New Orleans.
Valdosta.—We favor Baltimore very strongly and will do all we
can to favor your city.
Macon.—While,of course, we do not desire to oppose the establishing of such a bank within our own State, we know of no city
in the entire South where we would rather deal than in Baltimore,
as railroad schedules are convenient and as Georgia has a large
volume of business with your great city.
Augusta.—We have expressed no preference for any city, and
would be delighted should Baltimore be selected as a point for the
establishing of one of said banks.
Tignal.—The service we have been getting from you in your city
as our exclusive northern correspondent has been most profitable
and satisfactory. We feel that she is entitled to the first one of
these regional reserve banks south of New York.
Winder.—We unhesitatingly commend the selection of your city
as a location for one of the new regional reserve banks.
Florida banks to banks in Baltimore.
Tallahassee.—Her central location, commanding the great ousiness territory of the near-by States,it seems to us, entitles her to
the first claim as the proper location of a regional bank next south
of New York.
Punta Gorda.—Baltimore should have the next regional reserve
bank south of New York.
Zolfo.—Being centrally located on the Atlantic coast, together
with the fact that the banks of Baltimore for many years have so
well served southern banks, all demand that Baltimore should have
the next regional reserve bank south of New York..
Wauchula.—South Florida being a fruit and vegetable producing
region, the output of which being shipped principally to the large
cities of the East and Middle West, makes it very convenient for us
to do business through Baltimore, which possesses such excellent
collection facilities.
Bradentown.—We would prefer to have the bank located in Bala- •
more, as between Philadelphia and Washington.
Bowling Green.—Its excellent location, we feel, entitles its sPlection.
West Palm Beach.—We will take pleasure in supporting Baltimore
for one of the regional reserve banks.
Tampa.—As the whole South are heavy users of Baltimore goods,
we feel it very necessary that the regional bank be located in Baltimore, and that it would be a great benefit to the Southern States,
as well as Baltimore, in their general trade and financial dealings
with Baltimore.
Alabama banks to banks in Baltimore.
Birmingham.—The large population of Baltimore, its diversified
industries, its importance as a port, and the further fact that it has
been a reserve city, holding a large amount of the reserves of southern banks, would seem to indicate to us that your city is the most
fitting place for the next bank south of New York.
Mobile.—We feel that Baltimore is the logical point to serve the
Southeastern States.
Anniston.—Baltimore's location as the gateway of the South
and its large commercial intercourse with the people of the South
should move all our southern bankers to support her claims.
Montgomery.—We heartily advocate the location for one of the
regional reserve banks.
Anniston.—I think that Baltimore would be the logical point for
one of these institutions.
Montgomery.—We consider it an ideal location for one of the
reserve banks.
Gadsden.—I think her importance as a commercial center and her
importance with respect to population and her geographical location
would make the selection a wise step.


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Sundry banks to banks in Baltimore.
Cleveland, Ohio.—We are strongly in favor of Baltimore being
designated for the location of a Federal reserve bank. There
should certainly be three of these Federal banks located on the
seaboard, and if Boston and New York should be designated, Baltimore is the most practical location for the third, especially so
because it has been for 50 years, and is at the present time, the
banking center and clearing house for the southern Atlantic States,
which should be the strongest influence for recommending a locality if the interest of the public is to be first considered. Especially,
as the most disturbing element connected with the changes to be
made is the diverting of business from old and well-established
channels of trade into new and untried connections: to whatever
extent this condition is left undistrurbed the law will be strengthened and the people's interests conserved.
Chattanooga, Tenn.—It is useless to enumerate the many advantages the town possesses for a southern bank. The trend of business in this section is naturally to that point.
Milwaukee, Wis.—We believe Baltimore's claim for one of the
regional reserve banks is well taken and Baltimore the natural city
for said bank. It is our earnest wish and desire that your city be
selected.
Delmar, Del.—Our interests are largely with Baltimore, and we
think that in view of its many southern connections it should have
one of the regional banks.
Lewes, Del.—We have this day requested the organization committee to establish a regional bank in your city

EXHIBIT NO. 3.
EXTRACTS FROM MERCHANTS' LETTERS.

Merchants in Virginia to merchants in Baltimore.
Weems.—I prefer Baltimore to any eastern city. Baltimore is
by far the cheapest commercial center in the United States.
Tazewell.—Believe Baltimore to be the best market for us or
any merchant in the United States.
Bristol, Va.-Tenn.—Baltimore we also consider as being geographically so as to make an exceptionally convenient and desirable place for a regional bank. The train service in and out of
Baltimore is such that any business transacted in either Baltimore or this territory one day can be transferred to the other territory by the time the banks open their doors the following morning. This we consider a very important factor in the location of
a regional bank. We believe it will be to the interest of this entire
section of the country to have a regional bank located at Baltimore.
Moratti,co.—The large volume of business done through Baltimore, not only in Maryland, Virginia, and other Middle Atlantic
States, but in almost the entire South, should, in my judgment,
entitle her to one of these banks.
Hampton.—The location at your city would be far preferable
to any other near-by city, for the reason that nine-tenths of the
purchases of this locality are made in Baltimore.
Suffolk.—We are strongly in favor of having a regional bank
located in Baltimore. This section of Virginia, which supplies a
good deal of raw material to Baltimore and vicinity, would be
helped materially by the location of such a bank in your city.
Winchester.—It gives us great pleasure to say that we are ardent
supporters of Baltimore for one of the regional banks. We feel
that it is, by its geographical position as well as by all its commercial advantages, the logical outlet for the southern accommodation in the new order of banking from which we expect the
greatest good that has ever come to the business and farming interests of this country.
Norfolk.—Norfolk Tidewater Credit Men's Association refused
Richmond in favor of Baltimore.

14

LOCATION OF RESERVE DISTRICTS.

Kilmarnock.—We would prefer Baltimore, as we consider that
Baltimore is the only city for the southern markets.
Kinsale.—I write to ask you that you use your influence with the
Baltimore Chamber of Commerce, urging them to do all in their
power to have the bank located in your city.
Port Conway.—Baltimore is the place where we do most of our
buying—is our logical place to do business on account of shipping
facilities; hence it would be our first choice for such a bank, if we
were interested in its location at all.
Irvington.—Naturally prefer Baltimore to any other city. We
do most of our business through that city.
Middletown.—We in the Valley of Virginia very much desire to
see Baltimore secure one of the regional banks. From a business
standpoint there is no city that is more desirable.
Norfolk.—It would be a real benefit to this community to have
a regional bank established in the city of Baltimore.
Middletown.—Baltimore is my first choice, as the advantages are
very numerous; she can take care of the South to better advantage
than any other city.
Marshall.—Baltimore is my first and only choice.
Port Haywood.—Baltimore is centrally located; easy of access
north and south. Merchants in this section, almost without exception, deal in Baltimore.
Contra.—We prefer Baltimore as the location of a regional reserve
bank.
Piec19.—In my opinion it would be the proper place to locate a
regional bank in Baltimore.
Hillsboro.—There is every good reason why Baltimore should
have a regional bank.
Campbell.—I think Baltimore is more convenient and more central.
Callao.—Baltimore.is the best geographical point and is contiguous to a large territory.
Barksley.—I am fully convinced that on account of Baltimore's
location and trade conditions there should be located one of the
regional banks there.
Kinsale.—I am for Baltimore. Baltimore ought to have it.
Rockingham.—Baltimore is undoubtedly my preference.
Accamac.—Baltimore is my preference without a doubt.
Peytes.—Baltimore is the place for a regional bank from the fact
that it will be convenient to all eastern Virginia.
Nokesville.—We, as well as all with whom I have talked, think
that Baltimore is the most suitable place for a regional bank and
will be of great benefit to the people of the South, especially to
the farmers, merchants, and manufacturers. (Signed by eight
people.)
Woodstock.—As a trading point, Baltimore is in a class to itself.
Hope you will be successful.
Susan.—Baltimore is the most suitable place.
Clzeriton.—I am most heartily in favor of a regional bank being
located in Baltimore.
Baynesville.—My preference would sure be Baltimore for location of the bank.
Red Hill.—I would gladly say that Baltimore is my preference
for a regional reserve bank.
Newport News.—It is my desire to see Baltimore, because I believe we get better goods, lower prices, and cheaper freight rates.
Covington.—Baltimore, in my opinion, is one of the most natural
cities and best suited of the accommodations of this as well as other
sections of the South.
Staunton.—There should be no question as regards making Baltimore one of the regional reserve cities. I hope there will be no
disappointment to the southern business people.
Stevens City.—Baltimore is entitled to every advantage such an
institution would bring to her.
Deltaville.—I am in favor of regional bank being in Baltimore.
Wytheville.—I feel sure that Baltimore, by reason or its geographical location and commercial relations with a large number


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of other States, deserves worthy consideration when the location
of a regional bank is considered.
Riverton.—It never occurred to us but what Baltimore would be
selected as one of the locations for regional bank, without having
to ask for it.
Fishersville.—I believe it to be the suitable place.
Bena.—With its excellent railroad facilities and steamship lines,
which make quick and easy communication with its surrounding
territory, I know of no city that is better suited for one.
Gloucester Point.—My preference is for Baltimore.
Baynesville.—Don't understand the object or principle of such a
bank, but because of our business connections we much prefer
Baltimore if said bank will be of any benefit to said city.
Wardtown.—Baltimore should have regional bank for the following reasons: Geographical location, population, large territory
which your banks of Baltimore supply.
Harrisonburg.—Am heartily in favor of Baltimore getting one of
the regional banks over. New York or Philadelphia, or any other
eastern city.
Tappahannock.—Hope Baltimore may be selected. This city
has always been the natural source of our money supply.
Bridgewater.—From the geographical, commercial, and progressive standpoint, we think that Baltimore is justly entitled to the
bank, it being the greatest trading point for the South and part
of the Southwest, as well as some of the eastern sections. There
isn't any city so convenient and so desirable for a great part of the
country mentioned as Baltimore. Furthermore, we think a good
strong bank in Baltimore would be a great help to all tributary
banks.
Newland.—My preference is for Baltimore.
Zocato.—My pieference is Baltimore.
Warrenton.—I can hardly conceive that Baltimore will be overlooked in placing the regional reserve banks.
Hardings.—Hope'regional bank will be located in Baltimore. It
will be a great thing for this section.
Machipongo.—I have had this matter under discussion with
several of our leading citizens, and they heartily agree with me and
say that there is every good reason why Baltimore should have a
regional bank.
Guilford.—Baltimore is justly entitled to it and I hope that the
committee will so consider it.
Front Royal.—It is our desire for Baltimore to be one of the regional reserve cities.
McDowell.—We Virginia merchants do lots of business in Baltimore, and I believe it will be of singular benefit to U8 and to our
country.
Newport News.—We would certainly like to see Baltimore selected
as regional reserve bank city under the new law.
Orange.—We would like very much to see one of the regional
banks in your city.
Shenandoah.—Baltimore the ideal place, owing to its advantages
geographically and financially.
Winchester.—It is our opinion that the interests and convenience
of our section of the country would be best served by the location
of one of the regional banks in your city.
New Market.—We believe that Baltimore can notonly serve the best
interests of this section of Virginia, but also large part of the South.
Mossy Creek.—It would best suit us to have Baltimore named as
one of the regional reserve cities, as this is our principal market.
Wardtown.—I think Baltimore should have the preference.
Wattsvillc.—We sincerely hope that your city will be the selection
for a regional reserve bank.
Staunton.—Baltimore is surely our preference in this section.
Kirmarnock.—We would prefer Baltimore, as we consider that
Baltimore is the only city for the souther markets.
Altavista.—Baltimore is logically situated for a regional reserve
bank, to give the best possible service to the southeastern Atlantic
coast section.

BALTIMORE, MARYLAND.

Onancock.—Heartily in favor of the regional bank in Baltimore,
because of its clos proximity to the eastern shore mail and transportation facilities and close business relations already established.
Blackwell.—I recommend to the organization committee the city
of Baltimore as the most suitable place for one of the Federal regional reserve banks.
Bridgewater.—On account of its location and as the largest and
most representative commercial sou hem city, we think Baltimore
should be naturally chosen. We believe this selection will be of
great benefit to the business interests in this section of Virginia.
Peola Mills.—We think Baltimore is entitled to one of the
regional reserve banks.
Norfolk.—Both on account of its geographical location and commercial interests Baltimore would, in our judgment, prove an ideal
designation.
Occogu,an.—I think Baltimore by all means should be designated.
Pulaski.— As Baltimore is the logical market for a great portion
of the South, we believe thatit will be to the interests of the southern
merchants to make Baltimore one of the regional bank cities. We
are aware of the efforts that other trade centers are making in behalf
of themselves, and the arguments they advance make us doubly
sure that Baltimore will benefit us the more.
Kilmarnock.—Baltimore would be our preference for the simple
reason that it is more convenient to us.
Warsaw.—Baltimore is decidedly my preference for regional
bank, as this section can not be served nearly so well by any other
city.
West Virginia merchants to merchants in Baltimore.
Buckhannon.—Certainly hope it will be selected, as it is the center
for all this section of West Virginia. I suppose 85 per cent of the
goods that come to West Virginia come from Baltimore.
Piedmont.—We think that the proper place for one of the regional
banks would be Baltimore City, as it would be the most central
location for the States of Pennsylvania, Virginia, Maryland, West
Virginia, Ohio, and Kentucky.
Walkersville.—Baltimore will be the most preferable of the locations of the regional bank south of New York.
Huntington.—I believe the sentiment is practically unanimous
all through this section for a regional reserve bank to be placed in
Baltimore.
Bluefield.—We do not hesitate to say that Baltimore is our preference for one of the regional reserve banks.
BerkeleySprings.—Baltimore is the logical point fora regional bank
in our part of the country. If you want additional indorsements, I
can get a good many business men of this place to write to you.
Letart.—All of our business men I have heard express an opinion
prefer Baltimore, in which I heartily concur.
Martinsburg.—It is my wish that the bank be placed in your city,
and it is the wish of every citizen in Martigsburg.
Rock Cave.—Baltimore for the convenience of Maryland, Virginia,
West Virginia, and North and South Carolina.
Elkins.—It seems to me that Baltimore must have a reserve bank
to accommodate a large portion of West Virginia, Pennsylvania, and
the Southland.
Halltown.—Baltimore has long been and is still a very prominent
distributing point for the East and Southeast, and we know of no
city south of Pennsylvania which would seem to be a more logical
point for such a bank. We earnestly hope that the selection will
be made.
Parsons.—Would like to have the bank located at Baltimore.
Most of the wholesale business of this section is done with Baltimore
houses.
Shenandoah Junction.—Baltimore should have a regional bank
because of its intimate business relation with the merchants, manufacturers, mining, and especially the agricultural sections of the
Southern States and the Middle West.
Rippon.—It is certainly my choice of location as well as a great
number of my business associates.


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15

Shepherdstaum.—We have always considered Baltimore the natural
trade center of this section and we are heartily in favor of the plan.
Charlestown.—The sentiment of the large majority of the people •
of this valley says that we want one of these banks located in the
city of Baltimore.
Blaine.—Baltimore will certainly be selected as one of the cities
in the East for the new regional reserve bank, first, on account of
its location; second, because of its great wholesale houses, Those
salesmen compass the whole South; thirdly, it is rapidly coming to
the front as a great shipping point for exporting coal and lumber,
having great railroad facilities, as well as abundant water frontage.
Keyser.—Baltimore would be the logical place for the merchants
and business men in general of the Virginias and Maryland, being
in the wholesale business throughout this section of the country,
our daily observations throughout the territory that we cover,
verifies the assertion above made.
Piedmont.—For 100 miles hereabouts, we believe that seventenths of the commercial business is done in and out of Baltimore.
We hope that you will be successful in getting one of these banks.
Keyser.—In our mind, Baltimore is more suited for this particular
branch of the Government business than any other city in the
East on account of its location. First, its very large dealings with
the South and Southeast; second, its arms of commerce reach out
more ways than any other city of its size in the United States; and
third, it is in closer touch with more towns that will be benefited
by this step taken by our Government than any other city in the
East. We people in West Virginia are very much in favor of Baltimore being the place for one of the regional banks.
Jacksonburg.—In lieu of the fact that Baltimore has an extensive
trade in this part of the Ohio Valley, I believe it would be to our
advantage to have one of the regional banks in your city, that we
could be more advantageously served by a regional bank in your
city than we could be by one farther west.
Elkins.—It would be to our advantage to have a regional bank
at Baltimore, as we can be served to better advantage there than
at any other point.
Denmar.—We feel that it would be a great convenience and a
great benefit to surrounding States, especially States south of
Maryland.
Thornton.—Baltimore is my first choice; first, last, and all the
time.
Parkersburg.—We are very much in favor of Baltimore as one of
the points for this bank.
Charles Town.—Baltimore is the commercial center for a large
area of the South, and without the banking facilities of Baltimore,
this section will be severely handicapped.
Grafton.—Baltimore being a centrally located seaport of the
East gives it the advantage over any other place. A market
center as well as a financial center for a great surrounding territory.
Bluefield.—We hope it will be the wisdom of the administration
to establish one of these banks at Baltimore.
Keyser.—By all means get one of these banks in Baltimore. We
feel as though it would be a great benefit to us.
Shepherelstown.—Am heartily in favor of Baltimore. It is a
great banking and commercial center for a large scope of country.
Romney.—I have spoken to several of our people and they are
for Baltimore, and I am.
Thomas.—The banks of your city are looked upon in this section as being more conservative and safer than in some cities that
might lay claim to this territory. You are more closely connected
with the business interests of this section than any other city and
have always been looked upon as our home city.
Martinsburg.—We see by the papers that the location of a regional
reserve bank between Baltimore and Washington is being considered, and we write to ask you to do all you can with other commercial houses in Baltimore, whether they be merchants, manufacturers, bankers, brokers, or retailers to have the bank located
in your city. Washington is not a commercial city and they
know very little about the conditions obtaining in the general

16

LOCATION OF RESERVE DISTRICTS.

line of business. Take all this section f West Virginia, and Washington is scarcely known as a trading center, and we have no doubt
• that this is so nearly all over the South Atlantic section.
Dorman.—Baltimore should be the place for it.
Mill Creek.—Baltimore is the place for regional bank.
Sutton.—Know of no city would rather see get it than your city.
Burlington.—We wish to state that we hope to see Baltimore
selected as one of the regional-bank cities. It is the one city where
we purchase our goods, and have done se for 40 years.
Hendricks.—Baltimore should have one of these banks, as it is a
centrally located and great commercial city for a large scope of
counrty.
Shepherdstown.—Have no hesitation in saying that Baltimore is
the ideal location for this section. Connection with Baltimore by
wire, rail, or express can be quickly made, and our long acquaintance with Baltimore bankers and merchants would more readily
bring us help in time of financial stress.
Keyser.—As we do all our dealing in Baltimore, we think the
regional bank should be there.
Romney.—Baltimore is our first choice.
Morgantown,—Will you kindly do all you can to secure a regional
bank in your city. We are satisfied that it will be of great benefit
to you and also help us.
Cass (Pocahontas County).—We believe that Baltimore should be
selected as one of the regional reserve bank cities for the reason of
its advantageous situation, whereby it commands a fine maritime
and inland business.
Edray.—Our preference is largely and absolutely in favor of
Baltimore, rather than any other city of money centers with which
we have any commercial communication.
Swiss.—Baltimore, by its geographical location, we consider
desirable, owing to the fast increasing commercial relations between
the business men of this State and the firms of that city.
Albright.—Baltimore is entitled to one of the regional banks. We
feel that Baltimore is peculiarly located to handle the business
originating in all the inland States to which Baltimore railroads are
tributary.
Buckhannon.—Lumber, logs, and forest products shipped to and
through Baltimore run up into thousands of car loads every year.
Baltimore is our shipping point for live stock, and our merchants
buy large quantities of merchandise from Baltimore houses. I
earnestly ask that we may be favored with the selection of Baltimore
as the location for a regional bank.
Piedmont.—Baltimore is the only city reached by two railroads
from this section. The greater part of our lumber and coal business
is transacted at that point, and more especially when shipments are
by water.
Kingwood.—I will venture the assertion that Baltimore transacts
more business in one week than Atlanta does in the whole season.
Bens Run.—Baltimore should be one of the cities to be designated
as the proper place for a regional bank, as she will always be one of
the centers of radiation and of rapid access in times of stress. I
really am not as yet satisfied with my understanding of the new currency law to really give a definite opinion as to where any of the
banks should be, except from the best point of radiation.
West Union.—It is our desire to have one of these banks placed
in Baltimore, and we are writing to see if you can not use your
influence in locating one there.
Cameron.—We think your city is certainly a proper place for one
of these banks. We think it will facilitate business through this
section and would urge its location there.
Grafton.—By reason of the immense amount of traffic going out
of West Virginia, most of which is handled in the East by the banks
of Baltimore, and in view of the fact also that nearly all of the West
Virginia Banks carry large accounts in Baltimore, it would seem
that Baltimore would be the logical situation for one of the regional
banks.


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Salem.—We,beinglocated in West Virginia,and doingconsiderable
business with Baltimore, are of the opinion that the city of Baltimore
would be the central point and ideal place for the operation of such
bank.
West Union.—Baltimore is in direct communication with the
larger part of West Virginia business, especially along mercantile
lines; not only is this so in regard to this State, but it is largely so
in regard to a vast amount of business throughout the South. Baltimore probably receives more than three-fourths of all cattle shipped
out of this State. A large number of the banks carry balances with
the Baltimore banks,it acting as a distributing point for the banking
business for this State, items from both the East and the West.
North Carolina merchants to merchants in Baltimore.
Mount Airy.—We think it very important that Baltimore be selected as one of the regional bank cities, first, in behalf of its manufacturing enterprises; second, as Baltimore has the greatest commercial facilities of any southern city, and we think to be made
a regional bank city will meet the approval of all merchants.
Newbern.—According to our views we do not see how the city of
Baltimore could be left out, taking into consideration its importance to the South and its close business relation to all the Southern
States.
Wilson.—I believe that at least two-thirds of the North Carolina
merchants visit Baltimore to buy goods at least twice a year. I
feel that it is the logical point.
Goldston.—Heartily indorse Baltimore. I voice the sentiment
of all North Carolina. Geographical, banking, and commercial
prestige demands this recognition.
Manteo.—As most of our business in this State and practically in
the South is with Baltimore,it would be advantageous to us throughout the South.
Wilmington.—Baltimore is best located for serving the southeastern Atlantic coast section. The Federal reserve act proceeds on
the distinct idea that a central reserve bank is undesirable, and to
locate a reserve bank in Washington would not be in response to
commercial demands. The very fact that a bank was located
there would tend to develop the idea of a central institution and
would perhaps cause it (Washington) to exercise an influence out
of all proportion to its commercial importance.
Hamilton.—All eastern North Carolina is in much easier touch
with Baltimore than Richmond, and we sincerely hope Baltimore
may be selected.
Durham.—Baltimore is the logical location, certainly as far as
the South is concerned.
Charlotte.—Baltimore is situated so that with the institution in
question there we believe that it could be handled with a great deal
of benefit to not only itself and territory immediately around Bal.
timore, but on account of the immense amount of business done in
Baltimore with the merchants throughout the South.
Morgantown.—Baltimore would be a great advantage to the whole
South; more so than any other city in the South.
Hillsboro.—I think North Carolina generally would favor your
city. You have a situation and facilities to handle the States'
business probably better than any other city.
Burgaw.—Heartily recommend Baltimore. One of the most
progressive cities in the South, its manufacturing facilities, in my
estimation, are not to be equaled south of New York City. As a
market in which to buy dry goods, notions,shoes,and clothing, it is
the best the writer has ever visited.
Oriental.—It is the very best and most convenient city for our
section (North Carolina) to deal, having low freight rates, quick and
direct service to and from this section.
Murfreesboro.—Baltimore is the place, because of its size, influence, and commercial relation extending over a larger territory
than any other southern cities that I know of.

BALTIMORE, MARYLAND.
Swan Quarter.—Our bank had its annual meeting on the 7th and
recommended Baltimore as the city.
Trotville.—I am writing to-day, asking you by all means to have
Baltimore selected as one of the regional-bank cities; otherwise it
will be a great inconvenience to us.
Sunbury.—Baltimore makes it much more convenient for us all.
Greensboro.—We believe in all probability only one of these
regional banks will be located on the eastern seaboard between
New York and New Orleans. If only one of these banks should be
thus located, our preference is decidedly in favor of Baltimore,
because of geographical location as well as extensive business
relation. It is the logical location.
Elm City.—I believe it will prove of greater service to the South
than if located in any other city.
Lexington.—My preference is Baltimore.
Concord.—On account of its location, midway between the interests of the North and South, it would be an injustice to the entire
country to leave Baltimore without one of these banks.
Wilmington.—Have heard it spoken of by some of the bankers
here as being in Atlanta. However, Baltimore is nearer, and of
course a much better city.
Harrellsville.—Its location, size, and influence makes it an ideal
city for the purpose.
Parkton.—It being a great city for the South as a jobbing town
would prove to be of great value to the people in the entire South.
Conetoe.—I would prefer that Baltimore be selected as one of the
regional reserve cities.
Wagram.—Itis one of our principal markets for buying and selling
and we feel that greater benefit should be derived from a regional
bank in that city than from some other.
Aberdeen.—Am thoroughly convinced that Baltimore should have
one of the regional banks:for two reasons—commercial pointand geographical point. I believe it will help my business.
Durham.—We feel sure that it will be to our advantage as well as
yours.
High Point.—Personally, we believe it will be especially to our
advantage.
Haw River.—On account of Baltimore being the best market for
the southern merchant, I prefer that Baltimore be selected.
Salisbury.—It will be a great advantage to the merchants of this
section of the South.
Wilmington.—Our interests would be best served by the establishmentof this bank in Baltimore and in your efforts to secure this
you have our hearty support and cooperation.
Durham.—Very cheerfully give my indorsement. I believe that
a bank in your city will be of untold advantage to this section of the
country.
Durham.—We believe that it will be to the advantage of our whole
State to have this bank in your thriving city.
Asheville.—It will be to our advantage to have such a bank
located in Baltimore.
Carthage.—We know of no other city that is so easily reached
from our State as Baltimore that is commercially large enough for
one of these banks.
Elkins.—We prefer Baltimore being selected, as we buy most of
our merchandise there.
Randleman.—We are very much in favor of Baltimore having a
regional bank, because it is our market, and, in fact, is becoming
the market for the entire South.
Elizabeth City.—In our opinion it will serve a greater number of
people than any city in the East, with the exception of New York.
You are located especially well for the Middle Atlantic States and
Southern States; better than Atlanta, since you are veritably the
gateway to the South. Baltimore is one of the largest jobbing
centers in the country.
Winston-Salem.—It will he a great advantage to our section if
Baltimore could land one of these regional banks.
46458*-8.Doc.485,63-2-2


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Federal Reserve Bank of St. Louis

17

Raleigh.—Baltimore is the ideal location for this bank,especially
in view of the fact that it has a large southern trade. This bank
would be in ready access to the South.
Greensboro.—Baltimore is entitled to this, and it will be greatly
to our advantage, as well as to the advantage of all the South Atlantic States.
•
Washington.—The best location for the regional bank for this
section of the country.
Greensboro.—As one of your southern customers, I take the liberty
of entering an urgent request that you appeal in the strongest manner possible to the administration to give to the city of Baltimore
one of the regional banks under the currency act. It will be of
very great advantage to us.
Winston-Salem.
--A few days ago we had a delegation here from
Richmond soliciting our support to help them secure,one of the
regional banks, but our board of trade and our retail merchants'.
association both declined, and I candidly believe it would be very
satisfactory to our business people here for Baltimore to have one
of the regional banks and for Winston to be placed in that district.
Elon College.—We do not see how you are going to get along and
do the business you are doing and ought to do without it, and serve
your trade like it ought to be served. We hope you will keep after
this matter until you have it clinched.
Greensboro.—In our opinion there is no southern city better
qualified or more entitled to be selected for a regional reserve bank.
If left to us we certainly would select Baltimore as our preference.
Newbern.—We believe that a regional bank in Baltimore would
be in the best location to serve all the States along the Atlantic
seaboard.
Hertford.—We are very much in favor of having a regional bank
established in Baltimore, as we believe it will be of great assistance
to the business interests of eastern North Carolina.
Hertford.—It is the natural location for one of these banks if they
are to be the greatest benefit to this section of North Carolina.
Statesville.—We regard it as the most satisfactory location to
which this part of the South is tributary.
Apex.—Baltimore being the purchasing center of the South, we
think it very important that it be one of the regional bank cities.
Lenoir.—As Baltimore is the natural mercantile center for this
section of the South, wish to impress upon you that the business
people of Baltimore should do all in their power to secure one of the
regional banks.
Wilson.—Baltimore is the ideal place for the southern merchants,
and we earnestly hope to see one of the banksin your city.
Newbern.—As a business house we certainly hope that with the
combined efforts of your good people you will be able to have one of.
these banks placed in Baltimore.
Pactolus.—Baltimore is the great mercantile center for the South,
especially eastern North Carolina. Would be very glad to see
Baltimore get the regional bank.
Maxton.—Since the passage of the bill we have looked upon
Baltimore as the logical point to serve our section best.
Lexingion.—We want to express our preference that Baltimore
be selected as one of the regional bank cities.
South Carolina merchants to merchants in Baltimore.
Brunson.—The time tables of the railroad and other transportation organizations will show that Baltimore has rapid and convenient connection, not only with the agricultural States toward the
Southeast, but with the numerous manufacturing and mining
interests that lie near by and to the north of this great city, greater
and more logical reasons than mere city pride why Baltimore
should share in the distribution of the $106,000,000 of working
capital of the regional reserve bank system.
Cheraw.—Will prefer Baltimore to any of the other northern
cities near by.

18

LOCATION OF RESERVE DISTRICTS.

Orangeburg.—Hope that Baltimore will be made, without fail,
one of the cities for regional bank, being so closely identified with
the South and her business interests. The committee will be
serving us well and wisely, I think, to make this selection.
Georgetown.—It is the utmost importance to have one of these
banks established there, both on account of geographical location
and large commercial relations in this part of the country, especially
in South Carolina.
Pelzer.—It will be very much to the advantage of this section to
have one of the regional banks in Baltimore. We buy practically
all of our goods in your city, and it is the logical point of distribution for this section.
Charleston.—After due consideration, we are of the opinion that
we, as we see it from our standpoint, would really prefer Baltimore,
as a desirable point for a regional reserve bank, over any other city.
Bennettsville.—Would like very much to see your city selected.
Would say there is more business done through Baltimore with the
cotton States than any other southern city.
Geprgetown.—Baltimore will be a practically logical point for a
regional bank to serve the southeast Atlantic coast section.
Anderson.—While Atlanta is very near us, believe that our interests will be best served by the location of two of these banks, one
in New York and one in Baltimore.
Greenville.—Indorse the movement to have a bank located in
Baltimore. Would be of benefit to the greater portion of the South.
Anderson.—We believe it will be to the best interests of southern
merchants to have one of these banks located in Baltimore, as that
city is in close touch with conditions in our section and it will be
very convenient for the transaction of business.
Lancaster.—I think the logical point for location of regional
reserve bank is Baltimore.
Charleston.—We are heartily in favor of regional bank being located at Baltimore for divers reasons.
McColl.—We have already written the powers that be in reference to location of regional bank in Baltimore.
Georgetown.—We believe it to be the logical point for one of the
southern regional reserve banks.
Charleston.—We would be very glad indeed to see Baltimore get
a regional bank to serve the southeastern Atlantic coast section, as
we believe it would be to our advantage here.
Rhems.—Baltimore would naturally be the best point for such an
institution—that is to say,from our point of view, as we think the
location of Baltimore is such that would serve our section of the
country best.
Latta.—Believe it would be of great benefit to all commercial
interests.
Beaufort.—We consider that it is more important for her to be so
named, so far as we are concerned.
Clio.—Would be quite a convenience for us in our business transactions from Greensboro, N. C., as well as from this point.
Timmonsville.—Wish to express ourselves that Baltimore be
selected as one of the regional reserve banking cities.
Georgia merchants to merchants in Baltimore.
Elberton.—Inasmuch as we buy most of our goods in Baltimore,
we will be very glad,indeed, to see one of the regional banks established there.
Gainesville.—It looks to us as though Baltimore will be the logical location for one of the regional reserve banks.
Elberton.—We beg to say that it will be a great deal better for us if
Baltimore wasselected asa placefor one of the regional reserve banks,
as we do more volume of business, both with the banks and through
the merchants, than with any other city in the United States.
Thompson.—There is a greater mutual understanding between
Baltimore and the South than any other city in the country. We
had rather see Baltimore have one of the reserve banks than any
other city in the South.


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Federal Reserve Bank of St. Louis

Bainbridge.—I find her merchants to have the most liberal business policy of any city in the Union. If the Government will equip
her with these banking facilities, they not only have Baltimore,
but the entire South, Southwest, and Middle States.
Perry.—The situation of it gives the city a commanding position
for business of both sections. We believe the committee will make
no mistake in selecting Baltimore.
Dublin.—Baltimore is one of the best cities in the South from
almost any viewpoint. We most heartily give our unqualified
indorsement for Baltimore.
Nashville.—As one of many southern merchants, am deeply
interested in your efforts to have Baltimore selected as one of the
regional reserve bank cities.
Cuthbert.—I will be very much pleased to see Baltimore selected
as one of the regional bank cities, and am sure every southern merchant would be, as Baltimore has always been the best market for us
and always in sympathy with us in time of need.
Waynesboro.—We feel sure the South as a whole would like to see
the above.
Sandersville.—Would you please use every effort in your power
for Baltimore to be selected as one of the regional bank cities?
Winder.—We believe your claim will demand that the Government place one there.
Fort Gaines.—I certainly do think Baltimore will be an ideal city
for one of the regional banks.
Donaldsonville.—I would like to see Baltimore get one of the
regional banks, as I think it will serve southern people far better
than Philadelphia.
Thomasville.—Consider Baltimore very logical point, and certainly think one of them should be established at that point.
Barnesville.—Your city, being so situated, being right on the
border, being the gateway of the South and yet accommodating a
great part of the East,should be, by all means, we believe, made the
place of one of these banks.
Atlanta.—I believe that no better location exists in the neighboring States.
Cairo.—Think it would accommodate the South for one to be in
that city.
Macon.—We write to assure you that this selection would meet
with our heartiest approval and indorsement.
Douglasville.—Believe that commercial importance as well as
convenience in location make it one of the very best cities for one
of the new regional banks.
Dawson.—I think Baltimore should be one of these cities.
Florida merchants to merchants in Baltimore.
Jacksonville.—There has been some talk of having such a bank
established here, but in the event that it has to be established in
some other city we most gladly favor Baltimore. We believe the
merchants of Jacksonville will favor your city in preference to
Atlanta.
Jacksonville.—Take pleasure in saying that we recognize Baltimore as the most suitable location, for numerous reasons.
Arcadia.—We trust that you, as well as every other wholesale
establishment in Baltimore, will use your every effort to have
Baltimore selected as one of the regional bank cities. Its accessibility to one of the richest and most rapidly developing sections in
the United States make it the one most logical city east of the
Mississippi River.
Bradentown.—I have taken the matter up with some of the
bankers here, and they are in favor of Baltimore in preference to
Philadelphia.
Gainesville.—One of these banks located in your city would be of
great benefit to the banking and commercial interests of this southeastern territory, and could serve it as well or better than any other
city we have in mind.

BALTIMORE, MARYLAND.

19

Tampa.—We believe.it to be to our interest and urge that you
take such steps as will insure the location of a regional bank at the
above place.
St. James City.—Most of our banking business is done through
Baltimore, as well as a great deal of our commercial business. We
take this opportunity of expressing our desire that Baltimore be
made one of the regional bank cities.
Palatka.—Will be very much in favor of one in Baltimore. Do
a great deal of buying there, and it will be a big help to me.
Madison.—We heartily indorse Baltimore as being the proper
place for a regional bank, owing to its location.
Jacksonville.—Trust you will be fortunate enough to secure one.
It will be a great benefit to this section, as well as to yours.
Marianna.—The establishment of one of the new regional banks
at Baltimore will be of great benefit to people not only in that section, but the entire South.
St. Petersburg.—Baltimore is one of the most favored commercial
centers of the South, and the establishment of said bank will prove
a great benefit to the commercial interests of the South.

great bank that the New York people are trying to put over. We
don't think that the bank in New York should be any stronger
than the other banks.
Goodland.—We prefer Baltimore to Philadelphia or any other
city south of New York.
Rosedale.—Considering the location of the city and it being one
of the greatest export grain markets in the United States, we see
no reason why you should not have a regional reserve bank located
in Baltimore.
Tipton.—Baltimore is centrally located, and we believe such
action would be a great benefit to Western shippers.
Goshen.—Baltimore is a great export outlet, having a lower
inland rate than either New York or Boston. It seems to us that
one of the regional banks should locate in your city, and we would
very much favor it.

Indiana merchants to merchants in Baltimore.

Missouri merchants to merchants in Baltimore.

Evansville.—I do not know of any city on the Atlantic coast that
could better serve the people of the Southeast.
Danville.—We think that Baltimore is the most fitting place for
a regional bank outside of New York. We are not in favor of the

St. Louis.—We think that you are so situated as to be of immense
use to the country at large, having the connection that you enjoy
with the South, Southwest and the West, and we can not but feel
that our reasons are well grounded.

Ohio merchants to merchants in Baltimore.

Celina.—Since you called our attention to the matter, we could
think of no other city in the East whereby a mutual distribution
of funds could be made for the purpose of financing the crop moveAlabama merchants to merchants in Baltimore.
ments by the establishing of a regional reserve bank, as provided
Montgomery.—We note that there is some question as to Balti- for under the new currency
bill, than to have the same established
more being named as the location of one of the regional reserve
at Baltimore. We are quite sure that our local territory could be
banks. We had concluded that from its location and importance served better by the regional bank being
established at Baltimore
there would be no question of its selection, as it occurs to us that than it could in any other eastern city.
it is the logical point, and that Baltimore would be the acceptable
Cleveland.—We are strongly in favor of Baltimore being desigreserve bank city to serve the section including a good portion of nated as the location for a Federal
reserve bank. There should
the South.
certainly b a three of these Federal banks located on the seaboard,
Greensboro.—We consider your city the most propitious location
and, if Boston and New York should be designated, Baltimore is
for such an enterprise in the East, as far as our business and as we the most practical location for the third,
especially so because it
believe the business of the entire southeast of the Mississippi River
has been for 50 years, and is at the present time, the banking center
is concerned.
and clearing house for the southern Atlantic States.
Birmingham.—We are of the opinion that Baltimore would be a
Cincinnati.—Baltimore, in our opinion, is located right, and you
very suitable place for the situation of such a bank, being located
surely ought to have it.
as it is geographically, and especially would it be an admirable •
Cedarville.—On account of its large export business it has always
situation for such an institution for the merchants in the South. been a reserve center for the
West and South. Baltimore is the
Oxford.—As we of the South do largely our trading in your city, correct city south of New York.
we think the establishing of one of the regional banks in Baltimore would make money easier for the merchants in that city,
Illinois merchants to merchants in Baltimore.
thereby enabling them to help the southern merchants.
Fillmore.—It seems to us that Baltimore would be the most fitting
Fulton.—It is the greatest desire of the Scotch Lumber Co. that
place south of New York for a regional bank.
one of the regional banks be located there.
Tuscola.—I think it would be almost absolutely necessary that
Littohatchie.—As Baltimore is a great distributing point for the
South, I trust you will use your influence in securing one of the one of the regional reserve banks should be located there; when
there is a large export business on grain, Baltimore needs all the
regional banks.
resources possible to pay the western country for the grain as it
Tennessee merchants to merchants in Baltimore.
arrives.
Springfield.—With reference to location of one of the regional
Greenville.—We note that an effort is being made to have one of
reserve banks for the territory south of New York, it seems to us
the regional reserve banks located in Baltimore. It occurs to the
Baltimore would be the ideal selection.
writer that this would be a very logical point for the same, and will that
Pekin.—In view of the immense export business that is carried
conserve the interests of the country possibly better than any other
on at Baltimore, we think it would be an ideal location for one of
for this entire section of the South.
the reserve banks, and will be of real benefit to the West in proChattanooga.—It is useless to enumerate the many advantages
viding funds for the handling of export business.
the town possesses for southern banks. The trend of business in
Ancona.—We would be in favor of having one of the reserve banks
this section is naturally to that point.
Memphis.—However, we believe that your town can enter the in Baltimore.
Chicago.—Our large business through that port would make us
contest on its merits as an industrial center, and secure the regional
greatly in favor of your city being selected, and we believe it is
bank without reference to the sentimental aspect of the case.
Memphis.—Your city is our preference, and,in our opinion, your entitled to this privilege.
Elliott.—I think it is just the place for one and has been for a
geographical position and large manufacturing interest gives Baltilong time.
undebatable rights.
more a claim with


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Federal Reserve Bank of St. Louis

20

LOCATION OF RESERVE DISTRICTS.

St. Louis.-Baltimore would be the logical seat for one of these
banks. We think that her location, size. and her enormous interests entitle her to be selected.
Iowa merchants to merchants in Baltimore.
Des Moines.
-It is central for the grain business and is about the
right distance from New York. Iowa does a large shipping business
in corn with Baltimore, and I would like to see the bank located
there.
Keokuk.
-Will say that we will be very glad to see Baltimore
favored if there is a bank located at a seaport south of New York,
and we feel sure that our banking institutions in Keokuk are very
favorable to your city. We have more business in Baltimore than
any other city on the Atlantic seaboard.

Dunkard.-Owing to the location and the fact that Baltimore is
a business center, we are certainly in hopes that it may be selected
as one of the regional-bank cities.
Warfordsburg.-I would prefer Baltimore to be selected, it being
the center of trade on the Atlantic for the North and South.

EXHIBIT NO. 4.

Baltimore clearing house exchanges:
$1,169,531,519
1903
2,011,447,000
1913
Increase in clearings covering the 10-year period..per cent.. 72
Increase in clearings for 1913 over 1912
do.... 7
Increase in deposits (national banks), 10-year period do
47.9

Minnesota merchants to merchants in Baltimore.
Minneapolis.
-We believe that in the interests of the grain trade
of the Northwest, that Baltimore would be a very acceptable location for a regional reserve bank.
Wisconsin merchants to merchants in Baltimore.
Milwaukee.
-It is our earnest wish and desire that your city be
selected.
Merchants in Pennsylvania to merchants in Baltimore.
Pittsburgh.
-From a selfish standpoint we hope that you may be
successful. When we say selfish, we do not mean it from a personal
viewpoint, butin the interest of the lumber industry at large. Baltimore is the largest southern city on the eastern border, through
which we clear on nearly all of our export shipments. In fact, we
think it will be ideally located to serve the lumber industry from the
Middle West and South, and we hope you will be successful in
securing it.
Dubois.
-We believe that your city is located just about right for
o)ie of these banks, and we will highly indorse any plan toward
securing one of said banks to be located in your city. We feel sure
that a regional bank in Baltimore will be a great benefit to us as well
as the majority of the business interests throughout this section.
Littlestown.-It is centrally located between North and South and
can be conveniently reached from all points with very little delay.
We are decidedly of the opinion that Baltimore should be used in
preference to any other large near-by city.
-We believe that Baltimore will be the most central point
York.
in the East to have one of the regional banks under the currency act.
And we voice the sentiments of many others in this vicinity in
asking the Treasury Department to place one of these banks in
Baltimore.
Lebanon.
-It would be a great advantage to us and sincerely trust
that your city may be successful in securing the same, as we would
like to have and enjoy the many advantages of same in Baltimore.
York.
-We heartily indorse such suggestion and trust that the
authorities will give your city the regional bank your citizens are
requesting.
Glen .Rock. am in favor of Baltimore to have one of the regional
-I
banks.
Hanover.
-We most heartily indorse Baltimore City, believing it
would be to the best interests of all business men.
Hanover.
-We believe it will be of advantage to us to have a
reserve bank in your city.
Quarryville.
-We believe it will be of advantage to us to have a
reserve bank in your city.
Milton.
-I would prefer having Baltimore selected as one of the
regional bank cities.
Mahanoy City.
-I prof r Baltimore as the city for a regional
bank.
McKeesport.
-We heartily indorse the movement to induce the
Treasury Department to locate one of the new regional banks in
your city.


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Federal Reserve Bank of St. Louis

EXHIBIT NO. 5:

Resources and liabilities of all banks in city ofBaltimore, April, 1909,
figures for any previous year being unavailable.
'RESOURCES.

Loans and discounts
Bonds, securities, etc
Banking-house furniture, fixtures, and real estate
Due from banks and bankers
Checks and other cash items and exchanges for clearing
house
Cash on hand
Other resources
LIABILITIES.

Capital stock..................................
Surplus.......................................
Undivided profits..............................
Due to banks and bankers.....................
Dividends unpaid.............................
Individual deposits...........................
Postal savings and United States deposits
Notes and bills rediscounted and bills payable
Other liabilities

$78,710,000
116,360,000
11,980,000
26,420,000
3,530,000
10,180,000
710,000
247,890,000

$23,140,000
21,090,000
4,620,000
28,760,000
20,000
153,930,000
1,340,000
920,000
14,070,000
247,890,000

Resources and liabilities of 55 banks in the city of Baltimore on June
4, 1913.
RESOURCES.

Loans and discounts
Overdrafts
Bonds, securities, etc
Banking-house furniture, and fixtures
Other real estate owned
Due from banks and bankers
Checks and other cash items
Exchanges for clearing house
Cash on hand
Other resources

LIABILITIES.

Capital stock
Surplus
Undivided profits
Due to banks and bankers
Dividends unpaid
Individual deposits
Postal savings deposits

$118,912,253.94
45, 140.89
125,101,001.19
7,916,101.00
2, 196,556.19
29,262,875.12
477,356.96
3,856,639.92
7,924,005.20
1,166,686.54
296,858,616.95
$23,490,395.00
24,462,074.71
7,100,279.77
35,022,704.66
11,025.45
190,679,440. 72
46,759.24

21

BALTIMORE, MARYLAND.

$1,130,752.02
107,000.00
4,263,432.30
10,544,753.08

United States deposits
Notes and bills rediscounted
Bills payable
Other liabilities

296,858,616.95
Increase individual deposits June, 1913, over April, 1909, per
24
cent
22
Increase bank deposits June, 1913, over April, 1909.per cent
NOTE.—Includes 16 national, 10 State, 14 mutual savings, 3 stock
savings, 12 loan and trust companies. Other liabilities include
national bank circulation outstanding.

As suggestive of the character of business done by the national
banks of Baltimore, the following table shows the ratio of singlename paper to total loans:

STATES.

Maryland (exclusive of Baltimore)
District of Columbia (including Washington)
Virginia (including Richmond)
West Virginia
North Carolina
South Carolina
• Georgia (including Atlanta)
Florida

16.5
14.5
13.5
12.5
11.1
18.5
24. 7
30.9

This paper includes two classes: On demand, paper with one or
two individual or firm names; on time, single-name paper (one
person or firm), without other security.
EXHIBIT NO. 7.
Number of out-of-town bank accounts kept with Baltimore banks, by
States.
There are some duplications here, as where one bank will keep
two or more Baltimore accounts, but the number is relatively
small.
346
Maryland
56
District of Columbia.
329
Virginia
263
West Virginia
223
North Carolina
148
South Carolina
179
Georgia.
83
Florida
57
Alabama
Total

1,684

Number of out-of-town mercantile and other accounts kept with Baltimore banks, by States.
788
Maryland
23
District of Columbia
101
Virginia
32
West Virginia
68
North Carolina
75
South Carolina
43
Georgia
9
Florida
2
Alabama
Total


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Federal Reserve Bank of St. Louis

$4,552,682
645,150
2,743,065
1,136,850
4,370,600
4,238,250
2,541,325
1,681,000
1,838,500

Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama

23,747,422

EXHIBIT NO. 9.

Per cent

26.6
29.9
19. 7
35.9

Atlanta
Richmond
Pittsburgh
Baltimore

Total lines ofcreditextended to out-of-town banks and other borrowers,
by States.

Total

EXHIBIT NO. 6.

CITIES.

EXHIBIT NO. S.

1,141

[From the Manufacturers Record.]

A fair minimum estimate of the amount of Baltimore capital
invested in the Southern States below the Potomac is $200,000,000.
Only the most detailed kind of a census that is hardly possible
could obtain the basis for an authoritative statement of the total,
which is usually associated in the public mind with the men of
large fortune and the large banking and trust companies of the
city which have led in this beneficial investment in the South.
There is, however, a great army of Baltimore capitalists directly
interested in the South, whose investments there aggregating close
upon $70,000,000, average less than $600 each. This army is composed of the depositors in the mutual savings banks of Baltimore.
The extent of their investments is indicated in the figures as of
December 31, 1913, of three of the largest institutions of the kind—
the Savings Bank of Baltimore, the Eutaw Savings Bank, and the
Central Savings Bank. These three banks had on December 31,
$67,854,920 of deposits, not including undivided surplus chargeable with accrued interest or interest that had been credited for
the year, and these deposits, in 121,501 accounts, or an average
of $558 per account, constituted 72 per cent of all the mutual
savings bank deposits in Maryland.
Of $60,665,457 bonds, book value, in which the funds of these
mutual institutions are invested, $23,167,016, or more than 38
per cent, represent investments in 10 Southern States south of
the Potomac and Ohio and east of the Mississippi, viz, Virginia,
West Virginia, Kentucky, North Carolina, South Carolina, Georgia,
Florida, Alabama, Tennessee, and Mississippi, directly or indirectly. The investments are divided as follows: Railroads bonds,
$16,382,211; municipal bonds, $5,666,800; street railroad bonds,
$499,000; State bonds, $458,255; county bonds, $49,500; and miscellaneous, $111,250.
It is thus seen that 121,501 comparatively small investors in
Baltimore are immediately interested in the welfare and prosperity of 10 great Southern States, having an aggregate area of
436,614 square miles and an aggregate population of 18,776,059,
using 1910 census figures, through the railroads operating in them
which Baltimore money has helped to build, extend, or equip,
and that the people of 35 cities having an aggregate population of
more than 1,789,019 in nine of those States must have more than
casual interest in Baltimore, which has thus helped to finance
municipal improvements of various kinds and the development of
their public utilities.
If all the Southern States, including Maryland, Missouri, and
Oklahoma, should be included in this exhibit, the importance of
these three mutual savings banks in Baltimore becomes greater.
Their investments of the kind in Maryland, including some little
in the District of Columbia, aggregate $11,321,294, and directly
and indirectly in Missouri, Arkansas, Oklahoma, Louisiana, and
Texas, $4,203,910, including State bonds and the securities of

22

LOCATION OF RESERVE DISTRICTS.

Dallas, Galveston, Houston, San Antonio, and Waco, Tex.; New
Orleans, La.; Oklahoma City, Okla., and St. Louis and Kansas
City, Mo. Therefore bond investments in the whole South of
Baltimoreans by way of these three mutual savings banks aggregate $38,692,220, which is equal to 57 per cent of the total amount
of deposits in the institutions.

SUMMARY.
Increase.

Value.
Classes.

Farm property
Crops
Live stock
Mines, quarries, wells
Lumber products

Amount.

1899

1909

83,258,160,001 $1,592,733,544 $1,665,426,457
461,436,707
415,834,077
877,270,784
226,357,553
198,954,310
425,311,863
38,349,182
86,001,686
124,350,868
94,002,741
101,573,000
195,573,741

Per cent.
104.6
111.0
87.9
44.6
92.5

EXHIBIT NO. 10.
Total average increase, 101.4 per cent.

Imports and exports at the port of Baltimore.
Calendar year.
1904.
1905
1906
1907
1908

Imports.

Exports.

$18,761,963 $84,099,727
25,226,618 103,550,042
35,364,145 107,600,144
36,184,322 99,322,342
23,722,054
81,874,087

Calendar year.

Imports.

Exports.

$27,418,567 $79,424,914
32,377,480 72,944,146
28,382,580 94,465,806
27,901,843 100,287,327
35,553,814 117,269,378

1909
1910
1911
1912
1913

Baltimore stands first in the manufacture of straw hats, cotton
duck, fertilizers, men's clothing, copper metal, and copper products, canning and preserving, oysters, and as a banana market.
As a jobbing center Baltimore ranks third among the cities
in the United States. Its jobbing trade was approximately
$400,000,000 in 1911. These figures were compiled by the Baltimore & Ohio Railroad during an investigation covering about
four weeks. They do not include retail houses or purchases, but
sales only.
According to the best judgment obtainable, Baltimore's manufacturing and jobbing trade has increased 25 per cent in the last
two years.
According to the Merchants and Manufacturers' Association, Baltimore employs between 8,000 and 9,000 traveling salesmen.
According to the Baltimore & Ohio Railroad, "The average annual tonnage of freight received and distributed at Baltimore by
railroad and boat lines totaled 48,000,000 tons in 1912."
Baltimore has nearly $14,000,000 worth of city-owned docks.
It is the most economical port on the Atlantic coast. It is also
nearer the West than any other Atlantic port.
The value of the fish and oyster products of the Chesapeake
Bay and adjacent waters is between $35,000,000 and $40,000,000
annually. Approximately 100 carloads of shucked oysters were
shipped from Baltimore to points north and west in one day last
November.
The full assessable basis for taxation in the city of Baltimore
has grown from $402,816,097 in 1901 to '$781,691,094 in 1914, an
increase of $378,874,997 in a little more than a decade.

EXHIBIT NO. 12.
The percentage of increase in values in Baltimore's trade territory
covering a 10-year period is as follows:

State.

Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Average


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Federal Reserve Bank of St. Louis

Farm
property. Crops
'

Mines, Lumber
P
stock, and wells. products
to e
'

Per cent. Per cent. Per cent. Per cent. Per cent.
54.6
13.9
45.4
56.2
38.8
26.5
18.3
22.0
135.6
43.3
93.2
71.3
78.2
138.2
51.8
54. 4
57.1
41.8
92.2
51.7
130.0
108.2
108. 1
120.5
141.1
155.3
123.4
38. 1
5.0
154.2
162.4
128.4
202.8
80.2
84.4
165.5
167.8
30.4
96. 1
106.3
81.7
97.1
104.6

111.0

MANUFACTURES.
State.

Maryland
District of Columbia
Virginia
West Virginia

EXHIBIT NO. 11.
•

The value of all crops in the South Atlantic States in 1909
amounted to one-eighth of the value of all crops in the entire United
States.

87.9

44.6

92.5

1904
Per cent.
' 15.3

Per cent.
29.7

11.8
37.0
47.8

37.7
47.7
63.5

1904

State.

1909

North Carolina....
South Carolina
Georgia
Florida
Alabama

1909

Percent. Per cent.
67. 1
52.0
48.8
42.7
59.8
34.3
47. 1
44.9
51.4
33.7

The percentages of increase in the value of manufactures covering
two five-year periods was approximately 43 per cent each.
EXHIBIT NO. 13.
MANUFACTURERS IN THE METROPOLITAN DISTRICT OF BALTIMORE.

The metropolitan district, as defined by the census of 1910, includes the city of Baltimore and eight election districts in Anne
Arundel and Baltimore Counties, immediately adjacent to the city
proper. It is worthy of note that so closely connected is Baltimore
with the entire district there are no incorporated places in any of
the election districts.
In 1909 the Baltimore metropolitan district had 2,668 manufacturing establishments, which gave employment to an average of 94,954
persons during the year and paid out $48,585,334 in salaries and
wages.
Amount of capital employed
Cost of materials manufactured
Value added by manufacture
Total value of manufactured products

$199,735, 181
165,085,541
95,127, 783
260,213,324

The value of products for those industries that can be shown
separately and have a value of product amounting to $2,000,000 or
more in 1909 is given in the following table:
1899

$23,349,392
Clothing
20,842,738
Men's
2,506,6.54
Women's
5,933,166
Copper, tin, and sheet-iron products
6,476,918
Slaughtering and meat packing
Foundry and machine shops
9,581,893
Tobacco manufactures
4,175,569
Liquors
2,934,028
Malt
1,241,541
Distilled
3,895,437
Fertilizers
4,942,851
Printing and publishing
2,037,037
Book and job
2,186,437
Newspapers and periodicals
719,377
All other
Cars and general shop construction and repairs
3,529,959
by steam railroad companies
10,791,369
Canning and preserving
3,669,376
Bread and other bakery products
3,195,6.55
compounds
Patent medicines and
3,426,781
Lumber and timber products
1,923,939
Confectionery
Straw hats
2,690,610
Furniture and refrigerators

1909

$40,602,383
36,269,212
4,333,171
14,350,235
13,653,693
10,961,564
10,288,867
8,699,297
5,017,678
3,681,619
8,469,656
7,569,430
3,491,225
3,049,576
1,038,629
7,364,880
6,526,225
5,970,981
5,470,590
5,230,404
5,011,253
2,347,330
2,197,239

Increase.
Per cent.
73.9
74.0
72.9
141.9
110.8
7.4
108.3
71.0
196.5
117.4
53.3
71.4
39.5
44.4
108.6
39.5
61.5
71.2
52.6
160.5
1 18.3

1 Decrease.
Total average increase in the manufactures of the metropolitan district of Baltimore covering the 10-year period, 76.3 per cent.
Total average increase in agricultural and other industries of Baltimore's trade
territory covering the 10-year period, 101.4 per cent.

BALTIMORE, MARYLAND.

Considering the phenomenal growth of all industries in the South
Atlantic States, it may be seen that Baltimore's increase in commerce and manufactures has been remarkably responsive to it.

EXHIBIT NO. 14.

The following resolution was adopted by the Illinois Grain
Dealers' Association at a meeting held in Decatur, Ill., on January 26, 1914:
Whereas it is of the utmost importance that drafts with attached
documents of title shall be most expeditiously forwarded from
point of origin and as promptly liquidated at point of destination;
and
Whereas in following the usual course of trade great quantities of
grain finds its way to the port of Baltimore; and
Whereas the new currency law provides for the establishment
ultimately of a national clearing house which eventually will clear
not only checks on member banks but other transit matters; and
Whereas it would be most unfortunate and obstructive to business as heretofore and at present handled to route such business
other than directly to the point of destination of the merchandise
against which drafts are drawn: Therefore be it
Resolved, That in the judgment of this organization it would be
eminently wise and would the least disturb present business
arrangements if a regional bank could be established in the city
of Baltimore, with a view of eventually permitting such regional
bank in its capacity as correspondent of interior regional banks
to promptly clear transactions based upon large shipments of
grain and other merchandise seeking the port of Baltimore for
export or other distribution.
ILLINOIS GRAIN DEALERS' ASSOCIATION,
LEE C. METCALF, President.
S. W. ARMSTRONG, Secretary.

(Fourteen hundred members.)
A like resolution was passed by the Western Grain Dealers' Association, Des Moines, Iowa. (Twelve hundred members.)
A like resolution was passed by the Milwaukee Chamber of
Commerce on January 27, 1914.

EXHIBIT NO. 15.
MEMORANDUM OF JOBBING AND MERCANTILE DISTRIBUTION FROM
BALTIMORE IN THE YEAR 1913.
[Analysis of the distribution and estimate of its total value, based upon figures
submitted and knowledge of their source in relation to those not reporting.]

In order to obtain facts from which approximately exact deductions could be drawn referring to the manufacturing and jobbing
interests of Baltimore, 449 cards with accompanying letters were
addressed to as many houses. No follow-up work was undertaken.
Two hundred and seven were returned, and of these 132 gave total


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Federal Reserve Bank of St. Louis

23

sales with percentages as desired. Fifty-two cards reported total
sales, but gave percentages in such form 'as to be either unintelligent or otherwise useless for the purpose of this exhibit. Thirteen
cards gave percentages but no volume, while 10 cards were returned
without any report.
From the 184 cards giving volume of distribution it appears that
those filling out the cards in the year 1913 distributed business
aggregating $135,460,000.
In Baltimore there are just about 1,000 jobbing and wholesale
houses, while from the figures of the census it is learned that there
are in the metropolitan district of Baltimore something over 2,600
manufacturing establishments. An inspection of the list of 449
names to which cards were addressed indicates that many of the most
substantial houses in the city failed to respond to requests for information. This fact, coupled with the knowledge that only about 8
per cent of the available material was canvassed, suggests that a
distribution valued at between $400,000,000 and $500,000,000 would
appear to be a most conservative estimate of the distributing power'
of Baltimore interests mentioned, and th,is sum obviously is settled
for in due course in Baltimore.
It is well to bear in mind that in dealing only with the two interests mentioned and in drawing inferences therefrom, no regard has
been had either for the great commission business in cereals, fruit
and truck, etc., or to shipping and other large factors in the trade
and commerce of the city.
Under the head of "Miscellaneous, $20,513,000," is included
everything not otherwise accounted for in the trade territory especially listed. Much of the business included under this caption
was distributed in Pennsylvania, some in Ohio and the West,
while a generous share of it was sent to the Southern States other
than those indicated in detail.
An analysis follows from the returns of the 132 cards which gave
the detail permitting it:
Distributed in—
$4,360,000
District of Columbia
18,873,000
Virginia
7, 693,000
West Virginia
13,614,000
North Carolina
6,963,000
South Carolina
5,811,000
Georgia
3,337,000
Florida
2,688,000
Alabama
63,339,000

(Or 56.75 per cent.)
Distributed in Maryland
(Or 24.90 per cent.)
Distributed miscellaneous
(Or 18.35 per cent.)

27,814,000
20,513,000

Total distribution 132 corporations, firms, manu111,666,000
facturers, and jobbers


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CHATTANOOGA, TENN.

25

1


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CHATTANOOGA, TENN.
Before Hon. William Gibbs McAdoo, Secretary of the Treasury; Hon. David F. Houston, Secretary of Agriculture, and Hon. John Skelton Williams, Comptroller of the Currency, composing the Federal Reserve
Bank Organization Committee,in the matter of the location of a Federal reserve bank for the suggested
district or territory embracing southern Ohio, Kentucky, Tennessee, western North Carolina, Georgia,
Florida, Alabama, Mississippi, and that part of Louisiana lying east of the Mississippi River, or any district
embracing the Central South.
May it please the honorable committee:
Mississippi River, or for any similar district embracing
Every paragraph and provision of the Federal the Central South. And, when the needs of this secreserve act indicates a just purpose—a desire on the tion, in connection with the requirements of the entire
part of its framers to, as far as possible, give equal country, are considered, we believe it will be found
service and protection to all the people of the United advisable and highly advantageous to fix the geoStates without special regard to any particular city, graphical limits of one district substantially as here
State or section.
indicated.
Realizing that your committee is earnestly and diliEIGHT DISTRICTS.
gently preparing to put this just, impartial, and patriBased on what seems to be the consensus of opinotic spirit of the act into practical execution, we ioh of business men throughout
the country, and upon
desire to suggest a reserve district to include the the facts brought out at the
various hearings which
Central South, as above outlined and as graphically have been given by your
committee, we assume that
shown by the accompanying map.
the country should at present be divided into eight
reserve districts, which should be designated and outRESERVE DISTRICTS.
lined approximately as follows:
We assume that necessarily the first task of the com1. Reserve city: Boston. District: Maine, New
mittee, after these hearings are over, will be the Hampshire, Vermont, Massachusetts, Rhode Island,
determination of the geographical limits of the reserve and northern Connecticut.
districts, so as to best serve the people of the entire
2. Reserve city: New York. District: Southern
country, that the Federal reserve cities will then be Connecticut, New York, New Jersey, and northern
respectively located so as to best serve the interests of Pennsylvania.
the people of the respective districts.
3. Reserve city: Baltimore, Washington, or RichWe assume further, that in outlining the reserve mond. District: Southern Pennsylvania, Delaware,
districts the location and needs of the larger centers Maryland, District of Columbia, Virginia, West Virof population will have to be considered, but that, after ginia, middle and eastern North Carolina, and Middle
the districts are once outlined, the particular city and eastern South Carolina.
which will be designated as the reserve city for any
4. Reserve city: Chicago. District: Michigan, Wisparticular district will necessarily be the particular consin, Minnesota, northern Ohio, middle and northcity which is most speedily and conveniently accessible ern Indiana, middle and northern Illinois, and Iowa.
to that entire district.
5. Reserve city: Chattanooga. District: Southern
As the regional reserve bank in any particular dis- Ohio, Kentucky, Tennessee, western North Carolina,
trict will have the same amount of capital and the Georgia, Florida, Alabama, Mississippi, and that part
same deposits, in whatever city it may be located, it of Louisiana lying east of the Mississippi River.
follows that the question of accessibility to its partic6. Reserve city: St. Louis or Kansas City. Disular district will be the primary question in determin- trict: Southern Indiana, southern Illinois, Missouri,
ing the location of each reserve city. This being so, Arkansas, all of Louisiana west of the Mississippi River,
we think it will appear that Chattanooga is the most Texas, Oklahoma, and Kansas.
logical and most convenient location for the reserve
7. Reserve city: Denver. District: Nebraska,
bank for the above-suggested district which would North Dakota, South Dakota, Montana, Colorado,
embrace southern Ohio, Kentucky, Tennessee, western New Mexico, Arizona, Utah, Wyoming, and Idaho.
North Carolina, Georgia, Florida, Alabama, Missis8. Reserve city: San Francisco. District: Califorsippi, and that part of Louisiana lying east of the nia, Nevada, Oregon, Washington.


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Federal Reserve Bank of St. Louis

27

LOCATION OF RESERVE DISTRICTS.

28

The national banking capital and surplus of said
eight districts as above outlined and the capital of the
reserve banks in the respective districts would be
approximately as follows:

First
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth

Capital and
surplus.

Reserve
bank
capital.

$150,000,000
521,490,000
261,377,000
283,482,000
142,261,000
208,658,000
82,164,000
118,373,000

District.

$9,000,000
31,289,400
15,682,620
17,008,920
8,535,660
12,519,480
4,929,840
.7,102,380

We have given more particular study to the section
of the country east of the Mississippi River, together
with what seems to be the settled trend of opinion in
that territory as to what would be the most practicable
division of the same into Federal reserve districts,
and we are convinced that an approximate division as
above indicated will give the best possible results and
will be eminently fair and just to all the people affected.
FIFTH DISTRICT.
The fifth district, if outlined as above indicated,
would be ideal in location, size, population, and diversity of products, and would furnish a most admirable combination of practically all the elements concededly desirable in the formation of a reserve district.
It would harmonize with the other districts which
seem to be necessary for the accommodation of the
the
eastern, northern, and middle western sections
country and would be of average size.
It would include the great manufacturing and trade
centers and great grain and stock producing sections
of southern Ohio and northern Kentucky, the great
mining, manufacturing, and agricultural industries of
southern Kentucky, eastern Tennessee, western North
Carolina, north Georgia, and north Alabama, the great
tobacco and stock raising sections of Kentucky and
middle Tennessee, the vast cotton fields of Georgia,
Alabama, Mississippi, and western Tennessee, the
subtropical fruits and products of Florida and eastern
Louisiana, and the great commercial and trade interests of New Orleans on the south as a balance to the
like interests of Cincinnati at the northern end of the
proposed district. And yet, with all this almost
unlimited variety of products maturing at various
seasons of the year and giving assurance that within
such district there would be a steady and uniform
demand on the reserve bank for money throughout
the year, by locating such reserve bank at the best and
most accessible railroad center in the central section
of the district, every important and material part of
the territory could be reached by mail deposited after
the close of banking hours one day and received at its
destination at or before the beginning of banking hours
the next day. This will be shown more in detail on


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a

the map of the said proposed fifth district and adjacent territory which will be presented with this brief.
CHATTANOOGA'S CLAIMS.
We respectfully submit that Chattanooga is the
most convenient and desirable point for the location of
a reserve bank for said suggested fifth district or any
other reserve district, including the Central South for
the following reasons:
CHATTANOOGA AN ACTUAL AND NATURAL GATEWAY
BETWEEN NORTH AND SOUTH AND EAST AND WEST.
Since the first settlement of the country, Chattanooga has been recognized as the natural and actual
gateway between the North and the South and between
the East and the West. Hence, at an early day the
State of Georgia built her own (Western & Atlantic)
railway from Atlanta to Chattanooga, and later the
city of Cincinnati built its own line, the Cincinnati
Southern,from Cincinnati to Chattanooga, the natural
gateway of the South.
Hence, also, the fact that Chattanooga became the
great strategic point, war center, and battle field in the
great struggle between the North and South.
Chattanooga has long been recognized as the principal railroad center of the Central South—the point
where the principal lines of travel from east to west
and from north to south cross each other.
Nine lines of railroad, namely, the Cincinnati Southern (Queen & Crescent), the Central of Georgia, the
Alabama Great Southern, the Nashville, Chattanooga
& St. Louis, the Western & Atlantic, the Tennessee,
Alabama & Georgia, and the three divisions of the
Southern Railway, known, respectively, as the "Main
Line" (from Chattanooga to Washington), the "Memphis Division," and the "Georgia Division," all center
at Chattanooga.
The interstate roads radiating to the southward
and furnishing easy, speedy, and direct access to the
entire territory embraced in the States of Georgia,
Alabama, Florida, South Carolina, and Mississippi
are the Alabama Great Southern (extending through
Georgia, Alabama, and Mississippi to New Orleans),
the Central of Georgia (extending from Chattanooga
through Georgia to Savannah, with numerous branch
lines extending to many points in Georgia, Alabama,
and Florida), the Tennessee, Alabama & Georgia
(extending into Alabama and touching other important lines), the Western & Atlantic (extending to
Atlanta and making direct connection with through
lines through south Georgia, Florida, and South Carolina), the Georgia Division of the Southern (extending
south through Atlanta and Macon to Jacksonville and
making direct and through connection with many
other lines), and the Memphis Division of the Southern

CHATTANOOGA, TENNESSEE.

(extending 312 miles from Chattanooga to Memphis,
with branches and direct connections radiating to the
south and west). To the east the main line of the
Southern Railway extends through eastern Tennessee
via Knoxville and Morristown, 242 miles to Bristol,
and has radiating and connecting lines covering all of
eastern Tennessee and extending northwardly into
Kentucky and southwardly into North Carolina and
South Carolina, Georgia, and Florida.
The Cincinnati Southern extends northwardly
little over 300 miles on a direct line via Lexington,
through the heart of Kentucky, to Cincinnati, with
connecting lines to all parts of Kentucky, Ohio, and
Indiana.
The Nashville, Chattanooga & St. Louis extends
westwardly and nOrthwestwardly through the middle
and the northwestern portion of Tennessee, with connecting and affiliated lines extending into Kentucky,
Ohio, and southwestern Indiana, and branch lines into
the eastern and mountain portions of middle Tennessee.

BECAUSE OF ACCESSIBILITY.

Chattanooga is not only a railroad and transportation center as above shown, but is the railroad and
transportation center most easily and speedily accessible to all the territory embraced in said district.
EXPRESS

COMPANY
HEADQUARTERS—CONVINCING
PRACTICAL EVIDENCE OF CHATTANOOGA'S CENTRAL
POSITION AND ACCESSIBILITY.

Lately the president of the Chamber of Commerce of
Chattanooga asked Mr. Charles L.Loop, vice president
of the Southern Express Co., to furnish the chamber
a brief statement as to why the Southern Express Co.
established its headquarters at Chattanooga. In a
letter addressed to the president of the chamber of
commerce Mr. Loop responded as follows:
In response to your request that I state under what circumstances
the Southern Express Co. selected Chattanooga for its general headquarters:
Up to the year 1892 the Southern Express Co. maintained two
headquarters, one in Augusta, Ga., and one in Memphis, Tenn.
The time came when we had to consoldiate the headquarters and
we had to consider the most available and desirable location.
Chattanooga was selected primarily because of its central location and its accessibility to all points reached by the Southern
Express Co., including even places north of the Ohio River. (This
company operates north of the Ohio River to St. Louis, Mo., and
Columbus, Ohio, and east to Washington, D. C.)
We figure that being located in Chattanooga we receive our
reports from agents on an average much earleir than we could in
any other location. And, when necessary for our men to travel
in any direction, the average ride to any point in the territory
of this company could be reached in less average time from Chattanooga than probably any other point.
There were additional good reasons for the selection, but the
central location and train facilities were the governing ones.
I send you one of our maps.
Very truly, yours,
CHAS. L. LOOP, Vice President.


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Federal Reserve Bank of St. Louis

29

ESTABLISHED BY INTERSTATE COMMERCE COMMISSION
AS HEADQUARTERS FOR VALUATION OF COMMON
CARRIERS—FURTHER

CONVINCING PRACTICAL EVI-

DENCE.

After hearing the claims of Louisville, Nashville,
Atlanta, Birmingham, and other cities and after
thorough consideration the Interstate Commerce
Commission, in October, 1913, by a unanimous vote
selected Chattanooga as the headquarters for the
valuation of common carriers, in the territory embracing the States of Ohio, Indiana, Kentucky, Tennessee,
South Carolina, Florida, Georgia, Alabama, and
Mississippi.
The officially announced ground for the selection
of Chattanooga was the fact that Chattanooga, by
reason of its location and its position, was the place
most easily and speedily and economically accessible
to the entire territory embraced in the said valuation
district.
The same reasons which made Chattanooga the most
desirable point for the headquarters of the Southern
Express Co., and the most expedient and suitable
location for the valuation headquarters as established by the Interstate Commerce Commission, make
it now the most suitable and desirable location for
the regional reserve bank for the suggested fifth
reserve district or any other district embracing the
Central South.
We submit herewith a map of the suggested fifth
district and adjacent territory, with train schedules
showing that communications by mail can pass either
way between Chattanooga and practically every
point of importance in the suggested district, or in
the Central South, between the close of banking hours
on one day and the beginning of banking hours the
next day.
BUSINESS EQUATOR OF THE DISTRICT.

. As nearly as possible, we have ascertained the relative value of annual farm products and manufactured
products, north and south of Chattanooga, and the
relative population, banking capital, deposits, etc.,
within said district on either side of an east and west
line drawn through Chattanooga.
The result, which indicates substantially that Chattanooga is the business equator of the suggested fifth
district, is substantially as follows:
North of
South of
Chattanooga. Chattanooga.
Value of all farm products
Value of manufactured products
National-bank capital
National-bank deposits

$567,339,230
524,270,000
64,485,000
220,000,000

1,591,613,574
Population north of Chattanooga
Population south of Chattanooga

$336,379,000
882,971,000
77,263,574
295,000,000

1,376,094,230
6,370,00o
7,700,000

LOCATION OF RESERVE DISTRICTS.

30
IV.

CONCLUSION.

CHATTANOOGA MORE ACCESSIBLE THAN ANY OTHER
CITY OF THE CENTRAL SOUTH TO REGIONAL BANKS
WHICH MAY BE LOCATED IN OTHER RESERVE DISTRICTS.

Without presenting other facts and details strongly
tending to show the advantages of a reserve district
outlined as above suggested and the superior claims
of Chattanooga as a reserve city, we submit the foregoing suggestions in the hope that they may, in some
measure, aid the committee in its important and difficult task and in. the belief that when all the facts are
fully considered and the needs and requirements of the
entire country are taken into account it will be found
advisable to locate a regional reserve bank in Chattanooga.
NEWELL SANDERS,
Chairman of Joint Committee of Chattanooga Clearing
House Association, Chattanooga Chamber of Commerce, Chattanooga Manufacturers' Association.
J. P. HOSKINS,
President of Chattanooga Clearing House Association.
PAUL J. KRUESI,
President Chattanooga Chamber of Commerce.
M. E. TEMPLE,
President Chattanooga Manufacturers' Association.
FRANK A. NELSON,
Manager Clearing House Association.
JOHN H. CANTRELL,
Secretary General Committee.

Situated at the extreme northern edge of the cottonproducing section, Chattanooga is not only the most
accessible point from all parts of the central south
as above shown, but it is the one point in the central
south most accessible to the trade centers of the sections north and west of the suggested fifth district and
north and west of the central south.
Should reserve banks for other districts be located
at Chicago,St. Louis,Kansas City, Dallas, or any other
cities of the great west and northwest, they could
communicate more quickly and conveniently with
Chattanooga than with any other city located anywhere near the center of the central south.
Currency wired for from St. Louis or Chicago could
leave Chattanooga during banking hours one day
and be delivered before banking hours the next morning.
OTHER ADVANTAGES.
Not only is Chattanooga the chief railroad center of
the centralsouth and the most accessible point by rail
or mail or wire within the same territory, but it is also
otherwise in every way worthy of consideration as a
proper point for the location of a regional reserve bank.
It is on the Tennessee River, which, under the improvement plans already adopted and begun by the Government,issoon to be of greatimportance as a water transportation highway, being already a larger and longer
river than the Ohio.
The healthful and invigorating climate of Chattanooga is known far and wide and is taken advantage
of by many visitors, both in summer and winter.
The office force of a reserve bank located here could be
kept in a high state of physical comfort and efficiency
throughout the year.
With her more than 300 factories, her extensive and
rapidly growing commercial interests, her central location, her unequaled railroad and transportation facilities, her unsurpassed climate, her scenic beauty and
historic interest, her adjacent Army post and national
parks, her importance as the headquarters of the great
express carrier of the South, and as the headquarters
for the valuation of common carriers in the nine States
extending from and including Ohio and Indiana on the
north, and Florida, Alabama, South Carolina, and
Mississippi on the south, with a progressive and efficient city government, and all the conveniences and
attractions of a modern city of the best type, we believe that Chattanooga will be found the most convenient and advantageous location for the reserve bank
which is to serve any reserve district which may include the greater portion of the Central South.


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Federal Reserve Bank of St. Louis

Suggested Federal reserve banks.

District.

First
Second
Third
Fourth
Fifth
.
Sixth.
Seventh
Eighth

Capital and
surplus of
national
banks.
$150,000,000
521,490,000
261,377,000
283,482,000
142,261,000
208,658,000
82,164,000
118,373,000

Capital of
Federal
reserve
banks.
$9,000,000
31,289,402
15,620,682
17,008,920
8,535,660
12,519,480
4,929,840
7,102,350

State banks in district No.5 above
..
000,000
Capital and surplus
Deposits.......................................... GOO,000,000
Data concerning district No.5 as suggested.
Population........................................
13,771,000
All farm property................................$3,590,501,343
All farm products................................ 903,719,616
300,080,775
Cotton
53,247,084
Cotton seed
49,833,077
Tobacco
Corn............................................. 221,164,603
Hay..............................................
48,549,053
Wheat............................................
26,722,651
18,715,015
Oats
Potatoes
10,564,902
Yams and sweet potatoes
15, 127,554
Other vegetables
42,745,716
Cane sugar
24,091,861
Dairy products
47,796,988
Manufactured articles
1,407,241,000
Mines, quarries, wells, etc
69,234,531

CHATTANOOGA, TENNESSEE.
Train and mail schedules in and out of Chattanooga to important points
in suggested district.

31

Train schedule to Chattanooga-Contiimed.
Leave.

Chattanooga
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do

10.15 p.m.
10.15 p. m
10.25 p.m.
10.25 p. m
9.45 p. m
9.45 p. m
10.05 p.m.
10.05 p. m
10.00 p.m
10.00 p.m.
10.00 p. m
5.10 p. m
5.10 p. m.
6.25 p.m.
3.52 p.m.
5.10 p. m.
5.10 p. m.
6.20 p. m.
6.20 p.m.
6.05 p. m.
6.20 p. m.
6.20 p. m.
6.05 p. m.

8.00 a. m.
8.45 a. m
2.55 a. m
8.00 a. m
5.23 a. m
8.00 a. m
10.10 a. m
11.55 a. m
1.25 a. m
9.15 a. m
5.50 a. m
6.05 a. m
9.55 p. m
8.30 a. m
7.30 a. m.
7.40 a. m.
9.55 a. m.
10.20 p. m.
7.00 a. m.
7.30 a. m.
5.40 a. m.
7.00 a. m.
9.10 a. m.

Memphis
Jackson, Tenn
Nashville
Louisville
Lexington
Cincinnati
Dayton, Ohio
Columbus, Ohio
Knoxville
Bristol, Tenn
Asheville, N.C
Augusta
Atlanta
Brunswick
Savannah
Jacksonville
Columbus, Ga
Birmingham
Montgomery
Mobile
Jackson, Miss
Vicksburg
New Orleans

Train schedule to Chattanooga.
Arrive.

Leave.
Memphis
Jackson, Tenn
Nashville
Louisville
Lexington.
Cincinnati
Dayton, Ohio

Arrive.

Arrive.

Leave.

8.00 p. m. Chattanooga
do
6.05 p m.
do
9.30 p m.
do
9.35 p m.
do
10.25 p m.
do
8.00 p m.
do
5.53 p. m.

5.05 a. m.
5.05 a. m.
2.44 a. m.
6.40 a. m.
6.10 a. m.
6.10 a. m.
6.10 a. m.

Columbus, Ohio
Knoxville
Bristol, Tenn
Asheville, N C.
Augusta
Atlanta
Brunswick
Savannah
Jacksonville
Columbus, Ga
Birmingham
Montgomery
Mobile
Jackson, Miss
Vicksburg
New Orleans

4.00 p. m. Chattanooga.
2.00 a. m.
do
3.30 p. m.
do
9.30 p. m.
do
11.15 p. m.
do
5.10 p. m.
do
8.10 p. m.
do
8.00 p. m.
do
8.40 p. m.
do
10.03 p m.
do
6.05 p. m.
do
6.00 p m.
do
8.15 p. m.
do
10.45 p. m.
do
9.25 p. m.
do
7.30 p. m.
do

6.10 a. m.
6.00 a. m.
6.00 a. m.
6.00 a. m.
11.55 a. m.
9.35 p. m.
10.55 a. m.
11.55 a. m.
10.55 a. m.
11.55 a. m.
9.55 p. m.
5.05 a. m.
10.05 a. m.
10.20 a. m.
10.20 a. m.
10.05 a. m.

Chattanooga railroads.
Southern Railway-Atlanta and Southeastern Division, Memphis and Western Division, Knoxville and Eastern Division.
Cincinnati, New Orleans & Texas Pacific-to Cincinnati, Louisville, etc.
Alabama Great Southern-to Birmingham, New Orleans, etc.
Nashville, Chattanooga & St. Louis-to Nashville, St. Louis, Chicago, etc.
Western & Atlantic-to Atlanta.
Central of Georgia-Georgia coast and central and southern Alabama.
T. A. G.
-Gadsden, etc.
Amount of freight charges collected by railroads in 1913 for
shipments in and out of Chattanooga, $5,614,000.

SUPPLEMENTAL BRIEF FOR COMMITTEE.

The facts developed at the committee hearings at
Atlanta and Cincinnati tend strongly to confirm us in
the belief that the geographical outlines of the eight
reserve districts suggested in our original brief are
logical and desirable; and in compliance with the request of the committee we submit herewith a map
outlining said eight reserve districts as suggested in
said original brief.
Considering the question from every standpoint required by the Federal reserve act, we are convinced
that the Atlantic seaboard will have to be divided
into three districts, with one reserve bank at Boston,
one at New York, and a third (for the South Atlantic
district) at Baltimore, Washington, or Richmond.
Slight variations in the outline of this third district,
especially as to the question of including southeastern
Georgia and a part of Florida, would depend on the
precise location of its reserve city.
Beginning again at the north, it will doubtless be
found advisable to locate a reserve bank at Chicago
for the lake and adjacent territory, leaving an ideal
reserve district bounded on the north by the Chicago
district, on the east by the South Atlantic district,
and on the west by the Mississippi River, extending
southwardly to the Gulf. We are convinced that this
grouping of the States of Kentucky, Tennessee, Alabama, Georgia (excepting possibly the southeastern
part), Mississippi, all or a part of Florida, western
North Carolina, southern Ohio (with possibly south-


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Federal Reserve Bank of St. Louis

eastern Indiana), and that part of Louisiana east of
the Mississippi River, is the logical one for the following reasons:
1. It would harmonize with the surrounding reserve
districts which seem to be necessary for the proper
accommodation of other sections.
2. The Federal bank would be of reasonable dimensions
-a minimum capital of $8,535,000 and a minimum deposit of $20,000,000 from the national banks
situated within this territory. The State banks within
this territory have a capital and surplus of approximately $150,000,000 and deposits of $600,000,000.
It would, of course, receive in addition its proportionate share of the deposits of the United States
Goyernment.
3. The bank would be self-supporting because the
products of the territory are of such a variety that
the various sections would call on the banks for loans
at different seasons, the principal products being cotton, tabacco, sugar, citrus fruits, truck-garden products, corn, live stock, lumber, coal, iron and manufactures.
4. The bank would be profitable to its stockholders
because there would be a constant demand for its
loanable funds.
ATLANTA AND CINCINNATI HEARINGS.
We have read the transcript of the evidence adduced
at the hearings both at Atlanta and at Cincinnati,
besides attending the hearing at Atlanta.

32


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Federal Reserve Bank of St. Louis

LOCATION OF RESERVE DISTRICTS.

V.:MTh 50K.
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showing its natural advantages as the "Key to the South."

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NORTH DAKOTA
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+CITIES WITH A POPULATION OF 50,000 AND OVER,AS SHOWN BY CENSUS BULLETIN.


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Federal Reserve Bank of St. Louis

RESERVE BANK ORGANIZATION COMMITTEE
WASHINGTON, D. C.

LOUIS

LORI RA

ot,Roust`

CHATTANOOGA, TENNESSEE.

NEBRASKA

34

LOCATION OF RESERVE DISTRICTS.
DEVELOPMENTS AT ATLANTA HEARING.

a north and south district from middle Ohio to the
The facts developed at Atlanta, taken as a whole, Gulf (substantially as suggested by Chattanooga),
seemed to us to clearly indicate that the district sug- with a central reserve bank at Chattanooga, one wellgested by that city is practically impossible, for four equipped branch bank at New Orleans on the extreme
south, and another branch office at either Cincinnati
reasons:
1. It includes the Carolinas, the greatest part of or Louisville toward the northern end of the district.
This would give ideal service to the entire district
whose territory would naturally and necessarily belong
and make the district normally self-supporting, and
to a South Atlantic seaboard district—such a South
Atlantic district including the greater part of the Caro- would permit the formation of other self-supporting
linas, etc., and having its reserve city at Washington, districts for the surrounding territory which would
Richmond, or Baltimore, seeming to us inevitable in harmonize with a rational and logical outline of districts for the entire United States.
any well-considered outline of reserve districts.
If more than eight districts are to be formed, they
2. It (said Atlanta district) would be nominally
should be taken from the strong districts suggested for
dependent and would include little or no "fat to help
fry the lean" at each annually recurring crop-moving New York, St. Louis, and Chicago. They should not
be created by subdividing the agricultural territory of
period.
the South into weak and dependent districts.
3. It leaves New Orleans and adjacent territory
with no logical connection with any other logical district, and suggests the creation of another weak and CHATTANOOGA THE MOST LOGICAL AND DESIRABLE
POINT FOR RESERVE BANK.
wholly dependent southern or southwestern district.
4. It leaves a territory between the suggested
Chattanooga is the most logical and desirable place
Atlanta district and what would naturally be the for the
location of a reserve bank for the suggested
Chicago district which would not logically belong to fifth district,
because
any other district and which could not properly be
1. It is the point of importance nearest the center
made a separate district.
of the district, taking into account the population,
As Chattanooga was Atlanta's unequivocal second banking
capital and deposits, and the general business
choice, why not include Atlanta and Georgia in the of the
district. This point is fully elaborated and
logical and nominally independent district suggested practically
shown in our original brief.
by Chattanooga?
2. It is within a night's run of all the principal
points in the district, and mail sent out after banking
DEVELOPMENT AT CINCINNATI HEARING.
hours from Chattanooga could reach the banks in all
While the district suggested by Cincinnati would be principal cities in the district by early banking
hours
strong and in many respects desirable in itself, fur- on the following morning, and vice versa.
This is
nishing more than ample reserve for all its normal clearly shown by the schedule of night
trains from
needs, it is objectionable:
Chattanooga to and from all important points in the
1. Because it encroaches on what would naturally district appended to our original brief.
be the Chicago district on the north, it appearing at
3. It is a railroad center and is on the direct line
the hearing that Indianapolis and most of Indiana of travel between the principal cities of the
district
and northeastern Ohio would be more conveniently in the north, such as Columbus, Dayton,
Cincinnati,
served from Chicago. In including West Virginia it and Louisville, to the principal cities of the
south, as
encroaches on a district which would be best served New Orleans, Mobile, Montgomery,
Birmingham, Atfrom Washington, Baltimore, or Richmond.
lanta, and Jacksonville. It is likewise on the route
2. The district suggested by Cincinnati scarcely from those on the west, as Memphis,
Nashville, etc.,
reaches the northern limit of the cotton belt on the to Atlanta, Savannah, and Augusta on the
east. It
south, and leaves one or more districts to the south- is also thoroughly and speedily accessible
to the great
ward which will be normally dependent during the centers like Chicago, St. Louis, etc.,
where reserve
crop-moving periods. If extended southwardly to banks for other districts may be located.
Montgomery, as suggested by Nashville's representa4. Chattanooga is one of the chief manufacturing
tives at Cincinnati, then a still weaker and more de- centers of the south, with approximately
300 factories
pendent district would be left along the Gulf coast.
making over 500 different articles of commerce. The
As Atlanta, Birmingham, and Nashville have all amount of freight charges collected by
railroads in
admitted at the hearings that they can be well served 1913 on shipments in and out of
Chattanooga was
from Chattanooga, and as the suggested Chattanooga $5,614,000.
district avoids all the difficulties and objections en5. It is one of the great electrical centers of the
countered in considering the districts suggested,respec- Nation-110,000 horsepower having
within the last
tively, by Atlanta and Cincinnati, it appears to us that two years been brought to its doors
by power plants
che whole problem can be easily and happily solved by erected within that time on the
Tennessee and Ocoee


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Federal Reserve Bank of St. Louis

CHATTANOOGA, TENNESSEE.
Rivers. Approximately $12,000,000 has been lately
spent in the development of these two water-power
plants.
6. It is a rapidly growing business center, as is
evidenced by the growth of post-office receipts, as
follows:
1894
1904
1913

$66,123
207,167
488,521

The bank deposits, which are now $18,500,000,
have increased 400 per cent within the last 13 years.
While the population of Chattanooga by the Federal
census of 1910 was only 44,604, a considerable part of
the city since properly annexed was not then embraced in the corporate limits of the municipality.
The publisher of the 1914 city directory of Chattanooga and suburbs, Mr. G. M. Connelly, shows that
the alphabetical directory for this year contains
42,634 names of individuals 17 years of age and over,
this would
and that using the usual multiple of
of 102,321.
indicate a population
Chattanooga has 40 miles of paved streets, 80 miles
of sewers, a most efficient and well-equipped police
and fire department, a low rate of insurance, 64 miles
of street railway, an excellent school system, a very
complete public library, a fine system of public parks
and recreation centers, etc. These matters are mentioned in this connection merely to give assurance
that this growing city has all the safeguards, comforts, and conveniences which would have to be considered in locating a reserve bank.
We are prepared to give assurance that a suitable
and centrally located banking house can and will be
at once erected or supplied and equipped for the
reserve bank should this city be designated as a
reserve city.
CONCLUSION.
The more we consider the subject the more we are
convinced that Chattanooga's railroad and transportation facilities, her natural location as a passageway between North and South, and between East and West,
her superior accessibility to and from all parts of the
suggested district, and her ideal location in the business
and geographical center of the district, makes her a
more convenient and desirable location for a reserve
bank than any other city within said district.
As such bank will have the same capital, the same
deposits, the same directors, and be used for the same
reserve purposes in whatever city it may be located,
it is clear to us that at last the question of accessibility will necessarily be controlling. Otherwise the
primary purpose of the Federal reserve act will be
practically defeated, and the manifest evils and me-


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Federal Reserve Bank of St. Louis

35

qualities which it was intended to correct will to a
large extent continue.
This being so, Chattanooga's claims and advantages would appear to be paramount. Its accessibility, with its location in the center of the mining,
timber, and manufacturing zone which lies between
the cotton fields on the south and the great grain, tobacco, and commercial and manufacturing areas in
the north end of the suggested district is, as we think,
an unanswerable argument in its favor.
Respectfully submitted.
NEWELL SANDERS,
Chairman General Committee.
J. P. HOSKINS,
President Clearing House Association.
P. J. KRITESI,
President Chamber of Commerce.
MORRIS TEMPLE,
President Chattanooga Manufacturers' Association.
FRANK A. NELSON,
Manager Clearing House Association.
JOHN H. CANTRELL,
Secretary General Committee.
OUT OF TOWN ITEMS SENT.
State.
Tennessee
Georgia
Alabama
Mississippi
Louisiana
Florida
North Carolina
South Carolina
Virginia
West Virginia
Kentucky

Account. Per cent.
866,294
63,498
36,077
6,688
2,791
5,429
6,168
6,562
1,917
1,414
7,430

0.1771
.1697
.0964
.0178
.0074
.0145
.0165
.0175
.0051
.0038'
.0191

204,268
New York
Massachusetts
New Hampshire
Connecticut
Delaware
Maine
Maryland...
District of Columbia
Pennsylvania
New Jersey
Ohio
Illinois
.
Indiana
Wisconsin
Michigan

.5449

110,342
1,094
28
12
15
14
5,021
17,879
4,433
18
6,517
8,707
1,498
134
2,160

.2949
.0029
.00007
.00003
.00004
.00004
.0134
.0478
.0118
.00005
.0174
.0232
.0040
.0003
.0057

224,872
Arkansas
Nebraska
Missouri
Texas
California
Utah
New Mexico
Arizona
Oklahoma
South Dakota
Iowa
Colorado
Idaho
Oregon
Wyoming
Kansas

.42163

380
703
3,115
5,843
450
349
140
44
735
9
36
147
5
13
12
5

.0010
.0018
.0085
.0156
.0011
.0009
.0004
.(X)01
.0019
.00002
.00009
.0003
.00001
.00003
.00003
.00001

11,986

.03179

374,126

.9983

EIGHT DISTRICTS AS SUGGESTED BY CHATTANOOGA CLEARING HOUSE.

LOCATION OF RESERVE DISTRICTS.


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Federal Reserve Bank of St. Louis

C+.
c;'


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Federal Reserve Bank of St. Louis

-

CINCINNATI, OHIO
37


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Federal Reserve Bank of St. Louis

CINCINNATI, OHIO.
BRIEF.
[Preparea .or the committee under the direction of FREDERICK C. HICKS, Professor of Economics and Commerce, University of Cincinnati.]
[Joint committee on regional bank: William S. Rowe,chairman; Clearing House—William S.Rowe,C.A.Hinsch, Caspar H.Rowe; Chamber of Commerce—Lazard Kahn,
Edward L. Heinsheimer, T. J. Davis; Business Men's Club—Franklin Alter, Edward Seiter.)

The Federal Reserve Bank Organization Committee:
GENTLEMEN: As representatives of the financial,
commercial, and industrial interests of Cincinnati, we
respectfully submit the following:
First. A regional bank district should be established consisting of the major portions of the five
States of Ohio,Indiana, West Virginia, Kentucky, and
Tennessee, together with such contiguous territory as
your investigations may show should be included
therein.
Second. The Federal reserve bank for this district
should be located in the city of Cincinnati.
We believe that such action is in harmony with the
provision of the Federal reserve act which prescribes
"that the districts shall be apportioned with due regard to the convenience and customary course of business."
We believe also that a consideration of the facts
herewith submitted will show that the proposed district, with Cincinnati as its regional bank city, meets
fully the conditions set forth by the organization committee as the "primary factors in determining the
boundaries of the proposed districts and the location
of the Federal reserve banks."
These primary factors are:
First. Geographical convenience, which involves transportation
facilities and rapid and easy communication with all parts of the
district.
Second. Industrial and commercial development and needs of
each section, which involves consideration of the general movement
of commodities and of business transactions within the districts
and the transfer of funds and exchanges of credits arising therefrom.
Third. The established custom and trend of business, as developed by the present system of bank reserves and checking accounts.
In laying out the districts and establishing the headquarters for
reserve banks, every effort will be made to promote business convenience and normal movements of trade and commerce.

GENERAL SUMMARY.
(A detailed presentation of each of these facts will
be found after this general summary.)
The propriety of establishing a district such as is
here proposed is shown by the following facts:
1. Relation ofthe proposed district to other districts.—
The district harmonizes with an efficient subdivision


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Federal Reserve Bank of St. Louis

of the country as a whole, whether the total number
of districts finally decided upon is g, 9, 10, 11, or 12.
2. Banking.—The five States constituting the proposed district have 3,560 banks, with a capital and
surplus of $391,094,000 and deposits of $1,675,524,000.
Of these banks, 1,009 are national banks, with a
capital and surplus of $202,701,000 and deposits of
$761,971,000.
Of the State banks, 1,239 are eligible for membership
in the Federal reserve bank system. Their capital
and surplus is $139,084,000 and deposits $624,860,000.
3. Credit demand and supply.—The banks of the
proposed district have about one-tenth of the total
amount of bills payable and rediscounts of all the
banks of the United States. The fluctuation in the
borrowing of the banks of the district throughout the
year amounts to only $6,000,000 between the high
and low points.
The proposed district combines loaning and borrowing sections in a manner that renders it selfsustaining. The northern portion as a rule possesses
a surplus of loanable funds, while in many southern sections, the demand for credit is in excess of the
local supply.
Moreover, judging from the replies received from
about 1,500 banks throughout the district, to the
inquiry, "In what months of the year is the demand
heaviest from your local borrowers?" there is a demand for credit throughout the proposed district in
all seasons of the year.
The comparatively slight fluctuations (about
$1,200,000) between the high and low points of the
outstanding loans of country banks in Cincinnati Is
evidence that the interests of the district are so
diversified that at the period of the year when one
section is borrowing, another section is lending.
This fact is further shown by the replies received to
the inquiry above mentioned.
4. Area and population.—The proposed district
contains 14.3 per cent of the total population of the
United States, 11.8 per cent of the urban population,
16.5 per cent of the rural population, and 13.5 per
cent of the cities and towns.
39

40

LOCATION OF RESERVE DISTRICTS.

5. Industries.—It is a section of extensive and widely
diversified industries—agriculture, mining, and manufacturing.
It contains 17.1 per cent of the farms of the United
States, 13.2 per cent of the total value of farm property, 14.9 per cent of the mining capital of the United
States, 13.1 per cent of the manufacturing establishments, and 12.5 per cent of the manufacturing capital,
and produces 13.4 per cent of the total value of farm
products, 15.1 per cent of the total value of mining
products, and 12.5 per cent of the total value of manufacturing products.
It produces over one-eighth of the country's cattle,
hogs, sheep, wool, tobacco, corn, wheat, eggs, fowls,
and orchard fruits, and over one-eighth of the output
of 19 of the 47 industries of the country which in 1910
reported a product of over $100,000,000 each.
Some of the industries, such as those connected
with farming, are of importance in.practically all
sections of the district, while others, such as mining
and manufactures are more centralized, the location
of the former (mining) being determined by the distribution of mineral resources, while the latter (manufactures) are found principally in the large cities and
their immediate environment. Even the mining and
manufacturing interests, however, are of large importance in each of the States mentioned.
Furthermore, the several sections of the five States
present varying degrees of development, a fact which
lends importance to the proposition to combine them
into one regional bank district, thereby bringing into
close relation the more highly developed areas and
those les§ developed to the mutual advantage of both.
6. Railroads.—Through its railroads and rivers the
district is well provided with facilities for transportation and communication. According to the Interstate
Commerce Commission's report of 1911, the five States
contained over 27,000 miles of railroad. This was 11.3
per cent of the total railroad mileage in the United
States.
The committee presents Cincinnati as the logical
place for the establishment of a regional bank for the
following reasons:
1. Location, resources, and trade.—Geographically,
Cincinnati lies nearest the center of the proposed district, midway between the most highly developed portions and those less developed, as a result of which it
serves both by bringing them into relation with each
other. It is situated near the center of population of
the United States.
The population of the metropolitan district of Cincinnati, according to the last census, was 563,804.
The manufactures of this district in 1910 were represented by 2,827 establishments, 95,571 persons engaged, a capital of $212,555,000, and a product valued
at $260,400,000, of which $121,292,000 represented
value added by manufacture. Thirty industries were


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Federal Reserve Bank of St. Louis

reported in 1910 with an output of over $1,000,000
each.
The commerce of Cincinnati reaches every State in
the country and all the leading foreign markets.
Intimate trade relations exist between the city and
all portions of the proposed district. This fact is
shown by the statistics of the distribution of the trade
of a selected list of representative Cincinnati firms,
and also by the package car shipments.
2. Banking resources and relations.—Cincinnati is
the natural financial center of the proposed district.
Its banks have an honorable record for sound policy
and efficient service, past and present, which has merited and received the confidence of the business and
financial interests of the proposed district.
The city has 42 banks, with a capital and surplus
of $30,096,000 and deposits of $138,190,000. Of these,
11 are national banks, with a capital and surplus of
$19,968,000 and deposits of $60,391,000.
The city sustains correspondent relations with 877
banks in the district, situated in 225 counties, distributed throughout all sections of the 5 States.
It is the center of a section which possesses surplus
funds that are available for the demands of other sections of the district.
The banks of Cincinnati serve other portions of the
district in a large number of ways, both direct and
indirect. The general character and extent of these
services are shown:
(1) By shipments of currency, amounting in 1913
to $39,105,000.
(2) By participating largely in financing the various business activities of the district, notably in connection with the production and sale of wheat, corn,
cattle, hogs, sheep, wool, tobacco, blue-grass seed,
coal, distilled liquors, iron, and paper and pulp.
(3) By the readiness and efficiency with which aid
is extended in emergencies, notable examples of which
are the panic of 1907 and the flood of 1913.
3. Transportation and facilities.—From Cincinnati
as a center, railroads radiate in every direction, bringing the city into close relations with every part of this
and contiguous districts: To the north and northeast,
5 lines; to the east and southeast, 4 lines; to the south
and southeast, 2 lines; to the west and southwest, 4
lines; to the northwest, 4 lines.
Package cars to the number of 596 are sent out
daily, reaching all portions of the 'district and also
many points in neighboring States.
4. Mails.—The city has exceptional mail facilities.
Frequent mails go daily between Cincinnati and all
important cities of the district, and also between Cincinnati and the leading cities in the territory contiguous to the district.
The arrangements are such as to make possible communication between Cincinnati and all of the large
cities of the district between the close of business hours

CINCINNATI, OHIO.
on one day and their opening on the following morning.
The same is true of mail communication between Cincinnati and many important cities in adjoining districts.
5. Distributing center.—Cincinnati is an important
distributing center both for its own products and for
those of other sections.
Among the leading commodities for which the city
serves as a center of distribution are coal and coke,
pig iron, wheat, corn, tobacco, distilled liquors, live
stock, lumber, fruits, and dry goods.
The movements of commodities into and out of
Cincinnati are relatively constant throughout the year.
Indeed, it is characteristic, both of the industries of
the city itself and of its commerce, that the articles
are of so varied a character as to render the business
and financial conditions independent of the vicissitudes that may attend any one class of products.
6. Federal administrative center.—The superiority of
Cincinnati as a center for serving the proposed district
is shown by its selection as headquarters for the administration of Federal affairs.
Its post office serves (1) as a depository for postal
funds in Ohio; (2) as the depository for money-order
funds from southeastern Indiana, southern Ohio, and
eastern Kentucky; and (3) as the headquarters for
paying the rural mail carriers of Ohio.
It is also the headquarters for the administration of
the fifth division of the Railway Mail Service, which
includes the States of Ohio, Indiana, and Kentucky.
District centers in this division are located at Cleveland,
Indianapolis, and Louisville. Thirteen lines of this
division radiate from Cincinnati, and besides these, 14
other important lines are operated from here.
Cincinnati is one of the nine subtreasury cities of the
United States. Besides being a depository for the
funds of the National Government, it serves a large
area through (1) shipment of silver and minor coins;
(2) the transfer of funds; and (3) the receipt of deposits
for the 5 per cent redemption fund.
7. Sentiment of district.—The sentiment of the proposed district, so far as it has been ascertained, is in a
marked degree favorable to the location of a regional
bank in Cincinnati.
It is believed that the replies to the inquiries of the
organization committee,received from the banks of the
five States mentioned, when combined, will substantiate the opinion that Cincinnati occupies the leading
place in their choice a regional bank center.

a

THE

DISTRICT.

RELATION OF THE PROPOSED DISTRICT TO OTHER
DISTRICTS.
It is understood that the organization committee
desires an expression of opinion as to the best division
of the entire country into districts. Accordingly, a


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Federal Reserve Bank of St. Louis

41

map has been prepared suggesting the limits of districts, though the information at hand is not sufficient
to warrant a final opinion as to the exact lines of
division that should be established.
In submitting this tentative plan, the committee
has kept in mind the following considerations:
First. In planning for the division of the country
into districts, it is essential that each should be so
arranged as to fit into the general scheme, and that the
districts should be so arranged as best to meet the
needs of all. In other words, to warrant the establishment of any proposed district, it does not suffice to
show that by itself it fulfills the required conditions.
Its establishment must harmonize with the fulfillment
of these conditions by each of the other portions of the
country.
Second. The districts should, if possible, be so
organized that the available supply of credit will
suffice to meet the demand therefor, and conversely
that there will be an ample demand for the surplus
funds seeking employment. To this end, portions of
the country in which the supply of available funds
is in excess of the demand therefor should be grouped
with other sections where the demand for the credit
is in excess of the local supply.
Third. In providing that the number of regional
banks shall be not less than 8 nor more than 12, Congress said in effect that, subject to these limitations,
the number to be established should be determined
by the needs of the country. That is to say, it is not
primarily a question of establishing as few reserve
banks as possible, or as many as possible, but of providing such number as the interests of the country's
business require.
Fourth. It is believed also, that it is in harmony
with the•spirit of the law that the financial resources
of the country should be decentralized in so far as the
centralization of such resources has hitherto been the
result of arbitrary legislation and to the extent that
it has worked injury.
A study of the population and business of the various
sections of the United States will show, we believe,
that a district should be established, consisting of the
five States mentioned, whether the total number
finally decided upon is eight, nine, ten, eleven, or
twelve. The proposed district is situated at the
center of the main industrial and commercial area
of the United States and would therefore form
the connecting bond between the others that may be
organized.
The data submitted herewith is grouped by States
because the available statistics are so given. It is
not intended, however, to convey the idea that the
district advocated should conform exactly to the
boundaries of these States. Probably a portion of
northwestern Indiana should be included in the
Chicago district; a portion of eastern West Virginia

42

LOCATION OF RESERVE DISTRICTS.

in an eastern district. Small portions of western Kentucky and Tennessee perhaps fall naturally in a district including St. Louis.
Attention is called especially to the fact that in the
accompanying maps, that portion of the boundary
line of the district which coincides with the northern
boundary of Alabama is broken. This is intended to
show the committee's opinion that since the loaning
capacity somewhat exceeds the borrowing in the five
States given as forming the main portions of the district, it is possible to include additional borrowing;
territory. Existing trade relations suggest the propriety of making such addition from some of the southern States, more particularly from Alabama.
The maps show suggested district with 8, 9, 10, 11,
and 12 banks, respectively, together with the approximate amount of the capital of each bank in the several
subdivisions.

National banks.
Num- Capital and
ber.
surplus.
District
Ohio
Indiana
West Virginia
Kentucky
Tennessee

All banks.
Num- Capital and
ber.
surplus.

Deposits.

1,009 $203,000,000 $761,000,000

Deposits.

3,560 $391,000,000 $1,676,000,000

382
256

104,000,000
40,000,000

375,000,000
170,000,000

1,160
949

184,000,000
80,000,000

875,000,000
358,000,000

117
146
108

17,000,000
25,000,000
17,000,000

58,000,000
82,000,000
76,000,000

314
619
542

36,000,000
51,000,000
39,000,000

126,000,000
161,000,000
156,000,000

DISTRICT BANKING STATISTICS.
PERCENTAGES OF TOTAL IN THE UNITED STATES.
10 1ZVz,
0
NATIONAL BANKS:
Number
Capital and surplus
Deposits

BANKING.

General statement.
-There are in the district 3,560
banks, of which 1,009 are national banks. Together,
the banks have a capital and surplus of $391,094,000
and deposits amounting to $1,675,524,000. The
national banks alone have a capital and surplus of
$202,701,000 and deposits of $761,971,000. (See
chart following.)

STATE BANKS:
Number
Capital and surplus
Deposits

Banks.

Num.
ber.

National
Other
Total

Per cent
of
United
States.

Capital and
surplus.

Per cent
of
United
States.

11.7
9.9

1,009
2,551

13.6
11.7

$203,000,000
188,000,000

3,6.50

12.2

391,000,000

Per cent
of
United
States.

Deposits.

3762,000,000
914,000,000

9.5
7.5

10.7 1,676,000,000

8.3

NATIONAL AND STATE BANKS:
Number

Distribution.-The distribution of these banks and
of their capital and surplus and deposits throughout
the district was as follows (see also table for Distribution by sections in each State).

Capital and surplus
Deposits

Distribution by sections in each State.
[000 omitted in capital and surplus and deposit columns.]
National banks.

Other banks.
_

Number.

United States
District
Per cent of United States
Ohio
Northwest
West-central
Southwest
South-central
Southeast
East-central
Northeast
North-central
Indiana
Northwest
West-central
Southwest
Northwest


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

Capital
and surplus.

7,372 $1,727,561
1,009 I
202,701
13.6
11.7

Deposits.

$8,054,193
761,971
9.5

Number.

21,625
2,551
11.7

Capital
and surplus.

__

Deposits. Number.

$1,902,604 $12,121,455
913
:543
188,393
7.5
9.9

28,995
3,560
12.2

_

Total.
__
Capital
and surplus.

Deposits.

53,630,165 $20,185,
648
391,094
1,675,524
10.78,3

382

103,549

375,336

754

80,683

499,863

1,136

184,232

23
58
76
28
30
45
55
31

7,303
7,485
29,298
3,650
2,424
5,625
24,193
3,908

33,909
23,245
102,232
12,755
8,500
24,305
123,446
20,508

111

92
50
24
64
133
90

7,462
4,062
12,204
2,124
1,089
3,200
38,256
5,844

39,208
20,956
75,300
11,442
6,335
17,510
267,310
33,942

134
146
168
78
54
109
188
121

14,765
11,547
41,502
5,774
3,513

256

40,003

170,418

693

40,459

126
107
96
141

6,037
5,416
5,277
7,079

187,165
32,020
26,920
23,072
38,268

949

19,570
22,333
29,380
22.515

so

-

40
43
54
21

4,150
6,420
5,987
4.009 i

168
158
146
162

875,199
73,108
44,201
177532
24,200

860:', 197 -:
198,7844 652492
02 25
335 :590
59°451744 8:
583561525
11,836
48:623
10,254
52,542
11,088
60,052

43

CINCINNATI, OHIO.

Distribution by sections in each State-Continued.

Number.

Capital
and surplus.

Total.

Other banks.
,

National banks.

Deposits. Number.

Capital
and surplus.

Deposits. Number.

Capital
and surplus.

Deposits.

66
32

$15,810
3,627

$64,725
11,895

147
76

$14,733
2,917

$55,688
12,627

219
98

$30,805
6,282

$120,709
23,797

117

16,968

57,505

197

19,426

68,664

314

36,394

126,169

22,727
11,670
1,997

86,750
33,054
6,365

indiana-Continued.
East-central
Southeast
West Virginia
North
South
East

61
47
9

10,068
5,962
938

36,760
17,825
2,920

121
59
17

12,659
5,708
1,059

49,990
15,229
3,445

182
106
26

146

25,382

82,277

473

25,326

78,594

619

50,708

160,881

Kentucky

3,027
5,669
16,614
1,983
8,012
'8,289
1,447
3,472
1,124
1,071

7,820
17,610
62,737
6,720
25,306
18,185
3,634
11,610
3,694
3,565

10
16
12
13
20
25
9
19
8
14

Tennessee
Northwest
Southwest
Northwest-central
South west-central
North east-central
-central
Southeast
Northeast
East

•
I

1,591
1,933
8,590
822
3,451
5,404
723
1,557
679
632

3,505
5,095
36,370
3,245
11,075
11,435
1,605
5,520
2,267
2,160

38
87
71
36
98
42
28
45
15
13

1,436
3,736
8,024
1,161
4,561
2,885
724
1,915
445
439

4,315
12,515
26,357
3,475
14,231
6,750
2,029
6,090
1,427
1,405

108

Southwest
West
North west-central
-central
South west
-central
Northeast
East-central
-central
Southeast
Northeast
East
Southeast

48
103
83
49
118
67
37
64
23
27

16,799

76,435

434

22,499

79,257

542

39,298

155,692

561
2,150
4,452
1,327
472
3,845
617
3,375

1,345
10,455
27,335
3,495
2,045
16,110
3,875
11,875

91
87
65
44
42
47
21
37

2,618
9,793
3,159
1,066
823
2,586
585
1,869

7,215
39,180
11,053
2,950
2,452
7,737
2,650
6,020

99
96
88
58
52
64
29
56

3,179
11,943
7,611
2,393
1,295
6,431
1,202
5,244

8,560
49,635
38,288
6,445
4,497
23,847
6,525
17,895

8
9
23
14
10
17
8
19

I

-Of the State banks in the
Eligible State banks.
district 1,239 are eligible for membership in the
Federal reserve bank system. Their number,resources,
and distribution among the States are shown in the
following table:

to secure as wide information on this subject as is
possible.
The following table shows the number and distribution of the towns and banks represented in the
replies received to inquiries on this subject:
Banks and towns reporting seasonal demamifor credit.

Number.

Capital.

Surplus.

Deposits.
Banks.

District.
Ohio
Ind ma
Wes , Virginia
Ken ucky
Ten Lessee

Towns.

1,239 $101,302,000 $37,782,000 $624,860,000
348
449
157
155
130

40,991,000 20,729,000 336,995,000
25,210,000 5,848,000 139,905,000
10,664,000 5,445,000 51,060,000
12,950,000 3,697,000 48,255,000
48,645,000
11,487,000 2,063,000

District.
Ohio
Indiana
West Virginia
Kentucky
Tennessee

1,027

814

324
338
67
194
104

260
239
42
183
90

The information secured has been tabulated so as
(1) for the district as a
-Under date of June to show the relative demands
Bills payable and rediscount.
States comprising the district; (3)
whole; (2) for the
14, 1912, we find that the amount of bills payable and
for the several sections of the United States; and (4)
rediscounts of all the banks in the proposed district
for each of the counties therein. The facts given have
was one-tenth of the total of all the banks of the
been grouped to show this demand in each of the four
United States. This shows that the district has ap- seasons-spring, summer,fall, and winter-and also in
proximately its due proportion of borrowing banks.
each month of the year. (See the following tables.)
The fluctuation in the borrowing of the banks of the
Aggregate bills payable and rediscount.
district throughout the year amounts to only $6,000,[000s omitted.]
The chart and
000 between the high and low points.
in detail. The
table following show these fluctuations
Sept. 4, 1912.
June 14, 1912.
figures given are taken from the report of the United
Total. National. Other. Total.
National. Other.
States Comptroller of the Currency and the report of
district, except
the State banking commissioners in the
1
82,374 ()
(I)
58,606
1)
(
(9
in the case of Tennessee, which publishes no annual United States
13,203
7,312
5,891
11,997
5,243
6,574
District
report.
3,765
1,028
2,737
5,109
688
4,421
Ohio
483
160
643
Seasonal demand for credit.-There is a demand for Indiana
560
429
131
1,212
2 851
361
1,408
851
557
West Virginia
3,721
2,818
903
1,953
1,143
credit throughout the proposed district in all seasons Kentucky
810
3,86
2,
1,730' 132
2,967
2,132
835
of the year. The importance of this factor in deter- Tennessee
1 Data not obtainable.
mining the organization of districts has led to an effort


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

CREDIT DEMAND AND SUPPLY.

44

LOCATION OF RESERVE DISTRICTS.

Aggregate bills payable and rediscount-Continued.
Nov. 26, 1912.
National.

Other.

Demandfor credit, by months.

Feb. 4, 1913.

BANKS. .

National. Other. Total.

Total.

United States

71,881

District

10,244

7,194

17,438

6,687

6,687

4,846
306
182
1,756
3,154

2 1,028
2 483
733
2 2,818
2 2,132

5,874.
789
915
4,574
5,286

1,777
399
194
1,041
3,276

1,028
2 483
2 733
2,311
2 2,132

2,805
882
927
3,352
5,408

4
g• .
..4

51,447

June 4, 1913.
National. Other.

(I)

()
1
District.
Ohio
Indiana
West Virginia
Kentucky
Tennessee

Total.

District

5,815

5,774

11,589

1,532
369
235
1,200
2,479

2 1,028

2,560
1,065
968
2,385
4,611

109,106

2 696
2 733
1,185
2 2,132

173 387 481 518 363
46 101 133 150
114
49 107 132 148
86
16 28 31
30
21
37 107 130 133
95
25 44 55 57
47

260

232 407

369

315

194

170

71
71
15
60
43

54 129
85 136
9 27
52 81
32 34

124
127
33
59
26

100
116
25
51
23

66
72
13
26
17

55
52
15
28
20

ci)

0

Z

q
_

National. Other. Total.

72,906

Ohio
Indiana
West Virginia
Kentucky
Tennessee

-4

TOWNS.

District..
United States

,:: ,

,::.
,-.

..•.

Aug.9, 1913.

ai, 4g, .„,

g.,5
.-.

&.:
-4

.7

.-.

13,374

Ohio
Indiana
West Virginia
Kentucky
Tennessee

(1)

7,612

(I)

(I)

5,417

13,029

2,378 2 1,028
656 •
339
289
2 733
1,485 21 185
2,804 2 2,132

3,406
995
1,022
2,670
4,936

Ohio
Indiana
West Virginia
Kentucky
Tennessee

237

216

360 322 275

175

153

155

91
98
21
44
21

59
64
12
25
15

52
46
13
24
18

42
44
14
32
23

64 50 121
66
79 115
11 . 8 22
55
48
70
41
31 32

112
107
25
54
24

416 310
93 116 128 103
88 104 121
76
18 20 16
10
89 102 101
so
41
49 50
41

Seasonal demandsfor credit.

Oct. 21, 1913.
National.

329 391

BANKS.

Other.

Total.

()
1

(I)

United States

100,460

District

9,256

6,560

15,816

Ohio
Indiana
West Virginia
Kentucky
Tennessee

3,412
428
160
1,785
3,471

1,628
717
898
2 1185
2 2,132

5,040
1,145
1,058
2,970
5,603

I Data not obtainable.

2 Data

unavailable, last report repeated.

Seasonal demandfor credit.
Banks.

Towns.

Fall. Winter. Spring. Summer.

Fall. Winter.

District

527

283

645

493

446

251

511

415

Ohio
Indiana
West Virginia
Kentucky
Tennessee

178
180
37
92
40

89
89
22
54
29

189
192
38
160
66

142
135
26
129
61

159
143
29
77
38

80
80
19
46
26

157
149
22
124
59

127
111
15
108
54


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Federal Reserve Bank of St. Louis

Summer.

Fall.

Winter.

Num- Per Num- Per Num- Per Num- Per
ber. cent. ber. cent. 'ben cent. ber. cent.
District
Ohio.

A study of the following table shows that the number of banks reporting a demand in the fall was the
largest in the district and in each of the States.
The number reporting a spring demand, however, is
but little less than that reporting a fall demand. The
spring demand, so far as shown by the number of
banks reporting it, was the second largest in all of the
States except Kentucky and Tennessee.
Third in number and but little below that for spring
are those banks reporting a demand in the whiter.
The demand for credit in the winter season occupies
second place in Kentucky and Tennessee and third
place in Ohio, Kentucky, and West Virginia.
The demand in summer, though reported by the
smallest number of banks,'was still considerable in
extent in each of the several States.

Spring. Summer.

Spring.

Northwest
West-central
Southwest
North-central
Central
South-central
Northeast
East-central
Southeast
Indiana
Northwest
West-central.
Southwest
Northeast.
East-central
Southeast
West Virginia
North
South
East
Kentucky
Southwest
West
North west-central
South west-central
North east-central
East-central
South east-central
Northeast
East
Southeast
Tennessee
Northwest
Southwest
North west-central
South west-central
North east-central
South east-central
East
Northeast

'

527

27.0

, 178

29.9

23
27
42
5
28
22
6
19
6

30.3
24.1
26.1
62.5
32.5
27.9
33.3
54.3
26.1

283 14.5

645

33.1

493

25.4

89

14.9

189

31.4

142

23.8

9
16
26
0
12
12
5
4
5

11.8
14.3
16.1
0.0
14.0
15.2
27.8
11.4
21.7

25 32.9
37 33.0
48 29.8
2 25.0
26 30.2
32 40.5
5 27.8
8 22.9
6 26.1

19
32
45
1
20
13
2
4
6

25.0
28.6
28.0
12.5
23.3
16.4
11.1
11.4
26.1

14.9

192 32.2

180 30.2

135

22.7

0.0
33.1
30.5
30.6
27.7
41.1

0
30
2
7
12
38
28

0.0
22.6
22.8
24.5
20.6
25.0

22 17.9

38 30.9

26

21.1

13.7
20.8
0.0

11 21.6
27 37.5
0 0.0

8
18
0

15.7
25.0
0.0

21.1 , 54

12.4

160 36.8

129

29.7

0.0
9.3
32.3
5.1
31.5
10.6
4.2
27.4
20.0
36.4

1
5
4
2
15
7
2
16
0
2

12.5
9.2
11.8
5.1
12.0
14.9
8.4
19.1
0.0
18.2

4
25
9
19
39
21
10
27
4
2

3
19
10
16
31
14
11
18
4
3

37.5
35.2
29.4
41.0
25.0
29.8
45.8
21.4
40.0
27.2

40

20.4

29

14.8

66 33.7

1
1
10
9
4
7
4
4

50.0
50.0
22.7
28.1
17.4
21.9
9.7
20.0

1
0
5
5
5
2
7
4

50.0
0.0
11.4
15.6
21.7
6.3
17.1
20.0

0
0
14
11
5
12
16
8

_

0
41
37
16
59
27

0.0
30.8
31.4
32.7
32.1
24.1

0
18
18
6
36
11

37

30.1

25 49.0
12 16.7
0 0.0
92
0
5
11
2
39
5
1
23
2
4

7
15
0

0.0
13.5
15.3
12.2
19.6
9.8

0
44
36
15
51
46

50.0
46.3
26.5
48.8
31.5
44.7
41.6
32.1
40.0
18.2

0.0
0.0
31.8
34.4
21.7
37.5
39.0
40.0

61
-0
1
15
7
9
11
14
4

31.1
0.0
50.C
34.1
21.9
39.2
34.0
34.2
20.C

45

CINCINNATI, OHIO.
AREA AND POPULATION.

Area.—The five States mentioned, Ohio, Indiana,
West Virginia„ Kentucky, and Tennessee, together
have an area of 184,184 square miles.
Square miles.

District

184,184

Ohio
Indiana
West Virginia
Kentucky
Tennessee

41,040
36,354
24,170
40,598
42,022

Population.—The population of these five States,
according to the last census, was 13,164,000, 14.3 per
cent (somewhat more than one-eighth of the total)
population of Continental United States, excluding
Alaska. (See following chart.)

They comprise the principal portion of what is commonly known as the Ohio Valley. To the north of
this section lies the Lake region; to the east, the Appalachain Mountain system; to the south, the Appalachain Mountain system and the Gulf region; to
the west, the Mississippi Basin. Topographically, as
well as in other respects, this area constitutes a natural
unit.

Per
Total popu- of cent
United
lation.
States.
United States

91,972,266

100.0

District

13,163,810

14.3

Ohio
Indiana
West Virginia
Kentucky
Tennessee

4,767,121
2,700,876
1,221,119
2,289,905
2,184,789

Reference to the map giving the distribution of
population throughout the United States shows that
approximately 90 per cent of the people are to be
found east of the one hundredth meridian.

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AGGREGATE BILLS PAYABLi. AND"REDISCOUNTS"
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June July Au

Sept Oct Nov

Dec Jan

Feb

1913
June July

Mar ADr May

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16
15
14
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Federal Reserve Bank of St. Louis

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46

LOCATION OF RESERVE DISTRICTS.

Of this densely settled area, the proposed district
forms the central portion. Within it are to be found
the center of population of the United States (more
properly designated the center of gravity of population) and also the median point; that is, the point of
intersection of a north and south line with an east
and west line dividing the population into four equal
parts. (See following map showing density of population by counties.)

The cities and towns number 320, or 13.3 per cent of
the total number in the United States. Their size
varies from a minimum of 2,500 to over 500,000.
CITIES AND TOWNS.
10,000 25,000 100,000
to
to
to
25,C00 100,000 250,000

5,000
to
10,000

United State;

2,402

1,172

629

372 :

179

31

320

145

95

51

20

7

2

Ohio
Indiana
We- t Virginia
i
Kentucky
Tennessee

PERCENTAGES OF TOTAL IN THE UNITED STATES.

2,5C0
to
5,000

District

DISTRICT POPULATION STATISTICS.

Total.

138
88
25
40
29

56
38
13
20
18

45
26
6
12
6

23
19

9
4
2
3
2

3t
1

2

4

4
1 i

Above
250,000
19

1
2

0 I Z.V7..
AGRICULTURE, MINING, AND MANUFACTURES.
Total population .. .

Among tile most important factors determining the
financial needs of any people are their agricultural,
mineral, and manufacturing resources. Detailed information concerning these classes of resources in the five
States mentioned is given in order to emphasize their
extent and diversification. (See Appendix for tables
giving detailed statistics.)

Urban population....
Number of cities
Rural population.

Density of population.—Taking the district as a
whole the density of population was 72 per square
mile (United States, 30.9), the several States •varying
from a minimum of 50.8 in West Virginia to 117 in
Ohio.
Per
square
mile.

United States

30.9

District

72. 1

Ohio
Indiana
West Virginia
Kentucky
Tennessee

117.0
74.9
50.8
57.0
52.4

Urban population.—Of the population of the district, 5,033,707 (38 per cent) live in cities and towns.
This comprises 11.8 per cent of the total urban population of the United States.
' Per
cent of

Population,

total
populadon.

United States

42,623,383

46.3

District

5,033,707

38.2

Ohio
Indiana
West Virginia
Kentucky
Tennessee

2,665,143
1,143,835
228,242
55.5,442
441,045

55.9
42.4
18.7
24.2
20.2


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Federal Reserve Bank of St. Louis

Per

cent of
urban
population of
United
States.

AGRICULTURE.

Soils.—Eight classes of soils are recognized in the
survey undertaken by the United States with a view
to enabling the farmers, investors, bankers, and railway officials to act intelligently in respect to the interests intrusted to them. Of these eight different kinds
of soils all are found here, the predominant ones consisting of fertile barns.
Especially noteworthy in this connection is the
"blue-grass" region of Kentucky, extending 100 miles
from east to west and 125 miles from north to south,
often called the"garden spot" of the country. Similar
in general character is the central basin of Tennessee
and the eastern valley of that State between the Blue
Ridge Mountains and the Allegheny Mountain Plateau.
Generalfarm statisties.—The main facts with respect
to the agriculture of the proposed district are shown
in the following condensed tables. It will be noted
that in rural population, number of farms, improved
land, and values of the various.kinds of farm property this section contains approximately one-eighth of
all in the United States.
Per cent
Number. of United
States.

100
11.8
Rural population.
Number of farms
Acres in farms
Improved acres

8,127,000
1,088,000
97,660,000
66,923,000

District.
Per cent. Cf. United
States.

16.5
17.1

61.8

53.7

13.9

83.6
68.5

46.2
54.4

11.1


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Federal Reserve Bank of St. Louis

'MHO ‘IIVNAIDNIO

POPULATION PER SQUARE MILE, BY COUNTIES: 1910.

48

LOCATION OF RESERVE DISTRICTS.

(See following maps showing rural population per
square mile and per cent of land area in farms.)

Articles.

Quantity.

Value,

Per cent
of value,
United
States.

farm property.
Value of

Value.

Farm property
Farm land
Farm buildings .
.
Improvements and machinery
Live stock

35,412,884,000
3,677,044,000
952,651,000
141,363,000
612,720,000

Per cent
of United
States.
13.2
12.9
15.0
11. 1
13.0

Average value perfarm.
United States

$6,444

District

4,975

Ohio
Indiana
West Virginia
Kentucky
Tennessee

6,994
8,396
3,255
2,986
2,490

Size offarms.—Moreover, it is in the main a region
of small farms, the average size being about 90 acres
(U. S., 138), over 65 per cent (U. S., 58 per cent)
being under 100 acres.
Farm ownership.—It is also a region in which the
independent farmer predominates. Over 67 per cent
of the total farms are operated directly by their owners (United States, 62.1 per cent).
Per cent.

United States

62. 1

District

67..1

Ohio
Indiana
West Virginia
Kentucky
Tennessee

70.6
68.9
78.6
67. 2
58.6

Value offarm products.—At the time of the last
census the total value of farm products in the five
States which it is proposed to unite into a Federal reserve bank district was over $1,500,000,000, representing 13.4 per cent of the value of the farm products of
the entire United States.
Value.

Per cent
of United
States.

$642,720,000
Live stock
5,816,000
153,035,000
number..
Cattle
3,326,000 366,324 000
Horses, mules,etc.
..do....
9,924,000
Hogs,
61,518,000
do....
Sheep.'do.
32,831 000
8,313,000
70
,306
Dairy products
:000
35,066,000
Wool
pounds..
10,562,000
dozen.. 287,159,000
Eggs
53,571,000
36,664,000
number.. 88,705,000
Fowls.
734,602,000
Farm crops
bushels.. 521,158,000 288,940,000
Corn
83,128,000
82,428,000
Wheat.
do.
117,052,000
46,646,000
do.
Oats
10,004,000
97,657,000
tons..
Hay
41,356,000
bushels..
19,987,000
Potatoes.
38,715,000
Other vegetables
32,068,000
20,407,000
bushels..
Orchard fruits
68,598,000
pounds.. 591,585,000
Tobacco

13.0
10.2
13.9
15.4
14.1
11.8
16.1
17.5
18.1
13.4
20.1
12.6
11.2
11.9
12.1)
17.9
14.4
65.8

(See following chart.)

These products are widely distributed throughout
the district.
Numerous other crops, such as barley, rye, buckwheat, beans, peas, flaxseed, grass seed, sorghum
cane, sugar beets, etc., are to be found here. Worthy
of note in this connection, too, is the cotton crop.
Although constituting a relatively small part of the
total output of the United States, the cotton crop of
Tennessee in 1909 was valued at nearly $18,000,000.
MINING.

Among the most important enterprises of the district are the mining industries, especially those of
coal, oil, and natural gas. According to the census
of 1910 the capital invested in these industries in
the district was over $500,000,000, nearly 15 per cent
of the total in the United. States, while the value of
product was over $186,000,000, 15.1 per cent of the
total in the country.
District.

Per cent

of United
States.

Capital invested.......................................... $501,164,000
Value of product
.......................................... 186,782,000

14.9
15. 1

Leading mineral products.—The quantity produced
and values of the leading mineral products, bituminous coal,natural gas,and petroleum, are shown in the
following table (see chart):
{In thousands, except cubic feet otnatural gas in millions.]

United States
District.
Ohio
Indiana
West Virginia
Kentucky
Tennessee

811,583,414,000
1,548,425,000

13.4

496,025,000
422,282,000
95,462,000
281,031,000
253,625,000

Leading farm products.—Within the district are to
be found all of the leading farm products. In the
case of most of them, as may be seen from the accompanying table, the district produces one-eighth or more
of the total in the United States.


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Federal Reserve Bank of St. Louis

Quantity.

Bituminous coal
Natural gas
Petroleum

tons..
cubic feet..
barrels..

124,933
262,204
20,779

Value.

3121,635
49,419
23,805

Per cent
of United
States.
27.0
66.7
17.8

In addition to these, the district produced 18.2 per
cent of the total value of stone in the United States,
22.1 per cent of the value of sand and gravel, 13.2 per
cent of the value of cement, 20.2 per cent of the value
of lime, and 15.5 per cent of the value of clay.

'OHIO 'LLITNNIO.KID

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-

RURAL POPULATION PER SQUARE MILE, BY COUNTIES: 1910.

POPULATION
PER SQUARE MILE.

1.= Less than 2
M 2 to 8
EZZA 6 to 18
=I 18 to 45
45 to 90


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

PER CENT LAND IN FARMS FORMED OF TOTAL LAND AREA, BY COUNTIES: 1910.

7
-111
:4
111111IM .
"7)

Less than 20 per cent.
20 to 40 per cent.
40 to 60 per cent
60 to 80 per cent.
80 to 90 per cent.
90 to 95 per cent.

CINCINNATI, OHIO.

DISTRICT AGRICULTURAL STATISTICS.
PERCENTAGES OF TOTAL IN THE UNITED STATES.
a

iot'/,.

Number of farms
Acres in farms
Improved acres
Value of —
Farm property
Farm land
Farm buildings
Farm implements ail(' machinery
Farm products
Live stock
Cattle
Horses and mules
Swine
Sheep
Dairy products
Wool
Eggs
Fowls
All farm crops.
Corn
Wheat
Oats
Hay
Potatoes
Other vegetables
Tobacco
Orchard products


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Federal Reserve Bank of St. Louis

1

az,

51

52

LOCATION OF RESERVE DISTRICTS.

Coal: The coal area of the district amounted to
57,230 square miles, 18.4 per cent of the entire coal
area of the United States. This constitutes nearly
one-third (31.1 per cent) of the total land area of the
district.
The probable magnitude of the future development
of the coal industry here may be inferred from the
fact that the available supply of coal in the district in
1911 was estimated to be 407,247,000,000 tons. (See
Mineral Resources of the United States, 1911, pp.
30 et seq.)
Natural gas and oil: By far the most important
natural gas and oil areas in the United States are to be
found within this district. Two main fields for the
production of these commodities appear in these
States; one, the Appalachian, lies in West Virginia,
southeastern Ohio, and western Kentucky; the other,
the Lima-Indiana field, is found in northwestern Ohio
and eastern Indiana. Of natural gas, the district
produced in 1911 two-thirds (66.7 per cent) of the
total output in the United States.
MANUFACTURES.

General statistics.—The manufactures within the
district are likewise both extensive and varied. Of
the 257 separate industries recognized by the census
of 1910, 231.(90 per cent) are found in this district.
In 70 of these the district supplied over one-eighth of
the total product.
Forty-eight industries were reported in 1910 as
having an output of over $100,000,000 each. The
district contributed to 47 of these and produced over
one-eighth in 19 of them. Likewise, in number of
establishments, persons engaged in industry, primary
horsepower, capital, wages, value of product, and
values added by manufacture the district is represented by one-eighth or more of all in the United
States. (See chart.)

5.
6.
7.
8.
9.

Slaughtering and meat packing
$110,482,000
Liquors, distilled
90,237,000
Iron and steel blast furnaces
88,352,000
Printing and publishing
71,362,000
Cars and general shop repairs by steam railroad
companies
65,863,000
10. Automobiles, including bodies and parts
62,003,000
11. Rubber goods, n. e. s
58,224,000
12. Carriages and wagons, and materials
52,460,000
1,3. Tobacco manufactures
51,660,000
14. Men's clothing
43, 780,000
15. Liquors, malt
42,909,000
16. Bread and bakery products
40,919,000
17. Furniture arid refrigerators
40,660,000
18. Boots and shoes
36,958,000
19. Leather, tanned, etc
31,661,000
20. Copper, tin, and sheet iron
30,472,000
21. Agricultural implements
29, 114,000
22. Electrical machinery, etc
26, 724,000
23. Paper and wood pulp
24,819,000
24. Women's clothing
22,323,000

(See chart.)
DISTRIBUTION OF INDUSTRIES.

Some of the industries,such as those connected with
farming, are of importance in practically all sections of
the district, while others, such as mining and manufactures, are more centralized; the location of the
former (mining) being determined by the distribution
of mineral resources, while the latter (manufactures)
are found principally in the large cities and their immediate environment. Even the mining and manufacturing interests, however, are of large importance
in each of the States mentioned.
VARYING DEGREES OF DEVELOPMENT.

The several sections of the five States present
varying degrees of development—a fact which lends
importance to the proposition to combine them into
one regional bank district, thereby bringing into close
relation the more highly developed areas and those
less developed, to the mutual advantage of both.

Summary of manufactures.

RAILROADS.

District.

Number of establishments
Persons engaged
Primary horsepower
Capital
Wages
Value of product
Value added by manufacture

35,068
979,462
2,906,529
$2,301,076,000
$430,101,000
$2,582,932,000
81,115,682,000

Per cent
of United
States.
13.1
12. 8
15.5
12.5
12.6
12.5
13.1

Thirty-nine of the forty-eight leading industries
referred to reported a product in this district of over
$10,000,000. The most important of these are the
following:
Value of product of leading manufactures.
1. Iron and steel works and rolling mills

2. Foundry and machine shop
3. Flour and grist mills
4. Lumber and timber


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Federal Reserve Bank of St. Louis

Through its railroads and rivers, the district is well
provided with facilities for transportation and com19 o the fiv st
munication. Accordingt1 1, theInterstatesCommerce
Commission's report of
nn
contained
over 27,000 miles of railroad. This was 11.3 per cent
of the total railroad mileage in the United States.

Miles.

United States
District

$266,646,000
207,890,000
147, 765,000
138,328,000

Ohio
Indiana
West Virginia
Kentucky
Tennessee

Miles per
Per cent I
of
United
100
10,000
States.
square
inhabimiles.
tants.
_

244,180
27,638 I
9,128
7,447
3,575
3,607
3,881

8.2
11.3

26.1

15.0

21.0

22. 4
20.7
14.9
9.0
9.3

18.9
27.4
28.7
15.7
17.6

53

CINCINNATI, OHIO.

DISTRICT MANUFACTURING STATISTICS.
VALUE OF PRODUCTS IN MILLIONS OF DOLLARS.

Steel rolling mills
Foundry and machine shops
Flour and grist mills
Lumber and timber
Slaughtering and meat packing
Liquors, distilled
Blastfurnaces
Printing and publishing
Cars and repairs by steam railroads
Automobiles,including bodies and parts
Rubber goods
Carriages and wagons
Tobacco
Liquors, malt
Bread and bakery products
Furniture and refrigerators
Boots and shoes
Leather, tanned, curried, etc
Copper, tin, and sheet-iron products
Agricultural implements
Electrical machinery
Paper and wood-pulp


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Federal Reserve Bank of St. Louis

Clothing, women's

0

8o

Value of mining products

1111111.11.110.111.111.11M

Capital employed

So

111111.1111111111.11111.111111.

Coal area
Value of—
Bituminous coal produced.
Natural gas
Petroleum

0111111.111.1111111111.11111111111111111

Clay produced
Sand and gravel

1111111111.11111111111111.1.111111111111.111111111

Cement
Lime

1111111111•11111.11...1111MMEN

stone

1111111111111111111111111111110111.1111111.1

3

Ro

Co

(oo

54

LOCATION OF RESERVE DISTRICTS.

DISTRICT MANUFACTURING STATISTICS.
PERCENTAGES OF THE TOTAL IN THE UNITED STATES.
/0 /Z-7,..

ze'

Jo

Number of establishments
•
Persons engaged
Primary horsepower
Capital

11111•1011111=211351117

Value of all products
Value added by manufacture
Value of—
•
Agricultural implements


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

1111•11111101111•1111111111111.1=1111111111111

Automobiles

1111•11•111011111111111111.11•1111111110111111111111.

Bread and bakery products
Canning and preserving

111111=111111111•111

Carriages and wagons
Cars and repairs by steam railroads
Cars(steam railroad) not operations of railroad companies...
Coffee and spices

111111111/1111110111111131111110
11111111•1111111111=111111111111011.11

Confectionery

011111111.1111111111111111.11

Copper, tin, and sheet-iron products

IIIIINIM1111111111.11111811111111

Electrical machinery
Flour-mill products

101111.111•11111111•1111.111.1=1111

Food preparations
Foundry and machine shop products
Furniture and refrigerators

11111111111111•111111111101WMEM

Blast-furnace products
Rolling-mill products
Leather goods
Leather, tanned and curried

oimeinswes

Liquors, malt

1111111111=111111111111.11 111
0

Liquors, distilled
Lumber and timber
Marble and stone
Paint and varnish
Paper and wood pulp
Patent medicines
Printing and publishing ..............................

NOMNMI=
IMO

Rubber goods .........................................
Soap ....................
Tobacco manufactures

6111mmatt

............

..

11111111111.11=1111.11.1111.1111

55

CINCINNATI, OHIO.
The United States Government is now engaged in
erecting a series of locks and dams in the Ohio River
which, when completed, will insure a 9-foot stage of
water the year around. Facilities for water transportation are afforded also by some of the more important
tributaries of the Ohio River.
CINCINNATI.
-Geographically, Cincinnati lies nearest
Location.
the center of the proposed district, midway between
the most highly developed portions and those less developed, thus enabling it to bring these sections into
relation with each other. It is situated near the
center of population of the United States.
Population.-Cincinnati as an urban center includes
the following political units and their immediate environment, which taken together constitutes the
metropolitan district of Cincinnati, as recognized by
the United States census: Cincinnati, Ohio'; Norwood,
Ohio; St. Bernard, Ohio; Covington, Ky.; Newport,
Ky.; Dayton, Ky.; Bellevue, Ky.
The population of this metropolitan district, according to the last census, was 563,804. The Ohio River,
which separates the Ohio and Kentucky portions of
this industrial city, is less than one-half mile wide and
is crossed by five bridges. The street car.lines from
the Kentucky side, with few exceptions, run to the
heart of Cincinnati, constituting practically a part of
the city's traction system. Night and morning a
large portion of the population from the Kentucky
cities mentioned, as from the suburban portion of
corporate Cincinnati, come to the city where their
business affairs are transacted. From a business
standpoint, the communities mentioned constitute
one city.
-The manufactures of industrial CincinIndustries.
nati, according to the last census, are represented by
2,827 establishments, 95,571 persons engaged; a capital of $212,555,000, and a product valued at $264,000,000, of which $121,292,000 represented value added by
manufacture. Thirty industries were reported in 1910
with an output of over $1,000,000 each. (See table
giving detailed statistics concerning these industries.)
-The commerce of Cincinnat reaches
Trade relations.
every State in this country and all the leading foreign
markets. Intimate trade relations exist between the
city and all portions of the proposed district, as is
shown by the following statistics of the distribution of
trade.
Information on this subject was furnished by 98
firms of various sizes, representing 38 different industries. Their total sales within the district for the year
1913 amounted to $70,052,000. This was distributed
among the five States of the proposed district as follows:
Ohio
Indiana


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Federal Reserve Bank of St. Louis

$36,572,000
9,776,000

$4,727,000
10,422,000
6,555,000

West Virginia
Kentucky
Tennessee

Sales amounting to $9,512,000 were reported also in
the States of Alabama, Georgia, and Mississippi.
$3,405,000
4,078,000
2,109,000

Alabama
Georgia
Mississippi

Detailed information was secured showing the distribution by cities of $27,564,000 of the sales in the
district outside of Cincinnati. This distribution by
sections, together with the population of each, will be
found on page -. (See Appendix for tables showing
this trade by cities grouped in sections.)
-The general trend of trade
Package car shipments.
between Cincinnati and the various parts of the district is shown by the distribution of package car shipments. The total volume of these shipments for the
month of October, 1913, was 144,318,000 pounds.
This was distributed among the States of the proposed
district as follows:
59,018,000
23,705,000
10,515,000
34,907,000
16,172,000

Ohio
Indiana
West Virginia
Kentucky
Tennessee

The following table gives the distribution of these
shipments by sections in each State. (See Appendix
for tables showing these shipments by "Break-bulk"
points grouped in sections.)
Industries of the Cincinnati metropolitan district, 1909.
[Capital and value expressed in thousands.)

NtunValue of
ber of Persons
estab- engaged. Capital. products.
lishments.
All industries

2,827

238
Foundry and machine-shop products
61
Slaughtering and meat packing
301
Men's clothing
. 32
Boots and shoes,etc
318
Printing and publishing
26
Liquors, malt
4
Liquors,distilled
99
Carriages and wagonsand materials
80
Lumber and timber products
264
Bread and other bakery products
63
Furniture and refrigerators
300
Tobacco manufactures
13
Leather,tanned,curried,andfinished
65
Copper,tin,and sheet-iron products
24
Paint and varnish
26
Clothing, women's
15
Stoves and furnaces,etc
Coffee and spice,roasting and grind8
ing
22
Confectionery
Cars and general shop construction
and repairs by steam-railroad com7
panies
7
Ink, printing
7
Musical instruments and materials
.5
Fertilizers
11
Flour-mill and gristmill products
19
Leather goods
5
Safes and vaults
Patent medicines and compounds
druggists' preparations
55
and
20
Cooperage and wooden goods
5
Bags, paper
16
Brass and bronze products
711
All other industries

Value
added
by
manufacture.

95,571 $212,555 $260,399 $121,292
13,716
1,400
8,492
8,702
6,806
2,371
300
3,370
2,809
2,017
3,059
3,462
1,043
1,390
636
1,541
1,092

29,542
4,701
10,421
7,656
13,183
17,929
2,833
6,020
8,398
2,865
4,953
3,009
9,503
2,652
4,026
1,229
2,150

26,186
19,922
17,646
14,998
13,998
11,016
8,744
8,157
7,401
5,691
5,646
5,496
5,058
4,470
3,879
2,912
2,324

15,059
2,425
8,936
6,415
9,778
8,360
6,920
3,789
3,055
2,296
3,307
3,075
1,381
1,500
1,394
1,399
1,311

356
922

1,083
970

2,110
2,029

514
807

1,747
273
760
442
124
664
703

1,651
1,545
1,184
1,551
570
1,500
1,156

1,969
1,884
1,752
1,675
1,63.5
1,518
1,401

1,171
1,090
672
671
203
719
771

542
697
358
, 650
19,367

1,004
1,445
673
1,319
65,820

1,293
1,232
1,088
1,069
76,186

776
466
358
626
32,036

56

LOCATION OF RESERVE DISTRICTS.

(In order to avoid disclosure of individual operations, the figures for certain important establishments
notable for the manufacture of soap are included
under the head of "All other industries." The output of these soap factories is estimated from $20,000,000 annually upward.)

and surplus of $30,096,000 and deposits amounting to
$135,190,000. Of the 42 banks, 11 are national banks,
with a capital and surplus of $19,968,000 and deposits
amounting to $74 799,000. The following table shows
the banking resources of the metropolitan district of
Cincinnati and of the corporate city:

Trade distribution, by sections.
Sales.
Ohio

$11,989,000 4,767,000

Northwest
West-central
Southwest
North-central
Central
South-central
Northeast
East-central
Southeast

721,000
428,000
1,403,000
410,000
3,005,000
851,000
510,000
374,000
1,333,000
502,000
1,200,000
313,000
3,045,000 1,303,000
451,000
382,000
320,000
204,000

Indiana

Cincinnati.

26
$22,725,000
$86,680,000

31
$10,128,000
$60,391,000

46
$10,800,000
864,793,000

42
$30,096,000
8135,190,000

National banks:
Number
Capital and surplus
Deposits
Other banks:
Number
Capital and surplus
Deposits
All banks:
Number
Capital and surplus
Deposits

Metropolitan
district.

11
$19,968,000
$74,799,000

Population.

72
$33,621,000
$151,473,000

5,336,000 2,701,000

Northwest
West-central
Southwest
Northeast
East central
Southeast

526,000
636,000
511,000
431,000
2,275,000
958,000

407,000
390,000
462,000
395,000
759,000
288,000

West Virginia

1,822,000

1,221,000

North
South
East

582,000
1,223,000
17,000

602,000
518,000
100,000

Kentucky

5,723,000 2.290,000

Southwest
West
North west-central
South west-central
North east-central
East-central
South east-central
Northeast
East
Southeast

160,000
380,000
1,242,000
102,000
2,413,000
881,000
11,000
403,000
9,000
122,000

Tennessee

152,000
305,000
424,000
188,000
299,000
213,000
159,000
207,000
167,000
191,000

2,693,000 2,185,000

Northwest
Southwest
North west-central
South west-central
North east-central
South east-central
East
Northeast

(I)
996,000
649,000
55,000
20,000
465,000
423,000
86,000
Less than

239,000
410,000
399,000
188,000
193,000
241,000
333,000
182,000

8500.

Package car shipments, by sections, October, 1913.
Ohio

•

Pounds.
59,018,302 Kentucky

Principal correspondent relations.
-That Cincinnati
is the logical place for the location of a reserve bank to
serve the States of Ohio, Indiana, West Virginia, Kentucky, and Tennessee is shown by the correspondent
relations existing in those States. The principal correspondent relations existing within the proposed
district, as shown by a banking directory of 1913, was
as follows:
Num- Counties
ber of reprobanks. sented.
Cincinnati
In Ohio
In Indiana
In West Virginia
In Kentucky
In Tennessee
Louisville
In Kentucky
In Indiana
In Tennessee
Indianapolis
In Indiana

877

225

338
173
43
286
37

60
51
15
78
21

506

145

422
47
37

109
16
20

480
480

Num- ewnher of ties
banks. represeated.
Cleveland
In Ohio
In Indiana.
Nashville
In Tennessee
In Kentucky

444

76

437
7

72
6

274

74

254
20

62
12

130
130

36
36

83
83

Columbus
In Ohio

Pounds.
34,907,035

A loaning center.-Tho direct service to the banks in
the district is shown by the rediscounts from month to
month for the year 1913, taken from figures furnished
by six national banks. These show that the borrowing
was heaviest in October, November, and December,
but there was a difference of only $1,500,000, between
the maximum and minimum at any time during the
Indiana
23,704,796
year.
16,172,201
Northwest
696,847 Tennessee
West-central
1,293,464
In the comptroller's report for April, 1912, redisNorthwest
4,519,472
Southwest
2,607,177
Southwest
2,733,202
counts are shown in Cincinnati for nearly $2,000,000.
Northeast
2,170,046
North west-central
228,290
East-central
About $1,700,000 of this amount was for the Second
9,367,814
South east-central
3,989,620
Southeast
7,569,448
East
3,900,054
National Bank, which at that time was being directed
Northeast
801,554
West Virginia
10,515,212
by the clearing house members. It was reorganized in
North
2,834,192
August and placed in the hands of new officers with
South
7,681,020
$1,000,000 new capital.
BANKING.
The country banks in the district had outstanding in
Resources.
-The city of Cincinnati, according to loans in Cincinnati an average of $5,000,000 a
month,
the 1913 bank directory, has 42 banks with a capital. during the year 1913, the amount of fluctuati
on being
Northwest
West-central
Southwest
North-central.
Central
South-central
Northeast
East-central
Southeast


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Federal Reserve Bank of St. Louis

2,822,054
6,865,012
23,361,585
1,997,827
8,066,408
8,052,723
6,350,013
329,710
1,172,900

Southwest
West
North west-central
South west-central
North east-central
East-central
South east-central.
Northeast
East
Southeast

178,100
275,521
7,090,087
347,572
9,693,257
8,765,337
571,555
5,553,226
263,206
2,169,174

LOCATION OF RESERVE DISTRICTS.

$1,200,000 between the high and low points. This was
in addition to such loans as were made here by country
bankers independent of their Cincinnati nationalbank correspondents.
That the community of which Cincinnati is a center
belongs to the loaning sections of the proposed district
is shown by the fact that the loans held for country
banks in 1913, by six of the city's national banks,
exceeded the loans owing by country banks, on the
average by over $3,000,000 per month. (See table and
chart.)

57

Shipments of currency.
-One element of importance
in the service rendered by national banks is the shipment of currency to their correspondents.
The following table shows the extent of these shipments by the national banks of Cincinnati in 1913:
January
February
March..
April
May..
June
July

$2,848,205
3,192,215
3,300,410
2, 796, 142
2, 700,871
2,978,950
2,475,850

August
September
October
November
December
Total

$2,870,806
3,995,600
4,859,050
3,135, 300
3,952,050
39, 105, 249

AVERAGE AMOUNTS OF OUTSTANDING LOANS BY 5IX CINCINNATI NATIONAL
BANKS yo COUNTY BANKS.
A

AVERAQE AMOUNTS or SURPLUS FUNDS LOANED IN artic CINCINNATI MARKET BY COUNTY BANKs.

MILUON5 or DOLLARS

6

5

4

0

1913 JAN.

FEB.

MAR.

APR.

MAY.

JUNE.

Loans to andfor country banks.
Months.

To.

For.

Excess of
for.

•
January
February
March

$2,681,000 35,301,814
1,761,733 5,246,075
1,147,100 6,079,494
1,953,503 5,954,194
1,796,000 5,500,095
i,796,000
1,985,300 5,415,595
1,881,600 5,369,605
2,101,400 5,179,210
2,409,300 5,229,510
2,691,600 5,119,150
2,791,442 4,856,005
2,724,561
4,883,690

52,620,814
4,484,342
4,932,394
4,000,694
3,704,095
3,430,295
3,488,005
3,077,810
2,820,210
2,427,550
2,064,563
2, 139,129

Total...25,924,
536 64,114,437

39,189,901

May
June
July
August
September
October
November
December


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Federal Reserve Bank of St. Louis

JULY.

AUq

SEPT

OCT.

NOV.

DEC.

Over $34,826,000 of these shipments went to banks
within the States of the proposed district, distributed
as follows:
Ohio
Indiana
West Virginia
Kentucky
Tennessee

$14,865,125
4,237,405
4,063,718
9,402,421
2,257,405

The remaining $4,279,000 went to the following
States: Alabama, Georgia, Florida, Virginia, North
Carolina, New York, Illinois, and Missouri.

58

LOCATION OF RESERVE DISTRICTS.

Enterprisesfinanced.—Besides aiding the industries
of the city itself, Cincinnati banks participate largely
in financing the various business activities of the
district.
Prominent among the enterprises to which Cincinnati banks render this service are those engaged in the
production and sale of wheat, corn, cattle, hogs, sheep,
wool, tobacco, blue-grass seed, coal, distilled liquors,
iron, and paper and pulp.
Wheat and corn: Cincinnati is in the center of the
winter wheat and corn raising sections of the districts.
The crop rarely varies one week in coming on the
market. The movement starts before the 10th of July
and grows in volume for more than a month, gradually
receding in August and September. If the crop is a
good one, the country banks' balances in Cincinnati
begin swelling. If it is a poor one, as it was in 1912,
the balances decline, the banks rediscount, and Cincinnati helps to carry the load until the corn crop gives
a surplus of funds.
The period of time which must elapse after the corn
is cut in September varies greatly with the weather, as
it requires dry air and high winds to dry out corn. If
the marketing is delayed, this requires further accommodation on the part of the Cincinnati banks. Moreover, if the price of corn is not satisfactory to the
farmer, he will insist that his country bank continue
to carry his loans and that he be allowed to buy hogs
and cattle for fattening.
This practically puts a further strain on the country
banks, as the proceeds of the corn are not realized upon
at once. In the case of hogs, more than 60 days are
consumed in the process of fattening,and in the case of
cattle from 4 to 6 months. This results in a corresponding call for service on the part of the Cincinnati
banks, often involving accommodation to country
banks for as much as 6 or 7 months.
Cattle and bogs: On most of the farms in the grassgrowing sections of the district it is the custom to buy
lean, big-framed cattle from the plains for fattening.
These are grass fed throughout the summer. The
capital for this is largely borrowed from local banks,
which in turn rediscount in Cincinnati acceptable
short-time bills receivable for such sums as they may
require.
A &imilar financial service is rendered for those
farmers who are engaged in hog raising.
At the Kentucky distilleries about 60,000 head of
cattle are fed annually. The fattening process lasts
from 4 to 6 months; the value of the cattle runs from
$3,000,000 to $5,000,000; and the money for carrying
them is supplied to the owners, either directly or indirectly, by Cincinnati banks.
Sheep and wool: The last census showed that there
were in the district over 8,000,000 sheep, yielding over
35,000,000 pounds of wool. Nearly 4,000,000 of these


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Federal Reserve Bank of St. Louis

sheep were in Ohio, the wool crop in that State being
over 21,000,000 pounds.
In the principal sheep-raising section, Cincinnati
banks rediscount for the country banks and assist in
financing this interest until such time as money is
received from the sale of wool.
Tobacco: Five counties, all within less than 100
miles of Cincinnati, raise what is called cigar-leaf
tobacco, and some 40 counties in central Kentucky
raise white burley, as do also the counties in Tennessee
near Nashville.
The Ohio tobacco is held from 12 to 15 months after
it is grown before its distribution commences. The
crop has usually a value of from $3,000,000 to
$4,000,000. This financing is principally done in
Cincinnati.
The Kentucky crop is much larger. To carry this
ci.op until it is ready for the market, loans and rediscounts are made to various banks hi the tobacco
section. This business is divided mainly between
Cincinnati, Louisville, and to some extent Lexington.
The same service is rendered by Nashville for the
Tennessee crop.
Blue-grass seed: Cincinnati carries annually large
amounts of blue-grass seed, the bulk of which is raised
in central Kentucky. The active distribution of this
crop to the trade commences in February and March.
Coal: Cincinnati is one of the great soft-coal markets
of the country. With the development of West Virginia and the rapid opening of mines in eastern Kentucky, the various companies are constantly opening
new offices in Cincinn'ati for distribution. The volume
of this business is increasing rapidly. The production
of soft coal in eastern Kentucky is now five times what
it was five years ago.
The Louisville & Nashville Railroad in the last three
years has spent between $30,000,000 and $40,000,000
in reaching the new fields. Before doing so, an agreement was made with one of the big operators which
guaranteed a minimum freight movement of 1,000,000
tons of coal annually as soon as the road was ready.
The actual shipments from this section have already
reached more than twice that amount.
The Chesapeake & Ohio is extending its lines into
the Kentucky coal fields, as is also the Baltimore &
Ohio. The Carolina, Clinchfield & Ohio Railroad is
coming through the last remaining gap in the mountains from Virginia, and is connecting up with the
Chesapeake & Ohio to reach Cincinnati. The Norfolk
& Western has also just built into the eastern Kentucky coal fields from West Virginia.
The city directory for 1914 shows a list of 82 wholesale coal dealers in Cincinnati. Their operations run
into large figures. Heavy shipments of coal go to the
United States Steel Corporation at Gary, Ind. Many
tons go also to Chicago, Toledo, and Cleveland, a part

59

CINCINNATI, OHIO.

for consumption in those centers, and a part for distribution northward by the Great Lakes.
Large amounts of credits are used in this distribution, the financing being done by Cincinnati banks.
Distilled liquors: In the Kentucky distilleries, many
of which are largely owned in Cincinnati,large amounts
of whisky are produced and carried through loans
made by Cincinnati banks.
Iron: Cincinnati has the head offices of some seven
or eight of the largest firms and corporations in the
country engaged in the distribution and sale of pig iron
and coke. The various companies have offices also in
most of the other large cities. Their financing is done
where they can get the cheapest money; Cincinnati
furnishes a large part of it.
Paper and pulp: There are a large number of paper
mills strung along from Cincinnati up the Miami Valley
for some 60 miles. These collectively have a large
capacity. At Hamilton, Ohio, about 15 miles from the
Cincinnati limits, is the largest paper mill under one
roof in the country. It derives its raw materials from
Canton, N. C., the plant there being one of the largest
freight producers on the line of the Southern Railway.
Nearly all of these mills are owned and financed in
Cincinnati.
Panic of1907.
-That the banks of Cincinnati appreciate their responsibilities and are both able and ready
to meet them is shown by their prompt action in connection with the panic of 1907 and the floods of 1913.
Though suffering in common with other communities in the fall of 1907, the Cincinnati national banks
shipped over $16,780,000 during the months of August,
September, October, November, and December, the
following table showing the States to which this aid
was rendered and the amount sent to each.
Floods of 1913.
-The banks of Cincinnati were
prompt in meeting the emergency caused by the floods
of 1913. Large sums of gold, silver dollars, and paper
currency were taken by automobiles to many of the
cities as soon as the water went down, loans being
made in some cases before the bankers could open
their vaults.
Cincinnati had one railroad by which Dayton could
be reached, and although it was operated under martial law and very much overtaxed in furnishing food
and supplies, it was of great assistance in getting
currency there after the first few days. Banks in
Columbus, Piqua, Zanesville, and many other places
were reached when they were almost entirely cut off
from the outside world. Banks in Huntington,W.Va.,
and Ashland, Ky., had several feet of water in their
vaults, and were in frequent communication with Cincinnati to find out if aid could be given if needed. The
bankers of both cities were assured that help would be
provided if called for.


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Federal Reserve Bank of St. Louis

Shipment of cash, August-December, 1907.

Li..ber.

August. Be tem- October. Novem-

District

Deoember.

Total.

$3,125,000$3,000,000$4,309,000$3,860,00011,504,000$15,798,000

0hio.
IIxliana
rest Virginia
entueky
ennessee

1, 159,000 1,308,003 1,763,000 1,317,1''
1,054,000 709,000 989,000 886,000
255,000 221,000
261,111
417,
475,000
562,000
787,000 1,248,000
187,000
200,000
148,'II
353,

ther States:
Louisiana
Mississippi....
Alabama
Georgia
North Carolina
Virginia
New York
Illinois..
Colorado

654,000
324,000
67,000
403,000
56,000

10,111
3,000
86,000
15,000

13,000
35,000
80,000
20,000
15,000

41,000

41,000

3,000
58,000
10,000
100,000
31,000
100,000
46,000

6,000
18, i 11

39,000
16,
15,000

26,000
20, III
30,111
20, 1i 1

60,
10,

16,

6,196,000
3,962,000
1,221,000
3,475,000
944,000
10,000
58,000
201,000
123,000
120,000
103,000
120,000
218,000
30,000

Grand total. 3,270,000 3,204,000 4,657,003 3,990, 111 1,660,000 16,781,000

RAILROADS AND WATERWAYS.

Lines.
-From Cincinnati as a center, railroads radiate in every direction. The principal routes and lines
are:
To the North and Northeast: Cleveland, Cincinnati,
Chicago & St: Louis; Cincinnati Northern; Cincinnati,
Hamilton & Dayton; Pennsylvania; Erie.
To the East and Southeast: Pennsylvania; Cleveland, Cincinnati, Chicago & St. Louis; Chesapeake &
Ohio; Norfolk & Western.
To the South and Southeast: Louisville & Nashville; Cincinnati, New Orleans & Texas Pacific.
To the West and Southwest: Baltimore & Ohio;
Pennsylvania; Cleveland, Cincinnati, Chicago &
St. Louis; Louisville & Nashville.
To the Northwest: Pennsylvania; Cleveland, Cincinnati, Chicago & St. Louis; Cincinnati, Hamilton &
Dayton; Chesapeake & Ohio of Indiana.
River.
-When the present improvements are completed, a permanent 9-foot stage in the Ohio will afford
an inexpensive transportation route, east and west,
through the center of the proposed district, connecting
with the navigable streams of the Mississippi Valley.
It is expected that when the Panama Canal is completed Cincinnati will have a direct water communication with seaport towns.
Package-car service.-Especially indicative of the importance of the railroads of Cincinnati as distributing
agencies is their package-car service.
An average of 596 package cars leave Cincinnati
daily. Some idea of the excellent facilities afforded
by this service may be obtained from the following list
of railroads providing such cars and the States in
which "break-bulk" points are situated. It will be
observed that package-ar lines radiate in every direction from Cincinnati. (A complete list of lines and
"break-bulk' (points is given in the Appendix.
Louisville & Nashville: Kentucky,Tennessee,Louisiana, Alabama, Georgia, Florida, Virginia, Arkansas.

60

LOCATION OF RESERVE DISTRICTS.

Cincinnati, New Orleans & Texas Pacific: Kentucky,
Tennessee, Alabama, Louisiana, Texas, Georgia, Florida, South Carolina, North Carolina, California.
Cleveland, Cincinnati, Chicago & St. Louis: Ohio,
Indiana, Minnesota, Michigan, New York, Missouri.
Baltimore & Ohio: Ohio, Indiana, West Virginia,
Illinois, Pennsylvania, New York, New Jersey, Maryland, Kentucky, Tennessee, Missouri, Texas.
Pennsylvania: Ohio, Indiana, Illinois, Michigan,
Pennsylvania, New York.
MAILS.

Facilities.—Of special significance in this connection
are the exceptional mail facilities in Cincinnati. Frequent mails pass between Cincinnati and all portions
of the district. The arrangements are such as to make
possible communication between Cincinnati and all of
the large cities of the district between the close of
business hours on one day and their opening on the
following morning. The same is true of mail communication between Cincinnati and many important cities
in contiguous districts.
The following tables give (1) the number of daily
mails between Cincinnati and 30 leading cities, together with the shortest time of mail service to and
from those cities; and (2) a detailed statement of the
schedule time of departure and arrival of each of the
mails mentioned, together with the length of time
required for each trip.
(See Appendix for tables giving hours of departure
and of arrival of all mails to and from Cincinnati and
other cities, and length of time required for each trip.)

Mails between Cincinnati and other cities—Continued.
No Shortest
time.

6
2
7
5
6
6
4
5
5
6
5
3
7
6
5
3
6
3
9
8
6
7
6
7

Cincinnati to Grand Rapids
Grand Rapids to Cincinnati
Cincinnati to Buffalo
Buffalo to Cincinnati
Cincinnati to Pittsburgh
Pittsburgh to Cincinnati.
Cincinnati to Atlanta
Atlanta to Cincinnati
Cincinnati to Birmingham
Birmingham to Cincinnati.
Cincinnati to Memphis
Memphis to Cincinnati.
Cincinnati to St. Louis
St. Louis to Cincinnati.
Cincinnati to Springfield.
Springfield to Cincinnati.
Cincinnati to Peoria, Ill
Peoria to Cincinnati
Cincinnati to Chicago
Chicago to Cincnanati
Cincinnati to New York
New York to Cincinnati
Cincinnati to Washington.
Washington to Cincinnati

10
10
11
10

m.
40
20
55
20

755

7 48
13 50
13 38
14 15
14 15
14 15
14 40
8 15
8 15
10 55
11 10
10 10
920
755
8 5
18 28
17 50
17 0
17 35

DISTRIBUTING CENTER. ,

Cincinnati is an important distributing center for a
large number of commodities. The receipts and shipments of the 113 articles included in the monthly
report of the chamber of commerce (see table in
Appendix), when combined on the principle of the
index number, show the following relative movements for the months in 1913:
Month.

Receipts.

Shipments.

Month.

Receipts.

Shipments.

•
January
February
March
April
May
June

213
204
208
148
200
191

195
215
132
132
185
191

July
August
September
October
November
December

197
172
202
268
231
264

170
233
174
237
217
297

Mails between Cincinnati and other cities.
No Shortest
time.

Cincinnati to Toledo.
Toledo to Cincinnati.
Cincinnati to Cleveland.
Cleveland to Cincinnati.
Cincinnati to Columbus.
Columbus to Cincinnati
Cincinnati to Dayton
Dayton to Cincinnati
Cincinnati to Wheeling, W.Va
Wheeling to Cincinnati
Cincinnati to Parkersburg
Parkersburg to Cincinnati
Cincinnati to Charleston, W. Va
Charleston to Cincinnati
Cincinnati to Huntington
Huntington to Cincinnati
Cincinnati to Louisville.
Louisville to Cincinnati
Cincinnati to Lexington
Lexington to Cincinnati
Cincinnati to Knoxville
Knoxville to Cincinnati
Cincinnati to Chattanooga
Chattanooga to Cincinnati
Cincinnati to Nashville
Nashville to Cincinnati
Cincinnati to Indianapolis
Indianapolis to Cincinnati
Cincinnati to Evansville
Evansville to Cincinnati
Cincinnati to Terre Haute
Terre Haute to Cincinnati
Cincinnati to Fort Wayne
Fort Wayne to Cincinnati
Cincinnati to Detroit
Detroit to Cincinnati


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Federal Reserve Bank of St. Louis

4
4
7
6
9
9
10
10
5
5
4
4
3
3
3
3
7
7
8
6
2
3
5
7
4
3
9
7
5
5
7
7
8
6
4
4

H. m.
5 48
550
6 10
7 0
250
3 10
1 16
1 35
8 10
750
5 30
5 27
5 40
5 55
4 20
4 30
3 27
320
2 25
2 33
8 24
850
955
10 5
8 15
8 35
2 35
2 35
8 35
7 30
4 35
4 30
5 30
5 40
7 55
7 49

In so far as this is a reliable basis for judging of the
character of the distribution of commodities through
this market, it appears that the movements into and
out of Cincinnati are relatively constant throughout
the year. Indeed, it is characteristic, both of the
industries of the city itself and of its commerce, that
the articles are of so varied a character as to render
the business and financial conditions independent of
the vicissitudes that may attend any one class of
products.
While some of the commodities, such as fruits and
grains, are more or less seasonal, others, such as coal
and coke, groceries and manufactured articles in general, have a comparatively constant movement.
Moreover, of the seasonal commodities there appears
to be such a diversity in the seasonal movements that
exceptional activity or quietness in one line is supplemented by an opposite condition in another.
Commodities.—Among the leading commodities for
which Cincinnati serves as a center of distribution are
coal, pig iron, tobacco, distilled liquors, grain, fruits,
live stock, lumber, dry goods.

61

CINCINNATI, OHIO.

Coal: Concerning the distribution of coal, the following information is supplied by the officials of the
Cincinnati Coal Exchange:
Tonnage and value.—The following figures are compiled from
statistics of the chamber of commerce covering receipts and shipments by rail and river, including anthracite; but, this product
being of such small volume we have included it with the bituminous coal by rail in both receipts and shipments. We have struck
an average of $2 per net ton for the value which is based upon the
cost of coal f. o. b. mines plus the freight rates:
Net tons.

i
Average r
value. 1

Total.

RECEIPTS.

6,224,521
1,935,994

Total

$2.00 $12,339,042
2.00
3,871,988

8,160,515

By rail.
By river

16,321,030

SHIPMENTS.

By rail.
By river
Total

4,341,462
357,313

2.00
2.00

8,684,924
714,626

4,698,775

2.00

9,399,550

In the accompanying map the green lines show the
sources of supply and the red lines the markets served.
(See chart.)
A great deal of smithing coal and coke from the West Virginia
fields goes through Cincinnati as far west as the Pacific coast and
the western smelters, as well as into the Northwest and into Canada.
In addition to the rail shipments to these points, a great amount
of coal is handled through Cincinnati and shipped by Lakes Huron,
Michigan, and Superior, the bulk of which goes to Duluth and
Superior and is reshipped from the docks into the interior. There
is a growing trade going by lake to Fort William and Port Arthur
to supply Winnipeg and the territory beyond.
In addition to the markets above mentioned, there is a great
number of mining companies operating in West Virginia, which are
owned, controlled, and financed in Cincinnati and which ship
direct from the mines east, north, and south, including exporting
and coastwise and New England tidewater business, the financing
and selling of which is done in Cincinnati. The value of such coal
is approximately $9,000,000.

Pig iron: A representative of one of the leading pigiron firms of Cincinnati states that "Three-fourths of
the iron made in Alabama is distributed from Cincinnati, together with all the iron made in Tennessee and
Kentucky. Cincinnati also distributes heavy tonnage of northern iron and all made in the Ironton
district."
Cincinnati's market is distinctively the Middle West.
Pig-iron houses sell to every State in the Union.
Tobacco:. Another important commodity for which
Cincinnati serves as a leading distributing center is
tobacco. The district is one of the principal tobacco
producing sections of the country and much of this
product is financed in Cincinnati. In addition to this,
Cincinnati firms handle large quantities of tobacco
secured from Pennsylvania, Connecticut, Wisconsin,
Virginia, and foreign countries. The sales of tobacco
through the Cincinnati market are made throughout the East, the South, and the middle Western
States. An effort has been made to show on the


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Federal Reserve Bank of St. Louis

accompanying map the general character of the source
of supply and the market reached through Cincinnati.
Distilled liquors: Cincinnati is the leading distributing center in the United States for the sale of distilled liquors. Ninety-eight distillers and wholesale
dealers have offices in Cincinnati, with a combined
capital of over $21,000,000. They distribute for 27
distillers located as follows: Kentucky, 18; Ohio, 4;
Pennsylvania, 4; New York, 1.
The estimated amount of sales made in the Cincinnati markets is $25,000,000 a year. The markets are
to be found in every State in the Union.
Grain: Official representatives from the grain interests of Cincinnati give the total value of grain
received in Cincinnati for the year 1913 at $16,000,000,
the shipments at $10,500,000.
The principal States contributing to this supply are
Indiana, Illinois, Minnesota, Ohio, Wisconsin, and
Iowa. Besides these, grain was received from 16
States.
The principal markets for the shipment of grain
are Ohio, West Virginia, Virginia, Kentucky, Alabama, Tennessee, Georgia, Florida, North Carolina,
South Carolina, and Maryland. In addition, five
other States and Cuba purchased grain in this market.
Fruits: Cincinnati is also an important center for
the distribution of fruits. One railroad alone in 1913
brought to Cincinnati from the South 4,946 carloads
of fruits and vegetables to be forwarded to points
beyond.
Live stock: The value of live stock received at Cincinnati in 1913 is estimated at over $39,000,000, the
shipments at $16,700,000.
FEDERAL ADMINISTRATIVE CENTER.

That Cincinnati is the proper place for the location
of one of the regional banks is further shown by the
fact that it is now and has been for many years an
important Federal administrative center. It is the
headquarters of the postal operations of a large territory, the headquarters of the fifth division of the
Railway Mail Service, and one of the nine subtreasury
cities.
Post office.—Receipts: The receipts of the Cincinnati post office for the calendar year ending December 31, 1913, were $2,873,000.
Postal employees: Postal employees are paid at
this office to the number of 4,011, as follows: Postoffice employees, 940; inspectors, 35; railway postal
clerks, 504; rural carriers, 2,532.
Rural carriers.—Postal funds: In each State a
center is selected from which to pay the rural mail
carriers of that State and to serve as a depository for
the postal funds. In Ohio, Cincinnati performs these
functions. As the depository for postal funds for the
entire State, there were issued for the fiscal year

OUTLINE
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POLITICAL


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Federal Reserve Bank of St. Louis

COAL
CINCINNATI

CINCINNATI, OHIO.

OUTLINE
UNITED STATES
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Federal Reserve Bank of St. Louis

64

LOCATION OF RESERVE DISTRICTS.

ending June 30, 1913, 9,866 certificates of deposit to
other postmasters for a total of $5,116,722.
Money-order funds: Cincinnati serves also as the
depository for money-order funds for southeastern
Indiana, southern Ohio, and eastern Kentucky. Of
such funds there were received during the fiscal year
ending June 30, 1913, $4,594,410.
Railway Mail Service.—Headquarters: Cincinnati
is the headquarters for the administration of the fifth
division of the Railway Mail Service, which includes
the States of Ohio, Indiana, and Kentucky. District
centers in this division are located at Cleveland,
Indianapolis, and Louisville.
Routes: This division administers the following
routes:

OUTLINE
UNITED STATES
POLITICAL

Lines centering in Cincinnati: To Pittsburgh, Pa.;
Grafton, W. Va.; Hinton, W. Va.; Knoxville, Tenn.;
Chattanooga, Tenn.; Nashville, Tenn.; Chicago, Ill.
(over four different lines); Jackson, Mich.; Detroit,
Mich.; Cleveland, Ohio.
Other largo lines directed from Cincinnati headquarters: From Detroit, Mich., and Toledo, Ohio, to
St. Louis, Mo.; Cleveland, Ohio, to St. Louis, Mo.;
Sandusky, Ohio, to Peoria, Ill.; Indianapolis, Ind., to
Peoria, Ill.; Indianapolis, Ind., to Springfield, Ill.;
Benton Harbor, Mich., to Louisville, Ky.; Louisville,
Ky., to Evansville,Ind., and St.Louis,Mo.; Louisville,
Ky., to Fulton, Ky.; Louisville, Ky., to Norton, Va.;
Toledo, Ohio, to Gauley Bridge, W. Va.; Wheeling,
W. Va., to Chicago, Ill.; Columbus, Ohio, to Chicago,

GRAIN
SHIPMENTS
RECEIPTS

CINCINNATI

Awmoniummill

Ill.; Cleveland, Ohio, to Pittsburgh, Pa.; Salamanca,
N. Y., to Chicago, Ill.
Subtreasury.—Ono of the most striking evidences
of the ability of Cincinnati to serve efficiently the proposed district is afforded by the location hero of one
of the nine United States subtreasuries.
Receipts: Notwithstanding the changes in financial
policy, which have tended to the multiplication of depositories for United States funds, the receipts of the
Cincinnati subtreasury for the fiscal year ending June
30, 1913, were $106,739,000. This amount consists of
internal revenue, customs duties, and post office receipts from Ohio, Indiana, Kentucky, West Virginia,
and Tennessee.
Services: Among the most important of the services
rendered by the subtreasury are those connected with


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Federal Reserve Bank of St. Louis

the shipment of silver and minor coins, the transfer of
funds, and the 5 per cent redemption fund.
Coin receipts and shipments: During the fiscal year
1912-13 the Cincinnati subtreasury received and
shipped silver and minor coins as follows:
Month.

Receipts. Shipments.

Total.

July
August
September
October
November
December
January
February
March
April
May
June

$434,310
394,640
228,110
252,051
280,410
359,195
607,210
490.975
307,694
26.5,021)
352,019
377,138

$425,805
125,600
499, 135
450,110
300,020
374,210
142,730
169, 115
259,900
271,075
343,185
264,135

$859,975
820,300
727,245
702,161
580,430
733,505
749,940
660,090
567,654
536,095
693,204
641,273

Total

4,349,652

3,924,220

9,273,872

65

CINCINNATI, OHIO.

These were distributed among the five States of the
proposed district as follows:
Receipts. Shipments.

Total.

$4,186,247 $3,897,470

District
Ohio
Indiana
West Virginia
Kentucky
Tennessee

$8,083,717

1,910,100
954,530
105,570
662,020
265,250

5,237,348
1,086,009
310,440
1,014,470
435,450

3,327,248
131,479
204,870
352,450
170,200

Coin receipts at subtreasury.

Ohio.

Month.

July
August
September
October
November
December
January
February
March

In_
un_,,ina.

West
KenT
Vir.
ginia. tucKy. nessee. Other.

$317 510 $23,300 $26,100
301,200 13,840 15,000
180,260 10,150 2,500
225,101
450 11,600
224,925 14,240 26,045
29,000
290,695
469,550 37,460 21,000
318,700 12,150 17,025
144 11,000
256,600
183,075 13,645 21,600
2,900 15,000
261,394
298,238 3,200 9,000

$56,400
52,600
35,200
14,300
15,200
31,500
43,200
22,500
21,450
29,500
16, 100
14,500

$1,000 $10,000
12,000

Total.

3,327,248 131,479 204,870 352,450 170,200 162,555

April
May
June
Total

8,000
12,000 24,000
58,600 62,030
17,000
1,500
17,200
15,000 41,625
46,000 6,200

$434,310
394,640
288,110
252,051
280,410
359,195
607,210
491,005
307,694
265,020
352,019
377,138
4,348,802

600

Shipments of coinfrom the Cincinnati subtreasury.
Month.InOhio.
diana.

West
Virginia.

KenTentucky. nessee. Other.

apolis, Vincennes; West Virginia-Charleston; Kentucky-Louisville, Lawrenceburg, Covington, Carrollton, Owensboro, Frankfort, Maysville, Danville;
Tennessee-Harriman,Nashville. Over $627,000 were
transferred from Richmond, Va.
Five per cent redemption fund: The subtreasury received the following deposits from banks in Ohio,
Indiana, West Virginia, Kentucky, and Tennessee for
the 5 per cent redemption fund:
July
August
September
October
November
December
January

$971,147
732,948
545,410
706,975
572,167
999,344
889,939

February
March
April
May
June
Total

$1,086,538
349,270
275,650
308,000
178,748
7,616,136

In addition, deposits to the fund amounting to
$1,874,000 were received from banks in the following
14 States: Illinois, Louisiana, Mississippi, Alabama,
Georgia, Florida, Virginia, Maryland, New Jersey
Pennsylvania, New York, Connecticut, Massachusetts,
and Maine.
The amounts received from this fund from the several States in the proposed district and the number of
cities and towns whose banks made deposits were:

Total.
Amounts.

July
August
September
October
November
December
January
February
March
April
May
Tune

$273,435
180,515
220,315
170,060
172,110
187,660
88,925
70,051
122,770
129,195
143,750
151,350

$85,895 $9,700 $53,635 $2,900
134,750 11,070 69,875 28,350
141,000 12,350 81,340 39,930
84,180 10,150 81,370 98,000
52,360 7,550 48,900 12,500
7,630 76,365 17,910
80,345
30
18,740 2,850 32,185
42,900 6,950 43,120 4,030
51,105 10,050 48,335 26,400
65,860 7,400 47,820 20,300
108,410 6,250 73,475 10,300
88,985 13,600 5,600 4,600

$100
1,100
4,200
6,350
6,600
4,400
2,100
1,300
500
1,000

$425,666
425,660
499,135
450,110
300,020
374,310
142,730
169,115
259,960
271,075
343,185
264,135

District

$7,616,136

216

Ohio
Indiana
West Virginia
Kentucky
Tennessee

3,477,860
1,103,841
490,073
1,626,267
919,095

92
50
13
48
13

Five per cent redemptionfund.

1,910,100 954,530 105,570 662,020 265,250 26,750 3,924,220
•

Total

Shipments were also made to points in Alabama,
Georgia, Virginia, and Pennsylvania, and received
from points in Georgia.
Transfer of funds: Funds were transferred to the
subtreasury in 1912-13 as follows:
July
August
September
October
November
December
January
February
March
April
May.
June

$213,570,409
171,329,282
164,189,430
132,999,430
91,024,420
150,832,076
120,688,713
90,290,996
78,066,822
144,135,855
154,419,822
144,501,459

Total

1,656,048,635

The principal points from which these transfers
were made are: Ohio-Cincinnati, Columbus, Cleveland; Indiana-Terre Haute, Lawrenceburg, Indian-


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Federal Reserve Bank of St. Louis

Cities
and
towns.

46458°-S.Doc.485,63-2--5

Month.

July
August
September
October
November
December
January
February
March
April
May
June
Total..

Ohio.

W'st
Indiana' Virgmia.

5407,452 $190,560
100,560
345,317
234,350
75, 150
296,180
134,750
259,827
74,580
443,446
193,585
114,228
491,998
106,130
570,490
62,250
153,700
24,700
122,750
9,950
132,850
10,398
18,500
1,746,860 1,103,841

Kentucky.

Tennessee.

Total.

$61,937 $197,550 $113,548
84,100
155,421
47,550
137,710
70,100
28,100
182,595
57,400
36,050
120,010
36,500
81.250
57,240 185,223
119,850
80,650
137,513
65,550
93,446
197,125
119,347
12,400
66,520
47,400
14,500
74,150
39,550
5,750
104,900
54,550
15,950
67,550
66,350

$971,147
732,948
545,410
706,975
572,167
999,344
889,939
1,086,538
349,270
275,650
308,000
178,748

490,073 1,628,267

7,616,138

919,095

SENTIMENT FOR CINCINNATI.

The committee planned to ascertain the sentiment
of the banks of the proposed district as to their preference in the selection of a regional bank city and
began to do so. The attempt was abandoned, however, upon learning that the organization committee
was securing such data.
The sentiment of the proposed district, so far as it
has been ascertained, is in a marked degree favorable
to the location of a regional bank in Cincinnati.

66

LOCATION OF RESERVE DISTRICTS.

It is believed that the replies to the inquiries of the
organization eommittee submitted by the banks of
the five States mentioned, when combined, will substantiate the opinion that Cincinnati occupies the
leading place in their choice of a regional bank center.

INDUSTRIAL

STATISTICS-Continued.

AGRICULTURAL-Continued.

Eggs.

Wool.

Dozen.

Pounds. Value.

INDUSTRIAL STATISTICS.

Ohio
Indiana.
West Virginia
Kentucky
Tennessee

AGRICULTURAL.
[Expressed in thousands.]
Total
population.
United States
District
Per cent of United States
Ohio
Indiana
West Virginia
Kentucky
Tennessee

Per
cent.

91,972 49,348
13,161
8,127
14.3
16.5

53.7
61.8

4,767
2,700
1,221
2,289
2,184

2,101
1,5.57
992
1,734
1,743

6,361
1,088
17. 1

44.1
57.6
81.3
75.7
79.8

272
215
96
259
246

878,798
97,660
11. 1
24,105
21,299
10,026
22,189
20,041

46.2
83.6
92.5
92.3
6.5.2
86.3
75.1

478,451
66,923
13.9

Ohio
Indiana
West Virginia
Kentucky
Tennessee

79.8
79.5
55.1
64.7
U.3

1,902,694
1,809,135
314,738
773,797
612,520

Value of
Value of
farm
Value of
farm
improvebuildings. ments and live stock.
machinery.
United States
District
Per cent of United States
Ohio
Indiana
West Virginia
Kentucky
Tennessee

$6,325,451
952,651
15.0

owners.

United States
District
Per cent of United States
Ohio
Indiana
West Virginia
Kentucky
Tennessee

3,948
731
18.5
192
148
75
170
144

51,210
40,999
7,011
20,851
21,292


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Federal Reserve Bank of St. Louis

138. 1
89.9

$6,444
4,975

88.6
98.8
103.7
85.6
81.5

6,994
8,396
3,255
2,986
2,490

Number.

Value.

70.6
68.9
78.6
67.2
58.6

1,837
1,363
620
1,000
996

Value.

51,403
39,110
15,860
25,971
20,691

933
897
191
672
633

Sheep.
Number.

Value.

19,412
23,739
2,087
8,951
7,329

3,909
1,336
910
1,363
795

14,941
5,908
3,403
5,573
3,009

30,869
16,666
5,093
9,056
8,715

Value.

683,379
82,428
12.0

$657,657
83,128
12.6

82,327
98,438
11,907
50,449
45,819

30,663
33,935
2,575
8,739
6,516

31,113
33593
2,697
8,812
6,913

Ohio
Indiana
West Virginia
Kentucky
Tennessee

157,513
195,496
17,119
83,348
67,682

230,338
204,210
40,375
138,973
120,706

Hay.

Oats.

Potatoes.

Value. Bushels. Value.

Tons.

Value.

Bushels.

1,007,142 $414,697 97,453 $824,005 389,195 $166,424
United States
97,657 41,356 19,987
117,052 46,646 10,004
District
10.3
11.9
11.2
10.6
Per cent of United States
11.6
12.0
Ohio
Indiana
West Virginia
Kentucky
Tennessee

4,521
2,880
639
957
1,007

23,212
18,928
812
1,218
2,378

57,591
50,607
1,728
2,406
4,720

42,357
.24,883
.7,493
10,306
12,618

Tobacco.
Value of
other
vegetables.
United States
District
Per cent of United States
Ohio
Indiana
West Virginia
Kentucky....
Tennessee

20,332
8,905
4,077
5,120
2,922

9,378
3,816
2,279
2,724
1,790

Orchard fruits.

Pounds.

Value.

Bushels.

$216,257
38,715
17.9

1,055,764
591 585
6.

o

$104,303
68,598
65.8

216,084
32,068
14.8

$140,867
20,407
14.4

11,394
7,498
4,520
8,287
7,016

88,603
21,387
14,356
398,482
68,757

8,999
2,145
1,923
39,869
5,662

6,711
4,714
4,710
9,448
6,485

5,692
3,700
3,0404,507
3,459

Value.

MINING.
[Expressed in thousands,except cubic feet of natural gas in millions.)

Capital.

United States

Total products.

$3,380,525 $1,238,410

Bituminous coal.
Tons.

Value.

405,757

$451,177

District
Per cent of United States

501,164
14.9

782
186,5. 1
1

124,933
30.8

121,635
27.0

Ohio
Indiana
West Virginia
Kentucky
Tennessw

161,325
59,765
219,467
26,787
33,820

63,767
21,934
76,288
12,100
12,693

30,760
14,201
59,832
13,707
6,433

31,810
15,327
53,671
13,617
7,210

Value of
dairy
products.

$596,413
70,306
11.8

Bushels.

p20.4

Natural gas.
Cubic feet.

58,18.5 $399,338 52,447 $232,841
9,924
61,518 8,313
32,831
17.0
15.4
14.1
15.8
3,105
3,613
328
1,491
1,387

101,748
97,087
19,948
72,046
75,495

Wheat.

Value.

$5,487,161 2,552,189 $1,438,554
United States
288,940
734,602 521 158
District
20.1
13.4
Per cent of United States..

Horses,mules,etc.

62.1 61,803 $1,499,523 24,148 $2,622,180
67.1 5,816
153,035 3,326'
366,324
9. 4
10. 2
13.8
13.9

Number.

Ohio
Indiana
West Virginia
Kentucky
Tennessee

197,332
173,860
43,336
117,486
110,706

Cattle.
Per
cent of
oper- Numators.
Value.
ber.

Swine.

United States
District
Per cent of United States

Aver- Average
age
value of
acres all farm
per
property
farm. per farm.

$1,265,149 $4,925,173
141,363
642,720
11. 1
13.0

368,257
266,979
57,315
150,994
109,106

1,285,894
1,328,196
207,075
484,464
371,415

-Bushels.

10,988
10,726
2,239
6,937
5,774

-

U.4 $40,991,449 $28,475,674
68.5 5,412,884
3,677,044
13.2
12.9

19,227
16,931
5,521
14,3,54
10,890

Value.

23,433
23,067
5,543
19,247
17,415

Corn.
Value of
all farm
er°Ps•

Value of
Acres imPer cent
Value of
improved. improved. farm prop- farm land.
erty.
United States
District
Per cent of United States

Nu ber.

19,749
15,287
3,672
7,605
7258

100,889
80,755
19,159
44,313
42,043

6,749
1,535
840
974
466

21,685
5,360
2,719
3,448
1,854

NumPer cent
ber of Acres in of land
farms. farms. in farms.

Rural
population.

Value.

289,419 $65,472 1,591,311 $306,698 488,468 $202,506
35,066 10,562 287,159 53,571 88,705 36,664
18.0
16.1
17.5
12. 1
18.2
18.1

United States
District
Per cent of United States

APPENDIX.

Fowls.

Value.

Petroleum.
Barrels.

Value.

United States

508,364

$74,128

220,449

$134,045

District
Per cent of United States

262 204
h0.

1

49,419
66.7

20,779
9.4

23,805
17.8

Ohio
Indiana
West Virginia
Kentucky
Tennessee

49,450
4,365
207,113
1,275
1

9,367
1,192
28,452
408

8,817
1,695
9,795
472

9,4801,229
12,767
329

67

CINCINNATI, OHIO.
INDUSTRIAL STATISTICS-COntintled.
INDUSTRIAL STATISTICS-Continued.
VALUE OF PRODUCTS
-Continued.
MANUFACTURES.

United States
District
Per cent of United States
Ohio
Indiana
West Virginia.
Kentucky
Tennessee

Persons
engaged,

268,491
35,068
13.1

7,678,578 6,615,046 18,675,376 $18,428,270
2,301,076
2,906,529
837,051
979,462
12.5
15.5
12.7
12.8

15,138
7,969
2 586
:
4,766
4,609

Wages
(thousands).

Wage
earners.

1,583,155
633,377
217,496
230,224
242,277

446,934
186,984
63,893
65400
73,840

523,004
218,263
71,463
79,060
87,672

Value of
products
(thousands).

Materials
(thousands)
*

United States
$3,427,038 $12,142,791 $20,672,052
District
430,101
1,467 250 2,582,932
'12.5
Per cent of United States
'12.0
'12.6
Ohio
Indiana
West Virginia
Kentucky
Tennessee

245,450
95,511
33,000
27,888
28,252

824,202
334,375
92,878
111,779
104,016

Leather
Lumber Marble Paint
tanned, Liquors,
and
dis- and timber stone
and
curried, malt.
tilled. products. work. varnish.
etc.

Capital
(thousands).

Primary
horsepower.

Establishments,

1,300,733
508,717
150,923
172,779
167,924

United States
$327,874 $374,730 $204,699 $1,156,129 $113,093 $124,889
District
31,661
17,084
42,909 90,237
138,328 12,493
Per et. of United States.
9.6
11.4
11.9
11.0
13.7
44.0
Ohio
Indiana
West Virginia
Kentucky
Tennessee

1,437,936
579,075
161,950
223,754
180,217

49.7
47.0
63.5
40.1
30.6

613,734
244,700
69,072
111,975
76,201

25,332
8,313
2,271
4,949
2,044

12,011
31,610
44,360
2,256

34,597
23,135
28,758
21,381
30,457

3,847
5,756
365
1,060
1,465

13,617
1,108
1,962
397

Patent
medicine
Paper and com- Print- Rubber
goods
and
pounds ing and notelse- Soap.
Tobacco.
wood
and
pubwhere
pulp.
drug
lishing. specified.
preparations.

Value
Increase
'n value added by
1 prod- manufacof
tures
ucts,1904 (thouto 1909
' sands).
Per cent.
39.7 $8,529,261
47.5 1,115 682
13.1

10,128
2,311
12,451
4,241
2,530

United States.
$267,657 $141,942 $737,876 $128,436 $111,358 $416,695
District
24,819
17,133
71,632 58,224
18,112
51,660
Per cent of United States
12.0
9.2
45.3
16.2
9.7
12.4
Ohio
Indiana
West Virginia
Kentucky
Tennessee

16,965
5,202
2,652

5,859
4,344
1,292
2,123
3,515

41,657
14,356
1,992
6,454
7,173

53,811
4,313

17,077
813

28,907
4,155
18,598

222

PACKAGE CAR ROUTES AND "BREAK-BULK" POINTS.

VALUE OF PRODUCTS.

PENNSYLVANIA RAILROAD.

[Expressed in thousands.]

[Average number daily, 70.1
Cars,etc.
AgriCar(steam
cultural Automo- Bread. Canning. riages, railroad
implebiles.
etc.
comments.
panies).
$146,329 $249,202 $396,865 $157,101 $159,893 $405,601
United States
29,114 62 603 40,916 16,086 52,460
65,863
District
10.2
10.3
32.8
19.9
Per cent of United States
16.2
Ohio
Indiana
West Virginia
Kentucky
Tennessee

14,440
13,670

38,839
23,764

1,004

23,007
10,209
1,470
3,338
2,892

4,660
8,758
605
1,857
206

21,949
21,655
675
5,141
3,040

28,690
17,128
6,733
6,535
6,777

Cars,
steam
Coffee
Copper, Elecrailroad
and
Flour
tin,and trical
(not
mill and
spice,
under roasting Confec- sheet
ma- grist mill
tionery. iron
operachinery, prodand
prodtion of grindetc.
ucts.
ucts.
railroad
companies).
United States
$123,730 $110,533 $134,796 $199,824 $221,309 $883,584
147,765
15,949 17,632 14,886 30,472 26,724
District
12.7
15.2
16.7
Per cent of United States
11.0
16.0
12.9
Ohio
Indiana
West Virginia
Kentucky
Tennessee

6,451
9,498

11,224
1,846
113
3,003
1,444

7,307
2,558
244
2,257
2,520

19,086
5,763
2,151
2,243
1,229

18,777
7,718
229

48,093
40,541
7,696
22,365
29,070

Iron and
Foundry Furni- Iron and steel,
steel
and
Food
ture and steel,
works Leather
prepara- machine refriger- blast
goods.
and
tions.
shop
furnaces. rolling
products. ators.
mills.
United States
$125,331 $1,228,475 $239,887 $391,429 $985,723 $104,719
13,329
16,423 207,890 40,660 88,352 266,646
District
27.0
12.7
22.5
16.9
Per ct. of United States
16.9
13.1
Ohio
Indiana.
West Virginia
Kentucky
Tennessee


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

10,837
795
1,445
3,346

145,837
39,
' 844
3,392
9,627
9,190

16,259
18,456
965
1,671
3,309

83,699

4,653

197,780
38,652
22,435
7,779

4,939
3,406
472
2,373
2,139

East End.
Piers 4 and 5, N. R.,New York. Xenia, Ohio.
Pier 28, N. R., New York.
Pendleton Shops, Ohio.
Waverly Transfer, N. Y.
Carrell Station.
Philadelphia, Pa.
Rendcomb Junction, Ohio.
Wilkes-Barre, Pa.
Hamilton, Ohio.
Buffalo, N. Y.
Eaton, Ohio.
Pittsburgh Transfer, Pa.
Richmond, Ind.
Anderson, Ind.
Newark, Ohio.
Elwood, Ind.
Cleveland, Ohio.
Kokomo, Ind.
Akron, Ohio.
Logansport, Ind.
Pittsburgh, Pa.
Chicago, Ill.
Columbus Transfer.
Indianapolis, Ind.
Zanesville, Ohio.
Terre Haute, Ind.
Lancaster, Ohio.
East Si. Louis, Ill.
Washington C. H., Ohio.
Fort Wayne, Ind.
Hicks, Ohio.
Grand Rapids, Mich.
Dayton, Ohio.
Springfield, Ohio.
Smith Street Station.
Piers 4 and 5, N. R., New York. Pendleton Shops, Ohio.
Carrell Station.
Pier 28, N. R., New York.
Rendcomb Junction, Ohio.
Philadelphia, Pa.
Hamilton, Ohio.
Buffalo, N. Y.
Eaton, Ohio.
Pittsburgh Transfer, Pa.
Richmond, Ind.
Newark, Ohio.
Anderson, Ind.
Cleveland, Ohio.
Elwood, Ind.
Akron, Ohio.
Komomo,Ind.
Pittsburgh, Pa.
Logansport, Ind.
Columbus Transfer, Ohio.
Chicago, Ill.
Zanesville, Ohio.
Indianapolis, Ind.
Lancaster, Ohio.
Terre Haute, Ind.
Washington C. IT., Ohio.
East St. Louis, Ill.
Hicks, Ohio.
Fort Wayne, Ind.
Dayton, Ohio.
Grand Rapids, Mich.
Springfield, Ohio.
Xenia, Ohio.

68

LOCATION OF RESERVE DISTRICTS.
BIG FOUR ROUTE.
[Daily package cars from Cincinnati. Average number daily, 100.]

Central Avenue.
Elmwood Place, Ohio.
Lockland, Ohio.
Carthage to Lockland.
Sharon to Cold Springs.
Middletown, Ohio.
Miamsburg, Ohio.
Franklin, Ohio.
Dayton, Ohio.
Springfield, Ohio.
Springfield Transfer, Ohio.
Bellefontaine, Ohio.
Toledo, Ohio.
Junction Yards, Mich. (via Toledo M. C.)
Detroit, Mich.
Columbus, Ohio (points between Columbus and Delaware).
Cleveland, Ohio.
Galion, Ohio.
L. S. & M. S. Pier House, Cleveland.
Buffalo, N. Y.
L. V. Ry. Transfer, E. Buffalo,
N.Y.
Rochester, N. Y., and territory.
East Buffalo, N. Y.(via L. S. &
M. S. to Syracuse).
Utica, N. Y., and North.
Syracuse, N. Y. (via Lake
Shore).
West Albany Transfer, N. Y.
St. Johns Park, N. Y. (deliveries below Fourteenth Street,
N.Y.)
Rotterdam Junction, N. Y.
Whitewater Park to Hagerstown.
Harrison, Ohio.
Brookville, Ind.

Lawrenceburg to Aurora, Ind.
Sunman, Ind.
Batesville, Ind.
Greensburg, Ind., and Mich.
Div. So.
Sandusky, Ind., to Anderson.
Marion, Ind., to Elkhart.
Elkhart, Ind.(all points north of
Goshen).
Ewington to Columbus, Ind.
Adams to Prescott and F. F. &
M. Branch.
Shelbyville, Ind.
Indianapolis, Ind.
Lafayette, Ind.
C. & N. W., Wood Street, Chicago.
Chicago, Ill.
C. M. & St. P., Galewood Station, Chicago.
Fordham Transfer, Ill.
Danville, Ill., and points to
Gillum.
Bloomington, Ill., and points to
Pekin.
Peoria, Ill.
Peoria, C. B. & Q. House.
Minneapolis, Minn (via Peoria
and Iowa Cent.)
St. Paul, Minn.(G. & N. Ry. &
N. P. points).
Kansas City, Mo.(via Peoria and
Iowa Cent.).
Terre Haute, Ind., and stations
to Vermillion.
East St. Louis, III.
St. Louis, Mo. (Mo. Pac., Seventh Street House).
S. S. W. House.

Brighton Station.
Middletown, Ohio,and points to Toledo, Ohio, and beyond.
Detroit, Mich., and beyond.
W. Carrollton.
Dayton,Ohio, and points to west Greensburg, Ind. (Chic. Div. to
Fairland).
end.
Mich. Div..No.(Vernon to BenSpringfield Transfer, Ohio.
ton Harbor).
Cleveland, Ohio.
Erie, Pa., and beyond (includ- F. F. M. Branch and C. F.&G.
Branch.
ing Buffalo).
East Buffalo, N. Y., and points Indianapolis, Ind.
Chicago, Ill.
east.
Chicago (C. & N. W., Wood
West Albany Transfer, N. Y.
Street Station).
East St. Louis.
Wood Street Station.
Cleveland, Ohio.
Springfield, Ohio.
Buffalo, N. Y.
East Buffalo, N. Y.
Harrison to Hagerstown.
Connersville, Ind.
Lawrenceburg to Aurora.


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

Delhi to Greensburg.
Ewington to Columbus, Ind.
Sandusky to Benton Harbor.
Indianapolis, Ind.
East St. Louis, Ill.
Peoria, Ill.
Chicago, Ill.

Front Street, Cincinnati.
Springfield, Ohio.
Cleveland, Ohio.
Buffalo, N. Y.
East Buffalo, N. Y.
Harrison to Hagerstown.

Connersville, Ind.
Lawrenceburg to Aurora, Ind.
Chicago, Ill.
Indianapolis, Ind.
Sandusky, Ind., to Benton Harbor.

BALTIMORE dc OTHO SOUTHWESTERN RAILROAD.
[Daily package cars from Cincinnati. Average number daily, 120J

New Albany, Ind.
Aurora, Ind.
Akron, Ohio.
New Albany, Ind. (Sou. Ry.
Depot).
Athens, Ohio.
Baltimore, Md. (Camden Sta- Newark, Ohio.
New Orleans, La.(I. C.).
tion).
Benwood, W. Va. (Fairmount, New York, N. Y.(pier).
North Vernon, Ind. (Watson
W. Va., way).
way).
Blanchester, Ohio.
Brownstown, Ind. (Washington Norwood, Ohio.
Olney, Ill.
way).
Osgood, Ind.
Brunswick, Md.
Odin, Ill.
Chicago, Ill.(Monon Route).
Paducah, Ky.(I. C. R. R.).
Chicago Junction, Ohio.
Parkersburg, W. Va.
Chillicothe, Ohio.
Philadelphia, Pa.
Clarksburg, W. Va.
Pittsburg, Pa.
Columbus, Ohio.
Portsmouth, Ohio.
Connellsville, Pa.
Cumminsville (E. Norwood Rutherford Transfer (Pa. C.
S. D.).
way).
Dennison, Tex. (M. K. & T. St. Louis, Mo.(I. M. Depot).
St. Louis, Mo.(R. I. Depot).
solid).
Sedamsville-Fleming,Ind.,way.
Dillsbom, Ind.
Dundas, Ohio,and Hocking Val- Seymour, Ind.
Springfield, Ill.
ley Pgh.
Thritton, Ohio.
East St. Louis, Ill.
Vincennes, Ind.
Evansville, Ind.(E. & T. H.).
Flora, Ill. (East St. Louis way). Vincennes, Ind.(for E.& T. H.).
Washington, Ind.
Greenfield, Ohio.
Hamden, Ohio (Portsmouth, Washington C. H., Ohio.
Wheeling, W. Va.
Ohio, way).
Wilmington, Ohio.
Kansas City, Mo.(Mo. Pac.).
Zanesville, Ohio.
Lawrenceburg, Ind.
Jackson, Tenn.
Louisville, Ky.
Charleston, W. Va.
Louisville, Ky.(I. C. Depot).
Grafton, W. Va.
Loveland, Ohio.
Jackson, Ohio.
Madisonville, Ohio.
Oakley-Blanchester way.
Marietta, Ohio.
Wellston, Ohio.
Martinsville-Musselman way.
Westboro-Hillsboro way.
Memphis, Tenn.(I. C. R. R.).
Memphis Junction (I. C. R. R.). Bridgeport, Ill.
Midland City, Ohio (Columbus Milan, Ind.
Seymour C. T. II. & S. E.
way).
Wheatland-Clay City way.
Mitchell, Ind.
Baltimore & Ohio (Brighton Station).
Brunswick, Md.
Chicago, Ill.
Chicago Junction, Ohio.
Chillicothe, Ohio.
Columbus, Ohio.
Cununinsville way.
East St. Louis, Ill.
Flora, Ill.

Louisville, Ky.(I. C. Depot).
New York, N. Y.
Parkersburg, W. Va.
Pittsburg, Pa.
Rutherford, N. J.
Seymour way.
Mo. Pac. House, St. Louis, Mo.
Louisville, Ky.

CINCINNATI, OHIO.

69

CINCINNATI, HAMILTON dc DAYTON RAILROAD CO.

CINCINNATI, NEW ORLEANS & TEXAS PACIFIC RAILROAD.

[Daily package cars from Cincinnati. Average number daily, 60.1

[Daily package cars from Cincinnati. Average number daily,644

Buffalo, N. Y.
Carthage, Ohio.
Chicago, Ill.
C., H.& I., Indianapolis way.
College Corner, Ohio.
Connersville, Ohio.
Dayton, Ohio.
Dayton north way.
Decatur, Ill.
Delphos (div.).
Detroit, Mich. (via Shore Line,
P. M., M. C., Junction Yards
for M. C., and Ottawa Yards
for P. M.).
East Buffalo, N. Y. (D., L. &
W. Depot).
Elmwood Place, Ohio.
Fort Wayne, Ind.
Glendale, Ohio.
Hamilton, Ohio.
Hartwell, Ohio (Stockton Station, Jones way).
Indianapolis,Ind.

Indianapolis, Ind. (West Street
House).
Ivorydale, Ohio.
Liberty, Ind.
Lima, Ohio.
Lima north way.
Lockland, Ohio.
Miamisburg and way.
Middletown, Ohio.
Oxford, Ohio.
Piqua, Ohio.
Rushville, Ind.
Sidney, Ohio.
Toledo, Ohio.
Troy, Ohio.
Wellston, Ohio (div. way).
Winton Place, Ohio.
Forest Hill, Ohio.
Chicago (B. & 0.).
Louisville (B. & 0.).
Seymour(B. & 0.).
East St. Louis (B. dc 0.).

Brighton Station.
Hamilton, Ohio.
Dayton, Ohio.
Toledo, Ohio.
Indianapolis, Ind.
Chicago, Ill. (via C., I. & L.).
Columbus Transfer (via P., C.,
C. & St. L.).

Buffalo Junction, N. Y. (via
N. Y., C. & St. L.).
Detroit, Mich.(via M. C.).
Marion Transfer, Ohio (via
Erie).

(Daily package cars from Cincinnati. Average number daily, 48.1


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

Augusta, Ga.
Charlotte, N. C.
Spartanburg, S. C.
Nashville, Tenn.
Kentucky, third district.
Kentucky, second district.
Lexington, Ky.
Somerset, Ky.
Dayton, Tenn.
Rockwood, Tenn.
Harriman, Tenn.
Dry Ridge, Ky.
Erlanger, Ky.
Williamstown, Ky.
Sadieville to Greendale.
Midway to Lawrenceburg.
Georgetown, Ky.
Burnside, Ky.
Crittendon, Ky.
Mason to Corinth.
F. dc C.
Ludlow, Ky.
Moreland, Ky.
McKinney, Ky.
Nicholasville, Ky.
Danville, Ky.
Kentucky, fourth district.

LOUISVILLE I NASHVILLE RAILROAD CO.
[Daily package cars from Cincinnati. Average number daily, 107.1

CHESAPEAKE ifc OHIO RAILROAD CO.

Newport News, Va., for eastern
cities.
Norfolk, Va., proper, and beyond.
Richmond, Va., proper, and
Carolina points (C. L. Depot).
Lynchburg, Va., proper, and
Carolina points.
Clifton Forge, Va., and east.
Charlottesville, Va., and east.
Ronceverte, W. Va., proper,
and points on Greenbrier
Division.
Hinton, W. Va.
Charleston, W. Va.
Huntington, W. Va.
Catlettsburg, Ky.
Ashland, Ky.
Mount Sterling, Ky.
South Portsmouth, Ky., proper,
and Portsmouth, Ohio.
Maysville, Ky.
Augusta, Ky.
Brooksville, Ky., points via
Wellsburg.

Algiers Transfer, La.
New Orleans, La.
Los Angeles, Cal.
Houston, Tex.
Meridian, Miss.
Vicksburg, Miss.
Hattiesburg, Miss.
Shreveport, La.
Mobile, Ala.
Birmingham, Ala.
Selma, Ala.
Chattanooga, Tenn.
Central of Georgia House.
W. dr A. House.
T. A. & G. House.
Sou. Ry. Transfer.
Rome, Ga.
Atlanta, Ga.
Inman Yards Transfer, Ga.
Macon, Ga.
Jacksonville, Fla.
Montgomery, Ala.
Bristol, Tenn.
Knoxville, Tenn.
Spencer Transfer, Ga.
Columbia, S. C.
Asheville, N. C.
Savannah, Ga.

Points on the Virginian Ry.
Staunton, Va.,and east.
Talcott to Low Moor.
Handley to Sand Stone.
Guyandot to Pt. Creek Junction.
Piney Creek Branch, W. Va.
Guyandot Valley Dist., W. Va.
Savage Branch to Theelka.
Painstville to Elkhorn City.
Straight Creek to Ewington.
Lloyd to Russell.
Springdale to Garrison.
Bellevue to Brashear, Ky.
Greenup and Riverton, Ky.
Manchester and Vanceburg, Ky.
Loup Creek Branch.
White Oak Branch.
Thurmond, W. Va.
Montgomery, W. Va., proper.
Cabin Creek Branches.
St. Albans, W. Va., proper.
Coal River, Ky.
Newport, Ky.
Covington, Ky.

East End Freight Depot.
Atlanta, Ga.
Birmingham, Ala.
Birmingham, Ala., for S. & M.
Ala. Div.
Bristol, Tenn.
Chattanooga, Tenn.
Carrollton, Ky.
Cincinnati (Div.)
Cumberland Valley Division.
Frankfort, Ky.
Guthrie, Ky.
Jacksonville, Fla.
Johnson City, Tenn., for C. C.
St 0. points.
Juntal, Ga.
Knoxville, Tenn.
Knoxville, Tenn., and South.
Little Rock, Ark.
Louisville, Ky.
Ninth and Broadway.
Water Street.
For beyond.
L. H.& St. L. depot.
Shelby Branch, Bloomfield
Branch.
Lexington, Ky.
Lexington Branch.

Lebanon Branch (Smiths Switch
to Lebanon and Greensburg
Branch).
Livingston, Ky.
Mobile, Ala.
Memphis, Tenn.
Montgomery, Ala.
Macon, Ala.
Mobile, Ala. (New Orleans &
Mobile Div.).
Montgomery, Ala. (Mobile &
Montgomery Div.).
Paris, Tenn.
Main stem,First Division(South
Louisville to Bowling Green).
Main stem, Second Division
(Scottsville and Hartsville
Branches).
Nashville, Tenn.
Nashville, Tenn., and beyond.
Nashville, Tenn., for N. C. &
St. L. points.
New Orleans, La.
Roanoke, Va.
Savannah, Ga.
Pensacola, Fla.

LOCATION OF RESERVE DISTRICTS.

West End Freight Depot.

CINCINNATI'S DISTRICT TRADE RELATIONS.
OHIO.

Atlanta, Ga.
Birmingham, Ala.
Birmingham, Ala.(S. & M. Ala.
Div.).
Chattanooga, Tenn.
Berry, Ky.
Butler, Ky.
Carlisle, Ky.
Cythiana, Ky.
Cumberland Valley Division
(Grays to Excelsior, Middlesboro to Norton).
Corbine, Ky.
Elizabeth, Ky.
Falmouth, Ky.
Jacksonville, Fla.
Jellico, Tenn.
Johnson, Ky.
Knoxville, Tenn.
Knoxville, Tenn.
A. &B. Air Line Ry.
Woodbine to Willoughby.
Kentucky Division.
Maysville Branch.
Richmond Branch.
Bedford to Lily.
Decoursey to Talbot.
Louisville, Ky.

Louisville, Ky.
Water Street.
L. H. & St. L. House.
Ninth and Broadway.
Lexington, Ky.
Macon, Ga.
Memphis, Tenn.
Memphis, Tenn. (Clarksville to
Springdale).
Montgomery, Ala.
Montgomery, Ala., Transfer.
Mobile, Ala.
Mobile, Ala. (New. Orleans &
Mobile Div.).
Nashville, Tenn.
Nashville, Tenn., Transfer.
Nashville, Tenn.(N. C. & St. L.
House).
New Orleans, La.
Paris, Ky.
Richmond, Ky.
Richmond,Ky. & A.points).
(L.
Roanoka, Va.
Savannah, Ga.
Winchester, Ky.
L. & E. Ry.
Winchester and West.
Mistletoe to Jackson.
Haddix to McRoberts.

ERIE RAILROAD.
[Daily package cars from Cincinnati. Average number daily, 9.1

Salamanca, N. Y.
Bergen Transfer.
New York proper.
Youngstown, Ohio.
Akron, Ohio.

Mansfield, Ohio.
Marion Transfer, Ohio.
Urbana, Ohio.
Binghamton, N. Y.

NORFOLK 44 WESTERN RAILROAD.
[Daily package cars from Cincinnati. Average daily, number 23.]

New York.
Portsmouth, Ohio.
Bluefield, W. Va.
Hillsboro, Ohio.
Lynchburg, Va.
Sai.dinia, Ohio.
Roanoke, Va.
Williamson.
Ironton, Ohio.
CHESAPEAKE & OHIO OF INDIANA.
[Daily package cars from Cincinnati. Average number daily, 9.]

Marion, Ind.
Muncie, Ind.
Peru, Ind.

Richmond, Ind.
Chicago, Ill.
C., M. & St. P.(Gatewood).
CINCINNATI NORTHERN RAILWAY.
[Daily•pacicage cars from Cincinnati.]

[Expressed in thousands.]
Cities.
Northwest—total
Bradner
Findlay
North Baltimore
Toledo
West-central—total
Bellefontaine
Celina
Kenton
Lima
Piqua
Sidney
Springfield
Troy
Urbana
Van Wert
Southwest—total
Batavia
Dayton
Eaton
Feesburg
Felicity
Georgetown
Germantown
Hamilton
Loveland
Martinsville
Miamisburg
Middletown
Oxford
Reading
Ripley
Silverton
Williamsburg
Wilmington
Xenia
North-central—total
Ashland
Bucyrus
Elyria
Fostoria
Lorain
Mansfield
Oakharbor
Sandusky
Tiffin
Central—total
Bremen
Columbus

C. L. & N. R. R.
[Daily package cars from Cincinnati. Average number daily,61

Middletown.


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

Dayton.

$721
7
48
3
663
1,403
70
2
6
401
161
3
558
72
76
54
3,005
1
1,915
10
1
1
20
1
550
2
5
1
278
2
4
1
4
4
83
125
510
12
45
81
32
92
123
6
77
42
1,333
1
936

Central—Continued.
Delaware
Lancaster
London
Marion
Marysville
Mount Vernon
Newark
South•central—total
Chillicothe
Circleville
Hillsboro
Ironton
Jackson
Leesburg
Manchester
Peebles
Portsmouth
Proctorville
Sugar Tree Ridge
Washington Courthouse
Wellston
Winchester
Northeast—total
Akron
Alliance
Ashtabula
Canton
Cleveland
East Liverpool
Lisbon
Massillon
Warren
Youngstown
East-central—total
Barnesville
Bellaire
Cambridge
Coshocton
Steubenville
Zanesville
Southeast—total
Athens
Caldwell
Gallipolis
Marietta

Amount.

$39
102
6
75
2
34
139
1,200
166
10
18
325
28
2
3
10
384
3
1
135
114
2
3,045
281
51
31
153
1,975
23
1
205
37
288
451
5
60
112
103
85
86
320
73
78
169

INDIANA.
Northwest—total
East Chicago
Gary
Hammond
Indiana Harbor
Laporte
Logansport
Michigan City
Mishawaka
South Bend
Whiting
West-central—total
Attica
Brazil
Cayuga
Centerpoint
Crawfordsville
Frankfort
Lafayette
Pine Village
Poland
Terre Haute
Southwest—total
Bloomington
Evansville
Grand View
Rockport '
Tell City
Vincennes
Washington
Northeast—total
Elkhart
Fort Wayne

Central Avenue.
Lewisburg to Ohio City, Ohio.
Greenville, Ohio.
Van Wert to Lynnetts, Ind.
Jackson, Mich.
Carlisle to W. Alexandria, Ohio.

Cities.

Amount.

$526
37
56
4
25
31
88
76
7
43
160
636
14
46
2
1
65
20
76
1
1
410
511
65
243
20
10
5
81
88
431
96
245

Northeast—total—Contd.
Goshen
Huntington
Peru
Wabash
East-central—total
Anderson
Connersville
Elwood
Indianapolis
Kokomo
Marion
Muncie
Newcastle
Portland
Richmond
Shelbyville
Union City
Winchester
Southeast—total
Aurora
Austin
Columbus
Crothersville
Greensburg
Jeffersonville
Lawrenceburg
Madison
New Albany
North Vernon
Seymour
Vevey
Wilmington

$16
53
38
34
2,275
128
124
128
975
122
129
199
70
1
216
107
53
25
958
137
8
77
2
9
145
14
31
519
11
13
2
1

WEST VIRGINIA.
North—total
Clarksburg
Elkins
Fairmont
Grafton
Morgantown.
Moundsville
New Martinsville
Parkersburg
Point Pleasant
Wheeling

$582
145
19
95
23
45
40
10
78
22
106

South—total
Beury
Bluefield
Charleston
Huntington
Montgomery
St. Albans
Welch
Williamson
East—total
Martinsburg

1 Less than $500.

$1,2 3
1
73
491
557
13
10
128
17
17

71

CINCINNATI, OHIO.
CINCINNATI'S DISTRICT TRADE RELATIONS-Continued.

DISTRIBUTION OF PACKAGE-CAR SHIPMENTS-COI:Ail:Med.
INDIANA.

KENTUCKY.

Cities.

Cities.

Amount.

Southwest-total
Paducah
West-total
Ildnderson
Hopkinsville
Madisonville
Owensboro
Princeton
Northwest,central-total....
Elizabethtown
Louisville
Southwest, central-total....
Bowling Green
Northeast,central-total.....
Carrollton
Covington
Cynthiana
Dry Ridge
Frankfort
Newport
Paris

$160
160
380
116
89
3
171
2
1,141
13
1,229
102
102
2,413
1
793
39
2
442
1,048
88

East,central-total
Danville
Lebanon
Lexington
Harrodsburg
Richmond
Winchester
Southeast,central-total
Somerset
Northeast-total.
Ashland
Augusta
Carlisle
Catlettsburg
Maysville
East-total
Pikeville
Prestonburg
Southeast-total
Middlesboro

Amount.
$881
4
18
523
5
167
164
11
11
403
205
7
5
12
175
9
6
3
122
122

Total package cars for October, 1913
Total pounds shipped, October, 1913
Cities.
Northwest-total
Logansport
Northeast-total
Elkhart
Fort Wayne
Leesburg
Mitchell
Peru
West-central-total
Crawfordsville
La Fayette
Terre Haute
East-central-total
Anderson
Connersville
Indianapolis
Liberty
Marion
Muncie
Richmond

1,927
23,704,796

Pounds.
697
697
2,170
482
657
136
546
349
1,293
21
618
635
9,368
319
883
3,882
349
234
950
2,382

Cities.
East-central-Contd.
Rushville
Shelbyville
Southwest-total
Evansville
Montgomery
Vincennes
Washington
Southeast-total
Batesville
Brookville
Dillsboro and Milan
Greensburg and beyond..
Lawrenceburg and Aurora
North Vernon
New Albany
Seymour
Springfield

Pound

74
290
2,607
757
238
946
666
7,569
927
590
356
1,578
1,591
1,068
385
745
229

TENNESSEE.
WEST VIRGINIA.
Northwest-total
Union City
Southwest-total
Jackson
Memphis
North west-central-total....
Clarksville
Franklin
Lafollette
Lebanon
Murfreesboro
Nashville
South west-central-total....
Columbia

I)
P995
17
978
649
65
3
20
3
71
488
55
55

North east-central-total
Cookeville.
South east-central-total
Chattanooga
Cleveland
Winchester
East-total
Knoxville
Lenoir City
Marysville
Northeast-total
Bristol
Johnson City

20
20
465
.129
26
10
423
409
13
86
61
25

Total package cars for October, 1913
Total pounds shipped, October, 1913
North-total
Clarksburg
Grafton
Parkersburg
Wheeling
South-total
Bluefield
Charleston

Total package cars for October, 1913
Total pounds shipped October, 1913.

DISTRIBUTION OF PACKAGE-CAR SHIPMENTS.
OHIO.
4,328
59,018,302

Total package cars for October, 1913
Total pounds shipped October, 1913
[Expressed In thousands.]

Northwest-total
Alvordton
Findlay
Toledo
North-central-total
Berwick
Chicago Junction
Galion
Mansfield
Sandusky..
Shelby
Northeast-total
Akron
Cleveland and connections
Youngstown
-central-total
West
Bellefontaine
Celina
Greeneville
Lima
Piqua
Springfield.
Sidney
Troy.
Urbana
Van Wert
Central-total
Columbus
.
Franklin
Marion
Newark.
East-central--total
Valley Junction.
Zanesville


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

Pounds.
2,822
229
161
2,432
1,998
31
838
348
312
399
70
6,350
777
5,044
529
6,865
698
228
238
839
343
3,128
246
259
224
663
8,066
6,657
307
895
207
330
25
305

South-Continued.
Deep Water
Hinton
Huntington
Quinnemont
Ronceverte
Thurmond

234
618
2,654
380
597
479

KENTUCKY.

Less than $500.

Cities.

2,834
524
299
1,330
682
7,681
650
2,070

617
10,515,-212

Cities.
Southwest-total
Addyston and beyond
' Blanchester
Carthage and beyond....
Clare and beyond
Dayton
Georgetown
Germantown
Hamilton
Harrison
Ivorydale and north
I.ockland and beyond...
Loveland
Midland
Miamisburg
Middletown.
Norwood and beyond...
Oakley
Sardinia
Shandon.
West Carrollton
Xenia
South-central-total
Chillicothe
Dundas
Greenfield
Hillsboro
Ironton
Portsmouth
Washington Courthouse.
Winchester
Southeast-total
Athens
Grosvenor
Marietta

Pounds
23,362
839
271
1,706
644
5,436
532.
240
3,693
1,572
876
1,158
657
395
284
1,769
676
32
1,116
142
40
1,284
8,053
1,483
482
657
708
320
2,517
1,526
359
1,173
443
426
304

Southwest-total
Paducah
West-total
Guthrie
North west-central-total....
Louisville and beyond...
La Grange
Elizabethtown
South west-central-total....
Bowling Green
North east-central-total
Carrollton
Covington(east)
Covington(south)
Cynthiana
De Coursev
Frankfort
Falmouth
Georgetown
Ludlow(south)
Myall
Newport(south)
Paris
East-central-total
Danville
Lebanon
Lexington

178
178
275
275
7,090
6,731
141
218
348
348
9,693
228
841
701
792
473
369
503
620
2,047
391
1,263
1,466
8,765
2,323
156
4,097

2,504
34,907,035
East-central-total-Contd.
Moberly
Nicholasville
Richmond
Winchester
South east-central-total
Burnside
Stanford
Northeast--total
Ashland
Augusta
Carlisle
Catlettsburg
Greenup
Maysville
Mount Sterling
Vanceburg
Wellsburg
East-total
Jackson
Southeast- total
Corbin
Middlesborough
Mistletoe
Pineville
Woodbine

TENNESSEE.
Total package cars for October,1913
Total pounds shipped October, 1913
Northwest-total
Nashville and connections
Paris
Southwest-total
Jackson
Memphis
North \Nest-central-total ...
Clarksville
South east-central-total
Chattanooga and connections

4,519
4,135
384
2,733
138
2,595
228
228
3,990
3,990

East-total
Harriman
Jellico
Knoxville
Northeast-total
Bristol
Johnson City

240
186
874
889
572
252
320
5,553
934
459
374
1,418
281
1,050
366
343
329
263
263
2,169
1,256
298
241
192
181

924
23,386,201
3,900
744
147
3,002
802
629
173

72

LOCATION OF RESERVE DISTRICTS.
DISTRIBUTION OF PACKAGE-CAR SHIPMENTS--Continued.

MAILS-Continued.

ALABAMA.

Mails between Cincinnati and other cities-Continued.

Total package cars for October, 1913
Total pounds shipped October, 1913
Cities.

408
6,983,553

Pounds.

Birmingham
Mobile

3,847
979

Cities.

Pounds.

Montgomery
Selma

1,921
237

Departure.

Wheeling to Cincinnati

Cincinnati to Parkersburg

GEORGIA.
Parkersburg to Cincinnati

Total package cars for October, 1913
Total pounds shipped October, 1913
Atlanta and connections
Augusta
Junta
Macon

588
10,778,215

5,713
754
114
1,639

Rome
Savannah
Spencer Transfer

139
462
1,956

Cincinnati to Charleston, W. Va
Charleston to Cincinnati.
Cincinnati to Huntington

MISSISSIPPI.
Total package cars for October, 1913
Total pounds shipped October, 1913

128
1,175,141
272
522

Hattiesburg
Meridian

Vicksburg

Huntington to Cincinnati
•
Cincinnati to Louisville

382

MAILS.
Louisville to Cincinnati

Mails between Cincinnati and other cities.
Departure.

Cincinnati to Toledo

Toledo to Cincinnati

Cincinnati to Cleveland

Cleveland to Cincinnati

Cincinnati to Columbus

Columbus to Cincinnati

Cincinnati to Dayton

Dayton to Cincinnati

Cincinnati to Wheeling, W. Va

•rn.t.--1:-., 4., rinn:nnnt;


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

"

Arrival.

Time.

1.00 p. m.
9.45 p.m.
2.55 a. m.
8.10 a. m.
12.50 a. m.
2.00 p. m.
7.00 a. m.
10.20 a. m.
2.30 a. m.
8.30 a. m.
11.50 a. m.
3.00 p. m.
6.05 p. m.
9.00 p.m.
12.05 a. m.
12.05 a. m.
3.50 a. m.
6.00 a. m.
9.00 a. m.
12.00 m.
9.00 p. m.
2.30 a. m.
6.00 a. m.
9.00 a. m.
11.55 a. m.
12.20 p. m.
2.00 p. m.
5.00 p.m.
6.05 p.m.
9.00 p.m.
1.10 a. m.
2.20 a. m.
6.30 a. m.
7.35 a. m.
10.45 a. m.
12.30 p. m.
2.00 p. m.
4.00 p. m.
5.30 p. m.
2.55 a. in.
8.10 a. m.
8.30 a. m.
11.50 a. m.
12.20 p. m.
1.00 p. m.
3.00 p. m.
6.05 p. m.
9.00 p. m.
9.45 p. m.
3.20 a. m.
5.45a. m.
7.55 a. m.
9.05 a. m.
11.55 a..m.
1.25 p. m.
2.55 p. m.
3.05 p. m.
6.05 p. m.
9.15 p.m.
8.25.a. m.
2.30 a. m.
11.50 a. m.
8.30 p. m.
12.05a. m.

6.48 p. m.
4.50 a. m.
9.45 a. m.
2.28 p.m.
7.45 a. m.
7.50 p. m.
2.00 p. m.
4.50 p. m.
11.00 a. m.
3.25 p.m.
6.00 p. m.
9.10 p. m.
1.55 a. m.
6.45 a. m.
7.15 a. m.
7.15 a. m.
10.50 a. m.
4.55 p.m.
5.25 p.m.
7.50 p. m.
5.00 a. m.
6.30 a. m.
10.00 a. m.
12.01 p.m.
2.52 p.m.
4.05 p. m.
4.50 p. m.
8.15 p.m.
9.50 p.m.
12.30 a. m.
5.00 a. m.
6.30 a. m.
10.30a. m.
10.50 a. m.
1.55 p.m.
4.55 p. m.
5.25 p. m.
7.50 p. m.
9.10 p. m.
4.40 p. m.
9.55 a. m.
10.10 a. m
1.16 p.m.
2.00 p. m.
2.35 p. m.
4.16 p. m.
7.45 p. m.
11.55 p. m.
11.30 p. m.
5.008. m.
7.45 a. m.
9.30a. m.
10.50 a. m.
2.00 p. m.
3.10 p. m.
4.45 p. m.
4.55 p. m.
7.50 p. m.
11.15 p.m.
4.35 p. m.
12.00 a. m.
10 20 p. m.
7.05 a. m.
8.40 a. m.

Hrs. Min.
5 48
7 5
6 50
6 18
6 55
5 50
7 0
6 30
8 30
6 55
6 10
6 10
8 50
9 45
7 10
7 10
7 C
10 55
8 25
7 5(
8 (
4 (
4 (
3 1
3 1
3 4:
2 54
3 1:
3 4:
3 31
3 51
4 11
4 1
3 15
0
3 1
5
4 2
3 2
5
3 5
3 4
1 4
1 45
1 4
1 2
1 40
1 35
1 16
1 40
2 4
1 45
1 4
2
1 35
1 s5
2 5
1 ,5
1 Z5
1 :0
1 ,5
2 0
8 0
9 0
10 0
10 5
8 5
7 ,

11111An

rn

AMln ni.

Cincinnati to Lexington

Lexington to Cincinnati

Cincinnati to Knoxville
Knoxville to Cincinnati
Cincinnati to Chattanooga

Chattanooga to Cincinnati.

Cincinnati to Nashville

Nashville to Cincinnati
Cincinnati to Indianapolis.

Indianapolis to Cincinnati

Cincinnati to Evansville

Evansville to Cincinnati

Cincinnati to Terre Haute

Arrival.

Time.

7.15 a. m.
4.00 p. m.
6.10 p. m.
11.00 p. m.
2.30 a. m.
8.00 a. m.
12.30 p. m.
6.35 p. m.
11.258. m.
7.55 p.m.
2.38 a. m.
2.25 p. m.
7.00g. m.
12.00 m.
9.00 p. m.
MOO a. m.
2.25a. m.
2.00 p.m.
7.00 a. m.
12.00 m.
9.00 p. m.
12.20 p.m.
3.50 a. m.
4.208. m.
2.15 a. m.
7.55 a. m.
9.00g. m.
11.15 a. m.
2.10 p.m.
6.00 p. m.
10.30 p. m.
3.15 a. In.
8.15 a. m.
1.10 p. m.
2.00 p. m.
4.00 p. m.
5.00 p. m.
5.45 p.m.
6.30 a. m.
8.00a. m.
11.15 a. m.
2.50 p. m.
4.00 p. m.
8.00 p.m.
8.15 p.m.
9.00 p.m.
5.23 a. m.
5.35 a. m.
7.258. m.
3.00 p.m.
6.37 p. M.
8.45 p.m.
8.00 a. m.
8.15 p.m.
7.00 a. m.
11.05a. m.
10.55 p.m.
8.00a. m.
11.15 a. m.
8.00 p.m.
8.15 p.m.
10.30 p.m.
1.25 a. m.
5.05 a. m.
11.05a. m.
1.35 p. m.
9.45 p. m.
10.05 p.m.
10.25 p.m.
11.15 a. m.
6.00 p. m.
10.30 p.m.
2.15a. m.
3.10 a. m.
8.05 a. m.
8.35 p.m.
2.45 a. m.
8.30a. m.
8.45a. m.
9.10 a. m.
12.00m.
3 0 P.m.
.0
3.15 p.m.
9.00 p.m.
10.00 p. m.
3.35 a. m.
3.45 a. m.
7.308 m.
8.00 a. m.
10.40 a. m.
3.10 p. m.
6.15 p. m.
2.15 a. m.
9.00 a. m.
12.00 m.
2.10 p. m.
9.15 p.m.
1.35 a. m.
7.15 a. m.
8.35 a. m.
12.45 p.m.
10.10 p.m.
2.45 a. m.
8.30 a. m.
9.10 a. m.

5.25 p. m.
1.45 a. in.
6.30a. m.
8.05 a. m.
10.00 a. m.
2.00 p. m.
6.00 p. m.
12.10 a. m.
5.15 p.m.
1.45a. m.
8.05 a. m.
10.15 p. m.
3.25 p. m.
5.40 p. m.
2.45 a. m.
5.00 p. m.
8.20a. m.
1.45 a. m.
1.15 p.m.
4.20 p.m.
1.25 a. m.
5.00 p. m.
8.20 a. m.
11.00g. m.
7.35 a. m.
11.45 a. m.
12.55 p. m.
2.45 p.m.
5.50 p.m.
9.27 p. m.
2.10 a. m.
7.20 a. m.
11.45g. m.
4.30 p.m.
6.10 p. m.
8.15 p. m.
8.45 p.rn.
9.15 p.m.
9.45 a. m.
10.25 a. m.
5.20 p.m.
6.40 p.m.
6.95 p.m.
10.25 p.m.
7.47a. m.
8.15a. m.
8.00 a. m.
8.20a. m.
10.15 a. m.
5.59 p.m.
9.10 p.m.
7.45 a. m.
4.24 p. m.
5.50 a. m.
6.30 p. m.
8.50 p. m.
7.45 a. m.
5.55 p. m.
2.44 a. m.
6.10 a. m.
11.10 a. m.
2.40 p.m.
4.30 p. m.
5.59 p.m.
9.10 p.m.
7.20 a. m.
8.00 a. m.
8.20 a. m.
11.45 a. m.
8.35 p. m.
2.15 a. m.
8.00 a. m.
3.10 p.m.
11.45a. m.
4.30 p.m.
7.20a. m.
6.35 a. m.
11.15 a. m.
12.15 p.m.
1.45 p.m.
2.35 p. m,
6.20 p.m.
7.10 p.m.
11.55 p.m.
1.35 a. m.
6.30 a. m.
7.10g. m.
10.55 a. m.
11.35 a. m.
2.15 p. m.
6.10 p. m.
8.50 p. m.
12.40 p. m.
7.00 p.m.
9.10 p.m.
2.05g. m.
5.50g. m.
11.50a. m.
4.30 p. m.
6.10 p. m.
8.15 p.m.
7.30 a. m.
8.47 a. m.
1.46 p.m.
:I 2611 m

Hrs. Min.
10 10
9 45
12 20
9 5
7 3(
6 (
5 3(
5 35.
5 50
5 5(
5 Zi
7 50
8 V.
5 4(
)
5 45
6 (
)
5 55
11 4:
5
6 IA
4 21
4 2:
4 41
4 31
6 41
5 2
3 51
3 5
5
3 3
0
3 41
3 2
3 4
4
3 3
3 2
4 1
4 1
3 45
3 3
3 15
2 2
6 5
3 5
2 45
2 25
11 32
11 15
2 7
2 95
2 Z0
2 I9
2 :.' 3
11
8 14
9 :
5
11 1 0
9 ,5
8 I
9 Z5
15 1 9
10 1 0
14 :5
16 '0
15 5
12 : 4
10 5
17 5
10 5
10 5
13
9 0
8 5
9
12
8
8 35
10 45
3 55
2 45
3 30
4 35
2 3.5
3 20
3 55
2 55
3 35
2 55
3 25
3 25
3 35
3 3.5
3 0
2 35
10 25
10 0
9 10
11 55
8 35
10 15
9 15
o 35
7 ao
9 20
6 2
5 16
A 16

73

CINCINNATI, OHIO.
MAILS-Continued.

MAILS-Continued.

Mails between Cincinnati and other cities-Continued.

Mails between Cincinnati and other cities-Continued.

Departure.
Cincinnati to Terre Haute '

Terre Haute to Cincinnati

Cincinnati to Fort Wayne

Fort Wayne to Cincinnati

Cincinnati to Detroit

Detroit to Cincinnati

Cincinnati to Grand Rapids

Grand Rapids to Cincinnati
Cincinnati to Buffalo

Buffalo to Cindrmati

Cincinnati to Pittsburgh

Pittsburgh to Cincinnati

Cincinnati to Atlanta

Atlanta to Cincinnati

Cincinnati to Birmingham

Birmingham to Cincinnati
,
Cincinnati to Memphis

Memphis to Cincinnati
Cincinnati to St. Louis

St. Louis to Cincinnati


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

12.00 m.
3.00 p.m.
9.00 p.m.
10.00 p.m.
12.55 a m.
4.05 a. m.
5.40 a. m.
1.20 p. m.
4.20 p. m.
4.52 p.m.
9.10 p.m.
2.55 a. m.
7.50 a. m.
9.45 a. m.
1.00 p.m.
3.00 p. m.
8.05 p.m.
9.45 p. m.
10.00 p. m.
1.30 a. in.
7.00 a. m.
6.35 a. m.
11.15 a. m.
1.25 p.m.
5.10 p.m.
2.55 a. m.
8.10 a. m.
1.00 p.m.
9.45 p.m.
12.15 a. m.
8.20 a. m.
12.01 p.m.
10.45 p.m.
2.45 a. m.
9.45 a. m.
1.00 p.m.
8.06 p.m.
9.45 p. m.
10.00 p.m.
7.30 a. m.
8.50 p.m.
2.30 a. m.
8.30 a. m.
11.50 a. m.
3.00 p. m.
6.05 p.m.
9.00 p.m.
12.05 a. in.
12.09 a. m.
3.35 a. m.
7.15 a. m.
12.35 p.m.
6.10 p.m.
2.30 a. m.
9.00 a. m.
2.00 p. m.
9.00 p.m.
5.00 p.m.
12.05 a. m
12.25 a. m.
3.02 a. m.
4.05 a. m.
8.15 a. m.
11.30 a. m.
7.50 p.m.
8.00 a. m.
11.15 a. m.
8.00 p. m.
10.30 p.m.
7.12 a. m.
8.00 a. m.
8.35 a. m.
5.10 p.m.
8.50 p. m.
8.00 a. m.
11.15 a. m.
6.00 p. m.
8.00 p.m.
10.30 p.m.
6.25 a. m.
12.22 p.m.
4.00 p.m.
6.05 p.m.
8.45 p.m.
12.01 a. in.
6.00 p.m.
10.30 p.m.
2.15 a. in.
8.20 a. m.
11.15 a. m.
8.40 p.m.
1.00 p. m.
6.35 a. m.
2.15a. m.
9.00 a. m.
9.10 a. m.
12.00 m.
9.15 p. m.
3.00 p. m.
3.15 p. m.
1.30a. m.
9.00 a. m.
12.00 in.
9.15 p.m.
11 00 p. m.
11.50 D. m.

Arrival.

Departure.

Time.

Hrs. Min.
4 35
4.35 p. m
6 59
9.59 p. m.
5 21
2.21 a. m.
6 1
4.01 a. m.
6 15
7.10 a. m.
6 50
10.55 a. m.
5 55
11.35 a. m.
4 50
6.10 p. m.
m.
8.50 p.
4 30
6 3
10.55 p.m.
6.30 a. m.
9 20
8 10
11.05 a. m.
3.00 p. m.
7 10
6 15
4.00 p. m.
p. m.
8.40
7 40
1.00m.
9 0
5 30
m.
1.35 a.
6.15 a. m.
8 30
8.45 a. m.
10 45
7.10 a. m.
5 40
2.00 p. m.
7 C
6 1C
12.45 p. m.
5.45 p.m.
6 3C
7.30 p.m.
6 5
13 2(
6.30 a. m.
12.30 p. m.
9 25
4.40 p.m.
8 a
8.55 p.m.
7 55
7.10 a. m.
9 25
13 45
2.00 p. m.
4.50 p. m.
8 3(
7.50 p.m.
7 41
9 C
7.45 a. m.
14 35
5.20 p. m.
12 35
10.20 p. m.
17 31
6.31 a. m.
10 4C
6.45 a. m.
1.05 p. m.
15 2(
1.25 p. m.
15 25
7.30 p. m.
12 (
7.10 a. m.
10 20
13 25
3.55 p. m.
8.25 p.m.
11 55.
11.59 p.m.
12 1
3.03 a. m.
12 Z
6.30 a. m.
12 2:
11.45 a. m.
14 41
1.50 p.m.
13 4:
10 41
10.50 a. m.
1.55 p.m.
10 21
12 3;
7.50 p.m.
5.30 a. m.
16 5:
7.15 a. m.
13 ;
2.15 p. m.
11 4;
5.35 p. m.
8 3.
9.55 p. m.
7 5.
6.15 a. m.
9 1.
2.05 a. m.
9
.F5 a. m.
8 5
10.30 a. m.
10
10.50 a. m.
7 48
12.20 p.m.
8 15
5.25 p.m.
9 10
9.10 p.m.
9 40
a. m.
6.30
10 40
9.50 p.m.
13 50
7.10 a. m.
19 55
11.00 a. m.
15 0
p.m.
19 5
7.35
13 :',18
8.50 p.m.
23 9
7.20 a. m.
23 5
7.20 a. m.
14 5'. 5
7.45 a. m.•
19 4
4.30 p. m.
10.20 p.m.
14 `.0
16 ',' 5
3.50 a. m.
14 :
8.25 a, m.
14 1 5
10.15 a. m.
16 5 5
3.25 p.m.
14 9 5
9.10 p.m.
7.20 a. m.
18 58
16
8.00 a. m.
14 1 5
8.20 a. m.
15 0
11.45 a. m.
16 ;
4.30 p.m.
14 1 5
8.15 a. m.
16 1
3.20 p.m.
21 '
11.25 p.m.
15 5
11.25 p.m.
20 :
7.45 a. m.
15 5
a. m.
11.45
18 '
7.20 a. m.
14 0
9.15 p.m.
11 ,
1.45 p. m.
m.
9
6.00 p.
10 7
7.45 p. m.
8 5
8.15 p.m.
10 3
7.28a. m.
10 6
1.56 a. m.
10 41
1.56 a. m.
10 20
11.50a. m.
9 10
6.10 p. m.
8 15
8.15 p.m.
10 15
7.30a. m.
9 30
8.30 a. m.
11 45
11.35 a. m.

Cincinnati to Springfield, Ill

Springfield to Cincinnati
Cincinnati to Peoria, Ill

Peoria to Cincinnati
Cincinnati to Chicago

Chicago to Cincinnati

Cincinnati to New York

.
New York to Cincinnati

Cincinnati to Washington

Washington to Cincinnati

2.45 a. m.
9.00 a. m.
12.00 m.
9.00 p. m.
10.00 p. m.
2.30a. m.
11.00 a. m.
8.00 p. m.
2.45 a. m.
8.30 a. m.
9.10 a. m.
12.03 m.
9.00 p. m.
10.00 p.m.
7.25 a. in.
11.30 a. m.
8.00 p. m.
8.30a. m.
12.00 m.
9.00 p. m.
3.00 p.m.
2.45a. m.
8.45 a. m.
10.00 p. m.
9.10 a. m.
9.20 p. m.
9.25a. m.
12.45 p.m.
9.05 p.m.
2.30 a. in.
9.20 a. in.
10.05 p.m.
9.50 a. in.
11.45 p.m.
2.30 a. m.
9.008. in.
2.00 p.m.
5.00 p.m.
9.00 p.m.
12.05 a. in.
2.458. in.
8.04 a. in.
2.04 p.m.
6.00 p.m.
6.56 p.m.
8.34 p.m.
9.21 p.m.
12.05 a. in.
8.03 a. in.
12.30 p.in.
2.00 p.m.
6.35 p.m.
9.00 p.m.
12.408. in.
7.008. in.
3.00 p.m.
3.15 p.in.
5.45 p.m.
6.45 p.m.
11.10 p.m.

Arrival.
3.50 p. m.
8.04 p. m.
11.00 p. m.
8.55 a. m.
8.55 a. m.
2.15 p. m.
10.55 p. m.
7.108. m.
2.45 p. m.
6.40 p. m.
10.30 p. m.
10.30 p. m.
7.25a. in.
1.30 p. m.
6.10 p. m.
8.50 p. m.
7.10 a. m.
5.00 p. m.
7.55 p. m.
7.10 a. m.
1.15 a. m.
12.25 p. in.
5.40 p. m.
7.038. m.
5.45 p. m.
7.10 a. m.
6.10 p.m.
8.50 p.m.
7.10 a. in.
11.35 a. in.
6.10 p.in.
7.15a. m.
5.55 p.m.
8.003. in.
3.45 a. m.
6.54 a. m.
9.288. in.
1.50 p.m.
7.26 p. m.
11.18 p.in.
9.10 p.m.
5.00a. m.
10.30 a. m.
10.50 a. m.
12.20 p.m.
5.25 p.m.
5.25 p.m.
10.30 p.m.
2.35 a. in.
6.30 a. m.
8.400. m.
12.35 p. M.
3.40 p.m.
5.15 p.in.
1.45a. in.
8.05 a. m.
8.208. In.
10.50 a. m.
12.20 p.m.
5.00 p. m.

Time.
Hrs Min.
13
' 5
11 4
11 0
11 55
10 5.5
11 45
11 55
11 10
12 0
10 10
13 20
10 30
10 25
15 30
10 45
9 20
11 10
8 30
7 55
10 10
10 15
9 40
8 55
9 :.:
8 35
9 51
8 45
8 55
10 1
9 1
8 5(
9 1(
8 5
8 11
5
24 1:
1
19 5,
18 1
19 51
21 21
22 1:
19 2:
21 Si
21 2
17 51
18 24
21 51
21 4
5
21 2
17 35
17 0
17 4
17 0
17 40
17 35
19 45
18 5
18 5
18 5
18 35
18 5
0

ARTICLES INCLUDED IN MONTHLY REPORT OF THE CHAMBER OF
COMMERCE.

Cereals, grain, and farm products: Barley, corn, oats, rye,
wheat, bran, flour, malt, malt sprouts, hay, cotton (bales), cotton
seed, straw, hops, clover seed, timothy seed, other seeds, hemp,
broom corn.
Coal and coke: Bituminous and anthracite coal, coke.
Fruits, vegetables produce, dairy products: Apples, bananas,
dried fruits, green fruits, lemons, oranges, butter, butterine, eggs,
potatoes, vegetables, onions, watermelons, poultry, fish, flaxseed.
Groceries: Beans, candles, coffee, cheese, molasses, sugar, rice,
salt, soap, sorghum, starch.
Live stock and products: Cattle, hogs, sheep, horses, fresh meats,
salt beef, D. S. meats (loose), D. S. meats (boxes), bacon, hams,
lard, pork, hides, leather, tallow, wool.
Manufactured articles: Agricultural implements, automobiles
(pieces),boots and shoes,cooperage,furniture,glassware, machinery,
vehicles (in cars), staves, crossties, other manufactures (pieces).
Metals, building materials, oils: Lime, cement, plaster, brick,
lumber, nails, oil, rosin, stone, iron pipe, scrap iron, iron and steel,
pig iron, pig lead, white lead, petroleum, stearine, turpentine.
Wines and liquors, tobacco: Alcohol, ale, beer, and porter,
whisky, wines and liquors (barrels), wines and liquors (100 pound
packages), leaf tobacco (hogsheads), leaf tobacco (cases), manufactured tobacco.
Miscellaneous: Asphalt, feathers, fertilizers, grease, paper, dried
grains, phosphate rock, tankage, soda ash, merchandise, bark.

74

LOCATION OF RESERVE DISTRICTS.

IN THE MATTER OF A FEDERAL RESERVE BANK FOR
THE OHIO VALLEY.

The reserve bank organization committee:
On the theory that the districts created by your
GENTLEMEN: The undersigned begs leave to submit commit
tee may be readjusted and new districts crethe following memorandum argument in favor of the ated, not
exceeding 12 in all, by the Federal Reserve
establishment of a Federal banking district which shall Board, we
venture to suggest the following division of
include within its boundaries the Ohio Valley.
the United States into eight regional districts:
Your committee is directed under,the Federal reserve
1. The State of New York and the New England
act to divide the continental United States, excluding States
to compose the district to be known as the New
Alaska,into not less than 8 nor more than 12 districts, York and
New England district.
in each of which districts there shall be organized one
2. The States of Pennsylvania, New Jersey, DelaFederal reserve bank. The act also prescribes "that ware, Maryla
nd, Virginia, and the District of Columthe districts shall be apportioned with due regard to bia to compos
e the district to be known as the Middle
the convenience and customary course of business, Atlantic district
.
and shall not necessarily be coterminous with any State
3. The States of North Carolina, South Carolina,
or States." Without being obliged necessarily to fol- Georgia, Florida
, Alabama, Mississippi, and Louisiana
low State lines, the only limitation imposed upon your to compose
the district to be known as the South Atcommittee as to the boundaries of regional districts is lantic and Gulf
district.
thatsuch districts shall be apportioned with due regard
4. The States of Ohio, Indiana, Kentucky, West
to the convenience of business and to the customary Virginia,
and Tennessee to compose the district to be
course of business.
known as the Ohio Valley district.
We assume that suggestions along the line of deter5. The States of Illinois,Iowa,Michigan, Wisconsin,
mining the boundaries of the regional districts, based and Minnes
ota to compose the district to be known
on the convenience of business and the customary as the Great
Lakes district.
course of business, will not be unwelcome.
6. The States of Missouri, Arkansas, Texas, OklaIt will clear the situation somewhat to know what is homa, Kansas
, and Nebraska to compose the district
meant by "business," as used in the reserve act, before to be known
as the lower Mississippi Valley district.
attempting to ascertain the meaning of the terms
7. The States of North Dakota,South Dakota,Colo"convenience" and "customary course of business." rado, Wyomin
g,
'Montana, Idaho, and Washington to
By the term "business," as used in the Federal compose
the district to be known as the Great Northreserve act, we assume no definition can be thought of ern
district; and,
that would be too broad or comprehensive. If we
8. The States of Oregon, California, Nevada, Utah,
have read the act aright, the word "business" is prac- Arizona
, and New Mexico to compose the district to
tically synonymous with "commerce" and means in- be
known as the Pacific coast district.
terchange of goods, merchandise, or property of any
The greatest commercial development of the
kind; trade, traffic, more especially trade on a large United
States has always been for the most part bescale; transportation of merchandise between differ- tween
the thirty-seventh and forty-third parallels, a
ent parts of the country.
strip reaching from Norfolk to Rochester on the east
The movement of the wheat and corn crop of the coast and from
San Francisco into southern Oregon on
Northwest to tidewater; the marketing of the cotton the west.
crop of the South; the distribution of the product of
Of the 27 cities in the United States with a populathe looms of the East; the delivery to the consumer tion of
over 200,000 at the last census, 21 are within
of the output of the anthracite fields of the Middle that 400-mil
e strip, viz, Boston, Providence, New
States; the handling of the bituminous coal product, York City,
Jersey City, Newark, Philadelphia, Baltithe iron, the lumber, and agricultural products of the more, Pittsbu
rgh, Buffalo, Rochester, Cleveland,
Ohio Valley; the transportation of live stock from the Detroit,
Milwaukee, Indianapolis, Louisville, Cingrazing States to its market, suggest some phases of cinnati
, Chicago, St. Louis, Kansas City, Denver, and
business that are to be taken into account by your San Francis
co, while outside of this strip are only 2
committee in dividing the continental United States cities to
the south of it, Los Angeles and New Orleans,
into regional bank districts.
and 4 cities to the north of it, Minneapolis, St. Paul,
Under the new dispensation in banking, each re- Portland,
and Seattle.
gional bank is to be the financial center of its particuMore striking still do we find the industrial developlar district, and is to provide quick relief for financial ment
within the strip mentioned, when population is
distress in that locality. The regional banks as a conside
red. The population of the large cities outside
whole are to be employed in financing extensive com- of this
industrial belt is but one and one-half millions,
mercial enterprises of a legitimate character within while that
of the 22 largo cities within it is fifteen and
their respective districts.
one-half Millions.


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

CINCINNATI, OHIO.

If the regional districts can be so bounded as that
as many of them as possible can share in that 6° strip
of territory north and south, which stretches from one
ocean to the other,such a division of territory,it would
seem, would conform to the direction in the reserve
act to apportion the districts with due regard to the
"customary course of business."
No banking system can be thoroughly efficient without the aid of a railway mail service that is tuned up
to the highest point of efficiency. Every east and
west trunk line of railroad, except the Northern
Pacific and the Great Northern, penetrates this 6league belt at some point or other, as it crosses the
continental United States. Through and across this
strip of 400 miles in width, passes nearly every navigable river in the United States. It is washed by the
waters of four of the Great Lakes and receives the
traffic from the fifth. The wonderful harbors of Boston, New York, Philadelphia, and Baltimore on the
east, and of San Francisco on the west, attest that the
development of the business of this country has, for
the major part, been between east and west lines, less
than 400 miles apart, from the Atlantic to the Pacific.
Under the present national banking system, the
three central reserve cities, New York, Chicago, and
St. Louis, and over two-thirds of the 46 other reserve
cities, are to be found within this belt of commercial
supremacy above referred to.
In the bounding of the eight regional districts, as
hereinbefore outlined, no effort was made to divide
the country into districts that were equal either in
area or in the aggregate of bank capital and surplus.
The language used in the Federal reserve act does not
seem to contemplate a divisidn of the country along
any such lines. In the natural order of things there
will be some regional districts in which the banking
resources will be enormous, others in which they will
be not so large. In the division which we have laid
before your committee the aim has been, without
creating new and strange business alliances, to allow
certain sections of our country to set up for themselves, as it were, under this new banking arrangement.
Trade develops along transportation lines, rail as
well as water. For instance, the commerce of what
we have chosen to designate the New York and New
England district is fed by the Great Lakes and the
St. Lawrence on the north, by the Erie Canal, the New
York Central, and the New York, New Haven & Hartford Railroads, and on the east and south by hundreds of miles of ocean front. To group the States of
New York and the New England States in one great
regional district for banking purposes certainly would
do no violence to the language of the act, requiring
divisions of territory made "with due regard to the
convenience and customary course of business."


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Federal Reserve Bank of St. Louis

75

Coming now to the Middle States district, composed of Pennsylvania, Delaware, New Jersey, Maryland, Virginia, and the District of Columbia, we find
it with a bit of lake commerce and the inland traffic
carried on those arteries of steel, the Lackawanna,
Reading, Pennsylvania, and Baltimore 86 Ohio Railroads, supplemented by the wonderful harbors at
Philadelphia and Baltimore, ample to float the bottoms of all nations. This territory suggests naturally
another great regional banking district, where gigantic commercial transactions must needs have in times
of financial stress the required relief which the regional
bank is expected to afford.
Passing south of the thirty-seventh parallel, we
come to the third district, which we have chosen to
call the South Atlantic and Gulf district, and composed of North and South Carolina, Florida, Georgia,
Alabama, Mississippi, and Louisiana. This district,
essentially a southern one, has the Southern Railway,
the Flagler Lines, the Western & Atlantic, Alabama
84 Great Southern, and the Louisville & Nashville
Railroads for inland carriers, and an ocean and gulf
frontage from Currituck Sound to Sabine Pass, besides
having the tonnage that is delivered through the
Mississippi River and its tributaries. This district
would probably receive through the Mississippi route
a greater tonnage originating in other districts than
will come from its neighbors in any other district in
the United States. While not requiring banking facilities of the same magnitude as the North Atlantic districts, the South Atlantic and Gulf district has possibilities possessed by perhaps no other district in the
United States, and it is safe to predict that it will be
one of the great districts of the country. Pig iron is
produced the year round, and if not sold promptly
becomes the banker's best collateral. Thus arises a
steady flow of commercial pepaer to be handled by the
regional bank in the furnace district.
Passing for the moment the district we have designate.d as the Ohio Valley district, our next division of
territory is that made up of the States of Illinois,
Iowa, Michigan, Wisconsin, and Minnesota, which we
have styled the Great Lakes district. Aside from the
enormous traffic of all kinds, including iron ore and
grain, originating within this district, all the eastbound tonnage that originates in the Northwest will,
at some stage of the journey, before reaching destination, pay tribute to the banks in this regional district. All the railroads of the West and Northwest
converge within its boundaries. A district bisected
by the Mississippi as far as Cairo, and bounded on the
north and east by Lakes Michigan, Superior, and
Huron, the business of this section is not troubled
with questions of transportation. The convenience
and customary course of business in this region for
the last 50 years finds expression in the magnificent

76

LOCATION OF RESERVE DISTRICTS.

cities of Chicago, Detroit, Milwaukee, St. Paul, Minneapolis, and Duluth.
The sixth of our subdivisions embraces the States
of Missouri, Kansas, Nebraska, Arkansas, Oklahoma,
and Texas, and is called the lower Mississippi Valley
district. If but eight districts are to be created at
first, necessarily those west of the Mississippi River
will be of large area and the banking centers widely
separated. Until such time as the Federal Reserve
Board shall see fit to increase the number, it may
approve of the establishment of branch banks within
these districts. The district we have outlined is, to be
sure, an empire in itself as to territory, but not equal
to several of the other districts in the demands
that will be made upon the banks within its borders.
It, more than any other district, can be classed as an
agricultural and grazing section, though the oil and
mineral products help materially to swell the aggregate of business done in the district. With a Gulf
frontage of over 500 miles, and three States, Missouri, Kansas, and Nebraska, within the favored
belt of greatest commercial activity, this territory
could all of it be well served by a regional bank and
possibly two branches.
Subdivision 7 embraces North and South Dakota,
Colorado, Wyoming, Montana, Idaho, and Washington, to be known as the Great Northern district.
Somewhere in the division of the continental United
States the Rockies will have to be crossed, and in
order that every district in the country shall have its
water frontage,either lake or ocean, we have added the
State of Washington to the mineral States of Colorado,
Wyoming, and Idaho and the grain and fruit growing
States of the Dakotas and Montana. The distances
are so great and the business centers so widely separated that this section, like the lower Mississippi
Valley district, can possibly best be served with a regional bank and two or more branches. This district
has the State of Colorado and the southern part of
Wyoming in the district embraced between the thirtyseventh and forty-third parallels.
We have grouped Oregon, California, Nevada, Utah,
Arizona, and New Mexico in one district, to be known
as the Pacific Coast district. We assume that the
natural trend of business in Utah and Nevada is
westward rather than eastward, and that this is likewise true of Arizona and the most of New Mexico.
This territory suggests one regional bank and two or
more branches.

Returning now to the territory composed of the
States of Ohio,Indiana, West Virginia, Kentucky, and
Tennessee, we suggest to your committee that these
States be created into a regional banking district, to
be known as the Ohio Valley district. It touches two
of the Great Lakes and thus gets its water frontage,
with docks at Toledo, Cleveland, and Conneaut. It
has more miles of navigable water on the Ohio, Muskingum, the two Kanawhas, Big Sandy, Kentucky,
Cumberland, and Tennessee Rivers than any other
district in the United States. Its natural resources,
timber, marble, phosphates, coal, iron, oil, and gas are
in transit every day in the year. Its manufactures are
sold in every market in the world, its harvesters in
Argentina and Russia, its mining machinery in the
diamond fields of South Africa. Its agricultural products are unsurpassed in quality by any grown on the
continent.
The Federal Government is committed to complete
the improvement of the Ohio River and for its subsequent maintenance in a high state of efficiency from
Pittsburgh to Cairo. No district of equal area can be
created in the United States with better railroad
facilities than is supplied to the Ohio Valley district
by the Vanderbilt lines, Baltimore & Ohio Southwestern, Pennsylvania, Chesapeake & Ohio, Queen &
Crescent, Southern, and Louisville & Nashville Railroads. Business for common carriers means business
for banks. With four east-and-west lines and three
practically north-and-south lines of railroad it would
be hard to conceive of a region better supplied with
carriers for the prompt dispatch of business, and
dispatch in these days is equivalent to convenience of
business.
This central area of our country, with all but the
State of Tennessee between the thirty-seventh and
forty-third parallels, west of the Appalachians and east
of the Mississippi,occupying half the space between the
Lakes and the Gulf, with a homogeneous population
enlightened and progressive, with unusual natural resources, combined with enormous manufacturing
wealth, and no foot of its territory over 12 hours'
ride from the center of a circle that shall include the
States of Ohio,Indiana, West Virginia, Kentucky, and
Tennessee, would seem to suggest an ideal district
within which to locate a Federal reserve bank.
Respectfully submitted.
THOMAS H. KELLEY.
February 16, 1914.
CINCINNATI,

BRIEF SUBMITTED BY CHARLES A. HINSCH, PRESIDENT OF THE CINCINNATI CLEARING HOUSE.
At a meeting of the Cincinnati Clearing House Association, held Tuesday, December 23, 1913, the representatives of the eight national banks unanimously
resolved to recommend to their respective institutions
to accept the terms and provisions of the Federal reserve act.


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Federal Reserve Bank of St. Louis

Believing Cincinnati to be a logical location for a
Federal reserve bank, a committee of three was appointed, with full power to act, to present the claims
of our city.
The first consideration of our committee was the
selection of a district which would, as nearly as pos-

CINCINNATI, OHIO.

sible, be in harmony with the provision of the act,
"That the district shall be apportioned with due regard to the convenience and customary course of
business and shall not necessarily be coterminous
with any State or States."
As the result of our deliberations, we have outlined
a district, pursuant to the expressed wishes of your
honorable committee, consisting of the following
States: Ohio, Indiana, West Virginia, Kentucky, and
Tennessee.
As this district, without question, will be more than
self-sustaining, the district could with safety be enlarged by the addition of one or more so-called cotton
States, or parts thereof. This district comprises:
Per cent.

184,640 square miles
13,161,000 population
1,009 national banks
2,551 State banks
$384,365,000 combined capital and surplus
$1,716,234,000 combined deposits

5
13
14
13
10
8

(See Exhibits A, B, and C.)
The following facts were potent factors in the selection of the district:
First. A Federal reserve bank composed of only the
national banks in the district would be possible, having a capital of $11,758,000; deposits of $42,536,000;
issue of Federal reserve notes, $29,395,000; loans of
$57,044,000. This does not include additional United
States deposits authorized by the Federal reserve act.
Including the State banks of the district, a bank
would be possible having a capital of $23,062,000; deposits of $88,213,000; issue of Federal reserve notes,
$57,657,000; loans of $115,000,000. In our calculations we have not eliminated the State banks ineligible on account of not having sufficient capital.
Second. This section would, without question, be
self-sustaining, incident to the evenly distributed
demand for credit, during the several seasons of the
year.
Third. It would be a well-balanced district, on account of the diversity of agricultural products, wheat,
corn, oats, tobacco, hemp, with possibly some cotton
and naval stores. Its production of raw materials,
coal, iron, wood, etc., encourage a wide and varied
production of manufactured products.
We respectfully recommend and request your honorable committee to locate a Federal reserve bank in
Cincinnati, for the following reasons:
First. Twenty railroads radiate from Cincinnati,
north, south, east, and west, rendering it possible to
reach Cincinnati by rail from any city in the district,
within a maximum of,say, 10 hours. Mail or currency
can be sent to or from Cincinnati in one night's run.
Cincinnati has the distinction of having constructed
the Cincinnati Southern Railway, extending from
Cincinnati to Chattanooga, a distance of 338 miles.
This property is still owned by the city, and leased to


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Federal Reserve Bank of St. Louis

77

the Cincinnati, New Orleans & Texas Pacific Railway,
and is the most valuable asset of our city.
Our excellent telegraph and telephone service
facilitates the speedy shipment of currency, transfer of
funds, and credits.
Second. Cincinnati is the nearest large city to the
center of population, the population of the metropolitan district of Cincinnati being nearly 600,000.
Twenty million people reside within a radius of 300
miles.
Third. Cincinnati is neither a northern nor a
southern city; is located near the border of three great
States—Ohio, Indiana, and Kentucky.
Fourth. In the establishment of the subtreasury in
Cincinnati the Government recognized the geographical
and strategical relation of the city to the density of
population, and the industrial and agricultural activity
of the district.
Fifth. Cincinnati is a reserve city and the commercial center of the district selected by our committee,
and banks located in substantially every county in
the district maintain business relations with this city,
many of whom have expressed in writing a preference
for the location of a Federal reserve bank in Cincinnati, stating that the natural trend of their business
is toward this city; the detailed responses will be submitted in the general brief.
The knowledge of the needs and credits of the district, predicated upon the close personal contact of
the banks of Cincinnati with their correspondents
throughout the territory, would be available and of
great value to the Federal reserve bank.
Cincinnati is normally an easy money market, and
it is seldom that any of the banks in this city show
either a bills-payable account or bills rediscounted.
The banks of this city have given a good account of
of themselves during the several financial crises which
have swept the country, and the disposition, ability,
and courage shown by Cincinnati banks in extending
aid to their correspondents in times of financial stress
account to a large extent for their loyalty to this city
and of their desire for a continuation of the relations
which have existed in the past.
The banks of Cincinnati shipped $15,754,000 currency to their correspondents in Ohio, Indiana, West
Virginia, Kentucky, and Tennessee from August to
December, inclusive, in the year 1907, most of which
was shipped during the months of October and November, the extreme period of the currency panic.
This does not include currency delivered direct to the
representatives of our correspondents. (See Exhibit D.)
On January 13, 1914, the national banks of Cincinnati had deposits from other banks of $31,501,412,
due largely to banks located in this district.
These deposits are the result of years of personal
effort and close attention to the interests of their

78

LOCATION OF RESERVE DISTRICTS.

patrons, and not due to the extension of abnormal
terms in an effort to attract balances from their legitimate channels.
Sixth. The combined resources of the national banks
of Cincinnati are the largest of any city in the proposed district.
They had on January 13, 1914,capital,surplus, and
profits of $23,164,000, and deposits of $75,900,000.
The national and State banks combined had capital,
surplus, and profits of $34,922,000, and deposits of
$135,314,000. (See Exhibit E.)
The clearing-house banks of Cincinnati were recently
allotted $1,500,000 crop-moving money by the honorable Secretary of the Treasury. As we did not need
it we waived our rights to same, thus rendering the
funds available to other sections.
This is a further evidence of the stability of this
district.
The shipment of currency by the banks of Cincinnati to their correspondents in the proposed district
during the year 1913 amounted to $45,000,000, and
during the same period loans to correspondents were
extended at reasonable rates, in harmony with the
balances maintained.
In the exchange operations between the large money
centers, exchange rates in this city are not subject to
violent fluctuations, and exchange is furnished to
correspondents practically at par at all seasons of the
year.
Seventh. The bank clearings of Cincinnati are the
largest in the district, the total for the year being
$119,433,000. (See Exhibit G.)
Eighth. With the completion by the Government of
the series of locks and dams now under construction in
the Ohio River Cincinnati will enjoy a 9-foot stage of
water the year round, from Pittsburgh to the Gulf of
Mexico, thus insuring the lowest possible transportation rates for all of the Ohio Valley. (See Exhibit H.)
Ninth. The internal-revenue collections of this district amounted last year to $10,102,646.
Tenth. The post office of Cincinnati is one of the
most important in the country, our receipts having
increased from $1,241,000 in 1900 to $2,715,000 in
1913.

Under the provisions of the Vreeland-Aldrich bill
the clearing house banks of Cincinnati formed the
National Currency Association of Cincinnati, embracing 11 counties in Ohio, 5 counties in Kentucky, and 3
counties in Indiana; a total membership of 37 banks,
the largest membership in the country under the act,
with combined capital and surplus of $26,634,000.
We have every confidence in our ability to prove our
case, and trust that when all the facts and evidence are
presented to you your verdict will be favorable to us
for the establishment of a Federal reserve bank in
Cincinnati.


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Federal Reserve Bank of St. Louis

EXHIBIT

A.
National State
banks. banks.

Ohio
Indiana
Kentucky
Tennessee
West Virginia

382
256
146
108
117
1,000

Total

754
693
473
434
197
2,551

EXHIBIT B.
Square
miles.
Ohio
Indiana
West Virginia
Kentucky
Tennessee

Population.

41,060
36,350
24,780
40,400
42,050
184,640

Total

4,767,000
2,700,000
1,221,000
2,289,000
2,184,000
13,1C1,000

EXHIBIT C.
NATIONAL BANKS.
[National-bank figures as of call of the Comptroller for Oct. 21, 1913.]
Number.

Capital and
surplus.

7,509
1,006
380
256
116
145
109

$1,785,704,000
195,972,000
93,916,000
40,827,000
16,593,000
25,867,000
18,769,000

United States
District
Ohio
Indiana
West Virginia
Kentucky
Tennessee

Deposits.

$8,344,781,000
800,691,000
407,386,000
171,676,000
64,486,000
78,849,000
78,294,000

STATE BANKS.
21,625 $1,902,604,000 $12,121,455,000
188,393,000
2,551
913,543,000
80,683,000
754
499,863,000
40,459,000
693
187,165,000
197 . 19,426,000
68,664,000
25,326,000
473
78,594,000
22,499,000
434
79,257,000

United States
District
Ohio
Indiana
West Virginia
Kentucky
Tennessee

TOTALS.
29 134 $3,688,308,000
,
3,557
384,365,000
1,134
174 599
, ,000
81,286,000
949
36,019,000
313
51,193,000
618
41,268,000
543

United States
District
Ohio
Indiana
West Virginia
Kentucky.
Tennessee

$2
0,466,236,000
1,714,234,000
907,249,000
358,841,000
133,150,000
157,443,000
157,551,000

BASED ON NATIONAL BANKS—REGIONAL BANK.
.
Capital.. ............................................................. $11,758,000
Deposits 1............................................................. 42,536,049
54,294,049
57,044,000
29,395,000

Loans
Notes

Does not include United States deposit authorized by Federal reserve act.
amount of possible note issue.
Predicated on capital only, being paid in gold, and based on 40 per cent gold
reserve.
'Represents 65 per cent of deposits, and

EXHIBIT D.
1907.

West Virginia:
August.
September
October
November
December

$255,000
221,000
417,000
261,000
67,000
$1,221,000

CINCINNATI, OHIO.
Indiana:
August
September
October
November
December
Kentucky:
August
September
October
November
December
Ohio:
August
September
October
November
December

Tennessee

79
EXHIBIT E.

$1,054,000
709,000
989,000
886,00')
324,000

JANUARY 13, 1914.

Capital.

$3,962,000

475,000
562,000
787,000
1,248,000
403,000

National banks
Clearing-house banks
Clearing house and nonmembers

3,475,000
1,154,000
1,308,000
1,763,000
1,217,000
654,000
6,096,000
14,754,000
1,000,000
15,754,000

Surplusand
undivided Deposits.
profits.

$13,900,000
17,275,000
18,986,800

$9,264,093
14,818,446
15,936,041

$75,900,559
117,864,490
135,314,517

EXHIBIT G.
Cincinnati
Cleveland
Indianapolis
Columbus
Toledo
Louisville

... $119,433,000
109,125,000
36;675,000
28,988,000
. . 26,353,000
69,622,000

Memphis
Chattanooga
Nashville
Knoxville
Lexington

$51,026,000
11,223,000
36,861,000
7,733,000
4,237,000

MEMORANDUM FILED BY GEORGE F. DIETERLE, PRESIDENT OF THE CINCINNATI CHAMBER OF
COMMERCE AND MERCHANTS' EXCHANGE.
-THE NATURAL TREND OF COMMERCE IS THROUGH
A.
THE OHIO VALLEY.

Rafting was followed by barge transportation, and
as early as 1816 the steamer New Orleans was built at
Pittsburgh, only nine years after Fulton completed
Scientists have drawn a logical map of what pre- the Clermont on the Hudson.
Steamboating opened for Cincinnati a quick rise in
ceded the advent of man in these parts. I submit
Exhibit No. 1, a map of preglacial period (Howe's population, commerce, and importance. It became
Historical Collection of Ohio, vol. 1, p. 741), showing the source of supply to the lower Mississippi,and many
that an ice dam at Cincinnati had created a wide lake, a house in Cincinnati to-day owes its importance to
extending eastwardly for 400 miles, covering the low- the quarterly and half-yearly trips of the boats laden
lands of the Ohio Valley. It varied in width as the with boots and shoes, clothing for men and dress goods
lake pushed its area up the valleys of the Licking, for women, manufactured tobacco and flour, furniBig Sandy, the Kanawha, the Allegheny and Monon- ture, and whisky, which they sent to southern margahela, the Muskingum, Sciota, and the two Miamis, kets. These boats came back laden with sugar, cot-and White Water Rivers, containing, as it were, twice ton, molasses, rice, southern fruit, and tobacco.
The westward trend of population likewise seems to
the area now occupied by Lake Erie. The waters rehave followed the lines of least resistance pursued by
ceded, leaving fertile valleys; vegetation flourished,
the savage and the pioneer, and cheap transportaand forests were almost impenetrable.
tion offered by river navigation.
The mound builder came, selecting this valley for
A map is here furnished (marked "Exhibit B"),
this abode, because nature was bountiful; and traces
showing the moving westward of the center of popuof his early habitation are still manifest in the Ser- lation with each decennial census. (Abstract of the
pent Mound (just southeast of Hillsboro, Ohio), Fort Thirteenth Census population as taken 1910, p. 31.)
Ancient (just north of Morrow, Ohio), and minor
Cincinnati is located 39° 4" north latitude. For
mounds within Cincinnati. The more savage and 120 years the center of population of the United States
warlike tribe of Indians drove these peaceful dwellers has moved along the thirty-ninth degree of latitude,
from their selected abode, and in due course the white with a few minutes on one side or the other of said
pioneer sought his way along these same lines of least thirty-ninth degree meridian.
resistance.
1790.-Forty miles east of Baltimore.
The banks of the Ohio made an easy trail; log raft-Twenty-five miles west of Baltimore.
1800.
1810.-Fifty miles northwest of Washington.
ing an easy method of navigation, and God's country
1820.-One hundred miles west of Washington.
on both sides of the beautiful river offered the neces1830. One hundred and forty miles west of Washington.
sities of life. And it seems only natural that follow1840. Twenty-five miles south of Clarkesburg.
ing these primitive steps, the establishing of trading
1850. Twenty-five miles southeast of Parkersburg.
1860. Twenty-five miles south of Chillicothe.
posts along the line of the river should be the next
1870. One hundred miles east of Cincinnati.
step. Fort Pitt, Fort Hamer, Limestone, Losanti1880. At Cincinnati.
ville (Cincinnati), Louisville, and Old Vincennes
1890. Fifty miles west of Cincinnati:
mark the path and progress of civilization and com1900. At Columbus, Ind.
1910. Forty miles east of Bloomington.
merce.


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Federal Reserve Bank of St. Louis

80

LOCATION OF RESERVE DISTRICTS.

Calling your attention to the close adhesion with almost preceded the opportunities of trade. The first
which the center of population follows the thirty- bank west of the Allegheny was founded in 1803.
ninth degree of latitude. Assuming from this that a The charter of the Miami Export Co. explained its
zone created by using as a center a city located in the purpose to be "to try to develop facilities for shipping
line along which this center of population has trav- goods" and "to do a conventional banking business."
In 1814 Cincinnati had three banks to "facilitate
ersed these many years, you can use any radius which
your committee thinks proper, and not fail to get and the shipping of goods." And in 1914 Cincinnati has
serve a greater number of people within that zone 8 national banks and 30 State banks and trust comthan if the same radius was applied to any point away panies, with bank capital, $19,673,400; bank deposits,
from the line traversed by the center of population $130,168,021; bank resources, $184,243,857; bank
clearings, 1900, $795,503,000; 1912, $1,369,215,000.
in its westward course.
In this same map you will find marked the center of Post-office receipts, 1900, $1,291,088; 1912, $2,621manufactures, as given in the 1900 decennial census. 186.90.
Each and all still "facilitating the shipping of
(The center of manufacture for the 1910 census has
not yet been published.) It seems natural that the goods," aiding the farmer, the miner, the manufaclocation of factories will influence and have a direct turer, to bring his products to sale, and enabling all
bearing upon density of population. The predomi- of them to pay millions of dollars in operating exnance of agriculture in the South, while manufacturing penses, including an average weekly pay roll of
predominates the North, pulls the center of popula- $1,000,000.
tion along a more southern path. Both centers, howCincinnati has stood the test of the financial strinever, are within the advantages offered geographically gencies which have come over the land, and Cincinby Cincinnati.
nati passed through the panics of 1873,1893,and 1907
An analysis of the 1910 census shows a population without any dire effects. Conservative banking,comliving within different radiuses of Cincinnati to be:
bined with the cordial cooperation of the banks with
each other through the excellent clearing-house assoWithin 100 miles
2,793,187
Within 200 miles
8,678,526 ciation of Cincinnati,has enabled Cincinnati to weather
Within 300 miles
20,880,946
the storms which some other cities, less favorably sitWithin 400 miles
30,901,518 uated, have found more difficult to overcome.
Within 500 miles
42,939,812
No pay roll in this city has been defaulted, and our
Within 600 miles
62,415,102
people have the utmost confidence in Cincinnati's
It will be seen that more than 20 per cent of the
financial institutions.
population of the United States is within 300 miles of
The population of Cincinnati is largely foreign or
Cincinnati, and nearly three-fourths of the people of
of foreign parentage. We particularly are proud of
the country live within 600 miles.
the great number of Germans in our midst. They
The canalizing of the Ohio River, at a total expense
have added to Cincinnati not only artistic temperaestimated to be approximately $63,000,000; the
ment and mechanical skill, but have instilled into
United States Government is building locks and Cincinnati the spirit of economy and thrift. Savings
dams which within 10 years assure a 9-foot stage of
deposited in building associations and savings banks
water from Pittsburgh to Cairo. This will reha- has made Cincinnati a city of homes, owned by
those
bilitate water navigation and the Ohio Valley will who live therein. We are rated conservative.
While
again come into the position it occupied prior to the
Cincinnati has had a natural increase, it has never had
coming of rail transportation. As a feeder to the
a boom. The diversified occupation of its people has
Panama Canal the commerce of the Ohio Valley will be
made it less susceptible to depressions; and the confiincreased manifold. And should your committee select
dence, good will, and desire to do business with our
Cincinnati as the center of the zone to be covered by
banks finds reciprocal relations with banks located far
a regional bank, you will be placing within that zone
and wide.
the Ohio Valley and the natural course of commerce,
incinnati is a reserve city under the national-bank
the center of population, and the center of manufacact. It has a Subtreasury of the United States. It
turing. You will, in fact, be serving the farmer at his
is the main collection office of a United States internalplow in our State and the South; the mechanic at
revenue district. It is the seat of district and appelthe forge and at his bench; the miner of coal in Ohio,
late United States courts. And to all of which a
West Virginia, and Kentucky; and the greatest numregional bank would occupy Government and recipber of people of diversified occupation you can find
rocal relations.
within any zone you may seek to create.
C.—RECIPROCAL RELATIONS WITH THE SOUTH.
B.—CONFIDENCE OF THE PEOPLE IN CINCINNATI BANKS.

Banking is so closely connected with trading and
commerce, that, in the case of Cincinnati, banking


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Federal Reserve Bank of St. Louis

The early exchange of products with the South
built up reciprocal relations, with so many tender ties
that no city in the North was so severely touched and

81

CINCINNATI, OHIO.

so sorely tried by the events of the late fifties, and by
the war itself,,like Cincinnati. The known hospitable
nature of the southerner would preclude the thought
that business is business and all dollars, without sentiment. The direct visit of our business men to these
southern markets and homes established many warm
friendships—friendships that even war could not turn
into hatred. A decade of hesitation and separation
made the desire for a reunion and continuance of old
ties all the more wished for. As Cincinnati's commerce moved by the river it was confined to the
Southwest, principally reaching Cairo, Memphis,
Vicksburg, Natchez, and New Orleans. To reach the
central-south and the southeast was a wish that
reached a crystallized form when, in 1836, Cincinnati
business men resolved to build a railroad directly
south from Cincinnati, and backed the thought up by
a subscription list, pledging $1,000,000 to the project.
That night every house in Cincinnati illuminated its
windows with many candle lights in jubilation over
the new benefits so fondly hoped for. Later in that
same year a strong delegation from Cincinnati attended the "Great Southwestern Railroad Convention" at Knoxville, presided over by Gov. Hayne, of
South Carolina. The convention was attended by
representatives from nearly all Southern States. The
enthusiasm was great, and it did look as if a railroad
from Cincinnati to Charleston would be built without
loss of time. The financial crash of 1837, however,
stopped all plans. Ten years of exploitation followed.
Local capital had built the Little Miami Railroad (now
owned by the Pennsylvania) to the east and the Cincinnati, Hamilton & Dayton Railroad to the north.
Ten years of political unrest followed, and then the
war. The necessities of a railroad to make Cincinnati
the gateway to the South were still as apparent as in
1836. The constitution of Ohio, adopted in 1851,
prohibited any municipality to give a bonus for the
building of a railroad. However, E. A. Ferguson, a
rising, determined young lawyer, advanced the thought
that Cincinnati build and own the railroad and forced
this thought into an enactment of the Ohio Legislature, which was confirmed by city council and accepted
by the people of Cincinnati in a referendum vote submitted on the 20th of June, 1869. The road was built,
taking 10 years in construction. It cost a little over
$23,000,000, and is 336 miles long—reaching directly
south from Cincinnati to Chattanooga. It is under
lease to the Cincinnati, New Orleans & Texas Pacific
Railroad and part of its grand system; reaching the
cream of the South and bringing to Cincinnati not
only the advantage of trade to and with the South,
but fostering the ties of friendship between us and the
South, for which our forefathers so fondly prayed in
1836.


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Federal Reserve Bank of St. Louis

46458*—S. Doc.485,63-2

0

In the renewal of lease, which runs for 60 years
from 1901, the city is receiving now an annual rental
of over $1, 000,000, an excellent return on the capital
invested, which in itself has been like bread cast upon
the water, to be returned after many days. This
monetary consideration, however, is small when compared to the real benefit that Cincinnati has in the
close trade ties with the new South and its progressive
people.
When in 1880 the Cincinnati Southern Railway was
ready for traffic, the business men of Cincinnati
invited the merchants of Kentucky, Tennessee, Alabama, Virginia, North and South Carolina, Georgia,
Florida, Louisiana, and Mississippi to join with them
in the dedicatory exercises as Cincinnati's guests. A
banquet in Music Hall was part of the program, and
3,000 men sat down and broke bread. The banquet
was to go down into history as one of the memorable
events in the history of Cincinnati; not because this
feast excelled in food, drink, or oratory, but because
of an unexpected incident, which followed when the
band struck up Dixie, and every mother's son of the
South got up and yelled. The tune changed into
the Star Spangled Banner, and it has always been
conceded that the mentioned sons of the South
cheered louder and longer than their northern hosts.
With this reference it must not be overlooked that
the "bloody shirt" was still being waved in political
campaigns for political purposes. Yet to-day we
glory in the fact that Confederate and Union veterans attend each other's reunions, and decorate the
graves of each other's heroes.
Your honorable committee, we claim the friendship
of the South, and believe that Cincinnati is logically
in a position to take care of the business of such part
of the South that your committee will put into the
zone which you will create, having Cincinnati as its
center.
We claim for Cincinnati that we are the most
northern city of the South and we are the most
southern city of the North, and occupy the indisputable geographical position of being nearest to the
national trend of commerce through the Ohio Valley.
Cincinnati is on the direct line of march of the United
States, over which the center of population has pushed
westward for more than a hundred years.
CINCINNATI AS A MANUFACTURING CENTA OF MANY
DIVERSIFIED INDUSTRIES.

The transition from merchandising in agricultural
products into a big manufacturing center was • a
gradual evolution, made possible by the marvelous
growth and expanding needs of our country.
Cincinnati is located within easy reach of the good
and cheap coal of four States—Ohio, Pennsylvania,

82

LOCATION OF RESERVE DISTRICTS.

For the six largest industries Cincinnati's figures are
West Virginia, and Kentucky. Pine wood to its
north, hard wood to its south, limestone at its own 39.8 per cent, while with the other cities it runs from
door, it needed only mechanical skilled labor to put 43.5 per cent to 73.7 per cent.
In Cincinnati we have 27 kinds of industry, the
these natural advantages to work. From its very
beginning, Cincinnati counted among its citizens men products of each of which is at least one-half of 1 per
of unlimited civic devotion, personal skill, and com- cent of the total products of manufacture, while with
mercial daring. Martin Baum did not hesitate to other cities large industry is concentrated among a few
send to Bavaria for chemists, and the first Nicholas kinds, as shown in the fourth column of the above
Longworth only exercised keen business foresight table.
Attached is a schedule showing the value of the
when he brought vintners from the Rhine to cultivate
products of the 27 industries in Cincinnati of one-half
the Catawba grape on our hillsides.
Cincinnati benefited by the first influx of foreign of 1 per cent or more of the total:
emigration in 1836, and these dwellers in Cincinnati
4260,399,619
Total—all industries
brought to Cincinnati the second influx in 1848, when
26,186,468
Foundry and machine shop products
the flower of Germany lost in its struggle for liberty, Slaughtering and meat products
19,922,614
and they sought in this country the liberty for which Clothing, men's, including shirts
17, 646,324
14, 998,672
they fought and lost in their own.
Boots and shoes, including cut stock and findings
13, 998,611
The rapid strides of Cincinnati in manufacture, the Printing and publishing
11,016, 171
sciences, Music, and art were made possible because Liquors, malt
8, 744, 761
Liquors, distilled
of the new spirit which came to Cincinnati through Carriages, wagons, and materials
8, 157,665
these people.
7,401,558
Lumber and timber products
5,691, 232
The large number of substantial kinds of manu- Bread and other bakery products
5,646,080
facturing and the absence of great predominence of Furniture and refrigerators
5,496,839
any one such kind is shown in the following table. Tobacco manufacture
5,058,920
Leather, tanned, curried and finished
The first column of figures represents the percentage Copper, tin and sheet iron products
4,470,093
which the total value of the products of the largest Paint and varnish
3,879,810
2,912,862
single kind of manufacturing is to the total manu- Clothing, women's
2,324,950
factured products of the metropolitan center of Cin- Stoves and furnaces
2,110,024
cinnati (1910 census). The second column shows the Coffee and spice, washing and grinding
2,029,075
Confectionery
percentage which the three largest kinds together is
Cars and general shop construction and repairs by
of the total of all manufactured products. The third
1,969,014
steam railroad companies
column shows the percentage of the six largest kinds. Ink, printing
1,884,894
1,752,617
The fourth column shows the number of kinds of Musical instruments
1,675,679
manufacturing according to the United States census, Fertilizers
products
1,635,493
the value of whose products is at least one-half of Flour-mill and gristmill
Leather goods
1,518, 778
1 per cent of the total value of manufactured products: Safes and vaults
1,401,157
Patent medicines, drugs, and preparations
Largest.
.

Cincinnati
Cleveland
St. Louis
Detroit
Minneapolis and St. Paul
Pittsburgh

.

Three
largest.

Number
of kinds
Six
one-half
largest. of 1 per
cent and
larger.

Per cent. Per cent. Per cent.
10.0
24.5
39.8
13.6
34.7
48.7
19.0
32.6
43.5
22.1
33.7
47.3
32.2
45.7
59.0
40.9
64.8
73.7

27
23
27
22
21
13

From this it will be observed that while the largest
kind of industry in Cincinnati manufactures only 10
per cent of the total value of its products, in Cleveland, St. Louis, Detroit, Minneapolis, and St. Paul,
and Pittsburgh, the single largest kind of industry
represents from 13.6 per cent to 40.9 per cent of the
total products of manufactures in these cities. This
also shows a greater predominance of a single kind
of industry in all of these cities than in Cincinnati.
The percentage of the three largest kinds in Cincinnati is 24.5 per cent, while in other cities it ranges
from 32.6 per cent to 64.8 per cent.


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Federal Reserve Bank of St. Louis

1,293,009

, FORCEFUL FACTS ABOUT CINCINNATI.

Center of market, being within 24 hours of 76,000,000 people.
The largest center of hardwood lumber in the world.
Only city in the United States owning a steam railroad.
Leads the world in the manufacture and quality of
machine tools.
Leads the world in the manufacture of woodworking machinery.
Produces more soap than any other city in the
United States.
Has the largest and most complete bottle factory
in the world.
Leads the world in the manufacture of prisons and
ornamental iron.
Has the largest office-furniture factory in the world.
Center of the largest soft-coal producing fields in the
world.
Has the largest tannery under one roof in the world.

CINCINNATI, OHIO.

Has the largest trunk factory in the United States.
Ranks first also in the manufacture of acids, bookcases, field musical instruments, playing cards, printing inks, laundry machinery.
IIas a greater variety of factories than ally other
city in the country.
Ranks third in the manufacture of "tailor to the
trade" clothing.
Greatest lithographing center in the United States.
First compressed yeast factory in the United States,
which factory to-day distributes 90 per cent of all the
compressed yeast made in this country.
Ranks second in the production of women's cloaks
and men's caps.
Leading market in the country for medium-priced
clothing.
Leads in the export of special pianos built in special
designs for tropical and other countries.
Center of the greatest carriage district in the country.
Largest distributing center for whisky in the world.
Leads in the production of cigar boxes.
Is a leading shoe-manufacturing center.
Ranks third in the manufacture of electrical machinery.
Makes more playing cards than any other city in the
world.
Has the largest leather supply house and the largest
harness factory.
Has the second largest factory in the world for the
manufacture of baseballs and baseball supplies.
The variety of substantial mnaufacturing groups
represented here; the variety of kinds of trade; the


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Federal Reserve Bank of St. Louis

83

conservatism of the population; the soundness and
conservatism of the banks; and the absence of the
mushroom growth of the city all make Cincinnati one
of the last places to feel hard times, or to have its
financial affairs seriously affected by failure or disaster
of one kind of crop or of one line of industry.
CONCLUSION.

The Cincinnati Chamber of Commerce respectfully
asks that your committee consider the facts represented
by the several captions of this memorandum, viz:
A. The trend of commerce is through the Ohio Valley.
B. The confidence of the people in Cincinnati
banks.
C. Our reciprocal relations with the South.
D. Cincinnati as a manufacturing center of many
diversified industries.
It had been our intention of presenting these in
pyramid form,each caption to be a block of granite, all
completing the structure. We had intended to rest
this pyramid upon a solid foundation, made up of their
careful consideration by your committee, cemented, as
it were, by your feeling of good will.
We will eliminate the picture we had go beautifully
drawn, and close by offering to you our prayers that
whatever your conclusion be that you will disappoint
but few and satisfy maq. We hope that the 600,000
people making up metropolitan Cincinnati, and their
millions of friends—south, north, east, and west—may
be among the many whom your honorable committee
will please.

4

CINCINNATI, OHIO.

LOCATION OF RESERVE DISTRICTS.

NEW YORK

PENNSYLVANIA
SOUTH ATLANTIC
SOUTHERN
CINCINNATI
CHICAGO
MISSOURI
WESTERN

630,000 600,00
500,000 330.000

135,000
109,000 60,000
240,000
400,000 365,000
187,000 150,000
240,000

200,000
BOSTON
CENTRAL WEST 90,000
100,000
TEXAS
65,000
NORTH WEST


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Federal Reserve Bank of St. Louis

180,000


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Federal Reserve Bank of St. Louis

CINCINNATI, OHIO.

85

CINCINNATI, OHIO.

)3a3-Lks
1,136

Ba. 126
-n_
514

San
619

CapitaL.t uxplus
50, rzos,000.

Deposits
1160,ssi,
000

BANK DIRECTORY, 1913. BANKING. 3.

LOCATION OF RESERVE DISTRICTS.

86


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Federal Reserve Bank of St. Louis

CINCINNATI, OHIO.

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Federal Reserve Bank of St. Louis

CINCINNATI, OHIO.

CINCINNATI BANK ACCOUNTS. 23.

88

LOCATION OF RESERVE DISTRICTS.

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

CLEVNLAND, OHIO.


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Federal Reserve Bank of St. Louis

CLEVELAND, OHIO
BRIEF.

The Reserve Bank Organization Committee:
We suggest the division of the United States into
11 Federal reserve districts, approximately as outlined on the map which we submit for your consideration.
We believe that the purposes of the Federal reserve
act can not be well served with a smaller number of
districts. Any attempt to limit the number further
we think would necessitate either overwhelming banks
in the great financial centers or districts covering too
large areas throughout the rest of the country.
We have outlined each of the districts with regard
to "the convenience and customary course of business," attempting also to have each as self-contained
as possible with respect to borrowing needs and lending
power, and to divide the resources of the country
equitably if not equally. The smallest banks of the 11
we suggest will serve districts that are certain to grow
in financial strength. We have suggested the location
of the bank in each district in a city which seems to us
to be now or potentially the trade center, readily accessible, and with adequate commercial and financial
strength; and we believe these qualifications are best
indicated, not merely by present size and position,
but also, and perhaps more reliably, by the rate and
character of recent growth.
The districts we suggest are each described on a
schedule which we have designated as "Exhibit A,"
the headquarters being as follows: District 1, Boston;
district 2, New York; district 3, Philadelphia; district 4, Richmond; district 5, Cleveland; district 6,
Atlanta; district 7, Chicago; district 8, St. Louis;
district 9, Dallas; district 10, Minneapolis; district 11,
San Francisco.
In district No. 5 we have included the entire State
of Ohio, 9 counties in western New York, including
Buffalo and Rochester, 25 counties in western Pennsylvania, including Pittsburgh and Johnstown, the
4 counties constituting the "Panhandle" of West
Virginia, including Wheeling, and 19 counties of
southeastern Michigan,including Detroit,Lansing, and
Bay City. Within this district are national banks
having a total capital and surplus of $230,360,000
which would be members of a Federal district bank
with a capital of $13,800,000. The deposits of these
banks aggregate $1,042,000,000. The State banks in


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Federal Reserve Bank of St. Louis

the district have capital and surplus aggregating
$251,300,000 and deposits of $1,336,000,000. The

population of the district, according to the census of
1910, was 10,287,292.
We believe it is obvious that a district in the North
between New York and Chicago is absolutely necessary to limit the tremendous banking power acquired
by those two centers of finance under our old law, as
well as to enable each of those centers to serve its own
community best. The district reserve banks in New
York and Chicago will necessarily be greater than any
others, even when such a midway district is established. We believe it essential, however, to attach to
other centers as much territory as can reasonably be
separated from the New York district, and some of the
territory which under the old conditions has centered
its banking in Chicago.
Fortunately, between these two great centers there
lies a natural district, which we believe is as cohesive
in its industries, commerce, exchanges, and financial
problems as can be found anywhere in the world in a
like area. This is the great iron and steel producing
territory centering in northern Ohio, a district which
has such manufacturing advantages in varied lines,
added to great mineral and agricultural resources, that
it has developed a remarkable diversity of industries
and commerce, loosely allied, not discordant, yet offering a distribution of financial requirements which
approaches the ideal.
This district has become so great in manufacturing
that its agricultural resources are often forgotten.
Census figures show,for example, that Ohio ranks fifth
among the States in number of farms, sixth in value
of farm property, sixth in production of corn, fifth in
tons of hay produced, sixth in value of potatoes grown,
third in production of wool, sixth in pounds of butter
produced, sixth in gallons of milk, third in dozens of
eggs; and the list might be extended. But the meeting of bituminous coal and iron ore in this district has
made it preeminent in most forms of iron and steel
production, the great barometer of business; Ohio is
fourth in production of bituminous coal, and second
in production of pig iron. This region or district has,
moreover, such advantages for the distribution as well
as production of so many articles of manufacture, not
only those using iron and steel as their chief materials,
91

92

.

LOCATION OF RESERVE DISTRICTS.

that it has taken on chief importance as an industrial
district. The census shows in this district nine manufacturing cities of more than 100,000 population, as
follows (in order of rank): Cleveland, Pittsburgh,
Detroit, Buffalo, Cincinnati, Rochester, Columbus,
Toledo, and Dayton. These cities alone produce annually manufactures valued at more than $1,500,000,000.
The census lists of leading classes of products in these
cities show a remarkable diversity Among the classes
showing the greatest value of products in each city
are foundry and machine-shop products, primary iron
and steel, automobiles and automobile parts, packinghouse products, soap, men's and women's clothing,
boots and shoes, printing and publishing, petroleum
refining, flour and grist mill products, bakery products, coffee and spice roasting and grinding, tobacco
manufactures, malt and spirituous liquors, brass and
bronze products
We believe it is demonstrable that the seasonal
demands for loans in the commerce and industries of
this district are as evenly distributed throughout the
year as would be possible in any district that could be
outlined anywhere. Even were the district limited to
iron and steel manufactures, the demand would be
distributed by the very fact that the processes are all
carried on within its borders, from unloading of iron
ore to assembling the most highly finished products.
For example, the season of the year when Cleveland
has the least demands for loans on its industries, particularly its ore, pig iron, and primary steel, is the very
season when Detroit has its greatest demands for
financing its automobile products. We might multiply instances, but we believe the probability that
the district is likely to be always self-reliant is indicated sufficiently by a table and accompanying chart
which we have prepared and marked "Table A" and
"Chart I," showing percentages of reserves in each of
the reserve cities in this district at the date of each
comptroller's call for a period of three years.
With all the diversity of industry, commerce, and
agriculture in this district, there is nevertheless a certain relation even between the most diverse. In
Cleveland, for example, our women's wear manufacturers not only employ other producing members of
the families of our machinists, but some of our largest
foundries are owned by textile goods manufacturers,
and other interrelations make for understanding of
each other's problems and mutual helpfulness. We
believe that the bankers of all the district we have
outlined would have sympathetic understanding, if
not absolute knowledge, of the financial problems of
all the manufacturers, miners, farmers, and merchants of the district. Now, this would not be true
if the district were to include much of the tobacco and
cotton territory south of the Ohio River, where the
agricultural, commercial, and industrial conditions are
utterly divergent from those of Ohio. We think there


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would be a lack of mutuality, which would be likely to
affect the southern territory unfavorably, because of
the preponderance of northern problems and requirements and the probable majority of northern stockholders and directors.
The location of the bank to serve this district will
doubtless lie between Cleveland and Cincinnati,
because the other large cities within the district are
so near its eastern and western boundaries. However,
Pittsburgh has also claimed to be able to serve Ohio.
Your choice lies possibly between these three. You
will, of course, select the city which can, in your judgment, best serve the district. It is our purpose in this
presentation to assist you in forming a correct judgment; we shall try to avoid mere local pride, and present only the facts and figures that have convinced us,
as we think they must convince you, that the business
interests of this district would be best served by locating the headquarters bank at Cleveland.
We are frank enough to say that no city in this district can substantiate the claim, as Chicago can, for
instance, that the great bulk of the trade of the proposed district centers there. So if you establish a
district with Ohio as its great nucleus you will doubtless
place the bank in the city that best meets the following
requirements:
(1) Satisfactory communication throughout the district.
(2) Proximity to center of traffic and exchanges of
the district.
(3) Financial, commercial, industrial, and civic
strength in itself.
(4) Satisfactory relations with the entire district.
We shall confine our evidence to a comparative showing for the three cities under each of these four heads.
The few essential facts and figures have been compiled
with great care, accuracy being sought at whatever
cost; and we believe they are absolutely reliable.
1. Communication.—It is probable that the communication throughout the district from any one of
the three cities would be satisfactory to serve the purpose of the bank. It is certainly true that a letter
mailed from Rochester, Johnstown, Cincinnati, or
Saginaw, cities in the remotest parts of the district, at
the close of banking hours on one day would reach
Cleveland in time to receive attention at the beginning
of banking hours on the next day, and this would even
be true of most, if not all, communities of eastern
Kentucky and eastern Tennessee, if the district should
extend so far south. It is worthy of note, furthermore, that a letter mailed at the close of banking hours
at any one of seven of the other district reserve cities
indicated on our map would reach Cleveland in time
to receive attention during the following morning.
Moreover, we believe it can be shown that Cleveland
can be reached more quickly by most of the people in
the,district than either of the other cities. The de-

CLEVELAND, OHIO.

batable territory, so to speak, is all within the State of
Ohio. It is obvious that Pittsburgh can be reached
by Pennsylvania towns more quickly than can Cleveland or Cincinnati; it is obvious that Cincinnati could
be reached by towns in Kentucky more quickly than
Cleveland, if Kentucky were included in the district;
it is obvious that Cleveland can be reached by the
Michigan and New York points more quickly than
either of the other cities. But Ohio lies between the
3 cities. Of the 37 cities of Ohio containing a population of 10,000 or more in 1910 (taken as indicating
density of population) 17, with a total population of
1,130,000, can reach Cleveland most quickly; 14 cities,
with a population of 902,000, can reach Cincinnati
most quickly; and 6, with a population of 105,000,
can reach Pittsburgh most quickly. Fifteen of these
cities, with a population of 1,064,000, are a longer
journey from Pittsburgh than from either Cincinnati
or Cleveland; 17, with a population of 427,000, are
farthest from Cincinnati; while only 4, with a population of 78,000, are farthest from Cleveland. To
make the point clearer by a system of scoring, if 100
points are allowed for the quickest communication and
50 for the second quiekest, the score is, Cleveland,
2,350; Cincinnati, 1,550; and Pittsburgh, 1,350.
2. Location with respect to center of traffic and exchanges.—There are 88 counties in Ohio. The population of the 44 counties north of a line drawn approximately through the center of the State is
2,547,721; of the 44 southern counties, 2,219,400.
Density of traffic, which means density of exchanges,
can be indicated fairly by railroad facilities for handling the traffic. There are 40 main-line tracks in
service on the railroads traversing the northern part
of Ohio and 23 main-line tracks for the railroads
traversing the southern part. In the north half of
the State 10 railroads have 2 or more main-line tracks;
in the south half, only 3 have as many as 2 main-line
tracks. The total double-track mileage in Ohio, as
shown by the most recent map of the Ohio PublicService Commission, is 2,107 miles. Of this doubletrack mileage, more than 1,468 miles, or nearly 70
per cent, lies in the northern 44 counties; not quite 639
miles, or a little over 30 per cent, is in the south half
of the State.
With respect to the railroad situation of Cleveland
in this part of the State,it is only necessary to say that
every eastern trunk line of the United States enters
Cleveland, and that the city is on the principal travel
highwar between New York and Chicago. Moreover,
and equally important, Cleveland is on the most direct
line from the iron ore of the Northern States to the
bituminous-coal deposits of this district. Practically
all of the shipping carrying the iron-ore trade of the
Lakes (amounting to 50,000,000 tons last year) is
directed from Cleveland, and about 80 per cent of the


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Federal Reserve Bank of St. Louis

93

great fleets of vessels engaged in the ore and coal trade
are managed at Cleveland. You doubtless have in
mind the fact that the tonnage through the Detroit
River to and from Lake Erie ports is greater than the
total port tonnage of New York, London, and Liverpool combined. Furthermore, the value of this
tonnage, as estimated by the United States Government engineer at Detroit, was more than $800,000,000
in 1910, a far greater sum than the total reported by
the census for the value of both the agricultural and
manufactured products of the States of Kentucky and
Tennessee combined. This indicates the unreliability
of the argument that Cleveland is a less desirable
center for this district because it has the lake to the
north. The lake is a far more valuable source of
business and exchanges than most equal areas of land.
The Great Lakes furnish the cheapest freight haul in
the world, so that the iron ore, coal, and limestone for
the production of pig iron can be assembled on the
south shore of Lake Erie more cheaply than in any
other of the great furnace districts in the North. We
note also that nearly all the cities you have been considering as locations for district banks are situated
not in the geographic centers of their districts, but at
the points where lines of communication center, which
happen to be,in most cases, at or near one edge of each
district; and especially when any district has any
frontage on navigable water, the trade of the district
is likely to seek a port city.
3. Financial, commercial, industrial, and civic
strength.—Cleveland is the largest City between the
Atlantic seaboard and Chicago, and its population is
exceeded by only three cities of the seaboard—New
York, Philadelphia, and Boston—and two cities of
the interior, Chicago and St. Louis. The United
States census of manufactures for 1909 shows that
the value of the manufactured product of Cleveland
is exceeded only by that of four cities, New York,
Chicago, Philadelphia, and St. Louis. Cleveland's
rapid growth to this position is due largely to its
strategic location and transportation facilities, which
have been the chief of its manufacturing advantages.
These natural and economic advantages, aided by
individual enterprise and the application of intelligent
public spirit in cooperative effort, have woduced the
phenomenal but steady and substantial advance of
Cleveland among the cities of the country. In 1850
Cleveland was forty-third in population rank; to-day
it is the sixth city.
As indicating the volume of trade now centering in
Cleveland, we give below a table of a few of the leading commodities handled by Cleveland business
houses, with the approximate volume of annual business conducted through Cleveland banks in each line,
as estimated from reports furnished by a large number of leading business houses, or from most recent

94

LOCATION OF RESERVE DISTRICTS.

census reports. The financial needs of all of these
lines are distributed over a large part of the year.
Iron ore
$64,000,000
Bituminous coal
56,000,000
Petroleum and its products, etc
33,500,000
Lumber
13,500,000
Stone
13,000,000
Grain and hay
19,000,000
Live stock and packing-house products
40,000,000
Primary iron and steel products
36,000,000
Foundry and machine-shop products..48,
000,000
Automobiles and automobile parts and accessories
(manufactured)
43,000,000
Men's and women's wearing apparel(factory product). 32,000,000

We believe that the selection of normal trade centers
for the districts you establish can be made almost
unerringly by a study of the rate and character of
growth of the chief cities in each district. The present
size, trade importance. and financial condition of the
cities considered are of course most important factors;
but you are planning for the future as well as the present, and growth is, we believe, a clearer index of
probable strength than present size, if the two factors
do not coincide. We believe, therefore, that we can
best aid you in selecting the headquarters for this district by showing the history of recent growth in Cleveland, Pittsburgh, and Cincinnati.
Before considering the figures of financial growth,
you should be advised that since the enactment of the
national banking law Cleveland is unique among these
three cities in having reported not one single failure
of a national bank; no depositor in any national bank
in Cleveland has lost one penny.
In order to limit as severely as possible the figures
which we feel must be brought to your attention, we
have confined our evidence of relative growth to a very
few index items. These are not chosen for the reason
that they favor Cleveland; we believe that all the recorded data would indicate equally well the indisputable fact of Cleveland's advance; but we believe the
following items will be sufficient for reliable comparison. For each item we give the percentages of increase for the most recent 10-year periods for which
authoritative data are available, as follows:
•
Period.

Population
Post-office receipts
Value of manufactures
Clearing-house exchanges
Deposits, all banks

1900-1910
1904-1913
1899-1909
1904-1913
1904-1913

Cleveland.
46.9
116.4
95.1
57.8
66.1

Cincinnati.
11.8
61.3
37.3
16.1
37.5

Pittsburg.
18.2
107.5
11.1
23.9
36.2

Tables B, C, D, E, and F, and Charts II, III, IV, V,
and VI, which we offer in evidence, show clearly the
annual growth of the three &ties as indicated by these
items.
Civic conditions may seem to be a minor point in
your consideration of a purely economic problem, but
1 part of this total is probably included in the value of" Foundry and machine.
shop products."


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Federal Reserve Bank of St. Louis

we believe they have a very distinct bearing. Cleveland has a deserved reputation for freedom from
graft" in its municipal affairs; but that is a negative
virtue, and is perhaps only a minor evidence of the
alert progressive spirit which is constantly manifested
by the great body of our citizens and their leaders
in many ways. For example, Cleveland enjoys the
lowest death rate among the large cities of the country, due in part to climatic conditions, but also in
large part to intelligent municipal sanitation. Cleveland was the first American city actually to begin putting into effect a great plan for grouping its public
buildings in a "civic center." Cleveland's experiments in charities and correction are attracting worldwide attention and serving as models for other communities; the famous Cooley Farm Colony, the Cleveland Federation for Charity and Philanthropy, and the
new "Cleveland Foundation" are examples. In
Cleveland has been evolved the unique street-railway
franchise (which may be credited largely to the work
of the late Mayor Tom L. Johnson and the late United
States Judge Robert W. Tayler) the essential features of which are the control of service by the city,
the kind of service the people's'representatives require
at a rate of fare which will pay its cost plus 6 per cent
upon an arbitrated valuation;and the consequent satisfaction of the people because a problem is solved which
in other cities is a constant source of disturbance of
both business and banking conditions. The citizenship of Cleveland expresses itself not only at the polls,
but also through civic and commercial organizations,
in which effective voluntary service for the improvement of living and working conditions in Cleveland
is rendered most freely by a very large number of able
men.
These facts we cite as reasons for the growth of
Cleveland in the past, and as evidence of its healthy
condition and probable continued growth; so that in
the future, still more than at present, Cleveland is
likely to be the undisputed trade center of this district.
4. Relations with district.—It is natural that in a
district like this the smaller communities and rural
territory would all prefer to be attached to the nearest
large city with which trade relations are closest; and
it is natural, too, that none of the three cities under
consideration should name either of the others even
as a second choice, because there has been a friendly
but intense rivalry between these cities. Since Cleveland continues to outgrow the other two, we believe
that it should not be subordinated to either. Yet
Pittsburgh and Cincinnati can not be expected to yield
ungrudged precedence to their successful rival for
preeminence in the Middle West.
But the business men of all this district enjoy
friendly, profitable, and even cordial relations with
each other, and we are certain,that there would be no
real disturbance, much less violence, done to existing

CLEVELAND, OHIO.

95

tario, and Steuben Counties, and southeast as far as the southern
boundaries of Delaware, Green, and Columbia Counties.
$12,100,000
Capital of reserve bank at Boston
202,150,000
Capital and surplus, national banks
811,500,000
Deposits, national banks
215,000,000
Capital and surplus, all other banks
2,500,000,000
Deposits, all other banks
District No. 2.-Thirteen counties of New York, including and
surrounding Greater New York, going north as far as the northern
boundaries of Dutchess, Ulster, and Sullivan Counties; the 5
western counties of Connecticut not included in district No. 1;
the 11 northern counties of New Jersey, as far south as the southern
boundaries of Middlesex, Somerset, and Hunterdon Counties.
$19,400,000
Capital of reserve bank at New York
323,600,000
Capital and surplus, national banks
1,700,000,000
Deposits, national banks
400,000,000
Capital and surplus, all other banks
3,100,000,000
Deposits, all other banks
District No. 8.-Forty-two eastern counties of Pennsylvania, as
far west as the eastern boundaries of Potter, Cameron, Clearfield,
Cambria, and Somerset Counties; all of Delaware; and the 10
southern counties of New Jersey not included in district No. 2.
$10,300,000
Capital of reserve bank at Philadelphia
171,550,000
Capital and surplus, national banks
693,.100,000
Deposits, national banks
170,000,000
Capital and surplus, all other banks
635,000,000
Deposits, all other banks
District No. 4.
-All of Virginia, Maryland, District of Columbia,
North and South Carolina, and all of West Virginia except the 4
counties of the "Panhandle."
$6,400,000
Capital of reserve bank at Richmond
106,400,000
Capital and surplus, national banks
395,000,000
Deposits, national banks
115,000,000
Capital and surplus, all other banks
450,000,000
Deposits, all other banks
District No. 5.
-All of Ohio; the 25 western counties of Pennsylvania not included in district No. 3; the 9 counties of western New
PanYork not included in district No. 1; the 4 counties of the"
handle" of West Virginia (Brook, Hancock, Marshall and Ohio);
19 counties of southeastern Michigan, as far as the western boundaries of Hillsdale, Jackson, Ingham, Shiawassee, Saginaw and
Bay Counties.
$13,800,000
Capital of reserve bank at Cleveland
230,360,000
Capital and surplus, national banks
1,042,000,000
Deposits, national banks
251,300,000
Capital and surplus, all other banks
1,336,000,000
Deposits, all other banks
-All of Kentucky, Tennessee, Georgia, Florida,
District No. 6.
Alabama and Mississippi.
$6,050,000
Capital of reserve bank at Atlanta
100,800,000
Capital and surplus, national banks
312,000,000
Deposits, national banks
125,000,000
Capital and surplus, all other banks
360,000,000
Deposits all other banks
-All of Illinois, Iowa, Indiana, and Wisconsin,
District No. 7.
and the 65 counties of Michigan not included in district No. 5.
$14,000,000
Capital of reserve bank at Chicago
233,290,000
Capital and surplus, national banks
1,279,400,000
Deposits, national banks
260,000,000
Capital and surplus, all other banks.
EXHIBIT A.
1,600,000,000
Deposits, all other banks
-All of Missouri, Arkansas, Louisiana, Kansas,
SCHEDULE OF FEDERAL RESERVE DISTRICTS.
District No. 8.
Nebraska and Colorado.
[Figures are chiefly from the report of the Comptroller of the Currency for 1913,
supplemented by latest reports of State banking departments of some States.]
$8,080,000
Capital of reserve bank at St. Louis
134,700,000
District No. 1.
-All of Maine, New Hampshire, Vermont, Massa- Capital and surplus, national banks
695,700.000
chusetts, Rhode Island; three counties of eastern Connecticut Deposits, national banks
173,000,000
Capital and surplus, all other banks
(Windham, Tolland, New London); the northeastern part of New
710,000,000
Deposits, all other banks
York, going west as far as the western boundaries of Wayne, On

trade conditions in Pittsburgh, Cincinnati, Buffalo,
Detroit, or Rochester, or any other locality within the
district, through the establishment of a bank at Cleveland. Six hundred and twenty-four national and.600
State banks within the district now carry accounts
with Cleveland national banks, besides 279 national
and 121 State banks beyond the district. About 500
banks in the district have designated Cleveland banks
as reserve agents. Cleveland has 45 per cent of the
total of all "bank deposits" in all Ohio banks. We
have heard directly from 233 banks in northern and
central Ohio who name Cleveland as their first choice
for the location of the district bank, as well as 20
banks in southern Ohio, 4 in southeastern Michigan,
5 in western Pennsylvania, 2 in New York, and even
7 in Indiana; and we are certain that many other
banks in surrounding States and in southern Ohio
would find Cleveland perfectly acceptable, if not their
first choice. To show that our city has the active
good will of business men in its immediate trade territory, we shall submit to you copies of resolutions
from commercial and trade organizations in 33 Ohio
cities and towns, resolutions formally adopted by
clearing house associations in some of the cities, and
editorials that have appeared in several Ohio newspapers outside of Cleveland.
We submit these facts and considerations with the
conviction that they establish clearly the desirability
of such a district as we have outlined, with Ohio as its
center, and with its reserve bank at Cleveland.
Respectfully submitted.
J. J. SULLIVAN,
Chairman, Clearing House Committee;
NEWTON D. BAKER,
Mayor of Cleveland;
WARREN S. HAYDEN,
President, Cleveland Chamber of Commerce;
ELBERT H. BAKER,
President, Plain Dealer Publishing Co.;
F. H. GOFF,
President, Cleveland Trust Co.;
Executive Committee.
appointed by the CleveRepresenting committees
land Clearing House Association, Cleveland Chamber
of Commerce, Cleveland Builders Exchange, Cleveland
Association of Credit Men, Cleveland Real Estate
Board, Cleveland Advertising Club, Industrial Association of Cleveland, Cleveland Rotary Club, Lakewood Chamber of Commerce.
FEBRUARY 17, 1914.


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Federal Reserve Bank of St. Louis

96

LOCATION OF RESERVE DISTRICTS.

District No. 9.
-All of Texas, Oklahoma, and New Mexico.
Capital of reserve bank at Dallas
$5,900,000
Capital and surplus national banks
97,900,000
Deposits national banks
336,000,000
Capital and surplus all other banks
45,000,000
Deposits all other banks
140,000.000
District No. 10.
-All of Minnesota, North Dakota, South Dakota,
Montana, Wyoming, Idaho, and Washington
Capital of reserve bank at Minneapolis
$5,300,000
Capital and surplus national banks
87,700,000
Deposits national banks
505,200,000
Capital and surplus all other banks
80,000,000
Deposits all other banks
415,000,000
District No. 11.
-All of California, Oregon, Nevada, Utah, and
Arizona.
Capital of reserve bank at San Francisco
Capital and surplus national banks
Deposits national banks
Capital and surplus all other banks
Deposits all other banks

$6,500,000
108,200,000
460,700,000
110,000,000
725,000,000

TABLE A.
-Reserve percentages of the .5 reserve cities in district 5,
averages of the 5 cities, and averages of all reserve cities in the United
States, at dates of comptroller's calls, 1911-1913, inclusive.
Date. . Cleveland.

Cincinnati.

Columbus.

Detroit.

Pitts,_
ourgh.

All
Average, reserve
cities.

1911.
Jan. 7....
Mar.7...
June 7...
Sept. 1...
Dec. 5...

26.60
29.65
32.82
29.66
26.57

32.37
30.97
28.17
25.19
27.82

22.93
27.10
26.19
25.49
25.86

22.97
28.94
30.67
28.69
27.73

25.65
27.21
26.86
25.31
26.37

26.10
28.77
28.94
26.87
26.87

31.51
26.44
29.35
29.86
26.54

29.92
29.85
30.41
27.45
25.65

27.58
25.45
24.54
25.56
23.83

25.74
27.30
29.06
25.61
22.62

27.96
26.28
25.18
27.67
24.05

28.54
27.06
27.71
27.23
24.54

28.00
27.30
27.21
26. 18
25.32

1913.
Feb. 4...
Apr. 4...
June 4...
Aug.9...
Oct. 21...

30.86
26.14
27.35
28.43
29.73

30.59
30.05
26.86
28.45
26.73

28.33
25.44
25.45
24.54
25.26

25.14
24.84
28.33
29.39
25.72

29.54
24.87
23.98
25.91
26.09

28.89
26.27
26.39
27.34
26.71

26.96
25.61
26.33
26.52
25.72

[From United States census, 1910.] •
Capital invested.

TABLE B.
-Population.
Cleveland.

Cincinnati.

Value of products.

Year.
Cleveland. Cincinnati. Pittsburgh.I Cleveland. Cincinnati. Pittsburgh.
1
1

1
1

1899.... $101,243,000$103,467,000,$211,774,000$139,356,000 $141,678,000$218,198,000
1904.... 156,321,000; 130,272,0001 260,765,000i 171,924,000 166,059,000 211,259,000
1909.... 227,397,000: 150,254,0001 283,139,000, 271,961,000 194,516,000 243,454,000
1

TABLE E.
-Annual exchanges of the clearing houses of Cleveland,
Cincinnati, and Pittsburgh for a period of 10 years, each ending
September 30.
[From reports of the Comptroller of the Currency.]
Year.

Cleveland.

Cincinnati.

1903
$804,850,901 $1,153,865,500
1904
700,078,208 1, 196,854,400
1905
754,739,346 1,192,662,600
1906
812,973,376 1,291,921,250
1907
914,658,049 1,399,770,100
1908
766,518,416 1,202,794,250
1909
825,246,000 1,326,713,000
1910..992, 000 1,277,997,000
803,
1911
1,001,569,000 1,276,279,000
1912
1,101,007,000 1,347,123,000
1913
1,271,232,000 1,329,668,000

27.11
28.49
28.37
26.97
26.41

1912.
Feb. 20..
Apr. 18..
June 14..
Sept. 4...
Nov. 26..

TABLE D.
-Manufactures statistics.

Pittsburgh.
$2,381,454,231
1,997,603,459
2,431,366,780
2,630,996,408
2,761,441 799
2,190,479:976
2,223,335,000
2,604,069,000
2,539,143,000
2,687,970,000
2,951,864Dv

TABLE F.
-Deposits in all banks.
CLEVELAND.
Year.
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913

Pittsburgh.

National.

State.

$54,997,000 $139,892,000
56,954,000 162,936,000
60,283,000 172,627,000
58,252,000 173,556,000
65,520,000 162,900,000
67,386,000 180,277,000
69,628,000 187,732,000
72,974,000 205,854,000
78,660,000 214,164,000
84,894,000 229,876,000

Total.
$194,889,000
219,890,000
232,910,000
231,808,000
228,420,000
247,663,000
257,360,000
278,823,000
292,824,000
314,770,000

CINCINNATI.

Year.
Population Rank. Population. Rank. Population. RAnk.
1910..
1900
1890
.
1880..
1870
1860
1850

-

560,663
381,768
261,353
160,146
92,829
43,417
17,034

6
7
10
12
15
21
43

364,463
325,902
296,908
255,139
216,239
161,044
115,435

13
10
9
8
8
7
6

533,905
321,616
238,617
156,389
86,076
49,221
46,601

8
11
13
13
16
17
13

1904
1905
1906
1907
1908
1909
1910
1911
1912
1913

$32,689,000
38,410,000
42,632,000
47,333,000
45,331,000
48,438,000
54,720,000
59,535,000
58,108,000
59,920,000

$94,390,000
100,810,000
106,071,000
108,851,000
114,004,000
117,054,000
126,470,000
131,708,000
127,029,000
129,663,000

$143,204,000 $157,627,000
162,667,000 157,599,000
170,190,000 169,464,000
163,851,000 172,930,000
169,907,000 165 579 000
, ,
185,759,000 177,685,000
188,827,000 179,955,000
211;693000
200 135;000 191,756,000
202,810,000
189,831,000 219,851,000

$300,831,000
320,266,000
339,654,000
330,731 000
33,5,486 000
363,444,000
368,782,000
392,891 000
413,503;000
409,682,000

$61,701,000
62,400,000
63,439,000
61,518,000
68,673,000
68,616,000
71,750,000
72,173,000
68,921,000
69,743,000

-Postal receiptsfor the years 1904 to 1913, inclusive.
TABLE C.
Year.
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913


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Federal Reserve Bank of St. Louis

Cleveland.

Cincinnati.

81,420,498.00

$1,781,367.81
1,947,211.02
2,083,078.40
2,179,672.94
2,171,128.72
2,298,581.71
2,458,395.58
2,541,586.24
2,621,186.90
2,873,070.66

$1,511,653.48
1,622,343. 16
1,835,960.01
2,046,951.72
2,017,427.64
2,134,086.78
2,411, 111.78
2,634,097.55
2,922,842.55
3,136,125.09

PITTSBURGH.

Pittsburgh.

1,565,305.65
1,753,588.58
1,943,895.96
1,952,902.11
2,057,907.53
2300 006.86
2,521,555.67
2,696,530.34
3,073,638.38

1904
1903
1906
1907
1908
1909
1910
1911
1912
1913

97

CLEVELAND, OHIO.

CHART I
Reserve percentages of the five reserve cities in "District 5", averages of the five cities,
and averages of all reserve cities in the United States,
(at dates of Comptroller's Calls, 1911-1913 inclusive)
4

•

.33

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' •
ogaWk
IiiirriBri.M
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Nlik11,1111*-74ana-.1116.
s,
..
"‘NIIIIIIIIIPIRM~/---- -----. . .
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11111111 WI
"141111r

30

' •

29

zo
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26
25

.

11111110
Pr-

,

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... /

RESERVE PERCENTAGES

. ,.
21 7,

......4

,
,

./..

LEGEND

73/
"

...........,..._.

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CLEVELAND

•

_

21
_
20
,

CINCINNATI

4

COLUMBU 5
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— • — •—

PITTS BUR G ti
tS
AVERAGE

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-

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Federal Reserve Bank of St. Louis

DATe OF CALL
46458°—S.Doe.483,63-2

7

98


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Federal Reserve Bank of St. Louis

LOCATION OF RESERVE DISTRICTS.

CHART II
Population
1850

YEAR g

1860

1900

1890

1880

1870

1910

3

5

0

Fit•tai ;Iti

5435 1

38176

11610441

7

1216239

533903

1T5-----9-1

IIIIIMIIIIIIIIIII

12969081

261353

10

321616

11

MTTITTTITTITTTITT

12
13

1523902j

160146

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:
156389 23 617

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auirmini Animal

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14

92829

15
16

tin muumuu
49221
mmuntitiant

1.7

86076
Tilimittninitt

19
19
20
21

MIEll

22
23
24

43

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LEGEND
iiiIiiiiiIiIiIIIISISIIIII

CLEVELAND

CINCINNATI

n PITTSBURGH!'
mmmlllllllllllllmu

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Federal Reserve Bank of St. Louis

09

CLEVELAND, OHIO.

CHART III
Postal Receipts for Offices Named Below for the Years
1904 to 1913, Inclusive'

LEGEND
CLEVELAND
CINCINNATI
PITTSOuRCA

••• MEM=

fffffffff

OPM•

•
OHD
•

100


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Federal Reserve Bank of St. Louis

LOCATION OF RESERVE DISTRICTS.

CHART IV
Manufactures Statistics
From U. S. Census 1910

YEARS

LEGEND
CAPITAL INVESTED

CLEVE L AN D
VALUE DE DRODuCTS
.

CAPITAL INVESTED

CINCINNATI
VALUE OF PRODUCTS

CAPITAL i tivE STE D

PITTSBURGH
VALUE OF PRODUCTS

omarocit.....,


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Federal Reserve Bank of St. Louis

101

CLEVELAND, 01110.

CHART V
Annual Exchanges of the Clearing Houses of
Cleveland, Cincinnati and Pittsburgh
For Period of Ten Years Each Ending September 30th
(From Reports of the Comptroller of the Currency)
)000000000

'16

As00000aao

200000000

ife6400000
•••

•

100400000C

.50000000+;

YEAR 1403

1904

1905

1906

1907

1908

LEGEND
CLEVELAND
CINCINNA/1
P1TT513uRGH

1909

1910

1911

1912

19 13

102 .


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Federal Reserve Bank of St. Louis

LOCATION OF RESERVE DISTRICTS.

CHART VI
Deposits in all Banks—Cleveland, Cincinnati and-Pittsburgh'
4Z0000000

.
'9
I' 6 •If
400 OZ.'0000
I'

t
_
)5000000C

,1-

Cleveland
300000000 if'

25000000o
Cleveland

If.;
to0o00000

.
. 4

....

.

' 4

..- ...
• •-

..
(I.-.

40000000
..•
.

fo3on0000
4-

Cleveland
....-

.4r.--4..
.....

....

.......•

.

.4 •••••••..”...x........• All""
at.

50000000
. •
_At 4

"

4
•e•• .4.-4.

*P """-

-AP -

,..,

YEAR

o
,

o

¶m
o•

o
F.-

LEGEND
CLEVeLAND

mAnomAL

CINCIMMATI------

STATE •

PITTMIURGH

TOTAL

xx.xx


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Federal Reserve Bank of St. Louis

CLEVELAND, OHIO.

CHART VII
Deposits in all Banks in the five
largest cities of Ohio

$04403Sea

103


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

DALLAS, TEX.
TEXAS AND THE SOUTHWEST—BOOK OF FACTS.

To THE RESERVE BANK ORGANIZATION COMMITTEE:
Gentlemen.—We are pleased to present you herewith
facts in regard to Dallas and the great Southwest,
indicating the need for a Federal reserve bank here.
Our argument is particularly developed for the
city of Dallas, the largest city west of the Mississippi
River and south of the Missouri, with unexcelled
railroad facilities and mail service; the telegraph,
telephone, and express development ranking with the
seven largest cities in the United States. We present
for your distinguished consideration a city now the
acknowledged market of the Southwest, the distributing and financial center of this most progressive and
rapidly developing section of the United States.
The territory tributary to this city and to be most
logically served from Dallas is all of Texas, all of
Oklahoma, all of New Mexico, that part of Louisiana
(86%) west of the Mississippi River, and that part
of Arkansas (45%) south and west of the Arkansas
River; a territory that will provide ample capital
and deposits in a Federal reserve bank established
here; care for the needs of the territory, accomplish
the ends sought in the Federal reserve act, and make
possible the solution of the financial problems of this
section.
We present our argument in the sincere desire to
cooperate for the success of the law wherever regional
banks may be placed. We respectfully request consideration and are pleased to have this opportunity
of presenting our views.
Respectfully, yours,
DALLAS CHAMBER OF COMMERCE
By C. W. HoBsoN, President.
DALLAS CLEARING HOUSE ASSOCIATION,
By R. H. STEWART, President.
DALLAS COTTON EXCHANGE,
By S. W. KING, Jr., President.
THE GEOGRAPHY OF THE TERRITORY.
The United States Census department has always
classified Texas, Oklahoma, Arkansas, and Louisiana
as the west-south-central geographic division. This
is one of the nine subdivisions made on account of the
correlation of its industries, the homogenity of its
people, the interdependence of its institutions. Set off


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Federal Reserve Bank of St. Louis

by natural boundaries, it slopes from the mountains of
New Mexico eastward 1,152 miles to the Mississippi.
From Brownsville, on the Rio Grande,871 miles north
to the Kansas line.
Its white population is 22 per cent greater than
Mississippi, Alabama, Georgia, Florida, and South
Carolina combined.
The United States Government reports of 1910
showing its total wealth to be 37 per cent greater than
the combined wealth of these five old and developed
States. Showing diversity of production, and if a
balanced territory is desired, note that total annual
production in the territory is $1,759,138,149, divided
as follows:
Annual production.

Factory
Cotton
Live stock
Corn
Minerals
Miscellaneous crops(wheat,oats, hay, vegetables,fruits, etc.)

Demand for money.
$685,506,000 Uniform.
381,132,000 Four months.
205,224,132 Uniform.
175,899,000 Consumed on farm.
73,501,000 Uniform.
Each balancing the
237,886,017
other, making uniform demand.

CONDENSED FACTS ABOUT THE TERRITORY.
17.4 per cent of the area of the United States
(517,584 square miles).
•
8.3 per cent of the population of the United States
(7,668,436).
12.6 per cent of the national banks of the United
States (943).
10.2 per cent of the State banks of the United States
(1,816).
13.9 per cent of the annual farm production of the
United States ($1,000,128,597); 12 crops only.
41.8 per cent of the annual cotton production of the
United States ($381,132,400).
44.5 per cent of the annual cottonseed production of
the United States ($54,785,550).
9.7 per cent of the annual live stock production of
the United States ($205,224,132).
48.8 per cent of the annual cotton exports of the
United States ($253,020,000); 4,217,000 bales. .
12.6 per cent of the annual total exports of the
United States ($218,146,097); Galveston only.
Banking capital and surplus—National, $108,400,635.13; State, $69,673,845.61; total, $178,074,480.74.
107

108

LOCATION OF RESERVE DISTRICTS.

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Federal Reserve Bank of St. Louis

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South and West South. and East North and East North

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Mexico and the Gulf.
Mississippi River.
Arkansas River.
State Line of Oklahoma and New Mexico.

This district is set apart and designated by the Railroads and approved
by the Interstate Commerce Commission as the Southwestern Traffic Corn.
mittee Territory.

109

DALLAS, TEXAS.

PHOTOGRAPHIC COPY OF UNITED STATES CENSUS MAP SHOWING GEOGRAPHIC DIVISIONS.

A.ONT.

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opEco,

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SOUTH CENTRAL
TEXAS

PERCENTAGE OF THE WHOLE UNITED STATES IN THE PROPOSED SOUTHWESTERN DISTRICT.

popUlation 1914
Area
Number State Banks ,
Number National Banks
Farm Cró
Live Stock Production
Cotton Lint
Cotton Seed
Cotton Exports
Total Exports
Average


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Federal Reserve Bank of St. Louis

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110


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

LOCATION OF RESERVE DISTRICTS.

.
/
heli/fivAird ,frea =216,773 1117Acres
"Irma of Disinct —275.037.440/161e3
N.3Z

Abs.

INCREASE.

Ern Less than 10 per cent.
EZ3 10 to 20 per cent.
20 to 30 per cent.
122 30 to 50 per cent.
N 50 per cent and over.
The heavy lines
show geographic divisions.

DENVER
,
o
0
.

164A64.7 arY

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41
i 161111.1111("11111:11(
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o

CONDENSED FACTS ABOUT THE TERRITORY
17.4% °FINE AREA OP TH E UN1TED STAT ES C517 584.SO-till
.
.5.3X OP THEItPULATIONOFTHE UNITED STATES D66443.0

[
12,00FTHE NATIONALEAN KS OFTHE UN ITED STATES 943]
116.
10.2,60F THE STATE BANKS OF3H E UNITED STATES[ ] .
.
1.9ra OFTH EANNUAL FA RM .PRODUCTION*OFTH E UNITED STATES 5100Q128.597.00]
.
41:896.OFTH EANNUALOTTON PRODdCTION OFT1:IE UNITEDSTATES [4381,132,400.00]
44.5YoOF TH EAN NUAL COTTON .SEED PRODUCTION 0FTH E UN ITED-ST6TES t$S4785550..001
.9.7%,OF:tHEAN NUAL LIVESTOCK • PRODUCTION OF THE UNITED STATES D2OS 224,132.00 I
4806!THEMNUAL GETON.ETCH RTs a FTHEI_INnip STATES.[42rzooa.8ALE3]
12.6$0.F'Il-lEANNUALTOTAL EX FCRTS OF TBE UNITED.STATES[821611409*'GALVESTON ONLY
TI•Eig46
; cep 3 :1
A
)
4EANKING OPITALAND StRPLUS (j iPNAL 4!is
4.178,011480-71
WHICH WOULD FURN 15H A RESERVE EANK WITH A CAPITALDF .110.6644080.
.
AN.
, NUAL:FAD(FACTOR'fANp mNERALPRODUCTION .$ 1,755.136,1450d
.
•


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Federal Reserve Bank of St. Louis

.

*svxas, `sv-ilva

P
II
4
------ '
DALLAS

L

_.

AILL POINTS'04 NIS DK ARE EQUI4.11ANT
DY RAIL FR011 VLLAS AND:ST Lours

w op:J-4ms

,
ALL POINT3ENTI-ILS LINEARE 12 HR5 BY RAIL FRIA NIA.

.
WITHIN 1GOMILE5 OF DALLAS THERE ARE t486041 PEOPLE WHICH 15
. . 2i58Z MORE THAN THERE ARE WITHIN 100 MILESOF KANSAS CITY
PARCEL Fb5TZDNE 2,FIVULAT.ION 2,623,202.VALUE FARM LANDS
A
. 4 1,I66,74688 WHICH- IS MORE THAN THE 01`16INED °TIT- L OFALL THE
BANKS/4N b TRUST COS IN THE us-

.

• _ITHIN200 MILES OFDALLAS THERE ARE 365L063 PEOPLE WHICH IS
47.4% OF THE FORAATION OPINE PROPOSED DISTRia WI-1U HAVING
DLIT .20.3 OF THE TOTAL AREA.
—...

112

LOCATION OF RESERVE DISTRICTS.

Which would furnish a reserve bank with a capital
of $10,684,468.80.
Annual farm, factory, and mineral production,
$1,759,138,149.
THE GROWTH OF THE TERRITORY.

Population 1900 to 1910
Acres in cultivation 1900 to 1910
Production of farm crops 1900 to 1910
Number of banks 1900 to 1914
Capital and surplus of banks 1900 to 1914.

Increased 39 per cent.
Increased 46.5 percent.
Increased 88.9 percent.
Increased 454 per cent.
Increased 510 per cent.

On this 18.6 per cent of arable land under cultivation is now produced 13.9 per cent of the entire crop
production of the United States. This territory is
increasing its production at the rate of $88,900,000
per year.

dispatches to railway post offices. Dallas has 80
daily receipts of pouches direct to Dallas from other
Texas cities. Dallas has 57 mail receipts daily from
railway post office lines, exclusive of the 80 direct
receipts from Texas. In reaching territory outside of
Texas, Dallas has 57 receipts of mail and 65 dispatches
of mail daily.
While Dallas is the fifty-fourth city in size, its postal
receipts are thirty-third in volume, and as much as any
two cities in the territory combined.
ABSTRACT OF REPORTS OF NATIONAL BANKS IN STATES
NAMED.
[Covering items indicated, as made to the comptroller, Oct. 21, 1913. Maximum
borrowing period of district.]

No.

Territory.
DALLAS'S FACILITIES IN

REACHING

THE

Individual
deposits.

Rediscounts,
bills payable.

TERRITORY.

Nine trunk-line railroads radiating in 27 different
directions with 91 daily passenger trains: Chicago,
Rock Island & Gulf Railway; Gulf, Colorado & Santa
Fe Railway; St. Louis, San Francisco 86 Texas Railway; Houston & Texas Central Railroad; Missouri,
Kansas & Texas Railway of Texas; St. Louis, Southwestern Railway of Texas; Texas & New Orleans Railroad; Trinity & Brazos Valley Railway; Texas &
Pacific Railway.
Five electric interurban railroads radiating in seven
different directions with 156 daily trains, handling
,
4,000,000 passengers annually: Northern Texas Traction Co., Southern Traction Co., Texas Traction Co.,
Eastern Traction Co., Dallas-Corsicana Traction Co.
Dallas has headquarters and general offices for the
Southwest of the Western Union, Postal, and Mackey
Telegraph Cos., with 262 circuits, handling 18,497,300
telegrams Per year. Dallas ranks sixth in the United
States in total volume of business.
Dallas has headquarters and general offices for the
Southwest of the Southwest Telephone (Bell) Co.,
with 159 toll circuits, originating 554,000 long-distance
calls per year, increasing at the rate of 50,000 calls per
year; 2,924 toll stations operated from Dallas as headquarters; 643 towns served from Dallas on 50
-cent
rate, 169 on 25-cent rate. Fifteen and nine-tenths per
cent of all the telephones in Texas are in Dallas.
Dallas has the largest telephone development per
capita of any city in the United States.
All express companies operating in the territory
have headquarters at Dallas.
Only six cities in the United States have a larger
volume of express business than Dallas.
Dallas has more express business per capita than any
city in the United States.
Dallas has 176 mail receipts and 137 mail dispatches
daily.
Dallas has 111 daily exchanges of mail pouches
direct with towns in Texas. Dallas has 65 daily mail


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Federal Reserve Bank of St. Louis

Surplus.

Capital.

Texas
486$34,024,000.00$17,881,429.06$129,329,373.36 $12,007,954.70
Reserve cities
33 16,475,000.00 7,992,500.00 73,737,105.77 4,080,223.06
Oklahoma
,
315 12,185,000.00 3,274,006.67 59,745,818.30 1,903 422.00
662,000.00 12,417,025. 13
Reserve cities
11 2,200,000.00
425,00000
996,900.00 14,383,713.82
New Mexico
40 2,215,000.00
332,000.00
Louisiana (west of
Mississippi
River)
26 3,020,000.00 2,351,365.83 13,711,068.97 3,183,835.89
Arkansas(south of
9,374,828.94 1,368,002.91
Arkansas River). 32 2,671,320.00 1,083,971.70
899 54,115,320.00 25,587,673. 26 226,544,803.39 18,795,215.57
44 18,675,000.00 8,654,500.00 86,154,130.90 4,505,223.06

Country banks
Reserve cities

943 72,790,320.00 34,242,173.26 312,698,934. 29 2
3,300,438.63

Total

OPERATION OF FEDERAL RESERVE BANK.
[National banks alone.]
(1) Combined capital and surplus of national banks, $107,032,493, at 6 per
cent yields capital of reserve bank................................ $6,421,949
(2) Reserve of country banks on $226,544,803 individual de$18,123,520
posits.at 8 per cent yields deposits
(3) Reserve of reserve city banks on $86,154,130 individual
deposits at 10 per cent yields deposits
8,615,413
(4) Total deposits of reserve bank
(5) Less reserve at 35 per cent of deposits

26,738,933
9,358,627
17,380,306

(6) Total loanable funds of reserve bank
(7) Maximum of bills payable and rediscounts
(8) Deduct 3 per cent of $226,544,803, country-

23,802,255
23,300,438

$6,796,344
bank deposits
(9) Deduct 10 per cent of $86,154,130, reserve-city
8,615,413
bank deposits
15,411,757
7,888,681
Excess....................................................... 15,913,574
The deductions of items (8) and (9) are warranted by provisions of bill which
reduce reserves to be held by country banks from 15 per cent to 12 per cent, and by
reserve-city banks from 25 per cent to 15 per cent, thereby increasing the loaning
power of the banks and correspondingly reducing their need of borrowing.
No account is taken above for possible Government deposits, nor of voluntary or
forced rediscounting between Federal reserve banks.
Allowance should also be made for the pyramided loans included in the total
shown above of $23,300,438 of bills payable and rediscounts.
STATEMENT

OF

DALLAS BANKS.

Combined statements of the 5 national and 5 State banks at close of
business Jan. 13, 1914.
RESOURCES.
Loans
United States bonds
Other bonds
Banking house
Available cash
Total

LIABILITIES.

$25,236,325.97 Capital
3,031,000.00 Surplus and profits
1,624,230.68 Circulation
1,128,583.96 Deposits
12,482,407.91
43,502,598.52

Total

$5,000,000.00
3,827,413.38
2,775,500.00
31,899,635. 14
43,502,548.52

113

DALLAS, TEXAS.

Banking service rendered to their correspondents by the 10 Dallas banks
during 1913.
Handled through their transit departments items on other
$499,589,236
banks within the Dallas district amounting to
Handled items on all points outside the Dallas district
105,331,063
amounting to
$604,920,299
Remitted on receipt to eastern banks, country checks sent us for col111,595,076
lection in this district
Received from their correspondent banks and others ship$11,600,193
ments of currency and coin amounting to
Shipped out to their correspondents in connection with
20,936,313
crop movement,etc., currency and coin amounting to
Total shipments, in and out, of currency and coin
Loaned to banks and bankers throughout the year an aggregate of

32,536,506
14,092,937

LIST OF BANKING TOWNS IN TEXAS CARRYING
BALANCES IN DALLAS.
Abbott.
Abilene.
Addison.
Alba.
Albany.
Aledo.
Allen.
Alma.
Alto.
Altoga.
Alvarado.
Alvord.
Amarillo.
Anderson.
Anna.
Annona.
Anson.
Appleby.
Arlington.
Arp.
Ashland.
Asherton.
Athens.
Atlanta.
Avalon.
Avinger.
Aubrey.
Austin.
Alexander.
Bagwell.
Baird.
Ballinger.
Balmorhea.
Banks.
Bardwell.
Barksdale.
Barry.
Barstow.
Bartlett.
Bastrop.
Bay City.
Beaumont.
Beckville.
Beeville.
Bellevue.
Bells.
Bellville.
Belton.
Ben Wheeler.
Big Sandy.
Big Springs.
Blooming Grove.
Blossom.
Blum.
Blumburg.
Boerne.
Bogota.
Bonham.
Bonita.
Bowie.
Boyce.
Boyd.
Bradshaw.
Brady.


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Federal Reserve Bank of St. Louis

Brandon.
Branham.
Brashear.
Brazos.
Bremond.
Brenham.
Bridgeport.
Britton.
Bronte.
Brookston.
Brownsville.
Brownwood.
Bryan.
Bluffdale.
Biv ins.
Bristol.
Buckholts.
Buffalo.
Bullard.
Burkbumett.
Burnet.
Burleson.
Burton.
Bynum.
Caddo Mills.
Caldwell.
Calvert.
Cameron.
Campbell.
Canadian.
Canton.
Canyon.
Carbon.
Carmine.
Carrollton.
Carthage.
Cason.
Cedar Hill.
Celeste.
Celina.
Center.
Centerville.
Chandler.
Chico.
Childress.
Chillicothe.
Chilton.
Cisco.
Clarendon.
Clarksville.
Cleburne.
Clifton.
Clyde.
Coahoma.
Coleman.
Collinsville.
Colmesnell.
Colorado.
Comanche.
Commerce.
Como.
Coolidge.
Cooper.
Copeville.

Coppell.
Copperas Cove.
Corpus Christi.
Corrigan. .
Corsicana.
Coupland.
Covington.
Crandall.
Crawford.
Cresson.
Crockett.
Cross Plains.
Crowell.
Cuero.
Cumby.
Cushing.
Daingerfleld.
Dalhart.
Dallas.
Dawson.
Decatur.
De Kalb.
De Leon.
Del Rio.
Denison.
Denton.
Deport.
Detroit.
Dialville.
Dodd City.
Dorchester.
Dublin.
Duncanville.
Eagle Lake.
Eagle Pass.
Eastland.
Ector.
Edgewood.
Edna.
El Campo.
Eldorado.
Electra.
Elgin.
Elkhart.
Elmo.
El Paso.
Elysian Fields.
Emory.
Emhouse.
Ennis.
Eustace.
East Bernard.
Fairfield.
Farmers Branch.
Farmersville.
Fate.
Ferris.
Flint.
Floyd.
Floydada.
Forreston.
Forney.
Fort Worth.
Franklin.

46458°—S.Doc.485,63-2--8

Frankston. •
Fredricksburg.
Frisco.
Frost.
Fulbright.
Flatonia.
Gail.
Gainesville.
Galveston.
Garland.
Gary.
Garza.
Gatesville.
Georgetown.
Gilmer.
Gladewater.
Glen Rose.
Golden.
Goldthwaite.
Gonzales.
Goodlett.
Gordonville.
Gorman.
Graham.
Granbury.
Grand Prairie.
Grand Saline.
Grandview.
Granger.
Grapeland.
Grapevine.
Greenville.
Greenwood.
Groesbeck.
Groveton.
Gunter.
Gustine.
Garden City.
Grand Falls.
Hagerman.
Hallettsville.
Hamilton.
Hamlin.
Handley.
Hansford.
Harleton.
Harper.
Hasse.
Hawkins.
Hawley.
Hedley.
Hearne.
Heath.
Hebron.
Hemphill.
Hempstead.
Henderson.
Henrietta.
Hereford.
Rico.
Hillsboro.
Holland.
Honey Grove.
Hooks.

Markham.
Houston.
Smithville.
Pickton.
Howe.
Marlin.
Snyder.
Pilot Point.
Marquez.
Howland.
Southmayde.
Pine Hill.
Marshall.
Hubbard.
Pittsburg.
Spur.
Hughes Springs.
Mart.
Plainview.
Stamford.
Matador.
Huntsville.
Plains.
Stanton.
Plano.
Hutchins.
Maud.
Stephenville.
Hutto.
Maxwell.
Point.
Streetman.
Poolville.
Indian Gap.
Maypearl.
Sulphur Springs.
Ponta.
Sulphur Bluff.
Irene.
Melissa.
Port Arthur.
Irving.
Memphis.
Sunset.
Pott,sboro.
Sweetwater.
Mercury.
Italy.
Powell.
Meridian.
Sylvester.
Itasca.
Jacloboro.
Prairie Hill.
Merit.
Sugarland.
Jacksonville.
Princeton.
Swan.
Merkel.
Pritchett.
Jefferson.
Taft.
Mertens.
Proctor.
Jermyn.
Telco.
Mesquite.
Putnam.
Mexia.
Tatum.
Jewett.
Purdon.
Taylor.
Josephine.
Midland.
Quanah.
Teague.
Justin.
Midlothian.
Queen City.
Temple.
Milano.
Kaufman.
Terrell.
Quitman.
Millsap.
Kemp.
Texarkana.
Quinlan.
Miles.
Kerens.
Texas City.
Rails.
Milford.
Kilgore.
Thornton.
Ranger.
Killeen.
Mineola.
Timpson.
Kingsville.
itavenna.
Mineral Wells.
Tomball.
Kirbyville.
Reagan.
Mingus.
Tom Bean.
Red Oak.
Kirkland.
Moody.
Trent.
Red Rock.
Kirvin.
Mount Calm.
Trenton.
Redwater.
Kleburg.
Mount Pleasant.
Troupe.
Rhinehart.
Klondike.
Mount Selman.
Troy.
Bhonesboro.
Kopperl.
Mount Vernon.
Trumbull.
Rice.
Muenster.
Kosse.
Tulia.
Richardson.
Mullin.
Kress.
Turkey.
Richland.
Murchison.
Krum.
Tyler.
Murphy.
Rio Vista
Kountze.
Uvalde.
Myra.
Rising Star.
Ladonia.
Valley Mills.
Roanoke.
Nacogdoches.
Laredo.
Van Alstyne.
Naples.
Roby.
La Grange.
Van Home.
Navasota.
Rochester.
Lamesa.
Venus.
Nevada.
Rockdale.
Lampasas.
Vernon.
Newark.
Lancaster.
Rockwall.
Victoria.
New Boston.
Rogers.
Larue.
Waco.
New Braunfels.
Roscoe.
Lavon.
Walnut Springs.
New Castle.
Leesburg.
Rosebud.
Waxahachie.
Newsome.
Leonard.
Rosewood.
Weatherford.
Nocona.
Leonder.
Rotan.
Weimer.
Normange.
Rowlett.
Leroy.
Wellington.
Lewisville.
North Zulch.
Roxton.
Wells.
Novice.
Lindale.
Royse.
West.
Newton.
Linden.
Rule.
Westminster.
Rusk.
New Hope.
Lipan.
Wharton.
Livingston.
Oakwoods.
Renner.
Wheeler.
Odell.
Llano.
Sacul.
Whitney.
Lockhart.
Odessa.
Sadler.
Whitehouse.
Oglesby.
Lockney.
St. Jo.
Whitesboro.
Oklaunion.
Saltillo.
Lorneta.
Whitewright.
San Angelo.
Oleny.
Lone Oak.
Whitt.
Omaha.
San Antonio.
Long Branch.
Wichita Falls.
Orange.
Longview.
Sandia.
Wills Point.
Osceola.
Sanger.
Loraine.
Wilmer.
Overton.
San Juan.
Lorena.
Winchester.
Olton.
San Marcos.
Lott.
Windom.
Pecan Gap.
San Saba.
Lovelady.
Winfield.
Paducah.
Santa Anna.
Lufkin.
Winnsboro.
Savoy.
Paint Rock.
Luling.
Winona.
Palacios.
Schertz.
Lyons.
Winters.
Palestine.
Schulenburg.
McGregor.
Wolfe City.
Scurry.
Palmer.
McKinney.
Wortham.
Paradise.
Seagoville.
McLean.
Wylie.
Paris.
Sealy.
Mabank.
Woodville.
Park Spring.
Seguin.
Madisonville.
Woodson.
Pattonville.
Seminole.
Malakoff.
Yantis.
Pearsonville.
Seymour.
Malone.
Yoakum.
Pecos.
Sherman.
Mansfield.
Yorktown.
Penelope.
Shiner.
Marble Falls.
Petty.
Sinton.
Marfa.
Five hundred and sixty-six banks,carrying 1,654 accounts,with average balance
of $10,756,000.
DALLAS COMMERCIAL STATISTICS.
SHOWING THAT ESTABLISHED TREND OF TRADE CENTERS AT DALLAS.

Dallas leads the world in the manufacture of cottongin machinery, in the manufacture of harness and

114

LOCATION OF RESERVE DISTRICTS.

This Circle of 100 Miles Radius, of which Dallas is the centre, encloses 10.8% of the area of Texas,
Yet within this 10.8% of the area of the State there is:
(3,797 Miles) of the Railroad. :Mileage. of the State:
(S747,666,866) of the assessed valuation of the State.
(1,399,081) of the population of the State.
(144,583) of the farms of the State valued at $605;645,575 on which are raised::
43.4% of the cotton of Texas (2,223,622. Bales) and
37.9% (82.51,217,647) of the total farm production of Texas.
25.4%
29.5%
33.1%
34.6%

46 of the 249 counties of Texas and 8 of the 77 counties of Oklahoma, having 1,320 Cities, Towns
and Villages with 16,669 rated business houses and a population of 1,486,041.
(1411
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115

DALLAS, TEXAS.

saddlery, in the distribution of agricultural implements
second only to Kansas City.
Dallas leads every city in the Southwest in population (131,278), in wholesale business ($211,458,000),
in number of wholesale houses (318),in factory output
($42,595,000), in number of factories (393), in freight
business (602 carloads per day), in postal receipts
($1,002,023), in new building permits ($8,439,540).
Dallas sells more goods in the territory than either
St. Louis or Kansas City, and particularly surpasses
them and has the largest volume in these lines: Automobiles, cement, drugs and groceries, dry goods,
electrical supplies, harness, hats and caps, machinery,
millinery, paper, petroleum products, paints and oils,
saddlery, vehicles.
NOTE.—St. Louis surpasses Dallas in volume of
business in the territory in two lines only, viz, booth
and shoes, and hardware.
One hundred and forty-one firms of national importance and operating all over the United States have
their general offices and warehouses at Dallas, for the
Southwest.
Signed statements from the Dallas jobbers show that
they sell to 28,280 merchants in Oklahoma, 3,151 merchants in New Mexico, 5,698 merchants in Arkansas,
and 7,222 merchants in Louisiana.
NOTE.—These statements necessarily overlap to
some extent.
Of the 2,448 rated business houses in Dallas two only
operate as branches of St. Louis. One only operates
as branch of New Orleans.
Total cotton area whole South, 892,072 square miles.
Total cotton area in the proposed territory within 12
hours' ride from Dallas, 437,794 square miles.
Dallas Cotton Exchange has 73 members with buyers
in•every portion of cotton territory in proposed district; bought last year 1,459,000 bales and paid out
$92,097,000.
Two hundred and seventy-six cottonseed-oil mills are
within 150 miles of Dallas, producing one-third of the
total cottonseed oil of the United States. Three of the
largest mills are at Dallas.
STATISTICS.
DALLAS COMMERCIAL .

Butler Bros. have five distributing houses, Chicago,
New York, Minneapolis, St. Louis, and Dallas; spent
$1,600,000 in building; occupy 475,000 square feet in
one building. It is not a branch of St. Louis, and the
Dallas house handles all southwestern business.
Ford Motor Car Co. are now building at Dallas one
of their few assembling plants, to cost $400,000, employing 600 men, to handle business of southwest.
Sears, Roebuck & Co. have their largest distributing house at Dallas; investment, $4,000,000; 1,200,000
square feet of floor space, employing 1,300 people,
distributing merchandise only.
Twenty-six wholesale agricultural implement houses
at Dallas do a business of $35,000,000 annually.


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Federal Reserve Bank of St. Louis

Thirty-two wholesale automobile concerns in Dallas
sold $18,164,972 during 1913.
One hundred and forty-one concerns have headquarters at Dallas and operate southwestern business
and branches from Dallas.
Firms of national importance at Dallas.
A. P. W.Paper Co.
Allis Chalmers Mfg. Co.
American LaFrance Fire Engine Co.
American Multigraph Sales Co.
American Soda Fountain Co.
American Steel & Wire Co.
American Tire & Rubber Co.
American Type Founders Co.
American Well Works.
Art Metal Construction Co.
Art Wall Paper Mills.
Atkins, Mentzer & Co.
B. F. Avery & Sons Plow Co.
Avery Company of Texas.
Barnhart Brothers & Spindler.
Samuel Binghams Sons Mfg. Co.
The Bolte Mfg. Co.
S. F. Bowser & Co.
Brown Cracker & Candy Co. (Loose
Wiles Biscuit Co.).
Brown Mfg. Co.
Brunswick-Balke-Collender Co.
Buick Auto Co.
August A. Busch & Co.
Butler Brothers.
Philip Carey Co.
J. I. Case Plow Works.
J. I. Case Threshing Machine Co.
Cocoa Cola Co.
Columbia Graphophone Co.
Consolidated Film & Supply Co.
Continental Gin Co.
Crane Co.
Crown Cork & Seal Co.
John Deere Plow Co.
Diamond Rubber Co.
Detroit Electric & Motor Car Co.
Edwards Mfg. Co.
Electric Appliance Co.
Elliot Fisher Co.
Emerson Brantingham Implement Co.
Federal Plate Glass Co.
Firestone Tire & Rubber Co.
Fisk Tire Co.
Ford Motor Co.
General Fire Extinguisher Co.
Gilsonite Construction Co.
Goodyear Tire & Rubber Co.
Gratton & Knight Mfg. Co.
C. H. Gray Rubber Co.
Hart & Crouse.
Hesse Envelope Co.
W.C. Hixson & Co.
Ginn & Co.
Hudson Motor Car Co.
Geo. P.Ide & Co.
Imperial Motor Car Co.
International Text Book Co.
B. F.Johnson Publishing Co.
(Acme White
Lincoln Paint & Color Co.
Lead & Color Co.).
Liquid Carbonic Co.
A. E.Little & Co.
W.R. Madison Publishing Co.
Magnolia Petroleum Co.
Master Builders Co.
Michigan Motor Car Co.
Michelin Tire Co.
Monarch Telephone Mfg. Co.
H. K. Mulford Co.
The Murray Co.
New Home Sewing Machine Co.
Oliver Chilled Plow Works.
Overland Automobile Co.
Parlin & Orendorff Implement Co.

Pathfinder Motor Car Co.
Patterson, Sargent Paint Co.
Peavey Rubber Co.
Pierce Fordyce Oil Assn.
Philips Boyd Pub. Co.
Pittsburg Water Heater Co.
Prest-O-Lite Co.
Queen City Printing Ink Co.
Remington Typewriter Co.
Rumley Products Co.
Sears, Roebuck & Co.
Sharpless Separator Co.
Sherwin Williams Paint Co.
Sigler-McNamera Co.
(Acme Silver Co.).
Silver Burdett & Co.
Southern Hardware & Woodstock Co.
Southern Products Company (Mitsui
& Co.).
Rock Island Plow Co.
Southwest General Electric Co.(General
Electric Co.).
Southwestern Paper Co.(1. W. Butler
Paper Co.).
A. G. Spalding & Bro.
Stanard-Tilton Milling Co.
Studebaker Brothers Co.
Texas Bitulithic Co.
Texas Glass & Paint Co. (Pittsburg
Plate Glass Co.).
Texas Harvester Co.(International Harvester Co.).
Texas Machinery & Supply Co. (Fairbanks-Morse & Co.).
Texas Moline Plow Co. (Moline Plow
Co.).
•
Texas Ohio Cultivator Co. (Ohio Cultivator Co.).
A. J. Tower & Co.
Underwood Typewriter Co.
United Cork Co.
United Shirt & Collar Co.
United States Chemical Co.
United States Tire Co.
Western Coal & Mining Co.
Western Electric Co.
Westinghouse Electric & Mfg. Co.
A.H.Wilkins Co.(American Book Co.).
L. Wolf Mfg. Co.
Western Union Telegraph Co.
Postal Telegraph Co.
Mackey Telegraph Co.
Bell Telephone Co.
Stone & Webster Corporation.
Pittsburg Testing Laboratory.
Robert W.Hunt & Co.
Republic Steel Co.
American Sheet & Tin Plate Co.
Chicago Bridge & Iron Works.
National Tube Co.
Graham Paper Co.
Aetna Powder Co.
National Cash Register Co.
West Disinfecting Co.
L.C. Smith & Bro.
Burroughs Adding Machine Co.
United Motor Co.
B. F. Goodrich Co.
Cole Motor Car Co.
The Half Co.
Franklin Motor Car Co.
Packard Motor Car Co.
White Motor Car Co.
Automatic Sprinkler Co.
General Film Co.
McBeth Evans Glass Co.
Advance Thresher Co.

116

LOCATION OF RESERVE DISTRICTS.

DALLAS COMMERCIAL STATISTICS
-GENERAL AND COMPARATIVE.

It will be conceded that all of Texas is nearer Dallas
than any other location under consideration. The
map attached will show that all of the territory
claimed in Oklahoma, Arkansas, and Louisiana is
within 15 hours by rail from Dallas. That every
portion of the territory can be reached from Dallas in
less time than from St. Louis. With the exception of
a small portion of northern Oklahoma, north of the
Canadian River, it can be reached from Dallas by rail
in shorter time than from Kansas City. The only
portion of the territory that can be reached from
Denver in a shorter time than from Dallas is the
northern half of New Mexico and a small portion of the
Panhandle of Texas. Less than 5 per cent of the
population in the territory exclusiv'e of Texas can be
reached more quickly from Kansas City or St. Louis
than from Dallas. Eight hundred and ninety-time
of the 943 national banks are nearer Dallas than they
are Kansas City, St. Louis, Denvor, or New Orleans.
One thousand seven hundred and sixty-one of the
1,816 State banks are nearer Dallas than any other
of the cities mentioned.

City.

Growth
in popu- Increase in factory Increase in value of
employees.
factory products.
lation.
1900-1910 1899-1904 1904-1909 1899-1904 1904-1909

Dallas.
New Orleans
St. Louis
Kansas City, Mo
Memphis
Denver

Per cent. Per cent. Per cent. Per cent. Per cent.
116
21.2
41.7
64.7
72.5
18
7.9
-3.6
41.7
-1.2
19
5.6
27.6
38
22.9
51.7
13.8
32.6
50.8
5.1.8
28.1
11.3
7.5
40.8
50.9
59.4
13.8
24.7
-3.3
40.6

Two thousand two hundred traveling men live at
Dallas and make it headquarters for the Southwest.
Dallas has 52 magazines and periodicals, and, next
to Nashville, is the largest publication center in the
whole South.
Commercial rating of the 2,284 business firms of
Dallas total $115,343,500, an average of over $50,000
each.

DALLAS
-COMPARATIVE AND ILLUSTRATIVE.

Three million six hundred and ninety-one thousand
and sixty-three people live within 200 miles of Dallas,
which is 4.7.4 per cent of the entire population of the
proposed district, although it includes but 20.3 per
cent of the area of the district.
Two million six hundred and twenty-three thousand
two hundred and two live in parcel-post zone 2-this
zone of 150 miles radius from Dallas.
Farm values in zone 2 for 1909 are around $1,166,743,688, which is a greater amount than the capital
and surplus of all banks, trust and loan companies in
the United States combined, of same year.
The annual farm production in zone 2 is greater than
the combined factory wages of St. Louis, Cleveland,
Detroit, Pittsburgh, Boston, Buffalo, San Francisco,
and Providence.
One hundred and sixty Dallas concerns are rated at
over $1,000,000.
It is interesting to note that the loans and discounts
of Texas banks alone are greater than those of Alabama, Mississippi, Arkansas, Louisiana, and Florida
combined.
Kansas City claims prestige on account of Sears,
Roebuck & Co. locating there. The Kansas City
house of Sears, Roebuck & Co. is a warehouse only,
occupying 200,000 square feet of floor space, shipping
on order from Chicago. The Dallas house of Sears,
Roebuck & Co. has six times the amount of floor space,
originates and ships from Dallas all business for Texas;
Oklahoma, Arkansas, New Mexico, and Louisiana.
One hundred-mile radius circles around Dallas, St.
Louis, and Kansas City, excluding the populations of
the central cities, gives:
Population,
1910.
Dallas
Kansas City
St. Louis

1,279,160
1,254,578
1,387,441

Per cent of
increase,
1900-1910.
13.0
-8.3
12.5

Including the populations of the central cities, gains
in population were: Dallas, 18 per cent; St. Louis, 14.8
per cent; Kansas City, 1.4 per cent. Total Dallas
population, 1,486,041, being 40.3 per square mile, compared with 20.7 for Kansas and 47.9 for Missouri.

REASONS FOR LOCATING REGIONAL RESERVE BANK IN TEXAS TERRITO
RY.
The Reserve Bank Organization Committee,
THE NUMBER OF BANKS TO BE FORMED.
Washington, D. C.
GENTLEMEN: This "book of reasons" is a suppleThe fact that the minimum number of banks
ment to the Dallas Book of Facts submitted at your was fixed at eight was a victory for the decentralmeeting in Austin, Tex. Its aim is to point out the ization idea. The winning argument was
based as
significance of some of the facts submitted at that much upon political as economic
conceptions. The
hearing by the Texas cities and to present reasons soundness of the economic theory
is debatable,
supported by those facts why Texas is entitled as of but the correctness of the political
theory is inconright to have a regional bank.
trovertible.


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Federal Reserve Bank of St. Louis

PALLAS, TEXAS.

At all events, the facts that at least 'eight banks
are mandatory, that a margin for discretionary increase up to 50 per cent is provided, and that regionality is an essential feature of the law, show clearly
that Congress intended (subject to the limitations
in the law itself) to put a bank in each region where
there is business enough and funds enough to support
it, and where to refuse it would leave districts so
large as to be contrary to the regionality theory, or
productive of such discontent and friction as to impair the success of the system.
These considerations justify at least 10 banks,
located as follows: Massachusetts, New York, Pennsylvania, Georgia, Ohio, Illinois, Missouri, Texas,
Minnesota, and California. If 2 of this group be
eliminated so as arbitrarily to reduce the number to
8, those eliminated should be Ohio, which can so
readily be attached in fractions, or as an entirety, to
its surrounding districts, and Minnesota, which belongs logically to Chicago.
The circumstances requiring the above grouping
are that in each of these areas existing financial and
commercial connections are found which would be
less disturbed by such grouping than to any other
relationship, and at the same time districts neither
too large nor too small would be created.
In each of these areas there happens to be a city
which is already its financial and commercial center.
Given a certain district the selection of a certain city
is inevitable. The district itself has already pointed
it out by currents of trade which flow into it. The
cities referred to are Boston, New York, Philadelphia,
Atlanta, Cleveland, Chicago, St. Louis, Dallas, Minneapolis, and San Francisco.
To locate the minimum number of banks now with
an eye to the future increase is unwise, because such
a process involves a further disturbance in the future.
It is like breaking a leg twice in the same place. It
is to be hoped that the country will be so districted
now that the only changes needed in the future will
be along the borders of logical and regionally located
districts. In such a border zone lines must of necessity be somewhat arbitrary, and it may be found
necessary at times to readjust them.
BRANCH BANKS.

117

be branches. If a branch bank is as good for Dallas
or Philadelphia as a regional bank, why is it not as
good for New York, Chicago, or San Francisco?
2. It arbitrarily builds up remote cities at the expense of the localities which produce wealth and
which should be permitted to keep it and use it for
their own development.
3. Business of member banks with branches will
be more subject to delays, uninformed consideration
and administrative red.tape than business done with
the regional bank itself.
4. It stirs up a spirit of ill will to the system itself
by forcing support to the governmental project along
unnatural lines.
It is inconceivable that a branch bank should have
all the powers of a regional bank itself. • No system
providing for branch banks has ever been so organized.
If each branch and also the regional bank had coequal
control over the common funds, the common policy,
the common operations, and the common credit, the
end would be easy to imagine. It is indispensable
that the parent bank shall have control over all of
these operations and this of necessity requires a duplication of time and attention to every important
project.
5. Regional independence which, in spite of the
old banking system, has struggled so long and hard
for expression and is at last finding it, will be lost
permanently or indefinitely postponed notwithstanding the Democratic theory of government that
localities should be locally governed and encouraged
to develop locally self reliance and independence.
To tie Texas to Kansas City, St. Louis, or New
Orleans, no one of which now draws the fourth part
of her foreign trade, to strip her of financial and in
time commercial independence, would be an economic
as well as a political crime, and Texas sees clearly
that such a result will inevitably follow such action.
The greatest difficulty of administration in the new
system is going to be the supervision and control by
the parent bank of its branches. The surest method
of minimizing this danger is to have as many regional
banks as the country needs and as few branches as
possible.
WHY SHOULD TEXAS HAVE

A REGIONAL BANK.

1. It is a region in every sense, express and implied,
An illogical contention has been made in some
cities that the number of regional banks should be in which that word is used under the law. Including
low and the number of branches correspondingly the relatively small territory outside of Texas, which
high. The assumption is made that a branch bank has for its convenience been put with Texas and which
will have all of the functions and usefulness of a can with most advantage to it be best served from a
regional bank. It is urged that a branch bank at a Texas bank, the region contains or produces approxiparticular point will be just as useful to the subdi- mately:
One-sixth of the area of the United States (such
vision of the district which is related to the branch
area is large enough for a district, while if added to
bank would be.
bank as the regional
the other territory claimed by St. Louis, the enlarged
As stated, such a contention is illogical:
should be one central bank at district would embrace approximately one-third of the
1. If correct, there
New York or Washington and all other banks should total area of the United States).


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Federal Reserve Bank of St. Louis

118

LOCATION OF RESERVE DISTRICTS.

One-twelfth of the population of the United States
(the increase during the last decade being 39 per
cent).
One-eighth of the national banks of the United
States.
One-tenth of the State banks of the United States
(the number of total banks increased in the last 14
years 454 per cent).
One-seventh of the total farm production of the
United States ($1,000,128,597).
Two-fifths of cotton production of the United
States, ($381,132,400).
Four-ninths of total cotton-seed production of the
United States ($54,785,550).
One-tenth of live-stock production ($205,224,132).
One-half.of cotton exports ($253,020,000).
One-eighth of the total exports of the United
States.
With the exception of some territory in the extreme western and southern portions of the district
and a small area in southwestern Louisiana, every
point in the district is within 12 hours' mail service of
Dallas, and those remote portions of the territory are
within closer mail service to Texas cities than any
other city which has been under consideration as a
location for a regional bank.
2. It would capitalize a bank more than 50 per
cent above the law's requirements ($6,421,949) even
if no State bank came in, and with the deposits of reserves which the law requires, its resources would
enable it to meet all legitimate demands in ordinary
times.
For 8 months in every year a regional bank in this
district would have money to loan; for 12 months in
an ordinary year it could take care of its own member
banks and have money left. During the exceptional
year (1913) just past it could at the peak of its advances to member banks have financed itself. If,
however, under extraordinary stress it should need to
rediscount the receivables of member banks to a
small extent with other regional banks, or to issue
emergency currency, it would simply be making use
of these features of elasticity which have been advertised as among the chief excellencies of the new
banking law.
If the Texas regional bank should be a lender bank
8 months out of every year and 12 months out of an
ordinary year, why should it not every 4 months
during an occasional extraordinary year be a borrower
or note-issuing bank?
Its condition would not be bettered by being put
with Kansas City, St. Louis, or New Orleans, for it
appears from a study of the bank reports of October
21, 1913, of the territory that is included in the St.
Louis claims, that taking banks as a whole over that
area all individual deposits were at low ebb and banks
in both St. Louis and Kansas City were borrowing


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Federal Reserve Bank of St. Louis

money just as the banks in the Texas district were
doing.
The unassailable fact Is—St. Louis and Kansas
City will not dispute it—that when Texas needs
money to move its crops its banks can not borrow
money in any considerable quantities in either St.
Louis or Kansas City, and must go to Chicago or to
the Atlantic seaboard. Balances are kept in St.
Louis now, not in order to secure loans there in time
of need nor because trade sets that way, but in order to secure exchange facilities and provide means for
making collections at par.
The rediscounts and bills payable in the district
Texas has defined were $23,000,000 at the peak of the
heaviest demand of 1913. How much duplication or
pyramiding was in this sum it is not easy to say, but,
as shown in the Dallas Book of Facts, more than threefifths of the amount could have been absorbed by the
reduction in the percentages of reserve which are provided for under the new law. The national banks in
the territory would have had $15,000,000 more of loanable funds at that time if the present law had then been
in force, leaving only $8,000,000 to be taken care of by
the regional bank. Its available funds for that purpose would have been far in excess of these demands.
If the new law is simply going to provide new machinery (perhaps more complex than the old)for doing
what is already being well done under the existing
banking system, its importance and efficiency has been
vastly exaggerated. We do not believe it is so limited
in function. We think it was intended to provide
elasticity and a means for equalizing seasonal inequalities, to relieve strain where strain has been great
under the old system. It is, however, going to be
a handicap instead of an advantage if its effect will be
normally to restrict Texas banks or banks in any other
single district to their regional bank and affect their
open market connections. If it is going to be thought
a crime, or even bad banking, for one regional bank
to use the surplus funds of another at one season, and
to render the same service to another bank at another
season, the law will prove to be absurdly inadequate.
Moreover, why should it be thought inevitable that
the member banks will deal only with the regional
bank when wanting to borrow money? No one doubts
that banks which now have resources beyond their
local needs will continue to lend that money to other
banks to meet seasonable requirements. If the new
law is to create in the Government a monopoly of the
business of loaning money to national banks to meet
their seasonable requirements, it has not been so advertised. Member banks will, of course, maintain
their legal reserve with the regional banks, but they
will deposit as in the past surplus funds with other
banks, receiving interest on daily balances and having
constant transactions in the borrowing and loaning of
money as heretofore

119

DALLAS, TEXAS.

3. The virility of the Southwest, if encouraged and
furnished an opportunity for independent exercise,
will do a constructive work in that rapidly growing
section which will benefit the entire Nation. If repressed its work will be smaller, less vital, and les
profitable to the Nation.
The attitude of Texas on the matter of its being
made an appendage of St. Louis or any of the other
cities named may be called a sentimental one, but
such a criticism does not meet our contention. The
geographical outlines of Texas, her political history,
the surpassing loyalty of her citizens and their abounding patriotism, her astounding development and eventual destiny and place in the national life have built
up a reliant independence that will be peculiarly
offended if, after it has supported its claims as strongly
as it has, it should be bound in a subordinate relationship to another community having less banking capital, less commercial resources, less present and future
prospects than it has.
So-called sentiment has played a great part in the
material as well as in the moral aspects of our civilization; it launched the Crusades; it organized the
Reformation;it colonized America;it fought the Revolution; it made Texas a Republic and afterwards
brought it into the Union; it is to-day making it the
most unique State in the Union, and one whose probable future staggers the imagination.
4. Texas is not tributary to any of the three cities
named, but is self-sufficient and independent of them.
We might lay New Orleans out of the case, for there
is no flow of business of moment to it. Kansas City
before the day of the development of the implement
business in Dallas and the grain and packing business
in Fort Worth had some business with Texas. This
is now negligible. The business connections of 20
and even 10 years ago with St. Louis are no longer
in existence. In its stead there is a business in certain lines, like shoes, beer, and hardware. The Texas
cities have become markets for the Texas retailer
and consumer. The wholesaler in Texas buys from
the same factories the St. Louis wholesalers buy
from and in some lines in much larger quantities.
The banking connection is small and would be less
but for the artificial requirements of the old banking
law, which gave St. Louis an unnatural advantage
over Texas cities, against which unnatural advantage
we now so earnestly protest. Freight into Texas
comes by the Gulf seaboard and can reach as far
north as middle Oklahoma on local reshipments on
a competitive basis with St. Louis. Dallas alone has
a wholesale business with the proposed district of
$211,000,000, to say nothing of the enormous aggregate done by other Texas cities. Dallas business
alone during the last three years has grown at the
rate of nearly 20 per cent annually.


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Federal Reserve Bank of St. Louis

It is not surprising that St. Louis is asking this
committee to allow it to retain its artificial advantage
over Texas, but it will be supremely disappointing to
Texas if this committee heeds the request. The
claim of St. Louis to an important and vital relationship with the welfare of the Southwest will not
stand the acid test.
5. The distance to Texas from a regional bank
located in either of the cities named would greatly
diminish the value of the system to Texas. We
need pay no attention to New Orleans or Kansas City
in this connection, but will confine ourselves to
St. Louis; that city is 24 hours distant from the
average north Texas points, 36 hours distant from
the average south Texas points, and 48 hours distant
from the extreme western and southern Texas points.
A banker in Houston would need (allowing one business day in St. Louis) four nights and three days to
go to a regional bank in St. Louis to discuss a matter
of business with it, in case the need for discussion
arises, as might readily be the case upon his rediscount offerings. His expenses would be at least $75;
he would travel over 2,000 miles. His case would
not be an extreme one. He is 250 miles nearer
St. Louis than a Brownsville banker will be, and
about the same distance many other important Texas
points are. He would travel more than a banker
going from St. Louis to Boston or from New York to
Jacksonville or from Chicago to Dallas.
Such remoteness would inevitably result in ignorance on the part of the directors of the regional bank
of local conditions. In consequence credits would
not be so intelligently considered and delays and
friction would certainly result. Even if Texas had
a director on the board of the regional bank, he
would be but one man against many.
TERRITORY IN TEXAS DISTRICT.

1. All of Texas is demanding that a bank be placed
in Texas except that at El Paso. This desire is subordinated to a wish that El Paso be kept with New
Mexico and Arizona; that is, with its trade territory,
in no matter what district that territory be placed.
In any case, El Paso wants a branch bank, and with
that arrangement New Mexico and Arizona are content. With a branch bank at El Paso New Mexico
and Arizona can be as well served as their remote situation and scattered inhabitancy will permit under the
terms of the law. In the absence of a bank at Denver, a branch bank at El Paso would be more logically
added to the regional bank in Texas than elsewhere,
and should Denver be hereafter given a bank, the
El Paso branch could be bodily transferred to that
bank without any other disturbance and without impairing the ability of the remaining Texas district to
capitalize and support a bank. Texas trade relations

120

LOCATION OF RESERVE DISTRICTS.

with the Pecos Valley in New Mexico are respectable. not want to be
made a part of the St. Louis district.
El Paso only, among Texas cities, however, has close If it is made a
part of that district it will be done over
relations with the remainder of New Mexico, and her its protest and
against its will. If St. Louis can serelationship to New Mexico and Arizona justify the riously propose
to take Texas by force, although
inclusion of that territory in the El Paso branch. It Texas is larger,
richer, more prosperous, has more
is to be noted, however, that Texas did not include banking capital
, produces more, Texas ought not to
Arizona in her proposed district and that it can dis- be criticized
for asking that its territory include areas
pense if necessary with El Paso and New Mexico.
whose inhabitants are divided in opinion.
2. The physical situation of New Mexico has been
Necessarily as the boundaries of districts are neared
explained; if it and Arizona want to go into the branch debatable territor
y is reached; differences of opinion
bank district of El Paso and that city can fairly serve in such territor
y are inevitable. Texas can, however,
them, they appear to be quite content to become part stand alone
in her application for a regional bank;
of any district to which El Paso may be attached. strip off all
the outside territory and Texas can still
No violence, therefore, will be done, either to their stand for itself
and show its title to a bank.
wishes or their trade connections, by including them
THE ARGUMENT OF FUTURE GROWTH.
in the Texas district.
3. If a regional bank were put in New Orleans, the
When a district can abundantly qualify now,its probportion of Louisiana which Texas claims would prefer able future
should be considered by this committee as
to go into the New Orleans district. Without a reason for
or against giving it a bank. With a popuregional bank in New Orleans and with one at Dallas, lation increas
e in the last census decade of 39 per cent,
certainly all of north Louisiana and perhaps more of a cultivated
area increase of 46.5 per cent, production
its area would prefer the Texas bank over the Atlanta of farm crops
increase of 88.9 per cent, and in the last
or St. Louis bank. It already trades largely in Texas; 14 years
an increase in the number of banks of 454
that trade is increasing and has proved that Texas per cent
and an increase in their capital and surplus
points could serve that portion of the ,district.
of 510 per cent, there exists no justification for ignor4. Under established conditions southwestern ing this feature
of her appeal to this committee.
Arkansas sells its cotton, its vegetables, its fruit,
POLITICAL CONSIDERATIONS.
largely in Texas. Perhaps more of its general business
is done in St. Louis; it would doubtless prefer St.
The matter of locating regional banks is not priLouis. However, it is closer to Texas than to St. marily, nor even principally, a political
question.
Louis; it could be better served from Texas; no vio- Every governmental faculty, however, has a
political
lence to its business would be done by putting this element and every governmental agency
a political
southwestern area with the Texas district.
phase. No system of banking will long succeed which
5. Southern Oklahoma is identified with Texas in does violence to the wishes of a great fraction
of the
every way. Texas people settled it up;Texas buys its people of this country. Such political conside
rations
cotton; her cattle grazes its ranges; Texas buys its as affect this feature of the proble are therefore
m
of an
stock, its gas, its oil, and its lumber. Northern Okla- entirely proper character for consideration
by
homa is divided, a part preferring Kansas City, a part committee. They enter into the consideration this
of the
preferring St. Louis. Texas is closer to it, however, bill itself. The diverse contentions of people
of varyin every way, and can serve it better than any other ing opinions strengthen it in some respects,
weaken it
State.
in others, but are allowed of necessity to affect the
No doubt there are many people in Louisiana, situation, because in this country the people
make
southwestern Arkansas and Oklahoma who would the laws under which they live.
prefer not to be put in the district with Texas cities.
It is rarely possible to attain the ideal in any legisThere are many, however, who favor the Texas dis- lation that attracts during its consideration
foes as
trict. Some violence must be done, for manifestly well as friends. The reason for this is that
legislators
this committee can not please those holding such must take into consideration the wishes
of their
opposing views. The nearest possible reconcilement— constituents.
if the endeavor is to be made to please everybody—
The currency bill when under consideration attracted
would be to put southern Oklahoma with the Texas to its support those who believed that the
present
district and northern Oklahoma with the St. Louis administration would locate the banks
regionally. In
district, assuming, of course,that no bank is to be put other words, those who thought that
the old order
at Kansas City.
was passing and that in its place was coming a new
It is certainly true that less violence will be done order. Those communities, already
barricaded bethe wishes of the communities mentioned by such an hind the money furnished by the
res.4 of the country,
alignment than would be done to all of Texas if the St. wanted no such bill. These other
communities who
Louis plan is followed by this committee. Texas does for 50 years had suffere under
d
a, law which forced


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Federal Reserve Bank of St. Louis

121

DALLAS, TEXAS.
them to furnish to remote cities the first fruits of their
increase were for it, because in it they hoped to find
relief. Texas has been to the fore in this movement
for the new freedom. It enlisted early and enlisted
for the war; it asks no undue consideration in this
matter on that account. It does not so cheaply state
its reasons for adherance to the great cause. It does
feel, however, that these things give it standing to
protest against a new injustice being done to it. It
claims the benefit of any doubt. It does not want to
deprive St. Louis of a bank. One ought to be put in
St. Louis, but Texas claims the same independence
for itself. After 50 years of tribute she asks for freedom; she can stand alone. She can make her banks
succeed. There can be no such thing as a lame bank
under this system if the law is applied according to
its intent. The rediscounting power, the note issuing

power, the confidence the people will have in the new
system will standardize all the units. Texas claims
her commercial independence as of right and makes
the claim to an administration peculiarly pledged to
a governmental policy of liberation.
DALLAS CLEARING HOUSE ASSOCIATION,
DALLAS CHAMBER OF COMMERCE,
DALLAS COTTON EXCHANGE,
By JOHN W. WRIGHT, Banker, Chairman.
J. HOWARD ARDREY, Banker,
M. H. WOLFE, Cotton Broker,
EDGAR L. FLIPPEN, Manufacturer,
LOUIS LIPSITZ, Wholesaler,
A. M. MATSON, Wholesaler,
RHODES S. BAKER, Attorney,
Special Committee.

MISCELLANEOUS LETTERS AND CONTRACTS RELATING TO DALLAS, TEX.
EXHIBIT A.—Letter from the secretary of the Interstate Cottonseed Crusliers' Association, headquarters at Dallas,
Tex., giving list of mills in the cotton producing
States that are members of the Interstate Association.
B.—Brokers' contracts covering sales of goods manufactured at Dallas—
To buyers at—
Seattle, Wash.
San Fancisco and Los Angeles, Cal.
Milwaukee, Wis.
St. Paul, Minn.
Vancouver, British Columbia.
Chicago, Ill.
Kansas City, Mo.
Joplin, Mo.
New Orleans, La.
Nogales, Ariz.
To jobbers at El Paso, Tex., for distribution in
New Mexico.
To Copenhagen, Denmark.
To Liverpool and Manchester, England.
To Progreso, Mexico.
C.—Recent sale to one of the Texas wholesale grocery
houses, which gives a good idea of the large volume
of business in Texas.
EXHIBIT A.
COTTONSEED-OIL MILLS, MEMBERS OF THE INTERSTATE COTTONSEED
CRUSHERS' ASSOCIATION, HEADQUARTERS OF WHICH ARE IN
DALLAS, TEX.
THE INTERSTATE COTTONSEED CRUSHERS' ASSOCIATION,
Dallas, Tex., February 6, 1914.
Mr. E. L. FLEPPEN, Dallas, Tex.
DEAR SIR: There are 285 cottonseed-oil mills members of this
association, the headquarters of which are in this city, and which
I give below according to States:
18
24 North Carolina
Alabama
23
21 Oklahoma
Arkansas
18
1 South Carolina
Arizona
15
1 Tennessee
Florida
67
34 Texas
Georgia
2
1 Virginia
Kentucky
1
21 Bombay, India
Louisiana
35
Mississippi
285
Total
3
Missouri


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Federal Reserve Bank of St. Louis

Including these, there are over 800 cottonseed-oil mills in the
South engaged in crushing cottonseed, everyone of which uses the
rules and regulations promulgated and issued by the Interstate
Cottonseed Crushers' Association in the conduct of their business.
Very truly, yours,
ROBERT GIBSON,
Secretary and Treasurer.
EXHIBIT B.
One carload refined cottonseed oil for Seattle, Wash.
Five carloads of refined cottonseed oil for Chicago, Ill.
One carloaa refined cottonseed oil for San Francisco, Cal.
Five carloads refined cottonseed oil for New Orleans, La.
Five carloads refined cottonseed oil for Los Angeles, Cal.
Three carloads refined cottonseed oil for Kansas City, Mo.
One hundred and fifty barrels of refined cottonseed oil for Copenhagen, Denmark.
One carload of refined cottonseed oil for Joplin, Mo.
UNION STOCK YARDS,
Chicago, October 3, 29,13.
ARMSTRONG PACKING CO, Dallas, Tex.
GENTLEMEN: Referring to the exchange of telegrams of the 2d, we,
confirm purchase from you for account of Swift & Co., Los Angeles,
Cal., of one buyers' tank car (160 barrels) deodorized choice neutral
winter pressed salad oil at 60 cents per gallon c. a. f. Los Angeles,
shipment first half October or sooner if possible.
You will please make shipment of the above to Swift & Co., Los,
Angeles, and invoice and draw direct on them for same, When'
ready to make shipment, please call on Swift & Co., Fort Worth, for,
tank car, which we have instructed that they deliver, to you
promptly upon request.
We will appreciate you making shipment at the earliest possible,
moment. Please send us sample of the oil you intend shipping,
as soon as possible, addressing to this department, and advise us,
when and how sent that lookout may be kept for it.
Yours, respectfully,
Swirr & Co.
EXHIBIT B.
Seventeen thousand six hundred boxes of soap for El Paso, Tex.
Sixteen hundred boxes of soap for Nogales, Ariz.
Fifteen hundred barrels of cottonseed soap stock for Milwaukee,
Wis.
Thirty-six thousand pounds of cottonseed soap stock for St. Paul,,
Forty thousand pounds of cottonseed soap stock for, Vancouver,,
British Columbia.

122

LOCATION OF RESERVE DISTRICTS.

MILWAUKEE, WIS., October 28, 1913.
ARMSTRONG PACKING CO.,
Dallas, Tex.
In reply to your telegram October 27 and letter of October 25,
we herewith confirm our order by telegraph:
"Book order 1,000 barrels soap stock; quality as before; $2.25
f. o. b. Dallas, over next year."
O'NEIL OIL St PAINT CO.,
Per GEO. F. O'NELL, President.
• EL PASO, TEX., 2/4/14.
A. P. Co.,
Dallas.
Ship as quickly as possible, Dick Co., Nogales, two cars, eight
hundred boxes each, rose two dollars delivered.
VAN C. WILSON CO.
DALLAS, TEX., December 16, 1913.
We have this day sold to M. Ainsa & Son, El Paso, 2,000 boxes
of laundry soap, terms and conditions the same as contract dated
April 10, 1913, for 14,000 boxes, except that the price on the B.& B.
soap on the contract for these additional 2,000 boxes will be $2.20
per box instead of $2.10, as in the original contract of April 10, 1913.
The price on other brands of soap will remain the same as in the
original contract. It is understood that this subsidiary contract
will run concurrently with the one made April 10, 1913, and that
the time limit on these additional boxes will be the same as in the
original contract, viz, December 31st, 1914.
ARMSTRONG PACKING Co.
(Sig)
TONGUE.
Accepted:
M. AINSA & SOI1S (INC.).
We certify that the foregoing is a true and correct copy of original
contract.
ARMSTRONG PACKING CO.
FRED G. TONGUE.
STATE OF TEXAS,
County ofEl Paso, ss:
This agreement, made this 10th day of April, 1913, between
M.Ainsa & Sons, of El Paso, Tex., party of the first part,and Van C.
Wilson, representing the Armstrong Packing Company, a Texas
corporation having its principal office in Dallas, Tex., party of the
second part:
Witnesseth, That the party of the first part hereby buys from
the party of the second part, and the party of the second part
hereby sells to the party of the first part fourteen thousand (14,000)
cases of soap, consisting of B&B, regular style, at two dollars
ten cents ($2.10) per box; twelve-ounce " " at two dollars
Star
eighty cents ($2.80) per box; White Rose, one dollar seventy cents
($1.70) per box; A. P. C., at two dollars twenty cents ($2.20) per
box—all c. a. f. El Paso. Terms sixty days, or 2 per cent cash ten
days.
This contract shall run for a period of eighteen months, ending
December 31st, 1914, and shall begin July 1st, 1913.
The party of first part agrees that shipments are to be made as
follows:
July, 1913, five hundred boxes of B&B (unless specifications are
changed in ample time to permit shipment) to be shipped on
the
10th and 20th. The same shipment for August, September, and
October. Five hundred boxes to be shipped on the fifteenth of
November, December (1913), January, February, March, and
April, 1914. Five hundred boxes, each, May 10th, 20th, June 10th
and 20th, July 10th and 20th, August 10th and 20th, September
10th and 20th, October 10th and 20th. A shipment of five
hundred
cases (500) shall be made November 15th and December 15th,
1914.


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Federal Reserve Bank of St. Louis

It is further agreed by the party of the second part that on completion of contract, provided same is carried out according to
terms
of same, the party of the second part will rebate party of the
first
part five cents per box on B&B only. The party of the first
part
agrees that in consideration that he has exclusive sale of B&B
for El Paso and El Paso County, and that he will not handle
any
other yellow soap during the life of this contract.
This contract is made subject to strikes, accidents, car supply,
or other causes beyond control.
M. A/NSA dc SONS,
ARMSTRONG PACKING Co.
We certify the foregoing to be a true and correct copy of
original
contract.
ARMSTRONG PACKING CO.,
FRED G. INGELL.

EXHIBIT B.
Three carloads of refined cottonseed oil and two carloads
of cottonseed-oil lard for Progreso, Mexico.

EXHIBIT B.
Eight hundred barrels of cottonseed soap stock for Liverpool.
Thirty-five hundred barrels of cottonseed soap stock for
Manchester.
Five hundred boxes of cottonseed-oil lard for Manchester.
GALVESTON, TEXAS, Nov. 4th, 1913.
Messrs. ARMSTRONG PACKING CO., Dallas.
DEAR SIR: We hereby beg to confirm your engagement of room
for 500 bbls. hard soap stock, per month, from Galveston to
Manchester, January to July, inclusive, 1914, at 20c. per 100 lbs.,
you
paying wharfage, per S. S. Larrinaga Line or other Al steamer,
to
be delivered alongside the vessel or at her loading berth to
suit
steamer.
It is understood and agreed that this contract is made subject
to
the rules of the Galveston Maritime Association, printed on the
back
and made a part hereof, and on the express understanding that
it
is subject to all the clauses and conditions contained in the
ocean
bill of lading used by the vessel, which bill of lading is made a
part
of this contract, and copy of which will be furnished on applicat
ion.
Steamer has the option of calling at other port or ports,in any
order,
to load and (or) discharge coal and (or) cargo.
FOWLER SC MCVITIE,
Ship Agents.
June—July parcels are subject to our having sailings.

EXHIBIT C.
DALLAS, Tx., January 30, 1914.
STARR-MAYFIELD CO., Tyler, Tex.
GENTLEMEN: Confirming phone conversation with your
Mr.
Caldwell to-day, we have sold you 40 cars of Bird Brand lard,
to be
shipped to Tyler and your other Texas branch houses by August
1.
It is understood that a minimum car consists of 24,000
pounds,
making the total amount contracted for 960,000 pounds.
The above sale has nothing to do with the 10 cars of Bird
Brand
lard sold you for February shipment, on which we have
specifications and shipping instructions for 2 carloads.
Yours, truly,
ARMSTRONG PACKING CO.
MARCH 4, 1914.
SIR: On behalf of the Secretary of the Treasury,I beg to acknowl
edge the receipt of your letter of February 26, inclosing an affidavit
from the secretary of the Dallas Cotton Exchange with referenc
e to

123

DALLAS, TEXAS.

the claims of Dallas as a cotton market and to advise that the same
has been filed in order that it may be considered by the committee
when it is determining the question of the location of Federal
reserve banks to be established.
Respectfully,
Secretary Reserve Bank Organization Committee.
Mr. M. H. WOLFE, Dallas, Tex.
DALLAS, TEX., February 26, 1914.
Mr. Mclimo,
Secretary of the Treasury, Washington, D. C.
DEAR SIR: At the regional bank hearing at Austin you will
perhaps recall that it became my duty to offer the statements concerning matters pertaining to cotton in the district we had laid out.
We notice from the press reports that at the New Orleans hearing some Memphis (Tenn.) man questioned the correctness of my
figures. When the matter was called to the attention of the Dallas
Cotton Exchange a meeting of the members of the exchange was
held, at which meeting my figures were confirmed and the secretary
of the cotton exchange was instructed to make affidavit thereto and
forward to you, which has been done.
I trust you will let this serve to straighten out the matter, and
with thanks for your consideration in the premises, I beg to remain,
Yours very truly,
M. H. WOLFE.
[From the Dallas Morning News.]
COTTON FIGURES CORRECT—SECRETARY OF EXCHANGE AUTHORIZED
TO MAKE AFFIDAVIT TO DATA FURNISHED BANK COMMITTEE.
The claims of Dallas as a cotton center having been disputed at
the New Orleans hearing of the regional bank organization committee recently, the Dallas Cotton Exchange, at a meeting yesterday,
adopted a resolution instructing the secretary of the exchange to
make affidavit to the effect that he had furnished the disputed
figures to M. H. Wolfe, who presented them at the regional bank
hearing at Austin, and that they were correct, as shown by the
records of the Dallas Cotton Exchange.
Mr. Wolfe testified at the Austin hearing at the request of the local
committee of bankers and business men, and in his testimony he
declared that Dallas cotton buyers during 1913 bought 1,459,000
bales of cotton. At the New Orleans hearing press reports showed
that witnesses there attempted to discredit that statement.
The resolution was adopted, as follows:
"Resolved, That the secretary make affidavit to the effect that
he furnished M. H. Wolfe, a member of this exchange, with the
figures showing the amount of cotton handled by our members, out
of last season's crop, and that same is true, as shown by the records
of this exchange.
"N. W. NOLLEY, Secretary."
M. H. Wolfe has furnished the following cotton statistics:
Cotton area of all the South, 892,072 square miles.
Cotton area in 12 hours' ride of Dallas, 437,794 square miles, or
49 per cent.
Total cotton produced in South last year, 14,101,000 bales.
Cotton produced in 12 hours' ride of Dallas, 6,857,000 bales, or
48i per cent.
Texas produced last year 4,902,000 bales.
Oklahoma produced last year 1,057,000 bales.
Arkansas produced south of the Arkansas River 505,000 bales.
Louisiana produced 393,000 bales.
Dallas cotton buyers bought last year 1,459,000 bales.
Dallas cotton buyers have salaried men covering all sections of
Texas, Oklahoma, Arkansas, and Louisiana, and paid out for cotton
last year approximately $92,000,000, and approximately $80,000,000
of this cotton was financed directly or indirectly by the Dallas
banks.


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Federal Reserve Bank of St. Louis

[From the Baptist Standard, February 26, 1914.]
COTTON AND RELIGION.
Because the cotton business offers temptation to gamble, we are
not to conclude that such business is inconsistent with Christian
ideals. We have many buyers of cotton who do not deal in futures,
but follow the lines of legitimate trade.
One of the greatest cotton buyers in the South is Deacon M. H.
Wolfe, of this city. We were interested recently in seeing in the
Cotton Trade Journal, published in Savannah, Ga., an appreciation
of our beloved brother. We quote in part:
"Some time ago Mr. Wolfe entered a leading cotton exchange out
West. He was approached by somebody who proposed to tell him
how to make a large amount of money overnight.
"Will you do it?' asked the party.
"No,' replied Wolfe.
"What,'exclaimed the man, you would not do what I suggest if
a large amount is certain to be made over night?'
"No,' again replied Mr. Wolfe. 'I do not speculate.'
"M. H. Wolfe, is quiet, calm, collected, and calculating. He is
young in appearance. There is no pretension about him. He is
just a plain, solid American, with the sparkle of keenness about the
eye when business is broached, but without any of the proverbial
wrinkles of wisdom. There is no stiffness nor formality about him.
He sits in his outer office on the top floor of the Dallas Cotton Exchange Building, apparently ready to see anybody who has business
with him. He makes no pretense of possessing qualities superior
to others in the cotton business. He is simply buying and selling
as a cotton merchant. He is a puzzle to westerners and Europeans,
because he pays highest prices, sells at lowest prices, ships satisfactorily, and makes money. It is said that in some markets merchants request Wolfe's cotton.
"As strange as it may seem to cotton men, Mr. Wolfe draws the
line on all alcoholic beverages, and on all occasions, no difference
who is present, nor what it may mean to him to decline to drink.
He absolutely refuses to drink alcohol with any man as one of the
means of soliciting business. Yet, he is liberal in his views, and
not in the least denies to others what he in turn denies to himself.
He is among the leading men of Dallas, being interested in banks
and other enterprises of that prosperous city, but his methods are
characteristic of the man who knows what he is about and goes
quietly in pursuit of his affairs.
"There is no hypocrisy about M. H. Wolfe. The exact conduct
he follows in Dallas he adheres to elsewhere. People who know him
know this. He employs none of the occasional bluffs some cotton
men regard as assets. When Wolfe wants cotton he goes after it.
His tactics are not to pace an exchange with a hungry look, but to
hustle out and pay the price."
We knew all of this about Brother Wolfe, but it is good to read this
testimony from his business associates. Every Christain business
man should so live that his associates, even those who are not
Christians, will express their confidence in his Christian profession
and integrity of character.
MARCH 4, 1914.
SIR: On behalf of the Secretary of the Treasury I beg to acknowledge the receipt of your letter of February 28, inclosing an affidavit
from the secretary of the Dallas Cotton Exchange with reference to
the claims of Dallas as a cotton market and to advise that the same
has been filed in order that it may be considered by the committee
when it is determining the question of the locations of Federal reserve banks to be established.
Respectfully,
Secretary Reserve Bank Organization Committee.
MT. J. R. BABCOCK,
Secretary Dallas Chamber of Commerce,
Dallas, Tex.

124

LWATION.'a -RESERVE DISTRICTS

DALLAS TRX. Pebruary 28, 1914.
)
)
Mr. WILLIAM G. McAD00,
Secretary of the Treasury, Washington, D. C.
DEAR SIR: We understand that in the hearing at Memphis the
fact was set forth there that the claims of Dallas as a cotton market
were not accurate.
I beg to inclose you herewith affidavit from the Secretary of the
Dallas Cotton Exchange,in due form, testifying to the fact that the
records of this exchange show that 1,459,000 bales of cotton were
handled here during the last year and that the facts as testified to
by Mr. H. M. Wolfe, of our committee, at Austin, are correct.
Yours, very truly,
J. R. BABCOCK,
Secretary Dallas Chamber of Commerce.
DALLAS COTTON EXCHANGE,
• Dallas, Tex., February 25, 1914.
Personally appeared before me, a notary public, N. W. Nolley,
secretary Dallas Cotton Exchange, who, being duly sworn, says
that he collected the data from the various members of the exchange
and that the total amount of cotton handled last season by the Dallas shippers as furnished Mr. M. H. Wolfe, in making up his statement at the regional bank hearing, was approximately 1,459,000
bales, as shown by the records of this exchange.
N. W. NOLLEY, Secretary.
Sworn and subscribed to before me this 25th day of February,
1914.
[SEAL.]
A. S. BARNETT,
Notary Public, Dallas County, Tex.
Whereas the provisions of the Federal reserve act require that the
country be divided into not less than 8 nor more than 12 districts, within each of which a Federal reserve bank shall be
located; and
Whereas the agricultural, commercial, and financial importance,
both present and prospective, of Texas and the contiguous States
in the Southwest make it necessary under the system to be established that one of the Federal reserve banks be located within
this section to serve properly the vast interests therein and promote the development of the wonderful resources thereof; and
Whereas at this annual meeting, on February 5, 1914, the members
of the fifth district of the Texas Bankers' Association desire to
record their views with respect to the location of the Federal reserve bank to serve the district, within which there are located
405 State and national banks, having a capital and surplus of
$36,392,000, the same being 30 per cent in number and 31 per
cent of the capital and surplus of all the banks in Texas: Therefore, be it


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Federal Reserve Bank of St. Louis

Resolved (1), ThatWe -hereby ratify and indorse as the logical and
geographical designation of the district to be created within which
to locate the Federal reserve bank, the following: All of Texas; all
of Oklahoma; all of New Mexico; all that part of Arkansas south of
the Arkansas River; all that part of Louisiana west of the Mississippi River.
(2) That the city within this district best qualified as the location
of the Federal reserve bank to serve the same by reason of its geographical location, commercial importance, and unexcelled facilities is the city of Dallas.
(3) That the chairman of this district be, and he is hereby, directed to appear before the Reserve Bank Organization Committee
at its hearing, at Austin on February 9 and 10, and present thereto
a copy of this resolution and give such further testimony in support
thereof as may be necessary.

Whereas the organization committee is confronted with the problem
of dividing the United States, under the Federal reserve act,
into not less than 8 nor more than 12 districts, and to locate in
each district a Federal reserve bank; and
Whereas the United States Census Department has always classified Texas, Oklahoma, Arkansas, and Louisiana as the West
South-central geographic division; and
Whereas Dallas is the logical and geographical center of this territory; and
Whereas this is practically the same territory that Dallas is asking
for to be tributary to a regional bank at Dallas; and
Whereas the diversified interests of this territory are such as to make
it a balanced district and the demand for money uniform during
12 months in the year; and
Whereas if annexed to any other territory it would redound to the
benefit of said other territory and to the detriment of the Dallas
territory: Therefore be it
Resolved, by the undersigned manufacturers of the city of Dallas,
That to conserve, foster, and expand the agricultural, financial,
commercial, and manufacturing interests of this rapidly glowing
section of the United States, one of the Federal reserve banks provided for under the Federal reserve act should be located at Dallas.
Respectfully submitted.
ARMSTRONG REFINING CO.,
By E. L. FLIPPEN, President.
ARMSTRONG PACKING COMPANY,,
By E. L. FLIPPEN, President.
BROWN CRACKER ez CANDY Co.,
By SMITH SC LAMAR, Agents.
(And 27 other firms.)

T. 225. 245.000

\

N.71.696.006

N.31.226.000
.5.97. /86. 000
7/3.2 4/0000

IV-T.Ar1V:

N 320.8/5000
5.212.462.010

S./65.778.000
.237.4650

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3.230.073.000

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N2.34.267.000
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0
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.7

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)

79/2.706.000
. 704.000
5/31689.000
7/85.393. 000

OHIO.
N870.486.000
S.874883.000

: • 12 °042
7 -90
00a
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N. /17. 4.95. 0o0
J. /4/. 7.98. 000

ces.

7-427183.000

N.40.949.000
5/16.340.000
1/57.289.000
N.599.717.000
51.239.911.000

.390.846. COO
//7 000

7:83- .964 00
6
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,

1.751370.000
57.LOuis

Ai./25.109.000
.5.60.453.000

0

942.000
N. 579
s
.587.846.000
0
7:,.162./89.00 wvA•
oNclAiwAV N. 92./24.000
59f04310
5 87..08 0 0
N. /6 7 /9 6 7
3.
1940670
.1{ .
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5.113. 023.000
:
7: 2,: 0 30
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:185.903.000
At. 300.1.39.000
5.289
.06/ 100
7;590./04 000
60.1/9. 000
/V. /4.663,000
5.33.950. 000
748.6/3.000

T 240.7.2500
N 70 000.0,
.000
5 91.100
101.000
.161.

N. 1/7. 99/. 000
S. 75.804. 000

s.C.
N.48.866.000
81.130.000
5.
.129.996.000
.000
40
N.112.7
000
N.79.904000
0
5.60.00 .000

/ 79.5.000
93.

T159. 901.000
.80.151.00
111.5X

7201.652.000

N-NATIONAL. _BANKS.
S-STATE' DANK
7- TOTAL OF.230771'.


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Federal Reserve Bank of St. Louis

Total resources as shown by Comptroller's call of national banks on October 31, 1913.

T.262.355. 000

N. 172.946.003
5.214 4/f.000

7387 36,.000

•svxa.r. '

N. 54 51
/ .000
.5. 70 732.000


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

DENVER, COLO.

127


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Federal Reserve Bank of St. Louis

DENVER, COLO.
BRIEFS OF THE DENVER CHAMBER OF COMMERCE AND THE DENVER CLEARING HOUSE
ASSOCIATION.
FEBRUARY 9, 1914.

The Reserve Bank Organization Committee.
GENTLEMEN: The regional bank committee of the
Denver Chamber of Commerce and of the Denver
Clearing House Association beg leave to present to
your committee the following brief summary of Denver's claim for a Federal reserve bank.
We assume that in response to an almost unanimous
expression of public opinion your committee will decide to divide the continental United States into the
minimum number of eight districts.
We also assume that, while the exact boundaries of
these eight districts are as yet undetermined by you,
that the claims of at least six cities, to be known as
"Federal reserve cities," have been fairly well established, to wit, Boston, New York, Chicago, St. Louis,
New Orleans, and a city within the triangle formed by
a line drawn from Atlanta to Philadelphia, thence to
Cincinnati, and thence to Atlanta.
This gives six Federal reserve banks out of eight to
less than one-third of the territory of the United
States, and leaves but two Federal reserve banks to
serve more than two-thirds of the territory of the
United States. Unquestionably one of these two remaining Federal reserve banks will be located on the
Pacific coast, presumably at San Francisco. This
leaves but one Federal reserve bank to be located in a
city that can best serve the vast territory lying between the Chicago, St. Louis, and New Orleans districts on the east and the San Francisco district on the
west. What city will best serve this vast territory?
Before answering this question it is necessary to
determine, "with due regard to the convenience and
customary course of business," how far the Chicago,
St. Louis, and New Orleans districts can extend westward, and how far the San Francisco district can
extend eastward in order to see what territory is left
in between.
We believe that a line drawn through Nebraska,
Kansas, and Texas close to the one hundredth meridian
should be the western boundary of the Chicago, St.
Louis, and New Orleans districts, for close to such a
line there is a broad belt of country where the density
of population is the lightest, and where the kind of
crops and methods of farming change, where the cus46458°—S. Doc.485,63-2-9


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Federal Reserve Bank of St. Louis

tomary course of business changes, where, with the
change of time from "central time" to "mountain
time," the people seem to gradually change their
sympathies, and those to the east of this belt naturally
turn to the East for their sympathetic and business
ties, while those to the west of this belt just as natually rturn to the West as an outlet for their products
and as the source of their supply.
Certainly St. Paul-Minneapolis, 411 miles and 10i
hours time from. Chicago and Omaha, 491 miles and
12i hours time from Chicago, are geographically clearly
within the Chicago district, and so far as "the convenience and customary course of business" are concerned, they should unquestionably be included in the
Chicago district.
Certainly Kansas City, 283 miles and 8i hours time
from St. Louis and only 454 miles and 12 hours time
from Chicago, is geographically and commercially in
the St. Louis district and could be included in the
Chicago district.
Both Fort Worth and Dallas, Tex., are within 500
miles of New Orleans, and well connected with that
city by quick transportation lines.
These cities of St. Paul-Minneapolis, Omaha,
Kansas City, Dallas, and Fort Worth, and the territory
tributary to them, can be well and quickly served by
Federal reserve banks in Chicago, St. Louis, and New
Orleans,"with due regard to the convenience and customary course of business," and none of these cities
should be excluded from its proper district in order
that it may secure the remaining Federal reserve bank,
and thereby deprive this vast and distinctive Rocky
Mountain region of a Federal reserve bank, and force
it to do business with a Federal reserve bank from 600
to 1,500 miles away, and necessarily out of touch with,
and not responsive to, the peculiar and distinctive
needs of this vast Rocky Mountain region.
We believe that a line drawn close to the eastern
boundar3i of Washington, Oregon, Nevada, and the
.
western one-third of Arizona, should be the eastern
boundary of the San Francisco district, for close to
such a line nature herself has divided the regions by a
mountain range in the north and a broad expanse of
desert in the south, and close to such a line the customary course of business and of sympathy changes
129

130

LOCATION OF RESERVE DISTRICTS.

and the density of population is the lightest. To
extend the San Francisco district farther east would
disturb the "convenience and customary course of
business" and do violence to the wishes and sympathies of the people of the Rocky Mountain States.
These boundaries of the Chicago, St. Louis, and New
Orleans districts to the east of us, and of the San
Francisco district to the west of us, leaves the Rocky
Mountain States of Idaho, Montana, Utah, Wyoming,
Colorado, New Mexico, and the eastern two-thirds of
Arizona, and also the portion of Texas, Kansas, and
Nebraska west of the one hundredth meridian, and the
Deadwood portion of South Dakota, in a district of
its own about 700 miles east and west by about 1,200
miles north and south and near the geographical center
of this vast region is the city of Denver, which we hope
your committee will select as the home of the eighth
Federal reserve bank to be known as the "Federal
Reserve Bank of Denver."
We are now ready to answer our previous question
as to what city will best serve this vast Rocky Mountain region by answering Denver.
We imagine that your committee will find its
chief difficulty in dividing the country into districts
"with due regard to the convenience and customary
course of business," as required by the Federal reserve
act, but having made the division, your committee
will have very little trouble in selecting the Federal
reserve cities for each district. We say this because
we feel that so far as selecting a Federal reserve city
for this Rocky Mountain district is concerned, there
are but two factors that control the selection. The
first factor requires the selection of a city with adequate railroad, telephone, and telegraph lines, that is
nearest the geographical center of this district, and
the second factor requires the selection of a city in
this district that has the greatest volume of business
transactions with the largest portion of the district.
So far as this district is concerned, there is no need of
determining the relative importance of these two
factors, for there is one city, and only one city, in
this district that meets the requirements of both
factors, and that city is Denver.
There is no other city of any size in this suggested
territory that is as near the geographical center of the
district as Denver. This is a physical fact that can
not be disputed.
Denver not only has adequate, but it admittedly
has the best railroad, telephone, and telegraph connections of any city in this district.
RAILROADS.

Denver is the greatest railway terminal between
the Missouri River and the Pacific coast, served by 12
railroads, with 148 passenger trains in and out each
day that reach every part of this suggested district,
except the most remote, in 24 hours, and 85 per cent


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Federal Reserve Bank of St. Louis

of the total population of the district can be reached
within 15 hours. All of these trains start from Denver, and consequently are not belated, and this gives
Denver a great advantage as a distributing center.
(See statement and exhibits of Richard H. Malone,
p. 2248 of stenographer's minutes of hearing in Denver.)
TELEGRAPH.

Denver is the administrative center as well as the
fiscal agency for all moneys of the Mountain division
of the Western Union Telegraph Co., which includes
Montana, Wyoming, Idaho, Utah, Colorado, New
Mexico, Kansas, and Nebraska, and was selected as
the most convenient center among these eight States
after careful study of the situation.
.
(See statement of William J. Lloyd, p. 2332 of
stenographer's minutes.)
TELEPHONE.

Denver is the headquarters and fiscal agency of the
Mountain States Telephone & Telegraph Co. that
employs a force of more than 6,000 and covers over
600,000 square miles of territory and reaches all of
the principal cities in the States of Idaho, Montana,
Utah, Wyoming, Colorado, New Mexico, and the Pan
Handle of Texas.
(Statement of W. P. Allen, p. 2335, stenograher's
minutes.)
MISCELLANEOUS.

Denver, because of its geographical center and
transportation and communication advantages, has
been chosen as the consular headquarters for this district of 12 great foreign powers (statement of Gordon
Jones, p. 2176 of stenographer's minutes); and presumably for the same and other reasons the United
States Government established and maintains in
Denver the most modern mint in the United States,
that purchases, coins, distributes, and stores more
gold than any other United States mint (statement of
Gordon Jones, p. 2174 of stenographer's minutes).
Denver has the greatest volume of business transactions with the largest portion of the suggested district of any city in the district.
BANKING.

The banks in the suggested district carried in the
six Denver clearing house banks an average aggregate
balance of $16,780,000. The volume of cash collections sent by Denver clearing-house banks in 1913 to
other banks in this district was $287,620,000. The
out-of-town cash business handled in 1913 by the
Denver clearing-house banks for their customer banks
in this district was $239,550,000. The Denver clearing-house banks handled in 1913, $16,000,000 in shipments of currency, gold and silver for customer banks
in this district. The average deposits in all Denver

DENVER, COLORADO.

banks for 1913 was $75,000,000. Denver banks seldom borrow, and frequently discount outside paper:
The National banks in the suggested district would
yield approximately $3,400,000 of the required $4,000,000 of capital for a regional bank for this district, and
the State banks desire to, and will join as soon as State
laws are amended and individuals, if permitted will
subscribe for the balance of the required capital stock.
The reserves of Denver banks are carried mainly
in Chicago, New York, and St. Louis. Denver's second choice for a Federal reserve bank would be Chicago. A branch bank would not serve the needs of
this district, and a Federal reserve bank in Denver
would dO much to develop this district with its varied
and distinctive industries.
(Statement of George B. Berger, p. 2177 of stenographer's minutes.)
INVESTMENT BONDS.

Denver is the bond center of the territory from the
Missouri River to the Pacific coast. The bond dealers
of Denver sold and purchased in 1912, and also in
1913, an average of $82,484,462 per year of investment bonds at market value. These sales and purchases are financed in Denver.
(Statement of Alexis C. Foster, p. 2210 of stenographer's minutes.)
FIRE INSURANCE.

The recognized fire insurance centers of the West
are Chicago, Denver, and San Francisco. Denver is
the logical point in this district for the handling of
the insurance business, collection of premiums, the
adjusting and payment of losses, and all money transactions concerning the same are handled by Denver
banks.
(Statement of J. Frank Edmonds, p. 2215 of stenographer's minutes.)
COAL, COKE, MARBLE, AND CEMENT.

In 1912 Colorado produced 10,977,824 tons of coal
and coke, having a mine value of $16,345,336. This
production was 38 per cent of all coal produced in the
United States west of the one hundredth meridian.
Twenty per cent of this was distributed to the railroads, 30 per cent to the State of Colorado, and the
remaining 50 per cent was distributed to other States
in this district. Companies and individuals doing
95 per cent of this business have their headquarters
in Denver, and the business is financed in Denver.
The States of Colorado, Montana, New Mexico,
Utah, and Wyoming are the coal-producing States of
the West, and in 1912 they produced 27,974,416 tons
of coal and coke, having a mine value of $43,635,121.
This production constituted 89 per cent of all the coal
and coke produced in the -United States west of the


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Federal Reserve Bank of St. Louis

131

one hundredth meridian; the remaining 11 per cent
was produced in the Pacific Coast States and Alaska.
The United States Geological Survey estimates
that 46 per cent of the coal reserves of the -United
States are in the States of Colorado, New Mexico,
Utah, Wyoming, and Montana.
The Colorado Fuel & Iron Co.'s plant at Pueblo,
Colo., is the largest steel plant west of the Missouri
River, and supplies all the rails for railroad building
and renewals west of the Missouri River, and its
annual production and distribution of rails and steel
products is very large.
The Colorado and Wyoming oil fields are extensive,
and their operations are financed in Denver and Colorado. The supply of oil, especially in the Salt Creek
region of Wyoming, is so large that the United States
Government is now engaged in litigation with the idea
of preserving and utilizing some of these fields for
naval purposes.
The Colorado-Yule Marble Co., in Gunnison County,
Colo., has an inexhaustible supply of the best marble
in the United States, and is now supplying marble to
all sections of the United States, and it is financed in
Denver.
The Colorado Portland Cement Co. produces and
distributes through this entire region a very large portion of the cement used in this district, and it is
financed in Denver.
(Statement of John C. Osgood, p. 2218 of stenographer's minutes.)
LIVE STOCK.

The live-stock industry is one peculiar to the West,
and is of great magnitude and of vast importance to
all sections of the United States. It is built up and
maintained by conditions, customs, and financial aid
peculiar to itself. In the district of which Denver is
the center the movement of cattle is largely from
south to north. The young cattle are bred in Mexico,
in the Pan Handle of Texas, and in New Mexico, and
are moved north through Colorado to Wyoming, Montana, and Idaho for feeding purposes, and thence to
Puget Sound, or to Denver and eastward for market
purposes. This movement of cattle is largely directed
and financed from Denver. The value of cattle received in Denver in 1913 was $28,000,000. After July
1 next Butte and Helena, Mont., will be nearer to Denver by rail by some 235 miles than to St. Paul and
Minneapolis.
(Statement of A. E. De Ricqles, p. 2225 of stenographer's minutes.)
SUGAR.

There are 17 modern beet-sugar factories in Colorado, and 15 other beet-sugar factories in adjoining
States. Each of the factories in Colorado represent
an investment of over $1,000,000. During 1913,
166,000 acres were devoted to sugar-beet culture in

132

LOCATION OF RESERVE DISTRICTS.

The grain business in the proposed Denver district
aggregates more than $30,000,000 a year, and the
grain elevators in Colorado, Utah, and Idaho are
owned almost exclusively by Denver men. The grain
from these States is shipped to Denver to be milled,
and the grain of western Nebraska and Kansas is also
sold through Denver.
Denver is preeminently the logical location for a
Federal reserve bank, because a subtreasury of the
United States and the United States mint are located
here. The mint will afford immediate accommodations
MINING.
of the best and safest kind for such a bank. Under the
The States of the proposed Denver district are dis- Federal reserve act the Federal reserve notes, when
tinctively the mining States of the Union. This terri- prepared, must be deposited in the Treasury, subtory produced in 1912 $250,061,000 in gold, silver, treasury, or mint of the United States nearest the
copper, zinc, and lead. The control of most of these place of business of each Federal reserve bank, and
operations, and the incident smelter operations, is in under this act these Federal reserve notes are reDenver and financed largely in Denver.
deemable in gold or lawful money at any Federal
(Statement of Thomas B. Burbridge, p. 2242 of reserve bank. Under the act the reserves and the
stenographer's minutes.)
note issues and balances with the United States
Treasury and Federal reserve banks are on a gold
MISCELLANEOUS.
basis, and this requires the physical transportation of
In addition to the foregoing industries Denver is the gold at various times. This physical transportation
jobbing center for the larger portion of the region of gold can in many instances be obviated, and many
claimed for the Denver district.
of the provisions of the Federal reserve act can be
The wholesale boot, shoe, and rubber business executed with greater ease and success if a Federal
reserve bank is located in Denver in close touch with
amounts to about $3,000,000 per year.
The wholesale drug business amounts to about the subtreasury and United States mint.
From the foregoing it appears that Denver is nearer
$2,000,000 per year.
The wholesale grocery business amounts to about the center of the proposed district than any other
large city; that it has better railroad, telegraph, and
$20,000,000 per year.
The wholesale hardware business amounts to about telephone connections with the entire district and
with other sections of the country than any other
$1,500,000 per year.
Denver's trade relations are greater with Chicago city of the district; and that its present business transactions with all parts of the district, as well as with
than with Omaha or Kansas City.
(Statement of John W. Morey, p. 2319 of stenog- other sections of the country, are greater than that
of any other city of the district, and Denver should,
rapher's minutes).
The fruit business of Colorado, western Nebraska and therefore, be named as the Federal reserve hank of
Kansas,southern Idaho and southern Utah, New Mex- the proposed district.
We recognize that a Federal reserve bank of Denver
ico and the Panhandle of Texas is nearly all cleared
through Denver, and annually amounts to $23,500,000 would commence business with a relatively small
and because the goods are perishable, the shipments capital, but we believe that its capital will be as large
in proportion to the demands upon it as the capital
must be financed at home and in this district.
Denver is also the favorite diversion point for ship- of any other Federal reserve bank will be to the dements of California fruit to eastern points, and this mands upon it. The fact that the Federal reserve
diversion also requires the use of large sums of money, bank of Denver will start with about $4,000,000
and this is supplied by Denver banks. The shipment capital can not be urged against the establishment of
of all Rocky Mountain fruits from Denver is to all this proposed district, for Congress could and would
have made the minimum capital for a Federal reserve
parts of the United States.
(Statement of W. D. Tidwell, p. 2325 of stenog- bank more had it wished to deprive this district of a
bank.
rapher's minutes.)
We feel that when Congress rejected the proposed
The shipments of alfalfa, hay, potatoes, and melons
from Colorado to all portions of the country is very Aldrich plan for one strong central bank with branch
large, and in the fall of the year taxes the car capacity banks throughout the country, and when it rejected
of all of our railroads. These shipments are all the Hitchcock plan of four strong banks, it had a
reason for so doing, and we believe that its reason for
financed by local banks.

Colorado, and 1,841,000 tons of beets were harvested.
For the raw product the farmers were paid $10,390,000.
The sugar manufactured in Colorado during the season just closed was 230,000 tons, worth $17,500,000.
Aside from the sugar, there are important by-products
used for stock-feeding purposes in this State. Denver is the headquarters of these sugar companies and
the distributing point for the production.
(Statement of Walter A. Dixon, p. 2234 of stenographer's minutes.)


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Federal Reserve Bank of St. Louis

DENVER, COLORADO.
rejecting these plans and adopting the present plan
of from 8 to 12 Federal reserve banks was that Congress thought that each commercial district of the
country, new as well as old, should have a bank of its
own close at hand in time of need and around which
its financial strength could develop until each district
could be semi-independent of every other district, and
so that the artificial centralization of capital in large
centers would be stopped.
The purposes of the Federal reserve act can not be
accomplished unless all sections of the country are
brought as close to a Federal reserve bank as possible,
for each, bank is to pass upon the local commercial
paper offered for rediscount, and to issue Federal reserve notes when local conditions warrant it, and this
requires familiarity with local paper and knowledge of
local conditions and emphasizes the importance of a
reserve bank, not indeed for each particular city, but
for each commercial section of the country. This is
especially true of this sparsely settled section of the
country, relatively isolated from the populous portion
of the country by time and distance, with industries
and needs peculiar to itself, and not generally understood by other sections of the country.
We can not feel that a branch bank in Denver can
serve as a substitute for a Federal reserve bank, because a branch bank can not act without authority
from its home bank, it does not keep any reserves, it
can not give immediate aid in times of need, and Congress itself has rejected the idea that a branch bank
system is desirable.
If any section of the country can be served by branch
banks it should be the sections where there are many
large cities close together and all within a few hundred
miles and a few hours' time from the Federal reserve
bank, as in the cases of St. Paul-Minneapolis, Omaha,
and Kansas City; and if any section of the country
needs a Federal reserve bank rather than branch banks
more than another, it is this Rocky Mountain district,
isolated as it is from the East and from the West,forgotten and left to itself in times of flood, strike, and
money stringency.
It is inevitable that the trend of money, but not
necessarily of business, must be disturbed to some
degree by the establishment of these eight or more districts, and of the Federal reserve cities within them,
but this disturbance will not be any greater than is
necessary nor than Congress intended, in order to
build up a number of financial centers, semi-independent of each other, where reserves are kept and where
the bookkeeping and clearances of the district are
transacted, and from which aid can be given in times of
need.
We should like to see St. Paul-Minneapolis, Omaha,
Kansas City, Fort Worth, and Dallas made Federal reserve cities,if there were enough Federal reserve banks
to supply all; but as there are not enough for all who


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Federal Reserve Bank of St. Louis

133

desire one, those will suffer least from the deprivation,
those who are closest to aid from other sources in time
of need, those who are rightly by geographical proximity and commercial ties in districts having larger
cities that may be selected as Federal reserve cities,
should be the ones to surrender any fancied prestige
to be gained in order that the Rocky Mountain States,
comprising more than one-fourth of the area of the
United States, remote from all aid in times of need,
may have a Federal reserve bank in its largest and its
most centrally located city of Denver, and in order
that the intention of Congress to financially serve all
sections of this country, new and old alike, may be
effectuated.
Should your committee designate Denver as one of
the cities in which a Federal reserve bank is to be
organized under the Federal reserve act, approved
December 23, 1913, and should the subscriptions by
banks to the stock of said Federal reserve bank of
Denver be, in the judgment of your committee, insufficient to provide the amount of capital required
therefor, and your committee shall offer any amount
of the stock of said Federal reserve bank of Denver to
public subscription, then, and in that event, various
individuals, individually and not for one another, have
subscribed for and agreed to take at par the amount
of stock in said Federal reserve bank of Denver,
aggregating $1,568,700, or so much thereof as your
committee may allot to each of said subscribers
respectively, under such conditions and regulations
as to payment and stock liability, or otherwise, as may
be prescribed by your committee, or fixed by said
Federal reserve act, which original subscriptions are
now in the possession of the Denver clearing-house
banks subject to the direction of your honorable committee, and certified copies of these subscriptions
accompany this brief. These subscriptions were secured within three days, and when the above amount
was reached no further effort to increase the amount
was made. We feel that this voluntary subscription
on the part of the people of this city and district is the
strongest evidence of this district's need of a Federal
reserve bank, and of the belief of the subscribers that
the "Federal reserve bank of Denver" will be a
success.
By the committee.
GORDON JONES,
Chairman.
(Committee: Gordon Jones, A. V. Hunter, George
B. Berger, Joseph A. Thatcher, T. A. Cosgriff, W. T.
Ravenscroft, Frank N. Bancroft, Richard H. Malone,
Fred P. Johnson, Carl A. Johnson, Morrison Shafroth,
Charles S. Haughwout.)
DENVER, COLO., February 12, 1914.
I, Gordon Jones, chairman of the joint committee of the Denver
Chamber of Commerce and Denver Clearing House Association on

134

LOCATION OF RESERVE DISTRICTS.

regional reserve bank location, hereby certify the following to be a
true and correct copy of subscription lists now in possession of the
various banks, members of the Denver Clearing House Association,
and a certified copy of each of said lists is now in my possession.
GORDON JONES,

Chairman Joint Committee Denver Chamber of Commerce
and Denver Clearing House Association on
Regional Reserve Bank Location.

DENVER, COLO., February 7, 1914.
The Reserve Bank Organization Committee, Washington, D. C.
GENTLEMEN: Should your committee designate Denver as one of
the cities in which a Federal reserve bank is to be organized, under
the Federal reserve act, approved December 23, 1913, and should
the subscriptions by banks to the stock of said Federal reserve bank
of Denver, be, in the judgment of your committee, insufficient to
provide the amount of capital required therefor, and your committee shall offer any amount of the stock of said Federal reserve
bank of Denver to public subscription, then and in that event we,
the undersigned, individually, and not one for another, hereby
subscribe for and agree to take at par the amount of stock in said
Federal reserve bank of Denver set opposite our respective names,
or so much thereof as your committee may allot to us respectively,
under such conditions and regulations as to payment and stock
liability, or otherwise, as may be prescribed by your committee or
fixed by said Federal reserve act.

Name.
Gordon Jones
A.C. Foster
Arthur II. Bosworth
James H.Causey
William D.Downs
William E.Sweet
Lawrence R. Miller
Anton Kramer
Fred C. Miller
M. D. Dougherty
DeWitt C. Webber
R. D.Thompson
S. V. Este
S. A. Savageau
Jacob Savageau
George W.Gano
Ella M.Patrick(by F. L.Patrick)
T. A. Gilbert
Mrs. II. C. Dickson
Robt. Hamilton
Geo. E. Dudley
Mary E. Dudley
Nathaniel 0. Walker
John S. Gibins
J. A. Grout
H. E.Sims
Percy Robinson
Coloman Jones
Mrs. Coloman Jones
0.1,. flames
Mrs. Clementine J. Dunn
Edward Lewin
Wm.L. Weed
Mr. J. H. Gilmore
Wm.E.IIess
Mrs. 0. B. Miller
R. II. Williams
Mrs. Mary K.Stiteler
Carle II. Smith
Edward Palmer Callup
Edna D.Kalmus
F. D. Drassek
W.R. Hildebrand
Henry T. Rogers
Grace A. Kuil
Leona 0. Scott
Mrs. Carrie L. Adams
F.P. Adams
K.D. Whitley
Mrs. Eugenie B. Whitley
E.H.Pettigrew
L. B. Thomas
H.Leverence
Oscar Wetzler
Allan W.Cook
Jessie E. Taylor
Geo. Reether
R.J. Baker


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Federal Reserve Bank of St. Louis

Address.
Care of United States Natl Bank
Care of United States Natl Bank
Care of Equitable Building
Care of Causey, Foster & Co
Care of The Gano-Downs Co
Care of William E.Sweet & Co
32 Grant
734 Gilpin St
25 Downing
1447 Pearl St
1746 Curtis St
719 Symes Bl
17th & Champs
1532 16th
1532 16th
Care of Gano-Downs Co
Idaho Springs, Colo
1475 Humboldt
1656 Franklin
626 Equitable Bldg
532-33d St.,Denver
C32
-33d St., Denver
3903 Wolff St
345 By Exg Bldg
1311 So. University St
2134 W.29th Ave
624 A.C. Foster Bldg(2shs)
1023 Broadway
1023 Broadway
623 E.5th Ave
373 Marion
1717 California St
2128 Marion St
1009 W.14th Ave
Care of Mtn. S. T. di T. Co.
1430 Logan
2810 Larimer St
1732 Arapahoe St
2366 Ivanhoe St
729 17th St
757 Williams St
1247 Downing
3459 W.29th Ave
624 Foster Bldg..
1532 16th St
Denver Post
1211 Clayton
1211 Clayton
700 17th St
700 17th St
1862 Welton St
1335 E.24th
1463 Galapag
519 16th St
522E. &C. Bldg
1650 Market
1260 Eloti
744 Lafayette St

Amount.
$25,000.00
25,000 00
25,000 00
25,000.00
25,000 00
25,000.00
2,000.00
1,000 00
1,000.00
2,500 00
20,000 00
10,000 00
1,000 00
5,000.00
, 5,000 00
23,000 00
1,000 00
1,500 00
200.00
2,000.00
1,000.00
1,000 00
1,000 00
3,000.00
600.00
1,000 00
200.00
1,000 00
500.00
1,000 00
500.00
1,000 00
2,000.00
1,000.00
5,000 00
500.00
500.00
500.00
1,000 00
1,000 00
5,000.00
1,000.00
1,000 00
5,000 00
500.00
500.00
300.00
300.00
200.00
500.00
10,000.00
2,000.00
300.00
1,000.00
200.00
500.00
2,000.00
500.00

Name.

Address.

John Black
2239 Glenarm Place
Hulda Flynn
1255 So. Logan
Geo. W. Redington
2301 Lawrence St
A. L. Trout(by A. C. Foster)
Walsenburg, Colo.
Geo. D. Kimball
314 McPhee Bldg
J. F. Allinder
1038 Emerson
Morton Fleming
901 Clarkson
Leonard Bernstein
1419 E. 16th
E. Clifton Monahan
3137 Gilpin St
Henry W.McElravy
509 Symes Bldg
Agnes Lawrence
217 E Maple Ave.
Pierpont Fuller
624 Foster Bldg
John C. Skinner
111 West 4th Ave
Frank Lawrence(by W. B. Mor- 1534 Market St.
rison).
F. W. Middleswarth (by W. B. 1534 Market St
Morrison).
R.I. Steele(by John C. Murray) 1535 Downing St
John C. Murray
1535 Downing St
John C. Merrick
1642 Ogden St
Chas. E. Young
4105 Perry
W. B. Neighbor
358 Downing
George Griffin
1017 8th St
Pearl E. Morgan (per C. G.)
1340 California St
II. B. McCrary (by • Morrison 1545 Vine St
Shafroth,atty.).
Meyer Friedman
1563 Lafayette St
Jessie E. Lewin
1500 N. 7th Ave
Morris Berth..
1375 High St
Minturn,Colo
H. G.Koch
C. M.Bauserman
1542 Market St
E. M.Leonard
1542 Market St
Blanche Steinhauer
1065 Clarkson St
Bertha Steinhauer
1065 Clarkson St
H.B. Humphries
915 Broadway
R.C. McReynolds
1641 Cook St
W.H.Zook
3637 West 23d Ave
H. B. Alden
1904 Logan St
Gilbert W.Smith
636 17th St
Edna R.Kilbourne
903 North 14th Ave
Wm.Barth
Fred W. Bailey
Metropole Hotel
Geo. W. Vibert
604 Continental Bldg
A. H.Stevens
208 Ideal Bldg
II. W. Price
U.S. Natl. Bank
J. H. Wickersham
729 17th St
L. B. Dunning
2931 Humboldt
Eugene C. Wilson
2829 Vallejo St.
Bamabas Gamble
3745 Elati St
Charles W.Houtz
967 Lafayette St
R. J. Pye(by R. A. Savageau)
Leadville
Mrs.Joseph H.Bentley(by R. A. Leadville
Savageau).
Andrew J. Clooney (by R. A. Leadville
Savageau).
Cora D. Houtz
967 Lafayette St
John Selberg
1052 Gas & Electric Bldg
.
C. N. Brock
1052 Gas & Electric Bldg
Miss Laura Wallace
1009 West 14th Ave
Loveland, Colo
R. S. Russell
Frank Hawrin (by A. C. Foster) Trinidad, Colo
Gertrude Gibson
2515 East 2nd Ave
Eli C. Koutz
55 Archer P1
L. S. Cofield
Paonia, Colo
S. E. Bassett
1125 Broadway
Mrs. Fred C. Miller
25 Downing St
B. A. Ruedy
1532 16th
E. C. Bennett
1566 Emerson
A. A.Cunningham(by A. C. Fos- 450 South Broadway
ter).
W. H. Lane (by A. C. Foster)
3051 Curtis St
Lucy S. Clark (by A. C. Foster)
Canon City, Colo
Agnes C. Regan,.
520 Washington
Margaret F. Garrity
1863 Vine St
.
J. C. Stumn (by J. G. Price)
Idaho Springs, Colo
Cheyenne, _ yo.
(L,Feb.9)
Scott Lord
Charles D. Hoyt
717, First National Bank
Clyde C. Da,b•son
717, First Nat Bank
John A. Davis
338 South Penn
Georgia H. Hoyt.
1308 Broadway
Mary I. Pollok
110 North 13th Ave
Edgewater,Colo
L. R. Mulford
Trinidad, Colo
Wm. G. Plested
Gee.J.Kindel(wire,Feb.10,1914) 1452 Champs St
Alamosa, Col
Emma Hanson
George A. H. Fraser
624 Foster Bldg
Salida„ Colo
C. W.Erdlea(Feb.'10)
Wm.McMakin
2760 North 32d Ave
Jennie E. McMakin
2760 North 32d Ave
Mrs. H. Wiesel
955 South Penn
J. M. Wiesel
955 South Penn
Salida, Colo
C. W.Erdlen (w.,Feb. 11). ..,
J. H. Crabtree
339 Century Bldg
Geo. P. Davidson
2119 South Ogden St
2713 Lafayette St
F. M. Carlisle(by A. C. F.)

Amount.
$500.00
500.00
500.00
1,000.00
500.00
200.00
1,000.00
3.000.00
200.00
100.00
100.00
1,000.00
1,000.00
400.00
100.00
2,000.00
2,000.00
2,000.00
10,000.00
400.00
500.00
500.00
5,000.00
2,500.00
500.00
10,000.00
500.00
5,000.00
5,000.00
300.00
500.00
500.00
1,000.00
500.00
500.00
1,000.00
1,000.00
20,000.00
5,000.00
5,000.00
2,000.00
300.00
300.00
10,000.00
3,000.00
1,300.00
5,000.00
100.00
300.00
1,700.00
2,000.00
100.00
100.00
500.00
500.00
2,500.00
2,000.00
2,000.00
1,000.00
500.00
1,000.00
500.00
5,000.00
5,000.00
1,000.00
900.00
700.00
5,000.00
500.00
300.00
3,000.00
3,000.00
1,000.00
500.00
500.00
3,000.00
5,000.00
1,000.00
10,000.00
1,000.00
5,000.00
2,500.00
500.00
200.00
100.00
1,000.00
1,000.00
2,000.00
500.00

I, James Ringold, cashier of the United States National Bank of
Denver (Denver, Colo.), hereby certify that the above is a true and
correct copy of a subscription list on file with said United States
National Bank, the original of which is held subject to the direction
of the Reserve Bank Organization Committee.
JAS. R1NGOLD, Cashier.

135

DENVER, COLORADO.

DENVER, COLO., February 7, 1914.
The Reserve Bank Organization Committee, Washington, D. C.
GENTLEMEN: Should your committee designate Denver as one of
the cities in which a Federal reserve bank is to be organized under
the Federal reserve act, approved December 23, 1913, and should
the subscriptions by *banks to the stock of said Federal reserve
bank of Denver be, in the judgment of your committee, insufficient to provide the amount of Capital required therefor, and your
committee shall offer any amount of the stock of said Federal reserve bank of Denver to public subscription, then and in that
event we, the undersigned, individually and not one for another,
hereby subscribe for and agree to take at par the amount of stock
in said Federal reserve bank of Denver set opposite our respective
names, or so much thereof as your committee may allot to us,
respectively, under such conditions and regulations as to payment
and stock liability, or otherwise, as may,be presaribed by your committee or fixed by said Federal reserve act.
Name.
Homer C.Cones
E. A.Peters
Robert W.Speer.
J. A.Thatcher
Geo. B.Lott
J. D.Gilchrist
Mrs.J. N. Osborne
Wm.Sullivan
Dr.J.C.Hamline
Nathan Gregg
Chas. B.Whitehead
Harriett C. Whitehead
Horace W.Bennett
Frank M.Downer
Geo.0.Wolf
Joseph W.Phillips.
Sigmund Strauss
Gillman M.Buck
Chester S. Morey.
James A.Conkle
Celyce B.Conkle
F.H.Reinhold
M.G.Swart.
Dennis Sullivan
John W.Hudston (guardian)
Henry L.Doherty
Frank W.Frueauff
Wm.T.Parks
Minnie M.Parks
W.H.Murphy.
W.S.Iliff
John McGrath
Elsa S. Tinthoff
Clara C.Kuhn
L.J. Weldon.
Harry C.James
William B.Lloyd.
Herbert Addison
M.C. Moyers.
American Live Stock & Loan Co
Dolce Cressmayer
Geo. M.King
W. W.
Stewart
C.K.Boettcher
Charles Boettcher
Otto Sauer
Annie E.Jones
Gaston O'Donnell
George Tritch
Grace A. Ladd..
Isabel N.Evans
Godfrey Schirmer

Address.
2025 Larimer St
1625 Wazee St
300 Humboldt St
1560 Sherman St.
1617 Steele St
1405 Downing St
1769 Logan St
601 East 16th Ave
411 Jacobson Block •
509 First Natl. Bank Bldg
509 First Natl. Bank Bldg
1373 Franklin St.
Wolhurst, Colo
1325 Humboldt
509 First Natl. Bank Bldg
2255 Fairfax St
929 17th St
1211 Lincoln St
Sugar Building
1746 Franklin St.
1746 Franklin St
.
Montrose,Colo
1216 Foster Bldg
204 West Colfax Ave
1614 Steele St
Gas & Electric Bldg
Gas & Electric Bldg
1255 Steele St.
1255 Steele St.
2112 E.17th Ave.
925 Foster Bldg
1650 Market St
966 Washington St
966 Washington St
509 California Bldg
685 Emerson St
2207 So.Cherokee St
925 Foster Bldg
92.5 Foster Bldg
Stock Yards
628 Sherman St.
1941 S.23d Ave
Interstate Trust Co
Gas Sz Electric Bldg
508 Ideal Building
906 Grant St
49 South Lincoln St
1527 Race St.
975 Pearl St
2734 Curtis St
1427 Franklin St
1350 Franklin St.

Amount.
$25,000.00
10,000.00
25,000.00
25,000.00
10,000.00
1,000.00
10,000.00
5,000.00
10,000.00
12,500.00
12,500.00
5,000.00
25,000.00
25,000.00
10,000.00
5,000.00
1,000.00
300.00
25,000.00
2,000.00
500.00
1,000.00
1,000.00
25,000.00
25,000.00
25,000.00
25,000.00
1,000.00
800.00
4,000.00
25,000.00
1,200.00
4,000.00
1,000.00
1,000.00
10,000.00
2,000.00
1,000.00
1,000.00
10,000.00
500.00
500.00
1,000.00
25,000.00
25,000.00
3,000.00
200.00
1,000.00
10,000.00
2,500.00
6,000.00
20,000.00

I hereby certify that the above is a true and correct copy of the •
subscription list in possession of the Denver National Bank.
J. C. MITCHELL, President.

DENVER, COLO., February 7, 1914.
The Reserve Bank Organization Committee, Washington, D. C.
GENTLEMEN: Should your committee designate Denver as one
of the cities in which a Federal reserve bank is to be organized
under the Federal reserve act, approved December 23, 1913, and
should the subscriptions by banks to the stock of said Federal
reserve bank of Denver be, in the judgment of your committee,
insufficient to provide the amount of capital required therefor, and
your committee shall offer any amount of the stock of said Federal
reserve bank of Denver to public subscription, then, and in that


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

event, we, the undersigned, individually and not one for another,
hereby subscribe for and agree to take at par the amount of stock
in said Federal reserve bank of Denver set opposite our respective
names, or so much thereof as your committee may allot to us
respectively,.under such conditions and regulations as to payment
and stock liability, or otherwise, as may be prescribed by your committee or fixed by said Federal reserve act.
Name.
T. A. Cosgriff
J. C. Burger
W.H. Kistler
Patrick A. Coyle
J. B. Cosgriff
W. W. Hill
C. B. Lyman

Amount.
$25,000.00
25,000.00
10,000.00
600.00
10,000.00
1,000.00
1,000.00

Name.
Minnie K. Gladwin
Rodney J. Bardwell
L. F. Spratlen
R. C. Parvin
A. T. Young
S. D. Nicholson

Amount.
$1,000.00
5,000.00
5,000.00
5,000.00
1,000.00
15,000.00

I hereby certify that the above is a correct copy of original list
of subscribers now in my hands to regional bank stock made at
The Hamilton National Bank, and that the subscribers thereto are
personally known to me and are responsible and financially able
to carry out the provisions of said subscription.
THE HAMILTON NATIONAL BANK,
By J. C. BURGER, Cashier.

DENVER, COLO., February 7, 1914.
The Reserve Bank Organization Committee, Washington, D. C.
GENTLEMEN: Should your committee designate Denver as one of
the cities in which a Federal reserve bank is to be organized under
the Federal reserve act, approved December 23, 1913, and should
the subscriptions by banks to the stock of said Federal reserve bank
of Denver be, in the judgment of your committee, insufficient to
provide the amount of capital required therefor, and your committee
shall offer any amount of the stock of said Federal reserve bank of
Denver to public subscription,then and in that event we,the undersigned, individually, and not one for another, hereby subscribe for
and agree to take atpar the amount of stock in said Federal reserve
bank of Denver set opposite our respective names, or so much
thereof as your committee may allot to us respectively under such
conditions and regulations as to payment and stock liability, or
otherwise, as may be prescribed by your committee or fixed by said
Federal reserve act.
Name.
H. F. Higgen
John O'Brien
William H. Hessey
Vass L. Chucovich
Thomas B. Patterson
R. C. Campbell
I. Berlin
Mrs. N. M. Bostwick
Amelia A. McIntyre
Mrs. Naomi F. Heath.
Charles F. Morrisey
W.N. Goetzman
Mrs. Alice Vaughn
Carl Tiedeman
Clara L. Hunter
A. S. Livingston
George C. Gilchrist
Carl W.Nordquist
Millie Mitchell
Eva Nicholls
Clarence F. Cramer
Mac V.COY
Franklin A. Bell
Roy E.Zann
David Flessner
Mrs. Annie Jackson
Wm.A. Woodworth
May
Richard F. Ryan
C. L. Antrim
R. N.Richards
Meyer Harrison
Chas. Hatfield
N. C. Abernethy
Charles J. Johnson
John A. Marron

Address.
1612 Wynkoop St
3509 Alcott St
District Court
1234 Grant St
415 17th St
do
1301 High St
361 Marion St
523 N. Mexico
432 Pearl St
802 Boston Bldg
1733 Lincoln St
2828 Race St
Brighton, Colo
351 Bra,adway
do
743 C. & E. Bldg
803 Boston Bldg
1115 E. 13th Ave
1620 Washington
2345 Grove St
2828 Race St
1839 York (c/o F. J. Alexander)
1646 Franklin
1723 Ogden St
2829 Vine St
1710 Colo. Blvd
818N. &C
106 W Ellsworth
4523 E. 18th Ave
135 N.11th St.,Salina,Kans.(sales
agent, C. F.& I., Denver).
1457 Vine
1300 Madison
1821 Lafayette
2525 Race St
4952 Raleigh

Amount.
$500.00
1,000.00
2,000.00
25,000.00
25,000.00
25,000.00
5,000.00
1,500.00
500.00
500.00
1,000.00
2,000.00
3,000.00
200.00
10,000.00
500.00
1,000.00
100.00
600.00
1,000.00
200.00
1,000.00
500.00
200.00
5,000.00
3,000.00
1,000.00
5,000.00
1,000.00
1,000.00
200.00
2,000.00
1,000.00
1,000.00
100.00
200.00

136

LOCATION OF RESERVE DISTRICTS.

Name.
Richard H. Waite
Mary Hunter Newlove, M. D
William F. Harrington
R. E. Abbott
Wm.A.Schrammer
C. W.Bell
D. N. Waldman
The German American Trust Co
Miss Etta B. Malone
Mrs. May C. Malone
R. H. Malone
T. N. Callahan
H. J. Van Wetering
H. Butler
J. N. Boyd
Richard Lobert
E. C. Pyle
Miss Clarisse Laurent
Miss La Trille Ross
E. W.Johnson
L. D. Sweet
Ben E. Woodward

Address.

Amount.

$300.00
1,000.00
4,000.00
200.00
100.00
10,000.00
1,000.00
40,000.00
5,000.00
101 Marion St
15,000.00
do
10,000.00
do
5,000.00
Longmont, Colo
1,000.00
Buena Vista, Colo
500.00
do
15,000.00
Guardian Trust Co
1,000.00
Denver, Colo
4,500.00
Opal, Wyo
500.00
69 Grant St
100.00
Cripple Creek, Colo
4,000.00
Sunshine, Colo
Equitable Building..2,500.00
3,000.00
E. dz C

1555 Franklin
2835 High St
Midland office, Leadville, Cob
1708 Gaylord St
Y. M 0 A
401 Barclay Block
1510 Broadway

I hereby certify that the above is a true and correct copy of the
subscription list in possession of Richard H. Malone.
RICHARD H. MALONE.
I, James Ringold, cashier of the United States National Bank of
Denver(Denver, Colo.), hereby certify that the original of the above
list has been deposited in the United States National Bank by
Richard H. Malone, and is now in possession of said bank.
THE UNITED STATES NATIONAL BANK OF DENVER,
By JAS. RINGOLD, Cashier.

DENVER, COLO., February 7, 1914.
The Reserve Bank Organization Committee,
Washington, D. C.
GENTLEMEN: Should your committee designate Denver as one
of the cities in which a Federal reserve bank is to be organized,
under the Federal reserve act approved December 23, 1913, and
should the subscriptions by banks to the stock of said Federal
reserve bank of Denver be, in the judgment of your committee,
insufficient to provide the amount of capital requited therefor, and
your committee shall offer any amount of the stock of said Federal
reserve bank of Denver to public subscription, then and in that
event we, the undersigned, individually and not one for another,
hereby subscribe for and agree to take at par the amount of stock
in said Federal reserve bank of Denver set opposite our respective
names, or so much thereof as your committee may allot to us respectively under such conditions and regulations as to payment and
stock liability, or otherwise, as may be prescribed by your committee or fixed by said Federal reserve act.
Name.

Address.

Amount.

$1,000.00
300 15th St
Moses T. Boggs
1,500.00
2008 Humboldt
John N.Shafer
5,000.00
640 17th St
W.T. Ravenscroft
5,000.00
640 17th St
C. A. Burkhardt
200.00
1343 So. University
Jessie T. Moss
2,000.00
P. 0. inspector in charge
William McHenry
5,000.00
1756 Grant
Cornelius C. Worrall
600.00
2347 Champa St
J. H. Balzer
5,000.00
Jacobson Bldg
A. J. Bromfield
2,500.00
Lawrence B. Bromfield..Jacobson Bldg
5,000.00
California Bldg
Edwin M. Bosworth
600.00
26 P. 0. Bldg., Denver
Thomas F. Fitch
500.00
423 E. 1st Ave
Austin H. Wilber
6,000.00
946 Corona St
W.B. Lowry.
1,000.00
1900 Emerson
Chas. R. Borst
100.00
654 Race
Lucy H. Ayers
2651 W.34th Ave..500.00
H. W. Graham
1,000.00
2643 Lafayette
R. A. Parsons, C. R B

I, John Mignolet, cashier of the Federal National Bank of Denver, Colo., hereby certify that the above is a true and correct copy
of an original subscription list on file in this bank subject to the
order of the Reserve Bank Organization Committee, Washington,
D. C.
J. MIGNOLET, Cashier.
[SEAL.]


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Federal Reserve Bank of St. Louis

DENVER, COLO., February 7, 1914.
The Reserve Bank Organization Committee,
Washington, D. C.
GENTLEMEN: Should your committee designate Denver as one of
the cities in which a Federal reserve bank is to be organized, under
the Federal reserve act approved December 23, 1913, and should
the subscriptions by banks to the stock of said Federal reserve bank
of Denver be, in the judgment of your committee, insufficient to
provide the amount of capital required therefor, and your committee shall offer any amount of the stock of the said Federal reserve
bank of Denver to public subscription, then and in that event we,
the undersigned, individually, and not one for another, hereby
subscribe for and agree to take at par the amount of stock in said
Federal reserve bank of Denver set opposite our respective names,
or so much thereof as your committee may allot to us respectively,
under such conditions and regulations as to payment and stock
liability, or otherwise, as may be prescribed by your committee or
fixed by said Federal reserve act.
Name..
Samuel Isaacson
I. W.Wickler
Samuel Amter
Abraham Smidt
Alvin Buerger
Eliza L.Sprague
George Channthg
W.H.Freese
N.E.Boggs
A. B. Rich
Andrew Soderstrom
L. L Moe
R. H. Maxwell
S. B. Turner
Edw.P.Saunders
S. A. Snyder
Elmer F.Schlueter
Albion D. White
Gwendolen G. Macey
Nathan W.Shapiro
Joseph Stetwell.
Mary Ada Ryan
W./T. Mitchell
.
W.H. Wolfersberger.
Maria R. Rundle
Mary Mee
H.H.Young....
Emma Hottel. .
Mary E. Bean
B. F. Hottel

Address.
1229 St. Paul Street
1656 Lawrence Street
1608 Steel Street
2504 Williams Street
3456 Decatur Street
2807 East Colfax Ave
3339 Franklin Street
Edgewater,Colorado
4329 Tennyson Street
806 Railroad Bldg
4474 Cherokee Street..
Morrison, Colo
210 Mint Block...
1535 19th Street
2329 Franklin Street
Room No. 1, 415 17th Street
3826 Umatilla Street
1133 Corona Street
620 Ogden Street...
1555 Larimer Street
1228 15th Street.
2324 Ogden Street
730 West Mississippi Street..
2316 Gilpin Street
1059 9th Street
R. F. D. No. 3, Stock Yards Station.
2241 Ash Street
Ft Collins, Colo
Ft. Collins, Colo
Ft. Collins, Colo

Amount.
$2,500.00
100.00
2,500.00
3,000.00
400.00
500.00
500.00
2,000.00
1,000.00
1,000.00
2,000.00
1,000.00
2,500.00
2,500.00
1,500.00
1,500.00
1,000.00
1,000.00
5,000.00
1,000.00
1,000.00
200.00
200.00
200.00
200.00
2,000.00
500.00
2,500.00
10,000.00
25,000.00
74,300.00

STATE OF COLORADO,
City and county of Denver, ss:
I, K. H. Woodward, assistant cashier of the Colorado National
Bank, of Denver, Cob., do hereby state that the above and foregoing subscription list is a true and correct copy of an original
subscription list, now in the possession of the Colorado National
Bank, to be held subject to the direction of the Federal Reservg
Bank Organization Committee.
K. H. WOODWARD, Assistant Cashier.
Subscribed and sworn to before me this 11th day of February,
1914.
Jumus H. Kom3, Notary Public.
[SEAL.]
My commission expires December 5, 1914.

DENVER, COLO., February 7, 1914.
The Reserve Bank Organization Committee, Washington, D. C.
GENTLEMEN: Should your committee designate Denver as one of
the cities in which a Federal reserve bank is to be organized, under
the Federal reserve act, approved December 23, 1913, and should
the subscriptions by banks to the stock of said Federal reserve bank
of Denver be, in the judgment of your committee, insufficient to
provide the amount of capital required therefor, and your committee shall offer any amount of the stock of said Federal reserve bank
of Denver to public subscription, then and in that event we, the

137

DENVER, COLORADO.

undersigned, individually, and not one for another, hereby subscribe for and agree to take at par the amount of stock in said Federal reserve bank of Denver set opposite our respective names, or so
much thereof as your committee may allot to us respectively, under
such conditions and regulations as to payment and stock liability
or otherwise as may be prescribed by your committee or fixed by
said Federal reserve act.

E. L. Shoffer
T. J. Radcliff
T. A. Smith
Thomas F. Eagan
G. G. Gilchrist
Wm. G. Maitland
David Rubenstorn
James T. Smith.
Jennie E. Land
S. J. Thomas
J. S. Phillips
C. P. Truber
W.I. Leary
F. II. Bostwick
J. II. Jones
Geo. E.IIannan
Wm. R. Leonard
Wm.J. McDowell
W.P. Peabody
P. R. Lindsley
R. F. Munger
C. D. Webb
Frank Eastman
L.J. Moulton
Ralph L. Taylor
0. C. Watson
H.0.Snyder
Harvey A. I:ierce

Amount.

Address.

Name.

$100.00
1,000.00
500.00
1,000.00
1,000.00
500.00
1,000.00
1,000.00
500.00
5,000.00
1,000.00
1,000.00
1,000.00
5,000.00
25,000.00
1,000.00
10,000.00
200.00
300.00
200.00
300.00
4,000.00
2,500.00
2,500.00
500.00
500.00
1,000.00
500.00

533 So. Wash
1010 E. 13th Ave
1460 S. Lincoln St
315 Quincy Building
748 Gas & Elec. Bldg
874 Clarkson St
1200 Larimer St
1720 Welton St
1732 Pearl St
1636 Champa St
1039 29th St
Golden
Creede
611 Ideal Bldg
Longmont
1210 Broadway
Hibernia Bank
Joslin D. G. Co
451 Acoma Street
602 Boston Bldg
620 Boston Bldg
Boulder, Colo
.
Boulder, Colo
Boulder, Colo
546 Gas & Elec. Bldg
546 Gas & Elec. Bldg
546 Gas & Elec. Bldg
546 Gas & Elec. Bldg

Name.
William W.Cafky
John It. IIargreaves
James 0. Beasley
Mrs. Mary A. Lendholm
Miss Julia A. Loftus
William G. Haldane
Paul E. Darrow
Calvin Fleming
Chas. J. Sisk.
J. K. Kincaid
J. K. Mullen
Geo. F. Gish
Wm. R. Rathvon
V. S. Nelson
D. II. McCulloch
Dr. W. C. Birkenmayer
C. S. Sperry
Victor Christensen
Mrs. Laura Kennedy
Lucy A. Kennedy
Rose M. Kennedy
G. B. Fishel
Mary Dullmain
G. II. Molten
S. B. Wilcox
W. E. Damon
Jno. W. Hartman
C. T. Catchpole
W. Haywood Mitchell
J. F. Vonderembre

Amount.

Address.

$300.00
2,000.00
100.00
3,000.00
200.00
1,000.00
5,000.00
10,000.00
500.00
2,000.00
10,000.00
500.00
1,000.00
200.00
1,000.00
2,000.00
500.00
5,000.00
1,000.00
100.00
100.00
2,000.00
500.00
1,000.00
700.00
3,000.00
500.00
1,500.00
1,000.00
5,000.00

546 Gas & Elec. Bldg
1301 West Alameda
1066 Navajo St
1647 Emerson St.
1647 Emerson St
School of Mines, Golden
Greeley
101 Broadway
La Junta
La Veta
896 Penna St
2080 Dexter St.
1756 Grant St
2043 Champa St
Creede
1434 Glenarm
Boulder
Littleton
Rifle, Colo
1642 Pearl St
1642 Pearl St
1530 Lawrence St
Fort Logan.
Mack Block
U. S. Mint
3416 Colfax B
2841 California
1654 Broadway
1631 Champa gt
368 So. Grant St

I, C. S. IIaughwout, cashier of the First National Bank of Denver,
do hereby certify that the above is a true and correct copy of a subscription list on file with the said bank, the original of which is held
subject to the direction of the Reserve Bank Organization Committee.
C. S. ITAUGHWOUT.

[SEAL.]

ES AND RAPID
THE GEOGRAPHICAL CONVENIENCE, WHICH INVOLVES TRANSPORTATION FACILITI
OF THE DISTRICT.
AND EASY COMMUNICATION WITH ALL PARTS
[By

RICHARD H. MALONE.]

No more favorable nor more accessible location for
a regional bank in the Rocky Mountain country can
be presented than that of the city of Denver, for the
following reasons:

Railroad running time.
Denver.

San Francisco.
Between—
Time.

Nearer
by—

Time.

Nearer
by—

DENVER A GEOGRAPHICAL CENTER.

Within a radius of approximately 500 miles of Denver,
embracing an area of 804,360 square miles,are included
the intermountain States of Colorado, Utah, New
Mexico, Wyoming, and portions of Arizona, Montana,
South Dakota, Nebraska, Kansas, Oklahoma, and the
Panhandle of Texas and part of Idaho.
Distances (in air lines) between Denver and other cities showing Denver
to be the geographical center of such area of 804,360 square miles.
Miles.
100
Denver to Cheyenne, Wyo
324
Denver to Deadwood, S. Dak
598
Denver to Pierre, S. Dak
506
Denver to Aberdeen, S. Dak
465
Denver to Sioux City, Iowa
460
Denver to Omaha, Nebr
415
Denver to Lincoln, Nebr
506
Denver to Leavenworth, Kans
465
Denver to Topeka, Kans
402
Denver to Wichita, Kans
448
Denver to Guthrie, Okla
Denver to Oklahoma City, Okla.... 465
498
Denver to Wichita Falls, Tex
324
Denver to Amarillo, N. Mex
506
Denver to El Paso, Tex


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Federal Reserve Bank of St. Louis

Denver to Santa Fe, N. Mex
Denver to Albuquerque, N. Mex
Denver to Silver City, N. Mex
Denver to Gallup, N. Mex
Denver to IIolbrook, Ariz
Denver to Caliente, Nev
Denver to Ely, Nev
Denver to Cobre, Nev
Denver to Salt Lake City, Utah.
Denver to Ogden, Utah
Denver to Pocatello, Idaho
Denver to Idaho Falls, Idaho
Denver to Billings, Mont
Denver to Laramie, Wyo

Miles.
265
307
468
332
406
490
498
481
357
365
631
440
460
112

Ogden, Utah
Salt Lake City, Utah
El Paso, Tex
Boise, Idaho
Helena, Mont

H. m.
23 50
24 45
39 30
40 35
47 30

Salt Lake City, Utah
Ogden, Utah
El Paso, Tex

24 0
24 55
23 2

Omaha, Nebr
Deadwood, S. Dak
Salt Lake City, Utah
Billings, Mont
El Paso,Tex
Oklahoma City, Okla
Lincoln, Nebr
Leavenworth, Kans
Kansas City, Mo
Topeka, Kans
Wichita, Kans

13
37
39
43
45
23
15
15
13
14
19

H. m.

H.
18
19
30
27
37

8

19 5
18 0
30 10

Chicago.
30
0
25
45
3
47
15
15
10
29
55

7
14
16
10
16
19
45
35
30
47

15
14
4
0
0
0
53
0
45
14

50
40
20
0
5

5 5
625
156

12 20
625
39
3 5

455
655

Denver.
13
17
19
24
30
22
12
20
19
16
16

St.Louis.
Kansas City, lio
Omaha, Nebr
Lincoln, Nebr
Topeka, Kans
Wichita, Kans
Oklahoma City, Okla
El Paso, Tex
Amarillo, Tex
Deadwood S. Dak
Salt Lake City, Utah

H.
5
5
9
13
10

Denver.

Los Angeles.

7

m.
0
5
10
35
25

29
40
5
25
10
5
0
20
35
25
39

19
20
19
14
1
3

20
20
20
53
42
15

3 16

Denver.
19
11
12
16
16
22
30
17
17
19

35
29
0
25
39
5
10
0
40
5

4

45
4

15 43
18 0
13 5
28 9

138

LOCATION OF RESERVE DISTRICTS.

Railroad running time—Continued.

they are in one respect more important than those of
Omaha, Kansas City, and Salt Lake and other large
San Francisco.
Denver.
competing points.
Between—
People do not have to change cars to come to DenNearer
Nearer
Time.
Time.
by—
by—
ver, nor is it necessary to transship freight from one
line to another to reach Denver.
H. 7n.
H. m.
H. m.
H. m.
The completion this year of the Burlington RailKansas City.
Denver.
road connections in Wyoming, in a through route, via
Omaha, Nebr
6 35
6 54
13 29
Deadwood,S. Dak
26 40
17 40
9 0
Denver, from Seattle to Galveston, will increasingly
Billings, Mont
3.3 15
24 23
850
Idaho Falls, Idaho
53 40
26 15
27 25
make Denver the natural center of trade for all WyomOgden, Utah
36 45
18 45
18 0
Salt Lake City, Utah
37 40
19 5
18 35
ing. Through connections, via Denver, are now
Ely,Nev
53 20
27 25
25 55
Amarillo, Tex
23 50
17 0'
650
made from Los Angeles to St. Paul and Minneapolis,
Santa Fe, N. Mex
30 25
18 40
11 44
Albuquerque, N. Mex
32 30
13 25
19 A
from the Pacific coast to the Missouri River, with
El Paso, Tex
27 5
3 5
30 10
Oklahoma City, Okla
15 24
6 41
22 5
through trains already from San Francisco to Kansas
St. Paul-MinneCity.
Denver.
apolis.
The Mountain States Telephone & Telegraph Co.,
Billings, Mont
23 45
40
24 25
Idaho Falls, Idaho
44 5
26 15
17 50
with headquarters in Denver, covers practically the
Salt Lake City, Utah
45 45
19 5
26 40
Ely, Nev
54 20
27 25
26 55
entire territory within the 500 miles radius and conEl Paso,Tex
52 20
30 10
22 10
Oklahoma City, Okla
35 35
22 5
13 30
versation can be carried on with all localities. All
Kansas City, Mo
20 35
19 35
50
Omaha,Nebr
13 0
29
13 29
express companies have headquarters in Denver.
Deadwood,S.Dak
30 5
17 40
12 25
Denver is served by 12 railroads, is the best served
city in this respect between the Pacific coast and the
DENVER A RAILROAD, ETC., CENTER.
Missouri River, and the telegraph and telephone
No other city in the intermountain country has service is equal to that of any city in the United
railroad facilities comparable with those of Denver. States, reaching throughout the entire western
The great systems of Atchison, Topeka and Santa Fe; territory.
The Pullman Co. also have headquarters in Denver.
Chicago, Burlington & Quincy; Chicago, Rock
Island & Pacific; Colorado & Southern; Denver &
DENVER
GEOGRAPHICALLY
NATURAL FINANCIAL
A
Rio Grande; Missouri Pacific; and Union Pacific have
CENTER.
main lines terminating in Denver. The local Colorado
lines, such as Colorado Midland; Denver & Salt Lake;
Denver geographically is the natural financial center
and Denver, Laramie & Northwestern, also enter the of its tributary country, as the following shows:
city and maintain headquarters here.
In other words, Denver has five prairie lines from
Miles
City.
Population.
Bank
from
the East and three transcontinental lines to the West,
clearings.
Denver.
the number of passenger trains in and out of Denver
Denver
213,000
being 148 per day, including through and locals, Minneapolis
$481,000,000
904
301,000
1,300,000,000
2,165,000
1,034
reaching the entire territory of the intermountain Chicago
16,000,000,000
523
Omaha
124,000
1,013
687,000
country which a regional bank should cover and serve. St. Louis
4,000,000,000
Kansas City
667
248,000
2,800,000,000
New Orleans
1,342
239,000
Railroad lines radiate from Denver in every direc- Galveston
978,000,000
1,160
36,000
1,107
78,000
tion to all the principal cities within the territory Houston
Dallas
835
92,000
Fort Worth
801
described and there is hardly a hamlet from which Los Angeles
73,000
1,121
319,000
1,200,000,000
Salt Lake City
742
Denver can not be reached by person, mail, or express San Francisco
92,000
1,377
416,000
2,500,000,000
Portland
1,390
207,000
within 24 hours (the most remote 36 hours) and quite Seattle
•1,570
237,000
658,000,000
85 per cent of the total population is within 15 hours.
With the mountain barrier to the west of it, Denver
In the area lying between the Missouri River and
has become a great interior railroad terminus. Rail- the Pacific coast,
and between the Canadian line and
roads end in Denver just as they do in San Francisco, the Gulf, Denver
and Salt Lake City are the largest
New York, and Chicago, and radiate from that point and most prominent centrally
located cities, and as
in practically all directions.
between these two, Denver has the advantage in popuEven the great trunk lines which go to the north lation and in volume of business
and bank clearings,
and south of it have been compelled because of the as well as being favorably located
on north and south
strategic position to build branches to Denver, which and east and west trunk-line
railroads.
have themselves developed into trunk lines.
From Seattle to New Orleans, from San Francisco
Denver's transportation facilities are, therefore, to Kansas City, from Los
Angeles to Minneapolis,
quite as good as those of Chicago, St. Louis, and San from the Canadian line to the
Mexican border Denver,
Francisco, and because Denver is a terminal point has the central location and is
the city most prominent


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Federal Reserve Bank of St. Louis

139

DENVER, COLORADO.

in commerce and finance and with the largest population, and is surrounded on all sides by a partially
developed country of most wonderful resources,
which are being rapidly developed.
From a geographical standpoint and in conjunction
with transportation facilities Denver is more advantageously situated and able to furnish immediate and
rapid service for the transportation of currency and
securities through the vast territory before mentioned than would be any other city in the same section for the reason that practically every express and
mail train leaving the city of Denver leaves this
point as its terminal. In other words, trains leaving
Denver are not delayed by being on trunk lines, and
starting from the western coast or the Central States,
which fact insures that all express and mail (carrying
money) could with reasonable assurance at all times
be expected to leave at the hour set for trains to move.
The location of one of the regional banks in the city
of Denver will be of especial transportation economy
to such regional bank owing to the fact that the United
States mint is located in Denver and would be available, under proper working arrangements for the Government, and avoid the expense occasioned by the
shipping of gold and currency from other mints or
§ubtreasuries.
Again, the cost for the express or mailing of currency and securities in either direction to the banks of
this intermountain territory would be considerably
less and result in an actual economy or saving of transportation, time, and expense to the member banks, if
their reserve bank was located at a central point like
Denver, and of greatest benefit to the largest number.
If a regional bank were located in Kansas City, the
express rate per 81,000 in gold to Salt Lake City would
be $—, while from Denver it would be approximately
one-half that rate. The same difference of expense
would apply, pro rata, according to the rates for currency and securities. The same argument would hold
good as against Omaha or Dallas, Tex.
The Denver Mint can ship money in less time to the
Pacific coast than it can be shipped from any point
farther west. If money was wanted in Omaha at the
hour of bank closing, a wire to Denver would get the
money to Omaha as soon as it could be got if they
wired to Chicago.
DENVER A MINING AND SMELTING 'CENTER.

Outside of Kansas, Nebraska, Oklahoma, and the
Panhandle of Texas, the 804,360 square miles of which'
Denver is the geographical railroad and financial center is a large mineral producer, and Colorado smelters
treat a considerable portion of the ore originating
therein.
Denver is already the headquarters for mining,
smelting oil, and mining machinery companies oper-


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Federal Reserve Bank of St. Louis

ating throughout such territory, also alfalfa and milling
products.
A regional b!:tnk in Denver could better serve these
large interests than if located at any other point.
DENVER A LIVE-STOCK CENTER.

The live-stock interests in the vast area before mentioned are very extensive, representing one of the
largest industries west of the Missouri River.
Denver is practically the only marketing point between the Pacific coast and the Missouri River and
centrally located to best serve this great industry.
Government statistics show an alarming decrease in
the supply of beef cattle since 1907. No one condition
will have a greater tendency to stimulate the cattleraising industry in the country tributary to Denver,
the principal cattle-growing territory in the West, than
the establishment of a regional bank in Denver, lowering the interest rates. From 8 to 12 per cent interest
on live-stock loans is not unusual in some parts of this
district, and even at these rates loans are usually made
only for a period of six months and may or may not be
renewed. The general policy of the live-stock commission houses, through whom the loans are largely made,
is to call the loans on their maturity, thereby practically forcing the cattle market and securing additional
commissions.
DENVER AN AGRICULTURAL CENTER.

The agricultural interests of the 804,360 square
miles of which Denver is the geographical center are
already enormous but capable of great extension with
improved financial accommodation through the location of a regional bank in Denver.
A few instances may be mentioned as follows:
The Colorado potato crop, under normal conditions,
is about 6,000 cars; the wool crop from 2,000,000 to
3,000,000 pounds; the fruit crop of western Colorado
alone reaches thousands of cars annually.
The full benefit of this fruit crop is not realized by
the growers by reason of lack of local proper facilities
for storing same and for lack of local factories for
utilizing the fallen and undersized fruit, with reasonable financial assistance these defects could be
remedied and the industry greatly stimulated.
New Mexico has large wool crop and live-stock
interests and produces some fruit.
Arizona is developing the fruit industry, including
such tropical fruit as dates.
Idaho is increasing her agricultural production.
Utah with her wool, fruit, and farming interests
needs financial accommodation and could get itreadily
from a. regional bank in Denver.
Montana produces large grain crops, also wool, and
already has close banking connections with Denver.

140

LOCATION OF RESERVE DISTRICTS.

gate business for 1913 of about $22,000,000, the funds
required to properly handle such business being obtained mostly from Denver banks, and Denver firms
financed all these transactions.
One Colorado manufacturing concern (outside Denver),selling goods in 21 States west of the Mississippi
River, says that Denver would be the best and the
most convenient geographically for a regional bank
for the territory they supply with their goods.
They further say that with the volume of business
they are now doing the banking facilities in Denver
are not sufficient for them, as they can not secure
enough money for their needs from any one bank,
and they are forced to go east to make a part, at least,
of their financial arrangements.
It is usual for men who grow rich in agricultural,
live stock, mining, manufacturing, etc:, industries in
DENVER A COLLECTING AND DISTRIBUTING POINT.
the country tributary to Denver to move to and beDenver as a geographical and railroad center as come permanent residents of Denver.
aforesaid is the gateway through which there passes
In summing up, Denver has the geographical posiannually an enormous tonnage of agricultural and tion; Denver has the railroad facilities; Colorado has
horticultural products, coal, coke, live stock, lumber, the largest volume of banking capital. Our State
manufactured goods, etc., the movement of crops in laws will be changed so that the State banks can come
the fall being already enormous and needing help in. Our widows, orphans, retired business men, and
the public generally will subscribe for all the stock you
financially.
Denver is the best location for a regional bank to will let them take. A number of my friends have
asked me to ask for the privilege of subscribing. I
develop these varied interests.
A few instances of shipments through Denver are as hope you will give the poor people a chance to subscribe.
follows:
It is to the interest of this whole United States that
Denver is a very important city in the movement
of stock cattle for feeding purposes from Texas to this undeveloped countryshould behelped and assisted.
Colorado and points north and west, and necessarily The banks of this district understand the local needs
requires a large amount of money for handling same. and the value of the local securities better than any
The movement of grain and vegetables from Utah one east or west of us would understand the securities
and Idaho into Texas, Oklahoma, and Kansas is very of this district.
The people of the entire United States need the
heavy. One Denver concern shipped five straight
trainloads of potatoes from Idaho and Utah through development of this western agricultural and liveDenver into Texas and the south in the month of Janu- stock country so as to help reduce the cost of living
ary, 1913, and about the same in February, and there throughout the United States, and this regional bank
is a continual movement of potatoes through Denver. would be a great benefit in reducing the interest rates
Almost every bank in Utah and Idaho has connec- and giving a larger line of credit to settlers, farmers,
stockmen, and manufacturers.
tions with the Denver banks.
I firmly believe it is the desire and intention of you
All the big flour mills in Colorado are continually
moving wheat from Utah and Idaho, milling it in gentlemen and the administration to help develop and
transit, mostly in Denver, and forwarding the product expand our undeveloped interests, thereby reducing
into the southeastern States clear down.to the At- the cost of living to the entire population of the United
States.
lantic Ocean.
Respectfully submitted.
The books of one group of companies so shipping
R. H. MALONE.
agricultural products through Denver show an aggreWyoming has live stock and wool interests and some
agriculture.
There is more undeveloped territory in the seven
States of Arizona, Colorado, Idaho, Montana, New
Mexico, Utah, and Wyoming than anywhere else
susceptible to development by being financed on sane
and safe lines.
Financial assistance is practically necessary in the
fall in moving the crops, and the $1,000,000furnished
by the United States Treasury to national banks in
Denver and tributary country in October, 1913, was
very timely and very helpful.
A regional bank in Denver would render it unnecessary for member banks to carry 45 per cent or over of
reserves, which would enable them to better assist
the agricultural, etc., interests.

MISCELLANEOUS LETTERS AND STATISTICS.
BEATRICE CREAMERY CO.,

Denver, January 24, 1914.
Hon. WM. G. Mokpo°,

Hon. DAVID F. HOUSTON,
Organization Committee of Federal Reserve Bank, Denver, Cob.
HONORABLE SIRS: It is my desire to call to your attention the
fact that the Beatrice Creamery Co. of Denver do an annual busi-


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ness of a little over $2,000,000 on butter and eggs. At least 70 per
cent of the cream used for manufacturing our butter, and at least
75 per cent of the eggs we gather for rehandling and sale, are collected and shipped to us from Kansas and Nebraska, as while the
dairy industry in Colorado is showing a wonderful increase and
will continue to do so, we have to draw the majority Of our supplie
of raw material from Kansas and Nebraska.

141

DENVER, COLORADO.
There is at least 7,000,000 pounds of butter manufactured in
Denver annually, at an approximate value of $1,500,000. There
is at least 1,000,000 pounds of butter, at a value of $250,000, brought
into Denver annually from Nebraska and sold here.
There is at least $500,000 worth of business in butter and eggs
stored in transit in Denver with the ultimate destination of San
Francisco and Salt Lake points.
All told there is at least 250,000 cases of eggs handled annually
in Denver, worth at least $1,500,000, of which 80 per cent is brought
in from Kansas and Nebraska. Twenty-five per cent of this product is stored in Denver in transit with ultimate destination of Utah,
Idaho, Montana, and Pacific coast points.
We feel very strongly that for our business, and also for the dairy
industry of the several surrounding States, Denver is undoubtedly
the logical point for the Federal reserve bank.
Respectfully, yours,
BEATRICE CREAMERY CO.,
A. T. MCCLINTOCK, Manager.

DENVER, January 26, 1914.
DEAR SIRS: In order that you may arrive at the importance of
the value of the alfalfa and other hay crops of Colorado, I give
you below a brief history of the production and monetary value
of the alfalfa and other hay produced in this State up to and including the last crop of 1913.
Only 14 years ago the total farm products of all kinds for Colorado amounted to only $16,000,000, of which total sum the income
at that time from alfalfa and other hay did not exceed 500,000 tons
of a money value of approximately $4,800,000; whereas according
to the report of the United States Department of Agriculture the
total farm and dairy products of Colorado for the year 1913 had
reached the sum of $89,933,146. Of this total production from our
Colorado farms during last year the production of alfalfa and other
hay amounted to 1,824,000 tons, having a value to the producers of
$18,240,000. Thus it will be observed the increase in the production of alfalfa and other hay in Colorado in the past 14 years has been
1,324,000 tons, and an increase in a monetary sense of $13,440,000.
By referring to the attached report of the United States Department of Agriculture, it will be noted that the money value of
alfalfa and other kinds of hay harvested in Colorado during the
season of 1913 was $18,240,000, and that the return from the beetsugar crop, the next largest agricultural product in Colorado, for
the same year amounted to only $10,390,000; in other words, the
money value of our hay crop last year exceeded our important
beet industry by the sum of $7,850,000. In fact, the production
of hay in Colorado has for some time, and during the last year in
particular, far exceeded in value the total production of coal in
this State for any year, and also practically equaled this State's
production of gold for 1913, it being well known that the value
of all coal mined in Colorado last year amounted to only $11,016,948,
while the value of the gold produced in Colorado last year amounted
to the sum of $18,394,590.
It is also a fact that the alfalfa harvested last year in Colorado
was raised on an area of land only equal to about three counties
in Iowa; consequently, with the vast area of land susceptible to
the cultivation of alfalfa in Colorado, the alfalfa crop in this State
can be expected to continue to increase in the future at a rate
equal to what it has done in the past few years. This is especially
so now that Colorado alfalfa has been widely advertised and
exploited as the best of all feeds by ourselves and others throughout the South, East, and Middle States, and a heavy demand has
been created for it, and at prices which will always insure the
producer a good return for his labor and investment. Ten years
ago alfalfa hay was comparatively an unknown article of feed
in the South, East, and Middle States, and its sale was at that
time a very difficult problem; whereas to-day the demand for


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alfalfa exceeds the supply, and a like condition will exist for years
to come, because it is a crop which can only be successfully produced in our western irrigated States while the demand for it
exists in every State in the Union.
Denver, on account of its geographical location, its superior
railroad and banking facilities, has for some time been the market
for the alfalfa produced in Colorado, Wyoming, Idaho, Montana,
and a part of Kansas, Nebraska, and New Mexico, and this city
as a central market for this product will continue to expand and
come more into its own within a short while now, for Denver has
been assured a stopping-in-transit arrangement at this point on
hay by the railroad companies, a privilege long required at this
point but never properly agitated with the railroads until recently.
Under this stopping-in-transit arrangement, which will be good
for several months, a farmer located at Greeley, Colo., Cheyenne,
Wyo., Twin Falls, Idaho, or Billings, Mont., will be able to ship
his hay to Denver and hold same here for a period of several months
and later be able to reship it to Texas, Oklahoma, Kansas, and
other States on the through rate from original point of origin to
the final destination, plus a nominal charge for stopping cars here.
This will readily create of Denver a large central hay market, also
a concentration point, and it will ultimately induce many of the
large southern and eastern buyers of alfalfa to establish branch
houses and maintain large warehouses here.
This stopping in transit at Denver will apply on hay originating
in Wyoming, Idaho, and other nearby Western States, and with
this increase in the business in this commodity much capital will
necessarily be required for the handling of the business in this
market in the future, and it occurs to us there will always be moving to this market after the above arrangement has become effective
a large volume of hay for storage and for the borrowing of money,
since it is well known that the facilities for storing baled hay on
any of the farms in Colorado, Wyoming, and Idaho are totally
inadequate, while also the rate of interest for the financing of this
business at points of production is often more than the traffic
can bear.
To sum up, hay is about the most valuable asset possessed by
the State of Colorado, the live-stock industry and our manufactories alone excepted, and it is also an industry which if properly
fostered will shortly return riches for our State.
Respectfully submitted.
ALLIANCE ALFALFA HAY CO.
GEO. LOPEZ, President.

Statement of production and value of Colorado crops for 1918 and
1912, as given by the United States .Department of Agriculture.
•
Production.

Value to farmers.

Crop.
1913
bushels..
Corn
do.
Wheat
..do....
Oats
.do.
Barley
do.
Rye
do....
Flaxseed
do
Potatoes
tons..
Hay
do.
Sugar beets
pounds..
Wool
Pasture
Dairy products
Fruits and melons
Eggs and poultry
Honey
Emmer,speltz, buckwheat,etc
Alfalfa seed
Dry beans and peas
Vegetables for canning, etc

1912

1913

6,300,000 8,736,000 $4,599,000
9,680,000 10,968,000 7,551,000
10,675,000 12,412,000 4,697,000
3,250,000 2,964,000 1,820,000
340,000
488,000
204,000
96,000
50,000
58,000
9,200,000 8,075,000 5,980,000
1,824,000 . 1,905,000 18,240,000
1,841,000 1,642,000 10,390,000
11,637,900 8,040,000 1,396,548
5,165,500
7,680,000
5,297,188
4,309,718
217,000
331,453
201,960
578,952
11,215,827

Total
Increase, 1913, $9,235,063.
Hay crop for 1913 worth $18,240,000.

89,933,146

1912
$4,368,000
8,006,000
4,717,000
1,482,000
268,000
120,000
3,311,000
16,574,000
9,785,000
1,485,792
5,065,500
6,594,920
4,423,147
3,990,480
248,616
430,458
168,301
614,847
9,045,022
80,698,083

142

LOCATION OF RESERVE DISTRICTS.

DENVER, COLO., January 31, 1914.
Denver is the center of a milling and erain business which aggregates $30,000,000 annually. Its sphere of influence extends east
through Kansas and Nebraska to a line about 50 miles east of the
one-hundredth meridian. Practically all the wheat grown along
the line of the Santa Fe as far east as Offerle, Kans., is milled in the
Arkansas Valley in Colorado and in Dodge City, Kans., and the
product sold throughout Arizona and New Mexico, and the money
for moving this crop is furnished from Denver. The same is true
of wheat grown along the Kansas division of the Union Pacific to a
point about as far east as Ellsworth. About 80 per cent of the product of the wheat grown in that territory is shipped to Colorado,
Utah, Nevada, Idaho, and California.
Nebraska grain which is handled in Colorado consists chiefly of
corn, of which there is about 4,500 cars annually shipped .into this
State.
The wheat which is milled in Denver and northern Colorado is
gathered first from local sources-that is, Colorado-then from Utah,
Idaho, and Wyoming. The wheat industry in the latter State is
in its infancy, and it is only within the past two years that Denver
mills have purchased any appreciable amount of wheat there. But
Utah and Idaho have been sources of supply for Colorado millers for
many years, and as wheat production in those States has increased,
Denver capital has provided facilities for handling it. There is
hardly a grain elevator in Utah or Idaho which is not owned wholly
or in part by Denver capital, and practically all of the money which
is required to move the surplus grain crops of those States is provided
from Denver. There is an exception to be noted, and that is the
grain grown in the northern part, or what is known as the "peninsula," in Idaho.
The majority of the wheat produced in Colorado, Utah, and Idaho
is soft white varieties grown under irrigation, and Denver is the
acknowledged center of the milling industry which is devoted to
grinding wheat of this character. This flour, manufactured by
Denver and northern Colorado mills, aside from that which is sold
in local markets, is shipped to Texas, Arkansas, Louisiana, Tennessee, Georgia, Alabama, Florida, and to a few stations in Virginia.
A small amount of flour has been shipped by the Colorado mills to
the West Indies. No other large market in the United States is
prepared to grind and properly mill the type of wheat which Colorado mills are handling, and for that reason this is a distinctively
white-wheat market, and with the development of the wheatgrowing industry throughout the intermountain district the importance of Denver in this line of industry will constantly increase
and Denver will continue the natural center for providing funds
to move the wheat and grain crops of the intermountain region.
Years ago it was necessary for Denver millers and grain dealers to
go East for large sums of money which were needed in the fall of the
year to move these crops, but in recent years, with larger banking
facilities in Denver and Colorado, most of the money for this purpose
has been obtained at home.
H. E. JOHNSON,
Assistant General Manager,
Colorado Milling & Elevator Co.

Estimated number of bank accounts and aggregate balances (average
four months) received by Denver clearing-house banksfrom National
and State banks in territory claimed.
National.
State.

Colorado
Utah
New Mexico
Wyoming
Nebraska(26 counties)
Kansas(24 counties)
Texas(82 counties)
Oklahoma(3 counties)
Arizona
Idaho
Montana
South Dakota(8 counties)
Total


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Number, capital, and surplus of State banks which could qualify as to
capital requirement, and those which are not eligible owing to 'insufficient capital.
Eligible.
State.
Capital and
surplus.

Colorado
Utah
New Mexico
Wyoming
Nebraska (26 counties)
Kansas(24 counties)
Texas(82 counties)
Oklahoma(3 counties)
Arizona
Idaho
Montana
South Dakota(8 counties)

Noneligible.

NumNumber of Capital and ber of
State
surplus.
State
banks.
banks.

$7,800,000
9,000,000
1,700,000
1,900,000
1,100,000
700,000
5,000,000
87,000
5,200,000
3,700,000
9,600,000
600,000

126
18
20
43
67
50
67
8
16
75
91
28

46,387,000

Total

86 $1,800,000
74
400,000
28
400,000
29
700,000
25
1,100,000
19
1,000,000
1,100,000
59
3
89,000
29
400,000
61
1,200,000
106
2,000,000
12
400,000
531

609

10,589,000

ELIGIBILITY AS REGARDS STATE LAWS, AS ADVISED BY OUR CORRESPONDENTS AND THE BANKING DEPARTMENTS OF VARIOUS
STATES.

Colorado: Unable to join at present.
Utah: No law to prevent joining.
New Mexico: Difference of opinion.
Wyoming: Unable to join at present.
Nebraska: Unable to join at present.
Kansas: Attorney general says can join.
Texas: No law to prevent joining.
Oklahoma: Difference of opinion.
Arizona: No law to prevent joining.
Idaho: Unable to join at present.
Montana: Unable to join at present.
South Dakota: Unable to join at present.
CONCERNING THE MOVEMENT OF SILVER-LEAD ORES FROM NORTHERN
IDAHO TO THE REDUCTION PLANTS LOCATED IN COLORADO.

While it seems that northern Idaho and western Montana are
remote from Denver, it is true that the metal-smelting plants in
Colorado are supplied with wet-that is, silver-lead-ores from
that territory, and they are the principal buyers.
The following statement shows the tonnage worked in Colorado
plants and the metals recovered.
This represents a large initial money transaction at Denver, and
shows clearly that the handling of the business from this territory
would be best served by a reserve bank located here.
IDAHO SILVER-LEAD ORES.

State.

NumNumAggregate ber of Aggregate ber of
balances, bank ac- balances, bank accounts.
counts.
$7,900,000
283 $4,700,000
229
850,000
16
510,000
8
410,000
16
110,000
5
800,000
18
250,000
6
115,000
12
17,000
3
67,000
9
23,000
1
270,000
6
60,000
3
0
0
o
0
50,000
5
46,000
s
95,000
9
5,000
1
225,000
8
62,000
4
15,000
2
0
0
10,797,000

The figuers given below are approximate. They have been taken
from the best available sources, but there are a number of discrepancies over report submitted at hearing in Denver on January 26,
1914, due to differences in directories used, and in some cases to
differences in reports of State bank commissioners as of October 21,
1913, and January 13, 1914.

384

5,783,000

268

1912
Ore.

Silver.

1913
Lead.

To Colorado
department:
American
Smelting
& Refin- Tons.
Pounds.
Ounces.
ing Co
66,427 1,816,849.64 68,074,189
Ohio & Colorado
Smelting
Co
21,090
450,164.00 16,874,943

Ore.

SilVer,

Lead.

Tons.
Ounces.
Pounds. •
63,152 2,114,089.80 63,498,111

18,890

359,157.00 15,109, 158

T. B. BURBRIDGE.


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EL PASO, TEX.
I do not wish to take up your time with too many
El Paso is the natural center of a territory 500,000
square miles in extent, comprising most of Arizona and statistics and will therefore file an exhibit showing in
New Mexico and that portion of Texas lying west of detail the exact degree to which the banks of Arizona,
the Pecos River and the northern States of Chihuahua New Mexico, and west Texas favor El Paso with their
and Sonora in Mexico. Within this circle, or wheel, business, these figures showing percentage based on the
of which El Paso is the hub, this city has no com- number of banks, total capital and total deposits, and
petitor, either commercially or financially. This terri- covering both national and State banks. I do, howtory, which constitutes a great empire in itself, is ever, beg to call your attention to the very interesting
united to us with a network of railroads, giving quick facts developed by the recapitulation of these figures.
There are 173 national and State banks in our disand ready communication in all directions. By intitrict, exclusive of El Paso. These banking institutions
mate personal acquaintance and numerous kindred
interests and by almost daily affiliation the people of carry 134 accounts on the books of El Paso banks.
this district are closely united to this city. El Paso, The total invested capital of all the banks of this disas financial headquarters, claims a peculiarly close and trict, exclusive of El Paso, is $12,279,000. The total
intimate relationship with the banks and bankers lo- capital of those banks, both national and State, which
cated in this district, which we term our natural trade carry accounts in El Paso, is $8,570,000, or 66 per cent.
The total deposits of all banks in this district, exclusive
territory.
Within this district and including El Paso there are of El Paso, is $57,000,000, while the deposits of those
located 183 banks, 65 being national and 118 State, banks carrying accounts in El Paso is $43,900,000, or
with a combined capital and surplus of over 77 per cent of the total. Every large and prominent
$15,000,000 and combined deposits of over $70,000,000. bank in the district carries an account here, and of
In New Mexico, out of a total of 40 national banks those constituting the 23 per cent not doing bukness
20, or 50 per cent, carry accounts in El Paso. Based here directly, the great majority have connections
on the capital invested, this percentage is increased to through which their items are routed into El Paso.
72 per cent, while based on the deposits the percentage A great many banks in this district absolutely regard
increases to 83 per cent. In other words, out of a El Paso as banking headquarters. When they need
total of $17,000,000 deposits shown by the national outside accommodation to take care of the demands of
banks of New Mexico those carrying accounts in El their customers, they come to El Paso for it. They
Paso show total deposits of over $14,000,000. The carry their principal reserves here, and such balances
20 national banks in New Mexico which do not carry as the requirements of their business make it necessary
accounts in El Paso represent only 17 per cent on the for them to carry in New York and other eastern
basis of deposits, and much of the business representing centers they maintain by drafts on their El Paso acthis 17 per cent comes to El Paso indirectly through counts. The banks of this district, both national and
State, nominally carry in El Paso over $4,000,000 in
those banks which carry accounts here.
The percentages shown from Arizona are even more deposits, or a reserve larger than they would be resignificant. Out of the total number of national banks quired to carry in the regional reserve bank if all were
in Arizona 85 per cent carry accounts in El Paso, the members.
I wish to call your special attention to the fact that,
only two exceptions being the Yuma National and the
Tempe National, whose combined deposits are under as El Paso is not a reserve city the national banks of
$500,000. Based on the invested capital of national this district which carry El Paso accounts, representbanks in Arizona, 93 per cent bank in El Paso, and ing over.80 per cent of the total, based both on deposbased on the total amount of deposits 95 per cent is its and capital invested, can not take credit for El
Paso balances in reckoning their reserve. It is thereconnected with El Paso by active accounts.
Referring to that portion of west Texas claimed by fore apparent and significant that they have found
El Paso, the percentage is 100, as every bank within their El Paso connections sufficiently attractive to
the district shown on our map has one or more ac- warrant carrying balances here in spite of the fact
that such balances do not count as reserve.
counts in this city.


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46458°—S.Doc.485,63-2--10

145

146

LOCATION OF RESERVE DISTRICTS.

I do not believe it is necessary for me to argue that
El Paso banks have shown sufficient strength and liberality to take care of the requirements of their banking customers and extend proper accommodation to
them at all times, as the extent to which the banking
business of this district has been centered here, as
shown by the above figures, is the best possible evidence to this effect.
In this district, which we call El Paso's natural trade
territory, many of the banks are located in mining
towns where large numbers of men are employed and
heavy pay rolls must be met. In meeting these demands, the banks of El Paso have made total shipments of currency of over $5,000,000 during the past
year to the banks in our district. This figure covers,
strictly, shipments to our customers for their use.
By figures taken from our books with great care
and covering an average month's business we find
that the yearly volume of outgoing items between El
Paso and her territory totals $39,000,000, while
the yearly volume of items coming into El Paso from
correspondents in this district reaches a total of
$110,000,000. The. testimony at Denver showed that
her total volume of incoming items was $249,000,000.
In presenting the above facts and figures I have not
attempted to take into account the immense volume
of banking business from Mexico, which is directed to
El Paso under normal conditions. The northern portion of Mexico is one of the richest and most resourceful sections of this continent, and wonderful development of the vast resources there will follow close upon
the settlement of Mexico's present troubles. In estimating the importance and influence of El Paso as a
banking center, we ask you not to lose sight of the
great volume of business with Mexico, which must
pass through El Paso, a considerable portion of which,
involving commercial, mining, and cattle operations, is
actually centered here.
The Federal reserve act provides that "the districts
shall be apportioned with due regard to the convenience and customary course of business." In most respectfully petitioning your committee to respect El
Paso's relationship with her natural trade territory by
locating this city and this territory in the same regional
district served by a branch bank in El Paso, we feel
that we are asking only that we be permitted to retain
that business which is naturally and rightfully ours.
By so doing you will make it possible for El Paso to
continue to enjoy the commercial and financial supremacy in this district, which is united to us. by geographical conditions, by railroad development, by the
intimate ties of personal acquaintance, and by the existing status of our commercial, industrial, and financial life.
JAMES G. MCNARY.


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. EXCHANGE.

Of the 110 banking points in Arizona, New Mexico, and west
Texas, 46 points, or 41.6 per cent of the total, par for El Paso everything drawn on their territory, regardless of indorsement. Fiftytwo of them, or 471 per cent, charge exchange at the rate of onefourth of 1 per cent on all items circulating outside of Arizona, New
Mexico, and El Paso (El Paso being considered a "local" indorsement by all banks in Arizona and New Mexico, as well as Texas).
The remaining 12 banking points, or 10.9 per cent of the total, charge
exchange at the average rate of one-fourth of 1 per cent on everything drawn on their locality, without regard to the items' indorsements, local or foreign. El Paso can now handle at par 89.1 per
cent of all the points in this district where items have not circulated
outside, whereas any other Texas point could only handle 58.4 per
cent with the same exchange agreements under which El Paso now
operates, which of course they would not have or could not get.
It is therefore readily seen that El Paso is in an unusually favorable position for colleeting all items on this district at the least possible cost, owing to its being "an outside of the State" indorsement
in Texas, and being so considered by all banks in Arizona and New
Mexico.
Total capital of national banks in El Paso's territory $5, 120,000
Total surplus and profits of national banks in El Paso's
territory
3,373,373
Total deposits of national banks in El Paso's territory 41,901,500
Total capital of both State and national banks in El
Paso's territory
9,046,000
Total surplus and profits of all banks in El Paso's territory
6,322, 125
Total deposits of all banks in El Paso's territory
72,979,600
El Paso banks have made shipments of cash to banks in this district during the past year of $5,321,000.
El Paso banks have within the past year collected transit items
drawn on points in this district to the amount of $39,685,000.
El Paso banks have received from banks in this district during
the past year cash remittances amounting to $110,709,000.
CONSOLIDATED STATEMENTS.
EL PASO BANKS.
[As compiled from published statements on call of Jan. 13, 1914.]
RESOURCES.

Loans and discounts............................................... $10,966,508.01
...............
Overdrafts
17,353.22
................. I,480,500.00
United States bonds and premium
....
Bonds and securities
666,504.17
345
,185
.04
Banking houses,furniture and fixtures.............................
Other real estate
183,637.66
$2,860,687.4
Due from approved reserve agents
1,629,984.16
Due from other banks
Exchange for clearing house and cash items.
436,858.47
Cash in vault
1,583,826.66
6,511,356.73
....................................
Redemption funds
62,750.00
.
43,512.80
Guaranty funds . . . . . . . . . . . . . . . . . . . . . . . . . . . .
...........................................................
Expense
4,673.13
20,281,980.76
LIABILITIES.

Capital
.
Surplus ...........................................................
Undivided profits..................................................
National-bank notes outstanding...................................
$3,527,418.72
Deposits banks
12,224,625.49
Individual deposits
205,286.99
United States and postal savings deposits
Other liabilities....................................................

2,405,000.00
490,500.00
97,499.56
1,235,650.00

15,957,331.20
96,00100
20,281,980.76

147

EL PASO, TEXAS.

Total capital, surplus, and profits of national banks, and both State
and national banks, in El Paso's trade territory; also percentage on
basis of invested capital of those carrying El Paso accounts.

[Figures in number column indicate number of banking connections maintained
by the bank in El Paso.]

NATIONAL BANKS.
Capital, sur- Percentage
,
plus, and
Total capital, profits 9f banks o. banks
carrying
surplus, and
carrying acEl Paso
profits.
counts in El
accounts.
Paso.

State.

$2,161 000
3
,480
:400
1,069,000

Total

$2,023,000
2,507,100
1,069,000

Per cent.
93
95
100

6,710,400

Arizona
New Mexico
West Texas

5,599,100

83

STATE AND NATIONAL BANKS.
$5,390,500
5,420,800
1,468,500

Total

$3,719,900
3,383,000
1,468,500

68
62
100

12,279,800

Arizona
New Mexico
West Texas

8,571,400

66

Total deposits of national banks, and both State and national banks
(El Paso banks not included), in El Paso's trade territory; also the
percentage calculated on this basis of El Paso correspondents.
NATIONAL BANKS.
Percentage of
Total deposits deposits havingdirect of ng aceocarryi banks
co
Total deposits.
banking
in El Paso. nections in this
city.

State.

Capital, surplus, and profits, and deposits of State banks in
Arizona that carry accounts in El Paso.

City.

Bisbee
Do
Do
Bowie
Buckeye
Clifton
Douglas
Do
Duncan
Globe
Do
Hayden
Lowell
Miami
Do
Morenci
Do
Nogales
Phoenix
Ray
Safford
Do
Thatcher
Tucson
Do
Willcox
Do
Winkelman

Bank.

Bank of Bisbee
CitizensBankingand Trust
Miners & Merchants
Bank of Bowie
Buckeye Valley Bank
Gila Valley Banking &
Trust.
,
Arizona Banking & Trust.
Bank of Douglas.
Bank of Duncan
Gila Valley Banking &
Trust.
,
Old Dominion Co
Gila Valley Banking &
Trust.'
Bank of Lowell
Bank of Miami
Gila Valley Banking &
Trust.
,
do
State Bank of Morenci....
Santa Cruz Valley 2
Valley Bank of
Gila Banking & Trust 1
Bank of Safford
Gila Valley Banking &
Trust. '
,
Citizens Bank
Merchants Banking &
Trust.
Southern Arizona Banking
& Trust.
Sulphur Springs Valley
Bank.
Willcox Banking & Trust.
Gila Valley Banking &
Trust.
,

N mbu
er.

1
1
4
1
1
1

Capital.

Surplus
and
Deposits.
profits.

$50,000 $177,000 $1,590,000
50.000
5,000
150,000
50,000
95.000 1,350,000
10,000
10,000
25,000
2,000
62,000

1
4
1
3

30,000
50,000
15,000

8,500
75,000
10,000

110,000
1,05 0,275
;
100,000

1
1

22,000

100,000

375,000

1
1
1

15,000
10,000

500
3,000

110,000
200,000

1
1
1
1
1
1
1

100,000
30,000
50,000
150,000

97,000
900

2,208,000
115,000

33,000

17,000

1
2

12,000
50,000

3,000
19,000

71,000

63,000

298,000
891,000

145.000 2,800,000
260,000

3

75,000

1

10,000

1,000

50,000

1
1

25,000

13,000

296,000

Per cent.
$10,219,000
17,394,000
3,675,000

$9,789,000
14,520,000
3,675,000

95
83
100

31,288,000

Arizona
New Mexico
West Texas

27,984,000

89

Total...39
Branch bank.

Total

$28,953,275
23,351,000
4,809,000

$21,915,275
17,272,000
4,809,000

75
73
100

57,113,275

Total

43,996,275

77
City.

[Figures in number column indicate number of banking connections maintained
by the bank in El Paso.1

Clifton
Douglas
Globe
Nogales
Phoenix
Do
Prescott
Tombstone
Tucson
Do
Yuma
Total. .


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Federal Reserve Bank of St. Louis

Bank.

First National
do
do
do
National Bank of..
.
Phoenix National .
.
Prescott National
First National
Arizona National....
NaConsolidated
tional.
First National

2 New

[Figures in number column indicate number of banking connections maintained
by the bank in El Paso.]

Bank.

Capital, surplus, and profits, and deposits of national banks in
Arizona that carry accounts in El Paso.

City.

834,900 12,126,275

Capital, surplus and profits, and deposits of national banks in New
Mexico that carry accounts in El Paso.

STATE AND NATIONAL BANKS.
Arizona
New Mexico
West Texas

862,000

Number.

Capital.

Surplus
and profits.

Deposits.

$20,000
25,000
50,000
55,000
185,000
200,000
215,000
22,000
28,000
150,000

$400,000
844,000
779,000
500,000
1,300,000
2,206,000
1,231,000
200,000
505,000
1,500,000

2
1
1
1
1
1
1
1
1
2

$30,000
100,000
100,000
50,000
200,000
150,000
100,000
25,000
100,000
100,000

1

100,000

18,000

324,000

1,055,000

968,000

9,789,000

14

Alamogordo..
Albuquerque
Do
Carlsbad
Deming
Gallup.......
Las Cruces...
Las Vegas.
Do
Lordsburg.
Magdalena
Raton
Roswell
Do
Do
Santa Fe
Santa Rosa.
Silver City
Do
Tucumcari.

First National.
do
State National
National Bank of
Deming National
First National
do
do
San Miguel National
First National
do
do
do
American National
Citizens National..
First National
do
American National
Silver City National
First National

Number.

Capital.

Surplus
and
profits.

Deposits.

1
1
4
1
3
1
2
2
2
1
1
1
2
1
1
2
1
3
3
2

$25,000
300,000
100,000
30,000
25,000
25,000
25,000
100,000
100,000
25,000
50,000
100,000
100,000
50,000
100,000
150,000
50,000
50,000
50,000
50,000

$5,500
132,000
49,000
25,000
25,000
7,000
15,000
40,000
75,000
10,000
3,100
50,000
125,000
31,000
150000
102,000
7,500
46,000
94,000
10,000

$202,000
4,301,000
1,403,000
230,000
200,000
145,000
117,000
800,000
1,100,000
150,000
151,000
1,000,000
1,059,000
250,000
700,000
907,000
200,000
410,000
795,000
I00,000

Total..35 1,505,000 1,002,100 14,520,000

148

LOCATION OF RESERVE DISTRICTS.

Capital, surplus and profits, and deposits of State banks in New
Mexico that carry accounts in El Paso.

Capital, surplus and profits, and deposits of national banks in Texas
that carry accounts in El Paso-Continued.

[Figures in number column indicate number of banking connections maintained
by the bank in El Paso.]
Surplus
and
profits.

Bank.

Alamogordo..
Albuquerque
Do
Carrizozo
Columbus....
Dawson
Deming
Do
Hillsboro
Las Cruces...
Do
Ban Antonio.
Silver City...
Socorro

Alamo State
Citizens Bank
First Trust & Savings
Exchange Bank
Columbus State Bank
Bank of Dawson.
Bank of Deming
First State Bank
Sierra County Bank
Bowman Banking & Trust.
First State Bank
New Mexico State Bank
Peoples Savings Bank
Socorro State Bank

Totar.

Capital.

1
1
1
3
1
1
2
1
2
2
1
1
1
3

$15,000
50,000
250,000
50,000
15,000
30,000
30,000
30,000
30,000
100,000
30,000
30,000
50,000
30,000

$2,200

15,000

225,000

21

City.

Bank.

City.

Number

740,000

135,900

Number.

2,752,000

$125,000
130,000
50,000' 437,000
301,000
21,000
22,000
248,000
7,000
325,000
20,000
55,000
200
178,000
6,000
371,000
11,000
285,000
3,500
50,000

Eagle Pass
Fort Stockton..
Marfa
Midland
Pecos

2 $100,000
25,000
1
70,000
2
100,000
1
50,000
1

Border National
First National
Marfa National
First National
do

[Figures in number column indicate number of banking connections maintained by
the bank in El Paso ]

Alpine
Del Rio
Do


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Federal Reserve Bank of St. Louis

First National
Del Rio National
First National

Number.

Capital.

2
2
2

$75,000
100,000
75,000

Surplus
Deposits.
and
profits.
$30,000
30,000
160,000

$185,000
250,000
1,516,000

$70,000
4,000
30,000
100,000
50,000

$800,000
57,000
350,000
325,000
192,000

595,000

474,000

3,675,000

13

Total.

Capital, surplus and profits, and deposits of State banks in Texas that
carry accounts in El Paso.
[Figures in number column indicate number of banking connections maintained by
the bank in El Paso.]

Bank.

Alpine
Barstow
Clint
Marathon....
Marfa
Pecos
Sanderson...
Van Horn....

Surplus
and
profits.

Deposits.

$25,000
20,000
10,000
15,000
50,000
110,000
25,000
30,000

$17,000
2,000

$155,000
67,000

7,000
7,000
62,000
12,000
7,500

80,000
160,000
430,000
102,000
140,000

285,000

114,500

1,134,000

Number.

Capital.

1
1
1
1
1
1
1
4
11

Capital, surplus and profits, and deposits of national banks in Texas
that carry accounts in El Paso.

Bank.

Surplus
and
Deposits.
profits.

Deposits.

Name.

City.

Capital.

Alpine State Bank
Citizens State Bank
First State Bank 1
Marathon State Bank
Marfa State Bank
Pecos Valley Bank
Sanderson State Bank
Van Horn State Bank

Total.
I New.


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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

FORT WORTH, TEX.

151


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FORT WORTH, TEX.
FORT WORTH, TEX., January .go, 1914.
The SECRETARY OF THE TREASURY,
The SECRETARY OF AGRICULTURE, and
The COMPTROLLER OF THE CURRENCY,
Washington, D. a

GENTLEMEN: Fort Worth, Tex., makes this, its
formal application to have one of the regional banks
provided for by the Federal reserve act located at this
city.
Following are reasons, briefly stated, why, in our
judgment, said regional bank should be located at
Fort Worth. Your careful and favorable consideration is respectfully solicited, and if further information
is desired it will be furnished, if possible, upon suggestion from you.
Respectfully,

WM. HONNIG,
President Chamber of Commerce.

H. C. EDSINGTON,
President Fort Worth Clearing House.
R. F. MILAM,
Mayor of Fort Worth.

SUGGESTED DISTRICT.
The States of Texas, Oklahoma, and New Mexico
comprise a compact contiguous territory, whose trade
relations with Fort Worth are close and intimate and
the facilities for the transacting of business adequate
to the demand.
The area of Texas is 265,780 square miles.
The area of Oklahoma is 70,057 square miles.
The area of New Mexico is 122,580 square miles.
The total area of this proposed district is 458,417
square miles.
These States are larger by 15,287 square miles than
the States of Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island, New York, New
Jersey, Pennsylvania, Maryland, Ohio, Virginia, Delaware, Indiana, Illinois, and Michigan combined.
Larger by 30,043 square miles than all the States
bordering on the Atlantic and Gulf of Mexico from
Maryland to and including Louisiana.
Larger by 5,712 square miles than all the States
between the Hudson and Mississippi Rivers north of
the Ohio River,with Virginia, Maryland,and Kentucky
south of the Ohio included.


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Federal Reserve Bank of St. Louis

While area is not the only factor to be considered in
the location of a regional reserve bank, it will be admitted that so large a territory so favorably situated,
with such a volume of business,is entitled to the highest consideration, and if found consistent with the plan
of organization adopted, should have the benefit of the
facilities afforded by the location of one of these
banks.

POPULATION.
The population in the suggested district is approximately 6,000,000. In no part of the country is the
population increasing as rapidly as in this section.
In a few years it will equal, if it does not surpass, that
of any other "region" that may be formed by your
committee.
The population of Texas as shown by the Thirteenth'
Census was 3,896,542.
Forty-two and eight-tenths per cent of the population of Texas is within a radius of 110 miles of Fort
Worth, and an examination of the map appended
hereto will demonstrate the fact that this section is
better served with railway facilities than any other
section in the Southwest.

RAILWAY AND MAIL FACILITIES.
Railway .facilities.—Geographical convenience must
be admitted and the map submitted herewith will
demonstrate the fact that transportation facilities
and rapid and easy communication with all parts of
the district is ample and satisfactory.
Thirteen trunk lines of railway converge at Fort
Worth and radiate in 17 directions across the State
and adjoining States to the commercial marts of the
country.
No city in the South or West, if indeed, in the entire
country, is better provided with facilities for rapid
and easy communication than. Fort Worth.
There are three lines to Denver: The Fort Worth &
Denver, the Santa Fe, and the Rock Island.
There are four lines to Kansas City: The Santa Fe,
Rock Island, Missouri, Kansas & Texas, and the
"Frisco."
There are five lines to St. Louis: The Missouri,
Kansas & Texas,"Cotton Belt," Texas & Pacific with
its connection with the Iron Mountain and the two
lines of the "Frisco," one east by the way of Dallas,
Paris, and Fort Smith, Ark., and one north by way of
Denison, Tulsa, Okla., and Springfield, Mo.
153

4

154

LOCATION OF RESERVE DISTRICTS.

There are five lines south to Houston and Galveston: ico, and large numbers of the State of Kansas, and is
The Missouri, Kansas & Texas, Santa Fe, Houston &' the largest organization of its kind in the world.
Texas Central, International & Great Northern, and
During the year 1913 there were received at Fort
Trinity & Brazos Valley.
Worth:
There are two lines to the Mexican border on the
southwest through San Antonio and one to El Paso.
Number.
Value.
New Mexico is served by three lines: The Santa Fe
Cattle.
965,525 $43,447,525
with a tridaily service; the Fort Worth & Denver with Calves
219,629
4,392,450
Hogs
403,761
6,056.415
its connections at Amarillo; the Texas& Pacific with its Sheep
327,527
1,637,635
8,508,600
57,724
connections at Pecos City with the Pecos Valley & Horses and mules
Total
1,973,166 64,042,745
Northern and at El Paso with the Santa Fe. These
several roads reach all the principal points in New
There were 16,500 cars of refrigerated meats shipped
Mexico.
It will be observed that the north and south lines from Fort Worth during the year of the value of
from Fort Worth with their connections cover the $50,000,000.
entire State of Oklahoma, leaving nothing to be deThus we have an aggregate of over $114,000,000
sired in the way of "rapid and easy communication." required for this single industry.
Mail service.—One of the most important factors
Dive stock.—The proviso in section 13 of the Federal
in the "rapid and easy" transaction of business is the reserve act which authorizes reserve banks to discount
notes, drafts, and bills drawn for agricultural purposes
prompt and reliable transmission of the mails.
Fort Worth was selected by the Post Office Depart- or based on live stock, and having a maturity of six
ment for the headquarters of the eleventh division of months, is an indication that the framers of the act
the Railway Mail Service by reason of its unexcelled had in mind the encouragement of these two industries.
railway facilities. There are 110 mail trains in and At no point in the country can this service be more
•out of Fort Worth every 24 hours. These facilities acceptably rendered than at Fort Worth,in so far as it
are unequalled in the Southwest, and it would be diffi- applies to live stock. This being the second largest
cult to estimate the advantage to business of these industry in Texas and Fort Worth being the acknowledged center for the transaction of every line of busiconditions.
ness connected with the raising and marketing of
FREIGHT MOVEMENT.
live stock makes it the logical place for the location of
There is no more reliable indication of the volume of a reserve bank.
business done at a given point than in the movement of
Cotton.—Approximately one-third of the cotton of
freight cars. Your attention is directed to the move- the country is grown in this district.
ment of freight cars through the several yards of the
The official statistics of the year 1913 are not availrailroads which converge at this point, for the year able at this time, but the yield in Texas will be nearly,
1913, which includes loaded cars only and amounts to if not quite, 4,000,000 bales.
955,905 cars. It is confidently asserted that no other
The yield for the year 1912 was 4,880,200 bales, of
city in the Southwest, irrespective of population, can which about 51 per cent, or 2,482,215 bales, was raised
make a showing equal to this.
within a radius of 110 miles of Fort Worth and in
counties that lie west of this city.
INDUSTRIAL AND COMMERCIAL DEVELOPMENT.
Practically all of the cotton raised in Oklahoma
Live stock.—The industrial and commercial devel- comes to this market where it is purchased by the
opment and needs of this section is best shown by the cotton firms, of which there are 15, that do business
volume of business transacted, the amount of capital here. Fully 1,000,000 bales will be bought and paid
required, and the quantity and kind of commodities for by the Fort Worth cotton dealers this year. One
included in the daily transactions.
firm has loaded and sent out from the port of GalvesThe products of Oklahoma, New Mexico, and Texas ton two full cargoes for the Orient during the month
are chiefly agricultural and cattle. Cotton and grain of December, 1913.
are the principal agricultural products of this district
This business requires fully $50,000,000 per annum
and require vast sums of money to handle.
to transact.
Fort Worth is he second cattle market in the United
There are 15 cotton mills in Texas with a capital of
States. The packing houses and stock yards are the $2,229,000. They operate 112,404 spindles. Eleven
most modern in design and equipment in the country. of these mills, with 89,304 spindles, are within a radius
By reason of its accessibility Fort Worth has been made of 110 miles of Fort Worth.
the headquarters of the cattle raisers' association,
There was crushed in the United States in the year
which embraces in its membership the stock raisers of 1912 6,104,000 tons of cotton seed of the value of
Texas, Oklahoma, New Mexico, the Republic of Mex- $128,390,000. Of this Texas supplied 2,171,000 tons,


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Federal Reserve Bank of St. Louis

155

FORT WORTH, TEXAS.

or more than one-third of the whole of the value of
$39,690,000.
Grain.--Fort Worth is the acknowledged grain cen,
ter of the Southwest. It is the headquarters of the
Texas Grain Dealers' Association, which has in its
membership many of the leading dealers of Oklahoma.
There are 18 grain elevators in the city with a
capacity of 2,555,000 bushels.
During the year 1913 there were 29,108 cars of
grain received in Fort Worth, of which 7,525 were purchased by the Fort Worth dealers.
As each car of grain, represents a value of about
$1,000 it will be seen that it requires about $30,000,000
to transact this business.
Petroleum.—The oil from the fields in northwest
,
Texas and Central Oklahoma is brought to Fort Worth
by pipe lines, where it is converted by the refineries
here into the merchantable article and shipped
throughout the Southwest and to the Gulf States east
of the Mississippi.
It is contended by those in the business that this
industry is practically in its infancy and that the output will be very largely increased as the territory is
developed.
Eleven thousand barrels of crude oil is received at
this place daily. As the average value is $1 per barrel,
this industry uses $3,300,000 per annum for the purchase of the crude oil alone. About $4 per barrel is
added to the value by refining, making a total of
$16,500,000 per annum for this industry.
BANKS AND TRUST COMPANIES.

Financial.—There are 519 national banks in Texas
with an aggregate capital and surplus of $86,089,990.
The deposits in these banks amount to $259,635,000.
There are 924 State banks and trust companies with
an aggregate capital of $52,564,325, and deposits
amounting to $110,555,000.
There are 40 national banks in New Mexico with an
aggregate capital and surplus of $3,509,000, and
deposits amounting to $17,543,000.
There are 48 State banks and trust companies with
an aggregate capital and surplus of $2,023,000, and
deposits of $5,569,000.
There are 415 national banks in Oklahoma with an
aggregate capital and surplus of $15,430,500. The
deposits amount to $77,565,875.
There are 518 State banks and trust companies with
an aggregate capital and surplus of $10,261,300. Their
deposits amount to $46,138,125.
The established custom and trend of business as
shown by the present system of bank reserves and
checking accounts, as far as can be ascertained by
careful inquiry, is for the interior banks in small
towns in the territory to the north, northwest and
west of Forth Worth to keep their reserves in Fort


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Federal Reserve Bank of St. Louis

Worth, and to keep only small deposits for checking
accounts in the central reserve cities. This has
proven more convenient and expeditious for the transaction of ordinary daily business of these banks. If
found necessary to draw for larger sums than they
have on deposit in the central reserve cities their
correspondents in Fort Worth are asked to remit to
cover.
Bank clearings.—Indubitable evidence of the volume of business transacted at a given point is found
in the bank clearings. For the year 1913 the bank
clearings of the Fort Worth banks amounted to the
sum of $418,619,827.91. This is an increase of 65 per
cent over the year 1908, showing the rapid increase of
business in this city.
An examination of the reports of bank clearings, as
published weekly in the financial journals of the counclearings in Fort
"
try, will disclose the fact that the"
Worth exceeds that of many cities having two and
hree times the population of this city. Different
cities have different methods of "clearings." Fort
Worth includes in its bank clearings only the bills that
are actually exchanged between the banks over the
clearing-house counter each day.
INDUSTRIAL DEVELOPMENT.

The industrial development of Fort Worth has not
been rapid, but it has been steady and substantial.
All of the industries located in this city have been
prosperous and progressive.
The commissioner of labor for the State of Texas
says:
Fort Worth has a larger pay roll, a larger average wage, a larger
number of laboring men and'less trouble with labor than any other
city of the State.

The two packing houses and stockyards is the largest
single industry in the city. They employ about 5,000
people.
Fort Worth is the largest manufacturer of furniture
in the South.
Fort Worth has the only steel rolling mill in the
Southwest.
Fort Worth has 2 oil refineries; 3 cottonseed-oil
mills; 2 harness and saddle factories; 3 overall and
jumper factories; 2 bank, office, and store fixture factories; 11 silo factories; 1 wagon factory (largest in the
South); 1 wire-fence factory; 2 flouring mills (capacity
2,500 barrels daily); 2 candy factories; 1 cracker factory; 5 cigar factories; 2 trunk factories; 1 brewery
(largest in the South); 2 structural-iron factories; 3
iron and brass works; 3 broom factories; 5 metal tank
and cistern factories; 1 pottery and earthenware factory; 6 ice factories; 2 macaroni factories; 2 wellboring machine factories; 2 flavoring-extract factories; 2 chemical and disinfectant factories.

156

LOCATION OF RESERVE DISTRICTS.

There is a large number of small concerns that
employ only a few men each, but which in the aggregate add materially to the industrial output of the
city.
Commercial.—The commercial activity of Fort
Worth is clearly indicated by the volume of bank
clearings and the movement of freight cars. It will
not be necessary to epitomize the sources from which
this business is derived. But it may not be amiss to
direct the attention of the committee to one or two
salient points which are the most potent factors in
the business of the city.
Fort Worth is the largest distributor of groceries in
the Southwest. One of the wholesale grocery houses
in this city is the second largest in the United States.
A Chicago house is the only one that leads in the
volume of business transacted in this line.

There are 2 wholesale drug houses, 2 hardware
houses, 1 wholesale dry-goods house, 5 wholesale
liquor dealers (one of which is the largest in the Southwest). Machinery and agricultural implement houses
are well represented.
The volume of business transacted in this city which
requires large sums of money to conduct is such as to
justify the location of a Federal reserve bank here.
At no point in the Southwest will a larger number
of people or a larger volume of business be served
than at Fort Worth.
Your attention is directed. to the rapid growth of
the city. The census of the year 1900 gave Fort
Worth a population of 26,668. The census of 1910
a population of 73,312, an increase of 174.7 per cent.
The city is growing with as much rapidity as during
the last decade.

SUPPLEMENTAL PETITION OF THE FORT WORTH CHAMBER OF COMMERCE.
At the hearing before this honorable body at Aus- by the actual legal reserves of national-bank
mem
tin, Tex., on Monday, February 9, 1914, the advisa- hers alone will exceed by several million
dollars the
bility of locating a reserve bank in Texas prompted total rediscounts or borrowed money of
those same
several questions on the part of the locating board national banks considered at the period of
their highest
which were not answered at the time by the represent- borrowing during the fall of last year, a
season of
atives of the city of Fort Worth, and, after careful nation-wide unusual conditions. Such a
bank could
consideration, the following is offered as a reply to not, of course, at any time provide for all
of the comsuch questions to supply the information requested.
mercial needs of this section, neither, for that matter,
Moreover, certain questions were asked regarding could a bank located in St. Louis or Kansas
City comthe city of Fort Worth which could not be answered prising at the same time all of the territory
proposed
at the time, and this honorable body then requested in connection with them.
that such facts (also certain documents) be furnished
Furthermore, as we understand it, it is not contemto go into the records, that all might be considered plated that the establishment of these
reserve banks
before the decision of the board was made and the will in any great measure cause a
discontinuance of
location of the several Federal reserve banks decided. present established connections, but, on
the contrary,
it is reasonable to presume that business interests
THE LOCATION OF A FEDERAL RESERVE BANK
generally will continue to sell their paper to lenders
IN TEXAS.
throughout the entire country; banks and financial
We believe it is safe to assume that a district com- institutions in other sections will not have lost their
prising Texas, Oklahoma, New Mexico, and probably willingness to buy our cattle, land, and every
other
some little adjacent territory as outlined by the kind of paper.
Texas committee of bankers has every claim for the
It is not to be denied that this is a borrowing section;
location of a Federal reserve bank unless it be a fact in fact, every growing,developing districtinvariabl
y is,
that such a bank would not be self-sustaining under but it must not be overlooked that the financial growth
normal conditions. It is unquestionably the inten- of this section has more than kept pace with the general
tion of the law that each district shall be as nearly commercial, industrial, and agricultural progress. It
self-sustaining as possible, and this feature properly is an indisputable fact, to which the bankers of Texas
appears to be the primary consideration of the organi- will practically unanimously agree, that they find less
zation committee.
difficulty each succeeding year in financing their cusNaturally, then, the question of first importance is, tomers and connections.
Will a bank located in the district contemplated
No better evidence of this statement can be found
above be able, under normal conditions, to handle the than in the fact that the financing of our great cotton
needs and demand of the member banks in its terri- crop annually has ceased to be the nightmare it fortory? Without the least hesitation we answer that merly was to Texas bankers. We have learned to do
it will. It has been shown that such a district will business on good paper and the amount of actual
afford not only the required capitalization but would money used in our transactions diminishes daily.
have as well a comfortable excess; its deposits created During the year of 1912 the immense cotton crop.


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

FORT WORTH, TEXAS.

158

LOCATION OF RESERVE DISTRICTS.

which sold at unusually high prices was handled with
greater ease than ever before in our history, and it is a
fact w.orthy of consideration in this connection that
during what is generally our most stringent season,
namely, the early fall, when the actual movement of
cotton is greatest and the strain most severe, a large
number of Texas banks began buying commercial
paper. We venture the assertion that during that
season Texas banks bought more commercial or outside paper than ever before,showingin an unmistakable
manner that our own local finances and connections
were such that we could handle our vast products and
industries under normal conditions. During the fall
of 1913 money was tight throughout the entire country and naturally we were affected materially by adverse general conditions; however, the magnitude of
our burdens consisted almost entirely in the holding of
cotton for months after it had been gathered, baled,
and ready for shipment. Had our cotton crop been
marketed as it was ready for market, or sold in the
manner it is generally disposed of, Texas would have
had few troubles financially.
It must be borne also in mind that through a bank
centrally, or in other words, conveniently located for
this section of great production, it is not only possible
but reasonably probable that a system will be worked
out under which we can handle to greater advantage
and with more dispatch the exchange and funds arising
from the marketing of our various products, thus reducing the enormous amount of funds required in the
transit financing of the great volume of business
transactions. We wish also to call attention to the
fact that should it become necessary at any time to
issue currency against the needs of this region, our
actual products of the soil will furnish the best assets
possible in this entire country for the proper and
actual securing of the same.
TRANSIT FINANCING OF CROPS AND FOOD PRODUCTS.

Of the products of the soil of the Southwest a goodly
portion move through or are handled in the city of
Fort Worth, the live stock, the grain, and the cotton
being representative of a large part of the production.
In the original Fort Worth brief statistics and figures are submitted showing the volume of this traffic.
Practically all the grain and cotton is handled by the
method of draft on the consignees attached to the
railroad company's original bill of lading. This draft
is passed by the bank of original point to its nearest
correspondent, and in numerous cases passes through
from three to five banks before it finally arrives at its
destination. This requires several days at best and,
in effect, takes out of circulation for commercial purposes a large amount of funds at a time when badly
needed and, further, burdens the commerce with an
unnecessary interest account, which is a strong factor


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Federal Reserve Bank of St. Louis

in the cost of moving the crops and the commerce of
the country.
In numerout3 cases the commodities themselves moving by freight service arrive at destination far in advance of the bill of lading and draft referred to above.
Under present business conditions it requires from
6 to 10 days for the banks to get returns on the draft
given for money advances for the purchase and payment of cotton and grain, and from 3 to 6 days to get
returns on the drafts given for the purchase and payment of live stock.
If there were a reserve bank at Fort Worth, this
money could be turned every 24 to 36 hours, thus
requiring a much smaller volume of money to conduct
the business of these three great ready-money products of the farms and ranches of Texas and the
Southwest.
THE QUESTION OF LOANS.

It has been shown heretofore that Fort Worth distributes and finances the greater part of the live stock
products of the Southwest, including imports from
Mexico; the greater part of the grain products, including a considerable volume of Argentine imports
of corn; the largest part of the fruits and vegetables
from other States, and approximately as much cotton
as any city of Texas.
Therefore Fort Worth is preeminent among the
cities of. the Southwest in vital relation to its primary
wealth, and it must be remembered that rural prodducts constitute at least 75 per cent of the resources
of this region.
These facts are the more important and impressive
in view of the commanding duty and avowed purpose
of the Government to facilitate the marketing and
financing of rural products.
The provisions of the new banking act offer the
only accommodation to producers that may be expected for a considerable period, since proposed legislation to establish rural banking can not be realized
in the near future and at best will be only a hopeful
experiment.
The Department of Agriculture wisely contemplates
in its tentative,plans for the better marketing of farm
products a system of smaller, rather than larger, units,
and the service to be rendered to agriculture by the
new banking system should conform in some degree
to this contemplation. In other words, the bank regions should be constructed and the reserve banks
• located with some regard to marketing needs. This
accommodation should be offered to producers, even
though it might require the arrangement of regions
not completely self-sustaining; and, after all, the several reserve banks are to be so correlated under the
general board that loans by one reserve bank to
another will be easily provided and, in fact, will be
freely offered for the same reasons of self-interest that

FORT WORTH, TEXAS.

now induce banks in nonproducing sections to make
seasonable loans to banks in producing sections.
The South and West, under any conceivable circumstances, in the near future must continue to borrow more or less from the East during the short period
of crop movement, and must likewise lend to the East
during the longer period of crop consumption. The
new banking system will not affect this business relation except in providing the means of protection for
the South and West from concentrated power in private banks and from arbitrary rates in times of
general distress.
INDORSEMENTS.

During the hearing of this board at Austin, when
certain indorsements were submitted for the consideration of this board, a request was made by Mr.Secretary
McAdoo that copies of the requests for such indorsements be filedinto the record, and likewise the original
indorsements themselves be filed wherever possible.
The letter, as per Exhibit I, attached hereto, was
sent to several thousand feeders and breeders of live
stock in the States of Oklahoma, New Mexico, Arizona,
Louisiana, and Texas, together with the return postal
card marked"
Exhibit II," with the result that 2,501
were received.
indorsements
Following this a wire was sent to the members of the
executive committee of the Cattle Raisers' Association
of Texas, copy of which is attached hereto, marked
"Exhibit III." Replies from a majority of this body
strongly indorse the city of Fort Worth for a Federal
reserve bank.
Mr. Marion Sansom, before this board on Monday,
February 9, at Austin, read and filed into the records
telegrams to this effect from the following members of
the executive committee of the Cattle Raisers' Association of Texas: Jack D. Jackson, Alpine, Tex.; Ike


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Federal Reserve Bank of St. Louis

159

T. Pryor, San Antonio, Tex.; James Callon, Menard,
Tex.; A. B. Robertson, Slayton, Tex.; N. H. Condor,
Sanderson, Tex.; R. H. Kleburg, Kingsville; R. J.
Cook, Beeville; T. B. Jones, Del Rio, Tex.; J. M.
Dobie, Cotulla, Tex.; A. M. James, Dalhart, Tex.;
W. W. Bogel, Maria, Tex.; H. L. Mangum, Uvalde,
Tex. And attached hereto, marked "Exhibit IV,"
will be found telegrams received later from W. R.
Shriner, San Antonio, Tex.; H. C. Harding, Lubbock,
Tex.; John Landergrin, Amarillo, Tex.
In the statements of Mr. W. H. Fuqua, of Amarillo,
before this board he was asked to file into the record a
list of the banking houses he is connected with. (For
the indorsements of such banks see Exhibit V,attached
hereto, with letter from Mr. Fuqua, being the indorsement of 39 banks in Texas, New Mexico, and Oklahoma.)
Likewise, when it was generally learned from press
reports that this honorable board was interested in the
question of indorsements and that same would have
consideration in the selection of the location of this
bank, telegrams were voluntarily sent by the following
interests indorsing the city of Fort Worth: Amarillo
National Bank, Amarillo, Tex.; Harding Commission
Co., Amarillo, Tex.; Noble Bros. Wholesale Grocery,
Amarillo, Tex.; Landergrin Bros., Amarillo, Tex.;
Coggins National Bank, Brownwood, Tex.; J. H.
Akers, Greenville, Tex.; Dr. C. L. Gregory, Greenville,
Tex.; W. R. Chancellor, El Paso, Tex.; Commercial
Club of Stamford, Stamford, Tex.; First National
Bank, Stamford, Tex.; Yates Drug Co., Stamford,
Tex.; Stamford Oil & Refining Co., Stamford, Tex.;
White Hardware Co., Stamford, Tex.; A. S. Moore &
Co., Greenville, Tex.; Commercial National Bank,
Greenville, Tex.
Original.telegrams are attached, marked "Exhibit
VI."


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

HOUSTON, TEX.

46458°—S.Doc.485.63-2

11

161


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Federal Reserve Bank of St. Louis

HOUSTON, TEX.
Hon. WILLIAM G. McApo°,
Secretary ofthe Treasury.
Hon. D. F. HOUSTON,
Secretary of Agriculture.
Hon. JOHN SKELTON WILLIAMS,
Comptroller of the Currency.

I.

LIST OF RAILWAYS.
Houston & Texas Central Railroad.
Galveston, Harrisburg & San Antonio Railway.
,
Texas & New Orleans Railroad.
Beaumont, Sour Lake & Western Railway.
Houston East & West Texas Railway.
AUSTIN, TEX., February 9, 10, 1914.
International & Great Northern Railway.
HONORABLE SIRS: In presenting the claims of
International & Great Northern Railway (Fort
Houston as a location for a headquarters bank, under
the Federal reserve act, and fixing the boundary lines Worth division).
of a regional district to be served by such a bank, the
Trinity & Brazos Valley Railway.
local committee, acting jointly for the Houston ChamSan Antonio & Aransas Pass Railway.
ber of Commerce and the Houston Clearing House
Galveston, Harrisburg & San Antonio Railway
Association, has been guided solely by its conception (Victoria division).
of the kind of information desired by you as disclosed
Gulf, Colorado & Santa Fe Railway.
by your announcement in Washington of the primary
Missouri, Kansas & Texas Railway.
International & Great Northern Railway (Columbia
factors for solving your problem.
The contents of this document are arranged under division).
the three topics, with appropriate subheadings, about
St. Louis, Brownsville & Mexico Railway.
Which concrete statistical data have been compiled
Galveston, Houston & Henderson Railway.
and particularly exhibited by means of several maps.
Galveston-Houston Electric Railway.
Further, undertaking to be informed by and to take Total mileage of above roads
7,7(34. 26
advantage of previous hearings by your honorable Out of total mileage in Texas
15,283.59
79
committee, we have refrained from the publication of Mail trains daily in and out of Houston
106
memorials, resolutions, and arguments, and purpose Passenger trains daily in and out of Houston
hereby to introduce only verifiable data, which we are
WATER TRANSPORTATION FACILITIES.
desirous of elaborating to any degree and extent
Houston Ship Channel, utilizing Buffalo Bayou from
requested by you.
the Gulf of Mexico to Houston Turning Basin, is in
Respectfully submitted.
process of. completion under contract specifying an
OSCAR WELLS, Chairman.
average depth of 25 feet and an average width of 100
LYNN P. TALLEY,
feet at the base. This work is being done by the
•
N. E. MEADoR,
United States Government and the Houston navigaE. A. PEDEN,
tion district.
W. C. HOGG,
Houston, as a shipping point, is 500 miles nearer the
Committee.
granaries of the West than the Atlantic and Pacific
ports and 300 miles nearer than New Orleans.
The Intercoastal Canal is completed from Galveston
OUTLINE.
Bay to Corpus Christi.
I. Geographical convenience, involving transportation facilities
In the proposed district tributary to Houston are the
and easy and rapid communication with all parts of a proposed following ports: Aransas Pass, Corpus Christi, Freedistrict.
port, Galveston, Texas City, Point Bolivar, Port ArII. Industrial and commercial development and needs,involving
the general movement of commodities and business transactions thur, Beaumont, Orange, and Morgan City.
Within a proposed district and the transfer of funds and exchanges of
TELEGRAPH AND TELEPHONE.
credit that result.
The Western Union, Postal, and Mackay telegraph
III. Established customs and trend of business as now developed
by the pxisting system of bank reserves and checking accounts.
systems and the Bell and Independent telephone sys-


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Federal Reserve Bank of St. Louis

163

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Federal Reserve Bank of St. Louis

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166

LOCATION OF RESERVE DISTRICTS.

tems, with expeditious long-distance service, connect
Houston with every banking point in the entire district.

During 1913 it is estimated that the Gulf ports
received from Mexico 8,500,000 barrels of crude petroleum, valued at $6,500,000.
This proposed district contains 14 oil refineries,
MISCELLANEOUS DATA CONCERNING DISTRICT.
representing an investment of $13,000,000, exclusive
Square miles, 475,934; population, 6,674,183; railof pipe lines and stocks of oil, and manufacturing reroad mileage, 22,403; assessed valuation of wealth,
fined products of a gross value of $84,000,000, at least
$3,510,000,000.
40 per cent of which is exported via Port Arthur.
PRODUCTION.
In Houston there are 28 incorporated oil companies,
Cotton.—Bales, 7,123,000; value, $410,682,000; gross capitalized at $88,526,000 producing
,
and marketing
bales handled through Houston, 3,324,000; net bales the greater part
of this output.
handled through Houston, 1,301,750.
Rice.—In 1913, 772,800 acres of rice land in this
The Houston Cotton Exchange, with 47 member district produced
6,149,000 bags, valued at $23,000,000.
firms, is devoted to the marketing of the cotton crop This is 90 per cent
of the crop of the United States, of
of this district.
which 3.8 per cent goes to foreign markets, 21 per cent
Houston factors handled 223,679 bales in 1912-13. to Porto Rico,
and 75.2 per cent is consumed at home.
This business is peculiar to Houston and Galveston and
Sugar.—In 1913, 359,350 acres were devoted to
represents cotton consigned upon advances from all sugar raising in
this district, producing sugars valued
parts of the district, as shown on map,later sold in the at $15,000,000
.
local market upon a commission basis.
Truck.—It is estimated that in 1913, farms in this
There are no available statistics showing the number district produced
truck and potatoes, for marketing
of bales exported, but it is conservatively estimated purposes, valued at $25,000,000
.
that 85 per cent of the net volume handled by Houston
cotton firms is exported, valued at $66,389,220, against
EXPORTS AND IMPORTS.
which foreign exchange is drawn and sold from HousThe Federal reserve act seemingly contemplates the
ton through local and eastern brokers.
Cottonseed products.—Crushed for manufacturing expansion of foreign exchange dealings by providing a
purposes, 1,933,623 tons; value, $46,406,952; used wider market for such transactions and permits the
for feeding, fertilizing, and planting, 1,627,277 tons; purchase of foreign bills of exchange and bank acceptvalue, $43,939,179; value of manufactured products, ances, involving exports and imports; therefore,
$62,942,313; exported, $17,982,694; consumed in ter- the location of a Federal reserve bank at Houston
ritory reaching Arizona on the west, Kansas on the would fulfill this banking function of the district
north, Porto Rico on the south, and the Atlantic sea- favorably, because there are so many ports adjacent.
The volume of exports and imports are as follows:
board on the east, $44,959,619.
The six Houston oil mills purchase and crush 7 per Galveston, including Texas City and Point Bolivar,
cent of the seed of this district used for manufacturing $289,278,496; Port Arthur, $27,538,586.
Work is being done now by the Government in the
purposes and turn out a greater volume of manufactured
products than any point in the South, the value of development of new ports along the Gulf coast, as
Aransas Pass, Corpus Christi, Freeport, Beaumont,
which is $15,500,000, including the oil refined.
• Certain farm products.—Corn, wheat, oats, hay, and and Orange.
The Houston Ship Channel will give Houston easy
dther feed crops were produced in 1912, valued at
access to the intercoastal canal and adjacent ports for
$188,743,000.
•
_Live stock.—The cattle, horses, mules, swine, sheep, the development of coastwise trade.
As an evidence of the service of the ship channel, the
and goats in this district are valued at $477,938,000.
Lumber.—Estimated stumpage,150,000,000,000feet; value of traffic on that waterway, during 1913, totaled
value, $750,000,000; output 1913, 6,313,000,000 feet; $35,930,800.
value, $88,382,000.
MISCELLANEOUS DATA CONCERNING HOUSTON.
A great part of this is handled by 48 lumber companies in Houston, employing a total capitalization of
Population of Houston.—Census of 1890, 27,557;
$21,835,000.
census of 1900, 44,633; census of 1910, 78,800.
Petroleum.—It is estimated that 13 oil fields located
By charter amendment last year certain suburbs
in Texas produced,in 1913, 15,500,000 barrels of crude were included within the present city limits.
petroleum, valued at $15,800,000, and 8 oil fields in
The city directory estimates the population for 1913
Louisiana produced, in 1913, 14,000,000 barrels of at 129,570, based on actual count of
names (and numcrude petroleum, valued at $14,000,000; total produc- ber in each family) published in the city
directory.
tion for district, 29,500,000 barrels (or 81,000 barrels
As of January 13, 1914, Houston's banking capital
daily) valued at $29,800,000.
was $13,716,000; banking resources, $62,711,000.


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Federal Reserve Bank of St. Louis

HOUSTON, TEXAS.

As of June 4, 1913, the national banks of Houston
Compared to those of other cities in Texas:
Lawful
,„„„,,
'.
rese
m g

Loans and
discounts.

City.

Houston
Dallas
Fort Worth
Ban Antonio

Individual
deposits.

276,558,128 $2,249,381 $23,961,558
20,810,446 2,274,892 20,605,291
14,750,672 1,286,698 12,027,117
10,236,131
1,267,292 10,343,009

167

From national banks alone, including entire State of
Louisiana-Continued.
Deposits, based on required percentage from member banks
$19,436,377
From national banks and 20 per cent of State banks:
Capital
6,760,401
Deposits, based on required percentage from member banks
19,313,267
CONSOLIDATED STATEMENT SIX NATIONAL BANKS OF
HOUSTON, JANUARY

Houston's wholesale and jobbing trade in 1913
Houston's retail trade in 1913
Houston's manufactured products in 1912
Houston's postal receipts in 1910
Houston's postal receipts in 1913
Houston's assessed valuation of property in 1913

$113,376,000
56,856,000
51,350,000
400,800
552,011
110,000,000

HOUSTON FREIGHT RATES.

Houston freight rates compared with competitive cities, showing why
Houston is the logical and actual wholesale and manufacturing
center in the Southwest.
[Classes 1, 2, 3, and 4 are less than car lots; 5, A, B,C, D,and E are car lots.]
Classes
2
New York to Houston
New York to Dallas and
Fort Worth
New York to Waco
New York to Austin
New York to San Antonio
Seaboard territory to Houston
Seaboard territory to Dallas, Fort Worth, Waco,
and San Antonio
Seaboard territory to Austin
Pittsburgh to Houston
Pittsburgh to Dallas, Fort
Worth, Waco, Austin,
and San Antonio
Buffalo to Houston
Buffalo to Dallas, Fort
Worth, Waco, Austin,
and San Antonio

3

4

5

92

73

60

51

40

45

40

33

32

32

172
159
153
164

145
135
129
139

120
116
111
119

109
105
100
108

84
78
75
80

91
84
81
86

80
76
73
78

67
63
61
65

55
53
52
54

49
48
48
49

107

ss

70

60

48

52

48

41

40

40

172

145

120

109

84

91

so

67

55

49

168
141

141
116

120
94

109
76

83

89

80

67

55

49

197
135

170
110

136
92

119
74

197

170

136

119

State.

NATIONAL BANKS.
Texas,
Oklahoma
Arkansas
New Mexico
Louisiana...
Total

Number
of banks
In district.

Capital.

A

Surplus.

Deposits.

519 $50,499,000 $25,873,929 $252,574,323
137 6,691,710
21,394,000
25 5,651,700
19,917,000
40 '2,215,000
996,900 16,309,250
25 5,146,365
17,836,130
746

70,203,775

26,870,829 328,030,703

COMBINED ASSETS.

Loans and discounts
$24,182,021.89
Overdrafts
439,684.49
United States bonds to secure circulation
4,700,000.00
Premium on United States bonds
7,513.48
Bonds, securities, etc
1,131,532.33
United States bonds to secure United States deposits
160,000.00
Other bonds to secure postal savings deposits
75,000.00
Banking houses, furniture and fixtures
2,524,100.12
Other real estate
604,225.00
Due from banks not reserve agents
5,228,390.46
Due from approved reserve agents
5,191,796.37
Due from United States Treasury 5 per cent
221,150.00
Due from United States Treasurer
44,850.00
National-bank notes, etc
4,868,848.27
Bills of exchange
1,743,197.95
Total

Total

Capital stock

Surplus
Undivided profits
Circulation
Due to banks
Individual deposits
Certifidates of deposit
Certified checks
Cashiers' checks
United Stittes deposits
United States deposits, postal savings department
United States deposits, United States disbursing
officers
Dividends unpaid
Reserved for taxes
Bonds borrowed
Other liabilities
Bills payable
Bills rediscounted

10,876,482

51,122,310.36

Total

•
Peroentage Average
bank
daily
Bank Individual
Total
Loans to loans loans on
deposits. deposits. deposits. banks. to total cotton.,
loans.
.

175,046,062

banks alone:
Capital
$5,824,476
Deposits, based on required percentage from member banks
17,562,803
rom national banks alone, including entire State of
Louisiana:
Capital
6,331, 776


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Federal Reserve Bank of St. Louis

28,034.09
3,725.66
41,396.25
365,000.00
36, 288.88
1,200,000. op
359,137.91

COMBINED FIGURES FROM NATIONAL BANKS OF HOUSTON, 1913.

100,234,000
14,861,000
27,966,800
26,368,000
5,616,262

REGIONAL BANK-PROPOSED DISTRICT.

F

5,300,000.
1,825,ow 06
730,119.34
4,681,600.00
11,113,617.25
21,252,959.67
2,886,767.93
31,816.52
1,101,383.95
119,926.45
45,536.46

Average daily-

857 33,383,500 10,425,000
220 4,107,250
177 18,913,400
160 9,131,000
451,482
49 1,582,130
1,463 67,117,280

i'r0121 national

51,122,310.36
COMBINED LIABILITIES.

STATE BANKS.

Texas
Oklahoma
Louisiana ......................
Arkansas
New Mexico
......................

13, 1914.

January
February
March
April
May
June
July
August
September
October
November
December
Daily average for yea

$17,337,595$23,704,724 841,042,319$2,346,755
15,814,646 23,341,363 39,156,009 3,063,768
15,160,661 24,440,947 39,601,sos 3,838,
14,056,835 24,118,312 38,175,147 4,885,!'.
12,891,875 25,240,164 38,132,039 5,445,043
10,238,589 23,896,595 34,135,184 6,185,510
9,168,505 23,008,020 32,176,525 7,635,
9,202,802 23,018,136 32,220,938 7,679,473
13,583,965 22,922,085 36,506,050 6,808, I ..
14,312,630 23,208,492 37,521,122 5,719,57
13,010,774 23,528,555 36,539,329 5,265,606
12,441,959 24,451,123 36,893,082 5,391,034

8$5,977,876
12 5,111,835
15 4,095,384
19 3,450,206
20 2,883,288
25 1,894,53C
30 937,055
32 787,995
27 2,681,291
21 4,472,4.%
20 4,509,071'
21 3,617,35E

13,101,737 23,739,876 36,841,613 5,355,376

20 3,368,191

0

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Federal Reserve Bank of St. Louis

SPIONMIC
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169

HOUSTON, TEXAS.
COMBINED FIGURES FROM NATIONAL BANKS OF HOUSTON,
1913-Continued.
Currency shipments.
Average
daily total
loans
' Inbound.

fanuary
February
larch
April
!1ay
Tune
Tuly
August
September
October
November
December
Daily average and
total for year..


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

$28,368,297
25,946,616
26,401,350
26,213,080
26,707,622
24,719,852
25,066,658
24,987,197
25,901,536
27,627,294
26,909,108
25,886,551

$253,716
380,565
634,292
634,292
570,862
507,433
507,433
3,171,458
2,790,883
1,585,729
761,130
888,042

Outbound,

$490,030
697,925
1,001,085
1,079,210
919,555
807,360
840,875
4,841,465
4,551,355
2,559,525
1,265,255
995,689

Total remittances
for correspondents
to central
reserve
cities.

Total
transit
items.

$7,074,050$56,395,219
6,341,650 49,654,329
7,490,814 49,333,319
7,253,063 56,495,222
8,257,850 56,595,220
6,504,550 42,471,516
7,008,600 42,782,427
7,596,445 56,295,224
9,490,250 70,619,026
13,535,450 84,742,831
12,288,202 77,680,928
8,120,925 63,125,001

26,227.929 12,685,835 20,049,329 100,961,849 706,190,262

JANUARY 30, 1914.
Committee Regional Bank Matter,
Chairman Houston
Houston, Tex.;
This is to certify that the total clearings as reported
to the clearing house by the members composing the
association for the year 1913 were as follows:
January
February
March
April
May
June
July

$37,890,336
39,735,897
49,527,018
35,863,674
39,137,386
30,127,485
32,582,477

August
September
October
November
December
Total

$36,239,707
48,935,743
49,864,334
45,115,291
41,862,958
486,882,306

These figures were reported in accordance with the
methodsadopted by tho American Bankers'Association.
Yours, very truly,
H. B. FINCH, Manager.

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Federal Reserve Bank of St. Louis

KANSAS CITY, MO.

171


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Federal Reserve Bank of St. Louis

KANSAS CITY, MO.
TESTIMONY INTRODUCED BY BANKS AND TRUST COMPANIES OF GREATER KANSAS CITY.
KANSAS CITY, MO., January .23, 1914.
The Reserve Bank Organization Committee:
GENTLEMEN: We believe it is the purpose of your
honorable body, as well as the intent of the Federal
reserve act, that the Federal reserve banks, provided
for under said act, shall be established at points where
they will best serve the contiguous territory.
Kansas City with her splendid railroad facilities and
excellent mail service, has become the natural market,
financial and distributing center of the richest and
most rapidly developing agricultural and mineral
district of America.
A large number of the national banks, State banks,
and trust companies throughout this great territory
have signified their intention of becoming members of a
Federal reserve bank at the earliest possible date, and
have expressed their desire to help in every way to
make the plan a success. On behalf of these institutions, and the banks and trust companies of Greater
Kansas City (Kansas City, Mo., and Kansas City,
Kans.), we respectfully submit, for your earnest consideration, the application of this city for the location
of one of the Federal reserve banks. We believe a
Federal reserve bank located here could serve more
advantageously than if located in any other city; the
district including the States of Kansas, Nebraska,
New Mexico and Oklahoma, the western part of the
State of Missouri, a small part of the States of Arkansas
and Iowa, the northern part of the State of Texas, and
that part of the State of Colorado east of the Rockies.
We are submitting herewith data which proves
Kansas City's supremacy in this territory, and which
we hope will enable your honorable body to place its
stamp of approval upon this application.
The Federal reserve bank of Kansas City,with the district as above outlined, would be a commanding institution,with ample capitaland deposits to protectand properly carefor the legitimate business needsof this district.
If any further information is desired, we will be glad
to furnish it at your command.
Wishing your honorable committee success in the
important work of organizing this great system of
Federal reserve banks, and assuring you of our most
hearty support at all times, we are,
Sincerely yours,


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Federal Reserve Bank of St. Louis

THE ASSOCIATED BANKS
OF GREATER KANSAS CITY.

GREATER KANSAS CITY'S NATURAL BANKING TERRITORY.

Greater Kansas City's natural banking territory
includes the States of Kansas, Nebraska, New Mexico,
and Oklahoma; that part of Colorado east of the
Rockies including the following counties: Adams,
Arapahoe, Baca, Bent, Boulder, Cheyenne, Clear
Creek, Crowley, Custer, Douglas, Elbert, El Paso,
Fremont, Gilpin, Huerfano, Jefferson, Kiowa, Kit
Carson,Larimer,Las Animas,Lincoln,Logan, Morgan,
Otero, Park, Phillips, Prowers, Pueblo, Sedgwick,
Teller, Washington, Weld, and Yuma; that part of
western Arkansas including the counties of Benton,
Boone, Carroll, Crawford, Franklin, Howard, Little
River, Madison, Miller, Scott, Sebastian, Sevier, Polk,
and Washington; that part of Iowa including the
counties of Adair, Adams, Audubon, Cass, Clarke,
Decatur, Fremont, Guthrie, Harrison, Mills, Montgomery,Page,Pottawatomie,Ringgold,Shelby,Taylor
and Union; that part of Missouri including the counties
of Andrew, Atchison, Barry, Barton, Bates, Buchanan,
Caldwell, Carroll, Cass, Cedar, Chariton, Christian,
Clay, Clinton, Dade, Daviess, DeKalb,Gentry, Greene,
Grundy, Harrison, Henry, Holt, Howard, Jackson,
Jasper, Johnson, Lafayette, Lawrence, Linn, Livingston, McDonald, Mercer, Newton, Nodaway, Platte,
Putnam,Ray,St. Clair, Saline, Stone,Sullivan, Taney,
Vernon, and Worth; and that part of the State of
Texas including Andrews, Archer, Armstrong, Bailey,
Baylor, Borden, Bowie, Briscoe, Callahan, Carson,
Cass, Castro, Childress, Clay, Cochran, Collin, Collingsworth, Cooke, Cottle, Crane, Crosby, Culbertson,
Dallam, Dallas, Dawson, Deaf Smith, Delta, Denton,
Dickens, Donley, Eastland, Ector, Ellis, El Paso,
Erath,Fannin,Fisher, Floyd, Foard, Franklin,Gaines,
Garza, Gray, Grayson, Hale, Hall, Hansford, Hardeman,Hartley, Haskell,Hemphill,Hockley,Hood,Hopkins,Howard,Hunt,Hutchinson,Jack,Johnson,Jones,
Kaufman,Kent,King,Knox,Lamar,Lamb,Lipscomb,
Loving, Lubbock, Lynn, Martin, Midland, Mitchell,
Montague, Moore, Morris, Motley, Nolan, Ochiltree,
Oldham, Palo Pinto, Parker, Parmer, Potter, Rains,
Randall, Red River, Reeves, Roberts, Rockwell,
Scurry, Shackelford, Sherman, Somervell, Stephens,
Stonewall, Swisher, Tarrant, Taylor, Terry, Throckmorton, Titus, Van Zandt, Ward, Wichita, Wilbarger,
Wheeler, Winkler, Wise, Wood, Yakumo, and Young.
•

173

174

LOCATION OF RESERVE DISTRICTS.

The Reserve Bank Organization Committee.
GENTLEMEN: When this data and map outlining our
territory were prepared we had in mind that the city
of Omaha, Nebr., would be in the district with Greater
Kansas City, and for that reason, and as a secondary
proposition, the northern part of the State of Nebraska
and the 17 counties in the southwestern part of Iowa
were included with Greater Kansas City; but in event
Omaha is for some reason placed in another district,
then Greater Kansas City would have no claim to the
17 counties in southwestern Iowa and would be entitled to practically only that part of the State of Nebraska which lies south of the Platte River (indicated
by a red line on the map) and which includes the following counties: Adams, Buffalo, Butler, Cass, Chase,
Clay, Dundy, Dawson, Fillmore, Franklin, Frontier,
Furnas, Gage, Gasper, Harlan, Hayes, Hamilton,
Hitchcock, Jefferson, Johnson, Kearney, Hall, Lancaster, Lincoln, Nemaha, Nuckalls, Otoe, Perkins,
Phelps, Polk, Pawnee, Richardson, Red Willow, Sa- lina, Seward, Thayer, Saunders, Webster, and York.
With Omaha included in a district other than with
Greater Kansas City our figures heading "Pertinent
facts" would be changed to show the Federal bank of
Kansas City, if only national banks become members,
an institution with a capital of $8,126,643 and possible
deposits of, exclusive of Government funds, $33,667,801, and should the eligible State banks also join the
plan we would have a bank with a capital of $12,487,763
and with possible deposits, exclusive of Government
funds, of $46,586,217. Other figures are to be revised
accordingly.
Respectfully,
ASSOCIATED BANKS AND TRUST
COMPANIES OF GREATER KANSAS CITY.
By JEROME THRALLS.
KANSAS CITY, MO., January 23, 1914.
Bank accounts carried with banks and trust companies of greater
Kansas City.

ber are 17.9 per cent of all the national banks in the
United States.
There are 3,858 State banks and trust companies in
this territory,and of these institutions 997 have capital
equal to or greater than that required of national
banks in their respective communities and are in position to immediately become members of a Federal
reserve bank.
The total number of banks and trust companies in
this territory, 5,202, is more than 20 per cent of
all the banks and trust companies in the United
States.
These institutions have a combined capital and surplus of $293,448,264, with deposits of $1,185,817,623.
The 1,344 national banks have capital, $97,172,500;
surplus, $58,448,704, and deposits, $641,584,459.
The 997 State banks and trust companies, now eligible for admission to membership, have capital,
$51,833,675; surplus, $22,267,510; and deposits,
$249,661,856.
Should only the national banks become members,
they would furnish to the Federal reserve bank, on a
6 per cent subscription basis, a capital of $9,337,272,
and should the 997 eligible State banks and trust
companies become members, they would furnish additional capital, $4,446,071, making the total maximum
capital available $13,783,343. The possible deposits
of the Federal reserve bank so established, exclusive
of such funds as the Government might place with it,
are $53,474,778.
Brief summary of banks of our natural banking territory.

National banks
Eligible State banks and trust
'companies

Number
Number
from na- from State
banks and
tional
trust combanks.
panies.

Surplus.

Deposits.

1,344 $97,172,500 $58,448,704 $641,584,459
997 51,833,675 22,267,510

Other State banks and trust companies

249,661,856

2,341 149,006,175 80,716,214

891,246,315

42,319,205 21,406,670

294,571,308

2,861

Total

From banks of—

Capital.

Number.

5,202 191,325,380 102,122,884 1,185,817,623

Statement of important items of banks and trust companies in our.
.
natural banking territory.
KANSAS.

Arkansas(14 counties)
Colorado (33 counties)
Iowa(17 counties)
Kansas
Missouri(45counties)
Nebraska
New Mexico
Oklahoma
Texas(112 counties)
Total

17
54
4
583
167
78
35
483
137

25
35
2
1,479
606
51
21
591
106

1,558

2,916

Number.
National banks
Eligiblo State banks and trust
companies
Other State banks and trust companies

Capital.

Surplus.

Deposits.

213 $12,312,500 $6,151,068 370,176,775
181

7,680,000

3,777,300

40,341,000

752 11,315,300

3,940,626

77,829,478

' 1,146 31,307,800 13,868,994 188,347,253

From national banks
From State banks and trust companies

1,558
2,916

Total
Miscellaneous bank accounts not in above States

4,474
604

Grand total

5,078

PERTINENT FACTS.
Our territory (as shown by map)has located within
its boundaries 1,344 national banks, which in num-


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Federal Reserve Bank of St. Louis

NEBRASKA.

National banks
Eligible State banks and trust
companies
Other State banks and trust companies

241 316,270,000 38,353,080 394,583,918
228

8,756,500

2,992,700

43,950,000

51I

7,256,500

5,693,220

82,140,082

980 32,283,000 17,039,000 220,674,000

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) not from this territory

Grand total 2961

4474
604
5079

Ell 'LIU.:

WYOMING

176

LOCATION OF RESERVE DISTRICTS.

(Thirty-nine counties south of and adjacent to
Platte River would come to Kansas City should
Omaha be included in some other district.)

Statement of important items of banks and trust companies in the
natural banking territory-Continued.
GRAND SUMMARY.

Statement of important items of banks and trust companies in our
natural banking territory-Continued.
Number.
National banks
Eligible State banks and trust
companies
Other State banks and trust companies

Capital.

Surplus.

Deposits.

Number.

3,938,500

1,381,840

4,465,200

1,476,650

30,386,630

521

14,044,700

6,260,930

96,680,970

40 $2,215,000

23,010,000
129,775,670
50,787,034
256,762,836
109,638,830

5,202 191,325,380 102,122,884 1,185,817,623

$996,900 $14,383,713

22

1,137,000

245,000

559,000

394,100
1,636,000

23, 118,000

97,172,500 58,448,704
51,833,675 22,267,510
42,319,205 21,406,670

641,584,459
249,661,856
294,571,308

4,939,287

3,911,000

1,344
997
2,861

National banks
Eligible State banks
Other State banks

3,795,000

28
90

5,202 191,325,380 102, 122,884 1,185,817,623

STATEMENT
OKLAHOMA.
National banks
Eligible State banks and trust
companies
Other State banks and trust companies

55.5,843,253

133 6,162,110 3,158,000
215 14,342,900 12,042,970
249 7,728,500 3,457,500
703 33,345,150 21,533,660
685 38,631,920 21,890,760

Arkansas
Colorado
Iowa.
Missouri
Texas

NEW MEXICO.
National banks
Eligible State banks and trust
companies
Other State banks and trust companies

Deposits.

3,217 91,114,800 40,039,994

31,115,350

306

Surplus.

1,146 331,307,800 $13,868,994 $188,347,253
980 32,283,000 17,039,000 220,674,000
1,636,000
23,118,000
90 3,911,000
1,001 23,613,000 7,496,000
12.`,, 704,000

Kansas
Nebraska
New Mexico
Oklahoma

100 $5,641,000 $3,402,440 $35,178,990
115

Capital.

326 $14,385,000 $3,936,006

$72,162,843

68

2,267,000

437,000

9,143,000

607

6,961,000

3,122,994

42,398,157

1,001

23,613,000

7,496,000

OF

BANKS

OF

GREATER

KANSAS

CITY.

Following are the principal items of the combined
statements of the clearing-house banks of greater
Kansas City as shown at the close of business, October
21, 1913, and January 5, 1914:

123,704,000
Oct. 21, 1913. Jan. 5, 1914.

ARKANSAS (WEST 14 COUNTIES).
National banks
Eligible State banks and trust
companies
Other State banks and trust companies

23 $2,195,000

$1,729,000 $12,404,000

43

3,080,375

1,146, 100

7,560,000

67

886,735

282,900

3,046,000

133

6,162,110

3,158,000

23,010,000

$17,585,7W
3,909,962
137,425,486

Capital and fixed surplus
Undivided profits
Deposits
Deposits,country banks
Deposits, reserve city banks
Reserve, gross
Loans to country banks
Loans and discounts
Resources

1 52,860,376
97,444,151
163,959,521
37.5 per cent.

'38.4 per cent.

COLORADO (EAST 33 COUNTIES).

317,621,400
3,973,986
133,819,404
51,336,806
17,372,043
9 50,247,523
26,999,478
95,493,931
160,951,772

Increase in capital in 7 years.......................................per cent..
Increase in deposits in 7 years.........................................do....
National banks
Eligible State banks and trust
companies
Other State banks and trust companies

86

295
56

38,920,000 $9,496,010 $93,690,920

37

3,386,800

1,814,300

25,021,800

92

2,036,100

732,660

11,062,950

215

14,342,900

12,042,970

The same items of the combined statements of all
banks of greater Kansas City (49 in number) are:

129,775,670
Oct. 21, 1913. Jan. 5, 1914.

IOWA (SOUTHWEST 17 COUNTIES).
National banks
Eligible State banks and trust
companies
Other State banks and trust companies

59

$3,030,000

$1,566,500 $21,049,500

89

3,469,000

1,419,000

101

1,229,500

472,000

8,217,248

249

7,728,500

3,457,500

50,787,034

21,520,286

MISSOURI (WEST 45 COUNTIES).

$19,088,150
4,082,307
, 143,259,254
1 54,680,587
103,482,173
172,060,153

Capital and fixed surplus
Undivided profits
Deposits
Gross reserve
Loans and discounts
Iiesources

$19,149,450
4,086,433
141,032,708
52,296,554
101,864,399
169,855,387

_
2 37.08 per cent.

1 38.1 per cent.

-YEAR
KANSAS CITY'S BANK CLEARINGS SINCE 1875 IN 5
PERIODS.

National banks
Eligible State banks and trust
companies
Other State banks and trust companies

88 $13,585,000 $8,872,060 $140,220,00C
177

12,436,500

7,639,000

67,782,200

438

7,323,650

5,022,600

48,760,630

703 33,345,150

21,533,660 256,762,830

TEXAS (NORTH 112 COUNTIES).
National banks
Eligible State banks and trust
companies
Other State banks and trust companies


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Federal Reserve Bank of St. Louis

268 $24,260,000 $17,348,080 $122,912,790
152

9,620,500

2,797,110

265

4,751,420

1,745,570

16,177,470

38,631,920 21,890,760

169,638,830

685

30,548,570

Clearings for two days at the present time frequently exceed the clearings for the entire year of
1875.
1875
1880
1885
1890
1895

$20,407,967
50, 730,000
223,389,419
492,207,771
520,870,447

1900
1905
1910
1913

$775,264,813
1,197,905,558
2,634,557,738
2,850,362,611

Kansas City divided honors with Pittsburgh, ranking
sixth part of the year and seventh the remainder.

177

KANSAS CITY, MISSOURI.

Our clearings represent only the sum total of items
brought to the clearing house for exchanges, and our
settlements are made in cash.
$1,317,000,000
1,276,000,000
476,000,000
1,331,000,000
1,210,000,000
716,000,000
1,312,000,000
981,000,000
909,000,000
2,624,000,000
4,137,000,000
531,000,000

Cincinnati's clearings 1913 were
Cleveland's clearings 1913 were
Denver
Detroit
Los Angeles
Louisville
Minneapolis
New Orleans
Omaha
San Francisco
St. Louis
St. Paul
SOME COMPARATIVE INCREASES.

RAILROADS.
Per cent.

113
30
50
36
11
36
1
9

Since 1906 Kansas City showed increase
Since 1906 St. Louis showed increase
Since 1906 Chicago showed increase
Since 1906 Minneapolis showed increase
Since 1906 Pittsburgh showed increase
Since 1906 San Francisco showed increase
Since 1906 Boston showed loss
Since 1906 New York showed loss

Kansas City's clearings increased during 10 years,
1903 to 1913, 165 per cent.
TOTAL

BANK

TRANSACTIONS

OF

CLEARING-HOUSE

BANKS OF KANSAS CITY.

A certified statement is filed with our clearing house
each Thursday by every clearing-house bank showing
the exact amount of the debits to the several accounts
for the week ending Thursday.
The grand aggregate of these figures for the year
1913-in other words, the total amount of business
transacted by the clearing-house banks of Kansas City
during the year 1913-is $5,424,001,992.
Average number of items handled daily, 265,509.
Our country collection department puts the banks of
Kansas City in direct touch with 3,300 country banks,
thereby averting circuitous routing and rendering
prompt service.
.
Amount of items handled through. country clearing
house for the fiscal year, $107,522,900.
Greater Kansas City ranks first in proximity to the
nation's meat supply. In number of miles of parked
boulevards. In sale of agricultural implements. In
sale of yellow pine lumber. In tributary trade territory. In agricultural territory. In Pullman business.
As a mule market. As a hay market.
Ranks second in grain receipts (primary). In meat
packing. In live stock. In railroads.
Ranks third in poultry and egg business. In telegraphic business. In hunber'business. In flour output.
Sixth and seventh in bank clearings; seventh in
Postal receipts, and tenth in factory output.
This city, considered as one industrial and commercial unit with the same telephone systems, the same


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

46458°-S. Doc.485,63-2--12

street car system, the same freight and passenger terminals, had, according to the directory of 1913 (Gate
City Directory Co.) a population of 512,741.
We have within a radius of. 125 miles (5 hours' ride)
a population of 2,344,369, and within a radius of 250
miles (10 hours' ride) a population of 8,271,050.
We have within our local jobbing and manufacturing
territory, which is practically the same as our natural
banking territory, a population of 12,770,601.
The last census showed the growth of this territory
in 10 years, 25.13 per cent.
Greater Kansas City's growth during same period
was 51 per cent.

We have 16 trunk lines: Atchison, Topeka & Santa
Fe; Chicago, Burlington & Quincy; Chicago & Alton;
Chicago Great Western; Chicago, Milwaukee & St.
Paul; Chicago, Rock Island & Pacific; Kansas City
Southern; Kansas City, Mexico & Orient; Missouri
Pacific; Missouri, Kansas & Texas; Missouri, Oklahoma & Gulf; Quincy, Omaha & Kansas City; St. Louis
& San Francisco; St. Joseph & Grand Island; Union
Pacific; Wabash.
In addition to these trunk lines we have 32 separate
subordinate lines which provide unsuryassed distributing facilities.
These railroads bring in and send out of Kansas City
daily 260 passenger trains.
They handle an average of 2,000 cars of freight in
and out of Kansas City daily.
Our freight terminals, which are being enlarged and
reconstructed, furnish the most complete and efficient
plan in the world for freight handling.
Our new Union Station and passenger terminals, now
under construction, are the largest west of New York.
More pieces of baggage are handled at the Kansas
City Union Depot each year than at any other station
in the world.
MAIL SERVICE FROM KANSAS CITY.

Number of dispatches daily.
North
East
South
West
.
................................................
. .......
......................................
Northeast
Northwest
..
Southeast................................. ......................
......................................... ...
Southwest
Total

21
18
15
24
13
6
11
18
126

Montgomery Ward & Co. and Sears, Roebuck & Co.,
two of the largest mail-order houses in the world, selected Kansas City as the proper place in which to
locate the largest mail-order houses west of the Mississippi River. Their reasons for selecting Kansas City
were that this city offers better railroad and mail facilities than does any other city in the entire west and
southwestern territory.

178

LOCATION OF RESERVE DISTRICTS.

Dispatches are as follows:
[Time given is time trains leave.]
North.

a. m.
7.35
8.00
8. 10
9.00
9. 45
9.50
11.35
P. M.
1.00
1. 10
4.30
6. 35
7.30
9.00
9.30
10.40(4)
11. 10(2)
12.00

East.

South.

a. m.
6.00
8.00
8. 15
9.00
9.55

a. m.
2.00
9.00

p.m.
P. in.
1.15
2.00
4.30 2) 5.30(7)
6.00 2) 9.35
6.28 2) 10.45(2)
9.00(2) 11.30
10.00
11.55
,
10.30
11.30(2)

West.

Northeast.

Northwest.

a. m.
a. m.
1.45
7.30
8.05
8.00
9.10
8. 15
9.30
8.30
9. 40(2) 9.03
10.05
10.00
10.40
11.20

Southeast.

P. m.
4.00
4.05
7.30

Southwest.

a. m.
8.30
9.10
11.00

a. m.
2.00
7.25
10.30

p.m.
p.m.
1.00
6.00(4)
2.35
6. 20
4. 10
9.00
4. 15
10.30
6.00(2i
6. 10(2
9.35(3
10.00
10.05(2)
10.15
10.25

Kansas City receives grain and seeds from the following States: Kansas, Missouri, Nebraska, Oklahoma, Iowa, Colorado, Minnesota, South Dakota,
Idaho, Utah, Wyoming, Texas.
The amount of grain received and officially inspected in Kansas City for the last 10 years is as

a. m.
2.20
7.55
8.50
9.30
10.00
10.40

follows:
Year.

Wheat.

Corn.

Kaffir corn.

Oats.

Rye.

Barley.

P.m.
12.05
2. 20
8. 25
8.35
9. 15(2)
9. 35
9.50
10.00
11.00(2)
11.15

1904....
1905....
1906....
1907....
1908....
1909....
1910....
1911....
1912....
1913....

Bushels.
39,159,900
40,038,000
37,423,000
36,617,7
00
40,131,300
35,354,000
43,527,700
25,701,600
43,719,600
33,870,000

Bushels.
14,187,600
21,508,000
15,882,000
16,024,800
8,643,400
11,547,150
17,619,400
16,934,400
19,522,500
21,928,750

Bushels.
(1
1
1
1
1
1
1
1,34 ,428
2,733,500
1,973,000

Bushels.
4,675,200
6,874,500
6,463,500
8,629,500
5,613,000
6,349,500
5,451,500
6,230,500
6,682,700
10,174,500

Bushels.
247,200
323,000
212,000
161,700
218,900
121,000
79,200
84,700
147,400
458,700

Bushels.
581,001
856,001
503,001
404,801
544,501
421,301
394,201
392,001
186,201
364,001

P. in.
1.00
5.35
6. 15(4)
11. 30(2)

SUMMARY.

Kansas City is the largest winter-wheat market in
the world.
Kansas City grain exporters export more hard winter
wheat than all other exporters in the United States
combined.
Kansas City is one of the most important markets
for grass and field seeds in the United States.


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Federal Reserve Bank of St. Louis

Bushels.

1904
1905
1906
1907
1908

Year.

58,850,900
69,599,500
60,483,500
61,838,500
55,151,100

Year.

1909.......................
1910
1911
1912....................
1913

Bushels.

1 No record.

KANSAS CITY'S RELATIVE LOCATION TO CENTERS OF PRODUCTION.
OAT

COPPER WHEAT

GOLD
j.,CENTER

CENTER

CENTER

HOG

CATTLE

CENTER

CENTER CENTER

pk
%
S.I4DAI(0TA

miNNEsoT,
:1.ctZi •
;5

1.4
"11I

MONTANA4 5:PA •TA
- ----......--

°REG°, i

WISCONSIN

4
\

44
0 4
i/

roAmo;

-t

I ow°

[ NEBRASKA

41/

WYOM

miCIAIGA/
N

WA

iLoso's

G!

4 4.
4
‘0
7,"

0

.RGIStA
.

`41
NEVADA I
;

... UTAH j

COLORADO

KANSAS

...

•
CAL.'PORNIA\

I ARKANSAS
Ar.

—k

SILVER
CENTER

NEW ME XI

"
ft0I-IS

0 4
44
U

0
TEXA5

SHEEP CP WOOL
CENTER
GEOGRAPHICAL
CENTER
LEAD 12 ZINC
CENTER

ANA

IENNE55
,1-1-- -- \ tp,ROU
--t
I
\
.*"‘
\
)415515Si
-iPRL I
.
7
1
LABANA%
.A_......1G E0RG IA
:
• r- —
F
lysiiiii:

04
)

COTTON
CENTER

HORSE & MULE
CENTER

CENTER FARM PRODUCTION
Value 1912, $9,532,000,000
Over Nino and One-half Billion Dollars

a

53,804,050
67,072,000
50,689,628
72,991,900
68,768,950

179

KANSAS CITY, MISSOURI.

This map shows Kansas City's mail service. We have 126 dispatches of mail daily—west, 24; south,.15
north, 21; east, 18; southwest, 18; southeast, 11; northeast, 13; northwest, 6.
OAK..

MONt

0 LIS

50.DA t-e
-

3

IOWA

214
804
S.
X

1231

423
76.S
41,56

ARK

••••• 41.111, •

12gg

0
958

7,
126.6
-•

8‘2.

—
•

FIGURES REPRESENT DISTANCE IN l‘1tLE.5 , FROM KANSAS CITY
E1 LESS THAN 24I-4OUR.5 MORE 'THAN 122`.
a LESS "FRAN %2 HouRS
204 HOuR.5
X .36 HOuR-5 - GULF PoRrs LESS

•
8C7

Kansas City has 16 trunk-line railroads and 32 subsidiary, which bring in and take out 260 passenger
trains and 2,000 cars of freight daily.
(The seeming discrepancies in mileage between points in the same states as indicated on this map are due
to round-about connections to reach them.)


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Federal Reserve Bank of St. Louis

180

LOCATION OF RESERVE DISTRICTS.

In addition to the grain received and inspected in
Kansas City it must be borne in mind that the above
figures do not take into consideration or show the
large amount of grain bought by Kansas City grain
merchants which is not stopped at Kansas City or
inspected at Kansas City and, consequently, is not
shown in the above table. It is conservatively estimated that between 30,000,000 and 35,000,000 bushels
of grain are bought by Kansas City grain merchants
and paid for through Kansas City banks, which grain
moves direct from the point of shipment, either for
export, to the milling trade, to other grain merchants
for distribution, or to the consumer direct.
Adding the grain bought and inspected at Kansas
City to the grain bought and paid for by Kansas City
grain merchants, but not stopped at Kansas City, we
have fully 100,000,000 bushels of grain paid for by
Kansas City grain 'merchants through Kansas City
banks.
Kansas City has grain elevator capacity for over
14,000,000 bushels of grain, and the latest figures
attainable show the following to be the grain in store
in the grain markets of the United States January 4,
1914:

Is the largest primary alfalfa market.
Is the logical gateway from a railroad and geographical standpoint for the movement of the alfalfa
produced in the seven greatest alfalfa-growing States,
namely, Colorado,Idaho, Kansas, Nebraska, Montana;
Oklahoma, and Wyoming.
Has facilities for properly inspecting and handling
700 cars of hay and alfalfa per day.
Hay receiptsforfour years.
Cars.

1910
1911
1912
1913

Tons.

30,373
33,770
36,180
32,353

Year.

364,476
472,780
506,520
452,942

Value.
$2,551,332
3,309,460
3,545,640
3,170,594

HORSES AND MULES.

Greater Kansas City ranks first as a mule market.
Total number of horses and mules received during
year 1913, 82,110; 1912, 73,445; conservative value of
those marketed in 1913, $13,750,000. Received from
the following States:
State.

1913

1912

State.

1913

1912

Bushels.

24,829,000
22,386,000
12,595,000
9,903,000
4,239,000
3,866,000

Chicago
Minneapolis
Duluth
Kansas City
Omaha
St. Louis

Kansas City is the largest export point for winter
hard wheat in the United States, and more than 80
per cent of the grain exported from the Gulf ports of
the United States is handled and financed by Kansas
City grain exporters. In addition to this, large quantities of Kansas and Nebraska hard wheat, corn, and
oats are shipped to the eastern seaboard by Kansas
City grain merchants.
There is also owned and managed by the Kansas
City grain merchants a large number of country elevators buying grain direct from the farmers in Oklahoma, Kansas, Nebraska, and Missouri.
GRASS AND FIELD SEEDS.

The average tonnage of yearly receipts of grass and
field seeds at Kansas City is 65,000,000 pounds, and
the value is $1,250,000, making it one of the largest
distributing points for field seeds in the United States.
HAY.

Kansas City is the largest market and distributing
point for hay in the world.


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Federal Reserve Bank of St. Louis

Arizona
Arkansas
California
Colorado
Idaho
Illinois
Iowa
Kansas
Kentucky
Louisiana
Minnesota
Missouri
Montana
Nebraska

91
259
35
2,217
161
382
694
49,812
18
5
55
13,842
544
7,993

Nevada
New Jersey
New Mexico
2,108 Ohio
43 Oklahoma
259 Oregon
899 South Dakota
44,452 Te111163Ssee
1 Texas
Utah
46 Wisconsin
12,419 Wyoming
83
Total
6,921

150
1
167

91
308

34
171

9

4,719
178
83
2
443
85
165

4,323
16
84
51
589
286
7
254

82,110

73,445

LIVE STOCK INDUSTRY.

Greater Kansas City ranks second. Total number
cars of live stock received in year 1913, 137,000; value
live stock marketed, $224,000,000; number cattle received, 2,318,885; number hogs received, 3,067,785;
number sheep received, 2,094,748.
This stock came from 29 different States and from
the Republic of Mexico.
Kansas City is the greatest stocker and feeder
market in the world.
During the year 1913 cattle were shipped as follows:
To Illinois points...................................
To Iowa points
To Kansas points............... ....................
To Missouri points..................................
To other States north and east
To other States south and west

144,000
202,000
190,000
282,000
71,000
25,000

914,000
Total........................................
Conservative value.................................. $50,000,000

181

KANSAS CITY, MISSOURI.

Total number of beef cattle remaining in our tributary territory, 11,000,000, being about 30 per cent of
what is in the United States.
Cattle receipts by States at the Kansas City, Mo., stockyards.
From-

1913

1912

Arizona
4,635
2,934
Arkansas
28,950
35,311
Colorado
73,491
73,988
Florida
2,999
Georgia..146
Idaho
243
Illinois
1,637
5,471
Indiana
159
23
Iowa
6,206
18,102
Kansas
1,201,578 1,058,578
Kentucky
16
Louisiana
4,245
3,581
Minnesota.
1,452
219
Mississippi
37
Missouri
364,532
360,594

FromMontana
Nebraska.
New Mexico
New York
Oklahoma
Oregon
South Dakota
Tennessee
Texas
Utah
Wisconsin
Wyoming
Mexico
Total

1913
75
59,136
47,103
25
280,313
26
479
239,768
2,104
795
331
53
2,318,885

1912
999
56,722
31,282
279,539
1,397
51
157
213,705
1,210
328
1,374
2,147,224

Hog receipts, by States, at the Kansas City, Mo ,stockyards.
Fro,1Arizona.
Arkansas
Colorado.
Iowa
Kansas.
Louisiana
Missouri.
Nebraska.
New Mexi

1913

13,545
1,267
22,831
1,536,528
182
800,484
137,067
185

1912

14,217
4,250
27,498
1,359,853
119
842,396
230,988
243

From-

1913

41,588
1,311
868

... 2,567,785
Total....
Received at ....
vats yards. .... 500,000
.

2,523,331

Grand total 3,067,785
.

2,923,331

400,000

Sheep receipts, by States, at the Kansas City, Mo., stockyards.
FromArizona
Arkansas
California
Colorado
Idaho
Illinois
Iowa
Kansas
.
Louisiana
Minnesota
Missouri
Montana


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Federal Reserve Bank of St. Louis

1913
87,951
9,522
1,984
688,374
4,427
2,470
8,218
361,840
1,117
266
275,191
6,878

1912
90,467
4,579
2,571
569,542
8,889
468
3,484
462,271
318,217
29,883

FromNevada
New Mexico
Oklahoma
Oregon
South Dakota
Texas
Utah
Wyoming
Nebraska
Total

1913
5,570
149,844
20,515

Manufacturing.
-Total number of factories in
Greater Kansas City (1913), 1,200; number of people
employed in these factories, 40,000; number of people
supported by these factories, 100,000; capital invested
in these factories, $100,000,000; value of products of
these factories (1913), $250,000,000; gain in number
of factories in 10 years, 51.2 per cent; gain in average
number of wage earners, 40 per cent; gain in capital
invested, 107.4 per cent; gain in value of production,
102.5 per cent.
-The output of the Kansas and Kansas
Flour mills.
City flour mills for 1913 was 12,890,183 barrels, having
a value of $58,005,585.
MEAT PACKING.

1912

52,892
915
1,889

Oklahoma. .
.....
South Dakota
Texas

MANUFACTURING AND MILLING.

1912

187,424
210,983
15,967
56,207

2,542
134,565
34,559
3,130
352
206,809
197,254
28,320
36,066

2,094,748

2,133,978

Greater Kansas City ranks second.
The following is the record of the number of animals
killed during the year 1913: Cattle and calves,
1,240,862; hogs, 2,795,597; sheep, 1,600,993.
The sales of the products of our packing houses for
1913 aggregated $178,000,000.
LUMBER AND OIL.

During year 1913 the yellow pine manufacturers of
Kansas City produced 1,003,200,000 feet of yellow
pine lumber, of a value of over $25,000,000.
The Prairie Oil & Gas Co. and other pipe lines carried from oil fields within 10 hours' ride of Kansas
City 50,900,000 barrels of oil, having a market value
of more than $50,000,000, which shows an increase
over 1912 of 35.7 per cent.


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

LOUISVILLE, KY.

1S3


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Federal Reserve Bank of St. Louis

LOUISVILLE, KY.
ARGUMENTS IN BEHALF OF LOUISVILLE AS A FEDERAL RESERVE CITY.
Counties); the entire States of Kentucky, Tennessee,
The Reserve Bank Organization Committee:
The President, the Senate, and Congress are to be Alabama, Georgia, Florida, and northern Mississippi,
congratulated upon the enactment of a bill contain- comprising the following counties: Alcorn, Attala,
ing so many admirable features, and whatever differ- Benton, Bolivar, Coahoma, Calhoun, Carroll, Chickaences of opinion may have existed during the discus- saw, Clay, Choctaw, De Soto, Grenada, Holmes, Itasion of the bill, and especially as originally presented, wamba, Lee, Lafayette, Leflore, Lowndes, Marshall,
the country as a whole looks forward with confidence to Montgomery, Monroe, Noxubee, Oktibbeha, Prentiss,
the practical and satisfactory operation of the Federal Panola, Pontotoc, Quitman, Sunflower, Tate, Tunica,
Tippah, Tishimingo, Tallahatchie, Union, Webster,
reserve act.
In a discussion of this matter it shall not be our Washington, Winston, and Yalobusha.
Louisville is located within this territorial region,
purpose to criticise any arguments, nor to comment
Upon the laudable aspirations of other cities. The within easy access to all points embraced within its
claim of Louisville is based on its merits for financial confines. Based on commerce, as regulated by the
and commercial usefulness, and the large and varied mails, 18 hours' communication meets the necessities
interests represented within the territorial region. It of the case substantially as well as 10 or 12 hours;
shall be our sole purpose to inform this committee that is to say, if the checks, notes, bills, and other
why Louisville so peculiarly meets all of the require- paper can be mailed at 4 or 5 o'clock in the afternoon
and be received by a correspondent bank at 8 or 9
ments of a Federal reserve city.
The law provides that the Reserve Bank Organiza- o'clock the following morning, it meets the requiretion Committee shall designate not less than 8 nor ments practically as well as though the same items
more than 12 cities, to be known as Federal reserve were received on the evening of the same day on
which mailed.
cities.
Louisville is within 3 or 4 hours of all of the cities
that the districts shall be
The law further provides
It is within less
apportioned with due regard to the convenience and and towns of southern Indiana.
all of the principal points
customary course of business, and shall not necessa- than 12 hours by mail of
within the State of Kentucky. It is within 9 hours
rily be coterminous with any State or States.
It is our understanding, therefore, that the essential of Knoxville and eastern Tennessee. It is within 12
hours of Nashelements which are to be met by us in the presentation hours of Chattanooga. It is within 5
Memphis.
ville and 12 hours of
of our case are as follows:
With regard to the State of Mississippi, it is within
(a) Geographical convenience.
15 hours' communication.
(b) The industrial development of the section.
With reference to Alabama, it is within 11 hours of
trend of business.
(c) The established
(d) The extent to which each section is able, inde- the principal city of Alabama, namely, Birmingham.
It is within 14 hours of Montgomery.
pendently, to finance the needs of its own region.
With regard to Atlanta, it is within 16 hours.
Taken up in order, we submit a map, marked "ExNecessarily, Florida being a peninsular State, is not
lubit No. 1," outlining clearly the region to be embraced, and which, for the purpose of convenience, within easy communication by mail of any of the
will be designated region No. 3. In this region is States. For business purposes, it is as near the city
embraced southern Indiana (comprising Bartholo- of Louisville, Richmond, Washington, and Baltimore
mew,Brown, Crawford, Clay, Clark, Daviess, Decatur, as it is to New Orleans or New York.
The cities of Florida are at least a night's mail from
Dearborn, Dubois, Fayette, Franklin, Floyd, Green,
Gibson, Harrison, Jackson, Jefferson, Jennings, John- Atlanta, the nearest point.
Therefore it is clear from the standpoint of convenson, Knox, Lawrence, Morgan, Monroe, Martin,
Owen, Ohio, Orange, Perry, Pike, Posey, Rush, Rip- ience that Louisville is within easy access by mail, for
ley, Shelby, Spencer, Sullivan, Scott, Switzerland, all practical purposes, of all the territory embraced
Union, Vigo, Vanderburg, Washington, and Warrick within region No. 3.
185


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186

LOCATION OF RESERVE DISTRICTS.

Louisville is also most favorably situated with
regard to a number of cities, some of which of necessity must be chosen as Federal reserve cities under
the act.
Should it be necessary to communicate promptly
with other Federal reserve cities, it can be done with
a number of them by a night's mail.
Chicago is less than 10 hours' distant from Louisville.
St. Louis is less than 8 hours by mail from Louisville.
Pittsburgh is within 12 hours, and likewise Cleveland.
Hence it follows that Louisville, as a matter of convenience, is most conveniently located both with
regard to prompt communication with all the points
in region No. 3, and likewise with a number of cities,
some of which of necessity must be chosen as Federal
reserve cities.
INDUSTRIAL DEVELOPMENT OF THE SECTION.

In the matter of grain, the receipts were for the
past year $17,000,000.
In the matter of live stock the number of cattle,
hogs, etc., was 1,400,000, of a value of approximately
$22,000,000.
The census report of 1910 further discloses the fact
that the manufactured products of the city of Louisville for the year 1913 amounted to $101,000,000.
Louisville has a large and varied rpmber of factories.
It has the largest farm-wagon factory in the world.
It has one of the four largest plow factories in the
world, the output of which is largely sold in the South,
and especially within region No. 3.
Louisville also has large and important grain elevators.
It has a large and important hardware and dry goods
trade, the bulk of which is distributed through the
South.
It has industries, or rather it has factories, amounting to approximately 1,000 in number.
Its wholesale trade is also large and extensive, and
Louisville for years has been known as a large distributing point for all classes of goods used within the
South and Southwest.
Turning your. attention to the geological map of
Kentucky, it appears that Louisville occupies a most
unusual position. Bounded on the west by a large
and important coal region, covering approximately 80
miles square. To the east of our city, and within easy
access of it, are large and valuable coal fields, which
coal fields extend not only through the State of Kentucky, but also to the State of Tennessee, being generally known as the Jellico coal fields. Within these
eastern coal regions are now located the second largest
coking ovens within the United States.
This brief enumeration will give the committee some
general idea of the vast and important industries directly within the limits of the city of Louisville or
tributary to it. In a large measure these enterprises
are financed in Louisville. We do not undertake to
say, nor is it a fact, that all of the credit or funds necessary for this vast volume of trade are financed by
Louisville banks. It must be remembered, however,
that a large and important amount of financing is done
by privately invested capital which does not appear
under the heading of notes and bills discounted or any
other tabulation.
It is also true that some of the important industries,
such as whisky and tobacco, are financed in a measure
in New York or Chicago, and this to a certain extent,
when done through foreign banks, may be due to the
fact that rates of discount are lower or more favorable.

The second point to which we shall address our
attention is that heretofore mentioned under the
head of (b) to wit, "The industrial development of
,
the section."
And this may properly be divided into two subdivisions:
First, the industrial development of Louisville.
From the published report of the Treasury Department, under the heading of internal-revenue collections for the fiscal year ending June 30, 1913,it appears
that Peoria collected $34,000,000; Terre Haute (approximately),$20,000,000;Louisville (approximately),
$19,000,000; Cincinnati (approximately), $17,000,000.
It further appears from this report that the total
internal-revenue receipts from the State of Kentucky
for the year 1913 amounted to the enormous sum of
$35,000,000.
From the published report of the Louisville Board
of Trade it appears that the stock of whisky in bond
on June 30, 1913, was as follows: In the United
States (approximately), 275,000,000 gallons; in the
State of Kentucky (approximately), 163,000,000
gallons.
From a report submitted by W. G. Dunnington &
Co., which is considered authoritative, it appears that
the total estimated production of tobacco grown in
the United States in 1913 was of the approximate
value of $122,000,000.
The same report indicates that the amount financed,
directly and indirectly, through Louisville is valued
at $39,000,000, or 32 per cent of the value of the
WHISKY TRADE.
entire crop of the United States, and in value oneeighth of the crop of the entire world.
The annual production of straight whisky in KenThe board of trade annual report shows a large tucky is approximately 45,000,000 gallons,
or about
amount of other classes of merchandise made in or 900,000 barrels. This has been slightly excessive,
and
shipped from Louisville.
the 1913-14 crop is being curtailed.


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Federal Reserve Bank of St. Louis

187

LOUISVILLE, KENTUCKY.

The annual withdrawals from bond will average
35,000,000 gallons, the internal-revenue tax collected
being at the rate of $1.10 per gallon. There are now
in bond in the State of Kentucky, in round numbers,
163,000,000 gallons, on which the Government will
derive the above tax. The amount in bond is more
or less fixed, as withdrawals are replaced by new
whisky. The market value of the whisky in bond,
exclusive of the tax, is about $80,000,000.
Banks lend on warehouse receipts for new-crop
whisky $10 per barrel, hence the initial loan on each
crop is approximately $9,000,000. As the average
date of withdrawals from bonded warehouses is three
and one-half years, $31,000,000 is tied up before the
whisky moves. Much of this whisky is marketed on
long terms and notes are given at sale, and these are
substituted for the initial loans, hence a loan of $10 a
barrel on whisky becomes a piece of commercial paper
with warehouse receipts attached at $20 a barrel
instead of $10. Much of this secured commercial
paper discounted by distillers properly belongs where
it originates, but on account of lack of knowledge concerning the trade in general, and particularly the integrity of Kentucky warehouse receipts, it is financed
in Kentucky.
The manufacture of 900,000 whisky barrels for the
Kentucky crop centers in Louisville and is an important industry, amounting in volume to over $3,000,000.
The rapid growth of the "bottled in bond" branch
of the whisky business has made Louisville a large
box-manufacturing center, as well as an enormous distributor of bottles and other incidental supplies.
The whisky trade is a peculiar one and the banks of
Louisville are thoroughly acquainted with its individual needs. They must understand the value of the
particular brands, some of which are quite valuable,
others of practically no value. They must also understand the nature of the cooperage which contains the
whisky. They must know the nature and the value
of whisky warehouse receipts, which are used but little
in other communities, and in truth are not generally
understood, and yet to those fully understanding them
are considered as of the highest grade of security.
The committee should bear in mind that each year
a certain amount of whisky is forced out of bond and
that the requirements for paying the tax do not have
to be met in any one year for the vast amount of
whisky mentioned.

portion of the money to buy the tobacco preparatory
to shipment must be furnished in Louisville. Louisville is also called upon to provide, to a considerable
degree, funds to care for the growing crop.
LEAF TOBACCO.

Tobacco brings in more money to the acre than any
other crop, and one-third of the entire production of
the United States and one-eighth of the world's crop
comes from Kentucky.
Every pound represents cash to be gathered from all
parts of the world, and the exportation of leaf tobacco
is an important factor in creating our foreign-trade
balance, going as it does away from the beaten paths,
creating personal and trade relations which lead into
the introduction of other of our prodncts, both raw
and manufactured.
The following is the 1913 production:
CHEWING, SMOKING, SNUFF, AND EXPORT TYPES.

_ Total
er ""°011
yiek
.-'basisof
farm
Acreage
Production. Pric
g'7
(acres).yeracre.
Pounds
Dec. 1
1913.
price.

ek

Burley district
Dark district of Kentucky
and Tennessee:
Paducah district
Henderson or Stemming district
Upper Green River
district
Cumberland
Upper

232,600

Total

Cents.
12.3 $21,743,000

75,000

780 58,500,000

7.7

4,504,000

55,000

800 44,000,000

7.3

3,212,OW

23,400

720 16,848,000

7.0

1,179,000

760

7.3

832,000

9.0

7,245,000

15,000
Clarksville and Hopkinsville district

Pounds.
760 176,776,000

11,400,000

115,000

700 80,500,000

516,000

388,024,000

38,715,000

Kentucky's export of leaf tobacco is as follows:
$2,174,300
Burley (10 per cent of crop)
3,603,200
Paducah district(80 per cent of crop)
Henderson or Stemming district (85 per cent of crop). 2,730,200
353,700
Upper Green River district(30 per cent of crop)
291,200
Upper Cumberland district(35 per cent of crop)
Clarksville and Hopkinsville district (85 per cent of
6,158,250
crop)

Tobacco is different from other crops in that it does
not go to market in the fall along with cotton, corn,
etc. The season begias in December and extends
through March, depending largely on weather conditions. As can be at once seen, it, like whisky, can
be moved after the pinch in the cotton sections is
over, and surplus funds from tobacco sales can find
employment in the South during the planting and
TOBACCO TRADE.
growing season.
The large and valuable burley crop is consumed by
With regard to the tobacco trade, it is, as stated, a
large and most important one. Government buyers manufacturers like the American Tobacco Co., Ligfrom almost every nation in the world are located in gett & Meyers Tobacco Co., and others, whose financLouisville and buy upon the tobacco breaks. England ing is done in New York, Chicago, and St. Louis.
has its representative, France has its representative, Hence, the burley crop, worth alone nearly twenty-five
Germany has its representative, Italy has its repre- millions, is paid for almost entirely by outside funds,
sentative, and so on through the list. Temporarily, a to which, when we add the cash drawn from Canada


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Federal Reserve Bank of St. Louis

188

LOCATION OF RESERVE DISTRICTS.

and European countries for our dark crop, creates a
large fund which can properly be used in the cotton
States.
The extent of the manufacturing end of the tobacco
business in Louisville and vicinity can be shown by
the internal-revenue collections. For the last fiscal
year the total amount collected was $3,134,184, 80
per cent of which was paid in to the Louisville collector, and the money value of the manufactured
tobacco is about $15,000,000 per annum.
Thus it is clear to you, we take it, that at least these
two classes of trade are peculiar to our particular
section of the country. In addition to this, the agricultural region contiguous to Louisville is a large,
productive, and profitable one.
DEVELOPMENT OF TRADE IN REGION NO. 3.

Turning our attention to the second subdivision,
to wit, the extent of Louisville's trade with the territory embraced in region No. 3, we would state
frankly that actual figures are not obtainable, for the
reason that few firms are willing to give out the actual
extent of their sales or purchases, also there is no law
making such statistics available. Hence any statement made by any city to your committee regarding
its trade with certain territory must be an estimate
only.
In order to get as accurate an estimate as possible,
an inquiry was addressed to about 110 of the manufacturers and wholesalers of Louisville, asking the
amount of their sales in the territory embraced in
region No. 3. From replies received from 76 firms,
their actual annual sales in this territory amount to
$62,000,000.
In view of the fact that Louisville has over 1,000
factories and several hundred wholesale houses—
among the latter being the second largest wholesale
hardware company in the United States—and applying the same percentage of annual sales to the 1,000
as indicated by the 76 firms from whom replies
were received, the total would be approximately
$800,000,000. This sum, however, is so large that it
is not fair to use it as a basis, and 40 per cent or 50
per cent of the amount would probably be a far more
accurate basis of the value of the annual sales made by
Louisville in the territory named.
This we believe to be a fair estimate of the sales
made by Louisville to that territory. And these
figures do not take into consideration the large amount
of commodities, such as cattle, cotton, and other
agricultural products purchased by Louisville from
that territory.
The percentages of Louisville's trade with this territory was as follows:
Per cent.

Kentucky
Tennessee
Alabama
Indiana


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Federal Reserve Bank of St. Louis

40 Mississippi
15 Georgia
10 Florida.
13

Per cent.

8
8
6

FINANCIAL IMPORTANCE.

Let us now consider the financial strength and importance of Louisville in relation to the cities and
towns embraced within the proposed region No. 3.
It is a well-established fact that Louisville and its
bankers are cautious, conservative, and yet farsighted.
In times of panic or distress the financial situation in
Louisville has ever been strong, self-sufficient, and
courageous. These banks, the neighboring banks,
and the community at large are in harmony, based on
mutual confidence and respect. During many a panic
Louisville has been noted for the strength of its position. The United States, more than 80 years ago,
established one of its branch banks within our limits,
and to-day its successor stands upon the same plot of
ground—full of years, of courage, and with a wonderful history for financial strength and value to the
community. Our other banks are of the same type
of integrity and influence for good and for usefulness.
COMPARATIVE STATEMENTS.

By referring to a plat, which we may term "Exhibit
No. 3," it appears that the population of Louisville is
40 per cent greater than that of any other city within
the region mentioned. Its population is 250,000, to
which may properly be added the adjacent towns of
New Albany and Jeffersonville, making the population
of Louisville and suburban towns approximately
300,000.
In point of population, the city of next importance
within the region is Atlanta, with a population of
155,000, or 50 per cent less. The next is Birmingham,
with a population of 132,000. The next is Memphis,
with a population of 131,000, and so on down the list
as indicated by the exhibit.
In 1913 the clearings in the same cities were approximately as follows: In Louisville $715,000,000, excluding out-of-town checks; Atlanta, $725,000,000, from
which should be deducted, according to their own
statement, $127,000,000 . out-of-town checks, leavfor
ing a clearing for Atlanta of $598,000,000; Memphis,
$421,000,000; other cities as indicated upon the map.
With reference to the capital and surplus, Louisville
banks have a capital of approximately $10,000,000,
and a surplus of approximately $6,000,000. Atlanta
has a capital of approximately $8,000,000 and a surplus of $6,000,000. Memphis has a capital of approximately $6,000,000, and a surplus of $3,000,000. So,
again, it appears that Louisville is first in the matter
of capital and surplus.
The exhibit further discloses the fact that the
amount of average deposits in Louisville during the
year 1913 amounted to approximately $52,000,000;
Atlanta, $32,000,000; and the other States as indicated on the plat. Thus, again, it is clear that Louisville is first in financial strength in the matter of
deposits. So that taking into consideration the popu-

189

LOUISVILLE, KENTUCKY.

lation, the clearings, the capital and surplus and
deposits—four points of vital importance—Louisville
stands preeminent.
For the information of the committee, we wish to
call attention to the fact that the schedule mentioned,
from which we have taken the foregoing facts, includes
the capital, surplus and deposits of all national, State
banks, and trust companies in the cities mentioned.
As indicating Louisville's ability to provide for the
necessary funds of region No. 3, as outlined,.we refer
you to plat marked "Exhibit No. 4." From this
exhibit it appears that the total amount of funds available for investment (in which are included the average
Federal bank deposits for this region, less the required
reserve of 35 per cent) is approximately $16,000,000.
In this statement we have excluded the large amount
of Government deposits annually deposited in Louisville banks.
It further appears that the average amount of
rediscounted and bills payable were $15,500,000, making an average surplus for this region of $1,800,000.
As indicated by the exhibit, these averages were
compiled from the five reports of the national banks
to the comptroller during the year 1913, and, therefore, for our purpose, are considered the most available data.

ters were addressed by the Louisville clearing house
to 5,329 banks, our purpose being to ascertain as
nearly as possible their first, second, and third choices
for a Federal reserve city. A copy of the letter and
a tabulation of the replies we have attached as Exhibit No. 6. The report discloses the fact that the
individual preferences extend from New York, Chicago,and other cities to the Gulf and are not restricted
to any particular region; and yet the report clearly
indicates that, after local or State pride has been
eliminated, Louisville leads in point of first, second,
and third preference by a tremendous majority.
'
LOUISVILLE S POSITION AMONG THE EIGHT RESERVE
CITIES.

By referring to the map filed as Exhibit No. 1, it
appears that of the eight reserve cities thereupon
indicated, Louisville is fifth in ability to furnish the
necessary material for a Federal reserve bank.
In considering the peculiar situation of Louisville,
it must be borne in mind that there are no two great
and important commodities demanding the furnishing of funds at the same period of time. This situation is rather an unusual one, in that the needs of a
particular industry are to be provided for at a different time from the needs of other important industries.
OTHER SECTIONS.
So that the funds are steadily employed and there is
Now let us compare a tabulation of another section, no tremendous demand upon the resources of Louisomitting the State of Kentucky and southern Indiana ville at a given time, as compared with any other
and substituting North and South Carolina. The southern city.
result then appears to be that the total amount of
DECENTRALIZATION OF BANKING FACILITIES.
funds available for investment, on the average, are
Our statements with regard to region No. 3 and the
$13,000,000, that the average amount of funds needed
location of Louisville as a Federal reserve city have
for rediscount and bills payable are approximately
upon the assumption that the committee
$22,000,000, making an average deficit for this region been made
to consider primarily eight Federal reserve
of $9,000,000, or a favorable difference of $10,000,000 wished
between region No. 3 and what may be termed the regions.
In our opinion, the theory upon which the bill was
southeastern region, from which the conclusion is
doubtless, to decentralize rather than
irresistible that Kentucky and southern Indiana add drafted was,
centralize our banking facilities, and in that spirit
tremendously to the ability of this section to take
we should approach the consideration of the question.
care of the needs of the entire region No. 3.
Twelve banks, equally as well located and well balIt further discloses the fact that a portion of the
region is largely of the class of borrowers, and that anced as eight banks, will be more in accord with the
one portion of the region No. 3 has the ability to pro- spirit of the law, and as useful and far more convenient.
We believe that the theory upon which the bill was
vide not only for its own needs but to furnish the surdrafted, the subsequent debates upon it, and its final
plus funds necessary for other parts of the same region.
We submit, marked "Exhibit No. 5," the detailed enactment, and considering the convenience and custhat the business of the counreports submitted to the comptroller, from which we tomary trend of trade,
require the maximum number by the estabtry will
have taken the condensed report just mentioned.
The foregoing statements, when considered in de- lishment of 12 regional banks.
With that in view, we have thought it proper to
tail, indicate as clearly as we are able to ascertain
from past experience the extent to which each sec- attach an additional map, marked "Exhibit No. 8"
tion has been able or unable to finance its own re- by an inspection of which it appears that Florida and
Georgia are placed in another section, namely, South
quirements.
Atlantic region. This change will not weaken, but
LOUISVILLE, THE CHOICE OF THIS REGION.
rather strengthen, our position of prominence, staTo ascertain as far as practicable the preferences bility, and financial capacity to provide for the deof banks located within proposed region No. 3, let- mands of the region.


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Federal Reserve Bank of St. Louis

190

LOCATION OF RESERVE DISTRICTS.

By an examination of this exhibit it appears that
the territory is self-contained, self-sustaining, convenient, and most admirably adapted to the territory to be served.
The capital for such a reserve bank is readily available from the 478 national banks of this region, providing without assistance a capital of $4,710,000. To
this should be added $11,280,000 of deposits, making
a total of $15,990,000. From this total is to be deducted the regional reserve of 35 per cent, leaving
available for investment purposes $12,140,000.
The best obtainable data indicates that the funds
needed at the time of greatest demand approximate
$9,125,000, thereby leaving a surplus reserve of
$3,015,000 at the "peak of the load."
Thus it appears that this is an ideal district, providing as it does for all classes of business at all times
of the year, that the merchandise is to be provided
for and crops to be financed at different seasons of
the year, that the heavy drafts upon funds come in
rotation, not all at once, and finally that the section
as indicated is independent, has ample resources, but
not a large overplus, that it is convenient geographically and commercially, and as it stands meets any
requirements of the Federal reserve act.
ADDITIONAL MAPS.
For your information we attach an additional exhibit, marked "No. 9," comprising all sections mentioned in Exhibit No. 8, and the additional State of
Ohio—the result of which is to add to the resources
of the section.
Should this Exhibit No. 9 be adopted, the location
of Louisville, if for no greater reason than convenience,
makes it preeminently the site for a regional bank.
For your further consideration we attach Exhibit
No. 10, embracing the same territory as Exhibit No. 9,
with the addition of the western half of Georgia.
This section likewise indicates its ability to care
for the needs of the region, and Louisville is again the
center of importance.
If it is desired to embrace a larger territory than
outlined in Exhibit No. 10, we suggest the territory
as indicated by Exhibit No. 11, which embraces the
entire States of Georgia and Florida.
In the discussion of this question our estimates have
been made with regard to the capital and surplus of
the Federal reserve banks and the deposits which they
will contain, based upon data obtained solely from
national banks, and they do not in any way include
State banks or trust companies.
We attach to this brief a number of exhibits giving,
as far as we have been able to obtain, the information
upon the subjects mentioned by the committee.
CONCLUSION.
We have not seriously considered Louisville being
attached to some other reserve city. To attach it to


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Federal Reserve Bank of St. Louis

Atlanta would be to attach the greater to the lesser,
the independent to the dependent, to reverse the
natural order of things, to violate precedent, and
therefore it is not seriously to be considered.
With regard to St. Louis, its relationship in business
and its bank associations have largely been toward the
West, and especially the Southwest, and a comparatively small volume with the State of Kentucky.
With regard to Chicago, the trade conditions and
the bank connections are more intimate, for the
reason that in this section of the country the trend
of trade is north and south, but we have considered
that Chicago lies within a different territory from that
in which Louisville will probably be placed.
With reference to Cincinnati, she is north of the
Ohio River and in a very large degree in a different
section of the country. Its communication with
Louisville is not intimate nor is its trade close, nor
have been its commercial transactions or its banking
associations, and we have considered that in the
natural course of events it would be placed in the same
territory as Cleveland or Pittsburgh.
The lines which we have drawn to limit the reserve
region must necessarily be artificial lines and should
therefore be considered from an elastic standpoint,
but the natural barriers or boundaries are so pronounced, with regard to this particular section, that
we can not refrain from calling attention to them.
On the south is the Gulf of Mexico, on the west, for
the greater portion of the region, is the Mississippi
River, on the north, for the greater portion of the
region, the Ohio River forms the boundary line, and
on the east the mountain range.
The territory was formed as if by nature, and in this
territory, from the earliest trade reports to the present
time, the course of trade has been north to south and
south to north, and from the very nature of the situation will always continue so to be.
For almost a hundred years the course of trade between Louisville and the South has been continuous
and uninterrupted. The people of these communities
are related by ties of blood, marriage, and friendship,
as well as by long intercourse through dealings in
commerce. From the early days. before the building
of railroads, when all trade was conducted either by
rivers or by vehicles, the trade intercourse betkveen
the communities of the section mentioned has been
large, intimate, and uninterrupted.
Louisville is justly entitled to be designated as a
Federal reserve city. Its geographical situation is
such that it is within easy access of the greater portion
of the territory embraced within the lines indicated.
It is first in population, it is preeminent in trade conditions, it is in the front rank in banking capital and in
clearings. It has the unusual and most important
element of being able to take care of its own needs.
It is not of the class of dependents, but in the class
that affords a surplus when the occasion demands.,

LOUISVILLE, KENTUCKY.
In this - discussion we recognize the force of the
statement made by John Perrin, of the currency commission of the American Bankers' Association, in
which he said:
The determination of one district is measurably dependent upon
the determination of others, but the vast credit requirements of
the South, which focus at a single season, more widely varying than
in any other section, suggest that the Southern States should be
included in three districts, extending far enough north to assure
in each the proper balancing in banking resources.

191

We have journeyed more than 800 miles to present
the facts establishing the importance as well as the
ability of Louisville in meeting all the requirements
under the act of a Federal reserve city. Our earnestness and confidence is shared by many able men—
bankers of Indiana, Kentucky, and Tennessee—who
have met with you to personally express their views.
In this discussion it has been our purpose to view
the situation broadly and not from a provincial
view, and we confidently believe that in selecting

NORTH DAKOTA
MINNESOTA

t.E34`1°'`

SOUTH DAKOTA
WYOMING

NEBRASKA

C
OLORADO
MISSOURI

KANSAS

OKLAHOMA
NEW MEXICO

ARKANSAS
ALABAMA

REGION P40
FED.BK .CAPITAL.
1
32.500.000
2
21.500,000
3
6.500.000
4
18.500.000
t1
10.500.000
6
5.500.000
7
2.500.000

8

LOUISIANA

EXHIBIT No. 3.
Population, 1918 clearings, bank capital, surplus, and deposits of the
principal caws in proposed region No. 8.

[Includes capital, surplus, and deposits of all national, State, and private banks.]

Louisville
Lexington- ••
Nashville •••
Memphis"" :
Knoxville....


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Federal Reserve Bank of St. Louis

LORIDA

6.500.000

Louisville as a location for one of the regional banks
You will best serve the cause of sound banking and of
a flexible currency.
Respectfully submitted.
OLLIE M. JAMES,
SWAGAR SHERLEY,
RICHARD W. KNOTT,
JOHN W. BARR, jr.

City.

GEORGIA

Popula.1913
tion. clearings.
250,000
35,099
110,000
131,000
36,346

$715,731,886
45,701,000
366,657,389
421,987,372
87,812,515

Capital.
$9,779,600
2,050,000
4,100,000
5,837,253
2,585,000

Surplus. Deposits.
$5,991,358
1,213,000
2,425,000
3,233,738
622,000

$52,403,997
8,115,000
29,000,000
42,241,104
11,795,000

EXHIBIT No. 3—Continued.
Population, 1913 clearings, bank capital, surplus and deposits of the
principal cities in proposed region No,8—Continued.

City.

1313
Population. clearings.

Capital.

Chattanooga
Birmingham
Mooile
Atlanta
Savannah
Augusta
Macon
Jacksonville
Evansville

$44,661 $128,745,000
132,685 173,857,773
51,521 73,533,518
155,000 598,000,000
65,064 280,538,332
41,040 108,160,149
40,665 190,303,000
57,699 174,971,596
69,674 123,075,479

$3,031,000
3,792,320
1,200,000
8,225,000
4,811,530
2,3.30,000
1,875,000
3,330,000
1,662,000

Surplus. Deposits.
$1,284,000
3,484,500
2,0,
15,000
7,168,000
3,837,000
2,383,000
1,155,000
2,238,000
925,000

$18,550,000
27,805,250
13,325,000
32,150,000
25,645,000
17,015,000
8,225,000
21,370,000
19,710,000

Population of region by States.

2,300,000
1,300,000
2,200,000
Northern Mississippi................................................... 900,000
Alabama.......................................... ............... 2,200,000
............................................................. 2,600,000
Georgia
................................................................
750,000
Florida
Total........................................................... 12,250,000

Kentucky..............................................................
Southern Indiana......................................................
Tennessee..............................................................

192


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Federal Reserve Bank of St. Louis

LOCATION OF RESERVE DISTRICTS.

ICAGO

imotANAPOLI3

SOU.
INDIA
0
0L..cxirtc.ront

KNOXVI
V ILL

NOR.
MISSISS I PPI
EstAP1IMG4PM

MONTC4OME

GEORG!

JAcKsori

tIEW ORLEANS

FLORIDA

193

LOUISVILLE, KENTUCKY.
EXHIBIT No. 4.

EXHIBIT No. 5
-Continued.

Estimated amount of Federal reserve bank capital furnished by the
national banks of each of the States in proposed region No. 3; also
total Federal reserve bank depositsfrom each of these States, based on
average depositsfor the year 1913; and average amount ofrediscounts
and bills payablefor each State.

Total deposits of the national banks of proposed region No. 3, comprising the States of Kentucky, Tennessee, Alabama, Georgia, and
Florida, etc.--Continued.

Capital
and
surplus.

Average
deposits,
1913.

Federal
bank
caPitaL

Average
bank
deposits.

rediscounts
AveragFdl
and bills
payable.

$17,714,700 $75,034,000 $1,063,000 $3,189,000
Tennessee
Georgia
23,392,800 55,523,000
1,403,000
2,360,000
Alabama
15,254,500 43,896,000
915,000
1,865,000
Florida
611,000
10,176,200 41,906,000
1,781,000
Kentucky
25,010,700 81,915,000 1,501,000 3,483,000
Southern Indiana
15,497,500 85,438,000
930,000
3,631,000
Northern Mississippi 1,527,100
92,000
329,000
7,750,000
Total

108,573,000 391,492,000

6,515,000

$2,718,000
6,973,000
2,407,000
1,628,000
1,215,000
247,000
316,000

1.6,638,000

15,504,000

The average deposits and rediscounts for southern Indiana and
northern Mississippi were estimated in each case at one-half the
total for the State, which is probably a little more than these districts will show.
Average Federal bank deposits of this region
Less required reserve of 35 per cent

REDISCOUNTS AND BILLS PAYABLE OF SAME REGION ON SAME
DATES.
Feb. 4.
$1,040,000
Kentucky
3,276,000
Tennessee
959,000
Alabama
5,916,000
Georgia
1,999,000
Florida
200,000
Southern Indiana
MissisNorthern
307,000
sippi
13,696,000

Total

17,328,000
15,504,000

Making an average surplus reserve for this region of

1,824,000

Tile averages in the above tables were compiled from the five
reports made by the national banks to the Comptroller of the Currency during the year 1913.

Same information as Exhibit 4,for the States of Tennessee, Georgia,
Alabama, Florida, North Carolina, and South Carolina.
Average
deposits,
1913.

Federal
bank
capital.

Tennessee
Alabama
Georgia
Florida
North Carolina
South Carolina

Total

Average
Federal
bank
deposits.

Average
rediscounts
and bills
payable.

$17,714,700 $75,034,000 $1,063,000 $3,189,000
23,392,300 55,523,000
1,003,000 2,360,000
1,865,000
15,254,500 43,896,000
915,000
1,781,000
611,000
10,176,200 41,906,000
1,737,000
11,233,800 40,880,000
674:000
1,052,000
474,000
7,903,200 24,763,000

$2,718,000
6,973,000
2,407,000
1,628,000
4,179,000
4,057,000

11,984,000

21,962,000

85,674,700 282,002,000

5,140,000

Federal reserve bank deposits of these States (average)
Less required reserve of 35 per cent

Total

Tennessee
Alabama
Georgia
Florida
North Carolina
South Carolina

12,930,000
21,962,000

Making an average deficit for these States of

9,032,000

Total deposits of the national banks of proposed region No. 8, comprising the States of Kentucky, Tennessee, Alabama, Georgia, and
Florida, and southern Indiana and northern Mississippi, as shown
by reports to the Comptroller of the Currency on thefive calls of1918.

Total


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Federal Reserve Bank of St. Louis

$86,253,000
74,779,000
43,768,000
54,826,000
44,467,000
84,310,000

$81,409,000
75,221,000
41,531,000
52,413,000
44,132,000
87,943,000

7,728,000

7,557,000

Aug.9.

Oct. 21.

$79,653,000 $78,875,000
72,689,000 78,981,000
38,475,000 50,318,000
47,923,000 66,665,000
40, 182,000 39,632,000
86,668,000 84,097,000
7,200,000

8,314,000

391,459,000 396,131,000 390,206,000 372,790,000

406,882,000

Aug. 9.

Oct. 21.

311,545,000

$3,276,000
959,000
5,916,000
1,999,000
2,848,000
2,575,000

$2,387,000 $2,479,000 $2,604,000
1,535,000
2,443,000 4,173,000
4,851,000
7,465,000 10,810,000
1,182,000
1,037,000 1,298,000
3,651,000 4,930,000 5,947,000
3,642,000 4,813,000 5,693,000

$3,846,000
2,925,000
5,823,000
2,626,000
3,519,000
3,560,000

17,573,000

17,248,000 23,167,000

22,299,000

30,525,000

EXHIBIT No. 5A.

FEBRUARY 4,1913.
Three-fourths demand deposits. $293,594,000-5 per cent.. $14,680,000
97,865,000-2 per cent.. 1,957,000
One-fourth time deposits
Federal bank deposits
Less required reserve of 35 per cent

$16,637,000
5,883,000
10,754,000
6,514,000

Total available funds
Funds needed, per rediscount and bills payable, this date

17,268,000
13,696,000

Surplus reserve

3,572,000
APRIL 4, 1913.

Three-fourths demand deposits. $297,088,000-5 percent.. $14,854,000
99,043,000-2 per cent.. 1,981,000
One-fourth time deposits
Federal bank deposits
Less required reserve of 35 per cent

16,835,000
5,892,000

Amount of deposits available for loans
Plus Federal bank capital

10,943,000
6,514,000

Total available funds
Funds needed, per rediscount and bills payable, this date

17,457,000
10,962,000

Surplus reserve

46458*-S.Doc.485,63-2-13

June 4.

Amount of deposits available f or loans
Plus Federal bank capital

EXHIBIT No. 5.

Kentucky
$83,535,000
Tennessee
73,500,000
Alabama
45,386,000
Georgia
55,801,000
Florida
41,115 000
Southern Indiana
84,170,000
Northern
Mississippi
7,952,000

Apr. 4.

[Based on national banks only.)

Average funds available for investment
Average amount of rediscount and bills payable

June 4.

753,000
18,082,000

Conditions as they would have been in proposed region No. 8, on each
of the five calls of the comptroller in 1913, if a Federal reserve bank
had been serving this region.

$11,984,000
4,194,000

Plus Federal bank capital

Apr. 4.

240,000
20,938,000

283,067,000 283,029,000 275,113,000 257,264,000

$7,790,000
5,140,000

Feb. 4.

236,000
14,944,000

$1,785,000
3,846,000
2,925,000
5,823,000
2,626,000
324,000

$73,500,000 $74,779,000 $75,221,000 $72,689,000 $78,981,000
45,386,000 43,768,000 41,531,000 38,475,000 50,318,000
55,801,000 54,826,000 52,413,000 47,923,000 66,665,000
41,115,000 44,467,000 44,132,000 40,182,000 39,632,000
42,429,000 40,866,000 38,651,000 36,526,000 45,928,000
24,836,000 24,323,000 23,16.5,000 21,469,000 30,021,000

Total
Tennessee
Georgia
Alabama
Florida
North Carolina
South Carolina

142,000
10,962,000

Oct. 21.

REDISCOUNTS AND BILLS PAYABLE OF SAME REGION ON SAME
DATES.

EXHIBIT No. 4A.

Capital
and
surplus.

Aug. 9.

$666,000 $1,100,000 $1,485,000
2,387,000 2,479,000 2,604,000
1,535,000 2,443,000
4,173,000
4,851,000
7,465,000 10,810,000
1,182,000
1,037,000
1,298,000
199,000
184,000
328,000

Feb. 4.

$10,813,000
6,515,000

Average funds available for investment
Average amount of rediscount and bills payable

June 4.

Total deposits of the national banks of the States of Tennessee, Alabama, Georgia, Florida, North Carolina, and South Carolina, as
shown by reports to the Comptroller of the Currency on the five calls
of 1913.

$16,638,000
5,823,000

Plus Federal bank capital

Apr. 4.

6,495,000

194

LOCATION OF RESERVE DISTRICTS.
EXHIBIT No. 5A-Continued.

EXHIBIT No. 5B-Continued.

Conditions as they would have been in proposed region No.3, on each
of the five calls of the Comptroller In 1913, etc.-Continued.

Same as Exhibit No. 5 A,for the region comprising the States of
Tennessee, Alabama, Georgia, Florida, North Carolina, and South
Carolina-Continued.

JUNE 4, 1913.

AUGUST 9,1913.

Three-fourths demand deposits. $292,654,000-5 per cent.. $14,633,000
One-fourth time deposits
97,552,000-2 per cent.. 1,951,000
Federal bank deposits
Less required reserve of 35 per cent

$16,584,000
5,802,000

Amount of deposits available for loans
Plus Federal bank capital

10,782,000
6,514,000

Total available funds
Funds needed, per rediscount and bills payable, this date

17,296,000
14,944,000

Surplus

2,352,000

AUGUST 9,1913.
Three-fourths demand deposits. $279,593,000-5 per cent.. $13,980,000
One-fourth time deposits
93,197,000-2 per cent.. 1,864,000

Amount of deposits available for loans
Plus Federal bank capital

10,299,000

Total available funds
Funds needed, per rediscount and bills payable, this date

16,813,000
20,938,000

6,514,000

4,125,000

OCTOBER 21, 1913.
Three-fourths demand deposits. $305,162,000-5 per cent.. $15,258,000
One-fourth time deposits
101,720,000-2 per cent.. 2,034,000
17,292,000
6,052,000

Amount of deposits available for loans
Plus Federal bank capital

11,240,000
6,514,000

Total available funds
Funds needed, per rediscount and bills payable,this date

17,754,000
18,082,000

Deficit

328,000

EXHIBIT No. 5B.
Same as Exhibit No. 5A,for the region comprising the States of Tennessee, Alabama, Georgia, Florida, North Carolina, and South
Carolina.
FEBRUARY 4,1913.
Three-fourths demand deposits. $212,300,000-5 per cent.. $10,615,000
One-fourth time deposits
70,767,000-2 per cent.. 1,415,000
Federal bank deposits
Less required reserve of 35 per cent
Amount of deposits available for loans
Plus Federal bank capital
Total available funds
Funds needed, per rediscount and bills payable, this date
Deficit

$12,030,000
4,210,000
7,820,000
5,140,000
12,960,000
17,573,000
4,613,000

APRIL 4,1913.
Three-fourths demand deposits. $212,272,000-5 per cent.. $10,614,000
One-fourth time deposits
70,757,000-2 per cent.. 1,415,000
Federal bank deposits
Less required reserve of 35 per cent
Amount of deposits available for loans
Plus Federal bank capital
Total available funds
Funds needed, per rediscount and bills'payable, this date
Deficit

•

.
12,029,000
4,210,000
7,819,000
5,140,000
12,959,000
17,248,000
4,289,000

JUNE 4,1913.
Three-fourths demand deposits. $206,335,000-5 per cent.. $10,317,000
One-fourth time deposits
68,778,000-2 per cent.. 1,376,000
Federal bank deposits
Less required reserve of 35 per cent
Amount of deposits available for loans

Plus Federal bank capital
Total available funds
Funds needed, per rediscount and bills payable,this date
Deficit


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Federal Reserve Bank of St. Louis

$10,933,000
3,827,000

Amount of deposits available for loans
Plus Federal bank capital

7,106,000
5,140,000

Total available funds
Funds needed, per rediscount and bills payable, this date

12,246,000
30,S25,000
18,279,000

OCTOBER 21, 1913.
15,844,000
5,545,000

Federal bank deposits
Less required reserve of 35 per cent

Federal bank deposits
Less required reserve of 35 per cent

Deficit

Federol bank deposits
Less required reserve of 35 per cent

Deficit

Three-fourths demand deposits. $192,948,000-5 per cent.. $9,647,000
One-fourth time deposits
64,316,000-2 per cent.. 1,286,000

Three-fourths demand deposits. $233,659,000-5 per cent.. $11,683,000
One-fourth time deposits
77,886,000-2 per cent.. 1,558,000
Federal bank deposits
Amount of deposits available for loans
Plus Federal bank capital

12,740,000
23,167,000
10,427,000

8,607,000
5,140,000

Total available funds
Funds needed, per rediscount and bills payable, this date
Deficit

13,747,000
22,299,000
8,552,000

EXHIBIT No. 6.

Copy of a letter sent to 5,329 banks requesting first, second, and third
choicefor location of a regional bank.
LOUISVILLE CLEARING HOUSE,
Louisville, January 12, 1914.
GENTLEMEN: Louisville wants a regional reserve bank. Outside
of our desire, it is to the interest of the Government and the people
to have one here, and we are inclosing you herewith a few reasons
why Louisville should be selected.
Will you not indicate below your preference in the matter,returning this sheet in the inclosed stamped envelope? Your prompt
action will assist the organization committee in determining boundaries, as well as help us in our endeavor.
If you have not already done so, we will greatly appreciate it if
you will send a telegram to Hon. Wm.G. McAdoo, Secretary of the
Treasury, Washington, D.C., stating your preference for Louisville.
Yours, truly,
LOUISVILLE CLEARING HOUSE ASSOCIATION.
OSCAR FENLEY, Chairman.
H. C. RODES,
JNO. H. LEATHERS,
F. M. GETTYS,
Committee.
First choice for the location of regional bank to serve us.
Second choice for the location of a regional bank to serve us
Third choice for the location of a rPgional bank to serve us
(Signed here)
Please sign and return in inclosed envelope at once.
Replies receivedfrom 5,829 letters mailed to banks in Indiana, Ohio,
Kentucky, Tennessee, Alabama, Georgia, Florida, and Mississippi,
requesting first, second, and third choice for location of a regional
bank.

11,693,000
4,093,000
7,600,000
5,140,000

13,241,000
4,634,000

Less required reserve of 35 per cent

First. Second. Third. Total.
Louisville
Cincinnati
Cleveland
Atlanta
Chicago
Richmond, Va

444
261
133
130
109

2

238
165
68
63
60

6

384
118
29
43
57
23

1,066
544
230
236
226
31

195

LOUISVILLE, KENTUCKY.

Replies receivedfrom 5,829 letters, tabulated by States—Continued.

EXHIBIT No. 6—Continued.
Replies received front 5,829 letters mailed to banks in Indiana, Ohio,
Kentucky, etc.—Continued.

GEORGIA.
Number of letters sent
Number of replies received (15 per cent)

First. Second. Third. Total.

6
2
5
1
1

61
50
27
46
15
14
10
31
1
6
1
4
3
5
62

1
55
2

169
151
106
90
71
45
60
72
14
19
3
12
9
8
122
3

4

85
87
63
33
50
22
38
15
12
12

Indianapolis
Nashville
Memphis
Savannah
Birmingham
Columbus, Ohio
New Orleans
Pittsburg
Jacksonville
Chattanooga
Washington
Baltimore
Montgomery
Evansville
St. Louis
New York
Detroit
Mobile
Knoxville

23

1,511

937

First. Second. Third. Total.

4

16
11
12
26
1
1
2
8

111
27
1
1

845

17
35
17

1
3
27

4

Atlanta
Savannah
Louisville
Chattanooga
Nashville
Richmond
Macon
Cincinnati
New Orleans
Baltimore
Birmingham
Columbus, Ga
Jacksonville
Memphis
St. Louis

1
17
1

1
1
2
2

Total

1

Total

890
141

141

81

3
3
2
1
1
1
1

129
68
45
1
1
21
2
1
5
5
2
1
1
1
1

62

TENNESSEE.
Number of letters sent
Number of replies received (27 per cent)

SUMMARY.
Number Number
letters
replies
sent.
received.
Kentucky
Tennessee
Alabama
Georgia
Mississippi
Florida
Indiana
Ohio

626
575
392
890
394
266
963
1,223

393
156
77
141
73
25
319
327

Total

5,329

575
156

1

55
23
10
6
6
4
10
1
1
1

156

Louisville
Nashville
Memphis
Chattanooga
Cincinnati
Atlanta
St. Louis
Baltimore
Birmingham
Richmond
Knoxville
New Orleans

118

20
87
29
11
5
2
1

44
5
8
15
24
8
1
1
1
3
1

119
115
47
17
26
30
19
2
2
3
3
2

1,511

1

Total

111

FLORIDA.
Per cent of replies received, 28.

Number of letters sent
Number of replies received (9 per cent)

Replies receivedfront 5,829 letters, tabulated by States.
KENTUCKY.
Number of letters sent
Number of replies received (63 per cent)
'

626
398
First. Second. Third. Total.

Louisville
Cincinnati
Nashville
Chicago
St. Louis
Memphis
Lexington
Baltimore
Evansville
Paducah
Owensboro
Atlanta
Knoxville
Columbus, Ohio
New Orleans
Washington
Cleveland
Indianapolis

356
42

Total

398

41
21
24
5
30
1
1
1
1
1

25
7
28
30
6
2
1
1

1

4
1
1
1
2
2
2

131

112

INDIANA.
Number of letters sent
Number of replies received (33 per cent)
Louisville
Cincinnati
Indianapolis
Chicago
Evansville....Detroit
Richmond,Va
St. Louis
Pittsburgh
Cleveland
Washington
Toledo
Baltimore
New York
Fort Wayne
Logansport
Total


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

397
91
31
33
60
7
3
2
2
1
1
4
1
1
1
2
2
2

963
319

319

72
62
61
55
2

96
43
19
28

9
1
4
1
1

60
61
85
109
2
1
1

9
1
2

268

202

228
166
165
192
4
1
1
18
2
6
1
1
1
1
1
1

266
25
12
7
4

1
12
6

2

2
1
1

Jacksonville
Atlanta
Savannah
Tampa
Louisville
Richmond
Nashville
Baltimore
Charleston
.

3
5
2
1

25

Total

23

13
21
17
1
6
6
1
2
1

20

MISSISSIPPI.
394
73

Number of letters sent
Number of replies received (19 per cent)
34
33
4
2

Memphis
New Orleans
St. Louis
Louisville
Birmingham
Mobile
Forest
Nashville
Atlanta
Cincinnati
Chicago
Jackson

14
2
13
11
3
1

1
2
7
7
1
1

1

1
73

Total

3
1
1
1

45

48
37
24
20
4
1
1
1
3
1
1
2

25

ALABAMA.
392
77

Number of letters sent
Number of replies received (19 per cent).
Birmingham
Louisville
Atlanta
Montgomery
New Orleans
Savannah
Memphis
Nashville
Mobile
Total

50
4
10
6
5
2

11
10
29
3
5
2
3
1

2
28
10

77

64

45

5
1

63
42
49
9
15
5
3
2
1

196

LOCATION OF RESERVE DISTRICTS.

Replies receivedfrom 5,329 letters, tabulated by States-Continued.

EXHIBIT NO. 13.

OHIO.
Number of letters sent
Number of replies received (26 per cent)

1,223
327

Amounts due to banks in following States,from all Louisville banks,
Feb. 16, 1914.

First. Second. Third. Total.
Number
of bank
accounts.

States.
Louisville
Cleveland
Cincinnati
Pittsburgh
Indianapolis
New York
Columbus
Toledo
Buffalo
Evansville

30
64
72
30

133
153
15
1
22
3

Total

327

79
25
34
25
2
1
8

14
5
1
1
217

109
222
259
70
2
2
44
8
1
1

174

EXHIBIT NO. 12.
Increase in Louisville industriesfrom the census of 1900 to the census
of1910.

Indiana
Kentucky
Tennessee
Alabama
Georgia
Mississippi
Florida

Census.

1909
1899

903
860

Census.

1909
1899


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

Wages,

$12,460,000
8,436,000

4,705
2,491

Wage
earners.

1,255

Rediscounts of Louisville banks Oct. 21,1913
Indirect rediscounts, Oct. 21, 1913
Loaned to whisky firms by Louisville banks Feb. 16, 1914

12,494,944.94
0
$1,068,649.86
2,531,117.72

EXHIBIT NO. 14.
Capital and surplus, deposits, and rediscounts and bills payable of
all banks other than national, on June 14, 1912.

Capital.

Salaries.

27,023 $79,437,000
23,062 44,016,000

Cost of
materials.

146 $1,646,401.83
899 9,241,451.71
127 1,342,821.57
35
102,670.09
27
57,998.20
6
20,366.55
15
83,234.99

Total

[From Thirteenth United States Census.]
Number
of estab- Salaried
emlish40yees.
,
ments. ,

Amounts.

Value of
products.

354,128,000 1101,284,000
34,876,000
66,110,000

Capitaland
surplus.

55,533,000
2,595,000

Value added
by mannfacture.
$47,156,000
31,234,000

Kentucky
Tennessee
Alabama
Georgia
Mississippi
Florida
Indiana(southern half)
Ohio

All
deposits,

$26,113,656
19,776,106
16,462,822
34,213,906
16,042,650
10,949,641
19,486,875
68,900,225

$77,007,754
67,237,241
47,876,341
78,979,617
51,746,596
30,151,299
100,529,000
474,870,022

Rediscounts and
bills payable.
$2,373,475
2,154,461
2,252,829
14,814,964
3,724,234
868,558
358,500
2,029,400

197

LOUISVILLE, KENTUCKY.

EXHIBIT NO. 7.
Legend:
Cap.: Federal bank capital supplied by each State (national banks only).
Dep.: Estimated amount of deposits supplied by the national banks of each State.
Red.: Total of funds borrowed, under present system, by the national banks of each State, taken at the perioa when the total for the
whole region is greatest.

115 National Banks

SOUTH INDIANA
Cap. $930,000
Dep. $2,775,000
Red. $325,000

144 National Banks

KENTUCKY
Cap. $1,500,000
Dep. $3,200,000
Red. $1,590,000
103 National Banks

TENNESSEE.
Cap, $1,065,000
Dep. $3,000,000
Red. $2,600,000
15 National Banks'

NORTHERN
MISSISSIPPI
Cap. $100,000
Dep. $200,000
Red. $250,000

85 National Banks

114 National Banks

ALABAMA

GEPRGIA

Cap. $915,000
Dep. $1,730,000
Red. $4,200,000

Cap. $1,400,000
Dep. $2,200,000
Red. $10,800,000

18 National Banks

FLORIDA
Cap. $610,0d0
Dep. $1,530,000.
Red. $1,300,000

Total Federal bank capital supplied by the 624 national banks of this region _
Federal bank deposits supplied by these banks

$6,520,000
14,635,000

Total
Less required reserve of 35 per cent of deposits

21,155,000
5,125,000

Funds available for investment
Estimated funds needed at time of greatest demand

16,030,000
20,975,000

Deficit at time of greatest demand


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

4,945,000

198

LOCATION OF RESERVE DISTRICTS.

EXHIBIT NO. 8.
Legend:
Cap.: Federal bank capital supplied by each State (national banks only).
Dep.: Estimated amount of deposits supplied by the national banks of each State.
Red.: Total of funds borrowed, under present system, by the national banks of each State, taken at a time when
the total for the
whole region is greatest.

115 National Banks

SOUTH INDIANA
Cap. $930,000
Dep. $2,775,000
Red. $325,000

144 National Banks

KENTUCKY
Cap. $1,500,000
Dep. $3,200,000
Red. $1,500,000

103 National Banks

TENNESSEE
Cap. $1,065,000
Dep. $3,000,000
Red. $2,600,000

31 National Banks

85 National Banks

MISSISSIPPI

ALABAMA

Cap. $300,000
Dep. $575,000
"Red. $500,000

Cap. $915,000
Dep. $1,730,000
Red. $4,200,000

Total federal bank capital supplied by the 478 national banks of this region
Federal bank deposits supplied by these banks

$4,710,000
11,280,000

Total
Less required reserve of 35 per cent of deposits

15,990,000
3,850,000

Funds available for investment
Estimated funds needed at time of greatest demand

12,140,000
9,125,000

Surplus reserve


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

3,015,000

199

LOUISVILLE, KENTUCKY.

EXHIBIT NO. 9.
Legend:
Cap.: Federal bank capital supplied by the national banks of each State.
Dep.: Estimated amount of deposits supplied by the national banks of each State.
Red.: Total of funds borrowed, under present system, by the national banks of each State, taken at the time when the total for the
whole region is greatest.

378 National Banks

OHIO
Cap. $5,400,000
Dep. $16,000,000
Red. $2,700,000
115 National Banks

SOUTH INDIANA
Cap. $930,000
Dep. $2,775,000
Red. $325,000

144 National Banks

KENTUCKY
Cap. $1,500,000
Dep. $3,200,000
Red. $1,500,000

103 National Banks

TENNESSEE
Cap. $1,065,000
Dep. $3,000,000
Red. $2,600,000

31 National Banks
85 National Banks

MISSISSIPPI


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

Cap. $300,000
Dep. $575,000
Red. $500,000

ALABAMA
Cap. $915,000
Dep. $1,730,000
Red. $4,200,000
Total Federal bank capital supplied by the 856
national banks of this region
$10,110,000
Federal bank deposits supplied by these banks
27,280,000
Total
Less required reserve of 35 per cent of deposits

37,390,000
9,550,000

Funds available for investment
27,840,000
Estimated funds needed at time of greatest
demand
11,825,000
Surplus reserve

16,015,000

200

LOCATION OF RESERVE DISTRICTS.

EXHIBIT NO. 10.
Legend:
Cap.: Federal bank capital supplied by the national banks of each State.
Dep.: Estimated amount of deposits supplied by the national banks of each State.
Red.: Total of funds borrowed, under present system, by the national banks of each State, taken at the time when the total for the
whole region is greatest.

378 National Banks

OHIO
Cap. $5,400,000
Dep. $16,000,000
Red. $2,700,000

115 National Banks

SOUTH INDIANA
Cap. $930,000
Dep. 32,775,000
Red. $325,000

144 National Banks

KENTUCKY
Cap. $1,500,000
Dep. $3,200,000
Red. $1,500,000

103 National Banks

TENNESSEE
Cap. $1,065,000
Dep. $3,000,000
Red. $2,600,000
67 National
Banks
•(Estimated one-half
of State)

31 National Banks

MISSISSIPPI,


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

Cap. $300,000
Dep. $575,000
Red. $500,000

J

85 National Banks

WEST
GEORGIA

ALABAMA

Cap. $700,000
Dep. $1,100,000
Red. $5,400,000

Cap. $915,000
Dep. $1,730,000
Red. $4,200,000

Total Federal bank capital supplied by the 913 national banks
$10,810,000
of this region
Federal bank deposits supplied
28,380,000
by these banks
Total
39, 190,000
Less required reserve of 35 per
cent of deposits
9,930,000
Funds available for investment
29,260,000
Estimated funds needed at time
17, 225,000
of greatest demand
Surplus reserve

12,035,000

201

LOUISVILLE, KENTUCKY.

EXHIBIT NO. 11.
Legend:
Cap.: Federal bank capital supplied by the national banks of each State.
Dep.: Estimated amount of deposits supplied by the national banks of each State.
Red.: Total of funds borrowed, under present system, by the national banks of each State, at the time when the total for the
region is greatest.

378 National Banks

OHIO
Cap. $5,400,000
Dep. $16,000,000
Red. $2,700,000

•
115 National Banks

SOUTH INDIANA
Cap. $930,000
Dep. $2,775,000
Red. $325,000
114 National Banks

KENTUCKY
Cap. $1,500,000
Dep. $3,200,000
Red. $1,500,000
103 National Banks

TENNESSEE
Cap. $1,065,000
Dep. $3,000,000
Red. $2,600,000

31 National Banks

65 National Banks

MISSISSIPPI

ALABAMA

GEORGIA

Cap. $300,000
Dep. $575,000
Red. $500,000

Cap. $915,000
Dep. $1,730,000
Red. $4,200,000

Cap. $1,400,000
Dep. $2,200,000
Red. $10,800,000

114 National Banks

48 National
Banks

FLORIDA
Total Federal bank capital supplied by the 1,018 national banks of this region
Federal bank deposits supplied by these banks

$12, 120,000
31,010,000

Total
Less required reserve of 35 per cent of deposits

43,130,000
10,850,000

Funds available for investment
Estimated funds needed at time of greatest demand

32,280,000
23,925,000

Surplus reserve


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

8,355,000

Cap. $610,000
Dep. $1,530,000
Red. $1,300,000

whole

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

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

MEMPHIS, TENN.

203

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

MEMPHIS, TENN.
BRIEF FILED BY BANKING COMMITTEE OF MEMPHIS.
GEOGRAPHY.

This map is drawn to scale and is geographically
correct. It includes in the proposed Memphis region,
as indicated by heavy black lines, part of the State
of Kentucky, part of Missouri, Oklahoma as far west
as the one hundredth parallel, Texas as far west as the
one hundredth parallel, and the States of Arkansas,
Louisiana, Mississippi, Tennessee, and Alabama.
Memphis is the most accessible city in this territory
from its various points.
Memphis, because of its 17 lines of railways, reach-.
mg in every direction, is in easy access to every point
within the proposed region.
The mail service between Memphis and all points
with a few exceptions, in this region, has a run of 12
hours and less, and the'few exceptions less than an
average of 24 hours.
The mail service and the train service in and out of
Memphis are better than those of any other city in
this region.
A circle drawn with Memphis as a center, with a
radius of 300 miles, includes part of 13 States. This
is not true of any other city applying for a regional
reserve bank.
In addition to its train service, Memphis has an
open river service the entire year.
Memphis is the great gateway between the South
east of the river and southwest of the river.
Memphis is within easy distance from the city of
Washington (30 hours).
Geographically, Memphis is the center of the South.
BANKING CAPITAL.

The banking capital and surplus of the national
banks within this section are $174,370,000.
The banking capital and surplus of the State banks
within this region are $188,235,000, or a total of
$362,605,000.
If the national banks alone enter the reserve system, they would give a capital of $10,462,200. If
the State banks entered the system, it would give a
combined capital for the regional bank of $21,756,000.
It will be seen that there is ample banking capital
in this region to establish a strong regional bank.

State banks $551,493,000, or a total deposit of
$1,116,245,000.
COTTON.

Within this region and within five hours of Memphis
is the center of the cotton-producing area in this country, as well as the lumber-producing area of the South.
Cotton is the great stabilizer of international exchange.
Cotton is the supreme factor in bringing balances
of trade from Europe in favor of the United States.
It has brought back and it does bring back into the
United States the gold that goes abroad in trade and
that is spent abroad by travelers.
Memphis is the heart of the cotton region of the
South, both geographically and commercially.
Memphis is the largest cotton market in the world,
excepting Liverpool.
Memphis is becoming more and more entrenched
as the leading cotton market, because a system of
warehouses, compression, and freight terminals has
been constructed that enables the handling of cotton
in Memphis at a smaller expense to the farmer than
in any other city.
The supremacy of Memphis as a cotton market is
further shown by the fact that buyers from continental
Europe, from England, and representatives of Japanese houses are permanently located in Memphis, and
that the great cotton manufacturing countries maintain offices in Memphis.
Memphis will become a still greater cotton market,
because the alluvial territory tributary to Memphis,
where the finer grades are grown, is only one-sixth
open.
The cotton grown in this alluvial territory because of
its superiority in length and strength of staple commands a premium over the cotton grown elsewhere
and is more valuable in dollars and cents than the
number of bales based upon an average price would
indicate.
This alluvial cotton more nearly than any other
approximates the sea-island cotton of the Carolina
coast.
Half of the American crop of cotton is grown in the
proposed Memphis regional bank district.
Exchange.

DEPOSITS.

The aggregate deposits of the national banks in
the proposed region are $564,752,000 and of the


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

The city of Memphis alone originates annually
$56,000,000 of foreign and $38,000,000 of domestic
exchange based on cotton exclusively.
205

4
4,

ST

Lows%s

EVANS I LE

A

LEXINGTON
N.
S.

SPRINGFIELD

0,0

0

0
OKLAHOMA CITY

NASHVILLE
co

2
;
41: •

•H
13 8o ps

CHATTA 00 A

4

HO

0

5
..).
-5o
c.,
-5
%
%

1/0UP5

30 ft"
I

HOT SP ING

ra
i*A
0 03

al

t-I

30

P

N.
5.

1

5 17,110,000
$ 19,818,000

TOTAL 5 36,584000
LP
o

FF

5

BIRM NGHAM

0
TEXARKANA

0

4 )A.,
'
rro •1
PROD

00DALLAS

41
4

0

C /ON

J•CKSON

FT.WORTH


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

5

8Ho uRS - 5,5"

LITTLE ROCK

N. $ i9,795,000
5. 5 11,250,000
TOTAL 31,045,000

N. 3 76,365,000
5. 3 46,7443,000
TOTAL 3 123,113,000

3HREV

MERIDIAN

MONTGOME

CKSB PG
N.
5,

$ 5,680,000
$ 11,8p6,000

TOTAL S 25,486,000

0

HOUSTON

a GALVESTON

KNOXVILLE

12youfts

/0 //00 S
so Af/N

/8 IfouRs 2 m,„,.
2

ick H 114
0

$ 21,104,000
5 25,138,000
TOTAL $ 46,242,000

5-

0
'MOBILE

PRZWED BYBAYSTAFrOMMZ7£1,30NLISHirciu3
EXECUTED BY BLUFF CIT ENGRAVING'CO
T

—

LOCATION OF RESERVE DISTRICTS.

0
MUSKOGEE

4r"

PA
N.

N. $ 8,950,0
5. 3 21,413,000
TOTALS 30 363,000
,
/4

0
/ :c
,h QTy LSA
•/114v
GUTHI

3 7,488,000
$ 9.575,000

TOTAL 3 17,063,000

o

N. 3 3,055,000
S. $ 11,630,000
TOTAL 3 4385,000

4

MEMPHIS, TENNESSEE.

These amounts represent merely the exchange that
originates in Memphis and do not include the exchange
originating in the terr;tory contiguous to it.
LUMBER.

Memphis is the largest hardwood lumber market 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 Memphis
alone is approximately $20,000,000 a year, from which
is originated $6,000,000 foreign exchange and $14,000,000 domestic exchange.
It will be seen, therefore, that by the operation of the
three industries, of which Memphis is the undisputed
leading market place, there is originated from cotton,
from cottonseed products, and from lumber,foreign exchange in the amount of $62,000,000 and domestic
exchange in the amount of $72,000,000, or a total of
foreign and domestic exchange of $134,000,000 annually. This does not include exchange originated in
the territory adjacent to Memphis.
COTTON FINANCE.

207

With the location of a regional bank in Memphis this
unnecessary tribute and expense would be saved to a
territory producing about 6,000,000 bales of cotton.
That region in which Memphis is the logical center
would be served best from Memphis, because of its
superior transportation and mail service. Time in
transit and accessibility considered, Memphis is the
ideal location—the very "hub." The consequent
stringency and the suffering in the fall by other lines
of business due to the paramount necessities of the
cotton business will soon be at an end, for Federal
reserve notes will come into existence just in proportion to the need of them when cotton is moving.
Instead of a big crop movement creating a money
stringency it will bring about a corresponding supply
of Federal-reserve notes. Instead of a production of
vast new wealth from the soil causing a stoppage of
credit, it will, as it should, enlarge and bring attendant
prosperity.
Advantage in the Memphis location is to be considered again when the system is perfected and the
handling of exchanges for all the member banks is in
vogue. Whether at par or subject to a small charge,
there will be a great saving of time and expense by
having the bank for the region proposed at Memphis—
the logical center.
Foreign bills originating in the region proposed
aggregating many millions, will be reduced to credit
at this logical center—Memphis—and made instantly
available without the intervention of any broker or
eastern banker. This saving will be immense to the
producers in the region as proposed and the ideal for
that conversion is at Memphis.

Memphis, being the logical city for a regional bank,
located in the cotton-growing States, and, as has been
shown, there being ample banking capital in the proposed region, the success of the bank seems assured,
and its utility and efficiency indicated in no uncertain way. The development of this section since the
bankrupted conditions that followed the Civil War is
the history of all of the South. What has been accomplished under an unscientific and inadequate
monetary system but presages the possibilities of this
COTTON SEED.
section under the operation of the Federal reserve act.
Success in the operation of the Federal reserve
In the proposed region cottonseed products are
banks in the larger and patriotic sense will be attained produced which in value are about one-fourth of the
by taking the resources and strength resulting from
cotton fiber.
reserve mobilization and note-issuing power, to the
Memphis itself is the largest manufacturer of cottonproducing world and rendering it possible in that
•
seed products in the world.
sense for the growers of cotton—our "royal crop"—to
There originated in Memphis alone $20,000,000
obtain help practically at first hand.
exchange based on cottonseed products.
The South, with its own means, is unable to grow
the crop it is undoubtedly true that the South can
JOBBING AND DISTRIBUTING.
not finance it in the autumn without assistance. The
As a jobbing and distributing center Memphis has
necessity of shipping actual cash to the South and the
operation of obtaining credit business relations and sells goods in all parts of the
expense involved in the
in the centers, as well as the cost of currency ship- proposed region. As the southern distributing depot
ments, is well known. An average annually of $20,- of the great agricultural implement manufacturers—
000,000 of currency is shipped in and out of Memphis. the International Harvester Co. and the United States
It is impossible to give these figures for the region Steel Corporation—the trend of trade all through this
Proposed. We submit upon the figures of Memphis section is irresistibly and increasingly toward Memphis.
alone the requirements of the whole region in respect It is no exaggeration to say that as a jobbing center
to necessary credit and currency shipment will run it is the leading city in this region—the natural market
into very large figures.
place.


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208

LOCATION OF RESERVE DISTRICTS.

Memphis men were pioneers in the great fruit-growing region of Arkansas and in the development of the
southern tier of counties of Missouri, and Memphis
financed in a very large measure these industries, and
this city still maintains its business relations there.
With cotton, with lumber, with cottonseed products,
and with the fruit and minerals and rice of Arkansas,
the rice and sugar of Louisiana, the iron and coal of
Alabama, the live stock and phosphates and tobacco
of middle Tennessee and the lower tier of counties of
Kentucky there is embraced in the Memphis region a
self-sufficiency, a rotation of liquidation, which can not


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fail to make a regional bank located in Memphis not
only helpful,notonly animportant partin the whole general scheme of regional banks, but one which will yield
to its member banks a dividend on their investment.
Finally, there is nothing of the "boom-town spirit"
in the movement which has for its object the location
of the bank in Memphis. It is believed that the whole
South will be served better from Memphis than from
any other city, but the committees from the Memphis
Clearing House Association and from the Business
Men's Club are actuated by a broad consideration of
the general public good.

MINNEAPOLIS, MINN.

46458°-8. Doc.485,63-2--14


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209


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MINNEAPOLIS, MINN.
FINANCIAL CENTER AND GATEWAY OF THE NORTHWEST.
Compiled by Prof. R. H. HESS, Ph. D., Madison, Wis., under the direction of the Minneapolis Civic and Commerce Association, assisted
by Minneapolis Clearing House Association, Minneapolis Retailers' Association, Minneapolis Produce Exchange, and Chamber of
Commerce.

FOREWORD.
Minneapolis presents herewith the statistical facts
that tell the story of the rapid growth of the country
and of the city. It offers herewith the reasons why
the Northwest should have a Federal reserve bank and
why Minneapolis is the logical place for its location.
Minneapolis represents the Northwest, the most
prosperous and rapidly growing part of the United
States. The city and the vast country over which
its financial influence extends, are vitally interested
in the new currency law.
The financial legislation known as the Federal
reserve act, Minneapolis business men believe, and
business men of the Northwest as a whole agree, will
work out successfully and beneficially, if in the regional alignment at organization time proper consideration be given to great fundamental economic factors that are existent. The agricultural, commercial,
and financial tendencies will shape conditions of the
near future should also be considered.
The growth of the Northwest and the ever-increasing financial necessities, find presentation herein.
Billions of dollars are recorded in the annual turnover.
For the consideration of the organization committee
this representation sets forth elsewhere in full detail
the facts concerning Minneapolis as the financial center of the Northwest, the grain-trade center, the manufacturing center, the distributing center, the milling
center, and the freight-traffic center.
WHAT MINNEAPOLIS PRESENTS.
Minneapolis finances the major portion of the crop
movement from the farms of Minnesota, North and
South Dakota and Montana. It is the greatest
wholesale market. The lumber trade is financed
and managed from Minneapolis. It is the world's
greatest milling city. • Its predominant position was
gained by and is based upon agriculture. Considered by itself, in relation to the Northwest, or in re-


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lation to St. Paul, it presents these facts and comparisons:
Minneapolis bank clearings, 1913 . .
..
..... $1,312,000,000
St. Paul bank clearings, 1913
$530,000,000
Minneapolis bank deposits, not including savings
banks
$101,000,000
St. Paul bank deposits, not including savings banks $51,000,000
Minneapolis daily average loaded freight cars received
1,159
St. Paul daily average loaded freight cars received
787
Minneapolis daily average freight cars shipped
1,101
St. Paul daily average freight cars shipped
519
Minneapolis total loaded carlotin and out traffic,1913
763,519
St. Paul total loaded carlot in and out traffic, 1913
410,848
Minneapolis average daily shipments of merchandise
pounds..
3,400,940
St. Paul average daily shipments of merchandise
pounds..
1,841,390
Capital and surplus in all national banks in Minneapolis in 1913
$13,710,000
Capital and surplus in all national banks in St. Paul
in 1913
$9,600,000
The net banking power of Minneapolis is 70 per cent greater than
atiof eapos
thm nnSt. Paul.
bank clearings in 1913 exceeded those in Spokane,
Denver and Seattle combined.
Individual deposits in Minneapolis national banks
in 1913
$45,000,000
Increase in individual deposits in Minneapolis naper cent.
tional banks since 1900
350
Individual deposits in St. Paul national banks,1913 $35,000,000
Increase in individual deposits in St. Paul national
per cent..
banks since 1900
200
Balances of Minneapolis national banks in 1913
$35,000,000
Balances of St. Paul national banks in 1913
$17,000,000
Minneapolis has increased bank balances since 1900
by----------------------------------- per cent
500
per cent y
St. Paul has increased bank balances since 1900 b.
.
200
Accounts carried by outside banks in Minneapolis
banks-----3,327
Farm output of Minnesota, North and South Dakota
and Montana advanced nearly 400 per cent in
1890-1900.
Farm output of the United States as a whole advanced 184 per cent in 1890-1900.
211

212

LOCATION OF RESERVE DISTRICTS.

than St. Paul, and depart westward from a half hour
to three-quarters of an hour later. This district is
served by railroads whose mileage has grown from
19,706 miles in 1900 to 29,642 miles at the end of
June 30, 1911, with terminals at Minneapolis and
St. Paul.
Minneapolis and St. Paul constitute a center with
THE NORTHWEST AND THE NEW CURRENCY SYSTEM.
a population, according to the census figures of 1910,
(Minneapolis and its relation to the rich and rapidly growing terof 516,152 people, of which 301,408 lived in Minneritory whose agricultural, commercial, and industrial activities
apolis. Minneapolis gained in population from 1900
the city finances.)
to 1910, 47 per cent, and St. Paul gained, during the
The plea for the location of a Federal reserve bank same period, 31 per cent. At the same rate of inin the Northwest is based on the clause in section 2 of crease at the next Federal census in 1920 the poputhe Federal reserve act, which states:
lation of Minneapolis will be 450,000, while that of
St. Paul will be 280,000.
Provided, That the districts shall be apportioned with due
regard to the convenience and customary course of business and
This commercial, marketing, and banking center
shall not necessarily be coterminous with any State or States.
represents essentially an agricultural people, and the
The business men of the Northwest are grateful for value of total farm products from these States from
consideration accorded by the organization committee 1870 to 1910 is shown by the following table:
to just claims to recognition as an agricultural, comValue offarm products by decades, with the percentage of increase in
mercial, manufacturing, and banking district in putthe last 10-year period.
ting into effect a piece of legislation which is confi[Totals include the return from dairy products and live stock.]
dently believed by the great majority of the people
Per cent of
to be the most important and beneficent, from an
1910
increase in
1900
economic standpoint, of any that has been passed in
last decade.
a half, at least, if not a whole, century.
68 $270,000,000
Minnesota
In that vast new and growing territory extending North Dakota
211 200,000,000 $161,217,000
162 173,000,000 64,252,000
from Minneapolis, St. Paul, and Duluth westward South Dakota
112 60,500,000 66,082,000
28,616,000
Montana
191 101,300,000 34,827,000
Washington
to Puget Sound, amounting in area to over one-fifth
126 804,800,000 354,994,000
Total
of the United States and consisting of about onesixth of the arable lands of the United States, with
1880
1890
1870
a variety and extent of natural resources not ex$71,238,000 $49,468,000 $27,440,000
ceeded, if equaled, by any other territory of like Minnesota
21,264,000 5,648,000
North Dakota
400,000
22,047,000
size on this continent, there is a general and uni- South Dakota
6,273,000 2,024,000
1,376,000
Montana
13,674,000 4,212,000
versal desire and even eagerness on the part of all Washington
2,000,000
134,496,000 61,352,000 31,216,000
national and most State banks and trust companies
Total
to enter the system provided by this new currency
bill. No section of the entire country will give this
THE RAPIDLY GROWING NORTHWEST.
bill a more cordial welcome or a heartier support.
Minnesota, North and South Dakota, according to
In speaking of the Northwest, reference is made
particularly to the States of Minnesota, North and the reports of the Agricultural Department of the
South Dakota, Montana, and Washington, comprising United States, had from 27 to 35 per cent of their
an area of 447,070 square miles. This is nearly three tillable soil under cultivation in 1909. They are credtimes the area of New York, Pennsylvania, and all of ited by the same authority with having 146,000,000
the New England States combined, which is 160,850 acres capable of cultivation, as against 311,000,000
acres actually cultivated in the entire United States
square miles.
in 1909. Judging from the tremendous increase in the
THE RAILROADS AND THE BANKS.
production of these States during the last 30 years, it
Through this entire district, running east and is hardly possible to overestimate the probable prowest, are four great trunk lines centering into Min- duction during the next 10 or 20 years.
The population of these States in 1890 was 2,350,022,
neapolis and St. Paul. These lines are the Minneapolis, St. Paul & Sault Ste. Marie, Great Northern, while the 1910 census gives the same States a populaNorthern Pacific, and Chicago, Milwaukee & St. Paul. tion of 4,654,695, or a gain of nearly 100 per cent.
The increase in business, .agricultural products,
With all of the traffic, freight, passenger, mail and
express, passing over these lines from the west to and banking capital and deposits is many times
the east, trains on these roads enter Minneapolis greater than the increase in population, as will be
from a half hour to three-quarters of an hour sooner shown by the follgwing figures:
Merchandise cars, forwarded and received, 1913,
$225,021
Minneapolis
Merchandise cars, forwarded and received, 1913, St.
156,197
Paul
Minneapolis-Duluth market in 1913 received 62 per cent of all
grain received in Minneapolis, Duluth, Kansas City, St. Louis,and
Omaha.


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MINNEAPOLIS, MINNESOTA.
In 1898 the total deposits of the 216 'banks in
Minnesota were $59,370,000; in South Dakota the
deposits of the 190 banks were $9,713,000; total
deposits of the 111 banks in North Dakota were
$9,109,000,or a total for the three States of $78,192,000,
while in 1913 the deposits of the 1,046 banks of
Minnesota were $379,013,000; deposits of the 625
banks in South Dakota were $90,535,000, and of the
751 banks in North Dakota, $90,321,000, or a total
of $559,869,000.
It is not possible to take any similar area in the
United States and show any increase even approximating this.
STATE BANKS AND THE NEW LAW.

213

and Alberta have unanimously passed resolutions to
be forwarded to the Dominion Parliament at Ottawa
in favor of removing the Canadian tariff on wheat,
and the present premier of Manitoba, who strenuously opposed reciprocity, and also one of the conservative members of the present cabinet, have come
out strongly in favor of such removal. It is confidently predicted in Canada that it is only a question
of a short time when this tariff will be removed, and
when it is removed Minneapolis will be the cash
market for a large amount of the wheat to be grown
in those Provinces. Thousands of citizens of the
United States are now making their homes in Canada.
Their desire is to trade with the States, and the business of the two countries would be greatly facilitated
by the location of a Federal reserve bank at Minneapolis, the natural gateway to all western Canada.
In addition to being the greatest primary grain
market in the world, Minneapolis is the leading distributing center of agricultural implements to this
entire northwestern country.
In diversity, variety, and volume of production
from the soil, the forests, and the mines no other
district of similar area in the United States can begin
to equal it.

Of the 2,978 banks in the five States comprising
the district under consideration, Minnesota, North
and South Dakota, Montana, and Washington, with
a, combined capital of $109,944,000 and surplus of
$61,711,000, with deposits of $858,660,000 and loans
to customers of $765,220,000, 652 are national banks
and the remaining 2,326 are State or private banking
institutions. In round numbers, $80,000,000 of the
capital and surplus of the total of $170,000,000 is
held by national banks and the balance, $90,000,000,
by State banks.
THE NORTHWEST IS OPTIMISTIC.
The only possible inducement that could be offered
these 2,326 State banks to join the Federal reserve
Even during the natural and temporary business
system is the convenience and usefulness of such a lull of a presidential year, and of the one immebank to them, and that convenience and usefulness diately following a change of Federal administralies in making it possible for them to use the system tion, this entire territory, with only negligible exalong the lines of present established relations.
ceptions, and Minneapolis its natural metropolis,
In a map presented herewith is shown the dis- were prosperous to an unprecedented degree. With
tances between the Twin Cities and the various the passage of the recent tariff bill, fraught with
supply centers for the Northwest, also the distance an almost certain increase in our trade intercourse
between Chicago and these centers. It is impor- with the Canadian Northwest, which is beyond the
tant to note the fact that currency can reach the fair estimate of the most farsighted and even visioneastern border of Montana within one day from ary, supplemented by the beneficial provisions of
Minneapolis, while from Chicago the time required the currency bill, its people of the Northwest and
is two days. This means much to the local bank Minneapolis business men believe, of the whole
as well as to the local grain buyer.
country, are entering upon a period of safe and sane
Less than a quarter of a century, and, as to a large development and prosperity, such as we have never
part of this territory, less than a decade, measures before experienced. Happily, the doleful forebodthe period of its greatest growth and development. ings of impending business disaster, which in the near
Its past performance and its present prosperity and past have been emanating from certain quarters,
condition are but an earnest of what it will do in the have largely passed away, and optimistic predicfuture.
tions as to an immediate awakening in all lines of
While this representation covers particularly the business are now being generally made. These preagricultural products of this territory, it is important dictions are in line with the best judgment of the
to consider that Minnesota is the greatest iron-pro- business men and bankers in this great district.
ducing State in the Union, and Montana likewise
takes the lead in copper production, and this is clearly SIZE Or FARMS HAS BEARING ON RESERVE BANK
PROBLEM.
shown by the data and charts herewith.
WESTERN CANADA AND THE FUTURE.
Enhancing the importance of this district is the
fact that within the last few days the local parliaments of the Provinces of Manitoba, Saskatchewan,


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Northwest section requires extraordinary agencies for gathering,
storing, marketing, and financing of agricultural products—
Unique credit system developed.

The prevailing size of farms, taken in connection
with the nature of agricultural industries and con-

214

LOCATION OF RESERVE DISTRICTS.

ditions of farm tenure, may be indicative of certain
commercial activities and associated banking operations of regional significance.
Minnesota, the Dakotas, and Montana are States
of large farm units. These farms are mainly engaged in specialized production and contribute
strongly to the national food supply and to the export trade. For these reasons this section requires
extraordinary agencies for the gathering, exchange,
storage, and distribution of such products, and for
the financing. of great values involved. In certaiii
instances the elaboration of crude products has
come to constitute large manufacturing industries,
particularly the milling of grains, flax, and forest
products.
These industrial activities and commercial transactions are largely seasonal, and involve relatively
short periods of time and likewise a short-time
financial and trade turnover, thus constituting the
most substantial basis of bank credit as recognized
by accepted banking theory and modern laws in all
commercial nations.
GRAIN FINANCING SYSTEM DEVELOPED.
The banks, grain houses, and millers of Minneapolis, have of necessity developed a system of
handling and financing grain which is not only
unique and indigenous to this district, but is remarkably similar—almost identical in principle—to
the European discount system, an adaptation of
which is apparently contemplated by the new currency law.
A study of farm credits reveals noteworthy facts
concerning agricultural finances in the country tributary to the Minneapolis money market, namely,
the relatively high and seasonal demand for bank
accommodations as compared with the South and
West, and a comparative absence of tenancy in contrast with equally productive areas in other regions.
In other words, the lands of Minnesota, the Dakotas,
and Montana are cultivated and managed by their
owners; and, in view of the fact that they produce
a magnificent surplus of values each year, it logically follows that the prevalent farm credit is a relatively short-time obligation associated with the improvement and equipment of farms and the financing of crops. Such securities do not lie within the
category of the usual farm mortgage in static communities, or on the margin of settlement where the
farm debt carries the first costs,of acquisition and
development.
It has been demonstrated that Minnesota mortgages are of such nature as to time, purpose, and
amount, as to place them in the highest class of
real-estate securities—indeed, to a degree, analogous
to "commercial paper."
1 Report on conditions in Minnesota with regard to agricultural credit, by coramittee appointed by Gov. A. 0. Eberbart, Dec. 9, 1913.


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PAYMENTS HAVE SIGNIFICANCE.
The significance of expenditures for farm labor
in the Northern States becomes apparent when such
payments are considered in connection with the
relatively sparse population, small number and
• large size of farms, and the relatively extreme seasonal nature of farming activities in this part of
the United States.
The seasonal demand for labor in the wheat fields
of Kansas is well known. It is a matter of fact
that the harvest demand for labor in Minnesota
and the Dakotas surpasses that of any other foodproducing section of equal area and importance in
the world.
The seeding and harvesting of wheat in the North
is not coordinated, as in States farther south and
east, with the sequential operations of general farming and the contiguous processes of cultivation, harvesting and feeding characteristic of the corn country.
Furthermore, the share tenant system and stable labor
supply of the southern country reduces to a minimum the need of banking accommodation in aid of
harvest operations.
The seasonal demand for wage payments is a
unique factor of considerable importance in the
necessary funding operations of the banks of the
Northwest. This demand arises out of the necessity for a relatively large number of farm laborers,
for relatively short periods of employment, and at
a relatively high cash wage.
The fact that such expenditures are almost immediately reflected in commercial products, commanding
a world market and stable and certain values, is
especially significant.
FARM EMPLOYMENT FIGURES FROM CENSUS.
Census reports upon farm employment for 1909,
including approximately 60 per cent of all farms, for
Minnesota, the Dakotas, and Montana as compared
with Kansas, Nebraska,and Iowa are as follows:
Total farm
wages.

Minnesota, Dakotas, and Montana
Kansas, Nebraska, and Iowa
Excess of northern section over southern section
1 18 per cent.

$69,800,000
.59,000,000
1 10,800,000
2 54

Average
wages per
farm.
$343
224
119

per cent.

MINNEAPOLIS FINANCES THE *AGRICULTURAL NORTHWEST.
Grain drafts aggregating $217,909,000 were paid by Minneapolis
banks last year.—Clearings totaled $1,312,000,000.—Currency
shipments ,amounted to $34,353.000.

If the organization committee shall designate the
territory embracing Minnesota, North and South
Dakota, Montana, and Washington as a Federal reserve district, it will be charged with the further

215

MINNEAPOLIS, MINNESOTA.

duty, second only in importance, of designating
within such territory a Federal reserve city. Section
2 of the act requires "that the Federal reserve districts shall be apportioned with due regard to the convenience and customary course of business and shall
not necessarily be coterminous with any State or
States." The real purpose and spirit of this requirement, with respect to the reserve districts, is peculiarly applicable in designating the reserve cities.
It is especially the convenience of the people within
the district and the usual and customary course of
business therein which must necessarily be controlling
in the selection of a reserve city. Merely geographical, educational, social, sentimental, governmental,
or political reasons should have little if any weight
in the selection of such a city.
By the census of 1910 Minneapolis had a population of 301,408, while St. Paul was given 214,744.
This lead in population of Min leapolis over St. Paul
of 86,664 in 1910 (and now in all probability considerably greater) tells but a small part of the real story.
The constantly increasing prestige and precedence
of Minneapolis over St. Paul as the commercial,
manufacturing, and banking center of the Northwest
is so marked and indisputably proven by the facts
and figures of official records as to leave no room for
doubt or discussion.
St. Paul had the advantage of being the older city
and the capital of the State, which, in the days of
small things, gave it an artificial lead over Minneapolis, but commencing with 1880 a decade of real
rivalry and competition set in, at the end of which
Minneapolis was well in the lead of St. Paul in practically all the lines of activity in which these cities
were engaged, and every year since has but emphasized and increased this lead. Comparisons are said
to be odious, but if this be true, circumstances sometimes make them necessary.

This makes total clearings for the year 1913 for the
two cities of $1,842,927,819, of which Minneapolis
had 72 per cent and St. Paul 28 per cent.
Just in what degree the beginning of the crop
movement annually affects Minneapolis may be seen
in a chart presented herewith, which shows that
weekly clearings rose from $17,776,000 in August,
1913, to $37,616,000 in October, 1913, and in St.
Paul from $9,790,000 in August to $12,588,000 in
October. Comparisons for a period of years show
that these changes always occur at crop moving time,
and that Minneapolis always carries the load of providing money or credit for the Northwest.
In this connection it is an interesting and significant fact that the lowest weekly clearings of Minneapolis exceeded by about $4,000,000 the highest
weekly clearings of St. Paul for the year 1913.
Minneapolis banks handled in 1913 $217,909,000
worth of grain drafts, and shipped out for the purchase of grain in currency $34,358,000, of which
$20,782,000 was shipped during the months of August,
September, October, and November.
There are 2,978 banks in Minnesota, North Dakota,
South Dakota, Montana, and Washington, and the
number of country bank accounts carried in the Minneapolis banks all told during December, 1913,
was 3,329.
The total of out-of-town checks handled by the
banks of Minneapolis during 1913 was $1,328,274,000.
The process of growth in national-bank capital and
surplus of the two cities from 1872 to the present time
is strikingly illustrated by the following figures:
Minneapolis.

St. Paul.

Year
Capital.
$542,000
1872....
1880.... 1,250,000
1890.... 4,500,000
1900.... 4,000,000

Surplus.
$41,585
105,588
602,000
697,000

Total.

Capital.

Surplus.

$583,585 $1,077,900
2,200,000
1,355,588
5,102,000 5,200,000
4,697,000 3,800,000

$249,021
505,000
1,290,000
667,000

Total.
$1,326,921
2,705,000
6,490,000
4,467,000

MINNEAPOLIS THE LOGICAL PLACE.

That city should be selected which, by reason of
its location, the extent and variety of its business,
the volume of its banking capital and surplus, its
resources in available deposits, as well as its size and
commercial and general importance, is most intimately
connected with, and most closely touches, the various
activities of the whole district.
We wish to show the supremacy of Minneapolis as
the location for a reserve bank as compared with St.
Paul.
First, in reference to its.banking capital and surplus at the present time:
Minneapolis.
1. Banking capital and surplus at present time:
Capital
Surplus
2. Deposits
3. Bank clearings for 1913


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FINANCIAL STRENGTII OF NORTHWEST.

As showing the banking resources of the States of
Minnesota, North Dakota, South Dakota, Montana
and Washington, the following figures are significant:
State and national banks.
Capital.

Surplus.

Minnesota............................................ $45,426,000
14,015,000
.
North Dakota........................................
................
12,644,000
South Dota........................
13,591,000
...
Montana ...........................................
24,268,000
..........................................
Washington

$30,315,000
6,585,000
5,470,000
7,262,000
12,079,000

109,944,000

61,711,000

Total...........................................

St. Paul.
Total deposits of the banks of the States above enumerated, $858,666,000, with
loans of $765,220,000.

$10,680,000
9,723,000

$6,750,000
5,241,000

20,403,000
112,244,000
1,312,412,2.57

11,991.000
58,403,000
530,515,562

Minneapolis has long financed the Northwest crop
movement. Its ownership of grain elevators, line
lumber yards, branch houses of produce firms, and its

216

LOCATION OF RESERVE DISTRICTS.

interests in numerous country banks have made
banking records that afford immediate access to the
credit situation in the Northwest.
The intimate acquaintance of tile Minneapolis
bankers with the bankers of the entire Northwest and
their personal knowledge of the territory in which they
are operating would be quite indispensable to the
proper management of a Federal reserve bank in this
territory.
THE STRATEGIC SITUATION.
The strategic position of Minneapolis as a location
for a Federal reserve bank as against the claim of St.
Paul can be shown in no better manner than by stating
that in North Dakota only one town can reach St.
Paul without first passing through Minneapolis. No
cities or towns in Montana or Washington can reach
St. Paul without first passing through Minneapolis.
This is true also of three-fourths of Minnesota and
more than one-half of South Dakota.
Minneapolis especially represents and is the natural
center for all agricultural, commercial, and banking
interests of this entire district. It is the peculiar
merit of this bill which has so generally commended it
to the intelligence and conscience of the American
people that it is to be the especial handmaid of the
legitimate industries of the whole country, be they
agricultural, commercial, or manufacturing. Those
speculative activities which are, and always have
been,essentially parasitical are, with rare wisdom, not
fostered by this bill and are only recognized by it to be
expressly excluded from any of the benefits of its
provisions.
The Federal reserve districts and the Federal reserve
cities which your committee will designate will, in
all human probability, remain unchanged for 5, 10, 15
or perhaps 25 years. The important and far-reaching
effect of your work in these respects can not well be
exaggerated. You are charged with the duty of
meeting not merely the necessities of the present but
also of providing for the probable requirements of the
future. The designation of this territory as a Federal
reserve district and of Minneapolis as the reserve city
will best serve the interests of that portion of the
country and fully meet the requ:rements of the currency bill.
GRAIN CROPS OF THE NORTHWEST FLOW TO MINNEAPOLIS.
(City is distributing center of agricultural yields of Minnesota,
North Dakota, South Dakota, and Montana, and of all products
manufactured therefrom.)

Minneapolis is the market through which, primarily,
the great bulk of the agricultural products of Minnesota, North and South Dakota, and Montana finds
distribution. An important part of the grain and
agricultural products of northern Iowa and Nebraska
is also distributed through this market center. While


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Federal Reserve Bank of St. Louis

a certain portion of the grain from North Dakota and
northern Minnesota is marketed at Duluth, nearly all
this grain is received and handled at Duluth by branch
offices of Minneapolis grain firms, and nearly all the
financing of the crops of Minnesota, North and South
Dakota, and Montana is arranged for in Minneapolis.
Attention is directed, first, to the character and
value of the products of the farms of these four
States, the extraordinary growth in total quantity
produced, and the value thereof during the past 13
years. It will be shown later that the increase in quantity and value of farm products throughout the
Northwest is vastly greater than the proportional
increase in the Southwest.
Production and value at the farm of wheat, corn,
oats, barley, rye, flaxseed, buckwheat, potatoes, and
hay are given in Grain Exhibit A, hereto attached,
showing the yield and the value for Minnesota, North
and South Dakota, and Montana separately; also the
total production and value of these four States.
These are shown, also, for the crop of 1900, 1903, 1906,
1909, 1912, and 1913. All estimates of production
and farm values are taken as of December 1 each year
and are from the tables compiled by the United States
Department of Agriculture.
The total production of grain and potatoes in the
crop of 1900 for these four States was nearly 242,000,000 bushels, total value being estimated at
$97,690,000.
Contrast this with the production in the crop of
1912 of over 928,000,000 bushels of grain and potatoes, with an estimated value of $421,745,000.
The crop of 1913 in the Northwest was less than
that of 1912, and yet the total production of grain
and potatoes in these four States alone equaled
nearly 759,000,000 bushels, with an estimated value,
December 1, 1913, of $407,413,000. Adding to this
the production of 4,618,000 tons of hay, with an
estimated value of $33,677,000, gives a total farm
value of the 1913 crop of grain, including hay and
potatoes, of $441,090,000.
Receipts of grain and flaxseed at Minneapolis and
Duluth, by crop years, with average price per year
and values for 1900, 1903, 1906, 1909, 1912, and 1913,
are shown in Grain Exhibit B.
Attention is called to the fact that receipts at Minneapolis and Duluth combined for the year 1900
totaled more than 150,000,000 bushels, and that of
the crop of 1912 nearly 337,000,000 bushels were
received by both Minneapolis and Duluth combined,
of which about 207,000,000 bushels were received by
Minneapolis and 130,000,000 bushels by Duluth.
Estimated value of the receipts at Minneapolis
was over $193,000,000 for the crop of 1912 and
$135,742,160 for Duluth, making the total value of
the grain and flaxseed received at these two markets
during the crop year of 1912, $328,783,180.

MINNEAPOLIS, MINNESOTA.

217

Minneapolis is a very important shipping center, four States tributary to Minneapolis to be 5,239, with
and on Grain Exhibit C shipments of grain and flax- a total capacity of about 104,780,000 bushels. The
seed from Minneapolis, by crop years, with the aver- total quantity of grain in store in these country eleage price per year and value, are set forth for the crop vators, as per the statement in the Northwestern
years of 1900, 1903, 1906, 1909, 1912, and part of Miller (in Jan. 7, 1914, issue, p. 26), is from 25,000,000
1913. Total value of the grain and flaxseed shipped to 27,000,000 bushels,. This represents a value of
from Mintneapolis in 1900 was slightly over $16,000,000, about $18,200,000.
Taking the stocks of grain and flaxseed on hand in
while shipments from Minneapolis in the crop of 1912
This shows the enormous the Minneapolis terminal elevators, Duluth terminal
reached $77,745,000.
growth of Minneapolis as a shipping and distributing elevators, and country elevators on January 1, 1914,
the total amounts to nearly $53,000,000 in value, and
center during the past 12 years.
practically all of the money necessary to carry this
THE FARMERS AND COUNTRY ELEVATORS.
grain is arranged for at Minneapolis.
Country elevators are,as a rule,almostentirely empty
It is a well-known fact that the farmers and proon August 31 of each year, and if to the increase in
ducers of the Northwest desire to market the bulk of
grain in store in terminal elevators at Minnetheir crop during the months of September, October, value of
apolis and Duluth from August 31, 1913, to January
November, and December following the harvest, and
(which, as stated before, is over $20,000,000),
the quantity of farm products thrown upon the mar- 1, 1914
be added the value of country elevator stocks on
ket during the crop-moving period is therefore vastly
1, 1914, it makes an increase of about
in excess of the requirements of consumers. This hand January
$38,500,000, nearly all of which must be arranged for
necessitates the carrying of the surplus until demand
Minneapolis banks during these four months.
is reached, and it is to the banks of Minneapolis that by the
EXPERIENCE IN THE 1907 PANIC.
those engaged in carrying this grain look for the funds
necessary for this work.
One of the main purposes of a Federal reserve bank
The enormous strain which this situation places
is to relieve periods of extraordinary strain. In this
upon the resources of the banks of Minneapolis is
connection attention should be called to the practice
clearly shown by Grain Exhibits D,E, and F.
farmers and grain producers of storing grain in
Grain Exhibit D shows the stocks of grain and of the
elevators in enormous quantities, taking
flaxseed (and values) in store in terminal elevators at country
receipts• therefor, which storage receipts are
Minneapolis on various dates from August 31, 1913, to storage
Later surrendered and the grain sold.
January 1, 1914, showing an increase in value from
Storage receipts outstanding in farmers' hands
August 31, when the amount was $8,853,700, to
the height of the crop movement of the crop of
$21,673,500 on January 1, 1914, an increase of about during
were estimated to represent a total value of
$13,000,000 in the value of the stocks in store in Min- 1912
$8,000,000. In case of a panic or other abnormal
neapolis in four months. This increase was less, in
condition all of these storage tickets are likely to be
fact, during September, October, November, and
presented and surrendered and demand made upon
December, 1913, than is usually the case for correelevator companies for their value. This actually
sponding months of previous years, owing to the fact the
during the fall of 1907, and elevator comthat an unusually large quantity of grain was carried happened
being unable to secure funds from the Minneover during the midsummer months, the fact being panies,
banks, were entirely unable to purchase the
that in the majority of years the terminal stocks are apolis
grain represented by the storage receipts. It is a convery low during the midsummer months and at the
dition such as this that a reserve bank is designed to
beginning of the crop movement in the fall.
Grain Exhibit E shows the same features regarding care for.
THE GREAT MILLING INDUSTRY.
grain and flaxseed in store in terminal elevators at
Minneapolis is well known to be the largest flour
Duluth during the same period, the total value of
grain and flaxseed in store at the terminal elevators manufacturing center in the world. Grain Exhibit
on August 31, 1913, being $5,485,690 and on January G sets forth thaI there were manufactured and
1, 1914, $13,042,490.
shipped by the Minneapolis mills during the calendar
In other words, on August 31, 1913, in the terminal year 1913, 17,673,725 barrels of flour, with a total
elevators in both Minneapolis and Duluth there was value of $68,043,841. Of this amount 1,764,805 barin store grain and flaxseed to the value of $14,339,390, rels were exported, having a value of $6,794,499.
Some 51 country mills are located in the territory
and in four months from that date this amount had
been increased to $34,715,990, an increase of over immediately tributary to Minneapolis, with a total
daily capacity of 40,865 barrels. The output of these
$20,000,000.
In Grain Exhibit F is set forth a statement showing country mills was 62 per cent of their capacity in 1913,
the total number of country grain elevators in the making the total daily output of these country mills


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Federal Reserve Bank of St. Louis

218

LOCATION OF RESERVE DISTRICTS.

about 25,000 barrels and the yearly output 7,500,000
barrels, with a total value of $28,875,000.
In other words, the Minneapolis flour mills and the
country mills in the territory tributary to Minneapolis
manufactured 25,173,725 barrels of flour during 1913,
with a total value of $96,918,841. Practically all of
this enormous flour manufacturing business is financed
by banks in Minneapolis and the smaller banks of the
Northwest.
LINSEED OIL AND MILL BY-PRODUCTS.

Minneapolis is also the largest linseed-oil manufacturing center in the world. Grain Exhibit H shows
that during the calendar year 1913, 216,222,794
pounds of linseed oil were manufactured, with a total
value of $14,414,853. The oil cake manufactured at
the same time equaled 432,445,590 pounds, with a
value of $6,486,684, making a total value of the products of the linseed oil manufactured of $20,901,537.
About 75 per cent of this oil cake was exported.
The manufacture of ground screenings in Minneapolis is a growing industry, and the 1913 output
was valued at about $500,000.
Stock foods manufactured in Minneapolis during
1913 represent $1,000,000 in value, and the stock
foods manufactured outside of Minneapolis, but
financed in Minneapolis, represent $800,000 in value.
Grain Exhibit I sets forth the importance of the
malting and ground feed industries in Minneapolis,
showing the total value of malt manufactured at Minneapolis during 1913 to have been $3,500,000, and of
ground feed, $1,500,000.
The manufacturing processes directly connected
with the grain and flaxseed receipts at Minneapolis
alone represent a grand total of $95,445,378 of output, the financial arrangements for all of. these enterprises being arranged for at Minneapolis.
These in order are made up as follows:

Duluth received since August 1, 1913, about
6,330,000 bushels of grain and flaxseed in bond and
otherwise, with an estimated value of over $4,000,000.
If the duty on Canadian grain entering the United
States is removed, possibly one-fifth of the grain
shipped to Fort William will be shipped to Minneapolis and Duluth. Receipts at Fort William for
the year 1913 would exceed 200,000,000 bushels.
If one-fifth of this amount should be diverted, on
account of the removal of the tariff, to Minneapolis
and Duluth, it would represent a total of about
40,000,000 bushels, with a value of $30,000,000,
which would be added to the value of the grain
necessarily financed by the -banks at these market
places.
NORTHWEST COMPARED WITH SOUTHWEST.

In considering the question of the location of a
Federal reserve bank at Minneapolis the importance
and value of the agricultural products of the Northwest should be compared with similar data regarding
the Southwest, tributary to Kansas City and St.
Louis and Omaha.
Grain Exhibit K sets forth the United States
Government crop reports, showing the production
and farm value of the crops of Missouri, Kansas,
Nebraska, Oklahoma, and Colorado, and the totals
for the same crops, with reference to Minneapolis.
The United States Department of Agriculture estimates of production and values are used as in the
tables for the Northwest, the values being based on
December of each calendar year.
These five States are tributary to the grain markets
of St. Louis, Kansas City, and Omaha.
In Grain Exhibit K your attention is called to the
fact that the total farm value of the products of these
five States for the crop of 1900 was $356,000,000, and
for 1913 $565,591,000; while the value of the products
Flour manufacturing
$68,043,841
of the four Northwestern Statesfor 1913is$441,090,000,
Linseed oil and oil cake
20,901,537
compared with $97,690,000. This shows that the
Ground screenings
500,000
Northwestern States are increasing at a vastly greater
Stock foods
1,000,000
rate in agricultural importance than is the case with
Ground feed
1,500,000
Malt
the Southwestern States.
3,500,000
Grain Exhibit L sets forth the receipts of grain at
Total
95,445,378
St. Louis, Kansas City, and Omaha, the three leading
THE NEW TARIFF AND WESTERN CANADA.
grain markets of the Southwest, at 201,940,111 bushels,
In Grain Exhibit J is set forth the production of while receipts of grain at Minneapolis alone for the
grain and flax in the three northwestern Canadian same crop year reached 206,812,670 bushels. In other
Provinces of Manitoba, Saskatchewan, and Alberta, words, Minneapolis alone received more grain and
according to the Dominion census for the crop of flaxseed than all of the three Southwestern markets
1913, the total being 472,109,000 bushels in the crop combined.
TERMINAL GRAIN STORAGE.
of 1913.
The production of grain in western Canada is inGrain Exhibit M sets forth the terminal elevator
creasing yearly at a rapid rate. During 1913 about stocks at Minneapolis and Duluth,
as contrasted with
1,750,000 bushels of grain and flaxseed were received the Southwestern terminals. On
April 2, 1913, there
at Minneapolis from western Canada and the duty was in store in the terminal
elevators at Minneapolis
paid, the value being about $1,000,000.
alone 24,426,000 bushels of grain and flaxseed, and on


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Federal Reserve Bank of St. Louis

219

MINNEAPOLIS, MINNESOTA.

the same date there was in store at Duluth 26,102,000
bushels, a total of 50,528,000 bushels in both markets.
The grand total on these dates for the three Southwestern markets was 19,261,000 bushels. In other
words, Minneapolis alone, or Duluth alone, had in
store in their terminal elevators a very much larger
quantity of grain than the total amount in store in
the terminal elevators at St. Louis, Kansas City, and
Omaha combined, taking the greatest amount in store
on any day in the year for each of these three markets.
Minneapolis has 50 terminal elevators with storage
capacity of 38,550,000 bushels. Duluth and Superior
combined have 34 elevators with a storage capacity
of 32,275,000 bushels. Together, Minneapolis and
Duluth-Superior have a joint terminal capacity of
over 70,000,000 bushels.
Terminal elevator capacity at St. Louis is 10,000,000
bushels; Kansas City, 11,235,000 bushels; Omaha,
6,575,000 bushels. In other words, the terminal elevator capacity of the three Southwestern grain markets
combined is only 27,830,000, as compared with the
terminal capacity of 38,550,000 bushels at Minneapolis
alone.
The flour milling capacity at Minneapolis is 77,160
barrels daily. The milling capacity of the flour mills
at St. Louis, Kansas City, and Omaha, combined, is
26,100 barrels daily, or about one-third of the capacity
at Minneapolis alone.
Grain Exhibit N sets forth the elevator and milling
capacity of all the grain markets of any importance
in the United States and Canada.
One small flour mill of 500 barrels capacity is located
at St. Paul. A few country flour mills are financed
from St. Paul. Two very small elevators, with a capacity of about 40,000 bushels, are located at St. Paul,
these elevators being of the size of the ordinary elevator located at a country station.
St. Paul distributes more hay than Minneapolis,
the receipts of hay at Minneapolis amounting to
37,870 tons, with a value of about $378,700, St.
Paul receipts being 209,950 tons, with a value of
$2,099,500. This one agricultural item, however, is
relatively unimportant as compared with the agricultural data generally. Grain receipts at St. Paul
for the year ending August 31, 1913, amounted to
114 cars inspected at St. Paul. About 600 cars were
forwarded from Minneapolis to St. Paul during this
period.
MINNEAPOLIS AND THE "MIDWAY."

A switching yard, called the Minnesota transfer,
is located in the "Midway," strictly speaking within
the city limits of St. Paul, but immediately adjacent
to the eastern boundary of Minneapolis, and is included within the Minneapolis switching district.
The linseed-oil industries and the terminal elevator
located at the Minnesota transfer are operated from


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Federal Reserve Bank of St. Louis

Minneapolis, and the offices of the linseed oil companies and the elevator company, whose properties
are located at Minnesota transfer, are with one exception located in Minneapolis, and all of the financial
arrangements connected with their operation are
made at Minneapolis. Finally the enormous total
capacity of the agricultural products of the Northwest, taken into consideration with the commercial
importance of the Northwest along many other lines,
unquestionably entitles the Northwest to one of the
reserve banks. The financial supremacy of Minneapolis over St. Paul, Duluth, or any other city in the
Northwest, is beyond question, and this is true in
many lines, but in none other is this preeminence more
striking than in the distribution of the agricultural
products of the Northwest.
The enormous quantity and value of grain which
must be "carried" by the banks of the Northwest
from the marketing period to the time of consumption, and the exceedingly great value of the output
of flour mills, linseed-oil mills, and other manufacturing industries connected with the movement of the
agricultural product, all indicate Minneapolis as the
city entitled from every standpoint to the location of
a reserve bank, for the reason that it is through this
market place that the grain of the Northwest naturally
flows. The grain distributed through the grain market
of Duluth must all be credited to Minneapolis, since
the banks of Minneapolis are expected to furnish the
funds necessary for the distribution of grain through
that market place.
GRAIN EXHIBIT A.

Government crop figures.
Minnesota.

North Dakota.

Kind ofgrain.
Production. Value Dec.1. Production. Value Dec.1.

Crop of 1900.

Bushels.
51,509,000
31,795,000
41,908,000
7,276,000
1,037,000
8,637,000
144,000

Wheat
Corn
Oats
Barley
Rye
Potatoes
Buckwheat
Total
Hay...tons

142,306,000
1,424,000

57,604,000
9,893,000

'

Total value
Crop of 1903.
Wheat
Corn
Oats
Barley
Rye
Flaxseed
Potatoes
Buckwheat

$7,643,000
161,000
2,016,000
700,000
35,000
754,000

23,477,000
248,000

11,309,000
1,398,000

67,497,000

12,707,000

tons..

48,751,000
15,477,000
20,643,000
10,280,000
788,000
4,992,000
5,467,000
40,000

55,241,000
2,168,000
21,845,000
12,469,000
367,000
13,246,000
2,033,000
17,000

34,802,000
911,000
6,772,000
4,489,0(30
158,000
10,729,000
976,000
9,000

224,774,000
1,580,000

106,438,000
10,443,000

107,386,000
178,000

58,846,000
816,000

116,881,000

Total value
Crop of 1906.
Wheat
Corn
Oats
Barley
11 cra

Bushels.
13,176,000
381,000
6,300,000
1,999,000
84,000
1,537,000

70,653,000
40,727,000
68,889,000
27,784,000
1,750,000
6,014,000
8,961,000
75,000

Total
Hay

$32,451,000
9,221,000
10,058,000
2,765,000
436,000
2,591,000
82,000

55,802,000
50,150,000
72,012,000
31,592,000
1.708.000

36,272,000
17,)51,000
19,444,000
11,057,000
864.000

59,662,000

77,896,000
4,170,000
40,170,000
15,816,000
424 nnn

49,075,000
1,627,000
10,932,009
5,220,000

m4 nnn

220

LOCATION OF RESERVE
DISTRICTS.

GRAIN EXHIBIT A-Continued.

GRAIN EXHIBIT A-Continued.

Government crop figures-Continued.
Minnesota.

Government crop figures-Continued.

North Dakota.

South Dakota.

Kind of grain.

Crop of 1906-Contd.
Flaxseed
Potatoes
Buckwheat

Bushels.
4,742,000
12,124,000
64,000
228,194,000
1,460,000

Total
Hay

tons.

$4,884,000
4,486,000
35,000
94,083,000
8,027,000

Total value

$14,802,000
1,135,000

155,780,000
258,000

82,995,000
1,158,000

102,110,000

Crop of 1909.
Wheat
Corn
Oats
Barley
Rye
Flaxseed
Potatoes
Buckwheat
tons..

90,317,000
28,818,000
31,601,000
14,852,000
1,368,000
6,750,000
6,440,000
54,000

90,762,000
6,045,000
49,600,000
20,727,000
478,000
14,229,000
4,400,000

83,501,000
3,325,000
16,368,000
8,913,000
272,000
22,340,000
1,980,000

'300,036,000
1,622,000

180,200,000
9,732,000

186,241,000
266,000

136,699,000
1,330,000

Total value

189,932,000

Crop of 1912.
Wheat
Corn
Flaxseed
Barley
Oats
Rye
Potatoes
Buckwheat
Total
Hay

tons.

48,938,000
28,925,000
4,945,000
17,227,000
31,162,000
3,013,000
9,261,000
82,000

143,820,000
8,758,000
12,086,000
35,162,000
95,220,000
864,000
6,656,000

99,236,000
3,766,000
13,778,000
12,307,000
20,948,000
406,000
1,864,000

353,513,000
2,541,000

143,553,000
16,262,000

302,566,000
510,000

152,305,000
2,805,000

Total
tons..

155,110,000

67,280,000
96,000,000
112,644,000
34,800,000
5,700,000
3,150,000
30,250,000
99,000

51,776,000
50,880,000
36,046,000
16,704, 000
2,736,000
3,874,000
15,730,000
63,000

78,855,000
10,800,000
57,825,000
25,500,000
1,800,000
7,200,000
5,100,000

359,923,000
2,490,000

177,809,000
16,434,000

187,080,000
388,000

Total value

Total
Hay

tons..

57,564,000
5,616,000
17,348,000
10,200,000
810,000
8,712,000
2,836,000

$280,000
3,980,000
1,240,000

Bushels.
42,000
299,000
2,144,000

$28,000
299,000
1,308,000

182,234,000
333,000

68,244,000
1,495,000

14,852,000
692,000

7,813,000
6,156,000

69,739,000

Crop of 1909.
Wheat
Corn
Oats
Barley
Rye
Flaxseed
Potatoes
tons..

42,829,000
32,635,000
14,790,000
8,960,000
341,000
8,516,000
2,520,000

10,764,000
175,000
15,390,000
1,900,000
58,000
120,000
4,500,000

9,364,000
150,000
6,464,000
1,197,000
44,000
192,000
2,295,000

186,486,000
804,000

110,591,000
4,100,000

32,907,000
995,000

19,706, 000
9,950,000

Total value

114,691,000

Crop of 1912.
Wheat
Corn
Flaxseed
Barley
(fats
Rye
Potatoes
Hay

29,656,000

52,185,000
76,347,000
5,323,000
23,062,000
52,062,000
312,000
6,510,000

tons..

36,008,000
28,248,000
6,015,000
9,686,000
13,098,000
162,000
2,344,000

19,346,000
612,000
5,520,000
1,424,000
22,848,000
235,000
6,105,000

12,381,000
428,000
6,182,000
755,000
,997,000
7
141,000
2,442,000

216,509,000
672,000

95,561,000
4,099,000

56,090,000
1,216,000

30,326,000
10,093,000

Total value

99,660,000

Crop of 1918
Wheat
Corn
Oats
Barley
Rye
Flaxseed
Potatoes

40,419,000

33,175,000
67,320,000
42,135,000
16,765,000
660,000
3,060,000
4,680,000

Total
tons..

103,086,000
2,250,000

13,969,000

47,588,000
65,270,000
43,500,000
19,910,000
578,000
5,640,000
4,000,000

Total
Hay

Hay

194,178,000

Bushels.
622,000
3,980,000
3,543,000

Total value

Total

159,815,000

Crop of 1913.
Wheat
Corn
Oats
Barley
Rye
Flaxseed
Potatoes
Buckwheat

Crop of I906-Contd.
Rye
Flaxseed
Potatoes

138,029,000

67,038,000
78,177,000
4,121,000
42,018,000
122,932,000
6,026,000
33,075,000
126,000

Total value

Production. Value Dec.1. Production. Value
Dec.1.

84,153,000

94,080,000
58,812,000
90,288,000
31,600,000
2,280,000
4,500,000
18,400,000
76,000

Total
Hay

Hay

Bushels.
14,511,000
2,467,000

Montana.

Kind of grain.

Production. Value Dec.1. Production. Value
Dec.1.

24,383,000
37,699,000
14,326,000
7,712,000
312,000
3,672,000
2,948,000

20,673,000
882,000
21,750,000
1,860,000
210,000
3,600,000
5,040,000

19,346,000
679,000
6,960,000
893,000
116,000
4,140,000
3,377,000

167,795,000
552,000

91,052,000
3,588,000

44,015,000
1,188,000

35,511,000
11,405,000

Total value

94,040,000

46,916,000

105,356,000
Summary.

South Dakota.

Kind of grain.

Montana,

Production.

Kind of grain.
Production. Value Dec.1. Production. Value Dec.
1.
Crop of1900.
Wheat
Corn
Oats
Barley
Rye
Potatoes
Total
Hay

tons..

Bushels.
20,150,000
32,149,000
12,654,000
1,544,000
28,000
4,031,000

$11,687,000
9,402,000
3,037,000
479,000
11,000
1,452,000

70,826,000
2,065,000

26,068,000
8,154,000

Total value

Total
tons..

$1,178,000
15,000
1,079,000
97,000

541,000

2,709,000
5,139,000

29,297,000
14,567,000
7,908,000
3,517,000
282,000
3,125,000
1,559,000

2,785,000
92,000
7,533,000
733,000
47,000
177,000
2,272,000

1,838,000
57,000
2,637,000
426,000
30,000
107,000
1,000,000

134,295,000
278,000

60,255,000
1,285,000

13,639,000
698,000

6,095,000
6,150,000

Total value

Total
Hay

tons..

61,540,000

12,245,000


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

241,975,000
3,796,000

97,690,000
24,584,000
122,274,000

Crop of 1903.
Wheat
Corn
Oats
Barley
Rye
Flaxseed
Potatoes
Buckwheat

175,932,000
84,606,000
125,535,000
51,643,000
2,869,000
23,343,000
16,153,000
92,000

Total
Hay.,

tons..
tons..

114,688,000
31,012,000
37,960,000
18,712, 000
1,258,000
18,953,000
9,002,000
49,0O

480,173,000
2,734,000

231,634,000
18,694,000

Total value

Crop of 1906.
Wheat
Corn
Oats
Barley

$52,919,000
18,799,000
16,190,000
4,041,000
482,000
5,137,000
82,000

Total value

7,848,000

47,253,000
41,619,000
27,268,000
10,637,000
705,000
3,906,000
2,887,000

Bushels.
86,765,000
64,619,000
63,431,000
11,021,000
1, 149,000
14,846,000
144,000

Wheat
Corn
Oats
Barley
Rye
Potatoes
Buckwheat

340,000

5,366,000
59,000

34,222,000

Crop of1903.
Wheat
Corn
Oats
Barley
Rye
Flaxseed
Potatoes
Hay

Bushels.
1,930,000
24,000
2,569,000
202,000

Crop of 1900.

Value.

250,328,000
Crop of 1906.

41,956,000
62,813,000
46,410,000
22,910,000

25,593,000
18,268,000
11,603,000
7,332,000

3,298,000
94,000
8,502,000
473,000

2,111,000
61,000
3,741,000
265,000

Wheat
Corn
Oats
Barley
Rye

178,952,000
117,227,000
167,410,000
70,791,000
2,806,000

113,051,000
36,955,000
45,720,000
23,874,000
1,366,000

221

MINNEAPOLIS, MINNESOTA.

GRAIN EXHIBIT B-Continued.
Receipts at Minneapolis by crop years, with average price per year and
values-Continued.

GRAIN EXHIBIT A-Continued.
Government crop figures-Continued.

Kind of grtiln.
Value.

Production.
Crop of 1906-Continued.

Bushels.

23,532,000
20,278,000
64,000

Hay

Total

tons..

$23,965,000
8,169,000
3.5,000

581,060,000
2,743,000

Flaxseed
Potatoes
Buckwheat

253,13.5,000
16,836,000

Crop of 1909.
243,194,000
130,302,000
198,778,000
74,137,000
3,394,000
24,489,000
31,300,000
76,000

226,011,000
64,928,000
69,223,000
33,922,000
2,025,000
37,798,000
13,235,000
54,000

705,670,003
tons..
3,687,000

Total

472,308,000

Total value
Crop of 1912.
282,389,000
162,894,000
27,050,000
101,666,000
293,062,000
7,437,000
52,346,000
126,000

Wheat
Corn
Flaxseed
Barley
Oats
Rye
Potatoes
Buckwheat
Total

tons..

196,563,000
61,367,000
30,920,000
39,975,000
73,205,000
3,722,000
15,911,000
82,000

928,678,000
4,939,000

814,520 $0.50 $407,260
1900
1,786,430 .49 875,351
1903
1,911,730 .57 1,089,686
1906
2,442,450 .74 1,807,413
1909
5,948,720 .74 4,402,793
1912
1913(4 mos) 3,115,640 .54 1,683,000

7,180,060
8,216,970
10,162,240
9,251,180
12,363,200
5,078,450

$1.59
1.05
1. 13
1.63
1.89
1.40

Value.

$11,416,296
8,627,819
11,483,332
15,079,924
23,366,448
7,110,000

$77,637,777
92,677,522
97,256,050
157,926,581
193,041,020
69,975,000

GRAIN EXHIBIT C.
shipments by crop years, with average price per year and
Minneapolis
values.
Wheat.
Year.
Bushels.

Corn.

Average
price.
$0.72
.81
.79
1.16
1.02
.8,5

10,096,970
17,153,160
20,828,130
22,093,800
33,266,350
11,141,060

1900
1903
1906
1909
1912
1913(part of)

421,745,000
33,259,000

Value.

Average
price.

Bushels.

Barley.

Oats.
Year.
Bushels.

Average
price.

$670,533
355,800
1,518,066
3,276,845
2,723,041
2,022,406

$0.37
.47
.44
.65
.66
.64

812, 250
1,
757,020
3,450,150
5,041,300
4,125,820
3,160,010

$7,269,818
13,894,060
16,454,062
25,628,808
33,931,677
9,469,901

Value.

Value.

Average
price.

Bushels.

Value.

455,004,000

Total value
Crop of 1913.
Wheat
Corn
Oats
Barley
Rye
Flaxseed
Potatoes
Buckwheat

199,983,000
175,002,000
234,354,000
78,92.5,000
8,370,000
17,010,000
45,070,000
99,000

153,069,000
94,874,000
74,680,000
35,509,000
3,974,000
20,398,000
24,891,000
63,000

Total

758,813,000
4,618,000
tons..

407,458,000
33,677,000

Hay

Total
values.

A vBushels. erage
price.

AvBushels. erage Value.
price.

446,996,000
25,112,000

Wheat
Corn
Oats
Barley
Rye
Flaxseed
Potatoes
Buckwheat

Hay

Year.

269,971,000

Total value

Hay

Flaxseed.

Rye.

Summary.

GRAIN EXHIBIT B.
Receipts at Minneapolis by crop years, with average price per year and
values.

$0.26 31,056,8251 3,672,810
.36 4,885,99918,727,850
.32 6,111,1581 10,661,310
.46 6,983,444 20,556,790
.43 6,915,024 33,297,570
.38 4,161,150 14,823,530

$0.42 $1,542,580
.48 4,189,368
.44 4,690,976
.60 12,334,074
.78 25,972,105
.57 8,449,412

Flaxseed.

Rye.

Total

Year.

AvBushels. erage
price.

AvBushels. erage Value.
price.

441,090,000

Total value

9,064,710
13,572,220
19,097,370
15,181,400
16,081,450
10,050,370

1900
1903
1906
1909
1912
1913 (part of)

1900
1903
1906
1909
1912
1913(part of)

533,260 $0.52 $277,295
1, 115,860 .51 569,088
1,710,110 .59 1,008,965
1,460,260 .76 1,089,798
4,089,340 .76 3,107,898
2,142,060 .56 1, 199,554

3,295,260
3,347,600
5,106,640
2,090,050
2,667,910
576,310

values.

Value.

$1.61 $5,303,759
1.07 3,581,932
1.15 5,976,136
1.65 3,448,583
1.91 5,095,708
818,360
1.42

$16,120,810
27,476,247
35,759,363
52,761,552
77,745,453
26,120,783

PERCENTAGE CROP MARKETED AT MINNEAPOLIS.
Wheat.

Corn.

Average
price.

Aver.
age
price.

Bushels.
1900
1903
1906
1909.
1912.
1913(4 months)

81,961,600
85,139,130
92,643,730
101,566,660
125,498,420
54,210,140

Value.

$57,373,120
67,259,913
71,435,672
115,785,992
1.00 125,498,420
.83 44,995,000

$0.70
.79
.77
1.14

Bushels.

9,266,270
3,912,090
5,297,930
7,021,170
6,127,220
4,172,850

Year.
Bushels.


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

12,909,710
25,057,710
20,374,750
17,610,030
21,063,960
12,388,780

Average
price.

Value.

Bushels.

Bushels.

$0.35 $3,243,195
.45 1,760,440
.42 2,225,131
.63 4,423:320
.64 3,921,421
.62 2,588,000

$0.24 $3,098,330 5,248,990
.34 8,510,621 12,249,040
.30 6,112,425 11,690,010
.44 7,748, 413 22,555,170
.41 8,636,224 35,810,150
.36 3,460,000 18,433,770

Average
price.
$0.40
.46
.42
58
.76
.55

Minneapolis, Percentage.
receipts.

Value.
211,975,000
480,094,000
541,060,000
705,670,000
928,298,000

1900
1903
1906
1909
1912

Bushels.

117,381,100
136,361,310
142,OSO,390
160,446,660
206,812,670

Wheat.
Year.
Bushels.

Value.

$2,099,576
5,634,:378
4,909,804
13,081,999
27,215,714
10,139,000

0.485
.284
.244
.227
.222

Receipts at Duluth by crop years, with average price per year and values.

Barley.

Oats.

1900
1903
1906
1909
1912
1913(4 months)

Crop.

Year.

Year.

1900
1903
1906
1909
1912
1913 (part of)

19,434,000
29,063,000
52,827,000
58,294,000
86,084,000
52,198,000

Average
price.
30.70
.79
.77
1. 14
1.00
.83

Corn.

Value.

$13,603,800
22,959,770
40,676,790
66,455,160
86,084,000
43,324,340

Bushels.

6,489,000
12,000
129,000
920,000
446,867
73,000

Average
price.

Value.

$0.35 $2,271,150
5,400
.45
54,180
.42
579,600
.63
286,000
.64
45,260
.62

222

LOCATION OF RESERVE DISTRICTS.
GRAIN EXHIBIT C-Continued.

GRAIN EXHIBIT D-Continued.

Receipts at Duluth by crop years, with average price per year
and
values-Continued.
Oats.
Year.

Average
price.

Bushels.
1900
1903
1906
1909
1912
1913 (part of)

1,637,000
4,940,000
4,608,000
8,167,000
9,340,000
4,349,000

$0.24
.34
.30
.44
.41
.36

Rye.

Barley.

Value.

3392,880 2,452,000
1,679,600 6,754,000
1,382,400 10,450,000
3,593,480 12,757,000
3,829,400 14,600,000
1,565,640 9,363,000

Bushels.

1900
759,000 $0.50 3379,500
1903
932,000 .49 456,680
1906
654,000 .57 372,780
1909
738,000 .74 546,120
1912
2,339,000 .74 1,730,860
1913(part of) 953,000 .54 514,620

AvBushels. erage
price.
6,237,000
18,785,000
20,952,000
9,826,000
17,310,000
7,539,000

$1.59
1.05
1.13
1.63
1.89
1.40

$0.40
$980,800
.46 3,106,840
.42 4,389,000
.58 7,399,060
.76 11,096,000
.55 5,149,650

Aug. 31, 1913
Oct. 4, 1913
Nov. 1, 1913
Dec. 1,1913
Jan. 1, 1914

Year.

1900....
1903....
1906...
1909....
1912....
1913....

Crop.

Btshels.

327,544,960
47,932,540
70,550,910
94,589,800
135,742,160
61,154,110

227,129,000
463,941,000
564,907,000
674,370,000
875,952,000
713,743,000

37,008,000
60,486,000
89,620,000
89,702,000
130,120,000
74,475,000

0.163
.130
.159
.133
.149
.104

117,381,100
136,361,310
142,080,390
160,446,660
206,812,670

$78,500
213,200
316,500
398,900
396,500

36,643
68,574
115,917
238,773
210,021

353,500
96,700
163,400
429,500
304,530

61,000
114,000
108,000
159,000
159,000

40,000
70,000
100,000
150,000
150,000

56,000
102,200
141,000
201,500
217,500

RECAPITULATION.
38,853,700
13,618,900
17,219,600
19, 181,600
21,673,500
GRAIN EXHIBIT E.
Duluth stocks, by months.
Wheat.

Corn.

Date.

Total both Permarkets. centage.
PerReceipts. centage. Receipts. Percentage.
Bushels.

128,757
374,072
586,084
752,573
748,120

Aug. 31, 1913
Oct. 1,1913
Nov. 1,1913
Dec. 1,1913
Jan. 1, 1914

Minneapolis.

Bushels.

Value.

100,000
200,000
200,000
300,000
300,000

PERCENTAGE CROP MARKETED AT MINNEAPOLIS AND DULUTH
.
Duluth.

Bushels.

Private houses (estimated).

Aug. 31, 1913
Oct. 1, 1913
Nov. 1,1913
Dec. 1, 1913
Jan. 1, 1914

Total
values.

Value.

9,916,&30
19,724,050
23,675,760
16,016,380
32,715,900
10,554,600

Value.

Value.

Flaxseed.

AvBushels. erage Value.
price.

Flax.

Date.

Average
price.

Bushels.

Rye.
Year.

Minneapolis stocks, by months-Continued.

Bushels.

0.515 150,389,100
.298 196,847,310
.254 231,790,390
.238 250,148,660
.236 336,932,670
Only 4 months.

0.678
.428
.413
.373
.385

Bushels.
3,083,000
9,301,000
11,548,000
10,440,000
12,260,000

Aug. 31, 1913
Oct. 4, 1913
Nov. 1, 1913
Dec. 1,1913
Jan. 1, 1914

Value.
$2,520,550
7,794,530
9,584,640
8,665,200
10,298,400

Oats.

Bushels.

Value.

Barley.

Date.
Bushels.

Value.

Bushels.

GRAIN EXHIBIT D.
Aug. 31, 1913
Oct. 4, 1913
Nov. 1, 1913
Dec. 1, 1913
Jan. 1, 1914

Minneapolis stocks, by months.
Wheat.

Corn.

420,000
1,786,000
1,323,000
1,093,000
1,214,000

Value.

$168,000 812,000 $503,440
669,750 2,065,000 1,280,300
467,930 1,905,000 1,206,750
400,310 936,000
524,160
341,600 911,000
510,160

Date.
Bushels.

Value.

Bushels.

Rye.

Value.

Flax.

Date.
Aug. 31, 1913
Oct. 4, 1913
Nov. 1, 1913
Dec. 1, 1913
Jan. 1, 1914

7,014,978
10,834,386
14,456,972
16,151,795
19,050,337

$5,962,700
9,209,200
11,999,300
13,406,000
15,811,800

16,826
37,617
18,140
21,388
178,813

$11,800
24,800
11,200
13,300
100,200

500,000
800,000
1,000,000
1,000,000
1,500,000

425,000
680,000
830,000
830,000
1,245,000

10,000
20,000
20,000
20,000
80,000

7,000
13,200
13,200
12,400
45,600

Private houses (estimated).

Aug. 31, 1913
Oct. 1, 1913
Nov. 1, 1913
Dec. 1, 1913
Jan. 1, 1914

Oats.

Barley.

Date.
Bushels.
Aug. 31, 1913
Oct. 4, 1913
Nov. 1, 1913
Dec. 1,1013
Jan. 1, 1914

Value.

1,777,606
3,124,080
3,355,890
3,452,082
3,157,267

$665,500 129,953
1,124,700 763,0.55
1,174,600 1,155,489
1,208,200 1,224,244
1,011,900 1,215,311

680,600
483,900
670,200
673,300
668,500

1,700,000
3,100,000
3,300,000
3,400,000
3,100,000

646,000
1,116,700
1,155,000
1,190,000
1,023,000

806,000
441,000
638,000
660,000
660,000

Bushels.

Value.

Private houses (estimated).

Aug. 31, 1913
Oct. 1, 1913
Nov. 1, 1913
Dec. 1,1913
Jan. 1, 1914


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

1,300,000
700,000
1,100,000
1,200,000
1,200,000

Bushels.
Aug. 31, 1913
Oct. 4, 1913

Nov. 1, 1913
Dec. 1, 1913
Jan. 1, 1914

85,000
331,000
368,000
312,000
332,000

Value.
$52,700
186,360
193,720
162,240
170,980

Bushels.
1,535,000
861,000
1,646,000
2,668,000
1, 169,000

Value.
$2,241,000
1,231,000
2,239,000
3,721,722
1,721,350

RECAPITULATION AT DULUTH.
Aug. 31, 1913
Oct. 4, 1913
Nov. 1,1913
Dec. 1, 1913
Jan. 1,1914

$5,485,690
11, 161,940
13,696,020
13,473,632
13,042,490

RECAPITULATION OF TERMINALS MINNEAPOLIS AND DULUTII
.
Aug. 31, 1913
$14,339,390
Oct. 4, 1913
24,780,840
Nov. 1,1913
30,915,620
Dec. 1,1913
32,655,232
Jan. 1,1014
34,715.990
RECAPITULATION MINNEAPOLIS AND DULUTI
I TERMINAL
STOCKS AND COUNTRY ELEVATOR STOCKS.
Jan. 1, 1914:
Minneapolis terminals
$21,673,500
Duluth terminals
13,042,490
Country elevator stocks
18,200,000
52,915,990

223

MINNEAPOLIS, MINNESOTA.
On basis of 20 per cent Fort William and Port Arthur receipts:
Wheat, 21,440,140 bushels
Oats,6,904,690 bushels
Barley, 1,971,840 bushels
Flax, 3,610,230 bushels

GRAIN EXHIBIT F.
Capacity of country elevators, by States.
Stock in country elevators.
Elevators.

State.

Capacity.

1,536
1,883
1,160
660

Total

Bushels.
30,720,000
37,660,000
23,200,000
13,200,000

5,239

Minnesota
North Dakota
South Dakota
Montana

104,780,000

[As per statement in Northwestern Miller, issue of Jan. 7, 1914; p. 26.J
bushelS.. 25,000,000 to 27,000,000
Stock
$18,200,000
Value

15,082,725
15,582,785
13,825,795
14,867,245
17,031,935
17,673,725

1900
1903
1906
1909
1912
1913

4,702,485
3,081,115
2,425,035
1,645,970
1,132,640
1,764,805

Average
price per
barrel.

989,528

Total

Missouri.

$3.08 $46,454,793
3.50 54,539,747
46,837,250
3.46
73,295,517
4.93
75,960,230
4.46
68,043,841
3.85
14,483,653
10,783,903
8,390,621
8,114,632
6,051,574
6,794,499

3.08
3.50
3.46
4.93
4.46
3.85

GRAIN EXHIBIT II.
(1913.)
$14,414,853
6,486,684

Linseed oil, 216,222,794 pounds, at 6.666 cents per pound
Oil cake, 432,445,590 pounds, at 1.5 cents per pound

20,901,537

Production. Value Dec. 1. Production. Value Dec. 1.
Crop year 1900.

1,923,000

$45,369,000
52,439,000
9,905,000
1,382,000
827,000

3,538,000
22,000

7,247,000

3,479,000

234,543,000
2,769,000

79,018,000
19,238,000

302,781,000
4,032,000

113,401,000
18,344,000

$1,000,000
800,000

4,500,000
$3,500,000
800,000
tons..
$1,500,000

bushels..

Crop year 1903.
22,195,000
202,840,000
17,402,000
34,000
280,000
347,000
5,741,000
34,000

Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat
Total
tons..

Hay

15,759,000
68,966,000
5,569,000
18,000
154,000
291,000
4,363,000
26,000

87,250,000
171,687,000
26,012,000
4,388,000
1,341,000
891,000
4,185,000
36,000

51,478,000
61,808,000
7,804,000
1,492,000
590,000
704,000
3,557,000
28,000

248,873,000
4,764,000

95,146,000
31,699,000

295,700,000
2,866,000

127,461,000
13,782,000
141,243,000

126,845,000

Crop year 1906.
31,735 000
228,523,000
14,686,000
40,000
285,000
263,000
7,160,000
28,000

Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat
Total
tons..

Hay

21,263,000
86,839,000
4,847,000
20,000
171,000
244,000
4,081,000
20,000

81,831,000
195,075,000
24,780,000
8,437,000
1,027,000
533,000
6,715,000
23,000

80,440,000
62,424,000
7,682,000
2,785,000
514,000
470,000
4,701,000
17,000

282,720,000
2,129,000

117,485,000
21,282,000

318,421,000
2,207,000

159,033,000
13,794,000

138,767,000

Total values

GRAIN EXHIBIT J.

172,827,000

Crop year 1909.

Canadian crops.
crop:
Estimate of Dominion Census three Northwest Provinces, 1913
bushels..
Wheat
do....
Oats
do....
Barley
do....
Rye
do
Flax

131,745,000

98,256,000

Total values

134
$500,000

GRAIN EXHIBIT I.

189,116,000
239,595,000
27,904,000
686,000
14,808,000

472,109,000
Total
Aug. 31,
Receipts at Fort William and Port Arthur, crop year ending
1913:
bushels.. 107,230,690
Wheat
do.... 34,523,400
Oats
do.... 9,857,206
Barley
do.... 18,051,139
Flax
169,664,495
Total


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

$11,874,000
57,828,000
5,680,000
7,000
69,000

10,107,000
32,000
tons..

Hay

Bushels.
82,489,000
163,871,000
43,064,000
4,187,000

Bushels.
18,847,000
180,711,000
24,696,000
15,000
135,000

Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat

•
Total values
tons..

Kansas.

Kind of grain.

Total

Malting capacity of Minneapolis
Value
Ground-feed mills, capacity
Value of product

$66,368
499320
30,088
393,752

Value.

country mills
Fifty-one country mills with daily capacity of 40,865 barrels. These
average 62 per cent active in 1913, making daily output 25,000 barrels.
.
Yearly output-7,500,000 barrels, at $3.85 average price per barrel-$28,875,000
Total output Minneapolis mills and country mills tributary to Minneapolis
2
5,173,725 barrels, at $3.85 average price per barrel-$96,918,841.

About 75 per cent exported.
Ground screenings:
Capacity per day
Value of output
Stock foods:
Value of output
Outside plants financed

4,152,060

Total
Canadian receipts at Minneapolis for calendar year 1913:
Wheat,78,080 bushels, at $0.85
Oats, 1,314,000 bushels, at $0.38
Barley, 58,050 bushels, at $0.51
Flaxseed, 277,290 bushels, at $1.42

Government crop reports, southwest tributary to Kansas City, St. Louis,
and Omaha.

EXPORTS.

1900
1903
1906
1909
1912
1913

$2,244,600
1,138,000
409,460
360,000

GRAIN EXHIBIT K.

Value of our output of Minneapolis.
Barrels.

27,103,475

Total
Canadian receipts at Duluth from Aug. 1, 1913, to Jan. 3, 1914:
Wheat,2,580,000 bushels, at $0.87
Oats, 2,845,000 bushels, at $0.40
Barley, 694,000 bushels, at $0.59
Flaxseed, 250,000 bushels, at $1.44

GRAIN EXHIBIT G.

Year.

$18,229,219
2,623,782
1,123,948
5,126,526

28,562,000
213,840,000
18,630,000
50,000
225,000
202,000
7,480,000
42,000

Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat
Total
tons..

Hay

29,990,000
126,166,000
8,011,000
34,000
184,000
232,000
5,012,000
37,000

87,203,000
154,282,000
27,185,000
4,860,000
568,000
385,000
7,189,000
14,000

83,715,000
83,225,000
11,690,000
2,576,000
426,000
424.000
5,679,000
14,000

269,031,000
3,719,000

169,666,000
30,868,000

281,629,000
2,652,000

187,806,000
15,912,000
203,718,000

200,534,000

Total values
Crop year 1912.
Wheat
Corn
Oats
Barley
RVA

23,750,000
243,904,000
37,125,000
149,000
222.000

21,375,000
112,196,000
12,994,000
98,000
178.000

92,290,000
174,225,000
55,040,000
4,136,000
477.000

68,295,000
69,690,000
19,264,000
1,654,000
324.000

224

LOCATION OF RESERVE DISTRICTS.
GRAIN EXHIBIT K-Continued.

GRAIN EXHIBIT IC-Continued.

Government crop reports, southwest tributary to fansas City,
St.
Louis, and Omaha-Continued.
Missouri.

Government crop reports, southwest tributary to Kansas
City, St.
Louis, and Omaha-Continued.

Kansas.

Nebraska.

Kind of grain.

Production. Value Dec. 1. Production. Value Dec.
1.

Crop year 1912
-Con.

Crop year 1912.

Bushels.
72,000
30,000
7,980,000

Total
Hay

tons.

$79,000
28,000
5,506,000

Bushels.
300,000
16,000
5,740,000

$390,000
12.000
4,190,000

313,23 000
9,
4,143,000

Flax
Potatoes
Buckwheat

152,454,000
40,601,000

332,224,000

163,819,000

Total values

193,055,000

163,819,000

Total
39,586,000
129,062,000
26,500,000
110,000
240,000
50,000
22,000
3,230,000

Total
Hay

Bushels.
55,052,000
182,616,000
55,510,000
2,486,000
880,000
19,000
18,000
9,440,000

Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat

Crop year 1913.
Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat
tons..

33,252,000
95,506,000
11,925,000
66,000
180,000
58,000
19,000
3,004,000

86,983,000
23,424,000
34,320,000
1,944,000
630,000
300,000
10,000
2,920,000

68,717,000
18,271,000
15,444,000
1,069,000
472,000
348,000
8,000
2,657,000

198,800,000
1,800,000

144,010,000
26,100,000

150,531,000
13,500,000

106,986,000
16,875,000

Total values

170,110,000

123,861,000

Hay

tons..

Oklahoma.

$37,985,000
67,568,000
16,653,000
1,044,000
493,000
24,000
16,000
4,814,000

306,021,000
1,552,000

128,597,000
13,037,000

Total values
Crop year 1913.
Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat
Total

Nebraska.

Oklahoma.

Kind of grain.

Production. Value Dec. 1. Production. Value Dec. 1.

Hay

Kind of grain.

tons..

1,740,000

1,618,000

147,425,000
481,000

66,582,000
3,559,000
70,141,000

62,325,000
114,150, 000
59,625,000
1,760,000
1,740,000
54,000
20,000
5,654,000

44,251,000
74, 198,000
22,658.000
876,000
1,044,000
59,000
16,000
4,418,000

17,500,000
52,250,000
18,540,000
63,000
48,000
1,920,000

2,016,000

245,138,000
1,675,000

147,506,000
14,572,000

90,321,000
382,000

62,420,000
3,973,000

Bushels.
24,802,000
210,431,000
37,779,000
582,000
868,000

Total
Hay

tons.

$13,146,000
65,234,000
9,067,000
197,000
347,000

9,665,000
83,000

Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat

66,393,000

Colorado.

Total.

284.210,000
2,640,000

92,780,000
13,594,000

Production. Value Dec. 1. Production. Value Dec.
1.

4,736,000
53,000

Bushels.
18,658,000
14,145,000

32,803,000

$9,889,000
3.678,000

13,567,000

Crop year 1900.

Hay

Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat

Crop year 1903
Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat

tons.

22,765,000
48,267,000
16,046,000
563,000
825,000
162,000
3,353,000
13,000

27,480,000
76,822,000
14,564,000

17,432,000
29,613,000
5,019,000

67,000
555,000
1,635,000

34,000
452,000
1,330,000

283,265,000
945,000

91,994,000
4,230,000

121,123,000
381,000

53,880,000
2,210,000

Total values

Total
Hay

96,222,000

Buckwheat
Total
Hay

tons..

50,172,000
72,437,000
18,792,000
1,042,000
878,000
134,000
3,825,000
8,000

21,544,000
134,231,000
19,487,000
467,000
42,000

12,057,000
41,639,000
5,754,000
165,000
24,000

1,824,000

1,412,000

387,213,000
1,890,000

147,238,000
10,584,000

177,595,000
484,000

61,051,000
2,762,000

Total values

157,872,000

Crop year 1906.
Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat
Total
Hay

63,813,000

49,650,000
194,060,000
61,825,000
2,C)10,000
1,320,000
136,000
8,190,000
16,000

44,188,000
97,030,000
21,639,000
1,135,000
805,000
166,000
4,914,000
14,000

15,680,000
101,150,000
15,950,000
690,000
54,000
60,000
1,890,000

15,837,000
55,639 000
7,337,000
448,000
50,000
72,000
1,796,000

Total

317,837,000
2,325,000

169,891,000
13,950,000

135,474,000
810,000

81,172,000
5,913,000

Hay

tons.
Total values


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

7,424,000
2,222,000
4,594,000
725,000
53,000

4,890,000
1,200,000
1,884,000
442,000
32,000

7,360,000

4,416,000

22,378,000
1,593,000

12,864,000
11,914,000

183,841,000

87,085,000

Crop year 1909.
Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat
Total
Hay

tons.
Total values

11,753,000
75,000

865,365.000
9,466.000

304,847,000
51,234,000
356,081,000

186,507,000
625,951,000
121,999,000
6,852,000
3,970,000
1,932,000
24,080,000
88,000

112,324,000
209,854,000
36,322,000
2,515,000
1,635,000
1,609,000
17,019,000
67,000

971,429,000
10,549,000

381,345,000
63,835,000

24,778,000

8,267,000
3,158,000
5,963,000
760,000
44,000

5,374,000
1,579,000
2,684,000
411,000
25,000

5,871,000

2,642,000

445,180.000
195,667,000
810,770,000
137, 191,000
13,061,000
3,393,000
938,000
28,925,000
64,000

169,306,000
264,918,000
39,759,000
4,423,000
1,612,000
848,000
16,661,000
45,000

12,715,000 1,190,012,000
15,168,000
8,307.000

497,572,000
63,590,000

27,883,000

24,063,000
1,597,000

Total values

Crop year 1909.
Wheat
Corn
Oat
Barley
Rye
Flax
Potatoes
Buckwheat

tons..

6,081,000
58,000

$84,531,000
180,710,000
24,949,000
1,586,000
1,243,000

6,139.000

Total values
52,290,000
249,783,000
72,275,000
3,360,000
1,995,000
142,000
7,355,000
13,000

Rx
ae
Potatoes

tons..

56,090,000

Crop year 1906.
Wheat
Corn
Oats
Barley

11,028,000
25,000

Total values
42,158,000
172,380,000
59,427,000
1,705,000
2,229,000
189,000
5,159,000
18,000

Total

tons..

$4,253,000
1,531,000
297,000

Bushels.
152,004,000
572,347,000
106,170,000
4,784,000
2,926,000
27,019,000
115,000

13.567,000

106,374,000

Crop year 1903.

Hay

Bushels.
7,208,000
3,189,000
631,000

Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat
Total

Total values

14,350,000
37,620,000
8,343,000
50,000
41,000

162,078,000

Kind of grain.
Crop year 1900.

$15,072,000
41,770,000
7,988,000
80,000
42,000
12,000

141,634,000

Total values
Production. Value Dec. 1. Production. Value Dec. 1.

Bushels.
20,096,000
101,878,000
23,494,000
160,000
48.000
9,000

561,162,000

10,758,000
3,267,000
7,448,000
936,000
88,000

10,005,000
2,287,000
3,947,000
618,000
61,000

10,400,000

5,928,000

32,897,000
1,760,000

191,853,000
666,542,000
131.038,000
9,176,000
2,255,000
783,000
35,149,000
72,000

183,735,000
364,397, 000
52,624,000
4,811,000
1,529,000
894,000
23,329,000
65,000

22,849,000 1,036,868,000
17,600,000
11,266,000

631,384,000
84,243,000

40,449,000

715,627,000

MINNEAPOLIS, MINNESOTA.

225

GRAIN EXHIBIT K-Continued.

GRAIN EXHIBIT

Government crop reports, southwest tributary to Kansas City, St.
Louis, and Omaha-Continued.
Colorado.

M-Continued.

High-point terminal stocks-Contrasting Minneapolis and Duluth
with southwestern terminals-Continued.

Total.

l'oint.

Kind of grain.

Barley.
Bushels.
675,000
1,537,000
2,212,000

Production. Value Dec.1. Production. Value Dec.1.
Crop year 1912.
Wheat
Corn
Oats
Barley
Rye
Flax
Potatoes
Buckwheat
Total
Hay
tons..
Total values
Crop year 1918.
Wheat
Corn
Oats
Barley
i ae
g x
Potatoes
Buckwheat
Hay Total.
tons..
Total values

Bushels.
10,968,000
8,736,000
12,412,000
2,964,000
488,000
96,000
8,075,000
43,739,000
1,905,000

Bushels.
$8,006,000 202,156,000
4,368,000 711.359,000
4,717,000 183,581,000
1,482,000
9,895,000
268,000
2,115,000
120,000
496,000
64,000
3,311,000 32,975,000
22,272,000 1,142,641,000
16,574,000
8,081,000
38,846,000

9,680,000
6,300,000
10,675,000
3,250,000
340,000
50,000
9,200,000
39,945,000
1,824,000

7,551,000
4,599,000
4,697,000
1,820,000
204,000
58,000
5,980,000
24,909,000
18,240,000
43,149,000

$150,733,000
295,592,000
61,616,000
4,358,000
1,305,000
625,000
56,000
19,439,000
533,724,000
73,771.000
607,495,000

216,074,000
325,186,000
149,660,000
7,127,000
2,998,000
454,000
52,000
22,934,000
724,485,000
19,181,000

168, 000
121,
230,194,000
63,067,000
3,867,000
1,941,000
523,000
43,000
18,075,000
485,831,000
79,760,000
565,591,000

Total
Per cent

Bushels.
24,293,990
18,743,270
17,714,330
3,108,000
1,023,310
64,882,900
0.068

Bushels.
21,607,370
37,385,670
28,431,200
2,623,000
499,830
90,547,070
0.078

1909

1912

Bushels. Bushels.
22,661,830 30,540,370
24,398,370 25,979,030
20,651,690 21,529,690
2,130,000 1,760,250
289,590
186,270
70,131,570 79,9913,610
0.069
0.071
43,719,600
19,522,500
6,682,700
186,200
147,400
70,238,400
0.063

3,587,500 9,981,600 9,544,800
8,834,740 18,493,200 23,475,000
3,517,250 13,644,800 9,972,000
38,000
178,800
693,000
316,000
140,000
195,700
16,433,290 42,597,600 43,880,500
0.019
0.038
0.044

16,868,800
20,536,800
12,903,000
1,192,000
183,700
51,685,100
0.048

OMAHA.

Wheat
Corn
Oats....
Barley
Rye
Total
Per cent
•

GRAIN EXHIBIT M.
High-point terminal stocks-Contrasting Minneapolis and Duluth
with southwestern terminals.
Point.

Date.

Wheat.

Corn.

Bushels. Bushels.
Apr. 2,1913 21,668,000 64,000
.do
18,156,000 44,000
39,824,000 108,000

Minneapolis

Total
Southwest tenni -als.1
Kansas City.
Aug. 30,1913 8,881,000
Omaha.
Sept. 13,1913 2,020,000
St. ....**
Jan. 11,1913 3,345,000
Total
14,246,000

Oats.

Rye.

Bushels. Bushels.
1,308,000 286,000
807,000 158,000
2,115,000 444,000

Terminal elevator capacity and milling capacity.
Elevators.

Mills.

Points.
Daily
Number. Capacity. Number. capacity.
Minneapolis
Duluth and Superior
St. Louis
Kansas City
Omaha

50
24
36
38
12

Bushels.
138,550,000
32,275,000
10,020,000
2 11,235,000
6,575,000

mill capacity.

24
3
4
8
2

Barrels.
77,160
7,000
7,500
14,600
4,000

Includes mill capacity.

Minneapolis terminals
Southwest terminals

bushels.. 38,550,000
do. 27,830,000
GRAIN EXHIBIT N.

Elevator and milling capacity in various cities.
Flour mills.

Elevators.

Cities.

Minneapolis
Chicago
Duluth-Superior
Buffalo
New York
St. Louis
Kansas City
Baltimore
l'hiladelphia
Milwaukee
Boston
New Orleans
Newport News
Montreal
Detroit
Winnipeg
Cincinnati
Fort William and Port Arthur
Galveston
Cleveland
Toledo
Peoria
Omaha
Kenora and Keewatin, Ontario

24
2
3
7
1
4
8
2
2
4
2
2
8
1
1
5
2
2
2

Daily
p
caacity.

77,160
12,000
7,000
20,300
11,000
7,500
14,600
1,930
3,800

12,500
1,800
8,000
1,500
1,400
1,500
8,000
400
4,000
12,250

50
65
24
22
16
36
38
6
5
4
3
6
2
5
8
13
5
15
5
10
8
3
12
4

Bushels.
38,550,000
45,360,000
32,275,000
18,900,000
13,005,000
10,020,000
11,235,000
5,550,000
3,450,000
1,500,000
2,500,000
4,700,00C
2,750,000
5,750,000
3,515,000
2,825,000
1,200 00(
25,700 000
'
4,000,000
'
1,912,00(
5,000:000
2,250,000
6,575,0N
1,740,000

Includes mill elevators. •
GRAIN EXHIBIT 0.
ST. PAUL.

118,000
514,000
150,000
782,000

746,000
2,213,000
179,000
3,168,000

20,000
25,000
45,000

1 Statement
date or not. made by taking highest point in each market, whether the same

46458°-S.Doc.485,63-2-15


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9,745,000
4,814,000
4,702,000
19,261,000

17,000
3,000
20,000

Num- Barrels. Number. Capacity.
ben

24,018,400 39,159,900 36,617,700 43,527,700
16,092,800 14,187,600 16,024,800 17,619,400
8,358,000 4,675,200 8,629,500 5,451,500
33,000
581,000
404,800
394,200
376,800
247,200
161,700
79,200
48,869,000 58,850,900 61,838,500 67,072,000
0.058
0.062
0.054
0.068

Total
Per cent

Bushels.
24,426,000
26,102,000
50,528,000

South terminals.

KANSAS CITY.

Wheat
Corn
Oats
Barley
Rye

Bushels.
425,000
5,400,000
5,825,000

Total.

COMPARISONS.

1906

Bushels.
23,211,240
23,748,360
11,900,640
1,926,750
543,460
61,330,450
0.007

ST. LOUIS.

Wheat
-2,orn
3ats
Barley
Rye

1903

Kansas City
Omaha
St. Louis
Total

I Does not include

GRAIN EXHIBIT L.
Southwest receipts.
1900

Minneapolis
Duluth
Total

Flax.

One flour mill, 500 barrels capacity.
Five flour mills (country) financed.
Two elevators, 40,000 bushels capacity.
Hay receipts, 209,950 tons, at $10-$2,099,500.
Grain receipts, year ending August 31 1913. 114 cars inapected;
•
600 cars forwarded from Minneapolis (estimated).

226

LOCATION OF RESERVE DISTRICTS.

TRAFFIC OF THE NORTHWEST CENTERS IN MINNEAPOLIS.

inbound shipments:
1908
913
.

Railroads comprising nine systems and representing 48,591 miles
of trackage in operation bring 8,065 communities into connection
with Northwest's largest city.

Increase during 6-year period
Percentage of increase
Outbound shipments:
1908
pounds.. 810,893,278
1913.
do.... 1,092,663,991
do.... 281,770,713
Increase during 6-year period
Percentage of increase
35
Percentage of increase in entire United States in
13
1911 over 1908

pounds..
do....
do....

416,660,066
482,485,923
65,825,857
16

Minneapolis, believing that its position as the traffic
center of the Northwest, gives great weight to its argument for the location of the proposed Federal reserve
bank, submits the record of its traffic business for the
past six years and invites analysis in support of its
contention.
A reliable index of the importance of Minneapolis
Twenty-one States are traversed by Minneapolis as a manufacturing center is the excess shown in outrailroads, representing 48,591 miles of rail actually in bound shipments over inbound shipments and the
operation, and bringing 8,065 cities, towns, and vil- measure of industrial growth is expressed by the inlages into direct connection with Minneapolis. In crease in the'excess outbound shipments for 1913 over
the last six years a total of 7,205 miles of rail has been 1908.
added to the Minneapolis system, and the mileage • Excess of outbound shipments:
added in 1913 was 502. Nine railroad systems are
pounds.. 394,233,212
1908
do
tributary to this field, comprising 24 lines serving
610,178,068
1913.
do
215,944,856
Minneapolis. The mileage in the proposed Northwest Increase in excess outbound shipments
55
Percentage of increase
Federal reserve district is 35,846.
The following statements are presented as signifiThe Interstate Commerce Commission's report of
cant of fly traffic activities of Minneapolis:
railway statistics for year ending June 30, 1911,
-This is a monthly comparison of shows:
Statement No. 1.
all traffic, expressed in car units, received and for- Total less-than-carload traffic of all roads in the United
tons.. 36,519,321
States
warded at Minneapolis during the years 1908 to 1913,
Total received at Minneapolis during the same period
inclusive. It includes only traffic destined to or fortons..
240,802
warded from Minneapolis proper.
forwarded from Minneapolis during the same
Inbound traffic:
cars.
1908
do
1913.
do.
Increase during 6-year period
Percentage of increase
Outbound traffic:
cars..
1908
do
1913
do
Increase during 6-year period
Percentage of increase
Percentage of increase all cars in United States, 1911 over
1908
Percentage of increase all tonnage in United States, 1911
over 1908

281,375
362,740
81,365
29
269,845
344,654
74,809
28
14
11

The last report of railway statistics published by
the Interstate Commerce Commission is for the year
ending June 30, 1911. It states these facts:
Total loaded car-miles on all railroads in the United
12,859,386,385
States
254.
miles..
Average haul
Total number of carloads handled by all roads in
50,607,581
the year ending June 30, 1911
311,315
Cars received at Minneapolis during same Period..
Cars forwarded from Minneapolis during same
286,950
period.
598,265
Total cars received and forwarded
Percentage of total cars handled by all roads in
1. 18
United States

Statement No. 2.-Thi§ is a monthly comparison of
all less-than-carload traffic, expressed in pounds, received and forwarded at Minneapolis during the years
1908 to 1913, inclusive.


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Total
tons..
period
do....
Total received and forwarded'
Percentage of total tonnage handled by all roads in the
United States..

441,489
682,291
1. 87

-This is an analysis of statement
Statement No. 3.
showing distribution of inbound and outbound
No. 1,
traffic by commodities, in 1913:
Grain received at Minneapolis in cars.
Grain forwarded from Minneapolis in cars
Grain milled at Minneapolis
Coal received at Minneapolis(40 tons per car)
rw
Coal forwarded from Minneapolis (40 tons per car)
Coal consumed by Minneapolis industries
Total cars received (statement No. 1)
Cars of raw material used by Minneapolis manufacturing
industries....................................
Total cars received for local consumption or distribution
.
Total cars forwarded (statement No. 1)
Excess forwarded over received
Percentage of excess.

154,208
71,673
82,735
32,905
32,676
22
9
362,740
115,411
247,329
344,654
97,325
39

The Interstate Commerce Commission's report for
the year ending June 30, 1911, shows that the total
tonnage of grain and grain products handled by all
roads in the United States was 56,181,741 tons; that
the total tonnage of grain and grain products received
and forwarded at Minneapolis during the year 1911
was 7,846,473 tons; that the percentage of total tonnage of grain and grain products handled by all roads
in the United States was 14; that the flour forwarded
from Minneapolis in 1908 totaled 14,062,655 barrels;
that the flour forwarded from Minneapolis in 1913

MINNEAPOLIS, MINNESOTA.
totaled 18,254,260 barrels. The percentage of increase
during 6-year period was 30.
A comparison of the traffic business of Minneapolis
and St. Paul for the year 1913 shows the following
facts, as gathered from the reports of the traffic departments of the railroads carrying the business:
Loaded freight cars forwarded and received by Minneapolis proper, 763,519; loaded freight cars forwarded
and received by St. Paul proper, 410,848.
MINNESOTA TRANSFER FIGURES IN BUSINESS OF
MINNEAPOLIS.
(This city entitled to credit for much of commodity traffic passing through Minnesota transfer now included in St. Paul figures.)

Properly to measure traffic activities in Minneapolis
and St. Paul one must understand conditions obtaining at Minnesota transfer. This is a railroad trackage within the corporate limits of St. Paul, but much
of the traffic in and out of the transfer rightly is to be
credited to Minneapolis.
To illustrate, a terminal elevator of 900,000 bushels
capacity and two linseed-oil mills of a joint capacity
of 192,500 barrels of oil and 60,000 tons of oil cake
located at Minnesota transfer are financed through
Minneapolis banks; and the elevator and one of the
linseed-oil companies are operated from offices in
Minneapolis.
On the ()the.- hand, a large quantity of commodities
routed from the east or south to points west of Minnesota in transit passes through the transfer and gets
credited in the St. Paul traffic total.
In the St. Paul commerce statement for the year
ending October 31, 1913, all roads in and out of St.
Paul are said to have received 4,934 cars of grain and
seeds and to have forwarded 1,089 cars. First, the
item of receipts will stand looking into. The Minnesota Transfer Co. keeps count only of those receipts
of.grain and seeds that come direct from country
Points. Cars forwarded from Minneapolis are not in
its report. The company's records show that for the
12 months ending October 31, 1913, there were
received at Minnesota transfer a total of 233 cars.
Yet the St. Paul commerce statement gives 4,934 cars.
The capacity of the two linseed-oil mills at Minnesota
transfer is about 2,037 cars of flax per year. This
leaves 2,664 cars of grain and seed to be accounted
for.
STATE FIGURES CORROBORATE.
Inspection figures for St. Paul as shown by the
records of the State railroad and warehouse commission for the year ending August 31, 1913, show 114
cars (the number would be approximately the same
for the year ending Oct. 31, 1913), which would leave
2,550 cars unaccounted for.
Minneapolis, St. Paul, and Duluth have been designated by the State railroad and warehouse commission as being what are known as terminal points,


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227

under the statute governing the inspection of grain.
Under this statute, all grain received at the terminal
markets must be inspected by State grain inspectors.
Then, if there were only 114 cars inspected by the
State grain inspection department, there were only
114 cars received direct from country points at terminal of St. Paul, and the rest of this grain received at
St. Paul must have been reconsigned from Minneapolis;
and the financing of consigned from Minneapolis; and
the financing not only of the balance of 2,550 cars, but
also of the industries at Minnesota transfer, and also
of the 233 cars which were received from the country
by industries located at Minnesota transfer, must have
all been done by industries or business firms located at
Minneapolis.
ON GRAIN AND SEED FORWARDED.
This statement also shows 1,089 'cars of grain forwarded. The record received from the Minnesota
Transfer Co. shows that during this same year there
were forwarded from the Minnesota transfer a total of
588 cars of grain. These cars of grain were practically
all loaded out and forwarded from two elevators,
whose offices are in Minneapolis, and whose business
is all financed from Minneapolis.
This leaves 501 cars of grain and seed unaccounted
for, and this undoubtedly is grain billed from St. Paul
to South St. Paul; that is, down to the South St.Paul
stockyards, and is counted as a shipment from St:
Paul.
The application of Minnesota transfer conditions to,
lumber and farm implement traffic is referred to the
articles on these industries elsewhere in this brief.
INDUSTRIAL GROWTH OF MINNEAPOLIS SIGNIFICANT.
City has kept pace with tremendous development of the whole
Northwest—Foremost in field—Five-year advance in permits for
manufacturing buildings and their values.

Industrially the growth of the Minneapolis-St. Paul
district as a great primary manufacturing center has
been proportionate to and coincident with the development of the whole Northwest. The raw material of
the farms, forests, and mines have here been converted into finished products. Demand for building
material, farm implements, and machinery in the
territory immediately tributary to this district has
been greater than that of any other section of the
country comparable with it.
TABLE A.—Increase in value, Minnesota, North Dakota, South
Dakota, and Montana, 1900-1910.
Number of farms
334,355
Buildings
$287,004,021
Per farm...................................cent.... ..
$858
Increase163.
1
Implements
$80,518,061
Per farm............................ .
$241
per cent.Iras
134.1
Total..
$367,522,037
Per farm
Increase
per cent..
$11;°°95.

228

LOCATION OF RESERVE DISTRICTS.

Demand for all other articles of manufacture required by a rapidly growing district, such as furniture,
clothing, machine shop and foundry products, and
food preparations has been on a scale equal to the
demand for building material and farm machinery.
Facilities for manufacture being at hand, this demand
resulted in the establishment of a great manufacturing
center. Table B following, compiled by the Census
Bureau, shows the 13 leading metropolitan industrial
districts, in which the Minneapolis-St. Paul district
ranks twelfth in value of products.
TABLE B.
-Manufactures, population, and area for 13 selected
metropolitan districts, 1910 census.

6,474,588
New York
'
2,446,921
Chicago
Philadelphia
1,972,342
1,044,743
Pittsburgh
Boston..1, 470
520,
828,733
St. Louis.
613,270
Cleveland
488,661
Buffalo
500,982
Detroit
563,804
Cincinnati
658,715
Baltimore.
526,256
Minneapolis-St. Paul
6S6,873
San Francisco-Oakland
Total
number
persons
engaged.
New York
Chicago
• Philadelphia
Pittsburgh
Boston..
St. Louis
Cleveland
Buffalo
Detroit
Cincinnati
Baltimore
Minneapolis-St. Paul
San Francisco-Oakland

Number of
establishments.

Area in
acres.

Populaton.

616,928
409,087
437,733
405,880
335,905
197,993
103,174
132,413
96,554
111,772
184,660
94,539
289,381

31,782
10,202
9,568
2,369
5,389
2,951
2,230
1,964
2,104
2,827
2,668
1,844
2,539

THE TWIN CITY INDUSTRIAL DISTRICT.

The Minneapolis-St. Paul metropolitan industrial
district, as considered by the United States Census
Bureau, embraces 94,539 acres, of which 32,069 acres
represent the area of Minneapolis, 33,390 acres the
area of St. Paul, and 29,080 acres the outside territory.
Included in the Minneapolis-St. Paul district, in addition to the cities of Minneapolis and St. Paul, are the
villages of Edina and St. Louis Park, in Hennepin
County, and the cities of South St. Paul and West
St. Paul, in Dakota County. For some reason the
Census Bureau has not included Hopkins, sometimes
known as West Minneapolis, which lies within the
limits defining a metropolitan district, viz, "within 10
miles of the city limits." It should have been included
in the Minneapolis-St. Paul district. Hopkins has
• several important industries owned and operated by
Minneapolis capital, which are essentially Minneapolis
industries. Table D is a summary by the United
States Census Bureau of the statistics of manufacturing industries in this metropolitan district.
TABLE D.-Statistics of manufacturing industries.

Value of
products.

Capital.

948,706 $2,117,433 000
393,859 1,144,003 000
.358,218
863,969,000
642,527,000
163,258
214,641
444,558,000
126,453
356,356,000
236,911,000
103,709
75,086
280,053,000
101,482
210,402,000
212,556,000
95,571
199,735,000
94,954
160,628,000
59,920
53,177
187,701,000

$2,970,143,000
1,408,780,000
911,014,000
578,815,000
564,055,000
430,170,000
281,992,000
279,852,000
268,900,000
260,400,000
260,213,000
244,340,000
199,593,000

From the Census Bureau reports are taken the
percentages of growth during the 10-year period
covered by the United States census in the number of
establishments, capital, and value of products which
are shown by Table C. Table C shows that the
Minneapolis-St. Paul district ranks second among the
13 metropolitan districts in percentage of increase in
number of establishments, fifth in percentage of
increase in capital, and fourth in percentage of increase
in value of products.
TABLE C.

District
exclusive
of Minneapolis and
St. Paul.

The district. Minneapolis.

Population
Number of establishments
Persons engaged in manufacture
Proprietors and firm
members
Salaried employees
Wage earners (average
number)
Primary horsepower
Capital
Expenses
Services
Salaries
Wages
Materials
Miscellaneous
Value of products
Value added by manufacture

St. Paul.

526,256
1,844

301,408
1,102

214,744
719

10,104
23

59,920

33,923

23,530

2,467

1,674
9,978

1,012
5,949

649
3,542

13
487

26,962
48,268
19,339
1,967
89,247
119,219
26,204
3,768
$160,628,295 $90,382,225 $60,466,777 $9,779,293
$225,488,583 $153,760,750 $52,772,885 $18,954,948
$38,596,508 $21,915,335 $14,999,780 $1,681,393
$546,405
$6,277,221 $4,048,175
$10,871,801
$27,724,707 $15,638,114 $10,951,605 $1,134,988
8166,823,348 $119,993,135 $30,299,634 $16,530,579
$20,068,727 $11,852,280 $7,473,471
$742,976
$244,339,598 $165,404,680 $58,990,025 $19,944,893
V7,516,250

$45,411,545 $28,690,391

$3,414,314

Table E shows the percentage for Minneapolis and
St. Paul as compared with the total metropolitan
district. The preponderating excess of Minneapolis
over St. Paul in the important items of population,
number of establishments, wage earners, horsepower,
and value of products is significant.
TABLE E.

1899-1909
Number
of estab- Capital. Value of
lishproducts.
ments.
New York
Chicago
Philadelphia
Pittsburgh
Boston.
St. Louis
Cleveland
Buffalo
Detroit
Cincinnati
Baltimore
Minneapolis-St. Paul
San Francisco-Oakland


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Details not shown in census.

35.8
27.3
14.1
36.7
7.7
6.3
58.0
19.8

72.6
97.6
64.8
58.8
66.9
106.9
126.1
158.1

83.9
62.5
51.3
37.1
59.4
79.5
98.6
137.9

'7.8
12.9
37.7
24.5

69.3
61.2
100.8
134.7

52.9
45.4
80.6
65.9

5 Decrease.

Minneapolis.
Population.........................
Number of establishments
Persons engaged in manufactures
Proprietors and firm members
Salaried employees
Wage earners(average number)
Primar oowe
Capital
Expenses
Services
Salaries
Wages
Materials
Miscellaneous
Value of products
Value added by manufacture

57.3
59.8
56.6
60.5
59.6
55.9
74.9
56.3
68.2
56.8
57.7
56.4
71.9
59. 1
67. 7
58.6

St. Paul.

40.8
39.0
39.3
38.8
35.5
40.1
22.0
37.6
23.4
38.9
37.2
39.5
18.2
37.2
24.1
37.0

229

MINNEAPOLIS, MINNESOTA.

Table F exhibits in percentage the relation of Minneapolis to St. Paul in the manufacturing statistics
presented in the foregoing Table D.
TABLE

F.—Per cent Minneapolis exceeds St. Paul.

Population .
Number of establishments
Persons engaged in manufacture
Primary horsepower
Capital
Value of products
Value added by manufacture

40. 4
53. 2
44. 2
40.5
49.5
180.4
58.3

maintained is shown by Table H, which gives the
number of building permits and their values for mill,
factories, manufacturing buildings, and foundries
erected in Minneapolis and St. Paul for each year
from 1909 to 1913. These statistics were compiled
from the official figures in the building inspector's
office in each city.
TABLE H.

Minneapolis.
Number.

The abstract of the Thirteenth Census of the United
States for 1910, on page 528, presents a comparative
summary for the 25 principal industrial cities, which
ranks Minneapolis fourteenth in value of products.
St. Paul is not included among the 25 principal cities..
Page 446 presents a summary for the 50 principal
manufacturing cities. In this summary Minneapolis
ranks again fourteenth, with a value of products
amounting to $165,405,000, and St. Paul ranks fortyfirst, with a value of products amounting to $58,990,000.
For a number of years Minneapolis industries consisted largely of the manufacture of flour and lumber.
While thd former has shown a steady growth, the
latter has materially decreased, due to the dwindling
forests. While the manufacture of flour is still the
most important industry, the diversity of Minneapolis
industries in the past 10 Years has been most marked.
Table G shows the percentage of increase in the capital
invested in 15 important industries of Minneapolis
covered by the period from 1899 to 1909, as shown by
the last Federal census.
TABLE G.—Fifteen important industries of Minneapolis—Percentage
of increase in capital invested for 10-year period covered by last
United States Census.

Per cent.

Copper, tin and sheet-metal products
402
Patent medicines and compounds
396
Electrical machinery apparatus and supplies
383
Food products: Bakery products, bread, butter, cheese, condensed milk, confectionery
367
Building material industry: Marble, brick, tile, stone, and
artificial stone
289
Clothing, fur goods, hats and caps, etc
229
Foundry and machine-shop products
200
Carriages, wagons, and materials
153
Leather goods
172
Printing, publishing, and engraving
89
Cars and general shop construction, repairs by steam railroad
companies
77
Cooperage and wooden goods
76
Furniture and refrigerators
70
Flour and grist mill products
39
Lumber and timber products
8
MINNEAPOLIS COMPARED WITH ST. PAUL.

That the relative growth of Minneapolis and St.
Paul since the United States Census of 1909 has been


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St. Paul.

Year.

DIVERSITY OF MINNEAPOLIS INDUSTRIES.

Cost.

79 S1,188,430
55
1,273,025
52
702,730
47 1,304,215

1910
1911
1912
1913
Total

233

4,468,400

Total, 4 years, Minneapolis and St. Paul, $6,444,976.
Minneapolis proportion
St. Paul proportion

Number.

Cost.

52
35
24
24

S495,820
317,800
224,650
938,300

135

1,976,570

per cent.. 69.32
do
30.68

The value of the building permits for some of the
more important mill and factory buildings erected in
Minneapolis since 1909 are classified as shown in
Table I.
TABLE I.
Brewing

Railroad shops
Milling and malting
Furniture
Sheet metal
Candy and crackers
Knit goods...........................................
Linseed oil
............................................
.
Wagons
Wheelbarrows
Foundry and machine shop
Show cases and store fixtures
Paper mill
Creamery
Sash and doors
Light and power plants
Gasoline cars
Electrical machinery and apparatus
Automobiles
Total

$114,500

679,000
288,600
74,000.
22,000
297,000
250,000
50,000
55,000
40,000
174,000
19,000
15,000
80,000
59,500
615,000
200,000
165,000
400,000
3,597,600

To exhibit the comparative importance industrially of Minneapolis and St. Paul among cities in their
class, the following table has been compiled from the
Thirteenth United States Census. The 19 cities
selected, ranging in population from 150,000 to
400,000, are fairly indicative of the class in which
Minneapolis and St. Paul belong, 5 having a greater
population than Minneapolis and 5 a less population
than St. Paul. In value of product, the basis used
by the Census Bureau in ranking cities industrially,
Minneapolis ranks third among these cities and St.
Paul twelfth. In value of product per capita Minneapolis ranks second and St. Paul tenth.

230

LOCATION OF RESERVE DISTRICTS.

-Post-office receipts, 1912.
TABLE L.

TABLE J.

Cities.

Cincinnati
Newark
New Orleans
Washington
Los Angles
Minneapolis
Jersey City
Kansas City
Seattle
Indianapolis
Providence
Louisville
Rochester
St. Paul
Denver
Portland
Columbus
Toledo
Atlanta
Twin Cities.

Number of
Wage
P°
Pula
" eatab- earners
.
ton•
lishments.
363,591
347,469
339,075
331,069
319,198
301,408
267,779
248,381
237,194
233,650
224,326
223,928
218,149
214,744
213,381
207,214
181,511
168,497
154,839
516,152

2,184
1,858
848
513
1,325
1,102
745
902
751
855
1,080
903
1,203
719
766
649
586
760
483
1,820

Capital.

60,102 $150,254,000
59,955
154,233,000
17,186
56,934,000
7,707
30,553,000
17,327
59,518,000
26,932
90,382,000
25,454
79,794 000
12,294
42,729,000
11,331
46,472,000
31,815
76,497,000
46,381
118,512,000
27,023
79,437,000
39,108
95,708,000
19,339
60,467,000
12,058
47,534,000
12,214
37,996,000
16,428
48,747,000
18,878
58,319,000
12,302
30,878,000
46,271
150,849,000

Value of
d

Value
of prod.
uct per
capita.

$104,516,000
202,512,000
78,794,000
25,289,000
68,586,000
165,405,000
128,775,000
54,704,000
50,569,000
126,522,000
120,241,000
101,284,000
112,676,000
58,990,000
51,538,000
46,861,000
49,032,000
61,230,000
33,038,000 •
224,395,OCO

$535
583
232
76
215
549
481
220
213
541
536
452
517
271
242
221
27(
363
213
431

The building operations during the period from
1909 to 1913 in the 19 cities referred to in the fore-

going table, are shown by Table K. In building operations for the past five years Minneapolis ranks
second and St. Paul sixth.
TABLE K.

Cities.

caPer
pita.

Receipts.

Cincinnati
Newark
New Orleans
Washington
Los Angeles
Minneapolis
Jersey City
Kansas City
Seattle
Indianapolis

$2,621,186.90
1,243,487.72
1,132,408.19
1,739,664.73
1,906,418.91
2,150,195.00
599,416.34
2,496,411.24
1,049,503.72
1,386,108.39

Receipts.

Cities.

$6.76 Providence
3.36 Louisville
3.22 I Rochester
5.07 St. Paul
4.93 ' Denver
6.67 Portland
2.12 Columbus
9.38 Toledo
3.78 Atlanta
5.61

$889,707.84
1,124,362.85
1,170,475.56
1,278,597.77
1,258,253.92
1,108,474.46
947,126.87
819,255.20
1,260,195.29

Per
capita.
$3.71
4.9C
5.01
5.91
5.46
4.72
4.85
4.61
7.45

TABLE M.
-Post-office receipts of Minneapolis and St. Paul, 1850 to
1913.
Year.
1850
1860
1870
1880
1890
1900
1901
1902
1903
1904

Minneapolis.

St. Paul.

$2,122.56
20,940.83
81,993.43
346,834.53
695,988.31
811,381.69
961,003.65
1,070,900.00
1,189,572.00

$429.07
5,251.47
23,437.66
102,450.22
317,666.97
521,366.56
541,198.76
626,445.40
703,830.16
733,830.16

Year.

St. Paul.

Minneapolis.

$1,306,676.00 $757,416.22
1,452,440.00
823,663.25
1,547,154.00 1,002,474.39
1,576,082.00 1,026,961.13
1,739,611.00 1,093,396.90
1,968,715.00 1,186,140.14
2,000,490.00 1,206,334. 19
2,150,195.00 1,278,597.77
2,395,281.08 1,479,751.19

1905
1906
1907
1908
1909
1910
1911
1912
1913

Table N, following, exhibits the growth in population of all the cities shown by the 1910 census which
have a population between 150,000 and 400,000, also
the population of the same cities in 1900, 1890, and
1880.

Value of building operations.
Cities.

Population.
1913

Cincinnati
Newark
New Orleans
Washington
Los Angeles
Minneapolis
Jersey City
Kansas City
Seattle
Indianapolis
Providence
Louisville
Rochester
St. Paul
Denver
Portland
Columbus
Toledo
Atlanta

1912

1911

363,591 $8,348,432 $8,962,214 $13,481,320
347,469
10,975,334
339,075
4,0.c 261
)
7,
3,496,326
3,129,143
331,069 8,396,701 21,768,483
(9
319,198 31,641,921 31,367,995
23,002,885
301,408 12,857,935 14,229,475
13,735,285
(1)
(1)
267,779
(9
248,381 10,578,162 12,396,338
13,318,031
237,194 9,321,115 8,415,325
7,491,076
233,650 9,361,973 9,150,407
8,349,327
(1)
224,326
(9
223,928
4,054,180 6,552,770
6,207,972
218,149 9,642,124 12,035,466
9,389,775
214,744 9,441,221
8,151,417
8,915,008
213,381
2,797,148 5,332,675
6,084,260
207,214 12,956,915 14,652,071
19,144,940
181,511
5,508,400 4,675,303
4,668,245
168,497
5,986,079
5,321,790
3,722,536
154,839 5,112,944 9,987,444
6,192,461
Value of building operations.
Cities.
1910

Cincinnati
Newark
New Orleans
Washington
Los Angeles
Minneapolis
Jersey City
Kansas City
Seattle
Indianapolis
Providence
Louisville
Rochester
St. Paul
Denver
Portland
Columbus
Toledo
Atlanta

1909

Total.

$8,022,915 $7,704,529 $46,609,410
13,394,812
(9
4,475,959
5,1gb,176 20,353,865
(9
21,64
S3 ,100
(9
14,363,830 13, ,410 68,278,935
(9
(9
(
9
13,783,196 13,368,738 63,444,465
17,166,368 19,044,218 61,438,465
7,156,560 42,215,578
8,197,311
(9
(9
(9
3,172,311 23,677,675
3,690,442
10,082,528 9,272,132 50,422,025
10,052,892 12,089,451 48,649,989
11,319,935 11,554,983 37,089,001
20,679,972 13,470,280 80,904,178
5,061,828 3,598,601 23,512,377
3,044,408 22,237,747
4,162,934
7,405,939
(9
(9

Per capita.
$128
(9

TABLE. N.
1910
Cities.

Cincinnati
Newark, N.J
New Orleans, La
Washington, D.C
Los Angeles
Minneapolis
Jersey City
Kansas City
Seattle
Indianapolis
Providence
Louisville
Rochester
St. Paul
Denver
Portland
Columbus
Toledo
Atlanta
Twin Cities

1900

Popula- Per cent Popula- Per cent
of
of
tion.
tion.
increase.
increase.
363,591
347,469
339,075
331,069
319,198
301,408
267,779
248,381
237,194
233,650
244,326
223,928
218,149
214,744
213,381
207,214
181,511
168,497
154,839
516,152

11.6
41.2
81.8
18.8
211.5
48.7
29.7
51.7
194.0
38.1
27.8
9.4
34.2
31.7
59.4
129.2
44.8
27.8
72.3
41.1

325,902
246,070
287,104
278,718
102,479
202,718
206,433
163,752
80,671
169,164
175,597
204,731
162,608
163,065
133,859
90,426
125,560
131,822
89,872
365,783

9.8
35.3
18.6
28.0
103.4
23.1
• 26.
23.4
88.3
60.4
32.9
27. 1
21.4
22.5
25.4
94.9
42.4
61.9
37. 1
22.8

60
(9
(9

1890
226

(9

Cities.

255
259
180

(9

106
231
226
174
390
130
132

(9

I Figures not available.

Post-office receipts for 1912 of 19 cities, ranging in
population from 150,000 to 400,000, are shown in
Table L. Minneapolis ranks fourth in per capita postoffice receipts for 1912.


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Minneapolis in 1880 ranked fourteenth in population
among these cities and in 1910 ranked sixth. St.
Paul in 1880 ranked fifteenth and in 1910 ranked
fourteenth.

Cincinnati
Newark, N. J
New Orleans, La
Washington, D.C
Los Angeles
Minneapolis
Jersey City
Kansas City
Seattle
Indianapolis
Providence
Louisville
Rochester
St. Paul
Denver
Portland
Columbus
Toledo
Atlanta
Twin Cities

Popula- Per cent
of
tion.
increase.
296,908
181,830
242,039
230,392
50,395
164,738
163,003
132,716
42,837
105,436
132,146
161,129
133,890
133,156
106,713
46,385
88,150
81,434
63,533
297,804

16.4
33.2
12.0
29.7
350.6
251.4
35.0
137.9
1,112.5
40.5
28.0
30.2
49.8
221.1
199.5
163.9
70.7
62.4
75.2
237.1

Popula- Per cent
of
tion,
Increase,
1880.
1880-1910.
255,139
136,508
216,090
177,624
11,183
46,887
120,722
55,785
3,533
75,056
104,857
123,758
89,366
41,473
35,629
17,577
51,647
50,137
37,409
88,360

42.5
154.5
56.7
86.4
2,758.8
542.8
121.8
345.2
6,613.7
211.3
113.9
80.9
144.1
417.8
4 .9
1,078.9
251.4
236.1
313.8
484.1

MINNEAPOLIS, MINNESOTA.
In 1880 Minneapolis, with a population of 46,887,
ranked thirty-seventh, and St. Paul, with a population
of 41,473, ranked forty-fourth among all the cities in
the United States. The census of 1910 shows Minneapolis as ranking eighteenth, with a population of
301,408, and St. Paul, with a population of 214,744,
ranked twenty-sixth among all cities.
Table 0,compiled from the official records in Hennepin and Ramsey Counties, indicates the relative importance of Minneapolis and St. Paul as a center for
conducting industrial and commercial operations.
This table exhibits the number of new incorporations
and capital stock formed during the past three years
which have their principal place of business in each
city.
TABLE 0.

231

If a line be drawn from the Sault Ste. Marie Canal
to Los Angeles, all the towns north of that line will
be found to be nearer Minneapolis and St. Paul than
Chicago. This would indicate the territory that is
tributary to Minneapolis and St. Paul, and should be
one of the considerations in determining where the
reserve banks should be located.
In all the territory included in this immense tract
jobbers of Minneapolis and St. Paul are doing business. As this country is developing rapidly, the jobbing business will keep pace. These facts point the
natural place for the location of a reserve bank to best
serve this territory.
WHAT RAILROAD FIGURES SHOW.

Considering the large amount of agricultural implement business and the business of lumber and lumber
St. Paul.
Minneapolis.
products for which Minneapolis has always been noted,
Number
it will be conceded that carload shipments by wholeNumber
Capital
of new
of new • Capital
stock.
stock.
incorposalers from Minneapolis are very much larger than
Incorporations.
rations.
•
from St. Paul.
The number of cars of merchandise only forwarded
1911
156 $13,323,000
476 $60,804,200
1912
18,492,000
138
478 74,325,600
1913
15,716,550 from Minneapolis in 1913 was 160,000. The total
107
424 54,314,000
47,531,550 number forwarded and received in the year was
Total
401
1,378 189,443,800
225,021. The number of cars of merchandise only
forwarded from St. Paul last year was 85,000, while
MINNEAPOLIS IS THE JOBBING CENTER OF THE NORTHthe total number of cars forwarded and received was
WEST.
These figures prove conclusively the suTraffic records prove Minnesota metropolis easily leads in whole- 156,197.
premacy of Minneapolis over St. Paul in the jobbing
sale merchandising—Forwarded and received total of 225,021 cars
in 1913 to St. Paul's 156,197.
field. The figures are taken from reports furnished
traffic departments of the various railroads
Minneapolis, always preeminent in manufacturing, by the
concerned.
is also the greatest jobbing center in the Northwest.
As the wholesale business is the chief activity of St. LUMBER INDUSTRY CENTRALIZED IN MINNEAPOLIS
Paul, many have assumed that this business exceeded
MARKET.
in volume that of Minneapolis, but the contrary is the
Producing annually 1,500,000,000 feet of pine, fir, and larch-25
case.
mills doing all their banking in Minneapolis—Pacific coast and
In R. G. Dun & Co.'s reference book for January,
Spokane mills financed—Minneapolis has 54 line yard firms,
1914, there are, eliminating manufacturers' agents,
operating 1,294 yards.
brokers, and real estate dealers, 6,025 names for MinLumber manufacture was one of the first industries
neapolis and 3,918 for St. Paul. For purposes of comthe city's prestige has steadily
parison, let these names be divided into four classes— of Minneapolis, and
grown, and is greater now than ever. Instead of half
manufacturers, jobbers, retailers, and miscellaneous.
Minneapolis cutting logs and proUnder the head of manufacturers group all names that a dozen mills in
ducing large quantities of lumber annually, the charactually produce merchandise,from cigars to thrashing
Minneapolis market has changed. There
machines. Under jobbers, group all that sell to others acter of the
are to-day several hundred firms located in Minne-,
than actual consumers. Under retailers, group all
that sell to actual consumers. Then the fourth class apolis and engaged in the various branches of the
will comprise all names in such lines as hotels, con- lumber trade. The city not only figures predominantly in the Northwest lumber distributing trade,
tractors of all kinds, warehouses, billiard rooms, etc.
but it is the center to which the industry as it spreads
SHOWING OF CLASSIFICATION.
throughout the Northwest looks for its financing.
This classification will show that there are 1,004
Material for the woodworking industries that are
located here comes from a wide territory. Oak and
manufacturers in Minneapolis and 396 in St. Paul;
1,129 jobbers in Minneapolis and 402 in St. Paul; yellow pine come from the south; spruce and pine
,389 in the retail business in Minneapolis and 2,798 from the west; birch from Wisconsin; pine from Minin St. Paul; and under the head of miscellaneous 503 nesota; mahogany, circassian walnut, and other imin Minneapolis and 322 in St. Paul.
portant woods from all parts of the world. The sash


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232

LOCATION OF RESERVE DISTRICTS.

and door and interior finishing industry of Minneapolis
makes an important part of the city's manufacturing
exhibit, elsewhere set forth in detail.
In considering the lumber trade, the employment
of labor in the industry or its allied lines and the intimate manner in which, through the retail trade, the
business touches the agricultural communities, the contrast with St. Paul is striking.
Ninety per cent of the retail lumber dealers of Wisconsin, Iowa, Minnesota, North and South Dakota,
and Montana are members of the Retail Lumber
Dealers' Association, the headquarters of which are
in Minneapolis. St. Paul has none. The insurance
feature that is so important is handled entirely from
Minneapolis, and Minneapolis is headquarters of the
• mutual company in which retail yards insure.
The St. Paul traffic statement shows receipts of
18,768 cars of lumber, with shipments of 9,354 cars.
The last wholesale lumber firm moved from St. Paul
to Minneapolis about three years ago. The St. Paul
lumber statement is rhade up from business originating
outside.
The standing of the two cities in this relation is
shown in this comparison:
In Minneapolis.
Concerns doing their banking
Large manufacturers in the -United States maintaining sales
•
offices
Line yard companies with headquarters
Retail yards owned and financed
Post, pole, and cedar companies financed

In St.
Paul.

25
All.
54
1,294
8

None.
3
50
None.

A great deal of the lumber is cut at points in northwestern Montana,Idaho,and Washington, and in being
brought in over the Northern Pacific Railway and
Great Northern Railway, is billed through to points
east of Minneapolis and St. Paul, and naturally would
be billed via the Minnesota transfer for switching to
the eastern line. For instance, a car of lumber billed
from Eureka, Mont., on the Great Northern Railway,
to Aurora, Ill., would be billed in care of the Chicago,
Burlington & Quincy Railway at Minnesota transfer.
St. Paul's traffic statement counts as receipts the
lumber received on through billing at Minnesota transfer. To this St. Paul is not entitled, as practically all
this business is done by lumber companies whose offices
are in Minneapolis.

of 12-ton car lots, which is considered by traffic authorities a fair average for weight, made a total in 1913
of 298,360 tons or 24,861 carloads.
The annual sales of the Minneapolis firms engaged
in the business amounts to $40,000,000. This is a
conservative statement and, if anything, is an underestimate.
Minneapolis is so generally recognized as the essential point from which the Northwest trade field must be
carried on that there are 81 firms in the business here.
All the country that lies north and west and a considerable portion in an area all the Northwest is covered by
the trade. The business enters into the industrial activities of the city through the 27 factories that are
located here. These are the plants:
American Grain Separator Co.
Bull Tractor Co.
Cleland Manufacturing Co.
Diamond Iron Works.
Dodson Fisher, Brockmann Co.
Glide Road Machinery Co.
Howell, R. R., & Co.
Imperial Machinery Co.
Keller Manufacturing Co.
Kinnard-Haine,s Co.
Lenhart Wagon Co.
Loye Saddlery Co.
Martin Manufacturing Co.
Minneapolis Separator Co.

Minneapolis Steel & Machinery Co.
Minneapolis Threshing Machine Co.
Minnesota Rubber Co.
Monitor Drill Co.
Ney Manufacturing Co.
Nott, W.S., Co.
Owens, J. L., Co.
Puller-Hubbard Manufacturing Co.
Russell Grader Manufacturing Co.
Strite Governor Pulley Co.
Townsley Manufacturing Co.,
Twin City Separator Co.
Emerson-Brantingham Co., Big Four
Tractor.

There are 40 wholesalers located in Minneapolis.
These are distributing houses for machinery and
implements manufactured in the Mississippi Valley
factories and elsewhere. Through these firms Minneapolis is brought into touch with the agricultural
country in intimate degree. These are the firms
located in Minneapolis that are engaged in the wholesale trade:
International Harvester Co. of America.
La Crosse Implement Co.
Lindsay Bros.
Minneapolis Iron Store Co.
Minnesota Moline Plow Co.
Nichols & Shepard Co.
Northern Rock Island Plow Co.
Northwestern Wind Engine Co.
Parlin & Orendorff Plow Co. of Minneapolis.
Planter Rubber Co.
Port Huron Machinery Co.
Power Equipment Co.
Rosenthal Corn Husker Co.
Rumely, M., Co.,
Studebaker Bros. Co. of Minnesota.
Waterbury Implement & Storage Co.
Williams Hardware Co.
Wood Bros. Thresher Co.
Wagner-Langemo Co.

IMPLEMENT TRADE OF MINNEAPOLIS IS $40,000,000.

Acme Harvesting Machine Co.
Appleton Manufacturing Co.
Aultman & Taylor Machinery Co.
Avery Co.
Bratrud Co., The.
Butler Manufacturing Co.
Case, J. I., Threshing Machine Co.
Case, J. I., Plow Works.
Challenge Co.
Clark, Geo. A., & Son.
Crane Co.
Dean, A. I., Co.
Deere & Webber Co.
Downes,P.3., Co.
Emerson-Brantingham Implement Co.
•
Fairbanks, Morse & Co.
Hart-Parr Co.
Herschel-Roth Manufacturing Co.
Huber Manufacturing Co.
Huber Bros. Manufacturing Co.
Hudson & Thurber Co.

(Factories, 27; wholesalers, 40; factory agencies, 14; annual shipments of farm implements, machinery, wagons, vehicles, and
binding twine, 298,360 tons, or 24,861 carloads.)

The third division of the business is made up of factories located elsewhere that maintain selling offices
and carry transfer stocks here. They are:

Minneapolis is predominant in the business of supplying the Northwest with its needs in agricultural
implements and machinery, and this tonnage,together
with wagons, vehicles, and binding twine sold by Minneapolis wholesalers and manufacturers, on the basis

Clapperton, J. II.
Dodge Manufacturing Co.
Fuller & Johnson Manufacturing Co.
Hayes Pump & Planter Co.
Hooven & Allison Co.
Iowa Dairy Supply Co.
Janesville Manufacturing Co.


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Madison Plow Co.
Manson-Campbell Co.
Maytag Co., The.
Sharpies Separator Co.
Stoughton Wagon Co.
Thomas Manufacturing Co.
Wisconsin Carriage Co.

MINNEAPOLIS, MINNESOTA.
There are no comparisons to be made with St. Paul
in this connection. No business of this nature in
volume sufficient to warrant any consideration is done
in St. Paul. Minneapolis is the farm machinery and
implement center.
There is a feature about the business that is like
that in the lumber trade, in that there is a quantity
of agricultural machinery and implement shipments
that annually goes forward from factories located eastward or southward to points in North Dakota, South
Dakota, Montana,or the farther West, that in transit
passes through the Minnesota transfer,located between
Minneapolis and St. Paul, but within the corporate
limits of St. Paul, that appears in the figures that show
the annual traffic of that city.
Practically all the agricultural implement business
of the entire Northwest is financed from Minneapolis,
except in the case where shipments are made from
eastern factories direct.
MINNEAPOLIS'S FRUIT AND PRODUCE TRADE IS ExTENSIVE
(Trade volume in the city itself passed $35,000,000 in 1913—Total
in field served from Ontario to Montana runs into huge figures—
Branch houses in 28 places.)

In the territory from eastern Ontario to Montana
and south to northern Iowa and Nebraska, Minneapolis' wholesale fruit and produce firms have established and are maintaining 33 branch or associate
houses in 28 cities, doing a volume of business that
amounts annually to many millions. This business.
is financed almost entirely through Minneapolis and it
recognizes Minneapolis as its center of operation. It
reaches out beyond the district commonly known as
the Northwest and includes portions of northern Michigan and southern Ontario in its scope.
These branch or associate houses are located in the
following cities, a figure after a name indicating the
number of houses in that city, when more than one:
Aberdeen, S. Dak.
Albert Lea, Minn.
Brainerd, Minn.
Bismarck, N. Dak.
Bemidji, Minn.
Duluth, Mimi.(3).
Des Moines, Iowa.
Fort William, Ontario.
Fergus Falls, Minn.
Fort Dodge, Iowa.

Lincoln, Nebr.
Minot, N. Dak.
Mason City,Iowa.
Moberly, Mo.
Mankato, Minn.(2).
Marshalltown, Iowa.
Miles City, Mont.
Oelwein, Iowa.
Port Arthur, Ontario.
Pipestone, Minn.

Rochester, Mimi.
St. Paul, Minn.(3).
Sault Ste. Marie, Ontario.
Superior, Wis.
Sault Ste. Marie, Mich.
St. Cloud, Minn.
Virginia, Minn.
Watertown, S. Dak.

233

Minneapolis Gardeners' Association, which were in
excess of 4,000 cars last year.
Minneapolis has a regular storage capacity for fruit
and produce of 1,281 cars. This is to be increased
this spring by 500 cars by construction now under
way. It carried last year in storage a total of 3,021
cars. The 1913 distribution was as follows: Butter,
30,311 packages or 2,234,217 pounds, having a cost
value of $558,554.25; eggs, 136,581 cases, of a cost
value of $779,511.70; poultry, 313,213 pounds, of a
cost value of $46,981.95; cheese, 29,754 packages or
1,811,685 pounds,of a cost value of $36,232.70; apples,
61,257 barrels, 87,696 boxes; meats, 456,102 pounds.
POTATO BUSINESS FROM 126 STATIONS.
Regular car-lot dealers in potatoes shipped out
15,288 cars last year, totaling 7,308,400 bushels, and
in excess of 300 cars of onions and cabbages. In the
following 126 places, buying stations and warehouses
are maintained by one or more dealers, with banking
accounts in local banks of a $200 minimum. Many of
the more prominent stations are covered by three to
five houses.
Anoka, Minn.
Albertville, Minn.
Amherst, Wis.
Aldrich, Minn.
Amberg, Wis.
Athelstine, Minn.
Askov,
Bethel, Mimi.
Braham, Minn.
Barnesville, Minn.
Becker, Minn.
Brickton,
Browerville, Minn.
Brainerd, Minn.
Bloomer, Wis.
Boyceville, Wis.
Big Lake, Minn.
Barnham, Minn.
Cambridge, Mimi.
Clear Lake, Minn.
Chisago City, Mimi.
Clarissa, Minn.
Custer, Wis.
Colfax, Wis.
Crivitz, Wis.
Clayton, Wis.
Canton, Wis.
Cedar, Minn. '
Detroit, Minn.
Dale, Wis.
Dancy, Wis.
Dayton, Minn.
Deer Creek, Minn.
Elk River, Minn.
Eagle Bend, Minn.
Elk Mound, Wis.
Ellis Junction, Wis.
Enfield, Minn.
Earl, Wis.
Forest Lake, Minn.

Foreston, Minn.
Foley, Minn.
Felton, Minn.
Forada, Minn.
Frederic,'Wis.
Granby, Mimi.
Glyndon,
Grantsburg, Wis.
Glenwood City, Minn.
Grasston, Minn.
Harris, Minn.
Henrietta, Minn.
Hawley, Mimi.
Hammel, N. Dak.
Hugo, Mimi.
Isanti, Minn.
Junction City, Wis.
Little Falls, Minn.
Lyle, Mimi.
Luck, Wis.
Long Prairie, Main.
Long Siding, Mimi.
Linstrom, Mimi.
Lake Elmo,Minn.
Lovells, Minn.
Marinette, Wis.
Monong, Wis.
Markville, Minn.
Milnor, N. Dak.
MMus, Minn.
North Branch, Minn.
Nielsville, Minn.
New Auburn, Wis.
New Brighton, Minn.
Osseo, Minn.
Ogilvie, Mimi.
Pelican Rapids, Minn.
Pequot, Minn.
Pound, Wis.
Princeton, Minn.

Park Rapids, Mimi.
Pine River, Mimi.
Poskin Lake, Wis.
Pillager, Minn.
Perham, Minn.
Rush City, Mimi.
Rock Creek, Minn.
Rogers, Minn.
Rosemount, Minn.
Rices, Minn.
Royalton, Minn.
Rice Lake, Wis.
Sauk Center, Minn.
Shafer, Minn.
St. Cloud, Minn.
Sebeka,
Staples, Minn.
Stevens Point, Wis.
Shell Lake, Wis.
Scandia,
St. Charles, Minn.
Stillwater, Minn.
Sauk Rapids, Mimi.
Stacy, Minn.
Trego, Wis.
Turtle Lake, Wis.
Men, Minn.
Verndale, Minn.
"Vyoming,
Wolverton, Minn.
Withrow, Minn.
Wadena, Minn.
Willow River, Minn.
Webster, Wis.
Wausaukee, Wis.
Weyerhauser, Wis.
Wheeler, Wis.
Wilson, Minn.
Wonewoc, Wis.
Zimmerman, Minn.

VOLUME OF BUSINESS IN MINNEAPOLIS.
In Minneapolis itself the volume of business in the
Wholesale produce and fruit line in 1913 is estimated to
have passed $35,000,000. Figures obtained from rec- IMPROVEMENTS KEEP PACE WITH GROWTH IN POPULATION.
ords of 48 houses gave a total of $31,224,060.19 for the
Year's business. To this it is fair to add $5,000,000 as (Expenditures in 1913 for permanent city work were $3,500,000—
an estimate from houses from which figures could not
Net bonded indebtedness is only 6.8 per cent of 10 per cent limit
be obtained in time for this computation. This estiof assessment valuation prescribed by law—Comparison with St.
Paul.)
mated total of $36,224,060.19 does not cover the poultry, butter, egg, and cheese business done by the meat
To keep pace with the growth of Minneapolis in
Packers; it does not cover car-lot shipments of the population, industrially and commercially, large ex-


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Federal Reserve Bank of St. Louis

234

LOCATION OF RESERVE DISTRICTS.

penditures have been necessary in the past few years
to provide for permanent city improvements, such as
bridges, pavement, sewer, water, sidewalks, etc. The
expenditure up to 1913 has been $48,000,000 on corporate property, and during the year 1913 practically
$3,500,000 was spent on permanent improvements.
The following table shows corporate property and
value in 1900 and 1912:
Corporate property (cost).
1900
School sites and buildings
Parks and parkways.
Public library
Bridges
Waterworks
Sewer system
Curb and gutters
Paving
All other

1912

$2,940,100
4,587,300
351,600
1,447,500
4,370,800
4,491,000
721,900
1,761,800
2,574,400
23,247,000

Total

$6,584,400
6,895,900
491,800
2,159,200
8,359,400
8,362,600
1,405,800
5,756,000
7,977,500
47,992,600

Notwithstanding such heavy expenditures, the net
bonded indebtedness of the city amounts to only 6.8
per cent of the 10 per cent limit of assessed valuation
allowed by law. With $4,000,000 in the sinking fund
and the accretions thereto from the annual levy of one
mill for this fund, all bonds will be provided for at
maturity.

TABLE 1.
-Composite and comparative statement of capital and surplus, national banks of Minneapolis and St. Paul, 1872-1913.
[From annual reports of Comptroller of United States Currency, showing conditions of national banks as of time of last call for each year.]
MINNEAPOLIS.
Year.
1872
1873
1874
1875
1876.
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1901
1905
1906
1907
1908
1909
1910
1911
1912
1913

Capital.

L

•

Surplus.

Total.

$542,000
550,000
650,000
750,000
850,000
950,000
1,250,000
1,250,000
1,250,000
1,100,000
1,600,000
1,850,000
3,197,700
3,100,000
3,500,000
3,700,000
4,250,000
4,500,000
4,500,000
4,840,000
4,931,000
5,400,000
5,700,000
5,200,000
5,200,000
4,500,000
4,500,000
4,000,000
4,000,000
3,250,000
3,250,000
4,450,000
4,450,000
4,700,000
4,700,000
5,700,000
5,700,000
5,650,000
6,900,000
6,800,000
6,800,000
7,500,000

$41,585
49,037
98,956
111,426
125,182
92,967
100,446
112,000
105,588
71,588
115,000
172,500
240,000
265,000
280,100
356,500
496,000
524,000
602,000
600,000
639,000
674,000
369,000
399,500
461,000
491,000
512,000
569,500
697,000
695,000
805,000
1,670,000
2,251,190
2,552,083
2,952,083
4,352,083
5,352,083
5,235,143
5,594,361
5,835,000
5,860,000
6,210,000

$583,585
599,037
748,956
861,426
975,182
1,042,967
1,350,446
1,362,000
1,355,589
1,171,551
1,715,000
2,022,50(1
3,437,700
3,365,00(1
3,780,100
4,056,50C
4,746,00C
5,024,00(1
5,102,001:
5,440,00(
5,570,00(
6,074,001:
6,069,001:
5,599,50(
5,661,001:
4,991,001:
5,012,00(
4,569,50(
4,697,00(
3,945,000
4,055,00(
6,120,001:
6,701,19(
7,252,081
7,652,0K
10,052,081
11,052,081
10,885,141
12,494,361
12,635,00(
12,660,00(
13,710,00(

THREE YEARS' IMPROVEMENTS COMPARED.
ST. PAUL.

Actual work on permanent improvements during the
years 1910, 1911, and 1912, in Minneapolis compared
with St. Paul is exhibited in the following table:
St. Paul. Minneapolis.
Assessed
valuation:
1910
$114,184,375 $197,036,479
1911
125,281,180 198,910,208
1912
126,286,238 213,398,439
Paving(miles
at close of1910
48
70
1911
49
80
1912
46
88
Sewers (miles
at close of292
1910
276
305
1911
299
318
1912
323
Water mains
(miles) at
close of1910
430
342
1911
468
350
1912
493
364
Sidewalks
•
(miles at
close of1910
755
533
1911
549
759
1912
564
788
Street - c a r
railway
tracks
(miles):
1910
143
145
1911
144
152
1912
146
178


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Federal Reserve Bank of St. Louis

St. Paul. Minneapolis.
Sewer connections
made in
1910
1911
1912
Water connections
made in
1910
1911
1912

1,816
1,723
1,735

2,508
2,418
2,530

1,832
1,657
1,573

3,613
3,039
3,099

Street lights
maintained
during
1912:
Electric arc
lamps...
0r n a mental
cluster
posts....
Gas lamps.
Gasoline ..

1,150

2,307

321
4,601
1,287

926
7,007
212

Total...

7,362

10,452

Year.
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895.
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913

Capital.

Surplus.

$1,077,900
$249,021
1,800,000
306,069
1,800,000
333,000
1,800,000
366,000
1,700,000
368,000
1,700,000
344,000
1,700,000
349,500
1,700,000
355,000
2,200,000
505,000
2,200,000
575,000
2,200,000
635,000
4,700,000
805,000
5,200,000 1,010,000
5,200,000 1,010,000
5,700,000 1,128,000
5,700,000 1,161,000
5,200,000 1,208,500
5,200,000 1,247,000
5,200,000 1,290,000
4,800,000 1,283,000
4,800,000 1,298,000
2,800,000 1,103,000
3,800,000 1,205,000
3,800,000 1,055,000
3,800,000 1,055,000
3,800,000
855,000
3,800,000
657,000
3,800,000
561,000
3,800,000
667,000
3,800,000
783,000
3,800,000
830,000
4,000,000 1,036,000
4,000,000 1,205,000
4,200,000 1,205,000
4,450,000 1,445,000
4,100,000 2,265,000
4,100,000 2,600,000
4,100,000 2,740,000
4,100,000 3,120,000
4,100,000 3,390,000
4,100,000 3,500,000
5,900,000 3,700,000

Total.
$1,326,921
2,106,069
2,133,000
2,166,000
2,068,000
2,044,00C
2,019,50C
2,055,00(
2,705,00(
2,775,00(
2,835,00(
5,505,001:
6,210,ON
6,210,001:
6,828,00(1
6,861,00(1
6,408,50(
6,447,00(
6,490,00(
6,083,00(
6,098,00(
3,903,00(
5,005,00(
4,855,00(
4,855,00(
4,655,00(
4,457,00(
4,361,00(
4,467,001
4,583,001
4,630,00(
5,036,001
5,205,001
5,405,001
5,895,001
6,365,001
6,700,001
6,840,001
7,220,001
7,490,001
7,600,001
9,600,09(

235

MINNEAPOLIS, MINNESOTA.

Chart I
DISTRIBUTION OF 3,329 ACCOUNTS. CARRIED
BY OUTSIDE BANKS IN MINNEAPOLIS
"BANKS

Is

es

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es

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Geographical representation of interbanking relations of Minneapolis and outside points.
carrying reserve and exchange
Chart I shows by a map—distribution of dots, the geographical location of 3,329 northwestern banks
accounts with the banks of Minneapolis.
The location of these associated banks clearly indicates the sphere of financial influence of Minneapolis; namely, Minnesota, North
Dakota, South Dakota, Montana, Washington, and parts of Wisconsin, Iowa, and Idaho.
The books of Minneapolis banks as of January 15, 1914, showed 1,416 balances carried on account of Minnesota correspondents, 925
balances on account of North Dakota banks, 343 South Dakota accounts, 161 Montana accounts, 214 Wisconsin accounts, 118 Iowa accounts,
32 Washington accounts, and 120 accounts in other States.


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Federal Reserve Bank of St. Louis

23
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Development of banking power of Minneapolis and St.Paul as indicated by growth of capital and surplus of national banks,1872-1
913.
Chart II represents the development of banking power as indicated by the combined capital and surplus of the national banks of Minneapolis
and St. Paul.
Attention is especially directed to the volume and rapidity of surplus accumulations during recent years. Since 1902 relatively
a
steady growth at a remarkable rate is l(pparent.
The increase for 11 years is over 15 per cent.


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Federal Reserve Bank of St. Louis

237

MINNEAPOLIS, MINNESOTA.

Chart III

OPIPARATIVO REPRZSZAT4770/7
CAPITAL A170.91/17PLIAS COPIOnr0
PAtti Niretwous-StAra
/904 VA?

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1910

1911

19g

1913

se.erweta. 2
Banking power of Minneapolis and St. Paul contrasted. Growth of capital and surplus, 1904 to 1913.
Chart III represents the surpassing growth of Minneapolis over St. Paul in banking power as indicated by the accumulation of bank
capital and surplus.
Since 1904 all banks of St. Paul have increased their capital and surplus from about $6,000,000 to $9,655,000, or 60 per cent.
Minneapolis banks entered the period with $8,500,000 of primary funds, which has since grown to $16,800,000—an increase for 10 years
of about 100 per cent.
This amount represents a net banking power 70 per cent greater than that of St. Paul, and a rate of growth for the decade 67 per cent
greater than that of St. Paul.


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Federal Reserve Bank of St. Louis

238

LOCATION OF RESERVE DISTRICTS.

Chart IV
P / 770(7 . No/77/A/
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Growth of banking activities of Minneapolis and St. Paul, as indicated by individual deposits and bank balances in national
banks, 18721913.
Chart IV graphically represents the development of banking activities as indicated by the growth of individual
deposits and balances
held as exchange accounts for outside banks by combined national banks of Minneapolis and St. Paul.
A mere beginning in 1872 of $3,000,000 individual deposits was gradually augmented to $35,000,000 in 1900, of which
nearly $12,000,000
was balance carried on account of associated country banks.
From 1900 to the present time, a remarkable growth of banking activities is evidenced. Individual deposits
have increased from
$23,000,000 to nearly $80,000,000, an advance of 25 per cent. Bank balances have grown from $12,000,000 in 1900
to $52,000,000 in 1913,
an advance of 335 per cent. This growth of individual deposits and bank balances in national banks consequently
amounts to nearly
8100.000,000, a growth of about 300 per cent in 13 years.


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Federal Reserve Bank of St. Louis

239

MINNEAPOLIS, MINNESOTA.

Chart V

Relative banking activities of Minneapolis and St. Paul as indicated by amount and growth of total deposits in all banks, 1904-1913.
Chart V, representing total bank deposits of Minneapolis and St. Paul, respectively, indicates the relative volume and growth of
banking activities in the two cities from 1904 to 1913.
During the ten-year period, St. Paul deposits increased from about $30,000,000 to $52,000,000(73 per cent).
Minneapolis beginning the period with $48,000,000(57 per cent) excess over St. Paul, now holds $101,500,000 deposits. This shows an
increase for the period of 112 per cent, or a rate of growth 54 per cent faster than that of St. Paul.
Upon this basis the relative status of Minneapolis banks to that of St. Paul banks is as 196 to 100.


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Federal Reserve Bank of St. Louis

210

LOCATION OF RESERVE DISTRICTS.

Chart VI
433V/V.3I/A74V,311.6W0/71',
e AV/MI/E.92V
-

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Historical representation of development of banking activitie
s, national banks, Minneapolis and St. Paul.
Chart VI represents by historical curves the growth of individual
deposits in national banks, and of bank balances carried
for outside
banks by the national banks of Minneapolis and St. Paul, respecti
vely, during the 43 years, ending 1913.
The financial superiority of St. Paul over Minneapolis during the early
part of the period is evidenced both in the matter of
individual
deposits and bank balances prior to 1890. At that time the
banking connections of Minneapolis became so extensive as
to cause balances
of outside banks carried in that city to exceed those handled in
St. Paul.
The individual deposits of Minneapolis outgrew those of St. Paul in
1906, and since that time have increased by $45,000,
000, while the
increase for St. Paul banks is somewhat less than $35,000,000.


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Federal Reserve Bank of St. Louis

SAVINGS 13ANKS&VTRUST CoMPANIE5
MINNEAPOL154-5T. PAUL- 1512
MAMMAL
BANKS

DEP05175 1.9,7/3,86S
6
•Ø

w; 702
!.
•,

Or /7

14
CAPITAL '-'4_ SURPLUS

076
-1
f=7.04,

•viosaislismv `snoavaNNix

30U
Z- `f.18t ' *S
19

NATIONAL 5ANK3.5TATE BANKS

.
DEPOSITS 31/0,72;#7.5

STATE
lifICAPOLIS
.73%

BANKS
SAVINGS
BANKS

TRUST
COWAN'

Sr.PAUL

CAPITAL -t.Y. SURPLUS

27%

I •

-

-;

.
•N ‘
/
1
4
\
_

,k*

DEPOSITS
RESOURCES

1,1.35,448
1

izsjszscr

4672,02/

umearous.19%
St PAUL.‘ZI%

CAPITAL d'vo SURPLUS

2,925,1)00

SSETABLE- 15
Composite representation of financial strength of banking institutions of Minneapolis and St. Paul.
Chart VII presents in graphic form the totals of significant items in a combined financial statement. of all Minneapolis banking institutions, as of latest available record. Also the percentage proportion of each total which is attributed to the banking houses of respective cities.
If the resulting percentages be combined and arranged, thus forming index numbers indicative of financial strength and activity, the result is Minneapolis 74i, St. Paul 25i.


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Federal Reserve Bank of St. Louis

th,

242

LOCATION OF RESERVE DISTRICTS.

Chart VIII
•

CO/IPONTI A/70 ComucAnre Ftressenrarion
CAPITAL ArICI SURPLUS
fi47700.46 .5.4,70.7 es•I1,..7.6.40•60
Oltrit

MD

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,

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Composite and comparative development of Minneapolis and St. Paul as indicated by growth of capital and surplus
of national banks,
1872-1913.
Chart VIII compares and summarizes the accumulation of capital and surplus by the national banks of Minneapolis
and St. Paul for
42 years ending 1913.
The development of banking power during this period is especially significant in two respects, namely, the change in relative
importance as between St. Paul and Minneapolis since 1892, and the rapid rate of accumulation in the years following 1902.
A net increase of over 160 per cent is shown for the last 11 years, of which 104 per cent—about $9,000,000—is properly
accredited to
Minneapolis. In other words, in 11 years the national banks of Minneapolis have added to their capital and surplus an amount
almost
equal to the present total capital and surplus of the national banks of St. Paul.


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Federal Reserve Bank of St. Louis

r/

'0
:,

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Composite and comparative developments of banking activities of Minneapolis and St. Paul,as indicated by growth of individual deposits
and bank balances held by national banks, 1872-1913.
Chart IX compares and summarizes individual deposits and bank balances held by national banks of Minneapolis and St. Paul, by
years from 1872 to 1913.
The financial activities of St. Paul in earlier yeirs are evidenced by a preponderance of deposits and balances indicated below the
index line until 1899 is reached. In that year, an extension of Minneapolis banking activities is indicated by a volume of bank balances
exceeding that of St. Paul, and in 1907 individual deposits in Minneapolis national banks exceeded those of St. Paul by $5,000,000. Since
that time, although a healthy development is evidenced for St. Paul, the relative growth of Minneapolis is noteworthy.
For the year just closed, individual deposits and bank balances of Minneapolis national banks stand at $45,000,000 and $35,000,000,
respectively, as compared with $35,000,000 and $17,000,000 for St. Paul. Expressed in percentage growth since 1900, when the two cities
Were Practically equal as to combined deposits of individual banks, Minneapolis increased by almost 400 per cent and St. Paul by a little
more than 200 per cent. Minneapolis has increased in individual deposits by nearly 350 per cent,St. Paul by 200 per cent. Minneapolis
has increased bank balances by 500 per cent, St. Paul by 200 per cent. This last item is significant as a criterion of the outside banking
relations of the two cities, and is especially indicative of the importance of Minneapolis as a banking center.


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Federal Reserve Bank of St. Louis

244

LOCATION OF RESERVE DISTRICTS.

Chart X
Ne4VDR5D tOLLIOIY DOLLARS'
9

A

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.

KANSA5 CITY

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AN FRAN 13C0

sizzor wo
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42.ct 4t13,82.4

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BANK CLEARINGS
ATLANTA

SEATTLE

DENVE

COMPARKnyt BASK CLEARinGS
NINE WesTran AND SIN/THERM Cme5-1413

lits,04,11z

• ci,4.857,416

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,

NUNDRZ MILLION DOLLAR,
0

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Comparative representation of financial and commercial activities of nine western and southern cities indicated by bank clearings for 1913.
('hart X affords a comparative representation of the bank clearings of nine foremost Western and Southern cities: Kansas City, San
Francisco, Minneapolis, St. Paul, New Orleans, Atlanta, Denver, and Spokane.
Bank clearings may be taken as the most significant criterion of the volume of commercial and financial activities in any community.
As among the nine cities named, Kansas City appears to occupy first place in volume of clearings. However, the contrast of Kansas
City with other members of the group is not as significant as might first appear, because of the fact that country collections are included
in Kansas City clearings, while they are not so included in the clearings of other cities.
The relative importance of Minneapolis and St. Paul as a financial and commercial center, as compared with other members of the
group, is obvious. Minneapolis alone occupies third place among the nine cities. The combined clearings of Minneapolis and St. Paul
is slightly less than the total of Spokane, Denver, Seattle, and Atlanta for the same period; Minneapolis exceeds Spokane, Denver, and
Seattle combined.
In so far as geographical financial importance is concerned, Minneapolis and St. Paul constitute one financial center. It is significant,
however, that as between the two cities the clearings of Minneapolis amount to two and a half times those of St. Paul.


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Federal Reserve Bank of St. Louis

245

MINNEAPOLIS, MINNESOTA.

Chart XI

13W

go

1,200

YEARLY CLEARINCS

1

/10C

MINNEAPOLIS SST.PAUL
1884-1913

1

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_

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519
1884/635 18861887/888 /889 1890/891 1898 1610 18941895 1896 1897 /898 /899 1900 1901 190Z MO 1904190 06 1907 1905 Meg 19 1911 1912 /9/3
57175LZ 5

The course of bank clearings by years: Minneapolis and St. Paul, 1884 to 1913.
Chart XI represents the relative development of financial and commercial activities in the cities of Minneapolis and St. Paul as indicated
by the curves of respective bank clearings during the period of 30 years, each beginning in 1884 with annual clearings amounting to about
$100,000,000.
The growth of bank clearings has advanced to $530,500,000 for St. Paul and to $1,312,500,000 for Minneapolis, making a total of
$1,843,000,000.
While it is to be observed that the bank clearings of St. Paul have grown steadily throughout the period, it is noteworthy that the
financial activities of Minneapolis, as indicated by the curve of clearings, has advanced much more rapidly since 1894 and, during the last
three years the increase has approximated 26 per cent, while St. Paul has practically remained at a standstill.


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Federal Reserve Bank of St. Louis

246

LOCATION OF RESERVE DISTRICTS.

•

Chart XII

_
BANK eiye.-1-iciv.eM-94.
CLEARINGS
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Comparison of financial activities of nine western and southern cities as indicated by annual course of bank clearings during last five
years. The course of clearings for each year is shown in its percentage relation to the previous year.
Chart XII contrasts the annual movement of bank clearings for five years in each of the nine important cities of the South and West:
Minneapolis, San Francisco, Kansas City, Seattle, New Orleans, Spokane, St. Paul and Denver, and Minneapolis and St. Paul combined.
Bank clearings may properly be accepted as a significant criterion of current business activities and especially of banking operations.
It should be observed, also, that in the cities here shown bank clearings are not inflated by speculative stock market transactions as
in certain eastern cities.
Excepting San Francisco, Minneapolis makes by far the best showing of the group, and Minneapolis and St. Paul averaged together
excel all individual cities throughout the period, excepting San Francisco and Minneapolis.
The apparent superiority of San Francisco is traceable to the prosperity of that city, probably due to reconstruction activities continuing during the year 1911, when all other localities, save New Orleans, experienced a severe depression in business. A significant
feature of the San Francisco curve resides in the 10 per cent decline for the year 1913.
During this last year, only three of the nine cities sustained their own rate of advance evidenced in 1912, viz.: Minneapolis, Kansas
City, and Seattle, having respective growths of 11 per cent, 5 per cent, and 10 per cent. However, the relative decline of St. Paul is more
than compensated for by the advance of Minneapolis, the combined showing being an advance of per cent.
ft
Incidentally, the tendency, otherwise apparent, Of financial activities of the Northwest is centralized in Minneapolis rather than in
St. Paul, is here shown.
The relatively negative showing of Denver as to growth of financial activities, revealed by bank clearings, affords striking comparison
with all other centers.
Because of the fact that country collections are included in Kansas City clearings and are not so included in the clearings of other
cities, the relative showing of Kansas City is properly subject to a measure of discount.


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Federal Reserve Bank of St. Louis

MINNEAPOLIS, MINNESOTA.

247

Chart XIII

/

/I

Counse. oP

BAN CLEAR! Cs
IOW CariES. APE YEARS IRO.M.1
5NowiNO
PLR CENT OF rNCROISC PER 1%1

„
s
„

,..

,
I
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o
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/IL
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52
Sex rifts

13

Relative bank clearings of nine leading western and southern cities. Five years by index numbers.
Chart XIII supplements and "checks" the accuracy of Chart XII in representing the course of business activities centering in the
more important cities of the south and west, excepting St. Louis. St. Louis is excepted from the group because of influences affecting
clearings arising from the financial relations of St. Louis as a central reserve city, and not necessarily significant of natural and indigenous
commercial attributes. In this chart the movement for each year is expressed in percentage terms of their respective clearings for 1909.
The favorable position of Minneapolis and San Francisco, as shown by Chart XII, is here substantiated, and the superior acceleration
of Minneapolis clearings in comparison with each member of the group for the last two years is apparent.


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Federal Reserve Bank of St. Louis

248

LOCATION OF RESERVE DISTRICTS.

Chart XXI

Ti
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See Tables 7,and.8

Relative advance of agricultural production in Minnesota, North Dakota, South Dakota, and Montana, compared with agricultural production in the United States, and with growth of population, during a period of thirty-three years.
Chart XXI graphically contrasts the increase in the volume of farm crops of the States of Minnesota, North Dakota, South Dakota,
and Montana, with the contemporary production of like crops in the United States considered as a whole, and with the growth of population dependent upon the food resources of the country.
Taking 1890 as the base year, it is observed that the index of population has increased, since 1880, by sixty points, approximately
60 per cent. During the same period farm crops advanced, disregarding annual fluctuations, by about 80 per cent, while the farm output
of the four states above mentioned advanced from —54 to 337, almost 400 per cent.
This showing is particularly significant as a criterion of the growing importance of the Northwest as a surplus-food producing area and,
taken in connection with the deyelopment of storage, milling, and commercial facilities in Minneapolis, becomes equally significant of the
importance of that city as a national financial center.


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Federal Reserve Bank of St. Louis

Chart XXII
CerMwerrve agelroeirleAr

OitaAcocuiraea Reoarts
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Site Tablo

Receipts of all grains, northern and southern markets compared.
Chart XXII contrasts the development of main lines of agricultural production in four States, Minnesota, North Dakota, South Dakota,
and Montana, tributary to Minneapolis markets with combined contemporary production of five States, Missouri, Nebraska, Kansas,
Colorado, and Oklahoma, tributary to Omaha, Kansas City, and St. Louis.
Circle A shows by black and crossed-hatched segments the relative importance of the northern and southern groups of States,
respectively, for 1900.
It is observed that the showing of the North against the South is as 6i per cent is to 23 per cent of the total United States crop.
Circle B shows a marked change in relative importance of North and South for 1912, the respective shares in the national product
being 15 per cent and 19 per cent. The absolute crop increases are shown by the larger areas represented in circle B.
If the comparison be made in terms of the total of principal agricultural products west of the Mississippi River, the showing of the
North against the South is as 121 per cent to 441 per cent for 1900, indicated in circle C; and, for 1912, 27 per cent for the North as against
24/ per cent for the South.
If, now, attention be directed to the representation of respective rates of increase sustained by the northern and southern States and
by the entire United States, as shown in the lower left-hand section of the chart, it appears that the crop of 1912 exceeded that of 1900 by
591 per cent for the United States, 32 Per cent for the Southern States and 2721 per cent for the Northern States.
If again, consideration be given to the relative volume of principal farm crops, excluding corn; the above mentioned Northern states
produced 11 per cent of the United States total in 1900, as against 26 per cent for the South, and, in 1912, four northern States produced
26 per cent of the total crop as against 15 per cent grown by the five states lying to the south.
Of the crop west of the Mississippi, again excluding corn, the northern States produced in 1900 21 per cent as against 35 per cent for
the Southern group, and, in 1912, 42 per cent as contrasted with 241 per cent.
Excluding corn, the relative increase in farm output for the entire United States, 1912 over 1900, was 29f per cent; for the South,47
per cent; and for Minnesota, the Dakotas, and Montana combined, 316 per cent.
In matters of financial moment there are three reasons why corn should be given less weight in the relative consideration of crop values
than may properly be assigned to other grains; namely, the fact of large amounts being fed on the farms, the relatively simple marketing
Process requiring less capital and credit, and the fact that corn moves slowly, being usually financed on six months' paper instead of short
249
paper, as are other crops.

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Federal Reserve Bank of St. Louis

250

LOCATION OF RESERVE DISTRICTS.

Chart XXIII
SO

Million B us/-se fa
75

ISO

rir

2

Bushels:-

'X.:Total

_206,811.670
130,119.867

24%

546814300

/0%

70,258,1/0o

/3%

R,995,6/0

/..c%

/2,080,39*
11

33%

11,620,000

21%

U459'7,600

/0%

6483,5,s7x2
s

/5%

90,51/Zo70

MINNEAPOLIS

38%

21%

_117,381,leo
3Zooe,000
g9,879,00o
-- 643341,1So

Si.
Comporofivt ffeproaeotob- n of
o

RECEIPTS I:T T/ALL GFZA INS
A
Wilneqpoils, 131./1 0"0,0ine ,tr vioCity.te6,
J901h wor igi
Lows.
$ee Grain Exhibits I, end B

Receipts of grains at five important grain markets, 1900-1906-1912.
Chart XXII illustrates the relative importance of the grain trade of the Minneapolis district contrasted with that of the entire area
tributary to Omaha, Kansas City, and St. Louis. It should be understood also that in the grain trade, Duluth and Minneapolis constitute
a market unit; the Duluth transactions being of the nature of branch business, both as to credit arrangements and actual proprietorship,
of Minneapolis.
That the actual grain handled in the Minnesota markets constituted 58 per cent of the total in 1900, 54 per cent in 1906,and 62 per
cent in 1902 is significant. St. Paul is not a grain market.


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Federal Reserve Bank of St. Louis

251

MINNEAPOLIS, MINNESOTA.

Chart XXIV
TERMINAL ELEVATOR CAPACITY. MAXIMUM TERMINAL 5T0CKS
8142 I\1ILLi NG CAPACITY 22' MINNEAPOLIS.DULUTH -5uPeRtoft•
OmAnA.KA115AS CITY &14 5T. LOWS CO 1913.
Million Bushels

• Tof0 Bo.

0

%•frohal

_38,550,000
34275,000

ELEVATOR
CAPACITY

40 0, ct

'Er": MI

V AV

--//.23.5.000

•mr
,
NEM
,

457S,000

MINNEAPOLIS
SUPER; O'P
DULL,

in Coun try Eletil.
27.000,000N1tioon,WiST etJ1
1 141 z4)
, ,

_ _24,426,0o
_

400o
4,8/4006

,A;t4TIE

02,000

, :st• •
45
.

1•
,

Thous

Total Bbl.. %I'Toio/

MINNEAPOLIS

Du

II

U TH

_ .77,160

%ADE R I OR_

_KANSAS

CITY
ST. Louis

ta,V141:

-

.4,000
_ 14,60o
_ 7,500

NlINNFAPriLIS •

MINE
MINN

7,000
— —

0MAMA

:75 II 1

-1

Terminal
Stocks

----9,745,000

70%

47.1,
4%

/3% (Dm Ly)
7%

To/a//J.. %1T0tal
-7%

3

7%

.g

5%

KANSAS CITY

8,

11°!.

3T. Louis_

4

107

DULAITH—i•$WIER I • R
0MAMA
•

MILLING
CAPACITY

—

NUMBER
OF
MILLS

Magnitude of Minnesota grain and milling activities contrasted with Omaha, Kansas City, and St. Louis.
Chart XXIV graphically contrasts Minnesota elevator and milling activities with those of Omaha, Kansas City, and St. Louis.
Obviously the day of rivalry among these, the largest cereal centers of the world, has passed.
the
At the present time the elevator capacity of Minneapolis and the Lake Superior terminals is over 150 per cent greater than
Omaha, Kansas City, and St. Louis.
combined carrying power of
During the last year (1913) the actual maximum burden of grain carried in terminal storage in Minnesota and financed in Minneapolis was 180 per cent more than the combined amounts for Omaha, Kansas City, and St. Louis. And an amount of grain was
carried by country elevators in Minnesota and the Dakotas over half as great as the contents of the terminal bins—constituting a total
of over 75,000,000 bushels.
City,
The milling capacity of Minneapolis and the lake port is 235 per cent greater than the combined capacity of Omaha, Kansas
and St. Louis; and the country mills of Minnesota have a combined capacity as great as that of Minneapolis.


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Federal Reserve Bank of St. Louis

252

LOCATION OF RESERVE DISTRICTS.

Chart XXV
THOV5AND CARS
1'

ALL FRj1GH

M iN NEAP°

A

V%

-04 wARJE

%
ST.PA UL
FORWARD

D

A'r
4'

•

r•EIG

A /

,

PILL FR;IGH
RECSIIVED

44848
Gets

TRAFFIC
MINNEAPOLIS 5T PAUL
RECEIVED-FORWARDED- TOTAL

ZE4OZ
COP"
MERCHANDISE
ONLY

ST PAUL
FOITIV/TDE

RECEIVED

/5s.rri
CRAP

Freight traffic of Minneapolis and St. Paul compared, 1913.
The chief significance of Chart XXV pertains to the relative importance of Minneapolis and St. Paul as shipping points. The
total
of all receipts and shipments,reduced to carload equivalents, over all roads touching Minneapolis, amounting for the year ending December,
31, 1913, to 763,519 cars as contrasted with 410,848 cars "in" and "out" of St. Paul, including Minnesota Transfer, for the year ending
October 31, 1913. (St. Paul figures for November and December, 1913, not available.)
The lower part of the chart, representing merchandise only, shows 225,021 cars "in" and "out" for Minneapolis, two-thirds of which
is forwarded merchandise. This amount contrasted with 156,197 cars, equally divided as between "in" and "out" merchandise, for
St. Paul is probably significant of superior jobbing activities in Minneapolis.


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Federal Reserve Bank of St. Louis

253

MINNEAPOLIS, MINNESOTA.

Chart XX'Vl
71VOGISKALO CARO.
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_

See Table 17
Classified freight traffic of Minneapolis and St. Paul.
Minneapolis over
Chart XXVI supplements Chart XXV by a subdivision of traffic by cities into 14 classes, showing the superiority of
St. Paul in the following 10 classes: Agricultural implements and machinery, grain and seeds, linseed oil, cement and brick, coal, flour,
.
millstuffs, merchandise, oil-cake and meal, and miscellaneous. St.Paul excels in the handling of hay, lumber, live stock, and meats.
(Data compiled from official weekly reports of all roads entering Minneapolis and St. Paul for Minneapolis Civic and Commerce Association.)


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Federal Reserve Bank of St. Louis

254

LOCATION OF RESERVE DISTRICTS.

Chart XXVIII
Trz

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Seasonal fluctuation in financial activities, Minneapolis and St. Paul.
Chart XXVIII is constructed upon the record of weekly clearings for a period
of four years ending December 31, 1913. By averaging
the figures for respectively consecutive weeks for the four years, the average
seasonal fluctuations by weeks are calculated. The resulting
averages are plotted, this deriving a "normal" or average year, for both Minneapol
is and St. Paul.
The course of clearings for Minneapolis shows low points in February and
May (eighth and twenty-secon(I weeks), and reaches a maximum in October (forty-third week). The extreme average variation
is from about $16,000,000 weekly clearings to over $31,400,000—a
variation of 96 per cent in five months. For six weeks of this period the average
advance is 85 per cent, and one two weeks' period, in late
August and early September, shows an advance of 45 per cent, amounting to $8,000,000
. A minor peak in clearings appears in the last
week in February.
This fluctuation in average clearings does not measure the extreme variations
which may and do occur in the course of business. They
do indicate the variations which, upon the basis of four years' experience, may
reasonably be anticipated under normal conditions.
The suddenness and extent of variations experienced in Minneapolis has
no counterpart in St. Paul. The maximum variation in
weekly averages at no time amounts to as much as $5,000,000; the same maximum
average is reached in both autumn and spring and the
minimum of $9,000,000 appears four times during the year.
This variable career of banking activities in Minneapolis as contrasted with
the relatively even tenor of St. Paul business is doubtless
due to the closer association of Minneapolis banking with the seasonal phenomen
a of agricultural production.


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Federal Reserve Bank of St. Louis

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Minnesota and Montana.
Chart XXIX represents the relative importance of the two northern cities in the production of iron ore and copper. It is noteworthy that the ore production in Minnesota for 1909
over 60 per cent greater than the total for the three States next in importance, and constituted 54/ff per cent of the total ore production of the United States. The output for 1913 is
i
12i per cent greater than that of 1909.
The 315,000,000 pounds of copper produced by Montana in 1909 exceeds that of the nearest competitor by 25,000,000 pounds, and represents 34ylv per cent of the copper production
of the United States.
The rapid growth of iron and copper production in Minnesota and Montana since 1879 as contrasted with the contemporary output of other States is especially significant, not only
as to the present mineral importance of these States, but as a forecast of future mining activities and mineral values to be handled and financed in the Northwest,
was


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Federal Reserve Bank of St. Louis

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256

LOCATION OF RESERVE DISTRICTS.

Chart XXX
PROOLICT/ON Cr
IRON COPPER teR0 Z/NQ AND PR1C/0115 METALS
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Relative mineral production of Minnesota and Montana.
Chart XXX represents the relative position of Minnesota and Montana in the production of mineral values. Minnesota alone, in the
$57,000,000 of ore values exceeds the value of metal products in any other State, except Michigan. The copper output of Montana places
that State third in the list of all metal producing States. The mineral values produced in 1913 by Minnesota, Montana, South Dakota,
Wisconsin, and Idaho (States lying within the proposed Northwestern reserve bank district), exceed the combined mineral values produced by California, Colorado, Missouri, Nevada, and Utah.


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Federal Reserve Bank of St. Louis

MINNEAPOLIS, MINNESOTA.

257

Chart XXXI

RH/LWRY NET
M/NNERPOLIS.DISTIUCT
RAILWAY SYSTEMS ENTERING MINNEAPOLIS, 91
OPERATING LINES INTO CITY, 24.
MILEAGE IN REGIONAL DISTRICT, 35,846
MILEAGE CENTERING IN MINNEAPOLIS, 48,591,

The Northern Railway net.
Chart XXXI. The Afinnesota district is not lacking in mechanical facilities of trade; the growth of the milway net within its boundaries has been rapid and continuous, and the location of railway lines is such as to constitute Minneapolis the natural focus of transportation activities to the Northwest.
46458*—S. Doc.485,63-2----17


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Federal Reserve Bank of St. Louis

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Chart XXXII graphically represents certain strategic advantages of Minneapolis in matters of transportation and communication as contrasted with Chicago. The direct
lines of railway leading from Minneapolis to the Pacific Coast and the Rocky Mountain cities, and to Canadian points, when considered in connection with the movement
of
traffic originating to the north and west, and the financial operations associated therewith, makes the matter of time and distance a significant factor in the
location of banking
facilities.


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Federal Reserve Bank of St. Louis

259

MINNEAPOLIS, MINNESOTA.

Chart XXXVI

MI"

145LI
MINNEAPOLIS
AVAILABLE FOR

ESER SE BANK
OLD FEDERAL BLDG.
FiRsT FLOOR PL-AN

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Federal Reserve Bank of St. Louis

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

LOCATION OF RESERVE DISTRICTS.

Chart XXXVII

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COURSE OF
CAPITAL SURPLUS DEPOSITS
LOANS & DIS COUNTS
ALL BANKS -1111WEAPOL15
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Development of banking in Minneapolis, 1904-1913.

MINNEAPOLIS, MINNESOTA.
TABLE I.-Composite and comparative statement of capital and surplus, etc.-Continued.
MINNEAPOLIS AND ST. PAUL COMBINED.

261

-Composite and comparative statement of deposits, bank
TABLE 3.
accounts held, and loans and discounts, national banks of Minne-Continued.
-1913
apolis and St. Paul, 1872
MINNEAPOLIS-Continued.

Capital.

Year.

Surplus.

$1,619,900
2,330,000
2,450,000
2,550,000
2,500,000
2,650,000
2,950,000
2,950,000
3,450,000
3,300,000
3,800,000
6,550,000
8,397,700
8,300,000
9,200,000
9,400,000
9,450,000
9,700,000
9,700,000
9,640,000
9,731,000
8 200,000
;
9,500,000
9,000,000
9,000,000
8,300,000
8,300,000
7,800,000
7,800,000
7,050,000
7,050,000
7,050,000
8 450 000
8 900 000
' '
9
,150
,000
9,800,000
9,800,000
9,750,000
11 000,000
10'900,000
10,900,000
13,400,000

$290,606
355,106
431,956
477,426
493,182
436,967
449,946
467,000
610,588
646,558
750,000
977,500
1,250,000
1,275,000
1,408,100
1,517,500
1,704,500
1,871,000
1,892,000
1,883,000
1,937,000
1,777,000
1,574,000
1,454,500
1,516,000
1,346,000
1,169,000
1,130,500
1,364,000
1,478,000
1,635,000
2,706,000
3,456,190
3757,083
4,397,083
6,617,083
7,952,083
7,975,143
8,714,361
9,225,000
9,360,000
9,910,000

Total.
$1,910,506
2,705,106
2,881,956
3,027,426
3,043,182
3,086,967
3,399,946
3,417,000
4,060,588
3,946,558
4,5.50,000
7,527,500
9,647,700
9,515,000
10,608,100
10,917,500
11,154,500
11,471,000
11,592,000
11,523,000
11,668,000
9,977,00(1
11,074,006
10,454,506
10,516,00(1
9,646,00C
9,469,00C
8,930,50C
•
9,164,00C
8,528,00C
8,685,00C
11,156,00C
11,906,19(
12,657,083
13,547,083
16,417,083
17,752,083
17,725,143
19,714,361
20,125,00(
20,260,00C
23,310,00(1

1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913

Deposits.

Due
to other
banks.

$1,479,336
1,848,783
1,552,413
1,597,071
1,757,743
2,181,752
2,683,748
3,164,097
3,929,053
3,673,815
4,993,903
6,432,282
7,891,992
8,200,820.
7,464,167
8,636,538
10,132,934
9,419,458
7,403,824
7,466,034
8,703,001
7,264,701
8,305,070
9,413,198
11,639,221
10,507,430
11,452,152
14,102,483
13,590,509
15,567,054
16,852,252
20,904,970
28,549,817
35,645,299
42,384,436
37,634,467
39,983,615
47,724,674
45,740,698

Year.
1872.
1873.
1874
1875
1876.
1877.
1878
1879.
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889.
1890
1891
1892
1893
1894
1895.
1896.
1897.
1898.
1899
1900.
1901
1902
1903
1904
1905
.........................
1906
1907
1908.
1909
1910
1911
1912
1913
......1

319,955
7,346
30,557
11,518
20,260
33,915
194,921
384,648
598,554
860,937
1,210,959
2,016,154
1,608,351
1,977,496
1,739,904
2,156,718
1,893,640
2,900,484
1,633,041
2,983,314
3,052,530
2,819,618
4,676,198
3,988,839
6,040,106
6,440,690
8,391,526
9,857,094
9,037,683
8,963,258
11,632,248
14,549,840
17,855,984
28,982,892
22,288,071
26,279,090
21,607,203
27,701,775
34,715,470

Loans and
discounts.

$1,691,083
2,007,998
2,003,378
2,38.5,666
2,475,757
2,779,663
2,828,945
4,167,438
5,010,971
6,506.855
7,286,506
8,851,778
10,611,976
10,809,041
10,680,350
11,453,914
12,548,910
12,926,689
12,320,548
10,452,364
10,945,360
10,788,168
9,320,950
10,299,184
13,462,823
14,287,051
15,539,542
18,843,204
20,898,904
20,692,701
23,070,656
27,357,772
37,839,299
43,805,783
46,665,934
48,158,592
47,926,682
57,363,665
59,484,125

TABLE 2.
-St. Paul and Minneapolis banks, 1904-1913.
ST. PAUL.

ST. PAUL BANKS.
Year.

Capital.

Surplus.

Deposits.

Loans and
discounts.
Y

1904
1905.
1906
1908190%
.
1909
1910
1911...
1912.
1913

$4,400,000 $1,537,500 829,715,650 $19,166,199
22,222,242
4,450,000
1,367,000 34,404,499
21,749,798
4,550,000
1,500,000 33,916,490
23,377,848
4,200,000
2,290,000 34,017,655
4,200,000
2,640,000 34,756,368
23,221,940
30,226,256
2,990,000 46,022,344
4,250,000
3,246,000 42,975,232
4,275,000
29,853,907
3,506,000 51,312,364
31,800,531
4,275 000
3,500,000 45,851,516
30,016,580
4,125
,000
36,443,186
5,850,000
3,805,000 51,186,053
MINNEAPOLIS BANKS.
Deposits.

Loans and
discounts.

1904
................. $5,735,000 $2,759,000 $47,074,347
1905...
... 0,235,000
3,202,083 54,235,940
1906
................. 6,235,000
3,938,083 57,695,572
1907
4,829,869 66,518,044
................. 6,585,000
1908
................. 6,085,000
5,387,839 76,871,340
1909
................. 8,025,000 5,973,433 90,094,807
1919
6,172,705 82,257,137
1911.................. 9,005,000
................. 9,030,000
7,073,100 92,38.5,492
1912
6,788,500 100,028,530
................ 9,230,000
1913
7,065,500 101,506,300
..................... 9,750,000

$36,002,403
41,676,224
44,542,603
47,102,518
51,190,301
60,400,087
57,649,377
64,339,821
69,658,514
69,861,735

Year.

Capital.

Surplus.

_

Mortgage
loans.
$338,367
949,8.51
1,139,399
1,278,061
1,325,831
2,251,010
2,597,964
2,819,225
3,167,250
3,562,454

TABLE 3. Composite and comparative statement of deposits, panic
accounts held, and loans and discounts, national banks of Minneapolis and St. Paul, 1872-1913.
[From annual

reports of Comptroller of United States Currency,showing condition
of national banks as of time of last call for each year.]
MINNEAPOLIS.
ear.

1872..
1873 ................
....
1874
......................


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Federal Reserve Bank of St. Louis

Deposits.

$1,257,074
1,689,024
1,430,997

Due
to other
banks.
$17,177
11,525
9,221

Loans and
,,. ounts.
-isc .
$1,2.52,199
1,495,330
1,605,802

1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900e
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913

,

Deposits.

Due
to other
banks.

$1,698,210
2,189,573
2,161,820
2,069,116
1,970,621
2,034,397
2,274,634
3,046,325
3,831,334
5,674,455
5,355,628
7,202,440
7,960,941
8,265,325
8,602,267
10,190,599
9,227,664
8,986,680
10,375,295
8,813,795
10,316,417
7,167,692
8,147,106
8,145,523
9,485,486
9,506,325
10,432,375
12,820,912
12,675,315
13,408,835
15,258,516
14,990,496
16,709,339
18,333,904
20,934,055
21,707,545
23,325,549
26,191,331
26,105,386
25,831,838
26,939,658
34,629,419

$184,245
264,026
244,441
423,846
249,699
379,102
420,089
484,406
637,656
2,439,416
1,626,473
2,024,281
1,858,387
2,697.088
2,869,748
3,621,011
3,667,296
2,704,261
3,220,717
4,202,278
4,256,769
2,284,589
3,967,775
3,212,65.5
2,884,752
5,328,600
4,346,011
6,095,662
5,402,036
6,353,680
6,714,107
6,339,928
6,819,743
8,879,473
10,370,882
10,549,441
13,173,037
12,758,014
13,361,246
12,010,953
13,067,938
16,934,486

Loans and
discounts.

$2,287,656
3,101,109
3,309,674
3,493,684
3,316,836
3,496,385
3,957,241
4,179,319
5,649,917
8,218,517
7,712,386
11,936,617
11,776,824
13,474,671
14,100,447
16,654,230
14,805,213
13,858,350
15,451,475
13,093,768
15,973,906
9,647,745
11,489,675
11,161,029
10,450,811
8,803,064
9,715,305
10,480,123
11,468,471
12,884,441
14,514,00(1
14,870,46fi
16,677,743
18,622,657
20,834,714
22,418,522
25,207,86E
26,124,19C
28,381,361
28,340,831
29,766,78E
39,595,571

262

LOCATION OF RESERVE DISTRICTS.

TABLE 3.
-Composite and comparative statement of deposits, bank

TABLE 4.
-Annual bank clearings-Continued.

accounts held, and loans and discounts, national banks of Minnesota and St. Paul, /872-1918
-Continued.
Year.

MINNEAPOLIS AND ST. PAUL COMBINED.

Deposits.

Year.

872
873
874
875
876
.877
.878
879
.880
.881
.882
.883
.884
.885
886
.887
888
.889
890
891
.892
.893
,894
,895
L896
897
L898
L899
1900
L901
902
L903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913

,

Due
to other
banks.

$2,955,284
3,878,597
3,592,817
3,548,452
3,819,404
3,586,810
3,871,705
4,804,068
6,013,086
8,358,203
8,519,725
11,131,493
11,634,756
13,259,228
15,034,549
18,082,591
17,428,484
16,450,847
19,011,833
18,946,729
19,735,875
14,571,516
15,613,140
16,848,524
16,750,187
17,811,395
19,845,573
24,460,133
23,182,745
24,860,987
29,360,999
28,581,005
32,276,393
33,186,156
41,839,025
50,257,362
58,970,848
68,575,767
63,739,853
65,815,453
74,664,332
80,370,117

$201,423
275,551
253,662
443,801
257,045
409,6.59
431,607
504,666
671,571
2,634,337
2,011,121
2,622,835
2,719,324
3,908,047
4,885,902
5,229,362
5,644,792
4,444,165
5,377,435
6,095,918
7,157,253
3,917,630
6,951,089
6,265,185
5,704,370
10,004,798
8,334,850
12,135,768
11,842,726
14,745,206
16,571,201
15,377,611
15,783,001
20,511,721
24,920,722
28,405,425
42,155 929
35,046,035
39,640,336
33,618,156
40,769,713
51,699,956

Loans and
.
discounts.

$3,539,835
4,596,439
4,915,476
5,184,767
5,414,834
5,499,763
6,342,907
6,635,076
8,429,580
11,047,462
11,879,824
16,947,5M
18,283,679
20,761,177
22,952,221
27,266,206
25,614,254
24,538,706
26,905,381
25,642,67E
28,900,591
21,968,293
21,942,031
22,106,381
21,238,971
18,124,014
20,014,481
23,942,946
25,755,52‘4
28,423,983
33,337,209
35,769,371
37,370,444
41,693,313
48,192,48(
60,257,821
69,013,651
72,790,124
76,539,953
76,267,511
87,130,453
99,079,696

1898
1897
1896
1895
1894
1893
1892
1891
1890

Kansas City.

$585,294,638
540,837,381
503,792,913
520,871,222
480,502,029
474,672,695
510,186,611
460,471, 785
490,906,771

Year.
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897

1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1808
1897
1896
1895
1894
1893
1892
1891
1890

Denver.

Seattle
'

$219,265,776 $425,607,021
225,436,618 487,848,306
219,937,589
458,897,827
241,052,859
493,046,623
206,504,834
466,
450,933
153,895,741
409,996,612
150,709,509
407,803,8.50
114,226,098
349,774,100
82,049,546 327,957,696
62,084,485
235,725,730
55,967,915
237,324,459
44,234,601
230,369,178
29,428,112 228,469,100
28,127,365
246,942,831
31,993,127
178,206,504
23,004,272 151,355,846
16,622,772 124,414,245
121,368,646
12,546,092
10,034,868
138,288,035
137,317,784
7,027,159
...
185,335,869
14,491,418
266,985,178
230,134,970
255,497,797

San
Franciseo.

3664,857,448
602,430,661
552,640,350
590,093,365
586,696,855
429,499,232
488,591,471
485,920,021
301,600,202
222,217, 308
206,913,521
191,885,973
144,634,367
130,323,281
103,327,617
68,443,635
36,045,228
28,157,065
25,601,157
26,980,026
40,147,625
55,520,536
48,977,3.49
56,953,229

1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900

1R00


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

Kansas City.

$2,850,362,611
2,713,027,216
2,578,730,359
2,631,557,738
2,395,530,983
1,847,511,624
1,649,175,013
1,331,675,055
1,197,905,567
1,097,887,156
1,074,878,589
988,294,998
918,198,416
775,264,813

14R.270.711

St. Paul.

Minneapolis.

$530,515,562 $1,312,412,257
1,182,232,466
579,166,754
1,063,090,894
531,574,517
1,155,650,665
576,156,228
1,029,914,856
518,244,363
483,976,978
1,057,468,860
484,891,668
1,158,462,150
419,466,276
990,890,203
342,751,235
913,579,559
315,805,394
843,230,773
309,230,108
741,049,348
294,197,119
720,752,332
260,413,773
626,020,4.57
247,060,954
579,994,076

Minneapolis.
$19,487,650
72,100,087
87,437,487
99,677,0E9
124,715,103
165,421,842
194,777,583
215,626,210
240,221,068
303,913,022
366,720,248
438,053,526
332,243,860
309,002,009
372,895,344
392,965,673
414,597,614

1900
1912

Year.

1900
1912

210 ROR 4R1

ARQ 708 240

Total Uhited
States.

3,730,306,667
5,953,485,000

770 011 710

St. Paul.

$101,636,568
118,340,978
152,954,315
205,013,099
194,912,912
209,405,281
225,564,896
242,075,278
271,125,301
207,679,487
183,856,870
222,332,181
228,875,307
197,712,205

Year.

St. Paul.

$460,222,572
539,705,249
579,994,076
626,020,457
729,752,331
741,049,348
843,230,773
913,579,558
990,890,203
1,145,462,149
1,057,468,860
1,029,914,8.55
1,155,659,664
1,068,090,893
1,182,232,466
1,312,412,256

1898
1899
1900.
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913

Minneapolis.

$221,105,689
239,306,455
255,840,110
260,413,678
294,097,110
309,230,101
315,805,393
342,751,234
419,466, 276
484,891,667
433,976,978
520,614,861
576,156,208
531,574,516
579,166,753
530,515,562

Total of 4
Total of 5
Per cent of States: Mis. Per cent of
States:
total
Minnesota,
souri,Kansas,
total
United
South Dakota,
Oklahoma,
United
States.
North Dakota,
Nebraska,
States.
Montana.
Colorado.
241,872,000
901,122,000

6i
15

865,250,0100
1,142,081,000

23
19

Total of 4
Total of 5
Per cent of States: Mis- Per cent of
States:
Total all States
total States souri, Kansas, total States
Minnesota,
west of 4
west !:if
South Dakota,
Oklahoma,
west of
Mississippi.
North Dakota, Mississippi.
Nebraska,
Mississippi.
Montana.
Colorado.
1,937,825,712
3,314,327,000

241,872,000
901,122,000

12
27

865,250,000
1,142,081,000

44i
34i

OATS, WHEAT, BARLEY, POTATOES, AND RYE.

Total United
States.

Minneapolis
and St. Paul.
31,842,927,819
1,761,399,220
1,599,665,411
1,731,815,898
1,548,159,219
1,541,445,838
1,&13,353,818
1,410,356,479
1,256,330,794
1,159,036,167
1,050,279,456
1,014,949,451
886,434,230
827,055,030

$681,328,274
612,309,825
621,840,987
595,227,530
492,756,896
539,923,350
709,129,683
608,790,526
529,476,909

[Bushels.]

Ye tr.
Year.

$460,222,572
414,597,615
392,965,674
372,895,344
308,900,020
332,213,860
438,053,526
366,715,248
303,912,012

OATS, WHEAT,CORN, BARLEY, POTATOES,AND RYE.

New Orleans.

$2,624,428,825 $980,683,873
2,677,561,952 1,058,324,963
2,427,075,543 1,013,907,623
2,323,772,871
987,491,23.5
1,979,872,570
904,231,769
1,757,151,850
786,067,353
2,133,883,626
956,538,295
1,998,400,779 1,020,232,303
1,834,549,789
962,771,960
1,534,631,137
970,928,984
1,520,198,6,32
827,710,8.50
1,373,362,025
672,360,577
1,178,169,736
603,551,121
1,029,582,595
556,790,701
971,015,072
458,219,218
813,153,021
435,723,085
750,789, 144
415,978,498
683,229,599
466,556,610
692,079,249
487,948,184
638,526,806
434,003,398
609,285,878
500,897,031
815,26.5,486
508,139,314
893,268,703
514,807,422
851,066,173
524,442,837

$221,105,702
197,712,210
228,875,313
222,332,186
183,856,876
207,679,490
271,076,157
242,075,278
225,564,897

Minneapolis
and St. Paul.

-Comparative production chief agricultural products,
TABLE G.
1900-1912.

Year.
Spokane.

Minneapolis.

TABLE 5.- Yearly clearings of Minneapolis and St. Paul, 1881-1913.

TABLE 4.
-Annual bank clearings.
Year.

St. Paul.

1900
1912

Year.

1,625,204,151
2,828,739,000

Total of 4
Total of 5
Per cent of States: Mis- Per cent of
States:
Minnesota,
total
souri, Kansas,
total
United
South Dakota,
Oklahoma,
United
States.
North Dakota,
Nebraska,
States.
Montana.
Colorado.
177,233,000
737,228,000

11
26

18
15

Total of 4
Total of 5
States:
Per cent of States: Mis- Per cent of
Total all States
Minnesota,
total States souri,Kansas, total States
west of
South Dakota,
west of
Oklahoma,
west of
Mississippi.
North Dakota, Mississippi.
Nebraska,
Mississippi.

Montana.

1900
1912

292,903,000
430,722,000

840,530,641
1,736,700,000

177,253,000
737,228,000

Colorado.
21
42

292,903,000
430,722,000

35
24i

263

MINNEAPOLIS, MINNESOTA.
TABLE 7.-Production offarm crops in Minnesota, North Dakota,
South Dakota, and Montana, 1880-1912.

-Comparative statement of cars received and forwarded at
TABLE 9.
Minneapolis for 6 years ending Dec. 81, /9/8
-Continued.

[Expressed in thousands.)

Year.

Wheat.

Rye.Oats.

Corn.

Barley.

Potatn
,„
--

over

1890.
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898....,.
1899
1900 .
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912

41,819
47,767
45,175
50,843
65,009
63,913
75,069
90,465
67,918
88,647
80,255
139,008
108,873
78,588
88,434
156,968
105,235
111,954
178,213
159,504
86,765
193,429
188,952
175,931
156,390
195,033
178,950
159,213
178,550
227,188
156,920
144,234
282,389

19,529
3,493
4,557
20,799
25,795
7,730
20,049
8,057
11,021
37,601
10,506
33,798
35,732
9,759
11,540
39,098
13,426
39,458
11,735
36,029
33,337
14,027
43,327
19,132
17,782
42,294
46,063
14,652
20,925
15,738
49,072 28,963
18,574
66,594
50,142
25,838
59,149
18,070
61,777
16,679
64,619
11,020
67,337
36,103
65,326 51,407
84,603 51,640
87,666 59,952
103,147 162,757
117,225
70,788
93,950 63,080
108,462 76,297
128,671
74,137
122,516 52,524
13q,740 55,078
163,894 101,666

21,071
27,639
34,650
41,687
49,652
52,548
63,373
79,768
79,538
78,996
66,045
95,698
76,465
71;052
73,654
117,664
89,013
68,782
89,966
88,325
63,428
115,054
142,467
125,453
150,318
162,757
167,409
138,813
133,702
217,157
151,065
151,006
293,390

260
272
487
656
665
629
544
384
684
1,361
1,031
1,389
1,364
1,158
1,323
1,606
1,133
1,119
1,296
1,438
1,195
2,836
3,381
2,866
2,658
2,650
2,804
2,652
2,660
3,394
2,758
5,400
7,437

6,056
6,384
6,551
7,374
7,213
8,225
8,799
10,661
12,782
12,620
11,516
10,642
11,300
11,760
8,889
33,508
20,276
10,876
15,699
19,052
14,845
15,625
20,059
16,152
21,821
18,452
20,276
23,024
30,380
31,300
16,920
38,997
52,346

Month.

Per
cent
Tow. increase

95,228
107,418
120,388
128,666
171,161
169,619
193,276
231,916
213,806
229,388
206,211
309,196
258,078
223,273
208,963
387,781
300,825
268,711
362,393
316,775
241,872
430,384
471,582
456,645
478,805
644,796
557,452
480,732
520,051
681,847
659,615
527,454
901,122

--54
--48
--42
--31.5
--17
--18 .
-- 6
12
3
11
50
25
8.1
1.1.
88
46
30
76
68
18
109
128
121
133
213
170
133
153
231
220
156
337

TABLE 8.
-United States production of wheat, rye, oats, corn, barley,
and potatoes, 1880-1912.

1909

1910

1911

1912

1913

16,619
18,354
18,695
21,826
39,040
35,904
25,938
24,076

19,333
20,207
17,917
20,713
32,675
36,075
33,349
19,186

20,309
21,109
19,584
26,730
33,826
35,702
29,758
30,833

22,564
21,915
21,189
26,426
35,642
36,957
35,314
30.597

19,971
18,650
20,354
28,848
38,066
45,922
41,788
42,049

23,761
23,906
23,057
28,953
41,234
40,401
35,309
33,268

20,426
20,690
20,132
25,582
36,747
38,493
33,576
30,001

,689 362,740

..

RECEIVED-COII.

May
June
July
August
September
October
November
December

281,375 278,144 317,331 321,007

Total
FORWARDED.

20,084
20,046
23,043
21,419
19,991
20,866
21,508
21,346
27,520
30,075
23,611
20,336

January
February
March
April
May
June
July
August
September
October
November
December

Oats.

Corn.

Barley.

Potatoes.

Total.

498,550
383,280
504,185
421,086
512,765
357,112
457,218
456,329
415,868
490,560
399,262
611,780
515,949
396,132
460,267
467,103
427,684
530,149
675,149
547,304
522,230
748,460
670,063
637,822
552,400
692,979
735,261
634,487
664,602
683,350
635,121
621,338
730,267

24,541
417,885 1,717,435
45,165
20,705
416,481 1,194,916
41,161
488,250 1,617,025
29,960
48,954
28,069 571,302 1,551,067 50,136
28,640 583,628 1,795,528 61,203
21,706 629,409 1,936,176
58,360
24,489 624,134 1,665,441
59,428
20,693 659,618 1,456,161
56,812
28,415
701,735 1,987,790 63,884
28,420
751,515 2,112,892
78,333
25,807 523,621 1,489,970 67,168
31,751
738,394 2,060,154
86,839
27,979 661,035 1,628,464
80,097
26,555 638,855 1,619,496 69,869
26,728 662,037 1,212,770 61,400
27,210 824,444 2,151,138 87,073
24,369
69,695
707,346 2,283,875
27,363
C98,768 1,902,968 66,685
25,658
730,907 1,924,185 55,792
23,962
73,382
796,178 2,078,144
23,996
809,126 2,105,103 58,926
30,345
736,809 1,522,520 109,933
33,631
987,843 2,523,648 134,954
29,363
784,094 2,244,177 131,861
27,242 894,596 2,467,481 139,749
28,486 953,216 2,707,994 136,551
33,375
964,905 2,927,415 178,916
31,566
754,443 2,592,320 153,597
31,851
807,156 2,668,651 166,756
32,239 1,007,353 2,772,376 170,284
34,897 1,186,341 2,886,360 173,832
33.119 922,298 2,531,488 160,240
35,664 1,418,337 3,124,746 223,824

167,660
109,145
170,973
208,164
190,642
175,029
168,051
134,103
202,365
204,881
148,290
254,424
156,655
183,034
170,787
297,337
252,235
164,016
192,306
228,783
210,927
187,598
284,633
247,128
332,830
260,741
308,038
298,262
278,985
376,537
349,032
292,737
420,647

1909

1910

1911

1912

2,871,236
2,065,688
2,859,347
3,349,814
3,172,406
3,157,842
2,998,761
2,783,716
3,400,057
3,666,601
2,654,118
3,783,442
3,070,179
2,933,941
2,593,989
3,854,205
3,765,204
3,389,849
3,603,997
3,747,753
3,730,308
3,335,665
4,634,772
4,074,445
4,414,298
4,779,967
5,147,910
4,464,275
4,618,001
5,042,139
5,265,483
4,561,220
5,953,485

8
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lf
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34
41
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41
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41
41
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

22 208
19211
'
22:787
16,717

19,153
19896
22:401
17,239

26,404
25078
27:821
20,177

24,503
20,653
24304
20,943

D uluth.

21,700
21,379
26,179
24,555
23,569
23,674
23,365
25,153
29,016
32,300
28,118
23,749

Percent
•
NorthMentanaincrease
Minnesota.1nne5ota. and Idaho. and South
h
Total.
over
Dakota.
previous
year.

$130,210 $2,290,145
137,787 2,874,490
142,499 2,510,774
101,134 3,509,479
95,338 4,824,528
6,495,303
138,575
109,974 5,474,544
143,158 6,153,289
399,396 6,853,751
482,104 5,948,107
9,664,578
2,138,681

1913

25,225 30,912
26,169 27,221
25,946 30,211
21,701 24,507

24,734
23,038
25,578
20,214

$363,108 $2,525,050 $5,308,513
562,978
3,494,043 7,069,298
748,666 2,109,324 5,511,263
1,308,885
1,546,965
6,466,463
1,333,873
1,507,954
7,761,693
1,797,212
1,674,764 10,105,854
1,453,919
1,603,814 8,642,251
1,703,698
2,262,416 10,262,561
3,015,307
2,991,914 13,260,368
904,848 3,203,250 10,538,309
2,370,980 5,032,671 19,206,910

EXPORTS.

33
22
18
20
30
15
19
29
20
82

,
.

494,345
2,351,179
1,629,940
1,791,544
1,547,103
676,850
1,955,460 3,378,632
7,872,923
4,151,702
5,233,033 6,766,379
8,125,206
4,987,700
5,636,898 9,909,940
2,524,340 16,908,736
1,069,947 23,455,778
2,759,835 31,647,663

1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912

450.767
128,242
247,463
411,391
560,574
919,783
1,043,856
1,397,940
2.241,295
3,071,028
4,918,480

11,882,479
11,525,106
13,595,397
14,798,133
14,637.833
10,187,810
7,099,607
10,511,820
15,820,844
19,766,516
24,656,849

15,178,770
15,074,832
16,066,813
20,543,616
27,223,032
23,107,005
21,256,369
27,455,598
37,495,215
47,363,269
63,982,827

1
6
27
33
15
8
29
36
26
35

-Post-office receipts, Minneapolis and St. Paul, 1902-1918.
TABLE 11.

1902
Mirmeapolis...
St. Pau

1903

1904

1905

1906

1907

$961,004 $1,070,900 $1,189,572 $1,306,676 $1,452,440 $1,547,154
757,416
733,830
823,663 1,002,474
703,830
626,445
1,587,449

1,774,730

1,923,402

2,064,092

1908

Average
6 years.

RECEIVED.

rlinuary ............
.
February............
M..arch...............
tkPril................

28,568
24,830
28,962
28,378
26,924
26,142
27,213
29,059
31,963
34,874
29,300
28,441

IMPORTS

1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912

Total
1908

20,410
22,720
26,621
27,437
24,974
24,169
25,571
28,404
32,791
39,364
36,257
28,880

Over

TABLE 9 -Comparative statement of cars received and forwarded at
.
.Minneapolis for 6 years ending Dec. 81, 1918.
Month.

20,312
20,085
27,204
24,731
23,828
22,834
22,554
25,915
26,211
28,440
24,435
22,955

[Department of Commerce and Labor, Monthly Summary of Commerce and
Finance, December, 1912, pp. 768-769.

Per
cent
Increase
1890.

1880..
1881..
1882.,
1883,.
1884.,
1885.,
1886..
1887.,
1888..
1889.,
1890..
1891..
1892..
1893,.
1894..
1895.,
1896..
1897.,
1898..
1899..
1900..
1901..
1902.,
1903.,
1904..
1905.,
1906.,
1907.,
1908..
1909,.
1910..
1911,.
1912..

21,688
21,857
26,012
22,511
22,871
24,053
21,486
23,813
26,648
28,099
24,725
23,145

-Total values ofimports and exports of merchandise during
TABLE 10.
each calendar year, 1902-1912, Duluth, Minnesota, Montana and
Idaho, North and South Dakota.

Year.
Rye.

19,140
18,736
25,236
22,858
22,828
23,983
21,861
22,383
28,965
32,950
30,385
18,739

269,845 288,064 286,908 289,504 337,598 344,654

Total

[Expressed in thousands.)

Year. Wheat.

Acverage
6 years.

1908

1909

1910

1911

2,276,103 2,549,629

1912

1913

Minneapolis... $1,576,082 $1,739,611 $1,968,715 $2,000,490 $2,150,195 $2,395,281
1,026,961 1,093,397 1,186,140 1,206,334 1,278,598 1,479,751
St. Paul
Total

2,603,943

2,833,008

3,154,855

3,206,824

3,428,793

3,875,032

264

LOCATION OF RESERVE DISTRICTS.

TABLE 12.
-Bank clearings of Minneapolis and St. Paul ,for each
week front 1910 to 1913, and average weekly clearings for the 4-year

TABLE 13.
-Bank clearings, nine cities, 1909-1913.

period.

Week.

City.

1 Mhmeapolis
St. Paul
2 Minneapolis
St. Paul
3 Minneapolis
St. Paul
4 Minneapolis
St. Paul
5 Minneapolis
St. Paul
6 Minneapolis
St. Paul
7 Minneapolis
St. Paul
8 Minneapolis
St. Paul
9 Minneapolis
St. Paul
10 Minneapolis
St.Paul
11 Minneapolis
St. Paul
12 Minneapolis
St. Paul
13 Minneapolis
St. Paul
14 Minneapolis
St. Paul
15 Minneapolis
St. Paul
16 Minneapolis
St. Paul
17 Minneapolis
St. Paul
. 18 Minneapolis
St. Paul
19 Minneapolis
St. Paul
20 Minneapolis
St. Paul
21 Minneapolis
St. Paul
22 Minneapolis
St. Paul
23 Minneapolis
St. Paul
24 Minneapolis
St. Paul
25 Minneapolis
St. Paul
26 Minneapolis
St. Paul
27 Minneapolis
St. Paul
28 Minneapolis
St. Paul
29 Minneapolis
St. Paul
30 Minneapolis
St. Paul
31 Minneapolis
St. Paul
32 Minneapolis
St. Paul
33 ginneapolis
St. Paul
34 Minneapolis
St. Paul
35 Minneapolis
St. Paul
36 Minneapolis
St. Paul
37 Minneapolis
St. Paul
38 Minneapolis
St. Paul
39 Minneapolis
St. Paul
40 Minneapolis
St. Paul
41 Minneapolis
St. Paul
42 Minneapolis
St. Paul
43 Minneapolis
St. Paul
44 Minneapolis
St. Paul
45 Minneapolis
St. Paul
46 Minneapolis
St. Paul
47 Minneapolis
St. Paul
43 Minneapolis
St. Paul
49 Minneapolis
St. Paul
50 Minneapolis
St. Paul
51 Minneapolis
St. Paul


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

I

1913

1912

1911

1910

PERCENTAGE RELATIONS.

Average.

$28,014,075 $21,070,340 $19,237,580$23,987,752 $23,077,436
12,635,035 8,895,514 9,851,551 10,885,277 10,566,844
28,712,740 19,308,992 20,540,321 24,895,156 23,364,302
10,157,369 9,931,138 10,066,195 10,094,653 10,062,338
26,580,759 18,230,533 20,832,580 23,128,480 22,193,088
9,457,667 9,460,339 9,475,328 9,849,067 9,560,600
24,635,493 17,957,502 19,059,932 21,382,750 20,758,919
9,001,293 10,155,614 9,260,126 10,360,266 9,694,324
22,401,132 18,940,715 18,009,088 21,686,704 20,259,409
9,303,278 9,882,583 9,262,295 9,050,275 9,374,607
21,737,348 18,920,246 18,723,474 17,052,658 19,108,431
10,200,000 10,564,951 8,870,081 8,506,816 9,535,462
21,534,828 19,138,853 18,106,430 21,916,875 20,174,246
8,000,000 9,037,795 8,401,716 10,053,752 8,873,311
19,707,366 16,129,274 16,135,975 17,923,322 17,473,989
8,387,501 9,219,425 9,256,481 10,384,906 9,312,078
25,013,433 21,360,456 21,316,566 24,282,851 22,993,32e
11,772,229 16,729,585 12,307,527 12,110,360 13,229,922
25,136,314 20,375,791 18,583,920 20,620,083 21,179,027
14,000,046 12,376,674 11,882,314 11,637,231 12,474,066
23,336,085 20,419,540 18,828,534 19,385,608 20,492,441
9,388,966 10,632,513 10,679,727 11,430,937 10,533,035
19,498,313 17,714,480 17,223,406 17,808,869 18,061,267
9,621,361 12,475,800 11,995,854 10,605,532 11,174,636
23,154,296 16,995,026 17,175,161 21,629,729 19,738,553
11,721,804 12,817,811 9,009,988 12,179,640 11,432,310
21,273,790 18,139,368 18,779,482 19,390,427 19,395,766
9,149,823 8,775,266 10,614,933 11,277,387 9,954,352
21,323,231 22,451,481 17,139,167 20,758,536 20,418,101
8,825,795 11,117,634 9,667,976 11,372,707 10,236,011
22,267,526 18,551,939 19,599,826 19,084,435 19,875,931
9,790,889 9,512,993 11,580,880 10,559,044 10,360,951
20,459,467 17,586,081 17,938,135 17,688,171 18,417,962
9,272,740 9,811,800 8,952,961 10,088,247 9,531,43/
22,010,858 20,842,979 19,772,518 20,409,221 20,758,899
8,752,239 10,684,686 10,816,941 12,789,442 10,760,821
21,370,432 18,871,877 18,122,890 20,243,142 19,652,081
8,627,015 9,227,245 8,968,241 11,474,014 9,574,121
22,204,769 18,801,294 16,762,856 18,535,694 19,076,15:
9,558,898 10,206,302 8,597,795 10,237,500 9,600,121
19,243,970 16,892,348 16,634,146 18,759,988 17,822,611
9,583,264 9,870,456 9,511,237 11,835,885 10,200,21(
16,863,892 14,531;525 15,580,833 16,645,955 15,905,551
8,000,000 8,201,392 8,337,964 10,711,941 8,812,821
22,778,496 19,190,583 19,076,835 18,677,639 19,930,881
9,796,473 10,553,264 9,884,068 9,708,752 9,985,631
23,477,280 19,377,883 17,903,161 19,308,597 20,016,73(
9,252,326 10,859,279 9,608,378 11,475,817 10,298,95(
24,150,586 18,777,050 18,338,286 18,379,952 19,911,461
9,116,827 10,889,784 9,437,019 12,336,085 10,444,921
22,089,431 17,381,843 16,662,695 19,550,443 18,921,101
10,094,115 10,684,912 9,989,366 12,544,952 10,828,331
22,000,000 18,532,738 17,167,961 16,646,086 18,586,691
10,009,828 9,921,432 8,879,543 10,089,986 9,725,191
22,718,208 19,962,477 17,350,945 21,090,235 20,280,461
9,594,763 10,284,042 10,038,275 11,165,054 10,270,53
22,062,419 19,079,929 16,738,195 18,300,904 19,045,36;
9,368,329 10,039,537 11,357,424 12,356,512 10,780,451
19,247,669 16,638,882 14,558,822 16,602,652 16,762,001
10,042,555 10,770,209 10,838,704 11,647,167 10,824,657
17,766,664 16,412,884 15,512,245 17,968,904 16,917,6Z
9,790,461 9,227,734 9,224,968 10,951,131 9,798,57
20,155,978 19,562,214 16,942,094 17,028,726 18,422,251
9,057,322 9,217,165 9,269,477 9,131,571 9,168,88
21,592,589 19,495,970 16,870,392 21,247,368 19,801,567
9,824,147 10,223,133 8,719,577 9,834,564 9,650,35,
5
20,500,000 17,762,109 16,781,414 19,172,894 18,554,104
9,442,191 10,213,335 9,655,816 9,625,232 9,734,113
25,997,440 21,110,328 19,193,456 20,262,331 21,640,83
9,456,786 9,016,763 8,995,344 8,088,792 8,889,421
30,608,632 25,648,188 22,108,972 25,288,727 25,913,63
9,879,751 9,813,157 10,293,298 10,399,105 10,096,32
33,080,854 27,713,817 23,958,143 24,478,578 27,307,841
10,277,523 10,937,103 9,917,002 10,841,345 10,493,2413
31,446,842 26,115,315 25,630,232 25,794,525 27,246,72
S
11,908,806 10,100,193 10,004,677 10,830,813 10,711,122
32,082,172 28,383,904 29,328,899 26,552,863 29,086,95'
11,052,646 11,275,439 10,948,370 11,876,091 11,287,637
33,446,512 32,176,996 27,912,600 27,896,551 30,358,165
10,583,509 12,525,484 11,202,463 10,828,747 11,285,051
31,000,000 34,797,330 28,276,974 25,799,407 29,968,42
8
9,488,384 12,548,262 12,543,015 11,659,638 11,559,824
30,713,204 33,358,419 26,513,460 24,464,545 28,762,40
7
12,852,306 14,090,730 12,285,131 14,592,857 13,455,25
6
31,223,874 35,545,251 32,130,074 26,791,838 31,422,759
10,842,289 14,763,525 14,193,127 12,216,616 13,003,88
9
37,616,505 32,665,212 30,198,618 22,723,010 30,800,81
6
12,588,870 13,337,585 11,965,845 12,805,707 12,674,50a
33,263,924 36,280,213 27,469,673 26,343,107 30,839,22
9
12,854,282 15,462,180 12,351,491 12,850,627 13,379,6915
32,283,723 33,320,529 25,841,885 21,636,880 28.270,7134
13,249,780 16,098,880 13,123,990 10,367,869 13,210,1218
26,076,457 28,676,725 22,000,000 26,687,172 25,860,0Ess
12,412,892 12,843,351 11,530,862 13,927,238 12,678,5116
34,202,041 34,686,591 28,394,549 23,079,517 30,090,61r4
12,090,251 12,091,388 11,510,072 13,085,005 12,194,11r9
30,170,893 33,257,431 26,201,835 25,000,698 28,657,7174
11,334,744 10,234,578 10,280,007 13,388,085 11,309,3133
30,331,163 30,688,538 25,905,844 22,330,726 27,314,0118
11,750,000 11,173,317 10,540,324 10,413,196 10,969,2139
22,664,361 26,033,181 19,256,917 18,949,986 21,600,9136
9,495,375 9,794,381 7,944,975 9,179,915 9,103,6E11

City.

1909

1910

1911
0.

a
Spokane
Denver
Seattle
San Francisco
New Orleans
Kansas City
St. Paul
Minneapolis
Twin Cities

ttl

$206,504,834 $241,052,859 16.5 16.5 $219,937,589-9
5.5
466,450,933 493,046,623 5.5 5.5 458,897,827-7 -2
586,696,855 590,093,365 1 1
552,640,350- 6.5 6
1,979,872,570 2,323,772,871 17 17 2,427,075,543 4 23
904,731,769 987,491,235 9 9 1,013,907,623 2 12.5
1,395,530,983 2,634,557,738 10 10 2,578,730,359-3.5 7.5
518,244,363 576,156,228 12 12
531,574,517 -8
2.5
1,029,914,856 1,155,659,665 12 12 1,068,090,894 -7
4
1,548,159,219 1,731,815,893 11.5 11.5 1,599,665,411 3
8

City.

1912

Spokane
Denver
Seattle
San Francisco
New Orleans
Kansas City
St. Paul
Minneapolis
Twin Cities

1913

$225,436,618
487,848,306
602,430,661
2,677,561,952
1,058,324,963
2,713,027,216
579,166,574
1,181,232,466
1,761,399,220

3
6
9
10
4.5
5
9
11
10

8.5
4.5
2.5
35
17
13
11.5
14.5
13.5

t
50

$219,265,776 - 3
5.5
425,607,021 -13 -10
664,857,448 10
13
224,428,825 - 2
32.5
980,683,873- 7.5 8.5
2,850,362,611 5
19.5
530,515,562- 8.5 2
1,312,412,259 11
27.5
1,842,927,819
4.5 19

TABLE 14.
-Comparative statement of capital, surplus, undivided

profits, banking capital, gross deposits, loans and discounts, all
banks, Minneapolis and St. Paul, 1904-1913.

Year.

Capital.

Surplus.

Undivided
profits.

Banking
capital.

$5,735,000
6,235,000
6,335,000
6,835,000
6,360,000
8,625,000
9,905,000
10,430,000
10,630,000
11,180,000

$2,759,000
3,202,000
4,338,000
5,407,000
5,977,000
6,675,000
6,672,000
7,083,000
7,332,000
7,616,000

$859,000
1,111,000
1,330,000
1,350,000
984,000
1,257,000
1,443,000
1,938,000
2,359,000
2,482,000

$9,353,000
10,548,000
12,003,000
13,592,000
13,321,000
16,557,000
18,020,000
19,451,000
20,321,000
21,278,000

$47,074,000 $36,102,01
54,382,000 41,846,0(
70,534,000 57,217,01
79,326,000 60,097,01
88,287,000 62,386,01
102,861,000 72,879,01
95,947,000 71,617,01
108,396,000 75,814,01
115,666,000 83,455,01
119,097,000 87,053,01

4,655,000
4,980,000
4,750,000
4,750,000
9,850,000
4,875,000
4,900,000
4,950,000
4,950,000
7,225,000

1,249,000
1,465,000
2,173,000
2,544,000
2,848,000
3,123,000
3,593,000
3,977,000
4,249,000
4,679,000

743,000
862,000
508,000
64,000
582,000
799,000
833,000
905,000
939,000
1,279,000.

6,647,000
7,307,000
7,491,000
7,935,000
8,280,000
8,797,000
9,328,000
9,832,000
10,138,000
13,183,000

32,074,000
36,870,000
41,357,000
42,653,000
48,473,000
51,898,000
50,349,000
56,417,000.
53,352,000
68,428,000

Gross
deposits.

Loans anc
discounts

MINNEAPOLIS.

1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
ST.
PAUL.
,

1904
1905
1906
1907
1908
1909
1910
1911
1912
1913

20,285,01
24,502,01
26,561,01
27,295,01
29,816,01
34,024,01
34,476,01
36,768,01
36,337,01
48,494,0

1 Including Stock Yards National Bank, South St.
Paul.
-Twin City banks, 1912.
TABLE 15.
(Figures for national banks taken from the report of the Comptroller of Currency,
1912; those for State and savings banks and trust companies taken from third
annual report, department of banking, Minnesota, 1912.1
Capital
and
surplus.

Deposits.

Resources.

MINNEAPOLIS.

National banks
State banks
Savings banks
Trust companies

$14,209,894 $43,232,.170,
1,404,230 8,341,439
19,786,428
2.300.000

35.980.919

265
.

MINNEAPOLIS, MINNESOTA.

TABLE 17.-Freight traffic-Cars received and forwarded, bo commodities, Minneapolis and St. Paul, 1918-Continued.

TABLE 15.
-Twin City banks, 1912-Continued.
Capital
and
surplus.

Deposits. Resources.

Total received and forwarded.
Commodities.
Minneapolis.

ST. PAUL.

$8,574,182 $26,681,695
531,418 2,382,736
5,370,939
625,000

$2,031,102

22,784,076 69,913,865
1,935,648 10,724,175
25,157,367
2,925,000

National banks
State banks
Savings banks
Trust companies

8,012,021

SUMMARY.

National banks
State banks
Savings banks
Trust companies

Agricultural implements and
machinery
Grain and seeds
Hay and straw
Linseed oil
Lumber
Cement, brick,etc
Coal
Flour

TABLE 16.
-Combined Minneapolis and St. Paul banks and trust
companies-capital, surplus, deposits, loans and discounts, due to
banks, 1904-1913.
MINNEAPOLIS.

Millstuffs
Live stock
Meatand packing-house products
Merchandise
Oil cake and meal
Miscellaneous
Total

1904 1. $1,435,000
1905 1. 1,435,000
19061. 1,485,000
1907 1 1,660,000
1908.. 1,635,000
1909.. 1,575,000
1910.. 3,130,000
1911.. 3,180,000
1912.. 3,255,000
1913.. 3,280,000

0
0
3
12
-1
-3
98
2
1
1

d

.
i
El

-4

Per cent change
over previous year.

g
0

Due to banks.

$459,000 0$9 503,937
531,500 16 9,490,384
684,000 29 11,392,530
923,000 35 12,533,633
1,160,500 2621,589,039
1,388,350 1923,968,833
1,127,950 -1928,624,520
1,189,006 631,409,702
1,430,100 2031,452,416
1,536,000 734,087,501

6,741
6,023
7,504
2,275
28,122
10,297
29,699
2,156
58,817

225,021
6,920
102,346
763,519

13,688
156,197
89,329

14,652
28,134
231,904 219,858
12,316 - 2,692
5,599
1,049
47,861 - 8,383
20,975
381
62,833
3,435
79,101
74,789
33,326
33,326
58,817 -58,817

Per cent.

218
3,150
-36
46
30
4
12
3,460

13,688 -13,688
381,218
68,824
6,920
6,920
191,675
13,017

410,848 1,174,367

44
46

352,671

-Reductions of commodities reported in tons, barrels, and pounds to cars,
NOTE.
are computed upon the following table of equivalents: 10,000 pounds merchandise,
1 car; 250 barrels flour, 1 car; 40 tons coal, 1 car; 20 tons millstuffs, 1 car; 20 tons oil
cake, 1 ear.
-Value of various crops-Minnesota, Montana, North
TABLE 18.
and South Dakota.
fExpressed in thousands.)
WHEAT.

1900

1901

1902

1903

Minnesota
Montana
North Dakota
South Dakota

$32,451
1,177
7,642
11,687

$48,062
1,577
32,028
27,381

$48,649
1,460
36,466
25,065

$48,750
1,838
34,802
29,297

359,460
2,311
43,653
24,930

Total
United States.

52,957
323,515

109,048
467,350

111,640
422,224

114,687
443,025

130,354
510,490

1905

0
0$10,719,576 0$2,302,410
0 10,726,928 0 3,086,924 34
20 12,356,681 15 3,068,801- 1
1
10 13,170,799 6 3,083,683
72 11,647,946 -11 325,747 -950
11 12,132,386 4 296,767- 9
19 17,825,638 47 356,169 20
1 264,341- 27
10 17,957,013
6 350,397 32
0 19,005,171
8 23,091,458 21 301,958- 14

1
$92,500 0$1,698,219 0
95,500 3 1,672,4 - 2
70,000 -27 1,428,788-14
95,400 36 1,508,997 , 5
246,350 270 5,001,112 231
7 5,850,748 17
264,5
288,500 9 7,520,638 63
449,025 55 8,183,501-14
476,900 6 9,618,627 17
533,845 1210,968,894 14

0
$1,618,286 0 $484,411
1,539,220- 5 442,383- 9
1,259,977-18 245,652- 45
1,413,817 12 333,797 36
3,758,251 166 331,330- 1
4,092,894 9 375,972 13
5,269,111 29 395,909 22
5,725,818 9 391,111- 2
6,649,903 16 556,493 42
7,845,297 18 532,179- 4

1 No record for savings banks and trust companies.

TABLE 17.-1re4ht traffic-Cars received and forwarded, by commodities, Minneapolis and St. Paul, 1913.

1906

1907

Minnesota
Montana
North Dakota
South Dakota

$51,428
2,019
52,180
29,569

$36,271
2,110
49,074
25,593

$62,192
3,243
47,963
28,907

$64,444
3,185
62,954
34,833

Total
United States

135,196
518,373

113,048
490,333

142,305
554,437

165,416
116,826

1909

1910

1911

Minnesota
Montana
North Dakota
South Dakota

$54,811
5,439
107,439
42,354

$60,160
6,622
34,650
41,581

$40,420
9,470
65,148
13,468

$48,938
12,381
99,236
36,008

Total
United States

210,043
730,046

143,013
561,051

128,506
543,063

196,563
555,280 •

Forwarded.

Received.
Co

over St. Paul.

Cars.

21,393
225,881
4,812
3,324
19,739
1,067
33,134
76,945
33,326

ST. PAUL.

1904 1.
)5,000 0
1905 1.
50,000-18
19051
50,000 -40
1907 1.
50,000 0
1908..
50,000 333
1909.. 675,000 4
1910..
10,000 1
1911.. 890,000 14
1912.. 740,000-17
1913.. 1,115,000 50

St. Paul.

1

-4

iii

Per cent change I
over previous year. I

.

Per cent change
over previous year.

Ii

Amount.

.

1i
0

Per cent change
over previous year.

l'er cent change I
over previous year.

Y(ar.

Loans and
discounts.

Deposits.

•Surplus.

Capital.

Minna-

St. Paul. spoils and Minneapolis excess

iodities.

1904

1908

1912

OATS.
1904

1900

1901

1902

1903

Minnesota
Montana
North Dakota
South Dakota

$10,058
1,079
2,016
3,037

$22,330
2,228
7,783
6,649

$72,210
2,401
7,948
6,989

$20,643
2,636
6,772
7,907

$22,146
2,930
7,442
6,956

Total
United States

16,190
208,669

39,007
293,659

39,548
303,585

37,958
267,662

39,444
279,900

1905

1906

1907

Minnesota
Montana
North Dakota
South Dakota

$19,361
3,177
10,717
6,464

$19,443
3,741
10,931
11,602

$25,414
5,410
12,936
12,764

$25,372
5,177
13,750
12,872

Total
United States

39,717
277,048

45,717
306,293

56,524
235,568

57,171
381,171

MinnaMinna- Minnea olis
apolis. St. Paul. el

Minna- St. Paul. eTolis
a

apolis.

Agricultural Implements
and mach[nary
6,443
3,164
9,607
8,209
3,577
11,786
Grain and s ;eds
1,089 70,584
154,208
4,934 149,274 71,673
Hay and straw
93
667
574
2,599
6,837
4,238
Linseed oil.
1,044
2,259
16
3,303
21
5
Lumber....
9,354 - 2,193
7,161
18,768- 6,190
12,578
Cement, briek,etc
860
2,821
1,961
1,241
7,476
8,717
Coal.......
452 - 223
229
3,658
32,905 29,247
Flour......
:
918 12,099
2,690 13,017
1,238
3,928
29,956
Milistuffs... '
3,370 29,956
3,370
Live stock..
16,071 -16,071
42,746 -42,746
Meat and packing-house
11,982 11,982
products.
1,706
1,706
Merchandis ;
68,926 72,432 - 3,503 156,095 83,765 72,830
Oil cake an I, meal
6,916
6,916
4
4
2,276
Miscellaneo is
9,741 33,016 29,740
69,330 59,589
Total
393,508 162,282 230,226
370,011 248,566 121,448


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Federal Reserve Bank of St. Louis

1908

266

LOCATION OF RESERVE DISTRICTS.

TABLE 18.
-Value of various crops-Minnesota, Montana, North

and South Dakota-Continued,

TABLE 18.
-Value of various crops-Minnesota, Montana, North

and South Dakota-Continued.

OATS-Continued.

RYE.

1909

1910

1911

Minnesota.
Montana
North Dakota
South Dakota

$32,864
5,798
21,743
14,812

$27,341
6,817
5,607
10,695

$26,886
8,466
21,004
4,900

$31,965
7,997
20,949
13,099

Total
United States

75,217
405,120

50,460
408,388

61,256
414,663

74,009
452,469

1912

1900
$9,220
14
160
9,401

Total
United States

18,795
751,220

Minnesota
Montana
North Dakota
South Dakota

1901

1902

$16,109
70
699
13,429

$13,531
59
722
12,223

1903
$15,476
. 57'
910
14,566

1902

1903

1904

34
11

$927
29
146
239

$930
30
207
233

8787
29
158
282

$1,055
29
249
318

12,295

1,341
16,910

1,450
17,031

1,256
15,994

1,651
18,748

1906

1907

$435

1904
$15,051
•
59
766
15,788

1901

1905

Total
United States

CORN.

Minnesota
Montana
North Dakota
South Dakota

1900

Minnesota
Montana
North Dakota
South Dakota

$845
21
208
296

Total
United States

$854

1908

31,664
31,009
952,869 1,087,461

1905

1906

1907

Minnesota
Montana
North Dakota
South Dakota

$16,169
52
885
16,001

$17,051
61
1,626
18,216

821,802
61
1,848
21,700

$25,759
85
2,314
28,838

Total
United States

31,107
1,116,697

36,934
1,166,626

45,411
1,336,901

56,096
1,616,145

1909

1910

1911

Minnesota
Montana
North Dakota
South Dakota

$33,270
236
2,718
27,779

$30,019
350
1,705
21,000

$39,294
424
4,350
26,935

64,003
1,477,223

53,074
1,384,817

71,003
1,565,258

$1,026
27
281
330

1,373
17,414

19,671

1,674
23,068

1,664
23,455

1909

1910

1911

Minnesota
Montana
North Dakota
South Dakota

$1,368
44
272
341

$1,251
54
363

$3,501
132
454
99

$3,013
141
406
192

Total.
United States

2,025
23,803

1,749
23,840

4,186
27,557

3,722
23,636

1902

1903

9

$5,769
881
822
1,035

$5,466
999
976
1,559

$4,059
1,148
885
953

8,523

8,507
134,111

9,000
151,638

7,045
150,673

1905

1906

1907

Minnesota
Montana
North Dakota
South Dakota

$5,513
969
918
1,279

$4,486
1,307
1,135
1,240

$6,004
1,330
1,490
1,638

$6,171
1,932
1,428
2,066

Total
United States

8,679
160,821

8,163
157,547

10,482
184,184

11,597
197,039

1910

1911

$28,925
428
3,766
28,248

Total
United States

$1,079
32
227
336

1909

30,307
26,535
921,556 1,017,017

204
280

61,367
1,520,454

1908

1912

BARLEY.
1900

1901

1902

Minnesota
Montana
North Dakota
South Dakota

$2,765
97
670
479

$9,756
365
2,904
2,739

$9,604
337
5,710
3,393

Total
United States

4,011
24,075

15,764
49,705

19,044
61,899

•
Minnesota
Montana
North Dakota
South Dakota
Total
United States

1905

POTATOES.

1900

1904

Minnesota
Montana
North Dakota
South Dakota

$2,591
340
753
1,451

$10,280
425
4,489
3,517

$10,279
324
4,905
3,132

Total
United States

5,135
90,811

18,711
60,166

18,640
58,652

1903

1906

1907

$9,284
281
5,798
2,889

$11,057
265
5,219
7,331

$17,864
400
9,075
12,276

$15,925
534
8,432
11,558

18,252
55,047

23,872
74,236

39,615
102,290

81

1912

1901
$49

1904

1908

36,449
92,442

1908

1912

1909

1910

1911

Minnesota
Montana
North Dakota
South Dakota

$14,852
1,197
8,913
8,960

$16,191
903
2,985
10,633

$26,904
728
17,404
4,847

$17,227
755
12,307
9,686

Minnesota
Montana
North Dakota
South Dakota

$6,440
2,295
1,980
2,520

$6,442
2,550
1,306
2,057

$15,008
2,997
2,772
2,822

$9,261
2,442
1,864
2,344

Total
United States

33,922
93,971

30,712
93,785

49,883
139,182

39,975
223,824

Total
United States

13,235
206,545

12,355
187,985

23,599
233,778

15,911
212,550


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

1912


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Federal Reserve Bank of St. Louis

NEW ORLEANS, LA.

267


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Federal Reserve Bank of St. Louis

NEW ORLEANS,LA.
NEW ORLEANS, THE LOGICAL POINT FOR THE LOCATION OF THE REGIONAL BANK.
.oL
By S

WEXLER.

In view of my active interest in the provisions of
the Federal reserve act and my familiarity with the
many problems which it embraces, I am sure no one
realizes more than I do the grave difficulties with
which you are beset and the tremendous responsibilities which have been thrust upon you as the
organization committee charged with the inauguration and installation of an entirely new system of
currency and banking in this country. I realize more
than most men the excellence, the importance and
beneficent results that will obtain from the Federal
reserve act, and how much credit and gratitude is due
the present Democratic administration and the chairman of this committee by the whole American people
for its speedy enactment into law and for the excellence and soundness of its provisions.
In advocating the city of New Orleans as the only
fitting and logical location for a regional bank to serve
the vast territory embraced in what is known as the
Gulf and contiguous States, I have given the most
careful consideration to the claims of our sister
cities and States for the definite purpose of ascertaining if I have been blinded by local patriotism in my
conclusions, and with the full intention, if I found the
claims of any other city in this territory superior to
that of New Orleans, to lay aside civic ambition and
yield our claims for the common good. No patriotic
citizen of this country and no good adherent of the
Democratic Party has the right to approach this subject from any other standpoint than that of disinterestedness and altruism, for the success of the system
of banking and currency which we are about to install
involves the welfare of this and future generations,
the future success of our party, and the financial and
commercial supremacy of the Nation.
But the consideration and study of the reasons for
the location of a bank here, in connection with and in
comparison with those of any city within a thousand
miles of us, gives no cause for hesitation in placing
before you the following important facts immediately
bearing upon and pertinent to the subject.
We believe that the territory to be served by New
Orleans should embrace all that territory radiating
from Louisiana as the center westward to the line of
New Mexico, thus taking in the State of Texas; east-


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Federal Reserve Bank of St. Louis

ward to the Atlantic Ocean, taking in the States of
Mississippi, Alabama,Florida, and Georgia; and northward, taking in that part of the State of Tennessee lying west of the Tennessee River. This territory contains 860 national banks, with an aggregate capital
and surplus of $148,900,000, capable of furnishing a
capital to the regional bank, based upon 6 per cent of
$8,900,000 and deposits based upon 5 per cent of an
aggregate of $473,500,000, without counting Government deposits of $24,000,000.
We estimate that in the same territory, State banks
and trust companies have an aggregate capital and
surplus, according to the comptroller's report (all
banks not being represented), of $130,000,000, which,
if 50 per cent of them came into the system, which I
believe to be a conservative estimate, would give an
additional capital of $3,900,000 and additional deposits of $8,000,000, or combined with the national
banks, a regional bank with—
LIABILITIES.

$12,800,000
32,000,000
82,500,000
760,000

Capital
Deposits
Circulation
Discounts (profit and loss)

128,060,000
RESOURCES.

$11,200,000
Gold against deposits(35 per cent of $32,000,000)
Gold against Federal reserve notes issued (40 per cent
33,000,000
of $82,500,000)
83,600,000
Bills discounted
260,000
Balance gold on hand
128,060,000

And, as the total bills payable as shown by the
comptroller's report of all of the banks in Texas,
Louisana, Mississippi, Alabama, Florida, and Georgia,
for the last year, at the maximum period, only aggregate $34,600,000, it can be readily seen that the statement that a regional bank located in New Orleans
could not take care of the business is an absurdity.
N. B.—United States deposits are not included in
this calculation.
In this territory the most remote city having a
national bank to the west of us would be El Paso, Tex.
(1,192 miles, or 36 hours); to the east Brunswick, Ga.
269

270

LOCATION OF RESERVE DISTRICTS.

(689 miles, or 26 hours and 40 minutes); to the north
Paris, Tenn. (529 miles, or 16 hours and 10 minutes).
Such most western city would be nearer Houston by
only 362 miles, farther from Atlanta by 857 miles;
farther from Birmingham by 777 miles, farther from
Memphis by 758 miles.
The territory above described is connected with
New Orleans by Western Union and Postal Telegraph
lines and long-distance telephone; as far as the mouth
of the Rio Grande River by sea; and by rail by the
Southern Pacific and its many connections; Texas &
Pacific and its many connections; St. Louis & San
Francisco and its many connections; New Orleans,
Texas & Mexico and its many connections; Atchison,
Topeka & Santa Fe and its many connections, and
Louisiana Railway & Navigation Co. To the eastward
by the Louisville & Nashville and its many connections; Southern Railway and its many connections;
Mobile & Ohio and its many connections; Queen &
Crescent system and its many connections; New
Orleans, Mobile & Chicago (now building into New
Orleans); New Orleans Great Northern, and Gulf &
Ship Island. To the northward by the Illinois Central and its nany connections; Yazoo & Mississippi
Valley and its many connections; and Louisville &
Nashville.
•
The entire territory is also in connection with New
Orleans by steamboat and barge transportation
through the Intercoastal Canal being built by the
United States Government, now constructed from
Texas almost to New Orleans, and proposed to be
constructed from New Orleans eastward to Pensacola.
which will put New Orleans in communication with
points along the Sabine, Calcasieu, and Mermenteau
Rivers to the west without going into the open sea.
At the present time New Orleans reaches the territory
lying along the Pearl River, Amite River, Pascagoula
River, Warrior and Alabama Rivers, all connected
with the Mississippi River, through Lake Borgne
Canal. The Mississippi River running through the
city of New Orleans to the Gulf puts it in connection
with the Red, Arkansas, White, Ohio, Missouri, and
Illinois Rivers and with all of their tributaries, so that
probably no city in this country affords such varied,
extensive and competitive transportation facilities to
the domestic territory it will serve by rail, sea, river,
and canal, as the city of New Orleans.
But, if in your wisdom and as a result of your investigations you should see fit to exclude from this territory the State of Georgia on the east, you would reduce the capital of the regional bank located here, according to the Comptroller's figures, all banks not being
represented, only $2,421,000 and its deposits,
$4,532,000; and if in addition to Georgia you saw fit to
exclude that part of Texas claimed by St. Louis, Denver, and Kansas City, lying west of Austin, you would
reduce the capital of the regional bank $1,133,000 and


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Federal Reserve Bank of St. Louis

the deposits $2,774,000; and again, if you saw fit to
exclude the part of Tennessee lying west of the Tennessee River, you would reduce the capital $591,000, and
the deposits $1,657,000; or, if you eliminated all three
of the last-named sections, the total reduction of capital
arising from national and State banks would only be
$2,598,000, and deposits $6,240,000, leaving, if one,
two, or the three were eliminated, the following capital
and deposits:
National banks.
Capital.
Entire territory
$8,900,000
Excluding
Georgia
7,430,000
West Texas
7,952,000
West Tennessee
8,720,000
Georgia and west Texas
6,482,000
Georgia and west Tennessee. 7,250,000
West Texas and west Tennessee
7,772,000
Georgia, west Texas and
west Tennessee
6,302,000

State banks.

Deposits.

Capital.

$24,000,000 $3,900,000
20,800,000
21.515,000
23,445,000
18,315,000
20,245,000

Deposits.
$8,000,000

2.949,000
3,715,000
3,489,000
2,764,000
2,538,000

6,668,000
7,711,000
6,897,000
6,379,000
5,567,000

20,960,000

3,304,000

6,608,000

17,760,000

2,353,000

5,276.000

The present banking capital and surplus and deposits
of New Orleans as compared with the cities of Atlanta,
Houston, Birmingham, and Memphis are as follows:
Capital
and d
and
undivided
profits.

City.

New Orleans
Atlanta
Houston
Birmingham
Memphis

Deposits.

818,797,COO
15,000,000
13,400,000
7,083,100
8,804,600

$86,032,110
33,000,000
42,000,000
27,289,000
3,5,130,000

The comparative total resources are as follows:
New Orleans
Atlanta
Houston..
Birmingham
Memphis

$110,000,000
51,000,000
57,000,000
35,510,000
45,934,000

The capital and surplus of the regional bank to be
located here, taking in the territory only embraced in
the yellow lines shown on the map, will be $8,655,000
capital and $23,036,000 deposits.
A statement of the comparative distances of the
principal cities from New Orelans is as follows:
Miles.

Mobile
Pensacola
Atlanta
Montgomery.
Birmingham
Chattanooga..
Nashville

1410 Memphis
243 Little Rock
495 Dallas
318 Austin
415 Houston
498 San Antonio.
622 Galveston

396
487
515
528
362
571
412

The establishment under the old law of central
reserve cities created an artificial flow of money into
the central reserve cities not justified by the natural
course of finance and of commerce, but which after
many years came to be regarded as natural and which
will invert to natural local channels just as soon as

NEW ORLEANS, LOUISIANA.

the compulsory feature is removed; and as the natural
channel to which money should flow is to the point
from which it can be most readily and quickly obtained
and to which the products grown, manufactured, and
exported drift. The points from which a section purchases its supplies have an insignificant effect upon
the trend of money, for the exchange created by the
shipment of a carload of hay from a Texas point to
North Carolina can be converted into cash more
quickly by depositing it with its local bank and it in
turn with the regional bank or with its nearest correspondent, which for the territory referred to would
be New Orleans, though in respect to distribution of
merchandise New Orleans is many millions in excess
of any other city under consideration at this session.
This bill, as I understand its provisions,is intended
to decentralize the control of money and credit under
central control, and to attach to the city of St. Louis
the great States of Texas, Mississippi, Louisiana, west
Tennessee, in addition to its legitimate territory,
would absolutely defeat the purpose of the bill and
concentrate in one city a control never intended either
by nature geographically nor by the framers of the
bill. To place a regional bank in Birmingham, or in
Memphis, or in Houston would be to create an impossibly weak bank in relatively small inland industrial cities, having neither knowledge nor experience in
international trade, nor in the handling of the variety
of merchandise, the production of our own country
and that of every country on the globe, such as comes
to the port of New Orleans, and could be properly
compared to placing a regional bank in Albany instead of the city of New York, or in Milwaukee instead
of Chicago.
New Orleans purchases now a considerable percentage of the foreign exchange arising from the exports
of cotton from cotton exporters located in Houston
and Galveston, and will purchase every dollar of exchange created in the entire territory whenever the
facilities arising from the regional bank are at its disposal and its natural connections are not diverted by
operation of law to other centers.
It has been said that New Orleans, being at times
a rediscounting city, can not facilitate the territory,
which statement surely arises from a misconception
of conditions, as well as from a misunderstanding of
the purposes of the regional bank. If the funds now
carried by New Orleans banks in Chicago and New
York as reserve were carried at home, New Orleans
would never need to borrow a dollar and would have
surplus funds to lend. There is never a time when
the indebtedness of New Orleans banks to their correspondents is not less than the amounts which they have
on deposit with them at the time; and if the reserves
of the great States of Texas, Louisiana, Mississippi,
Alabama, Georgia, Florida, and Tennessee, or the parts
of these States referred to as an alternative territory,
are kept in a regional bank here, where they belong,


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Federal Reserve Bank of St. Louis

271

not only will this bank be able to care for the requirements of its territory liberally, but it will be able to
help out other sections in their time of need. In the
panic of 1907 no one had nearly the trouble to draw
funds from New Orleans as was experienced in some
of the other cities. New Orleans exchange at no time
went above $2.50 per thousand, while Pittsburgh and
St. Louis exchange was sold at $10 per thousand discount. We bought foreign exchange in St. Louis with
our balances to get the funds out of that city.
Furthermore, if I correctly understand the proper
method of conducting a regional bank, its credit facilities should always be a reserve facility, used only when
the general credit facility of the country for legitimate
commercial purposes has been exhausted. Just in the
same manner as the Bank of England maintains a
rate Of interest slightly in excess of the general private
discount rate in order to force the stock of credit to
be taken up first, and thus not compete with it, so do
I understand the regional bank will see to it that its
facilities will be kept in reserve, thereby preventing
undue expansion and thereby being certain to have the
credit facility when urgently needed. For this reason the great general credit facilities of the country
will be just as available to banks as heretofore, and
they are adequate in ordinary times, and when inadequate in times of great industry and large crops, and
periodically at certain seasons of the year during the
heavy marketing period, the reserve banks will supply
the deficiency.
It has also been contended that a bank located in a
section of great agricultural importance should be tied
to a bank in a different territory, this contention having been made at the St. Louis hearing and it is much
more specious than sound. There is no city of importance in this Union—other than New York,Boston, and
Philadelphia—which does not serve an agricultural
community to a greater or less degree; nor are there any
crops of great volume or importance grown in the
United States which do not move practically at the
same time. Cotton, corn, wheat, oats, barley, sugar
cane, sugar beets, rice, and fruits, constituting 80 per
cent of our agricultural production, move in the fall of
the year, practically at the same time; and no city
properly serving such a community, whether it be St.
Louis, Chicago, Minneapolis, or Kansas City, is any
more free from strain at that period than is New
Orleans; many of them borrow surreptiously abroad or
sell out of their portfolio to other cities, in order not to
show the same in their bills payable, under the absurd
idea that a bank should not employ the idle funds of
another section when needed in its own, while New
Orleans to serve its section openly uses its credit
facilities and facilitates the stupendous volume of
business which is naturally tributary to it.
The volume of foreign exchange against actual
exports of merchandise handled in New Orleans last
year aggregated $174,207,400, this exchange being
created locally and in Mississippi, Alabama, and Texas,

272

LOCATION OF RESERVE DISTRICTS.

and being against the greatest variety of commodities
shipped to almost every country on the globe.
In addition to the foreign exchange above referred to
New Orleans issues commercial letters of credit for the
importation of merchandise of approximately $20,000,000 per annum, and which business shows a constant growth from year to year.
The volume of country checks cleared through New
Orleans last year, drawn on points in the territory
claimed as our legitimate territory, aggregated $478,042,000, and come to us from all of the States in the
Union; and, were it not for the "window-dressing"
proclivities of some competitive cities, which handle
business at a loss in order to swell figures and footings
and which New Orleans has never done, it would be
10 times the amount, and as soon as the regional banks
are established and the unfair embargo upon business
imposed by some country banks for the service disappears the volume handled here will be equal to the
entire volume of business in this territory.
The total clearnings of New Orleans amounted to
over $1,000,000,000 last year, an increase of 100 per
cent in the last five years.
In considering these clearings it must be remembered that New Orleans' clearings are settled each day
in cash and not in cashiers' checks., a custom which
prevails in other cities and which cashiers' checks are
again sent through the clearing houses, thus creating a
duplication which gives a fictitious amount and creates
the impression of a much larger volume of business
than is actually conducted.
New Orleans is the only port south of Philadelphia
which has any number of regular sailings to foreign
ports. Merchandise can be consigned to New Orleans
for export to meet regular sailing days, while in nearly
all of the other Gulf and South Atlantic ports this businessis done by tramp steamers with no regular sailings.
The steamship lines sending their ships to this port are
shown on this map. To Panama and Central American Republics, we have almost daily sailings,furnished
by three steamship lines having their main offices in
New Orleans. The practically water-grade haul for
railroads to the south, and the freedom from snow and
ice throughout the year,makeit certain thatthe port of
New Orleans is the natural funnel through which the
vast quantity of exports and imports of the entire territory between the Allegheny and the Rocky Mountains must find its way to and from foreign markets.
New Orleans as a port is America's port and is so
desirably located that it should be a national port and
should be, and I believe will eventually be, developed
by the National Government to enable it to care for
economically the stupendous quantities of incoming
and outgoing merchandise to and from the rest of the
world, for which this city will be the depot. The
trend of transportation will henceforth, with the
opening of the Panama Canal, be north and south and
no longer east and west. It is as inevitable and cer-


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Federal Reserve Bank of St. Louis

tain as the law of gravitation. To care for the present
a regional bank for this territory must be established
here; its management here will need to be as able in
many respects as that of New York; its business will
be as complex and its variety equally as great. As to
the future, within a decade the regional bank at New
Orleans will be second only to that of New York in
size and importance,if we grasp our opportunities and
do not allow Germany and England to capture the
trade of South America, Central America, Australia,
and the Orient.
I have made no mention of the variety of our agriculture and industries,and shall onlyenumerate them here
to show the variety thereof, and that a regional bank
established here will serve a greater variety of commodities than a regional bank in almost any other city.
The agriculture of the section shown on the map as
being served by a regional bank located here is as
follows: Cotton, oats, rice, tobacco, wheat,hay,strawberries, corn, sugar cane, citrus fruits, vegetables of
every kind.
The mineral production is as follows: Iron, natural
gas, building stone, coal, sulphur, oil, and salt.
The live-stock production is cattle, poultry, hogs,
sheep.
The sea products are oysters, shrimp,fresh and saltwater fish.
The forest products are pine, gum, cypress, ash,
white oak, poplar, and many other hardwood varieties.
The goods manufactured are cotton cloth, yarns,
knitted goods, steel rails, wire, pipe and rolling-mill
products generally, tin and galvanized-iron cans,
tanks, culverts, stoves, cooperage, sash, doors, and
blinds, crossties, furniture, wagons and carts, fertilizers, chemicals, acids, soap, lard compound, cottonseed oil, cottonseed meal and cake, mixed stock and
poultry feed, cigars, cigarettes, and smoking tobacco,
sauces, pickles, preserves, vinegar, molasses and sirups, jute and cotton bags, alcohol (natural and denatured), boats and boat oars, gasoline, naphtha, lubricating oils, paraffin, rosin, turpentine, tar, cement,
roasted coffee, clothing for men, women, and children,
and many more too numerous to mention, but sufficient, surely, to show that there need be no fear of an
inadequate diversification of collateral.
It is indeed unfortunate that some of our sister
cities can not see the manifold advantages of a great
regional bank on the Gulf coast at New Orleans, and
allow their petty trade jealousies to favor a more remote
city, not realizing as they should that every dollar
kept near home is as available to them as it would
be if the regional bank were located in their own city.
Several gentlemen, experts in their line, will give
you a few facts pertinent to the subject, and, when
they have been heard, we will leave our case in your
hands in full confidence that neither political influence, petty jealousy, nor ambition will sway your
judgment.

OMAHA. NEBR.

46458°—S.Doe.485,63-2


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Federal Reserve Bank of St. Louis

18

273


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Federal Reserve Bank of St. Louis

OMAHA, NEBR.
BRIEF OF THE BANKS OF OMAHA AND SOUTH OMAHA.

SATURDAY, JANUARY 24, 1914.
Hon. WILLIAM G. McADoo,
Secretary ofthe Treasury.
Hon. DAVID F. HOUSTON,
Secretary ofAgriculture.
Hon. JOHN SKELTON WILLIAMS,
Comptroller ofthe Currency,
Organization Committee.
GENTLEMEN: The undersigned bankers of Omaha
would respectfully submit for your consideration the
claims of Omaha as the proper location for a Federal
reserve bank under the new currency and banking act.
In offering this showing we do not exaggerate our
claims so as to embrace territory which does not
naturally belong to us and with which we have had
no close association in the past. We observe that this has been done by some of
the cities which are desirous of being designated.
If it were the policy of the comwittee to form
large districts, without special reference to "the convenient and customary course of business," then we
submit that Omaha would be the natural center of the
most productive agricultural section of the country—
that section lying west of the Mississippi River and
north of the State of Missouri.
Its peculiar location in the very center of the corn
belt naturally places it in the front rank for everything
having reference to that great cereal. The corn crop
of this section, in its northern part, may at times be
shortened by early frosts, and in its southern part may
be affected at times by the hot winds of the south;
but extending in this manner from the north to the
south, this'shows that, lying between the extremes of
heat and cold, it is the only section which may be
relied upon for a sure crop every year.
These facts, with its preeminence as a market for
Other grains, would seem to give Omaha an assured
Position as its financial center.
Assuming, however, that it is your intention to
favor the organization of smaller districts in which the
required amount of national bank capital and surplus
may be obtained, and that in forming them you will
make, as you have announced, "every effort to promote business convenience and normal movements of


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Federal Reserve Bank of St. Louis

trade and commerce," we shall limit our claims to
conform to these considerations.
The trend of travel and business from the West
and Southwest have centered at three conspicuous
points on the Missouri River and the upper Mississippi.
That from the Northwest section goes to St. PaulMinneapolis, the Central West section goes to Omaha,
and the Southwest to Kansas City. There can be no
dispute concerning these three points—no rival claims
can be advanced against them.
A due regard to the facts of the situation and the
business interests of the tributary country would seem
to dictate the designation of these three cities for
Federal reserve banks.
The three districts, extended to where they will
meet the districts assigned to the Pacific coast, contain
each the required amount of national bank capital
and surplus for the organization of a reserve bank.
Denver has been suggested for one of these banks,
but we submit that if this would carry Nebraska or
any part of it to that point, it would be an unnatural
forcing of the business of a most important agricultural
section of the country into channels it has never followed.
Sufficient national bank capital and surplus do not
exist in the territory which might be assigned as tributary to Denver to permit of the organization of a reserve bank. To add to that district Nebraska and
Kansas, or any part of them, in order to make up the
deficiency, would meet with the unanimous disapproval
of every business interest in the territory affected.
Nebraska is comparatively thickly settled with a.
population of 1,200,000 by the last United States census, and it extends for nearly 400 miles east of the
arid lands which form the eastern boundary of
Colorado.
Its products and business are entirely different
from those of Colorado and the course of its trade
and commerce has always been eastward—never
westward.
The factory output and wholesale jobbing business
of Omaha in 1913 alone amounted to more than
$350,000,000, and the value of Nebraska's crop of
corn, wheat, oats, and hay for 1912 was alone over
$228,000,000. This does not include its cattle, hogs,
275

276

LOCATION OF RESERVE DISTRICTS.

poultry, and other items, which greatly increase the
figures. Its corn crop for 1912 in value exceeded
the total gold production of the United States for the
same year.
The figures of Colorado compared with these will
show their insignificance.
To put these l,axge interests into a district with
Denver would not only subject to great inconvenience
the banks dealing with the reserve bank, but would
render more difficult the obtaining of the information
concerning credits, which will form so important a
part of a reserve bank's operations.
Such an arrangement as this would tend to impair
the usefulness of and throw discredit upon the system
of banking you are about to introduce, and in which
• we are earnestly interested and wish to make successful to the fullest extent possible.
The district which we ask for Omaha embraces a
country with which it has been closely and for the
most part intimately connected since the beginning
of its settlement.
It contains one of the greatest agricultural producing territories in the world, and parts of it are still
undeveloped. It is a reasonable estimate to believe
that in its limits, and within 20 years, production
will be more than doubled.
Nebraska alone has 49,000,000 acres of land,
28,000,000 of which are the most productive lands
known to agricultural experts.
BANKING RELATIONS.

Taking up first the question of banking relations
in the past and present, we would state that from the
earliest settlement of this western country Omaha has
always been an important banking town. Every
bank which came into existence in the Territories
(now States) west of us found it necessary to keep an
account in Omaha.
This was occasioned not only because it was the
end of overland travel before railroads came into
being, but also for the fact that the first overland railroad made its start from Omaha, at an initial point
fixed by President Abraham Lincoln, and also from
the fact that it was the headquarters of the military
department under whose direction was achieved the
conquest of this great West from its savage inhabitants. The course of railroad construction followed
the pioneer trails, and these lines, now many in number, have an unerring trend to Omaha.
The report of the comptroller for October 21, 1913,
showed for the national banks of Omaha and South
Omaha:
$9,374,553
Capital and undivided profits
34,996,297
Individual deposits
Total deposits (including banks, excluding Govern59,087,679
ment)

The bank clearings increased 130 per cent in 10
years.


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Federal Reserve Bank of St. Louis

In 1913 they aggregated $908,947,659.
The clearings of 1913 exceeded those of 1912 to
the extent of $48,066,102.
Omaha was the forty-first city in population in
the United States by the census of 1910, but it was
the sixteenth in bank clearings.
Denver, while the twenty-seventh in population,
was the twenty-sixth in bank clearings.
In the territory which is contiguous to Omaha
there are national and State banks as follows:
Capital and surplus.

Banks.

Individual deposits.

State.
National. State.

National.

State.

National.

State.

•
Nebraska
Iowa
Colorado
Wyoming
Utah
Idaho
South Dakota
(a part south
and west of
Missouri
River)
.

245
340
127
30
23
56

11

721 $24,623,080 $17,750,342 $94,583,916 $89,228,695
1,406 32,712,437 47,338,200 135,016,202 284,897,500
8,600,600 86;059,943 35,637,500
194 18,580,854
5,702,500
70 2,912,500 1,765,000 14,047,563
88 5,047,200 6,000,000 19,730,645
33,097,700
4,482,500 19,874,330
138 5,048,342
15,464,500

900,000

70

1,430,000

5,622,500

5,778,000

That portion of this territory which we think
should be embraced in an Omaha district is as follows:
National
bank
capital and
surplus.

State.

Nebraska
Colorado
Wyoming
Utah
Idaho
South Dakota (southwestern part)

$24,623,080
18,580,854
2,912,500
5,047,200
5,048,342
900,000
57,111,976
13,000,000

Iowa (western part)
Total

70,111,976

That Omaha holds at the present time a considerable part of the banking accounts in this district is
shown in the Comptroller's report.
There was then due from Omaha and South Omaha
to national and State banks $24,091, 382. These
deposits were distributed as follows:
State.
Nebraska.
Iowa
Colorado
Wyoming
Utah
Idaho
South Dakota(part of)

Accounts.

Deposits.

1,952 $14,298,600
271
2,584,400
58
1,898,700
121
2,191,400
22
294,500
40
347,600
87
658,300

With the view of obtaining the sentiment of the
banks in this territory we sent circulars with a return
card inclosed, reading as follows:
V. B. CALDWELL,
President Omaha Clearing House Association.
DEAR SIR: As between Omaha, Lincoln, and Denver for a Federal reserve bank, in a zone covering western Iowa, Nebraska, Colorado, Utah, Wyoming, Idaho, and the southwest portion of South
Dakota, we favor
(Write in Omaha, Lincoln, or Denver.)

OMAHA, NEBRASKA.

Responses have been returned as follows:
Banks Answers
For
For
adOmaha. Lincoln.
dressed. received.

State.
•

..

950
775
81
75
175
125
350

910
406
29
50
56
20
172

845
400
28
33
38
4
5

2gggggg

Nebraska
Iowa
South Dakota
Wyoming
Idaho
Utah
Colorado

For
Denver.
None.
6
1
17
18
16
167

BUSINESS.
Omaha is the third largest packing center in the
world. It is the largest sheep market, third largest in
cattle, third largest in hog receipts, and the second
largest feeder market.
Total animals received, 1913
Total animals slaughtered, 1913

6,900,000
4,667,439

It is the second largest corn market in the United
States.
It is the fourth primary grain market of the United
States and has reached that position during the past
10 years.
It is the largest creamery butter producing center
in the world.
It has the largest smelter of fine ores in the United
States. Its business for 1913 was as follows:
Gold
Silver
Lead
Copper
Total value

270,257
ounces..
do.... 18,550,140
126,399
tons
pounds.. 19,304,471
$30,715,820

The value of the output of manufacturers in
Omaha for 1913 was $193,385,671. Its jobbing wholesale business was $161,626,639.
RAILROADS AND MAIL SERVICE.
We would direct your attention especially to the
map we submit of the railroads running into Omaha.
It will be seen that every line west converges to
Omaha, and the same is very nearly the case in Iowa.
The inconvenience that would exist for bankers
west of Omaha should they be obliged to go to a
Junction point and wait for a train going west is too
plain to require further reference.
Omaha is the direct line of transcontinental travel
between New York, Chicago, San Francisco, Los
Angeles, Portland, and Seattle. Denver is off the
line of transcontinental travel.
Of the total transcontinental passenger traffic it is
estimated that fully 49 per cent passes through
Omaha, the remainder being divided between St.
Paul and Kansas City.
There are 10 trunk lines with Omaha as a terminal,
these trunk lines operating 20 separate and distinct
lines, each tapping a separate territory and each territory having a distinct mail service.
The number of trains in and out of Omaha daily is
171, divided as follows:
Chicago, Burlington St Quincy:
Between Qmaha and Denver
Between Omaha and Billings


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Federal Reserve Bank of St. Louis

6
4

Chicago, Burlington Sz Quincy—Continued.
Between Omaha and Sioux City
Between Omaha and Chicago
Between Omaha and points south
Between Omaha and St. Louis
Local
Total
Chicago and Northwestern:
Between Omaha and Sioux City
Between Omaha and Chicago
Between Omaha and Black Hills
Local
Total

277
2

7
6
2
18
45

16

2
18

44

Chicago, Milwaukee St St. Paul:
Between Omaha and Chicago
Between Omaha and South Dakota points
Total
Chicago, Rock Island Sy Pacific:
Between Omaha and Chicago
Between Omaha and Colorado points
Total
Union Pacific
Illinois Central: Between Omaha and Chicago
Chicago Great Western:
Between Omaha and Chicago
Between Omaha and points north

6
4
10
12
6
18
26
4
2
4

Total
Missouri Pacific: Between Omaha and points south.. .
Chicago, St. Paul, Minneapolis & Omaha: To the north
Wabash: Between Omaha and St. Louis

Respectfully submitted.
By FIRST NATIONAL BANK OF OMAHA,
F. H. DAVIS, Vice President.
By OMAHA NATIONAL BANK,
J. H. MILLARD, President.
By NEBRASKA NATIONAL BANK OF OMAHA,
H. W. GATES, President.
By MERCHANTS NATIONAL BANK OF OMAHA,
L. DRAKE, President.
By UNITED STATES NATIONAL BANK OF
OMAHA,
M. T. BARLOW, President.
By STOCK YARDS NATIONAL BANK OF
SOUTH OMAHA,
H. C. BOSTWICK, President.
By PACKERS NATIONAL BANK OF SOUTH
OMAHA,
JOHN F. COAD, Jr., President.
By CITY NATIONAL BANK OF OMAHA,
JOHN F. HECOX, Vice President.
By CORN EXCHANGE NATIONAL BANK Or
OMAHA,
W. T. AULD, President.
By LIVE STOCK NATIONAL BANK OF
SOUTH OMAHA,
C. F. McGREw, President.
By STATE BANK OF OMAHA,
ALBERT L. SCHAUTZ, President.

8
6
4

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

PITTSBURGH, PA.


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Federal Reserve Bank of St. Louis

PITTSBURGH, PA.
FINAL BRIEF.

Because of a very active market, we figure that we
can pay 3 per cent, or its equivalent, on bank balances,
The Reserve Bank Organization Committee,
but we insist that this is the limit, and while we pay
Washington, D. C.
interest and furnish maximum facilities, it
SIRS: Availing ourselves of the opportunity ex- maximum
and argu- is well understood by our correspondents that they
tended by you for presenting further facts
both ut the same time. We give them
ments in favor of the establishment of a Federal can not have
our their choice; some accept the maximum rate of interest
reserve bank at Pittsburgh, we submit herewith
and ask for practically nothing in the way of facilities,
final brief.
want part interest and part facilities, and some
Our chief concern is in the arrangement of the ter- others
and we of the largest balances in the Pittsburgh banks to-day
ritory between Chicago and the Atlantic coast,
interest at all. The correspondents take their
want to call your attention again to the desirability of draw no
in facilities. And where the
our plan as against any conflicting plan that has been compensation entirely
maximum rate of interest is paid, no expensive facilisubmitted.
unless the correspondent reciprocates
In asking that the territory comprised in our district ties are provided
in return. And, as the result
ng
No. 3 be assigned to a bank located in Pittsburgh, we by furnishi facilities
ation since our appearance in Washbelieve we have done no injustice to any other section of careful investig
are satisfied that the average cost to the
of the country. We have shown that there is enough ington, we
banks of bank balances, including interest
banking capital practically in Pittsburgh to capitalize Pittsburgh
, will not exceed 3 per cent.
a Federal reserve bank, and that there is enough addi- and facilities
Pittsburgh accumulates these bank balances because
tional capital in the immediate neighborhood to make
al and financial center and the natural
it a very strong bank; and we have also shown that she is an industri
for all this section of the country. This
this could not be diverted to any other section without clearing house
can well be illustrated byshowing the relation the banks
doing violence to the ordinary course of business.
of West Virginia sustain to Pittsburgh.
That the Pittsburgh banking institutions are strong, in the State
in
State, but only 116 of them
is evidenced by the fact that we have larger capital There are 310 banks that
Under their State law the State
and surplus in proportion to deposits than any other are national banks.
reserve in any city or town in
city in the United States. Artificial methods some- banks can carry their
and in many instances they can get 4 per
times attract deposits, but they never attract bank that State,
the State banks in WestVirginia maintain over
capital and surplus. If the business were not here, the cent,but
in Pittsburgh. These, of course, include
money would not be here, and if you will analyze the 200 accounts
es, but it shows clearly that outsiders do not
industrial exhibit we filed at the time of our hearing in duplicat
balances here merely for the sake of interest.
Washington, you will find it even more remarkable Carry their
As stated above, there are 310 banks in the State
than the financial exhibit.
Virginia, and since our appearance in WashOur methods of handling bank accounts have fre- of West
have ascertained that they maintain 351
quently been criticized by some of our competitors, ington we
Pittsburgh, and while there is some dupliand it has been charged that we attract balances by accounts in
list, it certainly shows that West Virpaying excessive rates of interest and providing ex- cation in the
quite convenient to bank in Pittsburgh.
ginia finds it
pensive facilities free, for our customers.
We have laid claim to a large part of West Virginia,
y did not originate with the
These charges certainl
because of its peculiar shape, it would be
patrons of our Pittsburgh banks, for we have great dif- and, while
to devise any scheme that would be satisficulty in persuading them that our terms are Es liberal impossible
we believe as
as those offered by our competitors. Pittsburgh's factory to all the banks in that State,
will find yourselves
ates you
method of handling bank accounts is more consistent the evidence accumul
other city in this sec- fully justified in attaching all of it except the eastern
than that employed by any
Pan Handle to the Pittsburgh district.
tion.


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PITTSBURGH, PA., February 26, 1914.

281

282

LOCATION OF RESERVE DISTRICTS.

In making a poll of the national banks of that State
Having disposed of this, we turn for a moment to
you will find a number of them expressing a preference the nation
al banking resources of the two cities. The
for Baltimore, but please note that in our outline we last compil
ation made by the Government shows:
put the eastern section in the Baltimore or Washing- Clevel
and: 7 banks; capital, $9,600,000; surplus,
ton district, and with the exception of that section we $4,800
;000; individual deposits, $45,514,000. Pittsdo not believe you will find a large number of the banks burgh:
22 banks; capital, $25,900,000; surplus,
asking for Baltimore in preference to Pittsburgh.
$22,614,000; and individual deposits, $122,424,000.
Cincinnati would be more convenient to the southIf this comparison should be carried to the State
ern section of the State, and that city will doubtless
institutions, the showing would be still more favorreceive a number of votes, but the larger institutions
able to Pittsburgh; for Cleveland's one conspicuous
of the State, and particularly the State banks, all of
institution, with an immense line of deposits, is
which are qualified to enter the system, are located in
merely a savings society, with no capital stock and
the section of the State convenient to Pittsburgh.
no commercial business, and consequently could never
Turning again to our contention that we have been
qualify as a member of the system, while Pittsburgh
fair in our demands, it might be asked why we include
has one State institution which is already eligible
the city of Buffalo in our district. We admit that the
western corner of New York, which we attach to dis- with a capital and surplus of $31,500,000.
Cleveland is in no sense a "center" within the
trict No. 3, is debatable territory, but Buffalo is not
meaning of this act. She is not even a center of the
asking for a bank, and as she is three hours nearer
Pittsburgh than New York, and as our business rela- surrounding country; she absorbed that some time
tions have been close and cordial, we were under the ago. There is nothing north of her but water, and
impression that that section might concur in our ar- the territory west of her could be served better from
rangement. But if they prefer other affiliations we Chicago, and to carry the entire Pittsburgh district to
Cleveland in order to capitalize a bank there, would,
have no desire to coerce them.
in our judgment, be wrong.
It is only 25 miles from Pittsburgh to the eastern
The cities of Buffalo and Detroit, each as well
line of the State of Ohio, and a large part of that
located, and with claims just as good as Cleveland,
State would naturally belong in the Pittsburg disrecognized their geographical limitations and did not
trict.
The question might be asked by what process of ask for a bank.
The Pittsburgh district as outlined, after eliminating
reasoning we included Cincinnati in the Pittsburgh disall debatable territory, would be strong, evenly baltrict. We say frankly, this was done because some of
our committee were afraid to interfere too much with anced, and self-supporting. While the bankers of
State lines. We admit, however, that that city and this section recognize the fact that rediscounting is a
the western tier of Ohio counties would be better legitimate function of the banking business, local
served by a district farther south or west. But that a conditions make it largely unnecessary. An examlarge part of the State of Ohio could be served in a very ination of the reports in the Comptroller's office will
acceptable manner by Pittsburgh is clearly demon- show that at the time of the October call, the city
strated by the fact that Ohio bankers are maintain- banks with a borrowing capacity of $25,000,000
ing 413 accounts in this city. So, after eliminating showed only $600,000 rediscounts, and that at the
all debatable territory, this still leaves a very strong time of the January call this had dropped to $530,000.
district with Pittsburgh as the center and Cleveland The other national banks in the Pittsburgh district
are even stronger in this respect than the city banks;
as part of the circumference.
Having demonstrated the necessity of a Federai and the ast report made by the State banking institureserve bank in this section, the only remaining tions showed that with a borrowing capacity of
question appears to be shall it be located in Pitts- $96,000,000, their rediscounts were only $77,500.
You will observe by these figures that Pittsburgh is
burgh or Cleveland.
The contention of our neighbor that she is a larger not seeking finanical aid, but we have always suffered,
city than Pittsburgh is based on the fact that she has and are suffering to-day, from the lack of facilities.
assimilated the most of Cuyahoga County.
During these hearings you learned through witnesses
Now, by referring to the Government census of from Oklahoma and other distant sections that
Pitts1910, you will see that Cuyahoga County, in which burgh capital is developing oil and gas fields
and openCleveland is located, has a population of 637,425, ing mines and mills all over the
United States. So
while Allegheny County, a territory of no greater we repeat, we are not asking for
more money, but for
extent, in which Pittsburgh is located, has a popula- better facilities, and
we are looking for this new systion of 1,018,463.
tem to supply what the old system failed to furnish.


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Federal Reserve Bank of St. Louis

PITTSBURGH, PENNSYLVANIA.

283

enough
During the hearings in Washington a banker from reserve requirements in New York and make
meet our demands, and the result
another city remarked that nobody wanted Pittsburgh eastern exchange to
us.
exchange. Unfortunately, this is true, and nobody is the exchange rate always runs against
have a Federal reserve bank here, then
If we could
regrets it more than the bankers of Pittsburgh, but it is
under which we are operating we know that Pittsburgh exchange would be worth
the fault of the system
and not the fault of the Pittsburgh bankers. New York 100 cents on the dollar anywhere in the United States,
carries Boston, Albany, and Philadelphia on its dis- and that is the condition we so earnestly desire.
We sincerely hope that this new law will make the
cretionary list, that is to say, they can and do accept
checks and drafts on these points at par. But while recurrence of a condition, such as prevailed in 1907,
the Pittsburgh banks have millions of dollars on deposit absolutely impossible.
Gentlemen, our case is in your hands, and we
in New York, it would, under their clearing-house
rule, cost a New York banker $5,000 to cash a Pitts- believe you will deal justly with us.
Respectfully submitted.
burgh draft without making an exchange charge of $1
T. H. GIVEN,
per thousand, even though the Pittsburgh banker was
JOHN R. MCCUNE,
pledged to redeem it at par the next day.
CHARLES MCKNIGHT,
With our enormous pay rolls, all of which are made
Committee.
in currency, it is impossible for us to take care of our


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

RICHMOND, VA.


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Federal Reserve Bank of St. Louis

RICHMOND, VA.
RESERVE DISTRICT WITH RICHMOND
A NATURAL AND ECONOMIC TERRITORY FOR A FEDERAL
ON OF A FEDERAL RESERVE BANK.
AS THE LOCATI
Richmond Chamber of Commerce,Richmond
Richmond Clearing House,Richmond trust companies,
Committeerepresenting Richmond: Appointed by My of Richmond,
Commercial Travelers, Richmond Retail Merchants' Association, RichProtective Association, Richmond branch United
Business Men's Club, Post"A"Travelers'
Tobacco Exchange, Richmond Rotary Club, Richmond Bar Association, Richmond
mond Real Estate Exchange, Richmond Association of Credit Men, Richmond
Ministerial Union.)
SEAY.

By GEORGE J.

The territory mapped out by nature as the most
perfect geographical division of this continent lies
south of the Potomac River, east of the Appalachian
Mountains, and extends to the Gulf. By reason of
superior facilities of communication and the consequent trade relations which have sprung up and
become established, portions of contiguous States are
now and long have been commercially allied with this
territory.
It is therefore believed that one of the most sharply
defined and perfect zones for the operation of a Federal reserve bank is embraced in the following-named
States: Virginia, North Carolina, South Carolina,
Georgia, Florida, the southern half of West Virginia,
part of eastern Tennessee, and part of eastern Kentucky.
Since the organization committee has at all of its
hearings sought and invited the expression of opinion,
we now desire to express the conviction that the committee can render an inestimable service to the country,
the value of which will grow with time, by defining the
Federal reserve bank zones in harmony with commercial zones determined by natural boundaries so far as
may be done in agreement with the act.
It has been recognized as desirable, for purposes of
economic comparison, to cut the country into units or
divisions.
Given a natural division of territory, and tile conditions in it, financial and commercial, must always be
more uniform than could otherwise be the case.
The comptroller has adopted 6 divisions, within State
lines.
The Interstate Commerce Commission,for comparison of the operations of railways, has made 10 arbitrary divisions, within State lines,
Poor's Manual, a very high railroad authority of
very long experience, makes 8 divisions, within State
lines.
The United States Government has established 9
3udicial circuits, 1 of which comprises the States of
Maryland, West Virginia, Virginia, North Carolina,
and South Carolina. Richmond was selected as the
location of the court of appeals for this circuit, and the
chief justice sits here.


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Federal Reserve Bank of St. Louis

There are no standard divisions.
Comparisons by States will always be desirable and
necessary, but these divisions are too numerous for
economic purposes.
The Federal reserve act marks an epoch in the commercial and financial history of the United States, and,
while zones once determined may be readjusted, the
service which can now be rendered to the country by
the committee in fixing these zones, which need not
be coterminous with States, and therefore are contemplated to be according to the natural divisions and
trade relations of the country, is of the very highest
order.
In fixing the zone which we have mapped out we
have been guided by this principle, and in presenting
an argument to prove that Richmond can better serve
this zone than any other city in it, and that by reason
of her commercial and financial preeminence she is
entitled to be the location of a Federal reserve bank,
we have endeavored to eliminate all irrelevant matter
and have confined ourselves to the consideration of
the following points, all of which are involved in the
operation of the act:
1. The importance of Richmond's geographical position—her facilities of communication, her convenience
of location and accessibility to members with whom
we now do business, and her advantage of location in
all banking transactions between the North and South.
2. The present trend of business—the present course
of commercial transactions—the natural currents of
exchange—the present banking and trade connections
and banking customs of the people.
3. The natural advantages of Richmond's location
y
with relation to other Federal reserve banks necessar
the Atlantic seaboard, in a terto be established on
ritory embracing one-half of the national banking
capital of the United States and 41 per cent of the
population.
4. Comparative commercial importance in the ter, and
ritory covered, measured by capital, deposits
other banking transactions.
5. Diversity of industries and agriculture—in their
.
effect upon seasonal demand for credit and currency
s to handle the
6. Necessity of having capital resource
business of the district.
287

288

LOCATION OF RESERVE DISTRICTS.

7. The wishes and views of those engaged in banking and commerce in the district outlined as to the
location of their regional bank.
In presenting our case we shall be compelled to state
facts and figures which we know to be within the
knowledge of the committee, and with which by now
we fear they may be surfeited. We desire to bring
these facts together and present them in such form
and manner as will serve for convenient reference, and
to make more clear their relations to each other and
their bearing upon our position.
Addressing ourselves to these facts in their order:
1. THE UNSURPASSED ADVANTAGE OF RICHMOND
IN
GEOGRAPHICAL POSITION.

Practically and effectively on the Atlantic seaboard,
about midway of the entire coast—reaping the greatest
advantages of the favoring curve—opposite the gap
in the Appalachian Mountains giving the shortest,
easiest, and quickest communication between the
coast and the great centers of the Middle West; within
one hour and a half of the greatest of Atlantic harbors—plans being now under way to .make it the
greatest naval base—in quick communication by rail
and water with all other parts of the coast and easily
accessible to the ocean commerce of the world. Rear
Admiral Stanford has just made the following report
on this harbor:
The mostfrequent mobilizations of the fleet are in Hampton Roads
and large ships ordinarily assigned to other yards must pass this
point proceeding to and from the Gulf to the West Indies. In view
of this central location, and the use of Hampton Roads as a base of
operations, there is greater possibility of unforeseen repairs being
required for vessels than at any other coast point.

..

confirms our own argument and position and accompanies this brief, refers to "the possibilities of the
great harbor at Hampton Roads becoming the natura
l
gateway for the Mississippi Valley, with its enormous
production for foreign markets, and consumption of
foreign merchandise." He also states that "the
officers of the War Department in charge of the 105
river and harbor works on the water frontage from the
upper Potomac to the western coast of Florida, report
the value of the water-borne freight traffic at these
places in 1912 at the enormous sum of $1,680,000,000,
about one-half of which is at Hampton Roads."
We believe that this region must and will have an
economic development which will far surpass any
equal area in the Atlantic States—all of which has
a
practical and most intimate bearing upon Richmond
as the location of a Federal reserve bank for the
South
Atlantic States.
Reverting to Richmond's railroad .facilities—they
place her within 18 hours of all the important cities
within the district defined, with the exception of part of
he most southern territory, and reference is made to
the map and time table accompanying.
She is therefore in a position to ship with the greatest
promptness and under the quickest schedule—currency—not only to the banks in her zone, but to the
numerous cotton, tobacco, and peanut buyers—and a
telegram received in Richmond before the close of banking hours would enable currency shipments to reach
practically all important points on the next day, in
most cases before the opening of bank, and few situations will appeal more strongly to practical country
bankers than this.
Again, Richmond is within easier and quicker reach
of all the eastern centers of trade and finance than any
other important southern city, and is in the most
exceptional position to act for the North in banking
relations with the South, and for the South in dealing
with the North.
No other city in the Atlantic Coast States occupies
this advantageous position.
The numerous lines to the South and West are not
only a guaranty of promptness and efficiency, but
an insurance against disaster.
Into Washington and Baltimore and on to points
beyond there is only one connecting line.
It is worth while to consider that a railway disaster,
easily imaginable, to this line would cut off the South
from any reserve centers placed north of Richmond,
and should this occur at a critical time, might cause
financial confusion and even disaster to the South
Atlantic States, and, since this idea emanates from
a railroad man, it is entitled to the greater consideration.

Richmond has three north and south trunk lines—
the Atlantic Coast Line, the Seaboard Ail Line, and
the Southern Railway—and we may be pardontd for
reminding the committee that the genius, brains, and
energies of Richmond men were very prominent in the
development of the last two, and are prominent in the
management of the first.
Two of the most important east and west trunk
lines—the Chesapeake & Ohio and the Norfolk & Western—connect Richmond with the finest coal area in the
world andthe greatestnaturalproducingarea on thiscontinent,while into Norfolk,within two hours and a half
travel from Richmond,run the Virginian Railway from
the West and the Norfolk & Southern from the South.
All of which is well known to you, but necessary to
be stated for the logical bearing of our argument.
We wish to impress upon the committee the natural
advantages of the territory surrounding Hampton
Roads, because it is generally regarded as inevitable
that the heaviest population of the State will be divided
between Richmond and that territory. Mr. 0. P.
2. PRESENT TREND OF BUSINESS.
Austin, for 15 years Chief of the Bureau of Statistics
of the Department Of Commerce, in a report on the
It is a fact, certainly applicable to the Atlantic
zone which we have mapped out, which report fully Coast States
, that the trend of business, the course of


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Federal Reserve Bank of St. Louis

RICHMOND, VIRGINIA.

commercial transactions, and the currents of exchange
are northward, or, in other words, from the outside
toward the centers of finance and manufacture.
This is the natural course of exchanges.
We believe that the operation of the Federal reserve
act will revolutionize the existing method of using
exchange in making settlements.
No act or rule will, however, reverse the natural
course of settlements-where the money is due, there
it must be paid.
Virginia, occupying the position of head of the
Southern States, places Richmond in direct line with
this natural trend, on the principal avenues of travel
and transportation.
The railway lines from the South come into Virginia as into a funnel, Richmond being at the apex
the one line of railway being the tube leading to Washington and points north. She is a natural converging
point.
The overwhelming volume of travel and transportation must go through this point.
3. THE NATURAL ADVANTAGES OF RICHMOND'S LOCATION WITH REFERENCE TO OTHER FEDERAL RESERVE BANKS ON THE ATLANTIC SEABOARD.

It is plainly contemplated in the act, and must so
work out in its normal operation, that these Federal
banks will act not only as clearing houses for members
in their own zones, but between zones. The clearings
between zones we believe will develop into enormous
proportions, and the bank most advantageously
located for clearing the transactions of any large section of country will have a great service to perform.
Time and distance must necessarily be most important factors in determining the location and selection of this bank for such a purpose.
To best perform it, the means of communication
must be superior.
The bank should not only be readily accessible to
members in its own district, but in the general line of
i
trade and natural current of banking transactions of
to preserve the continuous
the entire section, so as
trend toward the center of manufacture and finance
where the greatest volume of settlements is made.
This essential principle is peculiarly applicable to
the Atlantic Coast States, and can there be worked out
to greater economic advantage than in any other part
of the country.
It is axiomatic that quickness of communication is
better assured by being on the lines of greatest frequency of travel, and all railroad schedules have been
arranged with regard to the northward trend and with
particular reference to the financial and business
centers in line with that trend.
Therefore, to serve its own zone as a whole with the
highest efficiency and economy, and at the same time
to equally serve other zones in intimate relation with
its own zone, a point midway along the line of quickest
46458*-S.Doc.485,63-2-19


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Federal Reserve Bank of St. Louis

289

and most frequent communication offers the ideal
location, and Providence has placed Richmond in that
position.
The Atlantic Coast States afford a distinct and peculiar problem in putting into effect the Federal reserve act.
It was recognized both before and during the framing of and debate upon the act that the problem in the
East was to decentralize reserves-while the object
in other parts of the country is to concentrate them.
The States bordering on the Atlantic Coast have
about 41 per cent of the population and 52 per cent of
the national banking capital of the country, as follows:
New England States
Maine
Vermont
New Hampshire
Massachusetts
Connecticut
Rhode Island

$11,000,000
7,000,000
9,000,000
96,000,000
31,000,000
11,000,000
165,000,000

Eastern States
New York
Pennsylvania
New Jersey
Delaware
Maryland

344,000,000
253,000,000
46,000,000
3,000,000
29,000,000
675,000,000

Southern States
Virginia
North Carolina
South Carolina
Georgia
Florida

29,000,000
11,000,000
8,000,000
25,000,000
11,000,000
84,000,000

Total, $924,000,000, or about 52 per cent of the
national banking capital of the United States.
In giving our views upon this situation, we are doing
as we understand it, only that which the committee
invites us to do, as before stated, and chiefly because
it has an intimate relation with our own case. We
therefore assume that the Atlantic Coast States, where
the banking capital essential to the operation of the
system is heavily concentrated, are entitled to and
perhaps must have several reserve banks, located according to the density of banking operations, so as to
carry out the purpose and spirit of the act, and not
disrupt or disturb the natural course of business and
financial settlements.
It is accordingly natural to assume, as we look upon
it, that the greatest cities in that section will receive
the first consideration, and these cities are, of course,
in geographical order: Boston, New York, and Philadelphia. And if the selection of these cities will, as
we believe, best accomplish the division of banking
power aimed at, then a Federal reserve bank can not,
in justice to the rest of the country, and without doing
violence to the purpose of the act, be located in any
other near-by city.

290

LOCATION OF RESERVE DISTRICTS.

Among the 15 Atlantic Coast States named,Vigrinia
ranks sixth. These 6 States rank in the order named
New York, Pennsylvania, Massachusetts, New Jersey, Connecticut, Virginia.
But Virginia exceeds Connecticut in national-bank
gross deposits by $40,000,000.
Virginia, therefore, ranks fifth in national banking
importance among the 15 States.
For this reason as well as for her geographical position it follows that it is natural to look to Virginia to
furnish the next location for a Federal reserve bank
along the Atlantic coast, and again we affirm that a
Federal reserve bank in Richmond will have the most
decided advantage over any point in these Atlantic
Coast States in clearing for member banks and reserve
banks between the North and South, and no other
location can offer such practical advantages in economy of time, which according to the accepted adage
is synonymous with money.
One day's interest on the annual volume of exchanges
between the northern and southern banks would
mean a handsome profit to the Government. This
one advantage alone is of such overwhelming importance that it justifies our statement that Richmond's
natural advantage of location can not be overcome
by any other consideration. It is difficult to name a
feature of equal economic importanee to the gain of a
banking day in perpetuity.
It cuts the year in half, or doubles its length, according to whether it is operating for or against any
point or points. Richmond would have that advantage over other large cities north of her in effecting
these clearings between zones in the Atlantic States.
4. COMPARATIVE COMMERCIAL. IMPORTANCE.

As to the comparative commercial importance of
Richmond and of Virginia with relation to this district, measured by capital, deposits,• and banking
transactions:
Of the 15 Atlantic Coast States, Virginia, as we have
stated, ranks fifth in natural banking importance.
There are only three other States on this side of the
Mississippi which exceed Virginia in national banking
capital, i. e., Illinois, Indiana, and Ohio.
Among the 26 States on this side of the Mississippi,
Virginia, therefore, ranks eighth in importance in the
present national banking system, measured by that
standard.
She stands financially, as well as geographically,
at the head of all the Southern States east of the
Mississippi River.
The aggregate national-bank resources of these
several States are as follows (comptroller's figures,
Oct. 21, 1913):
Virginia
West Virginia
North Carolina
South Carolina
Georgia


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Federal Reserve Bank of St. Louis

$168,000,000
92,000,000
70,000,000
49,000,000
113,000,000

Florida
Alabama
Mississippi
Louisiana
Tennessee

$61,000,000
80,000,000
27,000,000
80,000,000
115,000,000

Virginia therefore leads by $53,000,000 the State
next highest in rank. Virginia maintains the same
supremacy in the entire banking field.
The deposits in all classes of banks in these States
are as follows:
Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Tennessee

$175,000,000
106,000,000
75,000,000
152,000,000
76,000,000
96,000,000
76,000,000
147,000,000
156,000,000

Virginia leads by about $20,000,000 the State next
highest in rank among the Southern States east of
the Mississippi River.
As to Richmond,the national-bank deposits of Richmond are two-fifths of such deposits in the entire
State, while her national banking capital is threefifths of that of the State.
Richmond is not a reserve city under the national
banking law, and Virginia has no reserve city.
Her bank deposits have not been built up because
of any inducements which other competing cities do
not offer.
She is a natural reserve city.
The law governing Virginia State banks requires no
specified amount of liabilities to be kept either in
vault or in other banks.
The business of Richmond has flowed to her from
other Virginia points and from Southern and Western
States as a result of natural causes ,governed by the
trend of business, the numerous and unexcelled means
of communication as well as by the attraction of
capital.
The industrial and commercial relations and needs
of this section have developed these banking relations.
The customary trend of business, free from all
extraneous compelling influences, has developed these
relations, and the established custom of keeping
checking accounts has simply grown up as a natural
result of everyday business transactions.
It is to be considered that the Federal reserve act
will, with its new principles of credit and reserve,
clearing and par of exchange, alter in a great measure
the banking customs and practices which have grown
up under the old law, and may, and probably will,
revolutionize some of the practices of banking.
The trend and flow of exchanges will be altered to
the extent that they have become artificial, and to
the extent that they have been influenced by the
location of reserve centers, the requirements of keeping reserve accounts, and the custom of sustaining
balances in order to command credit.

RICHMOND, VIRGINIA.

It is altogether probable that results in many cases
will be of an astonishing nature.
It is one of the purposes of the act to promote free
banking relations, and under free banking relations
it is clearly a justifiable conclusion that the service
Richmond will have to perform will be a greater one
because of being a natural trade, transportation, and
banking center. The law of physics is the law of
commerce-it will follow the lines of least resistance.
We will develop this point further on.
To further illustrate the natural flow of business to
Virginia and Richmond, the national banks of Richmond, on October 21, 1913, had deposits from other
national banks of $7,500,000; deposits from other
State banks, etc., $10,000,000; total, $17,500,000;
which compares with corresponding totals for Georgia
of $9,700,000; North Carolina, $8,200,000; South
Carolina, $6,200,000.
These deposits were exceeded by no other Southern
State east of the Mississippi River.
Illustrating the rapid growth and concentration of
banking capital, the resources of Richmond banks
were in 1890, $14,000,000; 1903, $32,000,000; 1913,
$74,000,000. Her clearings in 1900, $175,000,000;
1912, $424,000,000.
Richmond ranks in bank clearings among the first
30 cities in the United States and compares with other
southern cities as follows: Washington, $387,000,000;
Richmond, $424,000,000; Atlanta, $693,000,000.
In the case of Richmond these clearings were for the
city alone, while in the case of Atlanta they cover the
State, with its 117 national and 669 State banks, with
a few exceptions, and, as we understand, also points in
adjoining States; and,furthermore, in addition to her
local clearings, Richmond handled $400,000,000 in
checks and drafts on the Southern States named, making her clearings on the same principle, as we think,
practically $800,000,000.
Richmond's banking relations with States south of
her show the great intimacy of trade relations with
these States, and the statement following sets forth
in the most illuminating manner the custom and
trend of business under existing conditions and notwithstanding the present system of bank reserves:
[From Comptroller's report of 1912.]

Number of State and national banks in
Virginia
North Carolina
South Carolina
West Virginia
Georgia
Florida
Number of accounts carried in Richmond by banks
from
Virginia
North Carolina
South Carolina
West Virginia
Georgia
Florida


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380
429
346
297
760
204

528
397
182
82
85
18

291

Maximum deposits carried by other banks in RichmondVirginia
$5,467,697
4,465,455
North Carolina
South Carolina
926, 779
West Virginia
1, 793,838
Georgia
440,115
Florida
142,918
Maximum loans by Richmond to other banksin 1913
Virginia
1,459,080
North Carolina
2, 200,480
South Carolina
2,423,915
West Virginia
90,700
Georgia
669,900
Florida
79,750
Maximum deposits in Richmond to credit of individuals, firms, and corporations in
North Carolina
3, 225,369
South Carolina
1,416,997
Maximum loans made in Richmond in 1913 to individuals, firms, and corporations in
North Carolina
5,245,451
South Carolina
3,129,815
Maximum deposits of banks and individuals outside of
Virginia in Richmond banks
North Carolina
7,690,820
South Carolina
2,343,776
Maximum loans by Richmond to banks and individuals
in
7,445,931
North Carolina
5,553,730
South Carolina

So that banks,corporations,and individuals outside
of Richmond carried on deposit in Richmond banks
$18,000,000.
It will be observed that in Virginia the number of
bank accounts with Richmond greatly exceeds the
number of banks in the State.
In North Carolina it nearly equals the number of
banks, and in South Carolina and West Virginia the
number of accounts in proportion to the number of
banks is very large.
Richmond's loans to other Southern States, and to
individuals and corporations in these States, aggregated nearly $14,000,000, a sum not far short of the
aggregate borrowings and rediscounts on October 21,
1913, of national banks in any six Southern States,
excluding Texas.
Richmond lends practically all of this capital in the
South outside of Virginia. She does not use it herself.
She is a credit clearing house.
To meet the demands for crop and other purposes,
Richmond during 1913 shipped $14,000,000 in currency into this section.
In the volume of corporate capital, upon the income of which Virginia pays to the Government a
tax, she ranks easily first among all the Southern
States.
Virginia
Texas
Georgia...,

$942,000,000
873,000,000
485,000,000

The amount Virginia pays to the support of the
Government in internal-revenue taxes is exceeded

292

LOCATION OF RESERVE DISTRICTS.

only by that of the State of North Carolina among all
the Southern States.
Virginia
North Carolina
Georgia
Alabama
Louisiana
Tennessee

$8,300,000
8,900,000
541,000
338,000
5,000,000
2,300,000

These comparisons are not given simply to show the
commercial importance of the State of Virginia and
of the city of Richmond, but rather to set forth the
volume of business transactions centered in Richmond
out of which grow banking transactions and customs
of trade, and trend of commerce and exchanges, and
exchange of credits.
The jobbing and the manufacturing business of
Richmond are further practical illustrations that she
is a trading and distributing center. Her jobbing
business is $80,000,000, and the value of her manufactures $100,000,000.
5. DIVERSITY OF INDUSTRY AND AGRICULTURE.

As to diversity of industry and agriculture in the
district which Richmond could serve better than any
other location, it can not perhaps be better illustrated
than by giving the annual value of products of factories, farms, forests, and mines, which are the principal
divisions of labor.
The business of the Southern States as represented
by industry in these divisions is as follows:
Factories
Farms
Forests
Mines

$1,391,000,000
1,197,000,000
266,000,000
106,000,000

Total values of all products as above
2,960,000,000
Dr.S. C. Mitchell, in his admirable paper read to you
at the hearing given Richmond, states that:
"The diversity of interests in this region are as
striking as its natural and economic unity."
"Perhaps in no other division of the United States
will you find so great a variety of interests."
The developing character of the district is of equal
importance. Your committee shares with us the
knowledge that it is within little more than two
decades that this region began its real recovery from
utter prostration, and that now its rate of progress
exceeds that of any other portion of the country.
Mr.0.P. Austin, whom we have previously quoted,
estimates the value of the merchandise handled in the
district at $5,000,000,000, or more than the entire ingoing and outgoing foreign commerce of the United
States.
Richmond is to-day and probably always will be
the chief tobacco center of the United States.
Four governments, or their chief tobacco interests,
maintain the headquarters of their buyers or handle
their business through Richmond.
Forty per cent of the tobacco crop raised in Virginia, North Carolina, and South Carolina in 1913 came


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directly to Richmond for rehandling and manufacturing, and Richmond banks supplied the tobacco trade
of Richmond in exchange to the various tobacco markets, and paid out in Richmond in 1913 the enormous
sum of $53,000,000, or 88 per cent of the total value
of the crop of North Carolina, South Carolina, and
Virginia.
A considerable portion of this sum, however, was
sent to Kentucky and West Virginia.
Of the total collections of internal revenue by the
Government from tobacco in its various forms for the
year 1912, 20 per cent was collected from territory
within a radius of eight hours from Richmond.
As to diversity of crops of the district, in their effect
upon the demands for credit and currency—Richmond being situated at the northern limit of the district, occupies this incontestible advantage as a Federal reserve bank location—the climatic differeuces of
the Southern States in their effect upon crop development come in orderly rotation up to Virginia. The
demands upon the Federal reserve bank of Richmond
would be uniform and continuous.
The peak of the load would doubtless be in the fall,
but that would be the cav everywhere else, and it is
the purpose of the new law to provide for it.
Further illustrating the diversity of crop and industrial conditions in this district, the railroads serving
it are at present among the most prosperous in the
country. We do not know how to account for it on
any other basis than the diversity of interests and the
consequent absence of any general depression.
Added to her advantages for assembling and manufacturing the products of industry, her facilities for
distribution heretofore described are positively unsurpassed by any other southern city.
We will give you a very recent concrete instance.
One of the very large corporations of this country,
with headquarters at St. Louis, has just selected Richmond as one of two depots on the Atlantic seaboard
most advantageously located for the storage and distribution of its products, New York being the other
point.
Richmond is a reserve center of products.
6. CAPITAL RESOURCES OF THE DISTRICT.

As to the confines and capital resources of the district of which Richmond is the logical and most advantageous location for a Federal reserve bank,the rules
laid down by the organization committee for their
guidance are so just and wise that all men must acquiesce in and approve them.
Under the language of the law and the spirit and
purpose of the act we believe that the natural terri7
tory of a district—considering geographical convenience, natural boundaries, ease and quickness of communication and transportation, as great diversity of
industry and agriculture as may be found anywhere,
natural trend of business and exchanges, the banking

RICHMOND,

VIRGINIA.

293

It is considered by many that the credit business of
customs and trade relations of a majority portion of
the these banks will far overshadow the note-issue busithe territory, the desires of a majority portion of
people-is embraced in the zone mapped out to be ness, and we share that view.
Now, the banking power of these banks is not to be
served by a Federal bank located in Richmond,namely,
Georgia, measured solely by capital resources, but by their
Virginia, North Carolina, South Carolina,
and
Florida, southern part of West Virginia, part of east- ability to acquire gold, and to build up deposits
loans in the usual way upon their reserves as a base,
ern Tennessee, part of eastern Kentucky.
These States have adequate national-bank resources and also by their note-issue power upon this base.
It is estimated that the floating supply of gold or
to contribute the necessary capital and reserves for a
its representative in this country not in banks is
regional bank.
as currency,
They also have a strong system of State banks, which approximately $800,000,000, doing duty
banks or hoarded.
would add largely to resources should these
It is certainly not performing its greatest economic
elect to enter the system, which possibly may not be
Federal function as currency.
counted upon in time for organization of the
In Federal reserve banks it would serve as the basis
banks.
fot two and one-half times its volume in a safe and
National banking capital in the proposed district.
sound currency, and it is clear that here is a large
[Comptroller's figures Oct. 21, 1913.]
source a gold supply.
It is probable that with stable banking conditions,
Capital
subscribed
Capital and to Federal
as one beneficial result of the act, gold will to a large
surplus.
reserve
banks.
extent cease to be hoarded; and gradually come from
hiding.
$29,300,000 $1,758,000
Virginia
The total amount of borrowings and rediscounts of
678,000
11,300,000
North Carolina
510,000
8,500,000
South Carolina
all the Southern States, excluding Texas, was on
1,374,000
22,900,000
Georgia
636,000
10,600,000
Florida.
October 21, 1913, about $40,000,000, and of the States
498,000
8,300,000
West Virginia, one-half
498,000
8,300,000
East Tennessee
named $25,000,000.
78,000
1,300,000
East Kentucky
It is clear that the resources of a Federal reserve
6,030,000
100,500,000
Total
bank in the district mapped out would be entirely
adequate to serve the district.
The total capital and surplus of the State banks in
Furthermore, it is to be borne in mind that the
the States named,including one-hall of West Virginia, reserve figured upon is the minimum reserve, and if
omitting for the moment those portions of Kentucky
the banks make any use whatever of the Federal
and Tennessee included in the zone, is $68,000,000.
banks they will be compelled to keep more of their
Now, as to the net deposits requiring reserves:
reserve with them.
Net deposits.
The area covered would be about 250,000 square.
$100,000,000
Virginia
36,000,000 miles, and the population about 10,000,000.
North Caroling,
South Carolina
Georgia
Florida
West Virginia (say one-half)
Total net deposits

23,000,000
50,000,000
33,000,000
29,000,000
271,000,000

Not taking into account the portions of Tennessee
and Kentucky, included in the district, for lack of
comptroller's figures.
Classifying these as country banks, the amount of
reserve required to be kept in the Federal reserve bank
under full operation of the act would be
$13,000,000
Say 5 per cent, or
Government deposits divided in proportion to the
capital involved would probably be, say, 6 per cent,
9,000,000
or
2,000,000
State banks might swell the amount, say
6,000,000
Full paid capital
Total probable resources

30,000,000

Omitting from consideration the note issuing powers
of the bank, the resources would serve as a basis for
the expansion of credit in the usual way to possibly
$75,000,000.


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7.

WISHES AND VIEWS OF THE BANKS AND PEOPLE IN
THE DISTRICT AND THEIR PRESENT BANKING CONNECTIONS.

In Virginia, out of a total of 437 banks, 404 have
voted for Richmond as first choice.
In North Carolina, out of a total of 486 banks, 373
have voted for Riclunond as first choice and 69 as
second choice.
In South Carolina, out of a total of 405 banks, 82
have voted for Richmond as first choice, and 122 as
second choice, Columbia being, of course, first choice;
only 18 of the remaining banks in South Carolina.
voted, and these were scattered.
The capital and deposits of the South Carolina banks
voting first for Richmond were greater than those
voting first for their own city-Columbia.
So that, out of a total of .1,328 banks in three
States, of the number voting 863 gave Richmond as
first choice and 191 gave Richmond as second choice.
Eliminating Charlotte and Columbia, 1,052 banks
out of a total of 1,328 in the three States regard Rich-

..:294

LOCATION OF RESERVE DISTRICTS.

:mond as the proper location of their Federal reserve 0.
P. Austin, former Chief of the Bureau of Statistics
bank.
of the Department of Commerce, whose papers have
In West Virginia, in the southern half of the State, been filed
with you.
49 banks have selected Richmond as first choice, and
Finally, why Richmond can better serve the zone
26 as second.
mapped out than any city in it, or any city in territory
Richmond has been designated as the preferred north
of Richmond which might be added to the zone,
location by firms and individuals, outside of Rich- and
why Richmond may therefore be entitled to the
mond as follows:
location of a Federal reserve bank.
Virginia
1,063
In the entire zone mapped out Virginia is the domiNorth Carolina
870
nating State financially, and Richmond clearly the
South Carolina
141
dominating city. Since colonial times Virginia has
West Virginia
154
been the dominating State in the South.
We are therefore fully justified in the statement that
Richmond has played a part far ahead of any other
there is a very strong feeling in Virginia, North Carocity in the zone in its development from a banking
lina, and South Carolina that they must be included
together in any zone which may be formed, and that point of view,an industrial point of view, and a railroad
whatever territory may be incorporated in their zone, point of view.
Long ago Richmond found that in this zone she
a Federal reserve bank located in Richmond would
had a preferential freight rate territory, and that in
serve their interests better than if located in any other
this territory the cities north of her could not comcity.
pete on equal terms with Richmond. This preferThe interests of these three States are too closely
ential territory extends through the zone described to
interwoven to be separated.
southern Georgia and Alabama and the eastern State
If any further corroboration can possibly be desired
by the committee, we respectfully refer to the senti- line of Mississippi.
It does not embrace the State of Florida because of
ments expressed by North Carolina, South Carolina,
water competition. The territory is more graphically
and also by West Virginia bankers at the hearing
given Richmond in Washington on January 15, and to portrayed on the map which accompanies.
The trade relations of Richmond in this territory,
the exhibit of resolutions, petitions, letters, and teleout of which spring banking relations and settlements,
grams accompanying this brief.
We respectfully submit that compliance with the must continue to grow, and more and more exclude
letter and intent of the law, which declares that the cities north of Richmond.
The average first-class rate in the territory gives
Federal reserve districts shall be determined with due
Richmond an advantage over—we will say Baltimore,
regard to the convenience and customary course of
by way of illustration, that being the next large city
business, would demand that these three States shall
of commercial importance north of Richmond—gives
be kept together in one district, so that their mutual
Richmond an advantage of 11.2 cents per hundred
trade and financial relations may not be disrupted or
pounds, or approximately 13 per cent. •
disturbed.
This relative proportion in favor of Richmond apThe district we have outlined is the.most perfect
plies to all class and commodity rates, and in some
geographical division of the country that can be
instances it is greater in favor of Richmond.
carved out. Nature has placed her boundaries,sharply
For full details we refer to the statement of Mr.
defining it. We believe it is an equally perfect
W. T. Reed, president of the Richmond Chamber of
economic unit. It is a political division equally
Commerce, which statement accompanies.
sharply defined.
Commercial supremacy in this territory must
go
The inhabitants are more homogenous than in any
hand in hand with banking supremacy, particularly
other division or part of the United States. All of
under the natural and free system of banking.
these considerations have a practical bearing.
Granting the selection of this territory, or any large
Our crops and the credits based upon them are dis- part
of it, as a zone, the advantage of Richmond in
tinctive, and the management of the regional bank
point of time and distance in dealing with the memshould bear the closest relation to, and have the
bers of the zone is so great as to exclude any city north
closest familiarity with, the needs and customs of the of
her from consideration; and the equal advan
tage
district. For this reason, as well as for all the foreof Richmond as a clearing point between zones
, for
going reasons, whatever territory may be added to the
same reasons, would likewise exclude any north
ern
this zone, the headquarters of any bank organized to city.
serve the zone or any large part of it, should not be
It is firmly to be borne in mind, as we understand
,
located north of Richmond.
that the purpose of the Federal reserve act is to
afford
This position and all of these conclusions are sepaadditional banking facilities to the people, and
that
rately and independently confirmed by the learned
Federal reserve banks shall be so placed as to
best
and experienced authorities, Dr. S. C. Mitchell and serve
the people with reference to the operation of
the


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295

RICHMOND, VIRGINIA.
system as a whole. Should Federal banks be placed
in the three great cities of the East which we have
named,that fact in itself, we believe, would justly exclude from consideration the location of headquarters
of another bank in any city north of Richmond.
They are not intended to be local, and for that
reason branches are provided, and due consideration
is not generally given to the power and facilities of
these branches.
It goes without saying that this zone mapped out
will be provided with these additional facilities, superior to any which they have heretofore enjoyed, by
the location of a bank in Richmond, thatbranch banks
will answer local needs, and that the zone will be more
independent of the financial considerations which have
bound it to large money centers in the East; and this,
too, was intended, and can best be brought about by
the location of a bank within the region described as
a natural division of country.
Is there any man who doubts that, if State lines
were obliterated and the country apportioned in these
geographical divisions, Richmond would by acclaim
be chosen the capital of this division?
Although resting our claims upon the financial
strength and the economics of the situation, we have
also those considerations in our favor which are most
powerful in molding the character and ideals of a
nation.
Richmond has a place in the affections of the South
which no other city possesses.
She has a place in the annals of the Nation and the
world which is imperishable.
The debt of the Nation to Virginia is inextinguishable.
It is difficult to see how this Republic could have
been formed but for Virginia.
Richmond has that dignity of standing, that atmosphere of sentiment and history, that position in
science and learning, which render her worthy of any
honor or distinction that can be bestowed upon her,
and the intelligent judgment of the whole country,
having a knowledge of these considerations, would
approve the location of a Federal reserve bank in
Richmond.
The names of Virginians will be associated for all
time in the financial history of this country with the
Federal reserve act.
All of these considerations preeminently distinguish
Richmond as the location of a Federal reserve bank.
THE SOUTH ATLANTIC COASTAL PLAIN.
A distinct geographical and climatic unit—Its products, peculiar to
its own soil and climate, should be financed by men acquainted
with local conditions.

By 0. P. AUSTIN, 15 years Chief of the United States
Bureau of Statistics; secretary of the National Geographic Society.
Nature has set aside the South Atlantic frontage of
this continent as a distinct and peculiar section, and


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has given to It a class of products which are peculiar
to itself, and with the financing of which its own people
are more closely acquainted than those of any other
section are or can become. The Atlantic Coastal Plain,
which in recent geological ages emerged from beneath
the ocean, stretches from New York southward to the
Gulf of Mexico, and is shut off from the West by great
mountain ranges.
PECULIARITIES OF PRODUCING POWER.
At the northern end it is a narrow and sandy plain,
but gradually widening toward the South. At about
the point at which the Potomac crosses it, it suddenly
broadens to a width of approximately 200 miles, and
at that point enter two now and importantfactors in its
producing power—a fertile soil and a genial climate.
EXPERT TESTIMONY AS TO SOILS.
Prof. Jay A. Bonsteel, a distinguished soil expert of
the Department of Agriculture, in a general description
of the soils of the United States, which appeared in the
1911 edition of the official publications of the Department of Agriculture, The Agricultural Yearbook, and
in a similar discussion of the soils contributing to the
trucking system of the South Atlantic coast, presented
in the 1912 issue of that official publication, says:
The Norfolk fine sandy loam extends from eastern Virginia
southward along the Atlantic coast to Florida and thence westward.
Among all the truck soils in use or available along the Middle Atlantic coast, the Norfolk fine sandy loam easily occupies the premier
place both with regard to its total extent and its wide range of
possible products. It has been formed as a sedimentary deposit,
laid down under the waters of a more extended marine occupation
and later elevated to become a portion of the present land area.
AN IDEAL SOIL FOR MARKET GARDENING.

Physically it is almost ideally constituted for the intensive growing of crops. It is of prime importance for the production of vegetables and small fruit. In the eastern counties of Virginia and North
Carolina it is also used for the production of corn, winter oats,
peanuts, and bright cigarette tobacco, and from the southern boundary of Virginia to Texas it is highly prized as a cotton soil. Where
local transportation facilities are adequate it is intensively farmed
for the production of vegetables and small fruits for shipment to
northern markets.
PRESENT PRODUCTS MAY BE MANY TIMES MULTIPLIED.

Soil surveys throughout this region have encountered a total.area
of 4,346,000 acres of this soil, and it is possible that 20,000,000 acres
will be found to exist. Not one-tenth of 1 per cent of this total area
is now occupied for truck farming, and it is probable that not 25 per
cent is now used for any agricultural purposes other than grazing.

EXPERT TESTIMONY AS TO CLIMATE.
These extracts from official descriptions of the peculiar soil factor in the producing power of this section
should be considered in conjunction with that other
important factor, climatic conditions.
A GREAT OUT-OF-DOORS GREENHOUSE.
That the conditions of climate are as peculiar as
those of soil and equally effective in developing a production different from that of other parts of the
country is also indicated by Prof. Bonsteel in his 1912

296

LOCATION OF RESERVE DISTRICTS.

discussion, in which he describes this coastal frontage
as "a great out-of-doors greenhouse," and, in another
place, "the great winter garden which supplies the
cities of the Northeastern States with fresh vegetables
demanded for consumption during the later months
of winter and those of early spring."
THE GULF STREAM A FACTOR IN PRODUCING POWER
.

This peculiar condition of climate and thus of producing power he attributes in part to the presence of
the Gulf Stream, which, as is well known, flows close
to the Atlantic coast as far north as Cape Hatteras,
but leaves the coast at that point, moving in a northeastwardly direction across the Atlantic.
A TROPICAL AND SUBTROPICAL CLIMATE.

The peculiarities of climate (and, therefore, of the
producing power) of this section are also pointed out
in the International Encyclopedia, edited by that
great scholar and educator, the late Daniel Coit Gilman, for 25 years the president of Johns Hopkins
University, which says:
The United States has been divided into eight (climatic) sections. Two of these are tropical, Florida and Texas; two
are subtropical, including the coast States from Texas to Virginia and
the
California region; the other four sections are'temperate or boreal.
ITS PRODUCTS REQUIRE FINANCING FROM WITHIN
THIS
AREA.

These statements from two distinguished authorities
regarding the peculiar characteristics of the South
Atlantic frontage in the great factors of production,
soil, and climate, are presented with the purpose of
sustaining the statement already made by us, that
the chief products of this section, which must prove
the basis of its requirements for credit and currency,
are peculiar to this section and would be much better
understood in their relation to credit and to currency
requirements by the officers of a bank located within
that section than would be possible elsewhere.
AN AREA OF PECULIAR AND VARIED PRODUC
TION.

What are the products of this section which nature
has thus set aside with a peculiar soil and climate,
and, therefore, a class of products to itself? Beginning at the South we may name sea-island cotton,
approximately $7,000,000; phosphates, about $10,000,000; peanuts, $15,000,000; turpentine and rosin,
$30,000,000; cottonseed oil and cake, approximately
$45,000,000; fruits, $15,004,000; tobacco, $32,000,000;
vegetables, exclusive of potatoes, $36,000,000; sweet
potatoes, $15,000,000; products of the mines, $100,000,000; animals, sold or slaughtered on farms, $92,000,000; all cereals,$167,000,000;cotton,$255,000,000;
all farm crops, $690,000,000; all manufactures, $987,000,000; these being in nearly all cases the figures of
the census of 1909.


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THE WORLD'S CHIEF PRODUCER OF IMPORTANT
ARTICLES
OF COMMERCE.

It will be seen that a large proportion of the articles
produced in these six States are intensely local, the
product of the peculiar soil and subtropical climate
referred to by the distinguished scholars already
quoted. The United States is now one of the principal
sponge-producing and exporting countries of the
world, and practically all of this produce is peculiar to
the coast of Florida. We are the world's largest
producers of turpentine and rosin, and practically all
of our output is produced in Florida and Georgia.
Our sea-island cotton is famed the world over and
practically all of it is produced along the extreme
South Atlantic coast. Of the $23,000,000 worth of
citrus fruits produced in the United States, nearly
one-third are grown in Florida. The United States is
the world's largest producer of rock phosphates, and
most of this is now mined in the State of Florida.
The value of peanuts produced in the United States
increased from $7,250,000 in 1899.to $18,250,000 in
1909, and 78 per cent of these were produced in Virginia, North Carolina, Georgia, and Florida. Of the
approximately $120,000,000 worth of cottonseed oil
and meal produced in the United States in 1909, more
than one-third was the product of Virginia, North
Carolina, South Carolina, and Georgia. Of the
1,000,000,000 pounds of tobacco grown in the United
States in 1909, practically one-third was the product
of the six States—Virginia, West Virginia, North and
South Carolina, Georgia, and Florida.
VALUE OF ITS DISTINCTLY LOCAL PRODU
CTS
$500,000,000 PER ANNUM.

The value of these distinctively tropical or subtropical products of this section is, stated in round
terms, $450,000,000 per annum; sea-island cotton,
$7,000,000; citrus fruits, $6,000,000;sugar, $3,000,000;
dry peas, $3,000,000; peanuts, $15,000,000; sweet
potatoes, $15,000,000; turpentine and rosin, $30,000,000; vegetables, $36,000,000; fruits, $15,000,000;
small fruits, $4,000,000; tobacco, $32,000,000; cottonseed oil and meal, $45,000,000; cotton, $255,000,000;
while if we add to these the phosphates and sponges
of Florida and other land and water products peculiar
to that section we get a grand total of approximately
$500,000,000 worth of products distinctly tropical or
subtropical in character.
ITS PRODUCTS SHOULD BE FINANCED FROM
WITHIN ITS
OWN AREA.

The fact that the grand total of the production of
this section is made up of a large number of articles
not closely related to each other, but having for each
a distinctive characteristic as to production and use,
intensifies the importance of selecting some convenient point well within that section as the locus of the

RICHMOND, VIRGINIA.

reserve bank for the district. While the economic
methods of the South as a whole have been criticized
upon the ground that it does not sufficiently diversify
its products, such charge can not be sustained with
reference to the area which we are bringing to your
attention. One of the speakers who appeared before
your honorable body, a gentleman of high standing in
the financial circles of the Capital City of the Nation,
remarked that one of the objects of this law is to decentralize reserves as they now exist and distribute
them among several reservoirs, each reservoir to be
located with regard to the due convenience of a district wherein a great number of diversified industries
are carried on, to build up every branch of industry
and commerce; a suggestion which, we submit, applies
with great force to the South Atlantic section as one
having great diversity of production, and to Richmond as the natural center of the finance and commerce growing out of such production.
RICHMOND

AN

IDEAL

FINANCIAL

CENTER

OF

THE

DISTRICT.

That this great mass of distinctively southern products can be more intelligently understood and financed
from a distinctively southern city can not be doubted.
Not only would Richmond be conveniently located
for the prompt transmission of mails and expressage
to the section in which this great mass of products
originates, but the acquaintance of her people with
the peculiar products in question—the phosphates,
the naval stores, the peanut crop, the tropical fruits,
the tobacco, the cottonseed oil and meal, and the sea
island and upland cotton, their seasons of growth
and preparation for market—all these would be better
understood and the interests of their producers better
served from Richmond than Washington, which has
no active business relation with the producing, manufacturing, or commercial interests, of from Baltimore, which is still farther removed from the area of
the chief production of these peculiar and distinctively
"local" products.
VOLUME OF LOCAL BUSINESS REQUIRES A RESERVE
BANK.

The section lying south of the Potomac and east
of the Appalachians is amply sufficient in area, population, and the value of its products for the service
of a regional bank. The population of the six States
which we propose as that section—Virginia, West
Virginia, North Carolina, South Carolina, Georgia,
and Florida—is, in round numbers, 11,000,000 by the
census of 1910; the value of its farm property,
$2,500,000,000; its capital invested in manufactures,
•over $1,000,000,000; the products of its manufactures, nearly $1,000,000,000 in 1909, and now much
more than $1,000,000,000; the value of its farm
crops,by the census of 1909,$690,000,000; the product
of its mines, $100,000,000; the length of its railways,


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Federal Reserve Bank of St. Louis

297

29,000 miles; and the navigable mileage of its rivers
over 5,000 miles, or one-fifth of the total of the United
States. The officers of the War Department in charge
of the 105 river and harbor works on its water frontage from the upper Potomac to the western coast of
Florida, report the value of the water-borne freight
traffic at those places in 1912 at the enormous sum
of $1,680,000,000, about one-half of which is at
Hampton Roads.
VALUE OF MERCHANDISE HANDLED $5,000,000,000 PER
ANNUM.

The census of 1910 placed the value of the manufactures of this area at $987,000,000; the farm crops,
at $688,000,000; the products of the mines,
$100,000,000; the farm animals slaughtered or sold,
$92,000,000; and, adding a reasonable estimate for
the products of the forests and fisheries, the total
production of the area in that year may be set down
at nearly $2,000,000,000, indicating that the annual
value of its various products at the present time is
more than $2,500,000,000. Most of this $2,500,000,000
worth of annual products is moved from the place of
production to other parts of the country or to other
sections of the world, and in their stead there is purchased about an equal value of other merchandise,
suggesting that the value of the merchandise handled
in this district in a single year is approximately
$5,000,000,000, or more than the entire foreign commerce of the United States.
BUSINESS OF THIS AREA IS RAPIDLY INCREASING.

That this enormous total of $5,000,000,000 worth
of merchandise annually handled in this section is
likely to grow very rapidly, is apparent from the
figures of actual growth during recent periods. The
total value of the manufactures produced in these six
States increased 123 per cent from 1899 to 1909,
while the gain in all other parts of the country was
but 80 per cent. The value of all farm crops in these
States increased 120 per cent for the period from
1899 to 1909, while that in other parts of the country
increased but 83 per cent. The coal production of
this area increased 250 per cent in the 10-year period,
while that of the country as a whole only doubled.
The capital invested in manufacturing in these States
increased 171 per cent from 1899 to 1909, while the
gain in the whole manufacturing capital of the country was but 105 per cent. The wages and salaries
paid in manufacturing increased 123 per cent, while
that in other parts of the country increased but 80
per cent. The railroad mileage increased 70 per cent,
from 1890 to 1911, and in the other portions of the
country increased but 47 per cent. The internal
revenue paid increased from $10,500,000 in 1903 to
$21,000,000 in 1912, a gain of 100 per cent, while the
gain in the other parts of the country was but 40 per
cent in the same period. The estimated true value

298

LOCATION OF RESERVE DISTRICTS.

of all property as shown by the United States
census increased from $4,000,000,000 in 1900 to over
$5,000,000,000 in 1904, an increase of 26 per cent,
while the increase in other parts of the country was
but 21 per cent. The total indebtedness less sinking fund of these six States was, according to the
United States census, $94,000,000 in 1890 and
$100,000,000 in 1902, an increase of less than 7
per cent, while • the indebtedness of other States of
the Union showed an increase of 64 per cent in the
same period. The average per capita indebtedness
of these six States fell from $12.82 for each individual
in 1890 to $11.02 in 1902, while that of the country
as a whole increased from $18.16 per capita in 1890
to $23.73 in 1902. The expenditures on public roads
in these six States now aggregate about $15,000,000
per annum, a fact which in itself promises great
development of its agricultural power.

the suggestion of a ship canal to connect the Great
Lakes with the Atlantic Ocean. Our experience at
Panama has demonstrated the ability of our country
and its engineers in opening a passageway for ocean
vessels through a country where the natural obstacles
are much greater than those which lie between the
Atlantic and the Great Lakes, and if the Government
of the United States should see fit to utilize for this
great enterprise the men and machinery which have
accomplished the work at Panama, the route from
Hampton Roads, along the lines suggested by George
Washington to the Ohio River and thence to the Great
Lakes, would be worthy of serious consideration, and
if adopted, make this the gateway for the outflow of the
products of that greatest producing section of the
world—the Mississippi Valley, and the route by which
it would in turn receive its requirements from foreign
countries.

ALL GREAT INDUSTRIES REPRESENTED IN THIS REGION.

PANAMA CANAL WILL INCREASE TRADE AND CURRENCY

The value of the three great products of this section—agriculture,manufactures,and mining—are quite
evenly distributed in proportion to the products of the
entire United States. The farm crops of the section
in question formed in 1909 about 12.per cent of those
of the entire United States, the manufactures about 5
per cent, and the minerals approximately 5 per cent
of those of the entire United States.

REQUIREMENTS.

FOREIGN COMMERCE OF THIS AREA RAPIDLY GROWING.

The value of the foreign commerce of the frontage
from the mouth of the Potomac to the western coast
of Florida is now approximately $150,000,000, and
shows a rapid growth when compared with other
sections of the country. At Norfolk and Newport
Neivs especially, lying as they do at that great natural
harbor of the United States—Hampton Roads—the
exports of the fiscal year 1913 show a remarkable
growth, having practically doubled in the past two
years.
A GATEWAY FOR THE PRODUCTS OF THE MISSISSIPPI
VALLEY.

The possibilities of this great harbor in becoming the
natural gateway for the Mississippi Valley, with its
enormous production for foreign markets and con-.
sumption of foreign merchandise, are worthy of serious
attention in considering the future possibilities and
probabilities of the commerce and commercial requirements of this section. With two great railway lines
now transporting to this port the merchandise of the
upper Mississippi Valley, over remarkably easy grades
and free from the interruption of a northern winter
climate, it may be expected that the remarkable
growth of recent years will be continued.
A SHIP CANAL POSSIBILITY.

Still another possibility of an enormous increase in
the foreign commerce of Hampton Roads is found in


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Federal Reserve Bank of St. Louis

The Panama Canal will, when opened to commerce,
immediately stimulate the coastal trade of this section.
At present a narrow strip of country along the Atlantic
frontage sends its merchandise for the Pacific coast
by water by way of the trans-Isthmian railways,which
demand for their service one-third of the entire coastto-coast charges, the annual volume of that transIsthmian traffic between the Atlantic and Pacific
coasts being now more than $100,000,000 per annum.
With the possibility of passing the products of the
eastern and western coasts across the Isthmus without
the cost of rail movement, the volume of this traffic
between the Atlantic and Pacific coasts will greatly
increase. In addition to this, the export of our manufactures and agricultural products to the• western
coasts of South America, and, in fact, to all the countries fronting on the Pacific, may be expected to rapidly increase with the opening of the canal, and thus
greatly enlarge the foreign commerce of this South
Atlantic country, and the requirements of currency for
that purpose.
SUMMARIZATION.

Now to sum up the great general facts as to the
production, commerce, and commercial possibilities
of the area in question.
The section of'country lying south of the Potomac
and east of the Appalachians is set aside by nature as a
distinctive region by reason of its peculiar soil and
climate and geographic surroundings, and has therefore
products peculiar to itself.
Its total products, which aggregated nearly $2,000,000,000 in value in 1910 and more than that at the
.
present time, are distributed with remarkable milformity among the three great industries, agriculture,
mining, and manufactures, agricultural and mineral
products forming about one half and manufactures the
other half of this grand total.

RICHMOND, VIRGINIA.

The agricultural products represent an unusually
large variety of articles which have their peculiar seasons of maturity, and thus cooperating with the manufacturing and mining industries in maintaining within
the district a comparative uniformity and steadiness
of demand for currency.
Approximately one-third of these three great articles of commerce—manufactures,farm crops, and minerals—are produced in the two northern States of the
group—Virginia and West Virginia—and approximately two-thirds in the four States lying to the
south—North Carolina, South Carolina, Georgia, and
Florida; but as most of these products of the Southern
States move toward the north, Richmond, which lies
within 60 miles of the southern line of Virginia and on
the natural line of the northward trend of commerce
and communication,becomes the natural center for the
trade and finance of both sections of this natural region.
The productions of this area may be expected to increase with great rapidity. Both manufacturing and
agriculture showed in the period of 1900-1910 a much
larger percentage of growth than that of all other parts
of the country, and with the greatly increased use of
water power through the cooperation of electricity the
contribution of the rivers of this section to its manufacturing power will rapidly increase its industrial and
commercial activities.
The foreign commerce of this section may be expected to rapidly increase. The value of the merchandise exported from the ports from the mouth of the
Potomac to the western line of Florida is now approximately $140,000,000,000 per annum, and those two
cities at the great natural harbor—Hampton Roads—
have actually doubled their exports in the last two
years, suggesting that the possibilities of this section as
the gateway for the surplus products of the Mississippi
Valley should be given careful consideration in connection with the financing of its prospective business.
The value of the merchandise passing over the waters
of the navigable rivers and harbors from the Potomac
to the western boundary of Florida was $1,750,000,000
in 1912, the total value of its own products in 1912 fully
$2,500,000,000, and the value of the commerce handled
by it approximately $5,000,000,000 per annum, and
may be expected to increase with great rapidity in view
of the rapid growth which has characterized recent
years.
Richmond is the natural railway center for the movement of this commerce and its mail and express requirements with reference thereto, having three trunk lines
from the South, two from the West, and two from the
North, and a close communication with Norfolk with
its western and southern lines.
MXRYLAND AS A POSSIBLE FACTOR IN THE RESERV
E
ZONE.

While a portion of the State of Maryland lies geographically and geologically within the South Atlantic


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Federal Reserve Bank of St. Louis

299

coastal plain, the distinct area proposed as the basis of
a banking district, that State has not been included in
the proposed Federal reserve region,because of the fact
that its products are, as a whole, not of the distinctively tropical or subtropical type which distinguishes
those of the section farther south, where the presence
of the Gulf Stream affects climatic conditions, and also
because of the equally important fact that the trade
currents carry most of the commerce and therefore the
finances of that State toward the great commercial and
financial centers at the North. On the other hand, it
has been thought proper to include West Virginia in
the proposed regional bank area, even though it lies
outside the coastal plain region, because of the fact
that the commerce and finances of a large part of the
State, especially the southern half, are distinctly associated with those of the Atlantic coastal plain, and with
the State of Virginia and the city of Richmond, a fact
which is clearly shown in the discussion of present
banking relations of Richmond with surrounding territory.
It is proper to add, however, that a careful comparison of the figures of industry, production, and commerce of the two States, Maryland and West Virginia,
when considered article by article and item by item,
show that a substitution of Maryland for West Virginia in the statement of products, manufactures, and
business conducted would not materially change the
total of the area as a whole or seriously affect the percentagb of growth, or other evidence of prosperity of
that area. The population of West Virginia in 1910
was 1,221,000 and that of Maryland was 1,295,000.
The combined value of the products of farm, factory,
and mine were, in West Virginia, $274,000,000 and in
Maryland $366,000,000, and the value of all farm property in West Virginia $314,000,000 and in Maryland
$286,000,000.
STATEMENT SHOWING FREIGHT RATES FROM
RICHMOND TO SOUTHERN WEST VIRGINIA, EASTERN KENTUCKY, EASTERN TENNESSEE, NORTH AND SOUTH
CAROLINA, AND GEORGIA; ALSO TONNAGE FROM
VIRGINIA CITIES INTO NORTH AND SOUTH CAROLI
NA
AND GEORGIA.
By Richmond Chamber of Commerce,WILLIAM T.REED,Presiden

t.

The railroads serving the above-mentioned territory years ago recognized Richmond as the proper
distributing point and the above as the natural territory to Richmond, owing to the fact that they were
enabled to give quick service and from one to four
days quicker delivery than Baltimore or any city
north of us. In view of this fact the rates into this
territory were fixed at an average, approximately, of
13 per cent lower than Baltimore. The average first-.
class rate in the territory designated by the railroads
as the natural territory to Richmond is 75.2 cents per
100 pounds, while the average first-class rate to the
same territory from Baltimore is 86.4 cents per 100
pounds, giving Richmond an advantage on the first-

300

LOCATION OF RESERVE DISTRICTS.

class rate of 11.2 cents per 100 pounds, or approximately 13 per cent. This relative proportion in favor
of Richmond applies to all class and commodity rates,
and in some instances it is greater in favor of Richmond.
Attached herewith is a map clearly defining the territory recognized by the transportation companies as
Richmond's territory and in which the above-mentioned freight rates favorable to Richmond apply.
Attached also are the actual rates in groups of cities
in this respective territory, giving the respective rates
to these cities from Richmond and Baltimore. These
cities are chosen with respect to their prominence,
and also with respect to their proximity to the borders of the territory, as designated by the map. Some
of the rates in the interior of this territory will even
show greater advantage to Richmond.
The chamber begs to call attention further to the
tonnage originating at and forwarded to this southern
territory, North and South Carolina, Georgia, and
Florida, from the Virginia cities—Richmond, Norfolk,
Portsmouth, Suffolk, Petersburg, Lynchburg, Roanoke, Danville, and South Boston. The total tonnage
from these cities for the year 1913 reaches the enormous amount of 2,228,908 tons freight, and of this
amount the tonnage from Richmond into this territory was 629,495 tons.
Owing to the limited time, and also to the fact that
the tonnage into eastern Tennessee, eastern Kentucky,
and southern West Virginia had not been separated
by the railroads from the tonnage to this territory and
points beyond our territory, we are unable to give the
actual tonnage to this portion of our territory.
We have been unable to get the tonnage from Baltimore into Richmond's territory, North and South
Carolina, Georgia, and Florida, but from such information as we have received we feel assured that any
statement Baltimore makes, that her tonnage exceeds
or even approaches the amount of tonnage of Richmond in ,the territory mentioned, is a pretense, and
inasmuch as Baltimore made this claim before the
honorable committee at Washington, it is incumbent
upon the Baltimore people to state their exact tonnage, as we have done, and which we are prepared to
verify.

Statement of ratesfrom Baltimore and Richmond, showing differences
infavor of Richmond—Continued.
CHARLOTTE, N. C.; HAMLET, N. C.; ABERDEEN, N. C.
1
Baltimore
Richmond

4

5

6

ABC

DEHF

85 74 61 49 42 32 25 31 30 27 42 49
68 58 48 38 33 25 18 24 23 20 33 38
17 16

13 11

9

7

7

7

7

7

58
46

9 11

12

85 74 61 49 39 26 24 20 19 16 39 39
68 58 48 38 31 20 18 18 17 14 31 31

36
34

FAYETTEVILLF, N. C.
Baltimore
Richmond

17

16 13 11

8

6

6

2

2

2

8

8

2

92 81 68 56 46 35 27 32i 32 27 47i 56
80 70 60 50 40 32 22 28 25 22 41 47

58
50

LUMBERTON, N. C.
Baltimore
Richmond

12 11

8

6

6

3

5

4i 7

8i

5

9

8

LANES S. C.
Baltimore
Richmond

92 81 68 56 46 34 27 32i 32 27 47i 58i 58
85 75 62 50 40 32 24 29 28 24 44 47 50
7

6

6

6

6

4i 3

3i

4

3

3i 11i

8

ORANGEBURG S. C.
Baltimore
Richmond

92 81 68 56 46 35 27 32i 32 27 47i 56
85 75 62 50 41 34 24 29 28 24 44 47
7

6

6

6

5

3

3i

4

3

3i 9

58
50

8 •

COLUMBIA, S. C.
89 75 65 53 43 34 26 39 29 28 40 51
76 64 59 50 41 34 18 27 24 20 36 48

55
44

13 11

Baltimore
Richmond

3

11

89 75 65 53 43 34 26 39 29 28 40 51
76 64 56 45 35 27 16 30 28 23 28 42

55
50

6

3

8 12

2

5

8

4

AUGUSTA, GA.
Baltimore..
Richmond

13 11

9

8

8

7 10

9

5 12

9

5

95 85 76 61 51 40 32 44 32 31 49 55
84 79 64 62 43 40 24 34 28 27 45 55

62
55

MACON, GA.
Baltimore
Rkhmond

11

6 12

9

8

8

10

4

4

4

AMERICUS, GA.
Baltimore
Richmond

98 87 78 63 52 41
98 87 78 63 52 41

34 45 37 36 55 57
34 45 37 36 55 57

72
72

........ ............ .... .... .................... ....
CHARLESTON AND HUNTINGTON, W. VA.

Statement of ratesfrom Baltimore and Richmond, showing differences
infavor of Richmond.
IThe places are chosen with respect to their prominence and also with respect to
their proximity to the borders of the territory designated on map.)

2. 3

Baltimore.
Richmond

.....
54 47 38 25 22 18 ..... .... ...
...
54 47 35i 24 20 16 .... ........ .... ........ ....

RALEIGH, N. C.; GOLDSBORO, N. C.; GREENSBORO, N. C.
1

2

3

4

5

6

ABC

78 67 55 43 37 28 24 29 28 25 37 43
61 51 42 32 28 21 17 22 21 18 28 32

54
42

17 16 13 11

Baltimore
Richmond

LEX NGTON AND LOUISVILLE, KY.

DEHF
Baltimore
Ricnmond

12

9

7

7

7

7

7

9 11


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Federal Reserve Bank of St. Louis

.

KNOXVILLE,TENN.

55 46 38 33 27 22 22 22 20 17 27 29
46 36 30 26 21 17 17 14 15 11 21 22
9 10

8

7

6

5

...
..-

NEWBERN, N. C.
Baltimore.
Richmond

59 51 43 29 25 20 .... .... ........ ...
54 47 38 25 22 18 ............ .... .... ..

5

5i

5

6

6

7

34
24
10

Baltimore
Richmond

95 80 65 50 45 37 .... ....
84 79 64 50 43 37 ....

.... ...
.... .... - ...


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Federal Reserve Bank of St. Louis

RICHMOND, VIRGINIA.

301

oGr‘iS`n

E
..),us
co\,

MAP
SHOWING

RICHMOND'S PREFERENTIAL
FREIGHT RATE
TERRITORY

001
-TON CLA RKE et PitArr brc.
clot. EN6iHrtlI5
RICHMOND Vol

302

LOCATION OF RESERVE DISTRICTS.

Distance and time to Richmondfrom thefollowing cities.
Dist.
Via S. A. L. By.
22
-N.& W)
Petersburg(A.C. L.
61
Alberta (Virginian)
79
Lacrosse (Sou.)
98
Norlina
157
Raleigh
254
Hamlet(N. dc S. Car.)
327
Camden
360
-Sou.)
Columbia (A. C. L.
394
Denmark (A. C. L.)
501
Savannah
639
Jacksonville
775
Ocala
911
Palmetto
351
-Chester
Hamlet
425
Greenwood
505
Athens(C. of Ga.)
550
Atlanta (C. of Ga.-Sou.)
Via A. C. L. R. R.
22
-S. A. L.)
Petersburg(N. .14c W.
52
Jarratts (Virginian)
62
Emporia (Southern)
83
Weldon (S. A. L.)
119
Rocky Mount
136
Wilson
244
Wilmington
286
Pembroke
294
Florence
396
Charleston (Sou.)
511
Savannah (C. of Ga.-Sou.)
568
Jesup(Sou.)
640
Folkston(Ga.)
-S.A. L.
-G.S.& F.
Jacksonville(F.E. C.
683
Sou.)
676
St. Augustine
694
Palatka
846
Tampa
443
Augusta


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Federal Reserve Bank of St. Louis

Time.

0.36
1.50
2.20
2.45
4.40
7.45
10.05
11.05
12.00
13.08
16.58
20.45
27.29
11.25
13.14
16.43
18.15
0.36
1.00
1.35
2.14

3.00
4.12
9.00
9.05
7.05
10.00
12.20
16.25
17.45
16.25
18.08
20.42
23.36
14. 20

Via Sou. By.
Danville
Greensboro
Salisbury
Charlotte
Spartanburg
Greenville
Atlanta (C. of Ga.-S. A. L.)
Salisbury-Ashville
Morristown
Knoxville (L. & N. Tenn. Central)
Via N. & W.By.
Petersburg (S. A. L.)
Burkeville (Sou.)
-C.& 0.)
Lynchburg (Sou.
Roanoke (Virginian)
Radford (Virginian)
Bristol
Bluefield
Via C. & 0. By.
Doswell (R., F. & P.)
Gordonsville (Sou.)
Charlottesville (Sou.)
Basic(N dc W.)
Staunton (B. St 0.)
Clifton Forge
Lynchburg
Covington
Hinton
Charleston
Huntington (B. & 0.)
Via B., F. & P. By.
Ashland
Doewell
Fredericksburg
Washington

Dist.
141
189
239
282
358
386
550
380
509
509

Time.

5.00
6.55
7.25
9.30
11.50
12.45
18.15
15.10
17.25
17.25

22
73
144
197
241
348
373

0.36
2.38
4.30
6.20
7.45
12.00
10.40

28
76

97
123
136
193
147
205
272
369
419

0.45
2.00
2.44
3.44
4.05
5.40
6.00
6.08
8.10
11.00
12.10

17
24
62
116

0.31
0.45
1.27
2.44


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Federal Reserve Bank of St. Louis

RICHMOND, VIRGINIA.

303

Grckitr
ckoct's''Qr41

MAP
SHOWING TIME BY RAILROAD
FROM RICHMOND TO OTHER POINTS
IN REGION OUTLINED

••••

801_ T'ON

CLARKE & PRATT IN
,
E116,NEF175
RIC,11 10ND
,

Va

304


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Federal Reserve Bank of St. Louis

LOCATION OF RESERVE DISTRICTS.

National and State banks.

•

States,

Virginia
North Carolina
South Carolina
West Virginia(16 cos.)
Tennessee(10 cos.)
Kentucky (35 cos.)
Georgia
Florida

Number Number
banking banks.
towns.

266
308
222
40
24
57
449
155

437
486
405
95
41
111
844
257

Number
Number
banks with
bank
accounts
accounts
in Rich- carried by
banks in
mond.
Richmond.
288
229
122
61
13
3
63
14

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403
181
82
20
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RICHMOND, VIRGINIA.

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BANKS CARRYING. ACCOUNTS
WITH

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BOLTON

40458*—S. Doe.485,63-2----20

CLARKE a PRATT DK
ENetweritS
R;crIMOND VA

306


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

LOCATION OF RESERVE DISTRICTS.

Richmond poll of banks.

Choice.

Richmond

1st
2d
3d

gViniiar-.

North
Carolma.

South
Carolina.

415
3

373
69

82
122

Columbia

1st
2d
3d

Atlanta

1st
2d
3d

8

3

49
26
3

2
4

1st
2d
3d

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TenKenVIrginia. nessee. tucky.

25
10
11

7
47

1
2-

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Charlotte

Birmingham

Baltimore

Washington

Cincinnati

Louisville

Jacksonville

Nashville

Pittsburgh

1st
2d
3d

1

4
12
5

4
11

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2d
3d

1
6

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2d
3d

3

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3d

,
fotal.

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305 1, 335
78
1021 iii

96
22

8
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112
491 163
2

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17

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18

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1st
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9

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1st
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9

91

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

307

RICHMOND, VIRGINIA.

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VOTING
FOR

RICHMOND
FIRST CHOICE INDICATED THUS
SECOND CHOICE INDICATED THUS
THIRD CHOICE INDICATED THUS

COLTON CLARKE eC PRATT INC. •
4e,vi
ENG,IY
RIGHMOND,VA

308


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

LOCATION OF RESERVE DISTRICTS.

Capital, surplus, profits, and deposits of banks votingfor Richmond.

State.

Virginia
North Carolina
South Carolina
Georgia
Florida
West Virginia (16 cos.)
Tennessee (10 cos.)
Kentucky (35 cos.)

Choice.

Capital.

Surplus and
profits.

Deposits.

1st....$30,041,097 $23,151,500 $163,645,126
1st.... 14,542,770
7,844,000 $81,996,650
2d
2,203,100
1,252,000
8,190,000
1st.... 4,909,800
2,966,000
18,743,000
2d
5,269,714
2,753, 800
8,058,000
1st....
730,300
278,000
538,000
2d
5,334, 900
3,482, 200
19, 147,500
3d
570,000
653,000
1,412,000
1st..
..
320,000
74, 000
1,690,000
2d
1,895,000
586,000
5,676,000
3d
245,000
262, 000
2,353,000
1st..
.. 2,561,000
1,641,000
4,084,000
2d
2,909,175
1,859,000
12,775,000
3d
350,000
35,000
597,000
1st..
..
908,350
423,300
6,041,000
2d
547,500
234, 000
2,379,000
3d
1,075,000
359,000
5,664,600
2d
450,000
118,000
1,502,000
3d
5,725,000
3,113, 372
17,140,000

Total
Total capital, surplus, and profits
Total deposits

80,587,706

52,085, 172

361,631,276
$131,672,878
361, 631,276

309

RICHMOND, VIRGINIA.

IL

TSURPLUS
675,000
22. 5‘2,000
74,00o 2282,00o0
3,51A0000 32.,0
3,7-13.0
CAPITAL

AND 1
UNDIVIDED
TOTAL RESOURCES
PROFITS

MCI-i.15,1897
,1898

172,000

2.

05,000

107,000
07,000
91,000

FE6.15,1899
FEB.23,1900
FE.13,5,190

2707,000

FE1325,190

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16,860,000
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3,0-v0,000

2,957,000

29,-1-13,0o°

3776,000

3,098,000

33,'6 7000

FEB.4%903
JAN,2e,19oi
605,000

36,307,000

4;529,000

4,-174,000
6
F\PL. ,1906

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0
,Z 7-1-,00

JAN.11,190t
7,
5,61 - 000

4,531000

5,869,000

182000

JAN.26,19

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FEEtt1,1908

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

%04013 000

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CHART SHOWING GROWTH OF RICHMOND BANKS.

310

LOCATION OF RESERVE DISTRICTS.

Partial list of maximum deposits and loans of Richmond banks in 1913.
MAXIMUM DEPOSITS OF BANKS FROM—

Virginia
West Virginia
Georgia

$5,467,679
1,793,838
440, 115

North Carolina
South Carolina
Florida

$4,465,455
926,779
142,918

MAXIMUM LOANS TO BANKS IN—

Virginia
West Virginia
Georgia

$1,459,080
90,700
669,900

North Carolina
South Carolina
Florida.

$2,200,480
2,423,915
79, 750

MAXIMUM DEPOSITS TO CREDIT OF INDIVIDUALS, FIRMS, AND CORPORATIONS IN—

North Carolina

$3,225,369

South Carolina

$1,416,997

MAXIMUM LOANS TO INDIVIDUALS, FIRMS, AND CORPORATIONS IN—

North Carolina

$5,245,451

South Carolina

•

$3,129,815

MAXIMUM DEPOSITS OF BANKS AND INDIVIDUALS.

North Carolina

$7,690,820

South Carolina

$2,343,776

MAXIMUM LOANS TO BANKS AND INDIVIDUALS.

North Carolina


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

7,445,931

South Carolina

$5,553,730

311

RICHMOND, VIRGINIA.

DEPOSIT FLUCTUATIONS OF RICHMOND BANKS.

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Federal Reserve Bank of St. Louis

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312


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

LOCATION OF RESERVE DISTRICTS.

Statement of capital, surplus, and deposits of the nationa

l banks located in the Southeastern States.

Capital.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Kentucky
Tennessee

Surplus.

Gross deposits.

$17,600,000
10,000,000
8,400,000
6,300,000
15,100,000
7,500,000
10,200,000
3,400,000
3,000,000
12,300,000
13,200,000

$11,600,000
6,400,000
2,800,000
2,100,000
9,300,000
3,000,000
5,800,000
1,600,000
2,300,000
5,200,000
5,500,000

$113,000,000
64,000,000
46,000,000
30,000,000
63,000,000
40,000,000
50,000,000
17,000,000
17,000,000
46,000,000
78,000,000

Capital and Capital and
surplus nasurplus
tional banks. State banks.
Washington City.
Richmond, Va ..
Atlanta, Ga
.

Total.

Deposits.

311,500,000 $16,200,000 $27,500,000 $83,000,
000
10,700,000
7,300,000
18,000.000 53,000,000
9,700,000
7,300,000
17,000,000 35,000,000

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

313

RICHMOND, VIRGINIA.

Ri C H1V1OND

0

MAP
SHOWING LOCATION OF

RICHMOND
WITH RESPECT TO

CENTER OF PRODUCTION
(FARM, MINING AND MANUFACTURING)
IN REGION OUTLINED

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LOCATION OF RESERVE DISTRICTS.


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Federal Reserve Bank of St. Louis

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27

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RICHMOND, VIRGINIA.

315

ATION.
BRIEF FILED ON BEHALF OF THE NORTH CAROLINA BANKERS' ASSOCI
By GEORGE A. HOLDERNESS, President.
Richmond, though not a reserve city, has been able
When before the committee in Washington on the
southern connections under past
15th of January, Mr. J. W. Norwood, of Greenville, to take care of its
and Richmond's clearings for this district
S. C., and Mr. R. G. Rhett, of Columbia, S. C., stated conditions,
seen by the fact that of the total
that Maryland should be added to the district outlined• can be more fully
of the national banks of Richmond (not
by the Richmond committee, and from further study deposits
cent of them are deposits from
a
of the question it appears that this should be done, as , reserve city) 30 per
own banks, whereas of the total deposits
well as all of West Virginia. And it is believed that out-of-t
of Washington (a reserve city)
this can be done without in any way interfering with of the national banks
per cent of them are from other banks, and
the natural territory of any other district, since it ap- only 17
of the national banks of Baltimore
pears to us that the North Atlantic States should be of the total deposits
city) only 41 per cent of them are from other
(a reserve
divided as follows:
Hampshire, Vermont, Massachusetts, banks.
Maine, New
The above shows that Washington has done so littlo
Rhode Island, and the eastern part of Connecticut,
for this territory that this alone seems sufficient reason
with Boston as the reserve city.
from this contest.
New York, western Connecticut, northern New Jer- to eliminate Washington
be eliminated because, the trend of
Atlanta must
sey, with New York as the reserve city.
make a territory
vania, southern New Jersey, and Delaware, business being northward, it can not
Pennsyl
without taking in and doing violence to
for itself
with Philadelphia as the reserve city.
States north of it.
leaves Maryland in the nature of a "floater."
This
Of the banks in Maryland, District of Columbia,
imbrace
With this added territory our district would e
North Carolina, and South
the following States: Maryland, Virginia, West Vir- Virginia, West Virginia,
, only 659 have accounts in the reserve city
ginia, North Carolina, South Carolina, Georgia, Flor- Carolina
Baltimore's evidence),
ida, the eastern part of eastern Tennessee, and the of Baltimore (as shown by
of whereas 726 have accounts in Richmond,as shown by
eastern part of eastern Kentucky, and the District
d committee.
Columbia. This territory, with its diversified inter- the list filed by the Richmon
We do not know what powers a branch bank will
dests and banking capital, would be entirely indepen
not say what will be the different and amply self-sustaining under not only normal have, and therefore can
ence between the services given from the parent bank
conditions, but under almost any conditions.
as the term implies, a branch
Now, with this territory fixed upon, the next ques- and the branch bank,but,
not be as large as the parent, and I think it is
tion is which city within this territory could best serve can
the directors of a branch
the whole territory. On this point we respectfully safe to assume that, while
bank will pass on paper under certain restrictions, the
submit that Richmond is unquestionably the city.
currency or keep a great amount
Ninety-one per cent of the banks in North Carolina, branch will not issue
have of currency on hand.
including all of the national banks except six,
Baltimore and the terrritory surrounding it, we subalready expressed themselves in favor of Richmond,
t 89 per mit, could be more conveniently served by a branch
and the banks so desiring Richmond represen
bank than Richmond, and the terricent of the capital, surplus, and profits of all of the of the Richmond
cent of their tory mapped out could be served by branches from
banks of North Carolina, and 98 per
deposits. Of the said 91 per cent of the banks voting Baltimore.
The capital and surplus of the national banks of
for Richmond,373 of them are expressly for Richmond
than those of Maryland, and with
as first choice, and the balance of 69 (except three for Virginia are greater
and South Carolina they exceed that
Baltimore) are equivalent to a first choice, as they North Carolina
of Maryland by over $20,000,000. And of the total
name Charlotte or blank their first choice.
of the national banks in Maryland,
Not one of the North Carolina banks has expressed capital and surplus
all but $8,000,000.
a first preference for Atlanta or Washington, and only Baltimore city has
Richmond would be a thoroughly convenient place
has expressed its
three for Baltimore. South Carolina
e, and it is certainly more
preference for Richmond almost as strongly as North for a bank to serve Baltimor
require the few banks of Maryland outCarolina, and has given Atlanta only two first choice reasonable to
side of Baltimore, with only $8,000,000 capital and
votes and Baltimore one.
d as the parent bank than
The States of Virginia, North Carolina, and South surplus, to come to Richmon
Virginia, North Carolina, and
Carolina, with national banking capital and surplus to require the banks of
and surplus of
of $48,800,000, are as unanimous for Richmond as the South Carolina, representing capital
go to Baltimore as the parent
same number of institutions can be for any one thing. 848,800,000, to have to


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Federal Reserve Bank of St. Louis

316

LOCATION OF RESERVE DISTRICTS.

bank at a great inconvenience, to say nothing of the
territory farther south. A branch in Baltimore could
better take care of the few banks in Maryland than
branches of a Baltimore bank could take care of the
many banks in Virginia, North Carolina, South Carolina, and the Southern territory, where large amounts
of currency are often needed and needed quickly.
As stated by Col. Bruton when before you in Washington, it is important to have a sufficient amount of
currency within easy reach of the tobacco, cotton,
and peanut sections of North Carolina, and this may


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

be said of South Carolina and the more distant southern points. As shown by the time-table filed with the
Richmond brief, currency wired for from Richmond in
the evening can reach the greater portion of this territory by business hours the next morning.
Richmond, as stated by Mr. Norwood when before
you in Washington, is practically one business day
nearer the majority of this territory than Baltimore is.
Respectfully submitted.
THE NORTH CAROLINA BANKERS' ASSOCIATION,
By GEO. A. HOLDERNESS,President.


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Federal Reserve Bank of St. Louis

ST. PAUL, MINN.
317


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Federal Reserve Bank of St. Louis

ST. PAUL, MINN.
NAL RESERVE BANK AT
STATEMENT OF THE REASONS FOR ESTABLISHING A REGIO
ST. PAUL, MINN.
NEED OF A NORTHWESTERN DISTRICT.

The first step in determining where regional reserve
banks are to be established must be the division of the
United States into suitable districts. The sole desire
of your honorable body is to consult the best interests
of the whole country, and to take such measures as
will most facilitate its business and conduce to the
successful operation of the new currency system. The
purpose of the following statement is merely to set
forth facts, necessarily unfamiliar to you by reason of
their more or less local character, that may aid you in
reaching conclusions; and first of all, it is desired to
prove the propriety, possibly the necessity, of making
the Northwest, popularly so called, an independent
regional reserve district.
The term "Northwest" will be used throughout
with two meanings—the first including the five States
Minnesota, North Dakota, South Dakota, Montana,
and Idaho; and the second covering seven States,
adding to those just mentioned the States of Washington and Oregon. It may seem best to you, who have a
national problem to consider, to include the entire
Pacific coast from north to south in one district. It
may seem best to you to make one district of the
northern tier of States from the Mississippi River to
the Pacific. These seven States are closely tied to one
another by the fact that four transcontinental lines of
railroad traverse them. The Great Northern, the
Northern Pacific, the Chicago, Milwaukee c% St. Paul,
and Minneapolis, St. Paul & Sault Ste. Marie Railroads, running from St. Paul to Seattle, Tacoma, and
Portland, unite them in a close community of interest
and of business relations. Ties such as these may
easily override geographical conditions, since the
business of banks with one another depends so greatly
upon abundant and quick intercommunication.
The figures given hereafter are all absolutely official,
being taken either from the returns of the United
States census or from official reports by heads of departments or business organizations. They are 'intended to serve your convenience whether you decide to
make a northwestern division running east or west, or
to include only the more compact territory ending
with the Rocky Mountains.


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The total area of the five States mentioned is 464,019
square miles, and of the seven, 629,845 square miles.
This is from 15 to 20 per cent of the total area of the
United States. The population of the five States increased from 2,877,211 in 1900 to 3,938,299 in 1910,
and of the seven States, from 3,808,850 to 5,752,964.
The increase in the former case was 36.9 per cent and
in the latter 51 per cent, as compared with an increase
in the United States for the same period of 21 per cent.
You will undoubtedly, in delimiting reserve districts,
take into consideration the ratio and probability of increase in population and in every kind of industry.
'When these districts have once been established, they
can not easily be changed. A readjustment of any one
would mean the rearrangement of others, with all the
confusion incident to a transfer of banking relations
and the possible removal of one or more regional reserve
banks from one city to another. It can be avoided
only by the creation in the Northwest of a separate
district, for which there is abundant warrant in the
existing volume of business and an absolute necessity
in the certainty of coming development as measured
by its past history and by the amount of its undeveloped resources.
SOIL PRODUCTION.

This being preeminently an agricultural region, the
amount and value of soil products are indicative of
present importance and their changes indicative of
future growth. The increase in the value of all crops
grown in the United States between 1899 and 1909 was
83 per cent. The increase in Minnesota was 67.2 per
cent; in North Dakota, 234.3 per cent; in South Dakota, 184.1 per cent; in Montana, 177.9 per cent; in
Idaho, 270.7 per cent; in Washington, 235.4 per cent,
and in Oregon, 124.9 per cent. In North Dakota,
Idaho, and Washington the crops of 1909 were more
than three times as valuable as those of 1899. In
North Dakota and also in South Dakota there was, in
these 10 years, an increase of over 1,000,000 acres in
the area of land devoted to crops. Agriculture, which
your committee desires especially to serve and encourage, is increasing here at a rate which these figures
show to be phenomenal. That rate of increase will be
maintained substantially for many years to come. It
319

320

LOCATION OF RESERVE DIST
RICTS.

goes without saying that the marketin
g of these crops,
valued in 1909 at $563,666,657 for the
five States and
at $691,634,435 for the seven demands
ample banking
facilities.
The annual reports of the grain inspecti
on departments of Minnesota and Illinois for the
"crop year"
1911-12 give the carload receipts of
grain for their
principal markets as follows: Chic
ago, 174,605;
Minneapolis, 130,905; Duluth, 41,779.
For the calendar year 1913 they were as follows:
Chicago, 203,953
cars; Minneapolis, 160,554; Duluth,
87,920; the gain
for the year 1913 bringing the total for
the two grain
markets of Minnesota to an amount
considerably in
excess of the Chicago receipts. In addi
tion to the
enormous grain receipts of our district
a very large
business is done by St. Paul with the Cana
dian Northwest, which will increase steadily with
the development of that country and the inevitab
le relaxation of
tariff restrictions.
VOLUME AND DISTRIBUTION
OF BANKING BUSINESS.

basis of the number of existing nati
onal banks, as
related to the whole number, and as
indicating immediate financial needs of a country in
the full tide
of growth, the claim of the Northwest
to be constituted a separate district seems to be
well founded.
The total loans and discounts of all
banks were,
according to the comptroller's report,
$575,093,168
for the five States and $798,502,331 for the
seven.
For centralized banking purposes St.
Paul and
Minneapolis can be considered as one grea
t city of
more than half a million people. In addi
tion to the
other reasons contained in this stat
ement why St.
Paul is entitled to precedence, its present
banking business shows a volume worthy of the esta
blishment of
a regional reserve bank. The total capi
tal stock, surplus, and undivided profits of all its bank
ing institutions is $12,219,646. The Government
deposits here,
October 1, 1913, were over $2,000,000,
and the balances of country banks were over $18,
500,000. The
exchange drawn in 1913 was $459,653,732
. All the
accounts of the State treasurer of Minnesot
a in behalf
of 23 State institutions and 29 State
departments,
with 3 exceptions, are kept with St. Paul
banks. The
transactions of the State with the 330
banks throughout the State with which it does business
are conducted through St. Paul banks. The foll
owing statement of business done by the State treasure
r of Minnesota during the year 1913 is more sign
ificant than
any argument could be:

The currency act provides that each
national bank
shall subscribe for stock to the amount
of 6 per cent
of its paid-in capital and surplus, and
fixes the minimum capital of a regional reserve ban
k at $4,0
By the report of the office of the comptrol 00,000.
ler of the
Currency as of October 21, 1913, the
national banks of
the five States mentioned have a comb
ined capital
and surplus of $67,757,967, and those
of the seven
States $98,849,316. Six per cent of the form
er amount
is $4,065,478, and of the latter $5,9
30,958. Either
Deposits.
district, therefore, can qualify under the
Withdrawals.
law without
calling for supplementary subscriptions
St. Paul banks
as authorized Minneapolis banks
$18,933,165.76 $18,403,914.
29
in the law and the results arrived at do
3,813,154.77
3,460,105.52
not include
northern Wisconsin which is tributary
and should be
THE CAPITAL OF THE WHOLE
in the district.
NORTHWEST.
A better basis for calculation in a case like
Business development as a rule foll
this is the
ows the lines
total amount of capital engaged in all
kinds of banking marked out and the channels worn by
history. The
business; and even more so, perhaps, the
total number Northwest is no exception. Three-quarte
rs of a cenof banking institutions. With an eye to
the future, tury have passed since the first settlement of
St. Paul.
the number of banks, indicating the need
s already felt For more than 60 years it has been the foca
l point for
in a growing section, establishes the true
relation of the financial, historical, and governmental
developthe territory considered to the whole
country. In ment of all the upper portion of what was
originally
both respects, the claims of the Northwes
t and of St. the Northwest Territory. From St. Paul
have radiPaul are statistically entitled to consideratio
ated lines of business that put and still
n.
keep the people
According to the report of the Comptrol
ler of the of these States in close touch with thei
r natural and
Currency, the number of national banks
on July 7, original center. From St. Paul enterprising
1913, in the United States was 7,490. The
men have
number in gone out to establish new centers of busi
ness throughthe five States was 631 and in the seve
n States was out the tributary country. Everythi
ng has contrib792. The latter is almost one-ninth of
the whole. uted to make and to keep this city the
place to which
The number of all financial institutions
reporting, the people of the Northwest naturall
including State and savings banks and trus
y look for busit companies, ness leadership and business
accommodation.
by the same report was 25,963 for the
United States,
It will be in place merely to state, with
2,883for the five States, and 3,493 for the
out elaboraseven. The tion, a few of the principal
points which entitle St.
former is one-ninth of the whole, appr
oximately, and Paul to consideration from
a business point of view.
the latter is nearly one-seventh. Bey
ond a doubt It is the capital of the State,
and in a real sense the
many of these institutions will apply
for permission capital as well as the gatewa
y of the Northwest. It
to come in under the new law. But mere
ly on the is the head of navigation on
the Mississippi River and


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ST. PAUL, MINNESOTA.

known nationally as the most important railroad center west of Chicago and north of St. Louis. It is the
leading jobbing center of this section, having in the
staple lines such as dry goods, groceries, drugs, and
hardware houses that are among the largest wholesale establishments in the country. It is the largest
dry goods and gents' furnishing market in the Northwest,jobbing in these lines alone $16,000,000 annually.
It has the second largest wholesale toy and notion
house and is fourth in rank in the distribution of millinery goods in the United States. It is one of the
largest boot and shoe manufacturing centers in the
country. It has one of the principal national livestock markets, so important that the details of this
will be given separately. It has the largest law book
publishing house, the largest art calendar house, the
largest individual horse dealing concern, and the largest plants for the manufacture of grass carpets in the
world. It leads the country in wholesale land trading. It leads the United States in the manufacture
of high-class furs and high-grade refrigerators. It
has one of the largest plants in the world for the making of gasoline fire engines. It has the largest public
cold-storage plant in the Northwest. It has one of
the six United States customs ports where tea is
inspected. These are some of the principal items in
a list which might be lengthened to a considerable
extent.
FEDERAL IMPORTANCE OF ST. PAUL.

St. Paul is a sort of subcapital for the entire Northwest. The fiscal departments of the Government
located here take in, through the customs and internalrevenue offices, in round number3, $4,600,000 a year.
It is post office headquarters, all funds for the State
being sent to this office. It is the headquarters of a
Railway Mail Service for the tenth district. It is the
headquarters for the Rural Carrier Service. Here is
the seat of the Department of Justice, including the
United States Circuit Court of Appeals, the United
States district court, and the offices of the district
attorney, marshal, and special agents. The War Department formerly had headquarters here, and since
the rearrangement of the military departments of the
country the purchasing agency of the Quartermaster's
Department is still retained. It makes disbursements
for Forts Yellowstone, Keogh, and Missoula, Mont.,
and Fort Snelling, Mimi., aggregating $500,000 annually. Supplies are also sent to Fort Brady, Mich.
The Agricultural Department has headquarters at
South St. Paul, with a large corps of inspectors for
the stock received at that important market. Two
departments of the United States Engineer Service
have their headquarters here. When the garrison at
Fort Snelling is at full strength the total annual disbursement on Army account will be $850,000.


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46458'
1—S.Doc.485,63-2-21

321

Since the business of the banks is coterminous with
the postal service, on which so large a part of the credit
system depends, a fair conception of the importance
of the territory served from St. Paul may be had by
remembering that the tenth division of the Railway
Mail Service, with headquarters here, embraces the
States of Minnesota, northern Michigan, Wisconsin,
North and South Dakota, with jurisdiction also over
mail service on lines extending into Montana, Iowa,
and Nebraska. This sweeps in territory from Sault
Ste. Marie on the east, Chicago on the southeast,
Omaha on the south, and Rapid City on the southwest, westward along the lines of the four northern
transcontinental systems. To the whole of this St.
Paul has the relation of a commercial center. The
total route mileage, or miles of lines over which mail
cars ran, at the end of the fiscal year was 26,306, the
total annual mileage 42,037,691, and the total number of mail clerks, including officials, at the present
time is 1,722.
Without going into detail, the records show that 24
Federal offices, all, excepting the several agencies of the
Department of Justice, representing distinct Federal
governmental functions, are centered in St. Paul.
Their activities radiate from this point in all directions
from the Upper Peninsula of Michigan to the Pacific
coast. All of these branches of the Government's
work require large funds for disbursements, and many
of them take in large receipts. The total list of
Federal officials and employees in St. Paul, and under
jurisdiction of the Federal headquarters in St. Paul,
including the Army, numbers 5,802 persons. It would
be tedious to give the separate items of their balance
sheets, any or all of which can be furnished if desired.
It is sufficient to state here that the receipts and
disbursements of the St. Paul post office each range
from $4,000,000 to $4,500,000 annually. Of the other
Federal offices, 13 do not collect any money,but receive
from the Government an annual total of $1,571,968.74
for expenditures. This, added to the internal revenue,
customs, and miscellaneous receipts, makes a total of
$6,377,078.78. Add the receipts and disbursements of
the post office, and the total amount of Government
money handled in St. Paul annually is above $16,000,000, and constantly growing. The increase in postal
receipts iii the 10 years from 1904 to 1914 was 92.9 per
cent. The *money orders issued are well above a million and a half yearly, the money orders paid over two
millions and a half. The St. Paul Postal Savings
Bank has had high rank from the beginning. Its net
deposits on January 1, 1914, were $789,407.
All of the above is exclusively Federal money taken
in and paid outin the course of transacting the Government's business. It may be added as a not unimportant detail in the establishment of the proposed Federal
institution that there are now three large public

322

LOCATION OF RESERVE DISTRICTS.

buildings in St. Paul owned by the United States
Government in which a regional reserve bank can be
accommodated without requiring the expenditure of
any money for construction.
RAILROAD BUSINESS AND CONNECTIONS.

The development of railroads in the Northwest
States is one of the chief factors of their past growth,the
surest guaranty of their future progress, and an indispensable aid in binding them together as a unit for
banking purposes. In 1880 the seven States above
mentioned had 5,485 miles of railroad; in 1910 they
had 30,363 miles; in the last 10 years their increase
in mileage was 41.66 per cent, as compared with 24.34
per cent for the United States. St. Paul was the
terminal of the first railroad built in Minnesota, and
it remains the actual or potential terminal of the 10
railroad systems that now enter the city. These 10
systems had an aggregate mileage of 56,768 miles in
October, 1913. Three of these systems have their
general offices here. St. Paul is the acknowledged
railroad center for the whole northwestern country.
Upward of 10,000,000 passengers pass through its
Union Depot every year.
The Minnesota Transfer, located in St. Paul, is the
freight clearing house for business extending from the
Mississippi River to the Pacific coast and for a very
large volume of business to the east and south. In
1913 the cars handled at the Minnesota Transfer numbered 709,127 and the tonnage represented was almost
10,000,000 tons. From 1904 to 1913 the increase in
the business was 70.7 per cent. The Transfer yards
contain 91.77 miles of track, and besides the distribution of through freight cars, all of which takes place
here, they serve 110 local industries which have
trackage connections.
To the financial importance of a business of this
magnitude and its need of home banking accommodations is added the abundance and best of communication with the whole northwestern territory. The
number of trains carrying mail cars which arrive here
daily is 64 and the number departing is 65. Two fast
mail trains, handling mail exclusively, arrive and two
depart daily from St. Paul. The Great Northern
special fast mail trains make the run from St. Paul
to Seattle, a distance of 1,814 miles, in 47 hours and
30 minutes, as compared with 50 hours and,35 minutes
for the fast mail over the Union and Southern Pacific
from Omaha to San Francisco. This Great Northern
transcontinental mail train is the fastest long-distance
train in the world. The through time schedule shows
how quickly all.intermediate points are served.
An average of 340 passenger trains operating in and
out of the St. Paul Union Depot daily give abundant
mail communication with every part of the territory.
This service has grown up naturally in answer to the


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demands of the West, and through it business connections which could not be disturbed without loss to
all parties have linked together the several communities of this territory from St. Paul to the Pacific
coast. Their sentiment in this matter has been doubtless made more or less familiar to you by direct expression. As mere incidental evidence of it you may
be reminded here that the banks of a city so far distant
as Butte, Mont., in reply to a request that they ally
themselves with Seattle, Spokane, or Portland in the
request for a regional reserve bank, replied that all
their business connections were with St. Paul and that
they prefrered to be represented here. It is not less
significant in another way that Duluth, the third city
in size in the Northwest, and of particular importance
in a commercial'sense as the entrepOt of the enormous
trade of the Great Lakes, expresses its opinion on the
whole subject in the following language, quoted from
the editorial columns of the Duluth News Tribune:
That the Northwest should have one of these banks should be conclusive without argument. Its development in the last 20 years
has been phenomenal. It is finding itself rapidly and potentially.
In its resources, its natural wealth, and its human energies it is the
greatest region of all the States. It should be conceded one of these
eight banks without question; and,all things considered, we believe
this should be located at St. Paul.
MANUFACTURING AND JOBBING.

It is a matter for regret that no accurate statistics
have been kept from year to year of the volume of
the jobbing trade in the Northwest. It is, however,
a fact well known even outside this region, and unquestioned within it, that St. Paul is its jobbing center. It has been the controlling point of the wholesale trade as long as it has been the railroad center,
and for a similar reason. Its houses send their representatives and sell their goods all through the territory to the shores of Puget Sound. The most reliable
estimate of the total trade in round numbers is
$400,000,000.
While the activity of a community in manufacturing is usually in proportion to its age, the Northwest
is making great progress in that particular, having
just reached the stage of growth where it is practicable
to make at a profit a large share of the products formerly brought from points farther east. A reference to
the census report on manufactures establishes this law,
and exhibits the remarkable percentage of increase
in the manufacturing business of the Northwest. The
total value of manufactures in the five States at the
last census was $542,100,000; and in the seven States,
$855,851,000. St. Paul's manufactures are tenth in
the country in their gain in number of wage earners,
and tied for fourteenth place in gain in value of products. The increase between 1904 and 1909 in wage
earners in St. Paul was 34.6 per cent, and in value of
products, 53.9 per cent.

ST. PAUL, MINNESOTA.
BANKING

AND

THE

CHANGE

IN

AGRICULTURE.

Having in view not only the business at present
centered in St. Paul but its probable future increase,
and the changes in its distribution, probably nothing
is more impressive than its position as a live-stock
market. The Northwest is primarily and must always
remain, first of all, an agricultural region. Large and
varied as are its mineral resources, at the head of Lake
Superior and in the Rocky Mountains, and its lumber
supply, the extent of fertile, arable land is so large and
its productiveness so remarkable that primary and
secondary products of the earth will always constitute
its greatest source of wealth and the basis and measure
of its financial transactions.
No law is better established than that which decrees
a change from wheat production to a more diversified
industry, and especially to the raising of live stock, as
a region advances in years. Agriculture becomes
more profitable by becoming more intensive. This
means not only the substitution of farms for grazing
land, but the growing of more live stock on farms. A
considerable portion of the land previously used for
wheat raising is devoted to the raising of coarse grains
and fodder crops for the feeding of live stock, which
is immensely more profitable. The United States
census reports show a decrease of 15.8 per cent in the
total wheat acreage from 1899 to 1909. This decrease
took place in the older States. While there was a very
large increase in North Dakota, Montana, Idaho, and
Washington, the area fell off 50.18 per cent in Minnesota, 19.5 per cent in South Dakota, and 12.6 per cent
in Oregon, these States being older and therefore following the law just stated. The same process is shown
in a corresponding decrease of 48.2 per cent in the State
of New York, 58.3 per cent in Michigan, 43 per cent in
Ohio, and 74.8 per cent in Wisconsin. The day of the
supremacy of wheat raising in the Northwest has
passed. The wheat product, wheat receipts at primary markets, and all commercial and financial transactions based on wheat growing must progressively
decline.
The substitution of live stock products for the leading cereal is proceeding more rapidly in the Northwest
than anywhere else. In the United States the number
of all cattle on farms decreased 5,915,544 in the 10
years between 1900 and 1910; but in the five Northwestern States the number increased 615,947, and in
the seven States 648,096. Such a showing is possible
only on the basis of a pronounced and permanent
movement toward a change in the agricultural methods
that has been proved economically desirable. It is
just as significant that the entire increase in the value
of all cattle on farms in the United States in 10 years
is identical with the increase made in these seven
States. Out of the twenty-four million odd dollarsfor
the whole country, more than $19,000,000 of the increase were in the first five States. One-ninth of the


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Federal Reserve Bank of St. Louis

323

entire increase of the value of all swine on farms took
place in the same States. Nothing was more clearly
brought out in the discussion in Congress on the terms
of the currency law, and in the organization of your
honorable committee, than the purpose to consult the
interests of the farmer. Even if it were decided that
only eight such banks should be established, the
Northwest in this particular is clearly entitled to one,
and it will now be shown that on this basis St. Paul is
entitled to that one.
ST. PAUL AS A LIVE-STOCK MARKET.

The South St. Paul live-stock market has become
one of the greatest in the country, and in its growth
from year to year it has really no rival. All the western markets showed a decrease in cattle receipts for
1913 compared with 1912 except South St. Paul and
Kansas City. In hog receipts South St. Paul showed
an increase of 27 per cent, three times the combined
percentage of gains in all other markets. In sheep
receipts South St. Paul was second only to Omaha.
Both in absolute importance and in relative growth
the South St. Paul stock market is one of the most
important in the country. These live-stock receipts
are distributed over all the States of the Northwest,
more than 500,000 sheep coming from Montana alone.
South St. Paul is by no means a feeding or transfer
station for stock on the way to Chicago, as practically
all calves, hogs, and horses, 92.5 per cent of the cattle
and 50 per cent of the sheep received there are also
sold there.
This is also a stocker and feeder market. Much of
the live stock received is returned to the country to
be fattened. More than one-half of the 531,000 head
of cattle and calves received last year were bought
for that purpose. This demands excellent banking
facilities. Some of the farmers who come to that
market to buy live stock have money, but many of
them require to be financed.
Here enters an important relation of the live-stock
market to the financial interests and the financial
facilities centered in St. Paul. A great loan business
to aid the live-stock trade has been built up quietly.
It will require enormous expansion to meet future demands. The loans outstanding made in South St.
Paul to farmers throughout the Northwest' on live
stock being prepared for market amount to $4,500,000.
These loans were made by 2 banks, 1 cattle loan company, 20 commission houses, and 15 brokers located
in South St. Paul. The total loans for the year aggregated $7,500,000. Capital so employed turns over
quickly, and large credit resources are required. These
loans were scattered through the States from the
Mississippi River to the Rocky Mountains, including
Iowa. It is estimated that $800,000 of South St.
Paul money was loaned in this way in Montana. A
conservative estimate of the total amount of money

324

LOCATION OF RESERVE DISTRICTS.

paid out for live stock in St. Paul during 1913 is
$40,000,000.
This item of the commercial and financial interests
grouped in St. Paul has been treated in some detail
for two reasons. It is not generally known to the
public. It is only a beginning. Measured in dollars,
it will become within a very few years probably the
most important single interest in the Northwest;
measured in value to the agricultural interest of the
country, it can not be overestimated; measured in
terms of finance, as related to the purpose contemplated in the passage of the new currency act, it is a
powerful argument for the erection of the Northwest
into a distinct district, and the establishment of a
regional reserve bank at St. Paul.
CONCLUSION.

It would be easy to add to the foregoing a very large
amount of facts and statistics bearing on both these
questions. But the purpose of this statement is not
to encumber the committee with details, but to draw


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the broad lines of the natural argument for a northwestern reserve district, centering naturally at St.
Paul. The facts presented seem to warrant that
arrangement; and, should any others be desired upon
any topic not covered here, or should any documentary
proof be called for of any of the statements contained
herein, either will be furnished with pleasure. The
bankers and business men of St. Paul, speaking for
themselves and for the bankers, the business men,
the farmers—for the whole people of this section,
which is naturally just coming into its full development and prosperity, and which looks to St. Paul as its
capital in a commercial and financial sense as truly
as it is the political capital of Minnesota, the leading
Commonwealth of the Northwest—respectfully request
the establishment of such a district, with boundaries
such as shall seem best to you to establish in view of
the whole of the great task that has been committed
to your hands, and for the location in St. Paul of one
of the regional reserve banks which will minister so
powerfully to that district's future growth.


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SAVANNAH, GA.

325


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SAVANNAH, GA.
E BANK OF THE
L
WHY SAVANNAH SHOULD BE SELECTED AS LOCATION FOR FEDERA RESERV
SOUTHEAST.
of
By JOSEPH F. GRAY, executive officer, Savannah Chamber Commerce.
TERRITORY SELECTED.

The territory selected by Savannah to be served
by a Federal reserve bank comprises Georgia, Florida,
Alabama, South Carolina, and North Carolina.
Map a introduced at the hearing shows the railway
transportation facilities of the States named and the
coastwise steamship facilities of the South Atlantic
seaports and the Gulf ports in Florida and Alabama.
It shows also the ports of the United Kingdom and
Continent of Europe with which Savannah has direct
communication by freight steamships. Savannah, of
all the important ports of the Atlantic coast, lies
farthest westward, and is, therefore, closet to the heart
of this continent. It is on the western rim of the great
curve of the South Atlantic shore.
Savannah's geographical location, together with the
facilities afforded by trunk-line railways, enable her to
offset the apparent noncentrality of location with relation to the territory selected for the Federal reserve
bank. Whether two banks doing business with one another are 50 miles or 300 miles apart,the handling of the
"
mails is what you might call an"overnight or 12-hour
at the hearing
proposition. Statement introduced
shows distances from Savannah in hours to the principal cities in the selected territory. Savannah is within
12 hours,or overnight mail distance,of all the territory
selected, with the exception of a few points on the
frontiers-13 to 18 hours away. Savannah isin about
as easy reach of the territory as any other city in it.
Under the law, in order for this southeast section to
have one of the banks, the territory to be served
must embrace several States.
Within the section named is available the minimum
capitalization required. The combined capital and
surplus of the national banks of Georgia, Florida,
Alabama, South Carolina, and North Carolina on
June 14, 1912, was $66,686,116, 6 per cent of which
would more than exceed the $4,000,000 minimum
capitalization required by the law. The total resources—capital, surplus, and deposits—of the State
banks of Georgia, Florida, Alabama, South Carolina,
and North Carolina are about $450,000,000.


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a Not printed.

The overwhelmingly chief industry of the Southeast
is and will always be agriculture. The largest percentage of its population is engaged in agricultural
pursuits. The territory selected gives as well-balanced
a section from the standpoint of varied industries as
can be found in the entire South.
COMMERCE OF TERRITORY SELECTED.

The second map introduced at the hearing shows the
basic commerce of the territory selected, chiefly cotton, lumber, and naval stores, in the order named.
Below the red line on this map are produced about
7,500,000 bales of cotton, valued at about $475,000,000.
Below the black line are produced naval stores to the
aggregate value of about $35,000,000.
Below the blue line are produced approximately
6,500,000,000 feet of lumber, valued at about
$120,000,000.
• North Carolina.—The bulk of North Carolina's commerce,in and out, is with the North and East and with
foreign countries. The largest volume of it is handled
through the ports of Norfolk and Wilmington. Strange
as it may seem, however, Savannah gets some cotton
from North Carolina. Neither Wilmington nor Norfolk are comparable with Savannah in exports.
South Carolina.—South Carolina's commerce,in and
out, is with the North and East and abroad, and the
largest volume of it is handled through the ports.
The northern part of South Carolina is doubtless
served by the ports of Norfolk and Wilmington, while
Savannah divides with Charleston the commerce of the
lower half of South Carolina. In exports Charleston
does not compare with Savannah.
Florida.—Florida's cotton crop is confined chiefly to
sea-island, a large part of which is marketed at Savannah, where the larger percentage of the entire crop
of sea-island cotton of the United States is marketed.
Notwithstanding Florida produces the naval stores of
the Southeast, this important crop is marketed through
Savannah, for the reason that Savannah is still the
primary naval stores market of the world and fixes the
prices on naval stores for all the world. Savannah is
the second cotton port of the United States, and by
327

328

LOCATION OF RESERVE DISTRICTS.

reason of this fact is prepared to furnish the tonnage
THE PORT OF SAVANNAH.
for Florida's naval stores, and therefore Savannah
While it is true that a part of this commerce move
controls the exports of naval stores from Florida.
s
The commerce of Florida is largely inbound and through the ports of Norfolk and Charleston, the
outbound, with the North and East and foreign, and overwhelming volume of it is handled through the
moves through the ports of Jacksonville, Tampa, ports of Savannah and Brunswick. With her magPensacola, and Savannah. Florida's fruit and truck nificent fleet of coastwise steamships, and with
her
crops move out largely north by rail. This movement direct freight steamships plying between Savannah
to the great cities of the North and East is much larger and the ports of the United Kingdom and the Continent of Europe, and not infrequently with the ports
than to the West.
The peculiar outline of Florida—peninsular in form— of Latin America and the Orient, Savannah has built
which confines Jacksonville's activities largely to the up an export business which on June 30, 1912, aggre
State of Florida, and Savannah's location on the high- gated over $104,000,000, and which places Savannah
way between the North and East and Florida, make among the ports of the Atlantic in the matter of exports, next to New York, and among the entire ports
Savannah the logical point to serve Florida, and
we
believe that our Florida friends will, upon reflection, of the United States Savannah ranks fourth in expor
ts.
The figures given do not include exports movi
agree with us in this view.
ng
The exports of any or all of the ports of Florida are through Savannah indirect via the eastern ports of
New York, Boston, Baltimore, and Philadelphia,
considerably less than those of Savannah.
for
Alabama.—I am satisfied it will be found, upon which credit is not given Savannah in the Government statistics. Nor do these figures include any
analysis, that the bulk of Alabama's commerce is
of
also
the domestic commerce moving through Savannah
with the North, East, and foreign. This commerce
is
between the Southeast and the North and East.
divided between the Gulf ports of New Orleans, Mobil
e,
Savannah receives cotton from not only Georg
and Pensacola, and the Atlantic ports of Savannah
ia,
,
Florida, Alabama, North Carolina, and South CaroCharleston, and possibly Norfolk. I have no figur
es
to show to what extent Savannah handles the com- lina, but from Arkansas, Oklahoma, Mississippi,
Tennessee, and even as far west as Texas.
merce of Alabama, but I do know that Savannah
gets
Of the entire section selected by Savannah as
a world of cotton from Alabama—Montgomery, Opethe
region to be served by a Federal reserve bank, with
lika, Eufaula, Andalusia, Columbia, Dothan, Ozark
,
headquarters at Savannah—
Troy, etc.
(1) Georgia is the most important not only from the
Cotton seeks the port where tonnage is available.
standpoint of basic commerce, but practically in
Savannah supplies the tonnage.
every
other respect.
The exports of Mobile, Alabama's chief port,
are not
(2) Savannah as a port handles for the section
comparable with those of Savannah.
a
larger volume not only of the basic commerce
The statement has been made to me in writi
, but
ng by
commerce of every other kind, than any other
a fertilizer agency's company of Savannah that
port
practhat serves the section, and really more than most
tically 50 per cent of the foreign fertilizer
of
materials
the other ports combined.
used in Alabama moves through the port of Sava
nnah.
(3) Savannah through her banks, her cotton and
Georgia.—Agriculture is. Georgia's principal
indusnaval-stores factors, her lumber merchants, her fertitry, employing three-fifths of her population
, and
lizer manufacturers, and her business men gener
cotton is her chief crop. Georgia, in cotton,
ally
is away
does more than any other port that serves the secti
ahead of any of the other States named. In
on
lumber
products Georgia ranks only fourth, the lumber indus
or than any other individual city located in the
sectry having moved largely to Florida and Alab
tion to finance the making and marketing of the
basic
ama.
In this connection, however, it might be state
commerce of the section.
d that
there is a very large acreage of hardwood
The financing of cotton, lumber, and naval store
timber in
s
northeast Georgia, which must soon be cut
and other commerce—exports and domestic, and
and find
imits way to the markets of the world. In naval
stores ports passing through the port of Savannah, in and
Georgia ranks next to Florida. I have alrea
dy ex- out—is done in many varied ways—by the banks in
plained that while Florida produces the naval
stores shipments of currency and loans to interior banks and
crop, Georgia's port, Savannah, finances and
mar- individuals,in purchases and sales of domestic and forkets it. In capital invested in cotton mills,
Georgia eign exchange, loans to factors (cotton, naval-stores,
ranks third. In cotton oil mills products
Georgia and lumber) and fertilizer manufacturers, and by
the
ranks first. In expenditures for fertilizers
Georgia is factors in capital invested and in money borro
wed,
overwhelmingly ahead of any of the other four
States. which is advanced to the producers, and by expor
ters
Georgia' commerce is very much more large
p
ly with through credit established for them in the
interior by
the North and East and foreign than it is
with the the Savannah banks, or through loans
or banking faWest.
cilities, and by the fertilizer manufacturers in
capital


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SAVANNAH, GEORGIA.

invested and in the value of annual output, which is
sold to the producers on time, to be paid for when the
crop is marketed.
Savannah's cotton receipts, using the figures for
1911-12 (1913 being a short crop year) were 2,392,181
bales. The value of this cotton at this year's prices,
approximately $70 a bale, is in round figures $168,000,000. We know that Savannah financed either
with actual cash or credit or otherwise the largest part
of the money needed to make and market this cotton.
Savannah's fertilizer manufacturers do more than
any interior bank or city, or probably many of them
combined, to finance the cotton crop. I am reliably
informed it is a fact that Savannah manufactures not
only more fertilizers than any port or city in the
South, but more fertilizers than is manufactured at
any other one point in the world, with the possible
exception of Baltimore. The aggregate capacity of
her fertilizer factories is approximately 450,000 tons
annually, which at $25 per ton gives a value of
$11,250,000, large figures when it is considered that
the total expenditures for fertilizers in Georgia,
South Carolina, North Carolina, Alabama, and Florida
aggregate about $68,000,000. Apparently Savannah
furnishes and finances more than one-sixth of the
fertilizers used in the entire section, and these figures
do not include large imports of fertilizers that move
through the port of Savannah direct to interior manufacturers.
The value of the naval stores crop which Savannah
finances annually is about $12,500,000,striking figures
when taken into consideration with the fact that the
aggregate naval stores production of North Carolina,
South Carolina, Georgia, Alabama, and Florida is a
little over $32,000,000. Savannah finances over onethird of the naval stores crop of the Southeast.
The purchases of domestic and foreign exchange by
Savannah banks aggregate about $250,000,000 annually.
The most satisfactory way, however, of determining
the extent to which Savannah finances the commerce
of this section is to consider her bank clearings. In
this connection it should be clearly understood that
in arriving at the figures given as the bank clearings
of Savannah at this time, $280,538,512 annually,
only local transactions between the banks in Savannah,
members of the clearing association, are included.
The out-of-town items are not included as is done in
Atlanta. In verification of this statement, attention
is called to the fact that in 1906 Atlanta arrived at
her bank clearings apparently in the same manner as
Savannah now computes hers, and that Atlanta's
bank clearings in 1906 Were $235,997,896 as against
Savannah's $242,524,626. It seems that in recent
years Atlanta adopted the practice of including outof-town items in her clearings. Savannah's clearings
at the present time, on the Atlanta basis—that is,


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329

out-of-town items included—would amount to
$903,825,796 annually. The difference between Savannah's clearings—not including out-of-town items,
approximately $280,000,000—and what Savannah's
clearings would be with out-of-town items included,
approximately $900,000,000, is $620,000,000, which
latter amount can be fairly considered as the aggregate
amount of money financed by Savannah in the making
and moving of the crops and other commerce of this
section.
Savannah's financial transactions are peculiar and
distinctive, and as they aggregate, as we have already
shown, more than the financial transactions of any
other city or any other port in this section, Savannah
is clearly entitled strictly on her merits to the Federal
reserve bank for this section.
It is at Savannah more than at any other port in
this section that the commerce of the section funnelizes, as it Were. It is at Savannah more than at
any other port or city in this section that this commerce
is financed. It is at Savannah that the physical pressure and the financial pressure of this commerce are
the strongest. It is at Savannah that exports meet
the ocean and imports meet the land. It is at Savannah that rail transportation and water transportation
unite for the handling of commerce of this section.
It is at this great funnel of commerce—Savannah—
that this magnificent financial power plant—the
Federal reserve bank—should be established.
The point may be made that the foreign commerce
of the Southeast should not be given as much weight
in the consideration of this matter as purely domestic
commerce. I have no way of determining just how the
aggregate of purely domestic commerce compares with
the aggregate of foreign commerce. I may be mistaken, but I think so far as the basic commerce is concerned, cotton, lumber, and naval stores, the aggregate
value of foreign business will exceed that of domestic
business. Be that as it may,it is all the same to the producers of this section whether it be domestic commerce
or foreign commerce, as it is all financed practically
in the same way. I am not hero to say that the purely
domestic commerce does not require large sums of
money, but it does not require that money in the same
way as the so-called foreign commerce. The manufacturer, the wholesaler, or the retailer is in a position
to determine his financial needs well in advance.
These needs are more or less stable and continuous
and uniform. Cotton, however, is a cash crop. It
is cash from the time it leaves the producer until it
gets to the Eastern mills or across the Atlantic.
When cotton begins to move, the money necessary
for its expeditious transportation must be forthcoming
at once. It is not an infrequent occurrence for
Savannah to receive in excess of $1,500,000 in cotton
drafts per day during the cotton movement. It is
not an infrequent occurrence for Savannah banks to

330

LOCATION OF RESERVE DISTRICTS.

have to wire New York from day to day to place vast
sums to their credit with which to move the crop.
When the market is dull the Savannah banks are
required to finance the cotton which accumulates at
the port awaiting renewed market activity.
Naval stores is also a cash crop as between factors
and exporters, and practically so between factors and
producers, the factors advancing money to the producers to make the crop and settling finally with the
producers immediately after sales have been made to
the exporters.
This law was designed primarily to promote commerce—basic commerce—that is, the products of the
soil, of the forests, and of the mines—the substructure,
as it were, of the wealth of this entire section—the
foundation upon which has been raised that superstructure which comprises our manufacturing, jobbing,
retailing, and other businesses. If we want to increase
the basic wealth of this section, we must devote our
energies and our money to the soil, the forests, and the
mines. Manufacturing and other industries will
naturally and inevitably take care of themselves, and
therefore do not have to be taken very much into
account in the establishment of Federal reserve banks.
It is an economic truth that the agricultural industry
is the measure of the banking interests of this southeastern section and that all other industries are of secondary importance. Should the question be raised
that in a very largely agricultural district a Federal
reserve bank would be active only a part of the year,
namely, during the periods covering the movement of
the crops, and that therefore the location of the bank
at a point where industries would be more varied,
securing more continuous activities for the bank,would
be preferable, the answer on the part of Savannah
would be that there is scarcely a day throughout the
entire year when large sums of money are not borrowed
either for producing the crops or moving them;Savannah is now borrowing from New York more largely for
the purposes mentioned than any other port or city in
the section. Under the changed conditions to be inaugurated by the new law Savannah will borrow from
the Federal bank, and naturally, because of the
reasons stated, Savannah feels that she should have
the headquarters bank for this section.
Savannah does not DOW loan money in every part of
the territory selected. Savannah does loan money,
however, largely in South Carolina, Georgia, Florida,
and Alabama. Savannah borrows greatly in order to
loan greatly, and this condition is a more or less continuous one throughout the year, for the purpose
either of making or marketing the products of this
section. Large borrowing is essential to the rapid and
expansive development of a distinctively agricultural
section.
That part of the Southeast naturally tributary to
Savannah is increasing in importance agriculturally
and every other way by leaps and bounds, and Sayan-


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nah's importance as a port is increasing proportionately therewith. Large as is the extent to which
Savannah finances the basic crops of this section at
present, she will be expected to do and must do vastly
more in the future.
With the rapidly developing agricultural and manufacturing importance of the section to be served by
this Federal reserve bank, and with the completion of
the Panama Canal and the bringing nearer commercially to this section of the countries of Latin America,
the establishment of passenger steamships between
Savannah and the ports of Europe and Latin America
can be easily foreseen. A Federal reserve bank located
at Savannah would then be in convenient and ready
communication with its branches in Europe and Latin
America.
In the entire section proposed to be served by the
Federal reserve bank at Savannah the trend of agricultural development is toward the coast and not
toward the mountain range, which extends from the
northeast toward the southwest, through the western
part of this section. It has been discovered that the
soils near the coast are suitable not only for the production of the staple brops—cotton, corn, etc.—but
also for truck crops. In the State of Georgia the
trend of population is toward the southern part of the
State, below a line drawn east and west through Macon.
What does this mean ? Simply that the not very distant future will see the larger part of the wealth of
the proposed Federal reserve bank region concentrated in the coastal section.
The National Government has recognized in a very
signal way the supreme commercial importance of the
port of Savannah in that it has expended nearly
$9,000,000 on the improvement of the Savannah
River and Harbor. For every dollar that has been
expended on the Savannah River and Harbor and
for every increased foot of depth of channel there
have been corresponding benefits in greater tonnage
capacity of vessels and reduced ocean freight rates,
which benefits have been participated in by all consumers in the vast territory tributary to the port of
Savannah. Commerce moves through the port of
Savannah as far west as the Rocky Mountains—
Pueblo, Denver, Colo., and Salt Lake City, Utah, etc.
The statement should not be omitted here that the
railway and steamship lines at Savannah have expended millions of dollars in providing magnificent
port terminals, that they have now under contemplation expenditures for improvements aggregating
over a half million dollars, and that these terminal
facilities have contributed very largely in attracting
to the port of Savannah a large part of the commerce
of the Southeast.
SUMMARY.

The section selected by Savannah is readily accessible to Savannah.

SAVANNAH, GEORGIA.

331

The trend of commerce from the entire section is to country as a whole, to promote commerce, particuand from the North and East and foreign through the larly basic commerce, which comprises chiefly the
products of the soil, the forests, and the mines.
ports.
Georgia's supreme commercial importance as com- . This committee is making a thoroughly conscienpared with the other States of the proposed section has tious effort to arrive at conclusions in the matter of
establishing these Federal reserve banks from a
been shown.
Savannah handles a larger volume of the commerce broadly patriotic standpoint, which, correctly interpreted, means a sound, economic standpoint.
of this section than any other port.
This committee will locate the reserve bank for this
Savannah handles a larger volume of financial
section at such a point and in such a city as will best
transactions based on the commerce of this section
enable that bank to subserve the public good, to meet
than any other port or city.
Savannah finances the commerce of this section to the economic necessities of the section.
Savannah is just such a place, and meets with
a larger extent than any other port or city. •
mathematical exactness the requirements of the
The purpose of the law is to do the greatest good
to the greatest number, to benefit the people of the situation.


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SEATTLE, WASH.


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SEATTLE, WASH.
BRIEF ON PACIFIC NORTHWEST.
By Seattle Chamber of Commerce and the Seattle Clearing House Association.

The Federal Reserve Bank Organization Committee,
Washington, D. C.
SIRS: The joint committee of the Seattle Clearing,
House Association and the Seattle Chamber of Commerce beg to submit the following summary of reasons
why a separate reserve district should be created for
the States of Washington, Oregon, Idaho, and western
Montana, with a Federal reserve bank located at
Seattle.
I.
The basic reasons for the creation of a separate
Northwest reserve bank district are certain physical,
geographical, and commercial conditions. These three
fundamentals have created the.clearest natural line of
cleavage between the Northwestern and the Southwestern groups of States to be found anywhere in this
country.
The Potomac River is the only other group and
trade boundary that can be compared with the southern line of Oregon and Idaho; and the Potomac can not
begin to compare with this latter isolated line as to the
small volume of commerce crossing it. The more
important fact is that while the percentage of commerce north and south of the Potomac which crosses
that dividing line is increasing, that of the Northwestern and Southwestern groups of States of the
Pacific coast is decreasing.
To find the reasons for the clear-cut separation of
the two Pacific coast groups of States, it is only necessary to examine a few controlling physical features
and to consult an atlas.
The Southwest States have their great world outlet
at San Francisco Bay, with an undeveloped harbor
at San Diego and a limited harbor at Los Angeles.
The Northwest group have, in the Columbia River, an
already developed world port, although restricted as
to depth and by its yet uncontrolled shifting bar.
The great world outlet of the Northwest group is
Puget Sound, which is unrestricted as to depth and
area, and contains the greatest group of natural
harbors in the world. Seattle alone, with completion
of the Lake Washington Canal in 1914, will have over
100 miles of dock frontage. To this we will merely


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add the statement made by the Chamber of Commerce of the United States, in August last, as follows:
The most colossal change in the import and export history of the
United States has, in the past two decades, centered about Puget
Sound.

Ten separate transcontinental railway tracks and
systems serve the Pacific Coast States. Five of these
systems serve the Southwestern group and five the
Northwestern States. Only one single-track railroad
connects these two groups.
The proportion of 1 railroad line to 10 fairly represents the proportion of the interstate commerce between these two groups, as compared with their
trade with the great Central and Eastern States and
with foreign countries.
The coastwise trade between San Francisco and
Puget Sound is only a circumstance compared to that
on the Atlantic coast. When, in addition, we consider that there are three great trunk line railways
carrying traffic across the Potomac River, compared
with the one on the Pacific coast, it must be evident
that nowhere else in the United States have nature,
geography, and the currents of commerce combined
to so clearly create the natural trade boundary between two adjacent groups of States; nowhere else is
a natural district boundary so clearly indicated.
The provision that districts shall be created "with
due regard to the convenience and customary course
of business," if regarded as controlling by your committee, would naturally preclude the joining of two
great geographical sections, only 10 per cent of whose
commerce and trade is mutual. Based on either
commerce or banking, there is five times as much
reason why we should be attached to a Chicago district as there is for forcing the Northwest into sa single
Pacific coast district.
While San Francisco generously claims to control
the foreign commerce of the Pacific coast, the answer
of Federal Government records makes that claim
absurd.
The total foreign commerce of San Francisco for
1913 was $128,523,000, while that of Puget Sound
was over 88 per cent of this sum, or $114,022,000.
335

336

LOCATION OF RESERVE DISTRICTS.

The foreign commerce of Puget Sound and the Columbia River together exceeded that of San Francisco
in 1913 by over $1,500,000. Federal statistics show
that the clearance of net tonnage engaged in foreign
trade from San Francisco for the fiscal year 1912-13
was 1,270,736. For the same year the net foreign
tonnage clearing from Puget Sound was 3,058,504.
Moreover, the increase in Puget Sound foreign commerce from 1902 to 1912 was 124 per cent, while San
Francisco's increase in the same period was only 48
per cent. At this rate of increase Puget Sound will
within three years surpass San Francisco.
One of the controlling reasons for this great increase
is that the distance from Chicago to Yokohama, via
Puget Sound and the great circle route, is 1,285 miles
less than that through San Francisco, following her
steamers' customary route via Honolulu to the Orient.
These facts confirm the declarations of all the big
shipping lines that Puget Sound will soon be the chief
foreign port of the Pacific coast.
Nature has created and the lines of commerce support these two world outlets on our western coast.
It would seem proper that the regional bank divisions
created by your committee should relate themselves
normally with this great natural division, rather than
to .create an abnormally related district, tending to
make one overshadowing financial center on the
Pacific such as is New York on the Atlantic coast.

We believe that in order to carry out the spirit and
intent of the Federal reserve act it will be necessary
for your organization committee to create not less
than 10 Federal reserve districts. This will be found
necessary unless you are to radically divert the present
currents of commerce and banking.
We maintain that when any district or group of
States are found to constitute a separate natural district, such as these four Northwestern States, that district should be created irrespective of the amount of
national banking capital immediately available.
Whatever the particular reason may have been for
inserting the provisions of section 2, it would at least
seem clear that if any such natural district is found
temporarily deficient in capital, your organization
committee is fully authorized to allot to the United.
States such an amount of stock for that district as
shall bring it up to the required minimum. And we
have no hesitation in declaring that such action on
your part to create a separate Northwest regional
bank district would most normally and properly relate
the banking operations of this great and separate section of the country to that of the reserve system as an
interrelated whole. The deficit in capital for a Northwest district, if any, would be small, as many responsi7
ble citizens stand ready to subscribe for stock if a
reserve bank is located on Puget Sound.


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There are certain particular reasons why branch
banks in 'the Northwest would not serve this region
as well as a separate regional bank.
•
One special reason is found in the evident intent of
Congress to have the reserve banks specially care for
foreign commerce, as indicated by section 13 and
other parts of the act. We maintain that this could
be better done by a smaller regional bank located at
the chief outlet of foreign comriferce in the Northwest
than by a branch of a San Francisco bank.
Among the many reasons for this conclusion we
shall cite only the following:
A branch bank in Seattle would practically have
available only the reserve funds of its immediate
vicinity. California having the same general seasonal
requirements as the Northwest, would not be able to
give us any additional funds at the time we would
require them; on the other hand, as a separate reserve
district, we could normally and properly exchange
rediscounts with a more powerful district, such as Chicago, whose seasonal requirements would vary from
those of our own.
In view of the importance, repeatedly emphasized
by your committee, of the value of a normal and
habitual exchange of rediscounts, we believe it will
appeal to your committee as desirable that the several
reserve banks should have a more or less constant
rediscount movement flowing from one reserve center
to another, in accordance with seasonal requirements.
This would seem highly important for the additional
reason that such rediscounts from one reserve bank
to another could not then be taken as meaning financial stringency in any menacing sense, nor become
the occasion for financial alarm and disturbance of
business conditions, as they certainly would if there
were no custom of rediscounting between reserve
banks.
If it be true that the Northwest would be better
served by being made part of a larger bank at San
Francisco, then the New York bankers were correct
in saying that the district bank to be established in
that city should have at least one-half of the entire
capital of the reserve bank system of the country; in
fact, to carry that principle to its logical conclusion,
the New York bankers must have been correct in asking for a single bank with branches throughout the
country.
However, Congress has created instead a system of
regional banks, on the theory that each general business district should constitute a separate reserve
district; and the West believes that is the proper
system. It should, however, be clear to your committee that the Northwest States, unless permitted to
form a separate district, will be more poorly served
than if we were given branches of a single bank in New
York City.

SEATTLE, WASHINGTON.

337

six hours from New York. It is for the same
Some additional reasons why Northwest branches of distant
separate district is planned for St. Louis,
a San Francisco bank will not serve this district as well reason that a
only a night's run from Chicago.
as a separate reserve bank, are found in the fact that. although it is
Presumably both of these reasons would apply to
the actual controlling and managing directors of every
creation of a separate district surrounding Atlanta,
reserve bank must necessarily live within one night's the
though that district, like our own, might be sometravel of its main office. If, for example, a resident even
of the required capital.
of either Seattle or Spokane were chosen as a director what short
We believe your committee will recognize that both
in the San Francisco reserve bank, and he should leave
reasons apply with special force to a Northwest
his home every Monday by the fastest train, spend these
t. From the standpoint of actual mail service,
one day in the bank at San Francisco and return by distric
e and Spokane are as distant from San Francisco
the fastest train, he could have only Saturday of each Seattl
are St. Paul, Omaha,Kansas City, and New Orleans
week for contact with bankers and business men in as
distant from New York.
his own vicinity; in other words, one-sixth of his
We maintain that to place the Northwest States in a
business time would be given to the reserve bank,
Francisco district, in the absence of a reasonable
one-sixth to keeping in touch with the section he San
degree of commercial identity, and with so much of
specially represents, and four-sixths to rail travel.
remoteness and delay in communication, would be in
This practically means that the San Francisco bank
violation of the spirit and intent of the Federal
must be actually managed by residents of San Frand in reserve act.
cisco. On the contrary, a reserve bank locate
In all the Western States the trend of business and of
ng in
Seattle could have directors conveniently residi
it is banking connections is east and west and not north and
Portland, Spokane, and Tacoma, inasmuch as
south. It must follow, therefore, that a separate
only one night's travel from any one city to the other.
par- Northwest reserve bank, having its own rediscount
Other reasons why a branch bank, under the
relations with larger reserve banks in the East and
ticular conditions existing on the Pacific coast, would
power to apply for Federal reserve notes in
not be satisfactory are that the directors of each with
are accordance with the particular needs of the Northbranch are not selected by the local banks, but
l west, would much better serve this district than could
chosen wholly by the reserve bank and the Federa
insti- any mere branches of a San Francisco bank.
Reserve Board. In other words,it is not a local
tution, but is distinctly a branch of the central bank,
V.
which exercises absolute control. Under our condiown
tions here, a Seattle branch would have only its
Concerning Alaska, we merely desire to add that 72
accumulation of reserve funds, and even that would per centof the commerce of that Territoryflows through
be controlled by directors appointed by and respon- Puget Sound. The development of Alaska, by means
sible to the San Francisco board.
of railroad, mining, and similar constructive policies of
It is to be particularly noted that only Federal the present administration, will open for settlement a
reserve banks may apply for Federal reserve notes, territory equal to one-fifth of the continental United
and that branch banks are not permitted to apply. States, and capable of supporting a population larger
It is certain that with the lack of common banking and than that of Norway,Sweden,and Denmark combined.
commercial interests between the Northwest and Cali- It would seem clear that this great empire, whose entire
fornia any action of the San Francisco bank for or passenger and mail service is from Puget Sound, will
against the taking out of Federal reserve notes would best be served by a regional bank at this point rather
be governed by her own needs and conveniences, and than in San Francisco.
not by the wishes of her Northwest branches. We are
VI.
lacking in the identity of commercial interests necessary to protect us in any special needs that may arise
We have already filed with your committee an
in this separate part of the country.
album of maps and compiled statements showing in
IV.
part the great volume of agriculture, manufacturing,
commerce, and banking in the Northwest.
There are apparently two principal bases for the
We believe you recognize that the rate of increase
creation of separate reserve districts; one of these is
here will be tremendously rapid, and will within a few
geographical distance and convenience of service, the
at most make it imperative that a separate
other is separate commercial groupings or natural years
Northwest district be formed.
divisions of trade and banking. It is because of this
Because the attaching of the Northwest and San
latter reason that New England can be properly made
sco would be an unnatural diversion of our
a separate regional district, although Boston is only Franci


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

46458°—S.Doc.485,63-2-22

338

LOCATION OF RESERVE DISTRICTS.

banking connections, it would necessarily create new
and abnormal banking channels, making more difficult
our final separation as a new reserve district.
We therefore believe it will appeal to you as more
logical, far-sighted, and statesmanlike to establish the
Federal reserve system in the Northwest,from its very
beginning, on the only basis that could receive any
thoughtful approval a few years from now, viz, a district consisting of the States of Washington, Oregon,
Idaho, and western Montana, with a bank located at

their natural outlet and commercial center on Puget
Sound.
Respectfully submitted.
M. F. BACKUS,
GEORGE DONWORTH,
J. C. BANGLER,
N. H. LATIMER,
GEO. McK. MCCLELLAN,
Joint Committee for the Seattle Clearing House Association and the Seattle Chamber of Commerce.

STATISTICAL TABLES-PACIFIC NORTHWEST AND PUGET SOUND.
(Prepared for Reserve Bank Organization Committee by Seattle Chamber of
Commerce and Seattle Clearing House Association.)
AGRICULTURE.
ALASKA.
Distribution of
farming.
Steamship lines to Alaska.
[United States census, 1910.]
Areas.

Number
of farms.

Subdivisions.

Sq. m.
15,601 Puget Sound counties
8,930 Balance western Washington (outside Puget Sound counties)
All western Washington
29,4.57 Western Oregon
Washington and Oregon (west of
Cascade Mountains)
12,113 Central Washington
All western and central Washington
plus western Oregon
325,897 Balance Pacific Northwest district

16,698

Value of
productions.

Value of
farms.

$128,364,262 $12,391,085

7,235
23,933
30,842

95,973,935
174,338,197
308,369,989

54,775
7,514

482,707,686 95,038,028
103,645,640 9,123,959

4,776,364
17,167,949
27,870,579

62,289 586,353,326 59,161,982
96,426 1,232,579,822 137,878,216

Vessels
operated.

Company.

Alaska Steamship Co..
Pacific Coast Steamship Co
Humboldt Steamship Co
Northland Steamship Co
W F.Swan dz. Co
Pacific Alaska Navigation Co
Canadian Pacific Railway (out of Vancouver, British Columbia)

13
3

1
1

2
3
3

Total

26

Number of sailings per annum to Alaska,r
-s.
NOTE.
-In summer months E. J. Dodd Steamship Co. operate an
occasional
boat, but not at regular times.

Farming.
Comparison of Puget Sound with whole Pacific coast trade, not
including gold, year ending June 80, 1913.

[From United States census.]

State.

Washington
Oregon
Idaho
Montana

Rate
NumValue of
Value of
of inber of
farm
roduc- Number of crease,
farms,
acres,1909roperty,
1909. tfon,190
9.1D09.
1900.
56,192
45,502
30,807
26,214

$78,927,053
49,040,725
34,357,851
29,714,563

Rate
of increase,
1899_
1900.

11,712,235
11,685,110
5,283,604
13,545,603

37.8 $637,543,411
16.0 528,243,782
64.9 305,317, 185
14.4
347,828,770

342.6
205.8
353.9
195.1

Pacific Northwest district 158,715 192,040,192 42,226,552

25.6 1,818,933,148

262.9

Value of crops, etc.
Valuation of farm property.
Per cent
of increase.

State.
1900
Washington
Oregon

1910

149,040,597
172,761,287
67,271,202
117,859,823

637,543,411
528,293,782
305,317,185
347,828,770

342.6
205.8
353.9
195.1

501,932,859

1,818,933,148

262.4

Montana
Total

Total production.
State.

Per cent
of increase.

Number of farms.

1899
Washington
Oregon
Idaho
Montana
Total


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Federal Reserve Bank of St. Louis

1909

23,532,150
21,806,687
9,267,261
10,692,515

78,927,053
49,040,725
34,357,851
29,714,563

235.4
124.9
270.7
177.9

18,056 33,202
25,530 35,837
6,603 17,471
5,603 13,370

56,192
45,502
30,807
26,214

65,298,613 192,040,192

194.1

55,792 99,880

158,715

1890

1900

1910

[From Annual Summary of Commerce and Finance.

Imports from
Pacific coast
Puget Sound
Ratio of Puget Sound to whole Pacific coast
Exports to
Pacific coast
Puget Sound
Ratio of Puget Sound to whole Pacific coast
Total imports and exports:
Pacific coast
Puget Sound
Ratio of Puget Sound to whole Pacific coast

$20,179,547
$16,554,896
82
$24,014,556
$15,211,946
63. 34
$44,194,103
$31,766,842
71. 88

The above does notinclude gold, which is a large item in the commerce of Alaska. The United States assay office at Seatile is maintained for the purpose of accommodating the gold fields of
the
north, and the bullion received at that office affords an additiona
l
reason for Seattle being the location for a regional bank.
The only considerable item of Alaska commerce going elsewher
e
than to Puget Sound is fish. San Francisco still has a substanti
al
interest in the fisheries of the north, and some of the product
goes
to that port, and some of the supplies for fishing companies are
still
sent north from that port. Only a few years ago practically
all of
the Alaska fisheries were supervised, financed, and directed
from
San Francisco. The change which has come about is one
more
index of the shift of business, finance, and the lines of
trade, to
Puget Sound, notwithstanding the long-established custom
of
doing business with San Francisco.

339

SEATTLE, WASHINGTON.

Comparison between. Seattle, Tacoma, Seattle and Takoma, and
Portland and Spokane-Continued.

APPROPRIATIONS.
Comparison between total appropriations, Oregon and Washington.

BANKING-Continued.

[From United States Engineers.]

Oregon:
Mouth of Columbia River
Columbia and lower Willamette below Portland

Per cent of
Washington.

$12,143,424
3,380,365

Capital and
surplus.

Deposits.

15,523,789

Total
Washington:
Lake Washington Canal
Puget Sound and tributary waters

2,385,219
2,492,778

Puget Sound finan$126,538,468
cial zone

$19,231,748

Cacrital
CaPital
Depos- an Sllr- Depos- and Sllrits.
its,
plus.
plus.

62.08

4,877,997

Total

The total expended on Puget Sound harbors and rivers and Lake
Washington Canal will add to the port of Seattle approximately 100
miles of water front, nontidal, fresh-water harbor.
The Government has expended on the Columbia and Willamette
Rivers up to Portland $15,523,789 in an effort to maintain an open
harbor, to retain and foster commerce through that channel. In
the same period the Government has expended $4,877,997 on all the
rivers and harbors of Puget Sound, including Lake Washington
Canal, not yet completed or even in use.
BANKING.
Resources of all banks.

June 30,
1900.

Per cent
Per cent
Apr.28,1909. increase, June 4,1913. increase,
1909-1913.
1900-1909.

$41,564,915 $198,473,825
23,368,670 113,888,281
42,738,242
5,968,606
69,792,276
30,590,141

377.5 $249,180,293
387.3 163,392,993
51,434,591
614.3
108,103,409
128.1

25.5
43.5
20.3
54.9

Total Pacific
506,660,598 1,313,922,371
'
States .

159.3 1,823,328,335

56.61

Deposits.

Washington
Oregon
Idaho
Montana

203,842,216
128,873,977
36,973,023
83,929,155

33,974,443
25,043,829
9,611,554
17,405,271

Total district.
Alaska(not included above)

453,618,371

. 44.94
28.41
8.15
18.50

39.49
29.11
11.17
20.23

86,033.097

4,341,684

Capital and
surplus.

923,000

Capital
and
surplus.

Due to
banks.

Deposits,
in
due to banks.

/4ans*

All resources.

$10,458,000 $10,842,319 $81,677,573 $50,102,160 $95,269,317
2,905,000 1,502,095 21,989,783 14,226,223 25,936,246

Seattle
Tacoma

13,363,000 12,344,414 103,667,356 64,328,383 121,205,563
12,113,941 11,684,132 74,194,378 46,228,863 90,688,092
5,937,965 5,279,299 31,427,471 21,438,893 78,654,274

Total
Portland
Spokane

38.8

Washington
Oregon
Idaho
Montana

22.3.5

27.90

Per cent of whole district.

[From National Monetary Commission tabulations.]

State.

Per cent of
total district.

State and national banks.
State.

Capital.

Deposits.

Loans.

All
sources.

Includes Washington, Oregon, California, Arizona, Nevada, Utah,and Idaho.

Comparison between Seattle, Tacoma, Seattle and Tacoma, and
Portland and Spokane.
Post-office Building
receipts, permits,
calendar calendar
year 1913. year 1913.

Bank deCity.

clear- Num• Bank
tags, calendar ber of
Oct.
et.
S 21,
year 1913. banks.
1913.

1913.
$24,931,000 $203,842,000 $139,549,000 $249,180,000
163,392,000
17,997,000 128,873,000 88,614,000
13,094,000 83,929,000 64,832,000 108,103,000
51,434,000
7,260,000 36,973,000 31,183,000

Washington
Oregon
Montana
Idaho

63,282,000

Total

453,618,000 324,178,000

572,111,000

1900.
Seattle
Tacoma

$81,578,418 $664,857,000
21,617,472 133,455,000

Total
Portland
Spokane

103,195,890
74,690,186
40,976,969

798,312,000
627,818,000
219,265,000

1,627,847 11,795 479
'
1,183,544 12,956915
503,694 3,430:935

38
25
14

4,600,000
2,984,000
3,295,000
735,000

30,458,000
17,439,000
21,125,000
4,469,000

16,141,000
10,253,000
14,127,000
1,809,000

38,884,000
23,333,000
28,121,000
5,815,000

11,614,000

73,491,000

42,330,000

96,153,000

Washington
Oregon
Montana
Idaho

30 $1,344,248 $9,321,115
283,599 2,474,364
8

7,229,000
3,457,000
3,455,000
400,000

19,528,000
11,557,000
14,041,000
1,436,000

19,307,000
11,775,000
13,809,000
1,088,000

30,726,000
18,670,000
21,022,000
2,244,000

Total

14,541,000

46,562,000

45,979,000

72,662,000

Washington
Oregon
Montana
Idaho
Total
1890.

BANKING.
[From official reports of June 4, 1913.]
Percentage of
Wash ngton.
Deposits.

Puget Sound financial zone
$126,538,468

Capital and
surplus.

$19,231,748

Percentage of
whole district.

Cartal
Cartal
Depos- an sur- Depos- an sur.
44
Its.
plus.
plus.
'"'

62.08

56.61

27.90

22.35

Percentage of whole district.

Deposits.

Following is a summary of the capital stock and surplus of the
national banks in the States indicated, taken from the Abstract of
the Comptroller of the Currency, for the call of June 4, 1913.
The amounts given under the caption "State banks" are estimates of the capital and surplus in State banks that are eligible
to become identified with the Federal reserve banking system, so
far as capital stock requirements are concerned. The State bank
figures are unofficial, but are believed to be conservative.

Capital and
surplus.
State.

Washington
Oregon
Idaho
Montana
Pacific Northwest district


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

203,842,216
128,873,977
36,973,023
83,929,155

33,974,443
25,043,829
9,611,554
17,405,271

44.94
28.41
8.15
18.50

39.49
29.11
11.17
20.23

453,618,371

86,03.5,097

100.00

100.00

Washington
Oregon
Montana
Idaho
Total

National
banks.

State banks.

$17,252,170
13,737,330
7,828,700
4,882,111

$11,274,000
8,192,000
6,951,000
3,160,000

$28,526,170
21,929,330
14,779,700
8,042,111

43,700,311

29,577,000

73,277,311

Total.

340

LOCATION OF RESERVE DISTRICTS.

Recapitulation takenfrom reports of June 4, 1913.
Capital and
surplus.

State.

Washington... $33,974,443
Oregon
25,043,829
Montana
17,405,271
Idaho
9,611,554
Total

Due to
bnks.
a

Deosits inclu ing due
to banks.

All re-

Loans.

Sources.

$19,308,243 $203,842,216 $139,781,748 $249,180,293
12,950,720 128,873,977
88,722,683 163,392,993
5,783,834
83,929,155
64,832,714
108,103, 409
1,996,894
36,973,023 31,182,929
51,434,591

88,035,097

40,039,691

1 162,995,858 103,427,737
4,637,727
1,053,298
4,829,342
1,116,632

California
Nevada 3
Arizona 4

Pack of1913.
[From Pacific Fisherman.]

453,618,371

324,520,074

2947,159,836

512,111,286

732,811,846 1,205,089,938
12,640,998
23,454,201
20,844,981
38,343,172

17,234,485
29,864,613

1 partially estimated State figures, June 14, 1912; national comptrol er's report of
June 4,1913.
2 Between $10,000,000 and $11,000,000 of which
is in branches of Bank of California
In Seattle, Tacoma,and Portland, and should be credited to those cities instead of
San Francisco.
3 Comptroller's report, June 4, 1913. Capital and surplus include undivided
profits: segregation not available.
State bank examiner's summary, Oct. 21, 1913.

Cases.

Alaska Packers' Association (California interests)
Alaska
Puget Sound

6,329,956

6,709,546
1,353,901

British Columbia
Total, Pacific coast
Imports and exports.
District.

1900

1890

Per cent
of increase,
deposits.

Puget Sound
Columbia River

1912

1913

$305,289 $7,148,563 $39,011,250 $31,473,683
590,094
2,768,462
570,234
3,285,063

EXPORTS.

Puget Sound
Columbia River
Washington
Oregon
Montana
Idaho

8,063,447

IMPORTS.

Capital without surplus.

Deposits.
"

266,479
950
112,161
379,590

1900
State.

3,746,493
2,583,463

Columbia River
Sacramento River
Outside streams

Increase of deposits and capital of all banks in States of the Pacific
Northwest.

Deposits,
1890.

1,504,415

17,903,107 63,745,572
8,344,144 10,631,233

3,326,145
4,781,630

62,548,109
13,612,348

$19,528,000
11,557,000
14,041,000
1,436,000

$30,458,000
17,439,000
21,125.000
4,469,000

$4.600,000
2,984,000
3,295,000
735,000

56.00
50.90
50.45
211.21

FOREIGN COMMERCE.

46,562,000

73,491,000

11,614,000

57.83

Foreign commerce of Puget Sound and Columbia River district.

Pacific Northwest district

[Prom United States customs service.]
1913
State.

Year ending June 30-

Per cent ofincrease.
Deposits.

Per cent
. Per cent
of inImports and
of increase,
exports.
crease,
5 years.
5 years.

Imports and
exports.

Capital without surplus.
Deposits. Capital.

Washington
Oregon
Montana

$203,842,216
128,873,977
83,929,155
36,973,023

Idaho
Pacific Northwest district.

$24,931,000
17,997,000
13.094.000
7,260.000

569.26
639.00
297.30
727.32

441.98
503.12
297.39
887.76

453,618,371

63,282,000

517.24

1884
1889
1894
1899
1904
1909
1913

$2,092,552
4,430,013
6,172,439
22,440,058
34,014,676
52,748,366
114,021,792

$5,040,643
6,122,380
4,956,286
10,470,279
10,349,099
12,173,241
15,781,892

21.5
1 19.0
111.3
1 1.2
17.6
29.6

444.88
1 Loss.
,Astoria, averaging $1,000,000 per year, not given in these figures. With that
exception, table represents entire Columbia River.

COAL.
Coal production.

Commerce ofPuget Sound.

[From United States Geological Survey.]
State.

111.7
39.3
263.6
51.6
55.1
116.2

Production, Estimated coal
1911.
deposits.

Tons.
Washington
Oregon
Idaho
Montana

5,890,764

Increase,

Per cent
of
Increase.

Tons.

3,190,013
19,909,100,M
41,662
969,800,000
1.626
599,930.300
2,6.57,463 303,002,800,000

Pacific Northwest district

Value.

Year.

EXPORTS.

1892
1902
1912

$6,565,998
33,788,821 527,222,823
63,745,572 29,956,751

414
88

572,637
11,970,799 11,398,162
39,011,2r.0 27,040,451

1,990
225

324,481,630,300
IMPORTS.

1892
1902
1912

FISHERIES.
Canned salmon pack of world, 1913.'
[From Pacific Fisherman.]
District.

Foreign commerce of Pacific Northwest, year ending June 30, 1913.

Cases.

Value.

Alaska
Puget Sound
Balance of Washington
Oregon:
Columbia River
Balance of State

3,746,493
2,583,483
63,344

$13,859,478
13,329,188
313,357

266,479
42,441

2,012,387
209,954

Total Pacific Northwest
British Columbia
California

6,702,220
1,353,901
7,326

29,724,344
8,803,213
36,334

8,063,447

38,563,891

,

Total

State.

Washington
Oregon
Idaho and Montana
Total Pacific Northwalt district
California

'Excluding Siberia and ICamschatka packs, total only 132,000 cases.


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

Foreign
commerce.

$114,021,786
16,897,411
7,178,316

Per cent to
total
Per cent of
Pacific
growth
Northwest since 1890.
district.
82.57
12.23
5.20

3,040

216

138,097,513
134,729,625

55

341

SEATTLE, WASHINGTON.

LUMBER.

Comparison between Puget Sound and Portland in foreign exports of
wheat andflour in terms of wheat bushels.

[From estimates of United States Forestry Service.]

[From United States Statistical Abstracts.]
Shingles.

Lumber,cut.
Bushels of
wheat.

Year.

Barrels of Total wheat
bushels.
flour,

,
Value

Ratio of
,
inerease 6'e r
year period
(value).

State.
Board feet.

PUGET SOUND.

3,566,719
8,352,911
3,191,983

1,037,583
2,099,601
2,676,080

8,235,847 $5,041,651
17,801,115 13,694,751
15,234,343 13,163,429

171.47
1 4.00

8,955,544
5,658,103
6,829,943

1900
1906
1912

792,416
1,013,975
770,970

12,521,416
1O,220970
10,299,308

7,236,607
7,998,855
8,969,985

10.53
12.14

PORTLAND.

1900
1906
1912

(From United States customs service.]

Total.

Imports.

Exports.

Per cent
of growth,
5-year
period.

PUGET SOUND.

$2,092,5.52
4,430,013
6,172,439
22,440,058
34,014,676
52,748,366
114,021,792

$137,971
361,502
1,230,399
7,239,718
11,28.5,096
26,959,891
51,473,683

$1,954,581
4,068,511
4,942,040
15,200,340
22,729,580
25,788,475
62,548,109

Year ending June 30

Total.

Imports.

Exports.

$657,115
1,262,863
879,889
1,503,355
2,462,801
2,460,912
3,203,639

$4,383,498
4,859,517
4,076,397
8,966,924
7,886,293
9,712,320
12,577,253

66.2 4,899,375,000
2.2 1,943,260,000
713,575,000
272,174,000

Total.... 7,001,684,000
United States. 39,158,414,000

17.9 8,267,000,000
12,037,685,000

68.6 7,828,384,000 1,131.5
2,826.0

[From estimates of U. S. Forest Reserve.]

$5,040,643
6,122,380
4,956,286
10,470,279
10,349,099
12,173,241
15,780,892

Per cent of Per cent of
total cut
total cut
in State of in United
WashingStates.
ton.

District.

Material.

MAILS.
[Figures supplied by United States Railway Mail Service.]

Record of days each month on which mailfrom Eastern States has been
ordered routed to Pacific coast post offices for forwarding to Orient
and Australasia.
TO CHINA AND JAPAN.

111.7
39.3
263.6
51.6
55.1
116.2

Per cent
of growth,
5-year
period.

Puget Sound.
Month.

Via
Seattle.

1913.
.
.......................
.......................................................
August
September
October
November
December.

Exports.

Imports.

7
17
14
12
19
22

July......
August
September
October..
November
December.

3

8

20

Average schedule sailings for the Orient per month; Puget Sound, 11; San Francisco,6.
Alaska mails all forwarded from Seattle; sailings every 1.7 days.
$35,857,698
48,425,760
38,146,626
35,746,577
37,542,978
49,998,111
62,501,681

$72,908,296
86,099,136
63,049,635
65,961,481
70,090,159
81,667,481
128,523,066

125,212
724
102,943
4,000
503
193,221
253,562

216,113
451,628
445,966
769,472
1,292,560
1,305,341
2,747,601

341,325
4,52,352
548,909
773,562
1,293,063
1,498,562
3,001,163

127,966
375,924
379,586
1,425,861
317,830
397,626
1,137,116

133,889
514,014
383,399
397, 115
459,786
535,257
1,022,904

263,855
889,938
762,985
1,822,976
777,616
932,883
2,160,020

Mailsfrom Seattle and San Francisco to the Orient and Australia.
[Figures supplied by United States Railway Mail Service.]
Seattle and Tacoma.

LOS ANGELES.

smq DIEGO.


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

24
12
12
14
11
6

2
4
5

Total.

$37,050,598
37,673,376
24,903,009
30,214,904
32,547,181
31,669,370
66,021,385

1884
1889
1894
1899
1904
1909
1913

Days.
7
4
6
9
11
2

TO AUSTRALIA AND NEW ZEALAND.

SAN FRANCISCO.

1889
1894
1899
1904
1909
1913

Via
San
Francisco.

TO PHILIPPINE ISLANDS.
21.5
1 19.0
111.3
1 1.2
17.6
29.6

Average for week period

1884

Via
Tacoma.

Days. - Days.
22
2
2
25
4
20
2
20
19
24
5

July..

Foreign commerce of San Francisco, Los Angeles, and San Diego.

1884
1889
1894
1899
1904
1909
1913

5.75
9.50
65.00

55.00
90.00

Puget Sound
All western Washington..
do

Lumber
Do
Shingles

1 Loss.

Year.

391.0
545.8
129.1
65.6

10.5 7,996,000,000
4.9
271,000,000
1.8
0.7

PORTLAND.

1884
1889
1894
1899
1904
1909
1913

Number.

Lumber statistics, 1912.

Notwithstanding the fact that Portland had a "water-grade railroad haul" from the "Inland empire" before any railroad was built
direct from eastern 'Washington to Puget Sound, and notwithstanding the intrenchment she thus obtained ill handling wheat, the
Sound has forged ahead in quantity of wheat received and in aggregate quantity of wheat shipped out in the shape of flour plus raw
wheat by water.
Comparison between foreign commerce of Puget Sound and Portland.

1884
1889
1894
1899
1904
1909
1913

Standing
Lumber and timPer
ber,
shingles,
cent of
board feet. billion
total
board
cut in
feet.
United
States.

4,099,775,000
1,916,160,000
713,575,000
272,174,000

Washington
Oregon
Idaho
Montana

1 Loss.

Year ending June 30

Per
cent of
total
cut in
United
States.

Distance.

Number of mails Time of Disfrom Seattle and trans- tance.
acoma per month. mission.

Miles.
9,282 2from Tacoma
6 from Seattle
5,327 2from Tacoma
Shanghai
6from Seattle
Hongkong.... 5,867 2from Tacoma
6from Seattle
.. 5,995 2from Tacoma
Manila
6 from Seattle
6,229 1 from Seattle via VicAuckland.
toria.
.do
7,513
Sydney
Yokohama...

San Francisco.
Number of Time of
transmails
mission.
per
month.

Days.
18
11-17
28
28
27-33
27-33
30-3.5
30-35
21

Miles.
5,485

6

Days.
17

6,530

6

24

7,070

6

27

7,198

6

28

5,911

2

20

25

7,195

2

20

342

LOCATION OF RESERVE DISTRICTS.

Mail servicefront Seattle to Alaskan points.

MANUFACTURING.

[Figures supplied by United States Railway Mail Service.]
From Seattle to-

Ketchikan
Wrangell

Number of
mails per
month.

Distance.
3files.
600
820

Juneau

1,040

Sitka
Skagway

1,300
1,157

Cordova

1,430

Valdez

1,530

Seward

1,671

Dawson City(Y. T.)

1,500

Fairbanks

1,775

10 winter
18 summer
10 winter
18 summer
14 winter
20 summer
4
10 winter
18 summer
4 winter
6 summer
4 winter
6summer
4 winter
6 summer
10 winter
18 summer
4

Iditarod

2,230

4

Nome

2,520

4

[United States census, 19101

Average time
of transmission.

State.

l'roduction. Per cent.

Days.
2
2
3
5
4

Washington
Oregon
Idaho.
Montana

Capital
invested.

Per cent.

$220,746,421
93,004,845
22,399,860
73,271,793

211.7
154.2
646.4
38.9

$221,261,229
89,081,873
32,476,749
44,588,368

432.2
214.1
1,424.7
16.6

419,422,919
11,340,105

157.0
170.4

387,408,219
13,060,116

251.3
265.9

Total Pacific Northwest
district

6

Alaska

6

Washington production, 52.6.5 per cent (over one-half) of Pacific Northwest.
Washington capital invested, 57.11 per cent (nearly six-tenths) of l'acific Northwest.

7
10 winter
9summer
15 winter
16 summer
34 winter
15 summer
40 winter
8 summer

PRODUCTION.

Per cent
of growth,
1899 to
1909.

1899

1904

1909

\Vashington
Oregon
Idaho.
Montana

$70,831,000
36,593,000
3,001,000
52,745,000

$128,822,000
55,525,000
8,769,000
66,415,000

$220,746,421
93,004,845
22,399,860
73,271,793

211.7
154.2
646.4
38.9

Total
Alaska

163,170,000
4,194,000

8,245,000

419,422,919
11,340,105

157.0
170.4

State.

All mails for Alaska are forwarded via Seattle only.

Comparative statement showing time of transmission and practical
business delivery of mails between Seattle and San Francisco, and
New York and points in the Mississippi Valley, the South, and
Rocky Mountain region.
Between New York andChicago
Omaha
Denver
New York Central
Pennsylvania R. R
Kansas City
Yew York Central
Pennsylvania R. R
St. Paul
Fargo
St. Louis
Little Rock
Atlanta
New Orleans
IIouston
Between Seattle and San Francisco
Between San Francisco and
Seattle
Spokane
Boise
Butte

Between New York and
Chicago
Omaha
Denver
New York Central
Pennsylvania R R
Kansas City
New York Central
Pennsylvania R R
St. Paul
Fargo
St. Louis
Little Rock
Atlanta
New Orleans
IIouston
Between Seattle and San Francisco
Between San Francisco and
Seattle
Spokane
Boise
Butte

Time of transmission of mails.'
M 9.30 p. to T. 8.20 p.-221 hrs.
T. 3.03 a. to W. 1.20 a.-22 hrs.
M. 9.30 p. to W. 8.50 a.-351 hrs.
T. 3.05 a. to W. 1.45 p.-341 hrs.
M. 9.30 p. to Th. 9.30 a.-60 hrs.
T. 3.05 a. to Th. 9.30 a.-54i hrs.
M. 9.21 p. to Th.12.15 p.-63 hrs.
T 2.45 a. to Th. 6.40 a.-52 hrs.
M 9.30 p. to W. 2.15 p.
-40I hrs.
T 3.05 a. to W. 2.15 p.-351 hrs.
M. 9.21 p. to W. 2.15 p.-44 hrs.
T 2.45 a. to Th. 9.30 a.-541 hrs.
M. 9.30 p. to W. 7.15 a.-331 hrs.
T. 3.05 a. to W. 2.25 p.-351 hrs.
M. 9.30 p. to W. 2.29 p.-41 hrs.
T. 3.05 a. to Th. 4.35 a.-49i hrs.
M. 9.21 p. to W. 8.30 a.-35i hrs.
T. 2.45 a. to Th. 1.56 a.-471 hrs.
M. 9.21 p. to W. 7.45 p.-44 hrs.
T. 2.45 a. to Th. 1.05 a.-5t11- hrs.
T 4.26 a. to W. 6.25 a.-26 hrs.
T 4.26 a. to W. 8.30 p.-40 hrs.
T 4.26 a. to Th.11.55 a.-551 hrs.
M.11.30 a. to T. 9.00 p.
-33i hrs.
M. 8.20 p. to
M. 8.20 p. to
M. 8.20 p. to
M. 7.00 p. to

W.
W.
Th.
Th.

2.10 p.-42 hrs.
9.45 p.
-49i hrs.
4.50 a.-56i hrs.
7.00 a.---60 hrs.

Time consumed in transmission of
business mail, adding time for mailing and delivery in business hours.
M. 6.00 p. to W. 9.00 a.-39 hrs.
M. 6.00 p. to W. 9.00 a.-39 hrs.
M. 6.00 p. to W. 10.00 a.-40 hrs.
M. 6.00 p. to W. 3.00 p.-45 hrs.
M. 6.00 p. to Th.11.00 a.-65 hrs.
M. 6.00 p. to Th.11.00 a.-65 hrs.
M. 6.00 p. to Th. 2.00 p.-68 hrs.
M. 6.00 p. to Th. 9.00 a.-63 hrs.
M. 6.00 p. to W. 3.00 p.-45 hrs.
M. 6.00 p. to W. 3.00 p.-45 hrs.
M. 6.00 p. to W. 3.00 p.-45 hrs.
M. 6.00 p. to Th.11.00 a.-65 hrs.
M. 6.00 p. to W. 9.00 a.-39 hrs.
M. 6.00 p. to W. 3.00 p.-45 hrs.
M. 6.00 p. to W. 4.00 p.-46 hrs.
M. 6.00 p. to Th. 9.00 a.-63 hrs.
M. 6.00 p. to W. 10.00 a.-40 hrs.
M. 6.00 p. to Th. 9.00 a.-63 hrs.
M. 6.00 p. to Th. 9.00 a.-63 hrs.
M. 6.00 p. to Th.12.00 a.-66 hrs.
M 6.00 p. to W. 9.00 a.-39 hrs.
M. 6.00 p. to Th. 9.00 a.-63 hrs.
M. 6.00 p. to Th. 1.00 p.-67 hrs.
M.10.00 a. to W. 9.00 a.-47 hrs.2
M. 6.00
M. 6.00
M. 6.00
M 6.00

p. to
p. to
p. to
p. to

W.
Th.
Th.
Th.

4.00 p.-46 hrs.'
9.00 a.-63 hrs.
9.00 a.-63 hrs
9.00 a.-63 hrs

Data supplied by United States Railway Mail Service.
This schedule is such that unless mail is taken to the post office at 10.30
a. m. it
In reality is a 63
-hour schedule for mail posted the night before.
3 Shortest possible time for delivery. In practice, however,
this schedule places
mail in hands of Seattle banks and business concerns for attention not earlier
than
following morning,and therefore service in reality is 63 hours.
Abbreviations: M.- Monday; T.
-Tuesday; W Wednesday; Th.= Thursday;
-a. m.; p.
a.
-p. m.


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Federal Reserve Bank of St. Louis

British Columbia:
1900
1905
1910.
Per cent of growth, 1900-1910

$19,447,778
38,288,378
65,204,235
235.3
CAPITAL.

State.

1899

1904

Washington
Oregon
Idaho.
Montana

$41,575,000
28,359,000
2,130,000
38,225,000

Total
Alaska

110,289,000
3,569,000

Per cent
of growth,
1899 to
1909.

1909

$96,953,000 $221,261,229
44,023,000
89,081,873
9,689,000
32,476,749
52,590,000
44,588,368

432.2
214.1
1,424.7
16.6

387,408,219
13,060,116

251.3
265.9

10,685,000

British Columbia:
1900
1905
1910
Per cent of growth,1900-1910.

$22,901,892
53,022,033
123,027,521
437.2

Manufacturing development of Seattle, Tacoma, Seattle and Tacoma,
and Portland, as shown by Federal census.
Number of
establishments.
City.
1904

Per
cent increase.

1909

Capital invested.
Per
cent increase.

1904

1909

Seattle
Tacoma

467
236

751
276

60.8
17.0

$22,344,000
11,769,000

$46,472,000
21,533,000

108.0
83.0

Seattle and Tacoma.
Portland

703
437

1,027
649

46.1
49.0

34,113,000
19,725,000

68,005,000
37,996,000

99.4
93.6

Value of products.
Per cent
increase.

City.
1904
Seattle
Tacoma
Seattle and Tacoma
Portland

1909

$25,407,000
14,264,000

$50,569,000
22,450,000

99.0
57.0

39,671,000
28,651,000

73,019,000
46,861,000

84.1
64.0

In 1904 Portland exceeded Seattle in value of products by
$3,244,000; in 1909, Seattle exceeded Portland in value of products
by $3,708,000; and in 1909, Seattle and Tacoma exceeded Portland by $26,158,000.

343

SEATTLE, WASHINGTON.

Population and per cent of growth.

MINING.
Value of productions.
1909

1902

State.
Washington
Oregon
Idaho
Montana.

.$5,393,659
2,087,389
8,214,671
28,265,085

$10,826,503
1,237,292
8,749,650
54,991,961

Total

43,960,804

75,805,406

POPULATION.
The previous five census reports on Los Angeles, Seattle, Portland, and San Francisco are:
'
Seattle. Portland San Fran
' cisco.

Ims
Angeles.

Year.

Area.

I‘,90

Washington
Oregon
Idaho
Western Montana
MonEastern
tana

357,232
317,704
88,548

518,103 1,141,990
413,536 672,765
161,772 325,594

219.7
111.8
267.7

120.4
62.7
101.3

17.1
7.0
3.9

60,836
95,607
83,354

125,240

204,525

270,070

115.6

32.0

4.8

55,857

Total
Alaska

888,724 1,297,936 2,516,402
63,592
64,358
32,052

171.2
100.8

85.7
1.2

1,213,398 1,485,053 2,377,549
42,335
81,875
47,355
122,931
204,354
88,243

95.9
72.9
131.6

60.1 15.3
.7
93.4
66.2 1.8

155,652
109,821
113,810

1,348,996 1,650,319 2,663,778

97.6

61.4

379,483

California
Nevada
Arizona
Total

56,802
149,473
233,959
298,997
342,786
416,912

2,874
8,293
17,577
46,38.5
90,426
207,214

250
1,107
3,533
42,837
80,671
237,194

4,385
5,728
11183
50,395
102,479
319,198

1860
1870
1880
1890
1900
1910

Per
Per
cent of cent of Per
growth, growth, square
1890 to 1900 to mile.
1910.
1910

State.

1900

1910

90,344

105,983

391,998
.109 590,884

RAILROADS.
[From U. S. Statistical Abstract.]

Tacoma, 191,83,743.
State.

Population, in radial miles, of Seattle and Portland.

Total
miles.

-Population by counties.]
[Based on United States Census,1910

Miles of
Miles of
line to 100 line to each
square
10 000 inmiles of
hat
oitants.
territory.

SEATTLE.
Radial
miles.

1900

1910
40
75
100
150
200
250

428,032
588,646
712,835
887,084
1,291,256
1,645,334

Washington
Oregon
Montana
Idaho

Total in
eluding
Increase Per cent
part of
of in.
in 10
British
crease.
years.
Columbia.

Population.

181,380
249,294
302,852
396,355
607,871
817,149

149.8
136.1
135.4
123.8
112.4
101.4

256,652
339,352
409,983
490,729
683,385
828,185

747,835
1,137,084
1,571,256
1,945,334

1859-1883

1880-1883

PORTLAND.
336,502
455,857
521,313
842,815
1,316,435
1,487,750

173,301
251,638
288,269
404,712
665,461
731,007

90.4
81.2
80.8
108.3
97.8
103.5

163,171
204,219
233,044
438,103
650,974
750,749

1883
1,522,756

NOTE.
-As radius from Portland exceeds 150 miles, it shows higher rate of total

increase, owing to rapid growth of Puget Sound.
Population of Washington and Oregon, 1850-1900.
State.
Washington
Oregon

1850

Washington
Oregon

1880
75,116
174,768

23,955
90,923

11,594
52,465

13,294
State.

1870

1860

Area.

1910

1890

1900

357,232
317,704

518,103
413,536

1,141,990
672,765

1884

Sq.rant,.
66,836
95,607

1885

Population.
[From U. S. Census, 1910.]

Population.

Square
miles.

1886
Per cent
Per cent
of o
latrPtl.n of of popuPacc lation of
northState.
west
district.

8,945 25-mile zone bordering Puget Sound
15,586 Balance of western Washington.

607,194
125,097

24. 13
4.97

53. 17
11.0

24,531
29,457

All western Washington
Western Oregon

732,291
529,895

29.1
21.0

12,113

West of Cascade Mountains
Central Washington

1,262,186
25,554

50. 1
3.39

West of Cascade Mountains and
central Washington
Balance of Pacific northwest district....

1,347,740
1,168,662

53.35
46.45

1887

64.1
78.8

325,897


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Federal Reserve Bank of St. Louis

7.91
2.78
2.96
2.95

43.90
38.03
111.11
71.85

Chronological record of traffic route connections-Portland and Puget
Sound to eastern Washington and Oregon-Portland and Puget
Sound transcontinental service.

NOTE.
-As rad us from Seattle exceeds 150 miles it shows diminishing rate of
total increase, owing to slower growth of Oregon.

40
75
100
150
200
250

5,287.5
2,657.5
4,325.8
2,437.8

7.49

1890

1893
1894

Traffic down Columbia River and tributaries,
by steamer and alternating stretches of railroad, as far as Lewiston, Idaho, to Portland.
0. R. & N. extended from Portland, by south
bank Columbia River, to Wallula, Wash.,
affording "water-grade haul" from eastern
Washington and Oregon.
Northern Pacific line completed from St. Paul
to Wallula, Wash., there connecting with
0. R. & N. to Portland, giving first transcontinental service in the North Pacific
region. Northern Pacific operated via
0. R. & N. to Portland; thence north to
Puget Sound at Tacoma. Had benefit
down-grade haul to Portland, which was
first Pacific port reached.
Oregon Short Line and Utah Northern connected with 0. R. & N. and gave through
line to Portland, making additional and
second transcontinental service to that city.
Northern Pacific made first extension to
Seattle from Tacoma.
Canadian Pacific Railroad completed to Vancouver, B. C.
Northern Pacific line completed across Cascade Mountains, giving first direct transcontinental service to Puget Sound, transferring traffic from water-grade 0. R. & N.
haul to route across mountains.
Canadian Pacific makes railway connection at
international boundary with Seattle, Lake
Shore & Eastern (now Northern Pacific).
Great Northern completed to Puget Sound.
Chicago, Burlington & Quincy makes through
traffic arrangements with Northern Pacific
to Puget Sound.

344

LOCATION OF RESERVE DISTRICTS.

Chicago, Milwaukee & St. Paul completed to
Trade between Seattle and British Columbia.
Puget Sound. (Freight service inaugu[Port of Seattle alone, not Puget Sound. Fizures based on port warden's annual
rated.)
report for 1913.]
1908
North Bank Road (second water-grade haul
line) completed from Spokane to Portland.
1910
1913
Harriman Lines (0. R. & N., Union Pacific
1912
and Southern Pacific connections) established first railway service to Puget Sound. Imports
12,562,298
$1,697,698
Exports
8,378,507
7,850,098
1911
Chicago & Northwestern makes through traffic
Total
10,940,805
arrangements for service, by Northern Pa9,547,796
cific, to Puget Sound.
1911
Chicago, Milwaukee & St. Paul passenger Extent of
Seattle harbor front upon completion of Lake Washington
service inaugurated.
Canal, 1913.
1914
Grand Trunk Pacific will complete transcontinental route to Prince Rupert, maintain[Data supplied by port commission engineer.]
ing direct steamship connection, by its own
Miles.
lines. with Puget Sound. This will be folSalt-water tidal harbor
93
lowed later by direct railway connection. Fresh-water nontidal harbor
100
1914 (September)....Canadian Northern Railway will be completed to coast, making third Canadian
Total harbor front
193
transcontinental line.
Pacific Northwest land transportation chronology—Eastern WashAvailable for commercial uses
115
ington and Oregon to Willamette River and Puget Sound—Trans- Present improved water front
12
continental lines to Willamette River and Puget Sound.
1859
Traffic down Columbia and tributaries, from
Available for expansion of port
103
Lewiston, Idaho, to Portland, via steamer
and alternating stretches of railroad.
SEATTLE.
1880-1883
Oregon Railway & Navigation extended Portland to Wallula, Wash., (initial water- Steamship lines which have established on Puget Sound their supergrade haul).
vising or directing traffic agenciesfor entire Pacific Coast.
1883
Northern Pacific completed west to Wallula;
thence via Oregon Railway & Navigation
In foreign commerce:
to Portland; thence north to Tacoma (first
Hamburg-American Line (German), Seattle.
transcontinental service Pacific Northwest,
Royal Mail Steam Packet Co. (British), Seattle.
water-grade route).
Great Northern Steamship Co.(American), Seattle.
1884
Oregon Short Line and Utah Northern connect
Nippon Yusen Kaisha (Japanese), Seattle.
Oregon Railway & Navigation to Portland;
Osaka Shosen Kaisha (Japanese), Tacoma.
second transcontinental route.
Blue Funnel Line (British), Tacoma.
1885
Northern Pacific extends Tacoma to Seattle.
Alaska Steamship Co., Seattle.
1886
Canadian Pacific Railway completed to VanPacific & Alaska (former Alaska Pacific), Tacoma.
couver, British Columbia.
1887
Northern Pacific crosses Cascade Mountains; Other lines with offices on Puget Sound and regular service:
Pacific Coast Steamship Co.
first direct transcontinental route to Puget
American-Hawaiian Steamship Co.
Sound.
Kosmos Line (German).
1890
Canadian Pacific Raliway connects with
Harrison Direct Line (British).
Seattle, Lake Shore & Eastern (now Northern Pacific Railway)at Canadian boundary.
W. R. Grace & Co.
1893
Great Northern completed to Puget Sound.
Robert Dollar Co.
1894
Chicago, Burlington & Quincy reaches Puget
East Asiatic Co.(Danish).
Sound via Northern Pacific.
Matson Navigation Co.
1908
Spokane, Portland & Seattle (north bank)
Hind, Rolph & Co.
opened down Columbia to Portland (second
Also numerous other lines, making total of 58.
water-grade haul).
Chicago, Milwaukee & St. Paul completed to
1909
Table of expenditures by Government offices on Puget Sound (Seattle).
Puget Sound.
1910
Oregon-Washington(Union Pacific and South- [Compiled from official sources by M. A. Arnold, president First National Bank.]
ern Pacific) connects Puget Sound.
1914
Canadian Northern will complete road to
Receipts.
Disbursements.
coast.
1914
Grand Trunk Pacific will complete road to
Treasury Department:
United States customs service
coast; direct steamship service to Puget
82,092,451.50
1513,945.96
Unitel States assay office
8,182,805.29
Sound.
Internal-Revenue Service
1,587,973.09
43,402.71
Department of Agriculture
32,581.82
Cost of Duwamish waterway.
83,381.86
War Department
355,485.10
5,011,458.84
County bond issue
$600,000
Navy Department
308,718.15
284,751.47
Post Office Department
Waterway district bonds
10,245,057.53
10,245,057.53
300,000 Department of the Interior
40,000.00
197,023.40
Direct contributions from city and county
Department of Justice
113,063.48
50,000
289,708.48
Department of Labor: Immigration Service
5,842.85
115,473.88
Total estimated cost of improvement, including
14,781,173.52
24,967,009.42
purchase by condemnation of right of way
1, 550,000
United States shipping commissioner
948,240.03
948,240.03
Lastissuance of bonds authorized provides for more than sufficient
Total
15,729,413.55
25,915,249.45
necessary to make total of $1,500,000.
1909


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Federal Reserve Bank of St. Louis

SEATTLE, WASHINGTON.

WATER POWER.
Ratio to Pacific
Developed Minimum Northwest district, Ratio to
entire
power—
uotential
United
steam and Dower—
States—
water,elec., electrical
potenPotentrical horse- horsepower. Develtial.
tial.
oped.
power.

State.

Washington
Oregon
Idaho
Montana
Pacific Northwest district.
Whole United States

306,000
95,000
56,375
150,000
607,375

4,932,000
3,148,000
1,162,000
2,749,000
11,991,000
26,.737,000

50.5
15.6
9.3
24.7

41.10
26.25
9.70
22.90

18.45
11.70
4.30
10.28
44.80

data from reliable private
NOTE.—Developed horsepower in Puget Sound zone
l'otential horsesources more recent than the United States Government figures.
Corporations.
power statistics from United States Bureau of

SUPPLEMENTAL DATA.
BANKING.

Reserves carried in Seattle clearing-house banks by
banks in the States of Washington, Oregon, Montana, Idaho, and the Territory of Alaska:
$6,742,559. 95
Washington
698,393. 85
Oregon
199,852. 59
Montana
114,831.18
Idaho
674,670. 16
Alaska
8,430,307.73
Total
national banks as shown by last
Due to banks from
call:
9,259,019.00
Seattle
9,191,303.00
Portland
Balances carried in Seattle banks by Portland
307,400.00
banks
PACIFIC NORTHWEST AND CALIFORNIA.

The Bank of California National Association, of San Francisco,
has branches in Seattle, Portland, and Tacoma, whose combined


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Federal Reserve Bank of St. Louis

345

deposits aggregate between $10,000,000 and $11,000,000, of which
$6,000,000 or more is in the branches in Seattle and Tacoma.
These amounts are credited in the comptroller's official reports
to the parent bank, and consequently to San Francisco and not
to the cities actually having the deposits in active use. In the tabuations prepared for the Regional Bank Organization Committee,
by the joint committee of the Seattle Chamber of Commerce and
the Seattle Clearing House Association, the deposits in the branches
mentioned were credited to the cities in which such branches are
in business.
The preceding explanations were inadvertently omitted from
the tabulations.
Steamship lines to Alaska operating exclusively out of Seattle.
Vessels.

Alaska Steamship Co
Pacific Coast Steamship Co
Alaska Pacific Steamship Co
Humboldt Steamship Co
Northland Steamship Co
W. F. Swan & Co

13
3
2
1
2
1

Approximate number of sailings for Alaska per annum from
Seattle, 216..
Coastwise lines running between Seattle and San Francisco.
Pacific Coast Steamship Co.—Capitalized by New York. (Has
office in New York.) President and officers live in Seattle. Has
superintendent in San Francisco.
Alaska Pacific Steamship Co.—Capitalized by Tacoma and Portland, Me. Main office in Tacoma, but operates from Seattle. Operating company is the Pacific Alaska Navigation Co.
,
Annual turnover of largest packing houses in Seattle and Portland
at reserve bank hearings.
as indicated in testimony
Frye Sr Co., Seattle
Union Meat Co., Portland

$10,000,000
7,500,000


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

VOTE FOR RESERVE-BANK CITIES.


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Federal Reserve Bank of St. Louis

VOTE FOR RESERVE-BANK CITIES.
First-choice vote for rcserve-bank cities, by districts—Cont'd.

FIRST-CHOICE VOTE FOR RESERVE-BANK CITIES, BY
DISTRICTS.

DISTRICT NO. 5,

DISTRICT NO. 1.
•
Massa- Rhode
New
VerMaine. IIamp- mont. chu- Island.
setts.
shire.
Boston
New York
Providence
Total

59
2
61

Mary- District West Vir- Virginia,
U
of Ceis
lum b . southern ginia.
district.

Concut.

50

23
19

137
17

11
4I
1

7
64

50

42

154

16

71

394

DISTRICT NO.2.

16
21
34

95
1

96
11

26

Richmond
Baltimore
Pittsburgh
Columbia
Cincinnati
Washington
Charlotte
New York

287
106
1

1
9

North South
Caro- CaroH. lina.

44

11
1
28

1

64

42

431

Louisimissis_
Tennes_
ana
see,
'
sippi,
eastern southern southeastern
district. district, district.

Total.

1

1

1
98

Total.

167
128
35
28
27
25
19
2

2
18

12

1

Total.
.

97

12

118

Now York.
DISTRICT NO. 6.
393
13
10

New York City
Buffalo
Albany
Boston
Brooklyn
Syracuse
New York or Albany

Alabama.

1
1
420

Total
DISTRICT NO.3.

New Jersey.

Delaware.

23

Philadelphia
New York
Pittsburgh
Baltimore
Boston
Buffalo
Washington

65
122

1
1

24

Total

188

Pennsylvania, Total.
eastern
district.

1
1
1

505
164
23
12
2
1
1

496

Atlanta
Birmingham
New Orleans
Savannah
Nashville
Cincinnati
Jacksonville
Chattanooga
Louisville
Bt. Louis
Montgomery
Richmond
Washington
Memphis
Baltimore
Nashville or Atlanta

19
1
5
3

8
53
3
3

Total

Total


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Federal Reserve Bank of St. Louis

31
1
7

107
160
2
36
2
31
1

3

3
258
6

8

66

e

2
2

31
2
2

343

685

31

1

110
194
32
6
6
294
1

1

263

1

22
14
11
7
4

1
1

i

8

2
1
1
1

2
1
1

1
44

73

108

71

124
54
31
24
22
15
14
11
7
5
4

1
4

19

319

DISTRICT NO. 7.

Pemisylvania,
western Total.
district.

.
Ohio

4

18

1
1

Wiscon- Illinois, Indiana,
sin.south- northern northern Michigan, Total.
ern dis- district. district. southern
district.
trict.

Iowa.
KenWest
Virginia, tucky,
northern eastern
district, district.

7
19

14

708

417
42
23
11

90

1

DISTRICT NO.4.

Cleveland
Cincinnati
Chicago
Columbus
New York
Pittsburgh
Toledo
Philadelphia
Louisville
Cincinnati or Cleveland
Cleveland or Pittsburgh
Louisville or Cincinnati

Georgia.

FlorIda.

Chicago
Cincinnati
Detroit
Des Moines
Omaha
Indianapolis
St. Louis
Sioux City
Minneapolis
Cedar Rapids
Milwaukee
Clinton
Chicago or St. Louis..
Twin Cities
Total

256

36

274

43

105
50

22
17
17
14
9
5
4
2
1
1
303

39

284

65

170

349

714
50
22
17
17
14
10
5
4
2
3
1
1
1
861

350

LOCATION OF RESERVE DISTRICTS.

First-choice votefor reserve-bank cities, by districts—Continued.

First-choice votefor reserve-bank cities, by districts—Continued.

DISTRICT NO.8.

DISTRICT NO.12.
Mis- Illinois, Indi_,
KenTenArkan- souri, south- " t
0—
h
south- tucky, nessee,
sas. eastern ern dis- em dis_ western western
district. trict.
trict. district. district.
St. Louis
Louisville
Chicago
ICansas City...
Memphis
Cincinnati
Indianapolis
Nashville
Dallas
Chicago or St.
Louis
Bt. Louis or
Kansas City.
Birmingham

51

43

2

27

Total....

54

Miss.si
sippi,
north- Total.
em dis_
trict.

103
•
30

2
15
29

1
61

4
1

4

6

8

13
5
4

1

208
77
59
29
14
13
5
4
1

2

2

'
1
13

1
71

135

15

62

64

1
1
414

Arizona,
WashOreCali- Ne- ,, northh
ington. gon. Idaho. fomia. vada. - —' ern Total.
district.
San Francisco
Portland
Seattle
Salt Lake
Spokane
Los Angeles
Chicago
New York
Omaha
Fresno
Minneapolis
Denver
Total

8
9
40

16
56

8
10

16

1

12
9

208

5

6

2

13

24

5

256
75
40
27
26
26
3
2
2
1
1
1

2

2

1

2
2
1
1
1
73

73

45

235

7

20

7

460

DISTRICT NO. 9.
RECAPITULATION.
Wis- MichiMon- . North South Minna- consin, gan,
north- north- Total.
tana. Dakota. Dakota. sota.
erll
Pm
district. district.
Minneapolis
Chicago
St. Paul
Twin Cities
Milwaukee
Omaha
Spokane
Sioux City
Fargo
Detroit

18
1
10
20

97
2
19
6

54
25
6
4

188
8
52
11

8
53
6
1
11

365
118
93
42
11

29

8

8

4
1

4
2
1
1

30

645

2
1

Total

53

125

99

259

79

DISTRICT NO. 10.
Mis- New Oklasouri, Mex- homa,
Colowest- lc°:. north- Wy- Nerado. Kansas. ern wes,.,.:"- ern oming. bras- Total.
ka.
'—
district. dis- trict.
trict.
Kansas City, Mo
Denver
St. Louis
Lincoln
Omaha
Kansas City, Kans.,
or Kansas City, Mo.
Kansas City, Kans.
Chicago
Salt I.ake City
Wichita
Sioux City
Oklahoma City
Twin Cities
Omaha or Lincoln
Total

1
112

179

2
6

37

128

10

4

12

8
2
22
181

24

355
132
28
22
191

9
8

9

8

4

2

41
4
3
3
2
1
2

223

761

5
4

2

1
3
2
1

113

198

45

8

155

27

DISTRICT NO. 11.
Texas.

Dallas
Kansas City
Houston
Fort Worth
St. Louis
New Orleans
Dallas or Houston
Dallas or Fort
Worth
Dallas_,Fort Worth,
or Houston
San Francisco
Denver
El Paso
Waco
Galveston
New York
San Antonio
Oklahoma City
St. Louis or Kansas
City
Total


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Federal Reserve Bank of St. Louis

212
12
97

New
OklaArizona, Mexico,
homa,
southern
southern southern
district.
district, district.
1

3
18

84

17
74
3
32

13
7
3

Louisiana,
western
district.

1
21

1

3
1

2
2
1
1

1

1

1
438

232
105
97
87
46
21
7

3
3
3
2
2
2
1
1

3
1

Total.

1
5

25

128

22

618

District—
394 No.8
420 No. 9
708 No. 10
685 No. 11
431 No. 12
319
861

414
695
769
618
460
6,724

FIRST-CHOICE VOTE FOR RESERVE-BANK
CITIES BY
CITIES.
Albany: New York
Atlanta:
Alabama
Florida
Georgia
Tennessee
Baltimore:
Delaware
Maryland
Pennsylvania
South Carolina
Tennessee
Virginia
West Virginia
Birmingham:
Mississippi
Alabama
Florida
Boston:
Connecticut
Maine
Massachusetts
New Hampshire
New Jersey
New York
Pennsylvania
Rhode Island
Vermont
Brooklyn: New York
Buffalo:
New York
Pennsylvania
Cedar Rapids: Iowa
Charlotte:
North Carolina
South Carolina

4

3

District—
No. 1
No. 2
No.3
No. 4
No.5
No.6
No. 7

Chattanooga: Tennessee
Chicago:
Idaho
Illinois
Indiana
Iowa
Michigan
Minnesota
Missouri
Montana
Nebraska
North Dakota
Ohio
South Dakota
Wisconsin
Utah
Cincinnati:
Alabama
Indiana
Kentucky
Ohio
Tennessee
Virginia
West Virginia

10
8
19
90
— 124
1
95
11
1
1
11
21
— 141
1
53
1
—55
7
59
137
50
1
1
1
11
23
—290
1
13
1
14
2
18
1
19
11
2
305
134
256
72
8
4
1
5
2
2
25
89
1
_ 906
1
63
34
160
14
1
26
_ 299

Cleveland:
Ohio
Pennsylvania

107
3

110
Clinton: Iowa
1
Columbia,S.C.:South Carolina
28
Columbus: Ohio
36
Dallas:
Arkansas
1
New Mexico
3
Oklahoma
17
Texas
212
—233
Denver:
Colorado
112
Idaho
1
Nebraska
2
New Mexico
9
Wyoming
12
136
Des Moines: Iowa
17
Detroit: Michigan
23
El Paso:
New Mexico
1
Arizona
1
2
Fargo: North Dakota
1
Fort Worth:
Oklahoma
1
Texas
84
85
Fresno: California
1
Galveston: Texas
2
Houston: Texas
97
Indianapolis: Indiana
19
Jacksonville: Florida
.. 14
Kansas City, Mo.:
Arizona
1
Arkansas
2
Kansas
179
Missouri
64
Nebraska
8
New Mexico
20
Oklahoma
202
Texas.
12
Colorado
1
—489
Kansas City, Kans.. Kansas
8
Lincoln: Nebraska
22
Los Angeles:
Arizona
2
California
24
26
Louisville:
Indiana
15
Kentucky
93
Tennessee
--- 116
Memphis:
Mississippi
Tennessee
— 16
Milwaukee: Wisconsin
13
Minneapolis:
Idaho
1
Iowa
4
Minnesota
188

351

VOTE FOR RESERVE-BANK CITIES.

First choice votefor reserve bank cities, by cities—Continued.

First choice votefor reserve bank cities, by cities—Continued.

Montgomery: Alabama
Nashville: Tennessee
New Orleans:
Alabama
Florida
Louisiana
Mississippi
New York:
California
Connecticut
Maine
Maryland
Massachusetts
New Jersey
New York
Ohio
Pennsylvania
Rhode Island
Vermont
Virginia
Texas
West Virginia
Oklahoma City: Oklahoma
Omaha:
Idaho
Iowa
Nebraska.
South Dakota
Wyoming
Phil•

adelphia:
Delaware
New Jersey
Pennsylvania

Pittsburgh:
Maryland
Pennsylvania
West Virginia
Ohio

Salt Lake City:
Idaho
Nevada
Utah
Wyoming
San Antonio: Texas
San Francisco:
Arizona
California
Idaho
Nevada
Oregon
Utah
Washington

St. Louis:
Alabama
Arkansas
Illinois
Indiana
Kentucky
Louisiana
Mississippi
Missouri
Tennessee
Texas
Oklahoma

3
5
24
19
— 51
2
64
2
1
17
122
393
2
43
4
19
1
1
1
— 672
3

10
56
9
75
1
1
44
11
2
96
16
— 170
12
2
13
4
— 31
8
208
8
5
16
6
-- 259

2
9

.
.
Spokane
Idaho
Montana
Washington
Oregon

9
4
16
1
— .30

Syracuse: New York
Toledo: Ohio..
Washington, D.C.:
District of Columbia
Florida
Maryland
North Carolina
South Carolina
Virginia
Pennsylvania
Tennessee
Waco: Texas
Wichita:
Kansas
Oklahoma

12
1
1
2
1
9
1
1


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

First. Second. Third.

3

Cleveland or Pittsburgh: Ohio
Dallas or Fort Worth:
Oklahoma
Texas

4

2

73

2

27
3
6

67

64

1

3
1
3

1
2
1

ARIZONA.

Chicago
Denver
El Paso
Kansas City
Los Angeles
Phoenix
St. Louis
San Francisco

1
3

1

1

1

2
8

3

1

12

10

7

14
2

8

16
1
6
4

Total

5

1
5
2
2
12
3

1
1

44
2
ARKANSAS.
4
1
1
1
7
3

Chicago
Dallas
Fort Smith
Kansas City
Little Rock
Memphis
New Orleans
New York
St. Louis

51

3

54

Total

46

33

3

4
2
2
2
9

2
1
2

3

Dallas
Denver
Des Moines
Detroit
El Paso.
Fargo
Fort Worth
Fresno
Galveston
Houston
Indianapolis
Jacksonville
Kansas City,Mo
Kansas City, Karis
Lincoln
Los Angeles

1

14
1
3
4
3
1

35
9
2
2
2
1
1
1
3
9

2

1
20
11
6
4
1
1

Omaha or Lincoln: Nebraska
New York or Albany: New
York
Cincinnati or Cleveland: Ohio

8
53

Atlanta
Birmingham
Chattanooga
Cincinnati
Louisville
Memphis
Mobile
Montgomery
Nashville
New Orleans
St. Louis
Savannah
Total

1
1
1

10
124
141
55
290
1
14
2
19
11
906
299
110
1
28
36

ALABAMA.

28
2

Twin Cities (Minneapolis or St
Paul):
Iowa
Montana
Minnesota
North Dakota
South Dakota
Wisconsin
Wyoming

Boston or Philadelphia: Pennsylvania
Nashville or Atlanta: Tennessee
Philadelphia or Pittsburgh:
Pennsylvania
Dallas or Houston: Texas
Dallas,Fort Worth,or Houston:
Texas

6,724

Total

10

RECAPITULATION.
Albany
Atlanta
Baltimore
Birmingham
Boston
Brooklyn
Buffalo
Cedar Rapids
Charlotte
Chattanooga
Chicago
Cincinnati
Cleveland
Clinton
Columbia,S. C
Columbus

San Francisco
Savannah
St. Louis
St. Paul
Seattle
Sioux City
Spokane
Syracuse
Toledo
Washington
Waco
Wichita
Twin Cities
Alternatives

5
3
2

ALTERNATIVES.
Chicago or St. Louis: Illinois
Kansas City, Kans., or Kansas
City, Mo.: Kansas
St. Louis or Kansas City:
Missouri
Oklahoma
Texas

116
16
13
370
4
25
51
672
3
218
508
355
75
1
170
31
1

FIRST, SECOND, AND THIRD CHOICE VOTES FOR RESERVE-BANK CITIES, BY STATES.
94
40

-

1
282
41
31
— 355

24

52
10
19
6
7

Seattle: Washington
Sioux City:
Iowa
Nebraska
South Dakota

23
65
420
— 508

RECAPITULATION—Continued.
Louisville
Memphis
Milwaukee
Minneapolis
Montgomery
Nashville
New Orleans
New York
Oklahoma City
Omaha
Philadelphia
Pittsburgh
Portland
Providence
Richmond
Salt Lake
San Antonio

1
51
112
3
1
2
4
47
8
13
57
_ 299

St. Paul:
Minnesota
Montana
North Dakota
South Dakota
Wisconsin

2
17
181
8
10
— 218

Portland:
Idaho
Oregon
Washington
Providence: Rhode Island
Richmond:
Florida
North Carolina
South Carolina
Tennessee
Virginia
West Virginia

Savannah:
3
Alabama
Florida..3
18
Georgia

18
97
54
8
— 370
4
25

,
Mtwwtg... 85tEg §

Minneapolis—Continued.
Montana
North Dakota
South Dakota
Wisconsin

233
136
17
23
2
1
85
1
2
97
19
14
489
8
22
26

CALIFORNIA.

Chicago
Denve
Fresno
Kansas City
Los Angeles
New York
Oakland
Portla
Reno
Sacramento
Salt Lake
San Francisco
San Diego
St. Louis
Seattle...
Stockton....
Whittier.....
Seattle or Portland
Total

1
24
2

1
3
81
4
4
9
2

208

25
1

235

133

1
15
1
5
2
2
5
2
10
1
1
1
64

352

LOCATION OF RESERVE DISTRICTS.

First, second, and third choice votesfor reserve-bank cities, by States—
Continued.

First, second, and third choice votes for reserve-bank dam,by States—
Continued.

COLORADO.

IDAHO.
First. !Second. Third.
First. Second. Third.

Chicago
Denver
Kansas City
Lincoln
New York
Omaha
Pueblo
St. Louis
Salt Lake City
San Francisco

20
1
37
3

112
1

12
26
4
1
26

26
1
4
3

Total

113

14
2
2

95

87

CONNECTICUT.

2
3
4
1

38
1
..
2
6
2

64

Total

71

49

24
1
1
36

DELAWARE.
Baltimore
Boston
New York
Philadelphia
Washington

1

3

23 ;

16
1

4
1
3
2

•

24

20

10

DISTRICT OF COLUMBIA.
Baltimore.
New York
Philadelphia
Washington

10
1
1

11

12

12

2
6
1
3
1
1
16
1
2
12

1
2
10
12
8
9

45

3
2

6
2
1
3
17
3
5
1

45

43

ILLINOIS.

Boston
Cairo
Chicago
Cincinnati
Cleveland
Davenport,Iowa
Denver.
Duluth
Evansville
Indianapolis
Joliet
Kansas City
Louisville
Milwaukee
Minneapolis
New Orleans
New York
Omaha
Peoria
Pittsburgh
Rock Island
St. Louis
St. Paul..
Springfield
Washington
Chicago or St. Louis

305

93
1
1
1

2
2
1
18
3
2
1

3
4

3
2
21
7
112

109

20
2
10
1
2
1
24
1
4
1
1
28
4
2
1

11

12

Total

2
1

Total

Albany
Boston
Hartford
Middletown
New Haven
New York
Philadelphia.
Springfield
Philadelphia or Pittsburgh

Total

Chicago
Denver.
Kansas City...
Minneapolis
New York
Omaha
Portland
St. Paul
Salt Lake City
San Francisco
Spokane
Seattle
Twin Cities

2

Total

419

246

132

134
63

65
57
2
21
28
1
5
1
21
1

24
39
4
27
14

INDIANA.
FLORIDA.
Atlanta
Baltimore
Birmingham.
Jacksonville
New Orleans
Richmond
Savannah
Washington

19
1
14
5
1
3
1

Total

441

19
3
4
2
15

5
3
5
2
3
10
10

43

38

Chicago
Cincinnati.
Cleveland
Louisville
Indianapolis
Kansas City
New York
Pittsburgh
St. Louis
Cincinnati or St. Louis..

15
19

3

Total

3
2
55

234

202

168

2
256
1

5
34

8

17

31
1
8
37
6
42
14
7

GEORGIA.
IOWA.
Atlanta
Augusta
Baltimore
Birmingham
Chattanooga
Cincinnati
Columbia
Jacksonville
Louisville
Lincoln
Montgomery
Nashville
New Orleans
New York
Philadelphia
Richmond
Savannah
Washington
Birmingham or Columbia
Columbia or Montgomery
Total


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

90

15
3
2
9
1

1
2
9
8
1
1

2

1
1

3
2
1
12

2
18

108

7
48
2

93

1
27
3
1
1
2
75

Boston.
Cedar Rapids
.
........
Chicago
Clinton.....
Davenport
................... . .
Denver
.
Des Moines..............................................
Dubuque
Kansas City
Minneapolis.
New York
Omaha
St. Louis.
St. Paul
San Francisco.
Sioux City
Des Moines or St. Louis
St. Paul or Minneapolis
Twin Cities
Total

4
17

5

303

2

18
1
1
305

4
1
19
13
33
2
31
23
6
1
4

1
153

353

VOTE FOR RESERVE-BANK CITIES.

First,second, and third choice votesfor reserve-bank cities, by States—

First, second, and third choice votesfor reserve-bank cities, by States—

Continued.

Continued.

MICHIGAN.
KANSAS.
First. Second. Third.

First. Second. Third.

Chicago
Denver
Kansas City
Kansas City, Mo
Lincoln
New York
Omaha.
St. Joseph
St. Louis.
St. Paul
Topeka
Wichita.
Kansas City, Mo., or Kansas City, Kans

52
1
8
9
1
1
5
3
74
1
1
3
159

8
179

2
9
198

Total

Boston
Chicago
Cincinnati
Cleveland
Detroit
Grand Rapids
Kalamazoo
Milwaukee
Minneapolis
Muskegon
New York
St. Paul
Twin Cities(St. Paul or Minneapolis)
Toledo

61
4
1

127

2
5
3
1
44
1
4
1

72
23

1
1

22
2
27

95

60

45

8

24

188

50

173
1
8
2
2
1
1
1

52

Total

1

4
16
2
4
1
3
2
1
7

164
1

5
3

1
1
1

MINNESOTA.
KENTUCKY.

Atlanta
Baltimore..
Birmingham
Chattanooga
Chicago
Cincinnati
Cleveland
Indianapolis
Knoxville..
Louisville...
Memphis
Nashville
New Orleans
New York
Richmond
St. Louis

2

34

10
51

93

32

1

2
1
16

1
2
4
3
4
15
18

128

119

106

5

Total

Chicago
Dubuque
Duluth
Fargo
Mankato
Milwaukee
Minneapolis
New York
St. Louis
St. Paul
Sioux City
Winona
Minneapolis or St. Paul

7
1
2
1
32
12
1
2

6
2
3
1
1
1

2
26

Total

21

20

1
59

2
3

2

44
1
47

32

MARYLAND.
95

Baltimore.
Boston
Cincinnati.
New York
Philadelphia
Pittsburgh
Richmond
Washington

2

1
1

1

1
14
25
5
1
24

14
20
7
3
14

98

72

1

Total.

137
17

1
1
154

Total


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

77

46458*—S. Doe.485,63-2

23

91

26

4
64

11
26
2
1

42
3

47

43

1
9
3

116

83

58

1

22

24
3

18

10

2

1

Chicago
Denver
Minneapolis
New York
Omaha
Portland
St. Louis
St. Paul
Seattle
Spokane
Twin Cities
Spokane or Seattle

1

1
1
2
2
3

10

14
2

20

2

53

51

44

5
2

110
7

54

8
22

9
58

181

32

1
6

Total
NEBRASKA.

Total

4
2
19

28

MONTANA.

41

12

8
1
6

321

Total

2
4

10

Albany
Boston.
Chicago
New York
Philadelphia
Providence
SprinOeld
Washington

1
9
1

4

19

Chicago
Kansas City, Mo
Kansas City, Kans
New York
Omaha
St. Louis
Springfield
St. Louis or Kansas City

Chicago
Denver
Fremont
Kansas City
Lincoln
Minneapolis
New York
Omaha
St. Joseph
St. Louis
St. Paul
Sioux City
Omaha or Lincoln

MASSACHUSETTS.

8

MISSOURI.

CO

1

5
3
3
1
5
2
1
4

1 ,

Total

2
25
1

61

Total

2

Atlanta
Birmingham
Chicago
Cincinnati
Memphis
Mobile
Nashville
New Orleans
New York
St. Louis

5
1

MAINE.

Albany
Boston
Chicago
Minneapolis
New York
Philadelphia
Washington

203

MISSISSIPPI.

2
1
2
2
3
1
1
9

24

1
1

1
240

259

Total

LOUISIANA.

Atlanta
Chicago
Dallas
Houston
Memphis.
New Orleans
New York
St. Louis
Shreveport.

111

11

3
2

5

1
49
25
9
3
3
2
26
2
3

223

223

184

2

354

LOCATION OF RESERVE DISTRICTS.

First, second, and third choice votesfor reserve-bank cities, by States—
Continued.

First, second, and third choice voteAfor reserve-bank, cities, by States—.
Continued.

NEVADA.

NOR T II CA R OLIN A—Continued.
First. Second. Third.

Denver
Los Angeles
Omaha
Salt Lake City
San Francisco

3
1
1
2
2

First. Second. Third.
Washington.
Wilmington
Baltimore or Washington
Washington or Balimore

5

50
1
28

Total

50

29

1
10
15

Chicago
Duluth
Fargo
Minneapolis
St. Paul
Spokane
Minneapolis or St. Paul
St. Paul or Minneapolis

122
65

2
1
4
53
2
60
1

1
2
4
25
1
2
3
2
3
6
1
4

1

188

124

54

3
9

6
9

6
3
5

NEW MEXICO.
Dallas
Denver
Chicago •
El Paso
Fort Worth
IIouston
Kansas City
St. Louis
San Francisco
Dallas or Fort Worth
Denver or El Paso

1
20

10
2
1
1

33

31

26

NEW YORK.
Albany
Atlanta
Boston..
Buffalo
Brooklyn
Chicago
Cleveland
Kingston
New York
Philadelphia
Pittsburgh
Rochester.
San Francisco..
Schenectady
Syracuse
St. Louis
Troy
Utica
Stamford
Washington
Baltimore or Washington
New York or Albany

10

70

1
13
1

34
13
1
9
6

393

1

16
60
7
2
1
5
1
1
3

26
1
55
16
4
1
1
4
48
6
9
3

4
1
4
1

420

229

194

NORTH CAROLINA.


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

125

2
160
107
36

19
92
1

120

103

1
37
52
82
46
1
3

1
33
58
62
29
5
6
1
11
1
9
1
41
6
1
1
1
1
1
1

8
2

18

44

1
1
1

2
2
343

283

270

17

6
11

65
47
1
7
2
9
1
1
1
15
1
1
1
31
4
1

OKLAHOMA.
Chicago
Dallas
Des Moines
Fort Worth
Houston
Kansas City
Memphis
Muskogee
New Orleans
Oklahoma
Omaha..
Philadelphia
St. Joseph..
St. Louis.
Tulsa
Wichita
St. Louis or Kamas City
St. Louis or Dallas
Dallas or Fort Worth

1

2

202

63

3

8

57 . 169
1
1

3
1

1

Total

283

262

191

OREGON.
Chicago
Denver
Los Angeles
Minneapolis
New York
Portland
San Francisco
Seattle
Spokane

2
17
6
3
7
1

49

1

1

1
3
1

1
1
56
16
1

11
45
8
2

8
32
10

73

Total
1
23
8
1
3
3
13

1

31

Total

4
6

1

Total

95
3
2
1
2

6

Baltimore..
Chicago
Cincinnati
Cleveland
Columbus
Detroit
Indianapolis
Kansas City
Louisville
New Orleans
New York
Philadelphia
Pittsburgh
St. Louis
Toledo
Washington
Youngstown
New York or Chicago
Columbus or Cleveland
Cincinnati or Columbus
Cincinnati or Cleveland
Cleveland or Pittsburgh

2
6
1
1

Total

7

OHIO.

1

Total

52

1
97
19

Total

NEW JERSEY.
Albany
Atlanta
Baltimore
Boston
Buffalo
Chicago
Jersey City
Newark
New York
Paterson
Philadelphia
Pittsburgh
Washington

60

NORTH DAKOTA.

NEW HAMPSHIRE.
Atlanta
Albany
Boston
Chicago
Concord
New York
Philadelphia

12
1
2
1

2

4

5
1
1
1

64

Total

Total

Atlanta
Baltimore..
Charlotte
Columbia
New York
Philadelphia
Richmond

2

68

56

11
1
1

18
1
3

30
3

PENNSYLVANIA.
Altoona
Baltimore
Boston
Buffalo

29

355

VOTE FOR RESERVE-BANK CITIES.

First, second, and third choice votes for reserve-bank cities, by States—
Continued.

First, second, and third choice votes for reserve-bank cities, by States—
Continued.

PENNSYLVANIA—Continued.

--Continued.
TEXAS
First. Second. Third.

First. Second. Third.
Chicago
Cincinnati
Cleveland
Harrisburg
Lancaster
New York
Philadelphia
Pittsburgh
Reading
Uniontown
Washington
Boston or Philadelphia
Denver, Seattle, or San Francisco
Philadelphia or Washington
Philadelphia, Washington, or Baltimore
Philadelphia or Chicago
Washington, New York, or Chicago
Philadelphia or Pittsburgh
Washington or Baltimore

3
43
420
282

8

1
1

,1
2
1
2

2
1
1

1

84
2
97
12

Fort Worth
Galveston
Houston
Kansas City
New Orleans
New York
Oklahoma City
St. Louis
San Antonio
San Francisco
Waco
Wichita
Dallas or Fort Worth
Dallas or Houston
Dallas, Fort Worth,or Houston
St. Louis or Kansas City
Fort Worth or Dallas
Chicago or Denver

69
4
78
20
4

30
4
87
40
44

1
96
2

2
110
12
4
10
1

1
13
1
2
3
7
3.

1
1
1
1

1

1
4
438

Total

408

391

1

1
5

6

1

7

396

667

764

Total

77
4
16
1
1
77
71
40
1
1
37

1
1
15
1
1
471
117
29

UTAH.
RHODE ISLAND.
Boston
New York
Philadelphia
Providence

11
4

5
8

1
5

1
16

Total

13

6

Chicag
Denver
Los Angeles
.........................................
New York
.
Omaha.............................................
Salt Lake City
San Francisco
Total..............................................

1
1

13
6

11

2

20

18

17

23

4
14

4
2

19

17

2
5

42

35

14

11

47

1

1
1

26
2
3

1

6
7
8
36

30

106

93

SOUTH CAROLINA.
VERMONT.

28

27

1

2

42

Total
Baltimore or Richmond

1
5
2
5

11

Atlanta
Baltimore
Charlotte
Columbia
Raleigh
Richmond
Savannah
Washington

42

2
17
7
2
1
4
2
8
43
1

Albany
Boston
. ...
Chicago .
New
Philadelphia
Total
VIRGINIA.

SOUTH DAKOTA.
25

26

54

12

8
6
2
4

Chicago
Denver
Des Moines
Kansas City
Minneapolis
New York
Omaha
St. Paul
Sioux City
Minneapolis or St. Paul
Sioux City or Omaha

8
38
9
2

36
5
1
1
11
3
4
8

Total..............................................

1
99

Total

95

7
1
11

14

14

Atlanta
Baltimore
Chattanooga
Chicago
Cincinnati
Knoxville
Louisville
Memphis
Nashville
New Orleans
New York
Richmond
St. Louis
Washington
Cincinnati or Atlanta
Nashville or Atlanta

16
1
13
6
10

8
8
25
2
8
1

7

4
11

13
2
1
3
15
11
3
5
2
2
5
16

1
1
78

86

Total
TEXAS.

Atlanta
........
Austin ----------------------------------............................
Chicago.... ...
...................
Denver
r
.................................
..............................................
Dallas.................................
212
El Paso

1
2
1
121

96
9
118

15
9

WASHINGTON.

77

TENNESSEE.


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

Baltimore
. ..................................
Atlanta .
Cincinnati
Louisville................................. .
.....
....
New York
Philadelphia..............................
.
.
Richmond..............................................
Washington

1
8
5
2
30
1

5
Chicago.. ...............................
3
Minneapolis................................
9
22
Portland ...................................
..............................................
.
St Louis
3
.
St Paul...............................
16
8
San Francisco...............................
17
40
Seattle...................................................
5
16
Spokane.................................................
............
Twin Cities.. .. .................................. ........ ........
1
Portland..
Seattle or
San Francisco or Twin Cities
Total..............................................

73

72

11
6
15
1
21
5
6
3
1
69

WEST VIRGINIA.
32
21
Baltime ....... ......................................
.................................................. ........ ........
Chicago..
13
26
Cincinnati........ . .
..........................
2
Cleveland.
Columbus...
7
1
York...............................................
New
1
Philadelphia............................................
13
41
Pittsburgh ..............................................
12
16
Richmond...............................................
13
Washington...
1
Wheeling......
2
or Baltimore
Washington
Total

105

96

24
1
19
1
7
6
8
9
17
2
94

356

LOCATION OF RESERVE DISTRICTS.

First, second, and third choice votesfor reserve-bank cities, by States—
Continued.
WISCONSIN.
First. Second. Third.
891

13
8

28
16

7
1

1

118

73

54

121

5
8

10

11

4
2
3
4

1

11
1
1
1
2
22
1
3
7
4
1

WYOMING.

4
1

Cities suggested for location of Federal reserve banks.

RECAPITULATION.
Alabama
Arizona
Arkansas.
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
Now Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Total

State.
73
12
54
235
113
71
24
12
44
108
45
419
234
303
198
128
26
61
98
154
95
259
32
116
53
223
7
50
188
33
420
64
125
343
283
73
764
16
42
99
86
438
20
42
118
73
105
118
27
6,724

67
10
46
133
95
49
20
12
43
93
45
246
202
305
159
119
21
47
72
91

so

240
28
83
51
223
5
29
124
31
229
60
120
283
262
68
667
13
43
95
83
408
18
35
106
72
96
73
24
5,504

64
7
33
64
87
36
10
11
38
75
43
132
168
153
127
106
20
32
60
41
45
203
26
58
44
184
4
15
54
26
194
52
103
270
191
56
396
6
43
77
78
391
17
14
93
69
94
54
15
4,179

At the same time the several banks were requested to indicate
the Federal reserve city with which they preferred to be connected
such banks were asked to suggest the proper location for not less
than 8 nor more than 12 Federal reserve cities. Samples of cards
and circulars used are attached as exhibits.


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

Alabama..
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina.
North Dakota.
Ohio
Oklahoma
Oregon.
Pennsylvania
Rhode Island
South Carolina
South Dakota.
Tennessee.
Texas
Utah
Vermont
Virginia
Washington.
West Virginia.
Wisconsin
Wyoming
Total

13
6
42
117
57
37
20
10
23
79
18
186
124
144
75
64
9
20
48
76
52
93
18
65
18
105
6
20
123
20
231
21
61
130
143
21
482
6
6
51
39
278
7
15
32
35
38
69
7

10
23
15
5
6
13
19
7
46
31
27
18
22
5
13
88
24
7
31
5
12
4
48
1
10
17
3
80
22
12
77
33
10
105
3
12
9
17
60
1
6
28
12
61
23
5

c;

ri
:a.,
,.

40
11
63
147
72
38
22
10
28
6.5
25
281
149
181
109
82
14
48
78
113

62
11
81
203
101
52
23
10
31
82
39
384
216
272
147
107
23
47
87
111
87
223
29
111
47
202
7
33
161
28
355
49
113
306
242
68
708
10
30
90
70
363
16
30
86
73
84
109
25

a
155
20
29
32
148
6
35
143
17
276
40
77
142
153
46
658
10
25
67
46
250
14
26
71
59
73
64
18

20
2
10
18
15
3
1
8
22
5
92
138
41
23
46
5
6
8
12
16
15
14
17
6
17
3
11
5
30
11
8
169
43
5
28
1
6
7
48
47

3
7
13
5
3
1
3
1
29
23
12
9
15
10
6
22
17
1
10
3
7
1
6
29
9
115
21
5
22
1

1
22
5
50
19

6
3
21
1
4
3
7
1
12

3,366 1,099 4,341 5,844 1,079

467

--g
A
8
1
16
7
5
2

1
4
12
20
10
6
31
83
1
13
1
4
3
20
213

55
8
43
135
102
40
20
9
21
61
23
293
175
174
45
80
16
17
66
81
62
140
23
54
27
27
2
24
130
25
250
33
75
234
157
48
640
7
23
63
52
247

2
8
6
8
8
3

18
65
41
76
75
16

3
22
25
21
9
5
13
2
2
5
3
3
5
7
11

632 4,098

Fort Worth.

15

Denver.

24

Cleveland.

27

Cincinnati.

Total

Boston.

Chicago
Denver
Kansas City
Omaha
St. Louis
Salt Lake City
St. Paul or Minneapolis

Baltimore.

Total

17

Atlanta.

Chicago
Cleveland
Dubuque
Madison.
Milwaukee
Minneapolis
New York
St. Louis
St. Paul
Twin Cities
St. Louis or Minneapolis

In analyzing the suggestions received it was found, however,
that in a large number of cases the cities voted for on this ballot
received the greater proportion of votes from banks located entirely
outside of the districts in which such cities were located; for
example, out of 4,576 cards suggesting New Orleans as a proper
location for a Federal reserve city only 222 banks making this suggestion were located in the territory contiguous to New Orleans
and included in district No. 6, 4,354 of such banks being entirely
outside of the district, 631 being located in Pennsylvania, 245 in
Ohio, 280 in New York, 330 in Illinois, 162 in California, 187 in
Indiana, 172 in Minnesota, 133 in New Jersey, 93 in Wisconsin,
90 in Massachusetts, and 207 in Iowa.
In the same manner, while Denver received 4,098 votes, only
426 came from the States within the district to which Denver has
been assigned, whereas Kansas City has received 553 votes from the
same district.
In the same manner, while 1,099 banks suggested Baltimore as
a proper location for a Federal reserve city, only 128 of these were
located in district No. 5, and of this number 95 were located in
Maryland.

6
1
2
2
1
1
1

a

4
.
i
1
,
3
1
.4
1

1
1
11
1
1
1
.
71
'

16

Total


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Federal Reserve Bank of St. Louis

1
3
13
2
3
6
16
5
3
2

5
9
101
2
1
7
4
3
4
1

3
29
10
72
5
13
4
14
5
14
3

382 1,399

2
2
18
10
20
8
12

3
6
4
44
1
92

1
3
1
8
5
3
6
3
2

1
3
6
17
1
2
1
9
2
5
5
10

1
1
4
1

1
1
3
1

1

6
8
7

14
2

6

4

1
4
4
7

4
9
6
1
4

16

7

3
3
1
1
12
2
23

10
16

3
2

7

3
1

4
4

2

4

228

232

149 2,011 4,576 5,792

3
9
15
19
6
64
3
3
1
2
9
3
5
8
1
4
5
170
2
2
6
2
16
3
3
10
9
5
12
1
2
23
3
32
7
4
2
6
3
12
16
557

9
3
24
62
23
72
22
1
3
17
7
105
49
70
42
21
6
22
20
49
31
59
8
42
14
39
2
13
132
9
142
12
21
85
67
23
498
6
12
12
12
77
5
12
20
13
12
32
6
1,998

Alabama
Arizona
Arkansas
California.
Colorado.
Connecticut.
Delaware
District of Columbia
Florida
Georgia.
Idaho
Illinois.
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland.
Massachusetts....
Michigan
Minnesota
Mississippi.
Missouri
Montana
Nebraska
Nevada.
New Hampshire..
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina...
South Dakota....
Tennessee
Texas.
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming..

6
2
7
30
18
4

2
1
10
17
10
8

11

54

6
2
3

72
163
83
42
20

7

1
3
7
3
75
47
39
22
26
3
2
17
15
12
42
4
13
2
20
1
7
5
54
8
8
70
26
8
317
5
12
5
45
4
12
11
68
21
1

Total...: .. 1,107

10
10
29
3
20
71
6
30
14
316
62
5
27
7
168
2
193
49
112
26
8
28
87
1
2
22
7
44
6
4
72
13
4
97
25
1
61
29
6
179
3
3
24
8
3
100
4
1
37
20
3
177
6
1
28
4
138
15
19
2
37
13
287
8
41
43
20
1
83
31
15
238
34
5
196
53
1
45
31
7 646
2
8
3
19
27
10
GO
4
12
67
29
19
345
1
15
5
1
25
1
75
81
12
1
62
3
27
71
28
1
90
4
21
-697
360 4,871

Seattle.

Salt Lake.

St. Paul.
-

St. Louis.

Richmond.

10
31
89
40
379
216
250
151
108
23
47
91
115
85
217
27
106
50
197
7
34
168
30
364
50
113
304
243
67
684
11
31
83
69
358
16
20
84
72
84
110
25

g

Portland.

1
23
51
33
330
137
207
106
101
23
38
82
90
74
172
26
77
39
157
7
27
133
21
280
48
77
245
148
57
631
10
25
68
52
140
12
23
76
63
74
93
24

2
4
23
15
2

..21

be
a

1

62

10

2

3
8
3

73
192
93
45
21

25
21
20
17
4

10
31
81
41
366
204
234
140
96
21
1
47
85
3
2
107
2
80
3
109
2
25
3
106
1
47
17
187
3 • 7
32
4
156
26
15
335
4
49
3
109
1
263
9
217
65
4
648
9
8
3
86
1
62
12
329
16
9
4
27
1
84
2
68
81
2
106
24
5

1
9
7
5
6
10
1

29

1
10
34
3
112
82
86
37
33
6
15
33
46
30
79
6
32
16
32
2
11
34
8
118 ,
12
41 1
101
67
3
275
3
8
33
18
95
4
16
30
38
54
47
6

EV ...I ND

1
3
10
18
101
43
90
154
20
7
6
5
10
15
43
6
82
5
31
3
4
13
26
36
8
23
49
218
15
23

59
11
76
201
10)
52
25

A
0

State.

4.NN

6
4
1

47
10
62
162
31
42
21

cd
az

...w.—

26
4

1
2
2

1

1
2
7
1
29
9
26
12
8
3
1
1
3
3
12
2
8
2
13

3

.5:
.=
c'
4
,
a

1

I

I

7
49
38
39
9

New York.

Minneapolis.

Memphis.

Louisville.

Los Angeles.

Houston.
2
13
14
5

New Orleans.

Alabama
Arizona
Arkansas
California
Colorado.
Connecticut
Delaware
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland.
Massachusetts....
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada.
New Hampshire.
New Jersey
New Mexico
New York
North Carolina.
North Dakota......
Ohio
Oklahoma
Oregon
Pennsylvania..
Rhode Island....
South Carolina...
South Dakota....
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia....
Wisconsin
Wyoming

—

State.

Kansas City.

1

San Francisco.1

VOTE FOR RESERVE-BANK CITIES.

170 5,320 1,835

98

1,141


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Federal Reserve Bank of St. Louis

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.


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Federal Reserve Bank of St. Louis

APRIL 2, 1914.

WITH STATEMENT OF THE COMMITTEE
IN RELATION THERETO.
APRIL 10, 1914.

359


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Federal Reserve Bank of St. Louis

DECISION OF THE RESERVE BANK ORGANIZATION COMMITTEE DETERMINING THE FEDERAL
RESERVE DISTRICTS AND THE LOCATION OF THE FEDERAL RESERVE BANKS.
[Under the Federal reserve act, approved Dec. 23, 1913.]

'
Or

The Federal reserve act directs the Reserve Bank
Organization Committee to "designate not less than
8 nor more than 12 cities to be known as Federal
reserve cities"; to "divide the continental United
States, excluding Alaska, into districts, each district
to contain only one of such Federal reserve cities";
and to apportion the districts "with due regard to the
convenience and customary course of business."
The act provides that the districts may not necessarily
be coterminous with any State or States.
In determining the reserve districts and in designating the cities within such districts where Federal
reserve banks shall be severally located, the organization committee has given full consideration to the
important factors bearing upon the subject. The
committee held public hearings in 18 of the leading
cities from the Atlantic to the Pacific and from the
Great Lakes to the Gulf, and was materially assisted
thereby in determining the districts and the reserve
cities.
Every reasonable opportunity has been afforded
applicant cities to furnish evidence to support their
claims as locations for Federal reserve banks.
More than 200 cities, through their clearing-house
associations, chambers of commerce, and other representatives, were heard. Of these, 37 cities asked to
be designated as the headquarters of a Federal reserve
bank.
The majority of the organization committee, includmg its chairman and the Secretary of Agriculture,
were present at all hearings, and stenographic reports
of the proceedings were made for more deliberate
consideration. Independent investigations were, in
addition, made through the Treasury Department,
and the preference of each bank as to the location of
the Federal reserve bank with which it desired to be
connected was ascertained by an independent card
ballot addressed to each of the 7,471 national banks
throughout the country which had formally assented
to the provisions of the Federal reserve act.
Among the many factors which governed the committee in determining the respective districts and the
selection of the cities which have been chosen were:
First. The ability of the member banks within the
district to provide the minimum capital of $4,000,000


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Federal Reserve Bank of St. Louis

required for the Federal reserve bank, on the basis

of 6 per cent of the capital stock and surplus of member banks within the district.
Second. The mercantile, industrial, and financial
connections existing in each district and the relations
between the various portions of the district and the
city selected for the location of the Federal reserve
bank.
Third. The probable ability of the Federal reserve
bank in each district, after organization and after the
provisions of the Federal reserve act shall have gone
into effect, to meet the legitimate demands of business,
whether normal or abnormal, in accordance with the
spirit and provisions of the Federal reserve act.
Fourth. The fair and equitable division of the available capital for the Federal reserve banks among the
districts created.
Fifth. The general geographical situation of the
district, transportation lines, and the facilities for
speedy communication between the Federal reserve
bank and all portions of the district.
Sixth. The population, area, and prevalent business
activities of the district, whether agricultural, manufacturing, mining, or commercial, its record of growth
and development in the past and its prospects for the
future.
In determining the several districts the committee
has endeavored to follow State lines as closely as practicable, and wherever it has been found necessary to
deviate the division has been along lines which are
believed to be most convenient and advantageous for
the district affected.
The 12 districts and the 12 cities selected for the
location of the Federal reserve banks are as follows:
DISTRICT NO. 1.
The New England States. Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut, with the city of Boston as
the location of the Federal reserve bank.

This district contains 445 national banks which have
accepted the provisions of the Federal reserve act.
The capital stock of the Federal reserve bank of Boston,on the basis of 6 per cent of the total capital stock
and surplus of the assenting national banks in the
district, will amount to $9,924,543.
361

362

LOCATION OF RESERVE DISTRICTS.
DISTRICT

No. 2.

The State of New York with New York City as the location of the
Federal reserve bank.

This district contains 477 national banks which have
accepted the provisions of the Federal reserve act.
The capital stock of the Federal reserve bank of New
York, on the basis of 6 per cent of the total capital
stock and surplus of the assenting national banks in
the district, will amount to $20,621,606; and if there
be added 6 per cent of the capital stock and surplus
of the State banks and trust companies which have
applied for membership up to April 1, 1914, the total
capital stock will be $20,687,606.
DISTRICT No. 3.
The States of New Jersey and Delaware and all that part of Pennsylvania located east of the western boundary of the following counties:
McKean, Elk, Clearfield, Cambria, and Bedford, with the Federal
reserve bank in the city of Philadelphia.

This district contains 757 national banks which have
accepted the provisions of the Federal reserve act.
The capital stock of the Federal reserve bank of
Philadelphia, on the basis of 6 per cent of the total
capital stock and surplus of the assenting national
banks in the district, will amount to $12,488,138; and
if there be added 6 per cent of the capital stock and
surplus of the State banks and trust companies which
have applied for membership up to April 1, 1914, the
total capital stock will be $12,500,738.
DISTRICT

No. 4.

The State of Ohio; all that part of Pennsylvania lying west of district
No. 3; the counties of Marshall, Ohio, Brooke, and Hancock, in the
State of West Virginia; and all that part of the State of Kentucky
located east ofthe western boundary ofthefollowing counties: Boone,
Grant, Scott, Woodford, Jessamine, Garrard, Lincoln, Pulaski,
and McCreary; with the city of Cleveland, Ohio, as the location of the
Federal reserve bank.

This district contains 767 national banks which have
accepted the provisions of the Federal reserve act.
The capital stock of the Federal reserve bank of Cleveland, on the basis of 6 per cent of the total capital
stock and surplus of the assenting national banks in
the district, will amount to $12,007,384; and if there
be added 6 per cent of the capital stock and surplus
of the State banks and trust companies which have
applied for membership up to April 1, 1914, the total
capital stock will be $12,100,384.
DISTRICT No. 5.
The District of Columbia, and the States of Maryland, Virginia, North
Carolina, South Carolina, and all of West Virginia except the counties of Marshall, Ohio, Brooke, and Hancock, with the Federal reserve
bank located in the city of Richmond, Va.

This district contains 475 national banks which have
accepted the provisions of the Federal reserve act.
The capital stock of the Federal reserve bank of Richmond, on the basis of 6 per cent of the total capital
stock and surplus of the assenting national banks in


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Federal Reserve Bank of St. Louis

the district, will amount to $6,303,301; and if there be
added 6 per cent of the capital stock and surplus of the
State banks and trust companies which have applied
for membership up to April 1, 1914, the total capital
stock will be $6,542,713.
DISTRICT No. 6.
•
The States of Alabama,Georgia, and Florida; all that part of Tennessee
located east ofthe western boundary ofthefollowing counties: Stewart,
Houston, Wayne, Humphreys, and Perry; all that part of Mississippi
located south of the northern boundary of the following counties:
Issaquena, Sharkey, Yazoo, Kemper, Madison, Leake, and Neshoba;
and all ofthe southeastern part ofLouisiana located east ofthe western
boundary ofthefollowing parishes: Pointe Coupee,Iberville, Assumption, and Terrebonne, with the city of Atlanta, Ga., as the location
of the Federal reserve bank.

This district contaims 372 national banks which have
accepted the provisions of the Federal reserve act.
The capital stock of the Federal reserve bank of
Atlanta, on the basis of 6 per cent of the total capital
stock and surplus of the assenting national banks in
the district, will amount to $4,641,193; and if there
be added 6 per cent of the capital stock and surplus
of the State banks and trust companies which have
applied for membership up to April 1, 1914, the total
capital stock will be $4,702,558.
DISTRICT No. 7.
The State of Iowa; all that part of Wisconsin located south of the northern boundary of the following counties: Vernon, Sauk, Columbia,
Dodge, Washington, and Ozaukee; all of the southern peninsula of
Michigan, viz, that part east of Lake Michigan; all that part of Illinois located north of a line forming the southern boundary of the
following counties: Hancock, Schuyler, Cass, Sangamon, Christian,
Shelby, Cumberland, and Clark; and all that part of Indiana north
of a line forming the southern boundary of the following counties:
Vigo, Clay, Owen, Monroe, Brown, Bartholomew, Jennings,
Ripley, and Ohio, with the Federal reserve bank located in the city
of Chicago, Ill.

This district contains 952 national banks which have
accepted the provisions of the Federal reserve act.
The capital stock of the Federal reserve bank of
Chicago, on the basis of 6 per cent of the total capital
stock and surplus of the assenting national banks in
the district, will amount to $12,479,876; and if there
be added 6 per cent of the capital stock and surplus of
the State banks and trust companies which have
applied for membership up to April 1, 1914, the total
capital stock will be $12,967,701.
DISTRICT

No. 8.

The State of Arkansas; all that part of Missouri located east of the
western boundary of the following counties: Harrison, Daviess,
Caldwell, Ray, Lafayette, Johnson, Henry, St. Clair, Cedar, Dade,
Lawrence, and Barry; all that part of Illinois not included in district No 7; all that part of Indiana not included in district No. 7;
all that part of Kentucky not included in district No. 4; all that part
of Tennessee not included in district No. 6; and all that part of
Mississippi not included in district No. 6, with the city ofSt. Louis,
Mo., as the location of the Federal reserve bank.

This district contains 458 national banks which have
accepted the provisions of the Federal reserve act.

DECISION OF ORGANIZATION COMMITTEE.

The capital stock of the Federal reserve bank of St.
Louis, on the basis of 6 per cent of the total capital
stock and surplus of the assenting national banks in
the district, will amount to $4,990,761; and if there
be added 6 per cent of the capital stock and surplus of
the State banks and trust companies which have
applied for membership up to April 1, 1914, the total
capital stock will be $6,367,006.
DISTRICT No. 9.
The States of Montana, North Dakota, South Dakota, Minnesota; all
that part of Wisconsin not included in district No.7, and all that part
of Michigan not included in district No. 7, with the city of Minneapolis, Minn., as the location of the Federal reserve bank.

This district contains 687 national banks, which
have accepted the provisions of the Federal reserve
act. The capital stock of the Federal reserve bank of
Minneapolis, on the basis of 6 per cent of the total
capital stock and surplus of the assenting national
banks in the district, will amount to $4,702,925.
DISTRICT No. 10.
The States of Kansas, Nebraska, Colorado, and Wyoming;all that part
of Missouri not included in district No.8; all that part of Oklahoma
north of a lineforming the southern boundary of thefollowing counties: Ellis, Dewey, Blaine, Canadian, Cleveland, Pottawatamie,
Seminole, Okfuskee, McIntosh, Muskogee, and Sequoyah; and all
that part ofNew Mexico north ofa linefarming thetsouthern boundary
of the following counties: McKinley, Sandoval, Santa Fe, San
Miguel, and Union, with the city ofKansas City, Mo.,as the location
of the Federal reserve bank.

This district contains 836 national banks which have
accepted the provisions of the Federal reserve act.
The capital stock of the Federal reserve bank of Kansas
City, on the basis of 6 per cent of the total capital stock
and surplus of the assenting national banks in the
district, will amount to $5,590,015; and if there be
added 6 per cent of the capital stock and surplus of the
State banks and trust companies which have applied
for membership up to April 1, 1914, the total capital
stock will be $5,600,977.
DISTRICT No. 11.
The State of Texas; all that part of New Mexico not included in district
No. 10; all that part of Oklahoma not included in district No. 10;all
that part ofLouisiana not included in district No.6;and thefollowing
counties in the State of Arizona: Pima, Graham, Greenlee, Cochise,
and Santa Cruz, with the city of Dallas, Tex., as the location of the
Federal reserve bank.

This district contains 731 national banks which
have accepted the provisions of the Federal reserve act.
The capital stock of the Federal reserve bank of Dallas,


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Federal Reserve Bank of St. Louis

363

on the basis of 6 per cent of the total capital stock and
surplus of the assenting national banks in the district,
will amount to $5,540,020; and if there be added 6 per
cent of the capital stock and surplus of the State banks
and trust companies which have applied for membership up to April 1, 1914, the total capital stock will be
$5,653,924.
DISTRICT No. 12.
The States of California, Washington, Oregon, Idaho, Nevada, and
Utah, and all that part of Arizona not included in district No. 11,
with the city of San Francisco, Cal., as the location of the Federal
reserve bank.

This district contains 514 national banks which
have accepted the provisions of the Federal reserve act.
The capital stock of the Federal reserve bank of San
Francisco, on the basis of 6 per cent of the total capital
stock and surplus of the assenting national banks in
the district, will amount to $7,825,375; and if there be
added 6 per cent of the capital stock and surplus of the
State banks and trust companies which have applied
for membership up to April 1, 1914, the total capital
stock will be $8,115,494.
The committee was impressed with the growth and
development of the States of Idaho, Washington, and
Oregon, but on the basis of 6 per cent of the capital
stock and surplus of national banks and State banks
and trust companies which have applied for membership, that section could not provide the ;4,000,000
minimum capital stock required by the law. With the
continued growth of that region it is reasonable to
expect that in a few years the capital and surplus of
its member banks will be sufficient to justify the
creation of an additional Federal reserve district, at
which time application may be made to the Congress
for a grant of the necessary authority.
It is no part of the duty of the organization committee to locate branches of the Federal reserve banks.
The law specifically provides that "each Federal
reserve bank shall establish branch banks within the
Federal reserve district in which it is located" All
the material collected by the committee will be placed
at the disposal of the Federal reserve banks and the
Federal reserve board when they are organized and
ready to consider the establishment of branch banks.
Reference is made to the map of the districts and to
Tables A,B, C, D,E, and F hereto attached.
W. G. McAnoo,
D. F. HOUSTON,
JNO. SKELTON WILLIAMS,
Reserve Bank Organization Committee.
WASHINGTON, D. C., April 2, 1914.

364

LOCATION OF RESERVE DISTRICTS.

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ot•

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MINN.

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Map showing the
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ork

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New Orleans

and the Boundaries of the

FLA.

Twelve Federal Reserve Districts

as determined by the
Reserve BanK Organization Committee
TABLE

A (part 1).-Showing subscriptions to stock of Federal reserve banks by national banks, State banks, and trust companies, with area and
population of each district.

Districts.

National banks Mar. 4, 1914.

Dis-

tea

Federal reserve cities.

No.

1
2
3
4
5
6
7
8
9
10

11
12

Including State banks and trust cornpanics that have applied for membership up to Apr. 1, 1914.

I and
' area
in square
miles.'
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City, Mo
Dallas
San Francisco
Total

N umher of
banks,

Populltion.1

Capital and

6 per cent

Num.
ber cm
banks.

Capital and
surplus.

6 per cent
subscription.

61,976
47,654
40,449
72,693
152,931
233,821
171,306
194,767
433,281
450,831
430,329
683,852

6,552,681
9,113,614
7,932,065
8,326,668
8,519,310
8,677,288
12,348,767
8,747,662
5,195,886
5,671,051
5,797,970
5,089.304

445
477
757
767
475
372
952
458
687
836
731
511

$165,409,043
343,693,437
208, 135,631
200,123,060
105,055,023
77,353,221
207,997,941
83,179,348
78,382,081
93,166,912
92,333,673
130,422,921

$9,924,543
20,621,606
12,488, 138
12,007,384
6,303,301
4,641,193
12,479,876
4,990,761
4,702,925
5,590,015
5,540,020
7,825,375

445
478
758
769
484
382
967
469
687
839
737
529

$165,409,043
344,793,437
208,345,631
201,673,060
109,045,223
78,375,971
216, 128,36:1
106,116, 761
78,332,081
93,349.612
94,232,073
135,258,231

$9,924,543
20,687,606
12,500,738
12,100,384
6,542,713
4,702,558
12,967. 701
6,367,006
9,702,925
5,600,977
5,653,924
8,115,494

2,973,890

91,972,266

7,471

1,785,252,291

107,115,137

7,544

1,831,109,489

109,866,569

1 United States census of 1910.
TABLE

A (part 2).-Showing amount due to and due from banks, amount of individual deposits and all deposits, also cash in vault, for all
national banks in each Federal reserve district as of Mar. 4, 1914.

District
No.
1
2
3

4
5
6
7
8
9
10
11
12

Federal reserve cities.

Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis
Kansas City, Mo
Dallas
San Francisco


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

Total

Total due from
banks.

Net balance
due to
banks.

$125,363,123
863,414,285
214,326,384
186,273,482
71,963,378
39,603,415
441,078,660
131,446,049
80,671,243
146,742,582
51, 172,553
120, 188,341

$125,087,628
192,806,668
1S9,222,922
170,831,707
72,983,655
61,442,028
278,661,678
92,813,994
104,873,520
134,726,219
78,083,730
122,927,748

$275,495
670,607,617
25,103,462
15,441,775

2,472,243,495

1,624,461,497

924,493,749

Total due to
banks.

Net balance
due from
banks.

Individual
deposits.

All deposits,

26,911,177
2,739,407

$500,636,637
1,191,533,728
718,185,010
654,985,827
317,659,065
215,744,303
811,307,271
241,740,690
389,088,959
365,978,140
252,490,607
444,274,574

$631,356,974
2,061,858,058
937, 181, 166
851,157,633
399,579,841
262,318,818
1,265,208,464
378,858,307
475,684,697
521,318,350
307, 130,732
573,243,051

76,711,751

6,103,624,811

8,664,896,091

$1,020,277
21,838,613
162,416,982
38,632,055
24,202,277
12,016,363

Per
capita
deposit.
$96
226
118
102
47
30
102
43
92
92
53
113

Cash in
vault.

$53,354,398
359,715,324
77,909, 120
75,287,748
25,524,694
18,752,412
150,414,811
40,866, 167
34,917,883
44,118,906
25,979,225
60,077,300

94 • 966,917,988

365

DECISION OF ORGANIZATION COMMITTEE.

TABLE B.
-Number of national banks on Sept. 9, 1903, and Aug. 9, 1918, with increase or decrease; also amount of capital stock and surplus,
loans and discounts, and individual deposits (in thousands), with amount and percentage of increase or decrease.
Number of national
banks.

1903 1913

New York, N Y
Chicago,Ill
Philadelphia, Pa
Boston, Mass
Pittsburgh, Pa
San Francisco,Cal
St. Louis, Mo
Cincinnati, Ohio.
Baltimore, Md
Cleveland, Ohio
Minneapolis, Minn.
Kansas City, Mo
Washington, D.C
St. Paul, Miini
Richmond, Va.'
Indianapolis,Ind
Atlanta, Ga.2
New Orleans, La
Louisville, Ky
Denver,Colo
Houston, Tex
Portland, Oreg
Omaha,Nebr.
Dallas, Tex
Seattle, Wash.'
Fort NVorth, Tex.'
Columbus Ohio
Nashville;Tenn.2
Spokane, Wash.'
Birmingham Ala.2
Des Moes Iowa
in ,
Charlotte, N.C.2
Columbia, S. C.'
Savannah, Ga
Memphis, Tenn.
2
Lincoln, Nebr
Kansas City, Kans

43
12
34
32
35
7
7
13
19
13
5
6
11
6
5
7
4
6
8
5
6
3
7
4
5
6
6
4
4
2
4
4
2
2
4
3
2

Increase
or decrease.'

1903

1913

Increase
or decrease.'

1903

Per
cent,

Increase
or decrease.'

1913

$631,565 $936,908 $305,343
44
- 7 8173,185 $249,305 $76,120
147,608
181,416 329,024
79
30,425
38,625
69,050
-3
76,368
142,378 218,746
36
16,435
62,065
45,630
-2
33,003
189,872
156,869
2.7
1,245
48,081
46,836
-15
14,716
129,802
7.3 115,086
3,314
45,200
48,514
-13
86,301
113,959
27,658
33,642 300
11,238
44,880
2
19,849
109,161
89,312
13
25,910
29,140
3,230
11,900
53,443
41,543
41.3
14,405
5,945
20,350
-5
16,481
63,703
47,222
4.4
834
19,760
18,926
-3
11,790
60,945
49,155
-972 - 6.5
14,400
15,372
-6
34,383
55,281
20,898
124
7,590
6,120
13,710
1
30,938
69,673
38,735
203
7,795
11,650
3,855
6
12,491
26,834
14,343
83
11,165
5,063
6,102
19,318
34,188
14,870
91
4,564
9,600
5,036
-2
23,360
34,732
11,372
219
6,514
2,970
9,484
3
10,570
28,420
17,850
60
3,550
5,860
9,410
-2
16,728
26,856
10,128
6,270 269
2,330
8,600
2
24,467
7,078
17,389
42
2,440
8,230
5,790
-1
9,753
25,553
15,800
26.6
1,728
6,497
8,225
29,212
13,920
1&,292
4,288 132
3,250
7,538
1
18,689
25,612
6,923
4,700 200
2,350
7,050
21,947
16,067
5,880
1,250
5,425 434
6,675
2
16,790
32,810
16,020
72
2,740
3,820
6,560
19,816
13,428
6,388
172
3,732
2,168
5,900
1
17,241
25,857
8,616
4,100 281
1,460
5,560
1
10,704
15,507
4,803
165
3,085
1,865
4,950
2
17,429
5,790
11,639
43
1,403
4,673
3,270
2
9,485
17,335
7,850
1809
78
2,389
4,198
1
16,056
11,209
4,847
3,282 370
890
4,172
1
9,697
5,068
4,629
2,299 282
815
3:114
8,414
13,485
5,071
190
1,995
1,060
3,055
6,364
3,010
3,354
58
683
1,167
1
1,850
7,311
5,282
2,029
143
1,075
1,825
750
3
3,339
1,249
2,090
64
625
975
1,600
5,523
-2,467
7,990
- 10 - 0.6
1,600
1,590
-1
6,314
3,274
3,040
137
771
1,330
559
1
4,263
38
4,225
-670 .45.5
1,470
800

36
9
32
17
22
9
7
8
16
7
6
12
11
4
8
5
6
5
8
6
6
5
7
5
6
8
8
5
5
2
4
5
5
2
3
4
2

Individual deposits.

Loans and discounts.

Capital and surplus.

I

minus(-)shows decrease; other changes show increase.

Per
cent,

1903

1913

Increase
or decrease.'

$450,732 $636,544 $185,812
48
125,352 202,335
76,983
81
162,437
40,050
53
122,387
52,657
118,670 171,327
21
113,796
27,650
86,146
13
88,894
67,034
21,860
313
61,380
14,628
22
46,752
38,459
6,139
32,320
29
44,547
12,356
32,191
35
24
46,110
18,454
27,656
29,340
164
42,930
13,590
40,600
13,515
80
27,085
7,620
89
26,319
18,699
29,712
130
14,990
14,722
24,391
14,723
207
9,668
60
18,033
22,790
4,757
165
20,842
8,703
12,139
3,936
41
16,675
20,611
61
20,766
10,226
10,540
91
29691
35,587
5,896
15,803
270
6,794
22597
273
8,619
15,132
23,751
13,123
105
14,608
27,731
210
5,915
13,003
18,918
200
12,297
16,634
28,931
223
3,934
11,707
7,773
12,582
50
9,015
21,597
121
6,132
14759
8,627
230
10,070
6,366
16436
110
5,367
9,604
4,237
166
2,803
6,669
3,866
90
1,986
2,435
4,421
264
2,002
3,060
5,062
59.7
703
655
1,358
-31
6,869
4,276
-2,593
2,649
107
2,068
4,717
1
2,306
2,765
459

Nonreserve cities.

a

Per
cent.
41
62
33
45
32
308
32
19
38
67
216
50
40
99
152
27
140
24
97
20
233
176
90
220
135
199
72
140
158
79
138
83
153
93
-37.7
78
20

Not a reserve city in 1903.

TABLE C.
-Total loans and discounts by geographical divisions, made by national banks in the cities named as of Jan. 13, 1914.
[Compiled from special statements submitted to the Comptroller of the Currency.]
New England
States.

Eastern States.

Southern States.

Middle Western
States.

Western States.

Pacific States,

Total I()Ins.
Amount.

New York
Chicago
Philadelphia
Boston
Pittsburgh
San Francisco
St. Louis
Kansas City, Mo
Cleveland
Baltimore
Minneapolis
Buffalo
Cincinnati
Los Angeles
St. Paul
Richmond
Omaha
Washington
Atlanta
Louisville
Providence
Seattle
Albany
Houston
Portland, Oreg
Hartford
Dallas
New Orleans
Nashville
Brooklyn
Memphis

$920,804,000
3a3,498,000
219,044,000
190,973,000
126,358,000
1 104,696,000
104,006,000
67,237,000
60,763,000
59,435,000
58,021,000
55,084,000
52,290,000
47,985,000
38,018,000
35,721 000
31,5361000
27,790,000
26,916,000
26,452,000
25,032,000
24,486,000
23,950,000
23,659,000
21,446,000
21,202,000
19,731,000
19,677,000
18,031,000
17,4371000
7,977,000

$36,819,000
2,055,000
3,789,000
145,411,000
785,000
63,000
1,240,000
15,000
385,000
278,000
660,000
313,000
155,000
125,000
125,000
11,000
120,000
'15,442,000
85,000
778,000

'

16,019,000
10,000
69,000

Per
cent,

Amount*

4.00 $654,822,000
.68
7,027,000
1.73
188,594,000
76.14
18,137,000
.62 ,119,999,000
1,125,000
.06
3,769,000
1.19
.02
304 000
66
.63
3,5 :000
.47
50,893,000
3,32,000
49,061 000
1.20
.60
2,145:000
935,000
.40
1,306,000
1,619,000
.35
567,000
.40
.04
26,620,000
277,000
.45
77,000
61.69
4,674,000
568,000
.35
3.25
22,134,000
205,000
47,000
75.55
1,384,000
214,000
.05
171,000
25,000
16,659,000
.39
6,000

Per
cent.
71.12
2.31
86.10
9.50
94.97
1.08
3.62
.43
5.87
85.63
.57
89.07
4.10
1.95
3.43
4.53
1.79
95.79
1.03
29
18.67
2.32
92.42
87
.21
8.53
1.08
87
14
95.54
07

Amount
'
S86,843,000
17,736,000
9,398,000
4,779,000
598,000
30,000
13,593,000
6,419,000
186,000
6,891,000
25,000
314,000
4,017,000
20,000
187,000
33,473,000
200,000
915,000
26,117 000
25,312:000
536,000
161,000
180,000
23,391 000
15,000
'
1,059,000
19,123,000
19,477,000
17,735,000
17,000
7,913,000

1 $7,457,000 less than abstract Jan. 13, which included report from branches.

Per
cent.

Amount
'

9,43 $116,424,000
257,427,000
5.85
16,013,000
4.29
19,731,000
2.50
4,410,000
.47
1,130,000
.03
80,208,000
13.07
38,101,000
9.55
56,303,000
.31
1,359,000
11.59
52,657,000
.04
4,858,000
.57
45,699,000
7.8S
231,000
.04
32,157,000
.48
489,000
93.71
2,172,000
.63
81,000
3.29
397,000
97.03
1,026,000
95.80
3,586,000
2.14
1,444,000
.66
721,000
.75
25,000
08.86
382,000
.08
2,301,000
5.00
251,000
96.92
20,000
98.98
271,000
98.36
562,000
.10
58,000
99.20

Per
cent.
12.64
84.82
7.31
10.33
3.49
1.08
77.12
56.69
92.66
2.29
90.76
8.82
87.40
.48
84.62
1.37
6.89
.29
1.47
3.88
14.33
5.89
3.01
.,l
1. r8
10:85
1.28
.10
1.50
3.22
.73

Amount
'

Per

cent.

A mount
'

Per
cent.

$12,668,000
11,358,000
580,000
1,419,WO
382,000
25,000
4,701 000
21,804,000
'
208,000
6,000
4,745,000
150,000
56,000
90,000
2,751,000
5,000
28,212,000
24,000
5,000
7,000
436,000
244,000
85,000
38,000
8,000
287,000
130,000

1.38
3.74
.27
.74
.30
.02
4.52
32.43
.34
.01
8.18
.27
.11
.19
7.23
.01
89.46
.09
02
ca
1.74
1.00
.35
16
.04
1,35
.66

$13,228,000
7,895000
670,000
1,496,000
184,000
102,3M,000
495,000
591,000
115,000
8,000
262,000
41,000
60,000
46,709,000
1,462,000
10,000
260,000
139,000

1.43
2.60
.30
.79
.15
97.73
.48
.88
.19
.01
.45
.07
.11
97.34
3.84
.01
.81
.5C

358,000
21,984,000
52,000

1.41
89.71
.21'

20,994,000
152,000
3,000
9,000

97.85
.75
.01
.O

5,000

.03

125,000

.75

Includes $1,075,000 not localized.

NOTE.
-The above statement has been compiled from special statements Made to the Comptroller of the Currency showing all loans in the United States. Foreign loans
are not included. The differences between this statement and the abstract of Jan. 13, 1914,are made up of foreign loans, bonds loaned and other minor items.
The above classification by geographical groups, which has been observed in the reports of the Comptroller's office for the past 18 years, is as follows: New England
"
. 1tte.„s,_: Maine,New Hampshfre, Vermont, Massachusetts, Rhode Island, and Connecticut. Eastern States: New York,New Jersey, Pennsylvania, Delaware, Maryland,
and District or Columbia, Southern States: Virginia, West Virginia, North Carolina,South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana, Texas, Arkansas
"emlIckb and Tennessee. Middle Western States: Ohio,Indiana, Illinois, Michigan, Wisconsin, Minnesota,Iowa,and Missouri. Western States: North Dakota,South
Dakota, Nebraska, ICansas, Niontana, Wyoming,Colorado, New Mexico,and Oklahoma. Pacific States: NVashington, Oregon, California, Idaho, Utah, Nevada, Arizona,
and Alaska.


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

366

LOCATION OF RESERVE DISTRICTS.

TABLE D.
-Showing bank and trust company credit balances with the national banks in some of the principal

cities
ing amounts loaned by the national banks in the same cities to their correspondent banks; also bought paperof the United States; also showand colateral loans to noncustamers of the lending banks, securities owned, and cash reserve in vaults, as of dates named.

Amount on
deposit from

Per cent
loaned
banks Jan.
payable,and
trust cornrediscounts,in- 13 1914
,
,
panics throughto bank
out the United eluding hid!deposits
States, Feb. rect loans with Feb 14
guarantee of
: ,
14, 1914.
.
1914
directors, etc.,
Jan. 13, 1914.

Cities.

New York
Chicago
Philadelphia
Boston
St. Louis

•

Pittsburgh
Kansas City, Mo
San Francisco'
Albany a
Cleveland
Cincinnati
Minneapolis
Baltimore
Omaha ,
Los Angeles
St. Paul
Houston
Louisville
Buffalo
Richmond
Portland, Oreg
Seattle
New Orleans
Dallas
Nashville
Washington
Atlanta
Brooklyn
Memphis
Providence
Hartford

Amountloaned
to all banks
and trust corn-

$742,386,939
278,824,567
173,584,687
97,136,156
90,430,968

•

,

'

$59,107,399
25,663,706
6,859,243
3,695,480
14,271,230

7.96
9.20
3.95
3.80
15.78

1,382,363, 317
79,314,345
54,835,438
45,859,188
39,528,280
36,746,820
32,593,282
31,316,864
27,421,904
18,533,959
16,290,131
16,002,069
12,616,553
11,750,499
11,388,536
10,970,068
8,427,674
7,518,865
7,229,470
6,237,357
5,536,719
5,516,705
4,438,974
4,017,811
2,377,836
1,983,787
835,334

109,597,058
710,415
18,844,099
3,296,431
276,052
1,163,551
1,955,816
2,620,504
2,404,815
5,768,762
1,374,958
792,594
1,865,678
2,204,727
109,557
1,629,449
572,100
602,937
1,134, 102
1,385,687
1,158,622
495,978
892,612
10,000
496,006
125,000

7.92
.89
34.36
7.19
.70
3.17
6.00
8.37
8.04
31.12
8.44
4.95
14.79
18.78
.96
14.85
6.79
8.02
15.70
22.21
20.91
8.99
20.12
.25
20.86
6.30

Bought paper,
stock-exchange
loans, etc.,
made by national banks to
noncustomers
throughout the
United States,
Jan. 13, 1914.

Bonds and securities(excluReserve in
sive of bonds vaults (specie
for circulation)
and legal
held by natenders),
tional banks, Jan. 13, 1914.
Jan. 13, 1914.
/

$263,803,618
29,716,830
38,289,408
47,402,893
16,840,657

$165,827,533
31,734,647
37,837,529
19,958,013
6,326,699

$313,586,128
88,732 480
43
,280
:798
32,661,707
26,880,206

396,053. 406
261,684,421
16,808,600
37,565,648
4,869,204
4,035,117
13,850, 432 i 17,859,369
1,815,045
8,340,938
6,177,657
6,684,800
7,675,667
13,281,317
2,449,329
3,649,749
4,989,093
9,120,902
3,507,878
2,675,002
2,267,638
5,212,186
12,637,337
8,036,166
1,685,948
1,366,532
1,870,833
5,525,095
3,298,005
13,297,773
4,257,528
2,444,639
1;574,059
5,437,032
3,064,295
4,937,661
1,234,109
5,587,233
587,558
1,293,061
489,888
91,632
3,266,983
9,790,823
865,180
1,408,350
4,124,955
5,684,913
458088
128,081
13,518,890
6,336,469
9,850,001
1,367,390

505,141,319
24,301,181
8,703,544
18,683,813
4,756,442
10,025,516
8,859,630
7,365,849
8,715,311
4,596,702
8,178,093
6,425,836
3,596 044
3,32 :604
2
4,471,788
2,276,451
5,387,374
4,654,524
2,830,769
2,546,927
1,164,930
4,053,193
1,855,427
4,322.537
1,189,721
1,804614
1,348
:465

1 Does not include loans and deposits from banks,in other cities, of branches of Bank of
California, N. B. A.
The cities included in the above list are all either central reserve or reserve cities, except
the cities of Buffalo, N. Y.; Providence, R.I.; Hartford, Conn.; Richmond,
Va.; Atlanta, Ga.; Memphis and Nashville, Tenn., which are not reserve cities.

TABLE E.
-Statement showing population, capital and surplus, individual deposits, and loans and discounts
of all national banks, as of Mar. 4,
1914, in the 87 cities which asked to be designated as Federal reserve cities.
'

1. Boston
2. New York
3. Philadelphia
4. Cleveland
5. Cincinnati
6. Columbus
7. Pittsburgh
8. 'Wheeling
9. Baltimore
10. Washington
11. Richmond
12. Charlotte
13. Columbia
14. Atlanta
15. Savannah
16. Louisville
17. Birmingham
18. Montgomery
19. Chattanooga
20. Memphis
21. New ()deans
22. Chicago
23. St. Louis
24. Minneapolis
25. St. Paul
26. Kansas City, Mo
27. Omaha
28. Denver
29. Lincoln
30. Daft;
31. Fort Worth
32. Houston
33. San Francisco
34. Seattle
35. Portland
36. Spokane
37. Salt Lake City


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Federal Reserve Bank of St. Louis

Location.

•

Population.'

670,585
4,766,883
1,549,008
560,663
363,591
181,511
533,905
41,641
558,485
331,069
127,628
34,014
26,319
154,830
65,064
223,928
132,685
38,136
44,604
131,105
339,075
2,185,283
687,029
301,408
214,744
248,381
124,096
213,381
43,973
92,104
73,312
78,800
416,912
237,194
207,214
104,402
92,777

Number
of banks.
15
35
32
7
8
8
21
2
15
11
7
5
5
6
2
8
2
4
3
3
4
9
7
6
5
12
7
6
4
5
7
6
9
6
5
5
6

Capital and
surplus.
$47,896,000
248,505,000
62,215,000
14,400,000
20,350,000
4,685,500
46,714,000
1,700,000
19,205,720
11,365,000
9,314,392
1,8,50,000
1,887,500
8,600,000
1,600,000
8,280,000
3,300,000
2,515,000
2,975,000
2,140,000
6,730,000
69,050,000
29,140,000
13,710, 000
9,887,081
11,660,000
6,570,000
7,54.5,000
1,330,000
5,900,000
4,275,000
7,125,000
45,185,000
5,596,500
8,780,000
4,175,000
3,482,500

Per
capita.
$71
52
40
25
56
25
88
40
34
34
73
54
72
56
24
37
25
66
66
16
20
31
42
45
46
47
53
35
32
64
58
90
108
23
32
40
37

Individual
deposits.
$176,088,004
771,724,999
184,643,392
40,479,025
39,154,843
21,853,183
120,260,088
4,331,394
42,553,451
28,491,402
25,705,866
4,578,573
6,398,138
24,348,912
1,443,161
20,430,574
9,995,561
6,115,197
10,109,930
7,511,216
16,857,832
211,558,247
61,685,925
45,453,532
35,788,142
40,415,210
27,258,869
34,124,272
4,439,212
18,551,847
11,629,158
25,013,951
95,756,484
29,498,646
22,595,277
16,156,830
11,103,182

Per
capita.
$268
161
119
72
108
120
225
104
76
86
201
135
243
157
22
91
75
160
226
57

so

97
90
150
167
162
220
160
101
201
159
317
230
124
109
155
120

Loans and
discounts.
t200,480,934
1,082,272,650
232,906,822
62,588,735
55,761,638
17,169,907
124,568 231
4,915,613
60,312,953
25,405,554
35,593,044
6,785,057
7,322,262
26,038,731
3,244,938
27,999,427
10,449,274
5,658,213
11,565,519
7,014,359
17,285,254
335,820,233
102,138,744
57,973,491
37,437 913
66,205,054
32,848,397
28,022,377
6,066,192
18,622,564
12,632,408
25,923,087
120,287,608
23,948,338
20,173,774
13,985,084
11,791,043

Per
capita.
$299
227
153
112
153
95
233
118
108
77
279
199
278
168
50
125
79
148
259
53
51
154
149
192
174
267
265
131
138
202
172
329
288
101
97
134
127

DECISION OF ORGANIZATION COMMITTEE.

367

TABLE F.
-Statement showing population, capital and surplus, individual deposits, and loans and discounts of all reporting banks (national,
State, savings, and loan and trust companies), as of June 4, 1918, in the 37 cities which asked to be designated as Federal reserve cities.

Location.

1 Boston..
.
.
2. New York
3. Philadelphia
4 Cleveland
.
5 Cincinnati
.
6. Columbus
...............................
7. Pittsburgh
8 Wheeling
.
9. Baltimore...............................
10. Washington
11 Richmond
.
12. Charlotte
........................................
13. Columbia
14. Atlanta .
.
15. Savannah
.
16. Louisville
17. Birmingham
18. Montgomery
19. Chatanooga
20. Memphis. . . . . . . . . .
Orleans. . . . . . . . .
21. New
22 Chicago
.
23. St. Louis .
. ................................
..
24. Minneapolis
25 St. Paul.....
.
26.'Kansas t Mo
27 Omaha
.
28. Denver.
29. Lincol .....................................
30 Dallas .
.
.
31. Fort Worth
.....................................
32. Houston.. ..
.
Fraacisco..............................
33. San
34 Seattle .
.
.
35 Portland
.
36. Spokane.. .
.
37. Salt Lake City
. ..................................

Population.'

670,585
4,766,883
1,549,008
560,663
363,591
181,511
533,905
41,641
558,485
331,069
127,628
34,014
26,319
154,839
65,064
223,928
132,685
38, 136
44,604
131,105
339,075
2,185,283
687029
301, 408
214, 744
248,381
124096
213,381
43,973
92, 104
73,312
78,800
416,912
237, 194
207,214
104402
92,777

Number
of banks
and trust
companies.
60
142
100
35
39
21
83
11
55
36
26
7
9
28
16
18
11
9
10
22
19
88
44
33
20
30
14
31
15
13
18
13
45
32
22
18
18

Capital and
surplus.

$100,779,114
563,221,701
177,448, 741
41,635,100
31,813, 107
7,099,000
130,037, 145
4,949,3D3
47,952,469
29,161,731
16,810,955
2,680,000
2,365,318
15,313, 448
8,129,605
15,100,297
6,685,620
3,396, 762
4,294, 114
7,346,214
20,532,500
151,882,559
72,222,500
20,731,391
11,260,845
17,415,500
8,165,000
11,489,551
2,042,000
9,997,000
6,667,724
13,599,100
73,623,325
11,567,020
12,097,718
7,660,876
7,838,696

Per
capita.

$150
118
114
74
87
39
243
118
85
88
131
78
89
98
125
67
50
89
96
56
60
69
105
68
52
70
65
53
46
108
90
172
176
48
58
73
84

Individual
deposits.

$661,950,254
2,886,351,069
592,533,612
271,693,217
98,178,794
30,498,790
350,298,872
18,845,965
190,679,440
72,552,236
35,371, 126
6,616,642
5,894,711
28,371,032
20,622,523
41,437,599
23,182,608
6,018,942
15,166,950
23,343,841
70,854,415
682,498,992
205,443,737
78,258,930
40,490,496
66,562,431
28,038,694
57,371,171
7,253,010
24,808,891
14,375,274
26,551,714
313,153,942
67,527,325
56,805,140
25,821,751
33,623,153

Per
capita.

$987
601
382
484
270
168
656
452
341
219
277
194
223
183
316
185
174
157
340
179
209
312
299
260
189
268
226
269
165
269
196
329
752
285
274
249
362

Loans and
discounts.

Per
capita.

$561,625,627
2,306,503,682
413,298,566
188,499 403
88,845,791
24,186, 704
291,668,678
16,802,317
118,912,253
63,012,066
50004,572
9,242,936
8,511,384
33,494,035
28,061,700
38,701,079
21,494,705
7,756,141
16,355,760
24,442,321
64,845,722
690,799087
233,385,655
82,720,056
42,322,465
91,686,871
34,989,699
41,365,143
8,696,240
27,517,338
16,861,831
32,775,530
281,447,424
48,963,007
44,132,644
23,235,697
30,676,029

$803
483
266
336
244
133
547
405
213
190
393
271
326
216
431
172
162
204
366
186
194
315
339
274
197
370
282
194
198
299
231
415
675
206
213
223
330

1 United States census of,1910.

STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE RELATIVE TO ITS DECISION OF APRIL 2, 1914.

WASHINGTON, D. C., April 10, 1914.
Congress imposed on the committee the duty of
dividing the country into not less than 8 nor more
than 12 districts, and the location of a Federal reserve
bank in each. Thirty-seven cities asked to be chosen.
The committee could select at most only 12. Necessarily 25 cities had to be disappointed.
Following its policy declared at the very outset, the
committee refused to be influenced by the purely local
and selfish claims of cities or individuals, and discharged the duty imposed upon it by Congress after
exhaustive investigation and study of the entire country, with unbiased minds and according to its best
judgment. With so many conflicting claims, somebody had to judge. Congress constituted the committee a court and gave the Federal Reserve Board the
power of review. Disappointed competitors should
seek a remedy through the orderly processes the law
prescribes.
Considerable comment has been occasioned by the
failure of the committee to create districts suggested
by New Orleans, with New Orleans as the location for
a reserve bank; by Baltimore, with Baltimore as the
location for a reserve bank; by Omaha, with Omaha
as the location for a reserve bank; and by Denver,
with Denver as the location for a reserve bank.
The committee realized that the division of the
country into districts wasfar more important and complex than the designation of the reserve cities, and


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Federal Reserve Bank of St. Louis

that the latter duty was subsidiary and relatively
simple, waiving considerations of local pride or prestige. In arranging the districts the consideration of
the character and growth of industry, trade, and banking, no less than the traditions, habits, and common
understandings of the people was much more intimately involved.
It became clear in the hearings that comparatively
few people realized, or seemed to realize, what the act
was intended to accomplish; what the nature and
functions of the reserve banks were to be; and how
little change would occur in the ordinary financial
relations of the communities, the business establishments, and the individual banks.
Critics of the decision of the committee reveal misunderstanding in these directions, and either do not
know, or appear not to know, that the Federal reserve
banks are bankers' banks and not ordinary commercial banks; that they are to hold the reserves and to
clear the checks of member banks, make rediscounts
for them,and engage in certain open-marketoperations.
As a matter of fact, the ordinary every day banking
relations of the community, of business men, and of
banks will not be greatly modified or altered. The
purpose of the system is to remove artificiality, promote normal relations, and create better conditions
under which everybody will transact business.
Every city can continue to do business with individuals, firms, or corporations, within its own limits,

368

LOCATION OF RESERVE DISTRICTS.

or in its own region, or in any other part of the Union
or the world in which it has heretofore done business.
Reserves are to be held in a new way and in new
places, so far as this act controls them, but banking
and business generally will no more be confined within
districts than heretofore, and it is simply misleading
for any city or individual to represent that the future
of a city will be injuriously affected by reason of its
failure to secure a Federal reserve bank. Every city
which has the foundations for prosperity and progress
will continue to grow and expand, whether it has such
a reserve bank or not, and well-informed bankers,
especially, are aware of this.
The facts which the committee had to consider will
throw light on its decision in reference to these cities.

expressing their preference as to the location for a
Federal reserve city, 124 expressed a first preference
for Atlanta, 232 for Dallas, and only 52 for New Orleans. The views of the bankers were supported by
chambers of commerce, other business organizations,
and by many business men.
It will thus be seen that if the committee was to
give weight to the views of business men and bankers
in the section of the country affected, to consider the
opposition of the States of Texas, Alabama, Georgia,
Florida, and Tennessee, and to be guided by economic
considerations, it could not have designated New
Orleans as the location for a reserve bank to serve
either the western or the eastern part of the district
that city asked for. The course of business is not
from the Atlantic seaboard toward New Orleans, nor
NEW ORLEANS' CLAIMS.
largely from the State of Texas to that city, and if
New Orleans selected a district extending from New Dallas and Atlanta had been related to New Orleans
Mexico to the Atlantic Ocean, including all of Texas, a better grounded complaint could and would have
Louisiana, Mississippi, Alabama, Florida, Georgia, been lodged by them against the committee's decision
and that part of Tennessee south of the Tennessee than that made by New Orleans.
River.
Some of the banking statistics which the committee
It was represented by Texas that it would do great had to consider throw light on the problem. It should
violence to her trade to connect. her with New Orleans. be borne in mind that the committee could consider
It was claimed, and evidence was submitted in sup- primarily only the statistics with reference to assenting
port of the cl&m, that her trade was with her own banks. In this section of the country, as in most
cities or with Kansas City and St. Louis. In a poll of others, the assenting banks were the national banks.
the banks of Texas made by the Comptroller of the In March, 1914, the capital stock and surplus, loans
Currency, 212 banks expressed a first choice, 121 a and discounts, and individual deposits of the national
second choice, and 30 a third choice for Dallas. No banks in the three cities named, as shown by the sworn
bank in Texas expressed a first choice for New Orleans, reports to the Comptroller of the Currency, were as
only 4 a second choice, and 44 a third choice. The follows:
whole State protested against being related to New
Orleans.
Capital and
Loans and
Individual
surplus.
discounts.
deposits.
The banks of Alabama generally desired to be connected either with Birmingham or Atlanta, only 3 ex- Atlanta
$8,600,000 $26,038,000
$24,348,000
5,900,000
18,622,000
18,551,000
pressing a first choice for New Orleans. The banks of Dallas
New Orleans
6,730,000
17,285,000
16,857,000
Georgia desired to be connected with Atlanta, none
expressing a first or second choice for New Orleans,
Even more significant are the statistics of growth
and only 12 a third choice. They represented that it from September, 1904, to
March, 1914.
would do violence to them to be connected with a city
CAPITAL AND SURPLUS.
to the west and claimed that their relations were
mainly with Atlanta or cities to the northeast. Of 44
Percentage
September
March, 1914.
of
banks in Florida 19 gave Atlanta as their first choice,
1904.
increase.
as their second choice, and 5 as their third choice.
19
Atlanta
$2,410,000
$8,600,000
Only 5 expressed a first preference for New Orleans,and Dallas
256
2,676,000
120
5 900 000
, ,
6,250,000
these were in the western corner, 4 a second choice, New Orleans
8
6 730 000
, ,
and 3 a third choice. No bank in Tennessee expressed
LOANS AND DISCOUNTS.
a first or second choice for New Orleans, and only 2 a
third choice, while 7 expressed a first choice for Atlanta
$10,329,000 $26,038,000
152
Dallas
7,653,000
18,622,000
• 143
Atlanta, 14 a second choice, and 13 a third choice. New Orleans
20,088,000
17,285,000 Decrease 13
Generally speaking, the only banks which desired to
INDIVIDUAL DEPOSITS.
be connected with New Orleans and expressed a first
preference for her were 25 of the 26 banks reporting
Atlanta
$9,931,000 $24,348,000
145
in Louisiana, and 19 of the 32 in Mississippi. On a Dallas
7,157,000
18,551,000
159
New Orleans
19,425,000
16,857,000 Decrease 13
poll made from the comptroller's office of all banks


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DECISION OF ORGANIZATION COMMITTEE:

369

and loans and discounts, the national banks of Virginia, including Richmond, largely surpass the national banks of Maryland, including Baltimore.
The capital and surplus of the national banks of the
State of Virginia are 60 per cent greater than the capital and surplus of the national banks of the States of
Louisiana and Mississippi combined, including the
city of New Orleans, while the loans and discounts by
the national banks of Virginia are more than three
times as great as the loans and discounts in the national banks of Louisiana, including New Orleans.
While the capital and surplus of the national banks
of Georgia largely exceed the combined capital and
surplus of the national banks of the States of both
Mississippi and Louisiana, the loans and discounts
made by the national banks of Georgia exceed by
$13,000,000 the loans and discounts of all the national
banks of Louisiana and Mississippi combined, including the city of New Orleans.
The capital and surplus of the national banks of
Texas amount to four times as much as the capital
and surplus of the national banks of the States of
Louisiana and Mississippi combined, and the individ$26,117,000 ual deposits in the national banks of Texas also
Atlanta
19,123,000 amount to about four times as much as the individual
Dallas
19,477,000 deposits of all national banks in Louisiana and MisNew Orleans
while the total loans made by the national banks of sissippi, the only States from which New Orleans
Dallas throughout the entire United States on the date received as much as half a dozen votes as first choice
mentioned exceeded the loans made by the national for the location for a Federal reserve bank.
banks of New Orleans.
KANSAS CITY nismier.
Special reports, made under oath to the Comptroller
The region in the middle and far West presented
of the Currency, also show that on February 14, 1914,
problems of difficulty. Careful consideration was
the credit balances of the banks and trust companies
claims of Omaha, Lincoln, Denver, and
in the 13 Southern States with the national banks of given to the
Kansas City, which conflicted in this region. Denver
Dallas exceeded in amount the credit balances of all
banks and trust companies in these same States with asked for a district which included Idaho, Montana,
Utah, Wyoming, Colorado, New Mexico, and the eastthe national banks of New Orleans.
In view of the comparisons and criticisms from New ern two-thirds of Arizona and Texas, Kansas and
Orleans in connection with the designation of Dallas, Nebraska west of the one-hundredth meridian, and
Atlanta, and Richmond, and the omission of New the' Deadwood portion of South Dakota. The disOrleans and Baltimore, the following table is instruc- trict gave approximately the minimum capital provided by law. Of the territory included in this distive:
trict Montana unanimously requested to be connected
National bank statistics for States of Texas, Virginia, Maryland,
with Minneapolis or Chicago, saying that she had
Georgia, Louisiana, and Mississippi as of Mar. 4, 1914.
little or no trade relations with Denver. Idaho de(According to sworn reports made to the Comptroller of the Currency.)
sired to go to Portland or San Francisco; Arizona
Popula- Capital and Individual Loans and
Area
preferred San Francisco, and the greater part of New
(square tion, cen- surplus.
deposits, discounts.
miles). cus 1910.
Mexico asked for Kansas City. Western Texas, Kansas, and Nebraska unanimously protested against
State of Texas (includ265,780 3,896,542 $76,785,584 $197,663,338 $215,114,326
ing Dallas)
going to Denver. Kansas desired Kansas City; NeState of Virginia (in42,450 2,061,612 29,732,696 90,887,858 107,410,063
cluding Richmond)
braska preferred Omaha or Lincoln; and Texas
State of Maryland (in12,210 1,295,346 28,267,420 83,217,376 91,326,942
cluding Baltimore)
wanted either a Texas city or Kansas City or St.
State of Georgia(includ59,475 2,609,121 24,479,735 51,382,061 61,852,579
ing Atlanta)
Louis.
State of Louisiana (including New Orleans) 48,720 1,656388 12,128,866 32,000,521 34,804,354
In the poll of banks, Denver received 136 first1,797,114 5,168,192 17,045,324 13,669,200
46,810
State of Mississippi
choice votes, of which 112 were from Colorado and 12
From the above statement it will be seen that in from Wyoming. With Montana, Idaho, Arizona,
each item, capital and surplus, individual deposits, Texas, Kansas, and Nebraska in opposition, it was

The loans and discounts in the national banks of
New Orleans at the time of the report, March 4, 1914,
were less than those of the national banks of either
Atlanta or Dallas.
While the committee could not figure on the resources of other than assenting banks which are in this
section, the national banks, the following statistics of
all reporting banks, including national banks, State
banks, and trust companies, as of June 4, 1913, were
rece ded as significant and were given consideration:
Atlanta reported capital stock and surplus
$15,313,000, or $98 per capita; Dallas, $9,997,000, or
$108 per capita; and New Orleans, $20,532,000, or $60
per capita. Individual deposits, per capita, Atlanta,
$183; Dallas, $269; New Orleans, $209.
The loans and discounts for all reporting banks for
the three cities were as follows: Atlanta, $33,494,000,
or $216 per capita; Dallas, $27,517,000, or $299 per
capita; New Orleans, $64,845,000, or $194 per capita.
The committee found that the total loans and
discounts made by national banks in the cities named
in the 13 Southern States on January 13, 1914, were
as follows:

46458*—S. Doc.485,63-2--24


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Federal Reserve Bank of St. Louis

370

LOCATION OF RESERVE DISTRICTS.

clearly impossible to make a district with Denver as
the location of a bank. Part of the territory asked
to be assigned to San Francisco and the other part to
Minneapolis or Kansas City.
Omaha asked for a district embracing western Iowa,
all of Nebraska, part of South Dakota, part of Kansas, Colorado, Utah, Wyoming, Idaho, and Montana.
All but eight of the banks in South Dakota insisted
upon being connected with Minneapolis; Iowa desired to go to Chicago; Kansas practically unanimously voted for Kansas City; Montana protested
against any other connection than Minneapolis or
Chicago. The preferences of the other States have
already been indicated.
Of the 218 banks which expressed a first preference
for Omaha,181 were from Nebraska. The committee
had to consider the State of Oklahoma and part of
Missouri in connection with this region, and in district No. 10, 497 banks expressed a first preference
for Kansas City; western Missouri, Oklahoma, and
Kansas, and part of New Mexico, especially asked for
this connection. Thirty-seven banks in Colorado gave
Kansas City as second choice, and 26 gave Omaha.
It seemed impossible to serve the great section from
Kansas City to the mountains in any other way than
by creating a district with Kansas City as the headquarters, or to provide for the northwestern section
except by creating a district with Minneapolis as
headquarters. The only other thing that could have
been done with Nebraska under the conditions which
presented themselves was to relate her to Chicago,
and this seemed to be inadvisable in the circumstances. The Kansas City banks serve a very distinctive territory and will serve it more satisfactorily
than St. Louis could have done. The relations of
that territory on the whole are much more largely
with Kansas City than with any other city in the
Middle West with which it could have been connected.
It will, of course, be recognized by those who are informed that of the four cities Kansas City is the niost
dominant banking and business center. The following statistics as of March, 1914, will throw light on
the situation:
Capital and
surplus.
Kansas City
Omaha
Denver
Lincoln

Loans and
discounts.

$11,660,000
6,570,000
7,545,000
1,330,000

$66,205,000
32,848,000
28,022,000
6,066,000

Individual
deposits.
$40,415,000
27,258,000
34,124,000
4,439,000

• The statistics of growth during the nine years from
September, 1904, to March, 1914, are significant:
CAPITAL AND SURPLUS.
September,
1904.

M
March, 1914.

Kansas City
$3,900,000
Omaha
3,880,000
Denver3, 000
325,
Lincoln
768,000

$11,660,000
6,570,000
7,545,000
1,330,000


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Federal Reserve Bank of St. Louis

Percentage
of increase.
199
69
127
73

LOANS AND DISCOUNTS.

September,
1904.
Kansas City
Omaha
Denver
Lincoln

March,1914.

$35,598,000
16,218,000
14,146,000
3,820,000

$66,205,000
32,848,000
28,022,000
6,066,000

Percentage
of increase.
86
102
98
58

INDIVIDUAL DEPOSITS.

Kamm City
Omaha
Denver
Lincoln

$30,730,000
15,728,000
27,798,000
3,283,000

$40,415,000
27,258,000
34,124,000
4,439,000

31
71
Z
3r.

The loans and discounts of all reporting banks and
trust companies in Kansas City on June 4, 1913,
amounted to $91,686,000, exceeding by about
$7,000,000 the total loans and discounts of all banks
and trust companies in the cities of Omaha, Denver, •
and Lincoln combined.
The loans and discounts of the national banks alone
in Kansas City also exceeded the sum total of the
loans and discounts of all national banks in the cities
of Omaha and Denver combined.
The great preponderance in the movement of trade
in district No. 10 is to the east. In order to place
the Federal reserve bank for that region in Denver it
would have been necessary to disregard these facts
and the opposition and earnest protests of banks,
both National and State, throughout the district.
THE RICHMOND DISTRICT.

The committee named as cities for the location of
Federal reserve banks New York, Chicago, Philadelphia, St. Louis, Boston, and Cleveland. In population these are the six largest cities in the United States;
their geographical situation and all other considerations fully justified their selection.
San Francisco and Minneapolis were the first choice.
of the great majority of the national banks in their
respective sections, and their financial, industrial,
and commercial relations and other factors entitled
them to be chosen. Their selection appears to have
evoked no criticism, but to have received general approval. Conditions relating to the Kansas City, Dallas, and Atlanta districts have been dealt with.
For the territory from eastern Georgia to the Pennsylvania line, the committee, after fully considering
all the facts, decided to create a district with the
Federal reserve bank at Richmond. South Carolina
and North Carolina had protested against being connected with a bank to the south or west. They said
that their course of trade was northeast. It seemed
undesirable to place a banlein the extreme northeastern corner or at Baltimore, not only because of its
proximity to Philadelphia, but also because the industrial and banking relations of the greater part.of

371

DECISION OF ORGANIZATION COMMITTEE.

the district were more intimate with Richmond than
with either Washington or Baltimore. The States of
Maryland, Virginia, West Virginia, North and South
Carolina, and the District of Columbia had to be considered. North Carolina, South Carolina, and Virginia preferred to be connected with Richmond. West
Virginia was divided in its preferences; Maryland and
the District of Columbia, of course, desired Baltimore
or Washington. In the poll of banks made directly
by the comptroller's office, Richmond received more
first-choice ballots than any other city in the district
Pittsburgh, 28
167 against 128 for Baltimore, 35 for
for Columbia, S. C., 37 for Cincinnati, and 25 for Washington, D. C. Of the remaining 21 votes, 19 were for
Charlotte, N. C., and 2 for New York. Leaving out
the States.of Maryland and Virginia, Richmond received from the rest of the district three times as
many first-choice votes as were cast for Baltimore.
District No. 5 is composed of the States of Maryland, Virginia, West Virginia (except four counties),
North and South Carolina, and the District of Columbia. These States have always been closely
bound together commercially and financially and
their business dealings are large and intimate. The
reports made to the Comptroller of the Currency on
March 4, 1914, by all the national banks in each of
these States show in every essential respect that the
business of the national banks of Virginia, including
Richmond, is greater than the business of the national
banks of Maryland, including Baltimore, or any other
of the five States embraced in district No. 5, as appears in the following table:
Capital,surplus, and
undivided
profits.

Loans and
discounts.

Virginia
$33,544,631 $107,410,063
91,326,942
Maryland
............................... 31,390,057
..............................
West Virginia
56,789,538
18,209,346
North Carolin .........................
44,051,033
13,527,086
South Carolina.........................
28,860,456
10,332,439
........................
District of Columbia
26,253,432
12,685,411

Total individual deposits.

$90,887,858
83,217,376
61,421,332
36,051,154
23,330,916
29,520,853

Advocates of New Orleans have criticized the decision of the organization committee and have given
out comparative figures as to New Orleans, Richmond,
and other cities which are incorrect and misleading.
An analysis and study of the actual figures will be
found instructive and can lend no support to the
claims of New Orleans.
From the sworn special reports recently submitted
to the Comptroller of the Currency, it appears that
the national banks in Richmond were lending in the
13 Southern States, on January 13, 1914, more money
than was being loaned in those States by the national
banks of any other city in the country except New


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Federal Reserve Bank of St. Louis

York. The total loans and discounts in the 13 Southern States by the four cities referred to are as follows:
Richmond
Baltimore
New Orleans
Washington

$33,473,,000
6,891,000
19,477,000
915,000

The figures also show that in these portions of district No. 5 outside of the States of Virginia and Maryland the Richmond national banks are lending twice
as much money as all the national banks in Baltimore
and Washington combined. They also show that
although Richmond is not a reserve city, the banks
and trust companies in the 13 Southern States had on
deposit in the national banks of Richmond on February 14, 1914, $9,876,000, or slightly more than the
banks of this section had on deposit in the city of
Baltimore, and four times as much as they carried in
Washington, although these two cities have long enjoyed the benefits of being reserve cities. That
southern banks should carry larger balances in Richmond, where they could not be counted in their reserves, rather than in Baltimore or Washington,
where they could be counted, is suggestive.
The figures show that the capital and surplus of all
reporting banks—national, State, and savings, and
trust companies—per capita, in Richmond, as of June
4, 1913, was $131; in Baltimore, $85; in Washington,
$88; and in New Orleans, $60, while the loans and discounts made by all banks and trust companies in
Richmond, on the same date, amounted to $393 per
capita, against $190 in Washington, $213 in Baltimore, and $194 in New Orleans.
The amount of money which banks and trust companies in the various parts of the country carried on
deposit with Richmond, a nonreserve city, on February 14, 1914, amounted to $10,970,000, or nearly twice
as much as the balances carried by outside banks with
the national banks of Washington, which on the same
day amounted to $5,516,000, and one and one-half
times as much as they carried on the same day with
the national banks of New Orleans, a reserve city.
The statistics furnished the organization committee
show that on March 4, 1914, the capital and surplus
of the national banks of Richmond, per capita,
amounted to more than twice as much as the capital
and surplus, per capita, of the national banks of either
Baltimore or Washington, and three and a half times
as much as New Orleans, while the individual ileposits
of the national banks of Richmond amounted to $201
per capita, against $86 for Washington and $76 for
Baltimore and $50 for New Orleans. The loans and
discounts in the national banks of Richmond on the
same date were reported at $279 per capita, against
$77 for Washington, $108 for Baltimore, and $51 for
New Orleans.

372

LOCATION OF RESERVE DISTRICTS.

Especially significant are the following statistics
showing the growth in capital and surplus, loans and
discounts, and individual deposits of national banks
in the four cities named:
CAPITAL AND SURPLUS.

September,
1904.
Richmond
Washington
Baltimore
New Orleans

$3,115,000
6,215,000
18,262,000
6,250,000

March,
1914.
$9,314,000
11,365,000
19,205,000
6,730,000

Percentage
of increase.
199
83
5
8

LOANS AND DISCOUNTS.
Richmond
Washington
Baltimore
New Orleans


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Federal Reserve Bank of St. Louis

$12,946,000
15,018,000
48,755,000
20,088,000

$35,593,000
25,405,000
60,312,000
17,285,000

17f.
6f
2:
Decrease R'

INDIVIDUAL DEPOSITS.
September,
1904.
Richmond
Washington
Baltimore
New Orleans

March,
1914.

Percentage
of increase.

$11,257,000
20,017,000
40,910,000
19,425,000

$25,705,000
28,491,000
42,553,000
16,857,000

128
42
4
Decrease 13

In other words, the figures show that the national
banks of Richmond were lending on March 4, 1914,
twice as much money as all the national banks in the
city of New Orleans, and 40 per cent more than all the
national banks of Washington.
In the original decision of the committee the various
economic and other factors which entered into and determined the committee's action were enumerated
and need not be repeated here. This statement is
made for the purpose of disclosing some of the details
which influenced the committee's findings.

-

INDEX OF WITNESSES AND EXHIBITS AT HEARINGS
HELD BY RESERVE BANK ORGANIZA-


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

TION COMMITTEE.

373

LIST OF EXHIBITS AND MEMORANDA ON FILE WITH THE ORGANIZATION COMMITTEE NOT
INCLUDED IN THOSE TRANSMITTED HEREWITH.
ATLANTA:

MEMPHIS:

Collection of briefs submitted by the Chamber of Commerce,
Atlanta, officials of national banks, trade organizations, etc.
Four files of letters, submitted as Exhibits A, B, C, and D.

BALTIMORE:
Four collections of letters filed as exhibits.
One file of exhibits consisting of brief by regional bank committee and letters from bankers, trade organizations, etc.

BIRMINGHAM:
Collection of exhibits, largely statistical.

BOSTON:

One file of statements and statistics, with map.

NEW ORLEANS:
One file containing a collection of briefs by officials of various
organizations; also resolutions and letters.
Several maps.

NEW YORE:
One file containing statements of bankers and others.

PHILADELPHIA:

Collection of exhibits consisting of letters from boards of trade,
bankers and others, and statistical matter.

CHICAGO:

One file containing resolutions of various trade organizations
and bankers.

PITTSBURGH:

One file of exhibits consisting of letters from bankers and others.
Several maps and pamphlets.

CINCINNATI:
One file of exhibits consisting of briefs of bankers' associations,
letters, etc.
One large map of the United States.

CLEVELAND:
One file of exhibits consisting of letter of Cleveland Chamber
of Commerce and miscellaneous letters and telegrams.

COLUMBIA:
Brief by B. F. Taylor, and several letters.

COLUMBUS:
Briefs submitted by Ohio National Bank.

DALLAS:

"Outline of Federal reserve districts" by clearing-house committee.
Statement of chamber of commerce.
Several maps.

PORTLAND:
One file containing statements and statistical matter.
Several maps and pamphlets.

RICHMOND:
One file of statements and statistics, with maps.
Two files of letters.
One list of firms, etc., favoring Richmond.
Two boxes of postale and printed slips.

ST. LOUIS:
Two files consisting of resolutions by trade organizations and

One file of letters from Texas bankers submitted as an exhibit.
A collection of maps.

bankers' associations, and a large collection of letters.
Several maps.

SAN FRANCISCO:

DENVER:
Two files of letters, statements, etc., from various sources.

EL PASO:

One file consisting of statements, statistical matter, and letters.
Several maps and pamphlets.

One file containing brief by El Paso Clearing House Association, letters and statements from bankers, chambers of commerce, and others.

FORT WORTH:
One file consisting of miscellaneous statements and letters.

KANSAS CITY:
Brief supplementing testimony at hearing in Kansas City.
Resolutions and letters supporting claims.
Resolution and letters refuting claims of J. G. Schneider.
Two lots of post cards giving preference for reserve cities.

SEATTLE:
One "file of original letters in support of map showing trade
zone."
One file of statistical matter and letters.
Several maps.
Report of bureau of agriculture, labor, and industry, State of
Montana.

SPOKANE:
Brief of joint committee of chamber of commerce and clearinghouse association.

WASHINGTON:

LINCOLN:
Two files consisting of briefs, statistical matter, and letters.
One lot of post cards giving preference of bankers.

Los ANGELES:
One file containing brief by John Perrin regarding the apportionment of Federal reserve districts; also statistical matter.

LouisVILLE:
One map.


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Federal Reserve Bank of St. Louis

One file of letters.

MONTGOMERY:

374

One file containing statements of clearing-house association;
also statistics, letters, and map.
The above does not include a large number of resolutions, telegrams, and letters advocating certain cities and suggesting outlines
for the various districts, which were addressed to the committee
in Washington and were not
hearing.

MO

as exhibits at any particular

ATION COMMITTEE.
INDEX OF WITNESSES AT HEARINGS HELD BY RESERVE BANK ORGANIZ
Page.
NEW YORK.

January 5.

,
4
C
!

Francis L. Hine (see Exhibit, p. 329)
E. H. Outerbridge
Charles A. Conant
A. B. Hepburn
Paul M. Warburg
Alexander J. Hemphill
Albert H. Wiggin
George M. La Monte
James G. Cannon
William W. Flannggan
Franklin Q. Brown
H. Parker Willis
Frank A. Vanderlip
Walter E. Frew
J. H. Trego
Mr. Marshall
January 6.
Irving T. Bush
Edward D. Page
Gates W. McGarrah
Henry Goldman
Henry H. Bizallion
Lewis L. Clarke
Edward Townsend
J. H. Cowperthwait
Samuel Ludlow, jr
J. P. Morgan
Max May
January 7.
George F. Baker, jr
Charles H. Sabin
Charles D. Dickey
William Woodward
Joseph B. Martindale
Fred I. Kent
Stephen Baker
Robert M. Gallaway
William H. Williams
W. M. Van Deusen
Frederick E. Farnsworth
Charles E. Hoyt
Henry M. Wells
Frederick G. Lee
Edward S. Strobhar
William J. Hamilton
Robert B. Austin
V. Sidney Rothschild
George C. Van Tuyl, jr
James H. Perkins
Henry Clews
BOSTON, MASS.

January 9.
J. R. Coolidge, jr
Hugh Bancroft


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Federal Reserve Bank of St. Louis

467
495
497
506
511
522
525
544
545
.48
550
552
553
561
566
580
584
592
599
597
600
603,669
610
615
616
619
624
628
631
632
635
637
640
641
643
645
648
664
670

Oliver M. W. Sprague
W. D. Higgins
Page.
Clarence W. Barron
4a
10 Thomas P. Beal
20 Alfred L. Ripley
45 R. C. Davis
55 Chas. P. Blinn, jr
62 John F. Sawyer
70 H. M. Batchelder
78 Nathan A. Gibbs
A. M. Heard
82
105 Nathan D. Prince
109 Mayor John F. Fitzgerald
117 Charles C. Hoyt
143 James J. Phelan
154 Henry B. Sprague
159 H. L. Higginson
165 Robert W. Taft
B. A. Davis
John Jacobs Rogers
167 John J. Martin
189 H. W.Stevens
216 Silas B. Adams
222 Francis H. Dewey
242 Frederick W. Mansfield
247 Joseph H. O'Neil
268
Charles F. Hichborn
276 Charles B. Strecker
287 F. W Estabrook
294
A. L. Aiken
302 John J. Mitchell
Frederick H. Viaux
325 Jerome Jones
332 Wilbur H Brackett
John K Bates
341
350 Winfield Tuck
355 William A Gaston
.
369 Gov. David I Walsh
387 Josiah Quincy
392
January 10.
396
George W. R. Harriman
399
Abbott
403 Gordon
Higgins
408 W. D.
Whiting
409 W. R.
E. Moody Boynton
412
Graham
414 George
George N. Towle
422
G. Allen
424 Charles
427
WASHINGTON, D. C.
432
January 14.
441
445 Henry W. McKee
Commissioner 0. P. Newman
William H. Singleton
M. E. Church
454 John B. Lamer
463 A. G. Clapham

689
703
710
719
722
728
730
737

642
666
667
677
681
687
375

376
William H. Saunders
John Poole
Waldo Newcomer
Rufus M. Gibbs
William B. Hurst
William Ingle

LOCATION OF RESERVE DISTRICTS.
Page.
695
698
713,763,815
756
765,816
774

George M. Reynolds
John Fletcher
\\T A. Heath
George W. Curtis
J. G. Rounds
John McHugh
Walter M. Davis
January 15.
John T. Hamilton
George J. Seay
830
Frank Epperson
William T. Reed
872
George H. Russell
T. M. Carrington
882
William J. Gray
S. C. Mitchell
886
Douglas A. Fiske
Oliver J. Sands
897
Joseph Chapman
M. T. Ansel
902
John G. McHugh
John R. Saunders
906
F. A. Chamberlain
George A. Holderness
910 J. F. Phelan
J. Elwood Cox
916
Douglas A. Fiske
John F. Bruton
918
J. C. Bassett
Joseph G. Brown
922 John R. Mitchell
R. G. Phett
924 J. W. Wheeler
George S. Wallace
935
William Magivny
D. Y. Cooper
937 John J. Flannagan
J. W. Norwood
938
George H. Prince
William B. Irvine
944
C. W. Gordon
Oliver G. Beans
953 A. F. Dawson
Howard Sutherland
956,967
E. J. Bailey
R. B. Naylor
959,966
F. B. Yetter
W. B. Francis
963
H. K. Weber
H. H.Moss
967
Edward W. Payne.
January 16.
Edward D. Keys
R. T. Forbes
E. Y. Webb
975
Charles A. Bland
Volney T. Malott
975
H. M. Victor
Frank D. Stalnaker
983
Cameron Morrison
E. M. Wing
994
W. C. Wilkinson
J. L. McCulloch
1000
Levi L. Rue
1008
Charles R. Miller
1083
Caleb M. Sheward
1087
Winfield H. Minch
Festus J. Wade
1093
Montgomery Evans
F. 0. Watts
1097
H. S. Whiteman
A L. Shapleigh
1100
John C. Carter
E. C. Simmons
1104
Samuel McCracken
1105 Thomas 11 West
W. H. Painter
Robert S. Brookings
1108
Mr. Law
David R. Francis
1110,1114
H. E. Fries
1116 .J. C. Van Riper
G. W. Maslin
Edwards Whitaker
1119
John W. Fries
Jackson Johnson
1121
J. L. Ludlow
1125 Joseph R. Barroll
W. H. Stevenson
Murray Carleton
1130
Resolution, Pittsburgh Chamber of Commerce, favori
Breckenridge Jones
ng
Pittsburgh
Edward F. Goltra
1139
Charles McKnight
D. C. Nugent
1140
James Francis Burke .
S. S. Faulkner
1165
George T. Oliver
Henry D Sexton
1199
Joseph A. McNamee
1202 Lucius D. Turner
Carlton Godfrey
Wirt Wright
1208
Mayor William Riddle
A H Waite
1210
0. H. Leonard
CHICAGO, ILL.
Sterling Fort
January 19.
L. W. Duncan
Harry A. Wheeler
Thomas W. Long
1218
Arthur D. Welton
A. H. Eckles
1227
A. C. Bartlett
J. N. Brown
1232
John G. Shedd
1241
C. H. Canby
1250
R H Stockton
James B. Forgan
1258
W.M. Kavanaugh


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Federal Reserve Bank of St. Louis

Page.
1284
1315
1318
1323
1330
1340
1349
1352
1354
1361
1366
1370
1372
1409
1421
1454
1461
1466
1470,1504
1476
1505
1509
1512
1513
1516
1519
1524
1525
1527
1530
1533
1542
1548
1552
1554
ST. LOUIS, MO.

January 21.
1559,1605
1576
1609
1618
1627
1633
1638
1648
1659
1661
1666
1669
1674
1677
1680
1686,
1688
1693
1697
1701
1706a
1710
1716
1719
1722
1723
January 22.
1739
1747

377

INDEX OF WITNESSES AND EXHIBITS.

Page.
1753
1755
1757
1761
1763
1765
1768
1774
1777
1779
1783
1787
1790
1792
1793
1794
1795
1797

Samuel W. Reyburn
C. H. Murphy
David S. Lansden
A. H. Hinchey
J. F. Abell
W.J. Echols
Henry Reis
S. M. Winters
Jackson R. Pearce
R. F. McNally
James P. Hinton
S. Y. Trimble
W. L. Kemper
W. F. Paxton
0. H. Leonard
David S. Landsens
David R. Francis
H. J. Jennings
KANSAS CITY, MO.

January 28.
1810,1988
1838
1855
1863
1871
1875
1879
1887
1890
1897
1903
1907
1916
1921
1927
1931
1934
1940
1944
1952
1955
1960
1970
1972
1975
1976
1977
1979
1984
1987
1992
1997

P. W. Goebel
Dr. John T. M.Johnston
E. F. Swinney
John H. Wiles
Leon Smith
M. L. McClure
C. Q. Chandler
F. P. Neal
John A. Cragin
J. C. Swift
W. B. Kane
W.J. Bailey
William Mee
Elmer E. Brown
John R. Mulvane
R. A. Long
W. S. Guthrie
W. B. Harrison
E. L. Copeland
W. R. Stubbs
F. G. Crowell
J. G. Schneider
Fred H. Quincy
L. W. Duncan
E. R. Moses
T. H. Dwyer
Charles M. Sawyer
Gov. Hodges
George R. McCullough
Campbell Wells
W. F. Rankin
F. C. Dings
LINCOLN, NEBR.

January 24.
Dr. P. L. Hall
Allen W. Field
L. E. Wettling
Walter S. Whitten
H. S. Freeman
W. S. Mellor
Luther Drake
Ward M. Burgess
W. S. Wright
John C. French
Henry W. Yates


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

2006
2023
2045
2062
2069
2073
2075
2076
2086
2091
2099

Page.

Frederick H Davis
Frank Fowler
E. F. Seeberger
J. W. Welpton
J. H. Kelly
L. M. Talmage
C. E. Burnham
F. W. Woods
Fred Volpp
George N. Seymour
E. R. Gurney
W. S. Delano

2134
2141
2147
2149
2151
2153
2154
2156
2158
2160
2161
2163
DENVER, COLO.

January 26.
Gordon Jones
George Berger
Alexis C. Foster
J. Frank Edmonds
John C. Osgood
E. E. de Ricgles
Walter A Dixon
Thomas B. Burbridge
Richard II. Malone
Morrison Shafroth
John C. Mitchell
W. T. Armstrong
George E. Abbott
H. Van Deusen
C. N. Blackwell
Fred. A. Roof
Henry C. Hall
John W. Morey
W. D. Tidwell
William J. Lloyd
W.P. Allen
Meyer Harrison
William P. McPhee

2172, 2272,.2348
2177
2210
2215
2218
2225
2234
2242
2248
2258
2276
2281
2292
2294
2299
2305
2311
2319
2325
2332
2335
2343
2345
SEATTLE, WASH.

January 29.
Gov. Ernest Lister
2354
B. M. Behrends
2376
M. F. Backus
2663, 2379, 2495
Eugene T. Wilson
2439
N. H. Latimer
2454
Charles E. Peabody
2474
C. I. Lord
2477
Charles W. Dorr
2484
Ex-Gov. Miles C. Moore
2496
J. H. Bloedel
2505
John P. Hartman
2525
Daniel Keleher
2548
A. C. Johnson
2560
D. J. Charles
. 2570
Eplin Job
. 2574
M. A. White
2575
Frank S. Lusk
2578
Elson AV Durham
2581
Thos. H Brewer
2601
G. C. Corbaley
2622
A. K. Keller
2625
Wm. Thomson
2631
F. W. Tinkel
2640
Resolution Clearing House Association of Coeur d'Alene,
Ihado, indorsing Spokane
2641
T. J. Humbrid
2645

378

LOCATION OF RESERVE DISTRICTS.
Page.

A. R. Titlow
Charles H. Frye
Grey C. Brown

2650
2660
2666
PORTLAND, OREG.

January 80.
Abbott Low Mills
C. C. Colt
W. J. Burns
A. C. Dixon
3. Smith
H. W. Mitchell
C. A. Malboeuf
Amos T. Huggins.
Frank H. Parsons
F. F. Johnson
Gov. Oswald West
S. G. Sargent
A. L. Mills
Edward Cookingham
J. C. Ainsworth
C. F. Adams
Edward G. Crawford
Merritt L. Holbrook
T. J. Mahoney
W. G. Shuham
W. L. Thompson
R. L. Rush
Charles S. Loveland
W.J. Kerr
D. S. Durkee
William Arthur Robb.

2679
2714
2733
2741
2752
2758
2767
2773
2780
2789
2803
2814
2819
2821
2842
2844
2845
2848
2853
2854
2856
2860
2862
2864
2873
2877

SAN FRANCISCO, CAL.

February 2.
Robert Newton Lynch
Letter of A. F. Thane favoring San Francisco
Letter of J. A. Folger Sr Co. favoring San Francisco
'Letter of W. L. Hathaway favoring San Francisco
W. G. Gardner
C. K. McIntosh
Alden Anderson
George W. Mapes
E. W. Wilson
Letter of Joseph E. Caine—reasons why Salt Lake City
should be included in San Francisco district
Letter of Frank Knox in re Salt Lake City
Letter of John Pingree in re San Francisco
W. W. Moore
Milton S. Esberg
Thomas Francis Delury.
Alfred Kutner
Edward P. E. Troy
W. W. Phillips.
W. S. Farley

2885
2893
2902
2907
2915
2923
2964
2973
2977
2982
2987
2988
2990
2992
2994
2997
2998
3000
3001

LOS ANGELES, CAL.

February 4.
3012,3049
3013
3034
3041

J. M. Elliott
J. E. Fishburn
Stoddard Jess
J. F. Sartori
EL PASO, TEX.

February 7.
IL S. Stewart
James G. McNary


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

3100,3200
3107, 3197

Page.

T. M. Wingo
Robert Kraukauer
James S. Douglas
William H. Brophy
E. W. Graves
Charles F. Solomon
R. E. Moore
P. P. Greer
Harry H. Kelly
Jackson Agee
Thos. L. Lowe
Frank R. Coon
J. B. Herndon
Mark B. Thompson
H. D. Slater
J. J. Ormsbee
E. A. Cahoon
Paper by C. M. Newman on El Paso
H. P. Saunders

3118
3128
3137
3139
3141
3148
3153
3155
3157
3159
3163
3164
3165
3169
3178
3188
3192
3193
3205

AUSTIN, TEX.

February 9.
J M. Wright
J. R. Babcock
M. H. Wolfe
J. Howard Ardrey
Louis Lipsitz
E. L. Flippen
A. M. Matson
Wm. M. Robinson
Nathan Adams
B. B.Paddock
R. D. Gage
Clarence Onsley
R. 0. McCormack
M Sanson
J. A Stafford
W H. Fuqua
W W Collier
Oscar Wells
A S. Cleveland
J. W. Evans
J. E McAshan
Lynn Lalley
E. A. Peden
L. Davidson
A S. Cage
Will C Hogg...,
Thos H Ball

3212
3213
3219
3229
3279
3291
3299
3306
3308
3311
3324
3340
3350
3358
3381,3399
3399,3400
3409
3414
3446
3450
3453
3461
3471
3477
3478'
3479
3483

]:1

NEW ORLEANS, LA.

February 11.
Sol. Wexler
L. E. Bentley
Wm. B. Thompson
E. J. Glenny
Matthew J. Sanders
Crawford H. Ellis
W. S. Penick
E. T. George
Jeff D. Hardin
E. B. Harral
Edgar B. Stern
Louis S. Goldstein
Leon C. Simon
L Palmer
J. L Taylor

3 95
508
3608
3632
3642
3662
3668
3675
3683
3 00
709
3725
3735
33774697
t'

379

INDEX OF WITNESSES AND EXHIBITS.
Page.
3775
3781
3788
3791
3797
3832
3845
3854

E. M. Purcell
Walker Broach
J. B. Stirling
J. F. Flournoy
John W. Barr, jr
Richard W. Knott
Swager Shirley
Senator 0. M. James
February 12.

3858
3862
3866
3867
.. 3878
3882
3916
3932
3943
3959
3967
3986

Sterling Fort
Wesley Dame
Thomas W. Long
Earl S. Gwin
Y. Alexander
C. P. J. Mooney
William H. Kyle
J. H. McDowell
Fred Collins
John T. Kohn
Louis B. Farley
Sol. Wexler
ATLANTA, GA.

February 18.
J. K. Orr
Wilmer L. Moore
John K. Ottley
Robert F. Maddox
.....................
Jos. A. McCord
J. Epps Brown...........................................
Giles L. Wilson............................................
Newell Sanders............................................
John H. Cantrell.........................................
T. R. Preston.............................................

3997
4010
4022
4039
4094
4108
4114
4128
4129
4141

February 14.
E. Watkins
W. F. Stevenson
Richard I. Manning
B. F. Taylor
E. J. Watson
Joseph F. Gray
Mills B. Lane
W. H. Kettig
W.P. G. Harding

t'


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

4155
4166
... 4177
4191,4204
4201
4206
4232
4244,4303
4246,4295

Page.

4293
4295
4304
4312

S. S. Broaddus

McLean Tilton
It. G. Rhett
Senator Hoke Smith
CINCINNATI, OHIO.

February 16.
4346,4428,4517
4376
4387
4407
4412
4418
4435
4437
4440
4442
4445
4447
4450
4451
4453
4455
4457
4463
4468
4470
4473
4476
4478
4482
4485
4491
4493,4521
4497
4499
4501
4504
4513

W. S. Rowe
George F. Dieterle
Charles A. Hinsch
E. W. Edwards
Frederick C. Hicks
J. S. McHenry
S. D. Carr
H. A. Sharp
John L. Bushnell.
W. B. Gebhardt.
C. D. Crites.
J. S. Hill
Robert L. Archer.
W. E. Baker
J. E. Buckingham
L. N. Davis
S. A. Fletcher
Andrew Smith
Marcus S. Sontag
C. H. Church
H. C. Sharp
Walter S. Harkins
C. E. Frost
A. E. Jackson
H. M. Johnston
C. C. Bowyer
J. B. Walker
J. W. Brown
M. W. Renick
S. D. Fitton
R. L. Burch
James A. Green
CLEVELAND, OHIO.

February 17.
J. J Sullivan
Mayor Newton D. Baker
L. F Kiesewetter

4526
4592
4606

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

4

INDEX OF EXHIBITS AND PAPERS FILED AT HEARINGS HELD BY RESERVE BANK
.
ORGANIZATION COMMITTEE.

Page.

NEW YORK.

January 6.
Page.

Census of 1910—Comptroller's call of October 21, 1913 (witness Clarke)
Francis L. line's suggestions as to location of regional banks
(witness Baker)

259
329

BOSTON, MASS.

January 9.
Eight imaginary Federal reserve districts, showing capital,
surplus, and deposits (Blinn)
Abstract of condition of Merchants' National Bank of Providence, R. I., at close of business January 3, 1914 (Taft)
Telegrams from Maine favoring regional bank for Boston
(Adams)
Letters favoring Boston (witness Gaston)from—
Springville National Bank of Maine
People's National Bank of Claremont, N H
National Exchange Bank of Providence, R. I
First National Bank of Houlton, Me
John L. Billard, of Meriden, Conn
Merchants' National Bank of Providence, R I
Thomas C. Thacher, M. C

533
595
611
649
649
651
654
655
656
656

January 10.
Map—parcel-post districts (witness Harriman)
I. C. C. express map dividing country into 900 blocks (witness Harriman)
I. C. C. map reducing over 3,000,000 rates to about 2,000
pages (witness Harriman)
Chart showing cities where hearings scheduled, and dates
(witness Harriman).
Chart showing first banks accepting act(witness Harriman)
Chartshowing three central reserve cities(witness Harriman)
Chart showing 151 clearing-house cities (witness Harriman)
Chart showing C. P. Blinn's views as to central reserve cities
(witness IIarriman)
Chart showing geographical divisions on State lines (witness
Harriman)
Chart showing capital and surplus of regional banks (Harriman)
Chart showing capital and surplus for each State(Harriman)
Chart showing capital and surplus for each regional district
(witness Harriman)
Chart of New England group (witness Harriman)
Chart showing southern city (witness Harriman)
Chart showing national importance of southern city (witness
Harriman)
Memorandum in re districts to be formed (witness Higgins)
Memorandum in re districts to be formed, capital investment
(witness Higgins)


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

691
691
692
693
693
693
693
693
694
694
694
694
698
699
700
716
717

The following were offered favoring Boston (witness Towle):
Telegram from president Board of Trade of Attleboro,
Mass
Telegram from president Board of Trade of Fitchburg,
Mass
Letter from Wakefield Merchants' and Business Men's
Association
Letter from Norwood (Mass.) Board of Trade
Letter from North Berwick National Bank of Maine
Letter from president of Attleboro (Mass.) Board of
Trade
Letter from president of Brattleboro (Vt.) Board of
Trade
Letter from president of Belfast(Me.) Board of Trade

730
731
731
732
733
734
735
736

WASHINGTON, D. C.

January 14.
Brief—Washington clearing house favoring Washington (witness McKee)
Capital, etc., national and State banks in proposed district
(witness McKee)
Manufacturing, etc., information (witness McKee)
Map of proposed district (witness McKee)
Banking resources regional area of Baltimore (Newcombe)
Tables—Influence of Baltimore(Newcombe)
Map showing time required for mail and express matter to
reach Baltimore (witness Newcombe)
Exhibit A.—Map showing suggested districts of country
(Ingle)
Figures referring to Baltimore situation (witness Ingle)
Circular letter to Florida banks regarding Baltimore (Ingle)
Replies from banks favoring Baltimore (witness Ingle)

648
657
657
657
728
728
728
785
806
809
809

January 15.
Statistics concerning Richmond, Va.(witness Carrington)
Resolutions Greenville (S. C.) Clearing House Association
favoring Richmond, Va.(witness Ansel)
Resolutions Greenville (S. C.) Chamber of Commerce favoring Richmond (witness Ansel)
Resolutions Virginia Legislature favoring Richmond, Va
(witness Saunders)
Statements in behalf of Wheeling, W. Va
Philadelphia Clearing House resolutions in re Philadelphia
(witness Rue)
Letter of Charles J. Cohen, president Philadelphia Chamber
of Commerce, favoring Philadelphia(Rue)
Philadelphia Association of Credit Men—Resolutions favoring Philadelphia (witness Rue)
Letter of Charles D. Joyce, president Grocers ck Importers'
Exchange, favoring Philadelphia (Rue)
Resolutions favoring Philadelphia from Merchants dc Manufacturers' Association of Philadelphia(Rue)
Resolutions favoring Philadelphia from Philadelphia Drug
Exchange (Rue)
381

885
902
904
906
944
1009
1011
1014
1015
1017
1018

382

LOCATION OF RESERVE DISTRICTS.

Page.
Facts about Philadelphia (witness Rue)
1059
Exhibit A (witness Rue), indicating population, capital, surplus and individual deposits of national banks, etc.... 1024,1051
Resolution of Chamber of Commerce of Wilmington(Painter). 1110
Resolution of Winston-Salem (N. C.) Board of Trade urging
North Carolina and Virginia be placed in same district
(witness Ludlow)
1125
CHICAGO, ILL. •

January 19.
Brief in support of Chicago (witness Canby)
The following letters favoring Chicago(witness Curtis)from—
Illinois National Bank of Peoria
First National Bank of Peoria
Commercial German National Bank of Peoria
Merchants National Bank of Peoria
Central National Bank of Peoria
Savings Bank of Peoria
Home Savings & State Bank of Peoria
State Trust & Savings Bank of Peoria
Dime Savings & Trust Co. of Peoria
Letter of C. H. Barrett, president Vermilion (S. Dak.) National Bank,favoring Chicago (witness McHugh)
Petition from Iowa requesting that their State be placed in
Chicago district(Epperson)

1326
1326
1326
1326
1326
1326
1326
1326
1327
1347
1359

1480

1519
1520
1521
1522
1533
1533
1551

ST. LOUIS, MO.

January 21.
Exhibit No. 1—E. J. Wade
Exhibits offered by F. 0. Watts as follows:
Statement of St. Louis Clearing House Association,
capital and reserve
Statement of number of banks doing business in St
Louis and balances carried from territory
Maps, also exhibit showing loans and investments of St
Louis banks and trust companies in territory
Exhibit No. 1—D. R. Francis—Map (from census, 1910)
Exhibit No. 1—J. C. Van Riper—Letters of banks in Arkansas and Oklahoma
Exhibit No. 1—J. R. Barroll—Map of St. Louis trade territory
Exhibit No. 1—E. F. Goltra—Map
Exhibit No. 1—S.S. Faulkner—Resolution of Helena, Ark
Exhibit No. 1—Henry D. Sexton—Statement
Exhibit No. 1—Lucius D. Turner—Resolution of Belleville
Commercial Club
Exhibit No. 1—Wirt Wright—Map
Exhibit No. 2—Wirt Wright—Tables in re St. Louis territory


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

Page.
Exhibit No. 1—S. W. Reyburn—Statistics favoring St.
Louis
Exhibit No. 1—D. S. Lansden—Map of southern Illinois....
Exhibit No. 1—A. H. Hinchey —Resolution indorsing St.
Louis
Exhibit No. 1—Henry Reis—Resolution of Evansville
clearing house
Exhibit No. 1—Resolution filed by Mr. Francis.

1755
1760
1762
1772

KANSAS CITY, MO.

1255

January 20.
Brief favoring St. Paul, Minn.(Wheeler)
Letter of W. T. Brownlie, manager Davenport, Iowa, clearing house, requesting Davenport be included in 'Chicago
district(Dawson)
Telegram from H. W. Brown, cashier First State Bank,
Cascade, Mont., favoring St. Paul
Letter of C. A. Thurston, Glendive, Mont., favoring St. Paul
(Bailey)
Letter of S. McKennan, president Union Bank & Trust Co
of Montana, Helena, favoring St. Paul (Bailey).
Letter of Clay H. Hollister, vice president national bank at
Grand Rapids, favoring Chicago (witness Keys)
Letter of Dudley E. Waters, chairman of board, Grand Rapids
National City Bank, favoring Chicago (Keys)
Letter of G. A. Abbott, cashier Hackley National Bank,
Muskegon, Mich., favoring Chicago (Stalnaker)

January 22.

January 23.
Exhibit No. 1—Leon Smith
Exhibit No. 1—Chandler
Exhibit No. 1—Bailey
Exhibit No. 2—Bailey
Exhibit No. 1—Copeland—Map

1875
1886
1909
1910
1951

LINCOLN, NEBR.

January 24.
Exhibit No. 1—Dr. Hall
Exhibit No. 2—Dr. Hall
Exhibit No. 3—Dr. Hall
Exhibit No. 4—Dr. Hall
Exhibit No. 5—Judge Field
Exhibit No. 6—L. E. Wettling
Exhibit No. 7—L. E. Wettling
Exhibit No. 73,—L. E. Wettling
Exhibit No. 8—L. E. Wettling
Exhibits Nos. 9 to 17, inclusive—L. E. Wettling
Exhibits Nos. 18 and 19—Walter S. Whitten
Exhibit No. 20—W. S. Mellor. ,.
Exhibit No. 21—Drake
Exhibit No. 24—Wright
Exhibit No. 25—French
Exhibits Nos. 26 and 27—French
Exhibit No. 28—Henry W. Yates.
Exhibit No. 29—Henry W. Yates.
Exhibit No. 29—Henry W. Yates
Exhibit No. 30—Henry W. Yates
Exhibit No. 31—Henry W. Yates
Exhibit No. 32—Henry W. Yates.
Exhibit No. 33—Fowler
Exhibit No. 34—Delano

2007
2008
2008
2008
2023
2046
2049
2053
2059
2060
2068
2074
2075
2091
2093
2098
2100
2116
2127
2127
2129
2130
2147
2164

DENVER, COLO.

1575

1603
1603
1604
1640
1659
1669
1680
1687
1691
1697
1701
1701

January 26.
Berger Exhibit No. 1
Berger Exhibit No. 2
Foster Exhibit No. 1
Edmonds Exhibit No. 1
Osgood Exhibit No. 1
De Ricqles Exhibit No 1
De Ricqles Exhibits Nos. 2 to 9, inclusive
Dixon Exhibit No. 1
Burbridge Exhibit No. 1
Burbridg,e Exhibit No. 2
Malone Exhibit No. 1
Shafroth Exhibit No. 1
Jones Exhibit No. 1
Van Deusen Exhibit Nos. 1 and 2
Blackwell Exhbit No. 1
Roof Exhibit No. 1
Morey Exhibit No. 1
Morey Exhibits Nos. 2 and 3
Tidwell Exhibit No. 1

2209
2209
2214
2218
2225
2228
2234
2242
2245
2248
2257
2271
2276
2298
2305
2308
2322
2325
2332

383

INDEX OF EXHIBITS AND PAPERS FILED.

Page.

Page.

2335
2343
2345

Lloyd Exhibit No. 1
Allen Exhibits Nos. 1 and 2
Harrison Exhibit No. 1
SEATTLE, WASH.

January 29.
Letters of Gov. J. F. A. Strong, of Alaska, favoring Seattle
2366,2372
(Gov. Lister)
2425
Album, with maps and statistics (Backus)
2425
Memorandum indorsing Seattle (Backus)
2473
Statistics concerning northwestern banks(Latimer)
2537
Memorandum indorsing Seattle(Hartman)
Letter to banks asking views to Montana's location in system
2561
(A. C. Johnson)
from banks giving views, etc., Montana's location
Replies
2562
in system (Johnson)
2569
Montana as to cattle, etc.(Johnson)
Statistics of
Letter of authorization, Butte Chamber of Commerce (D. J
2570
Charles)
Telegram from Helena clearing house in re choice of location
2580
of bank (F. S. Lusk)
Comparative area map of four Northwestern States (F. W
2595
Dunham)
Map showing farm crop values of Northwestern States(F. W
2597
Dunham)
Columbia River Basin, map showing Spokane as railroad
2598
center(F. W. Dunham)
2620
Maps showing Spokane situation (T. II. Brewer)
Telegrams to bankers of Idaho concerning Northwest regional
2638
district and replies(Thomson)
2645
Bank balances of Northwest(Tinkel)
2653
Statistics of Northwest, customs collected, etc. (Titlow)
PORTLAND, GREG.

January 30.
Average daily balance, Portland (Mills)
Live-stock distribution in Northwest(Colt)
Maps of different districts in Oregon country showing area,
etc.(W. J. Burns)
Statement showing movement of wheat(W. J. Burns)
Maps showing timbered area connected or tributary to Portland and concerning lumber industry (Dixon)
Maps of northwestern territory from jobbing standpoint (Jay
Smith)
Annual report and papers favoring Portland (S. G. Sargent)
Statistics of banks of Pacific coast(C. S. Loveland)

2692
2721
2741
2735
2752
2757
2816
2863

SAN FRANCISCO, CAL.

February 2.
Charts showing metropolitan areas of San Francisco, Los
Angeles, etc., showing population and railway mileage of
2889
California and other coast and Western States(Lynch)
Lists of steamship lines of San Francisco (Lynch)
2899
Statement of customs business at San Francisco (Farley)
3002
LOS ANGELES, CAL.

Statistics on exchange, etc., of El Paso (McNary)
Exhibits submitted (McNary)
Statement as to mail facilities of El Paso (Krakauer)
Letter of Douglas (Ariz.) Chamber of Commerce, requesting
that portion of Arizona be included in California district
(Graves)
Letter of C. 0. Ellis, cashier Bank of Douglas, Ariz., stating
that El Paso should be included in Arizona-New Mexico
district(Graves)
Transit items, Douglas, Ariz., for six months (Graves)
Letter of Tucson (Ariz.) Chamber of Commerce requesting
that El Paso be included in the New Mexico-Arizona district (Solomon)
Resolutions of Chamber of Commerce of Silver City, N. Mex ,
asking to be included in El Paso district(Agee)
Letter of authorization of Bowman Bank & Trust Co. of Las
Cruces, N. Mex.(Thompson)
Letter of S. F. Campbell, cashier First National Bank of El
Paso, certifying to last-mentioned letter(Thompson)
Letter of authority of R. H.Smith, president First State Bank
of Las Cruces(Thompson)
.
Letter of authority of Fred S. Hess, secretary Elephant Butte
Water Users' Association of New Mexico(Thompson)
Statement in behalf of Rio Grande Valley of New Mexico
(Thompson)
Statement—El Paso's mining industry (Ormsbee)

3115
3118
3136

3141

3143
3145

3149
3161
3171
3171
3172
3173
3173
3188

AUSTIN, TEX.

February 9.
Maps and papers showing territory, etc., of Dallas firms
(Lipsitz)
Resolution of manufacturers. of Dallas, favoring Dallas
(Flippen)
Letter of International Cottonseed Crushers' Association giving list of mills and members of association (Flippen)
Brokers' contracts covering sales of goods of Dallas manufacturers to various points (Flippen)
Maps indicating lines of business (Flippen)
Resolution of Texas Bankers' Association, fifth district, advocating a proposed district (Ardrey)
Statement of banking resources of Dallas(Adams)
Map showing railroads of Texas, Oklahoma, and New Mexico
(Paddock)
Pamphlet(Paddock)
Figures relative to Fort Worth as cattle market, etc.(Sanson)
Telegram to cattle raisers asking indorsement of Fort Worth
and replies (Sanson)
Letter of J. Ogden Armour favoring Fort Worth (Sanson)
Letter of Louis F. Swift concerning Fort Worth (Sanson)
Resolution of cattlemen favoring Fort Worth (Sanson)
Statement in re Fort Worth (Stafford)
Exhibit No. 1—Live-stock industry (Stafford)
Pamphlet containing compilation of all facts submitted
(Wortham)
Book of currency operations indicative of banking operations in Houston (Wells)

3290
3291
3294
3295
3296
3302
3309
3313
3319
3361
3372
3375
3378
3379
3385
3389
3408
3446

February 4.
Resolution of Los Angeles Clearing House Association and
associated banks of Los Angeles favoring San Francisco
(Fishbum)
3015
Statistics showing seven coast and Western States entitled to
one Federal reserve district (Sartori)
3042
EL PASO, TEX.

February 7.
Map of trade territory of El Paso (Stewart)
Exhibit showing distribution of El Paso trade (Stewart)


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Federal Reserve Bank of St. Louis

3101
3103

NEW ORLEANS, LA.

February 11.
Memorandum and maps showing distances of various cities
from New Orleans, etc.(Wexler)
Letter of New Orleans Board of Trade, with resolutions advocating New Orleans(Wexler)
Letter of New Orleans Association of Commerce favoring
New Orleans(Wexler)
Fourteenth report New Orleans board of commissioners of
port(Wexler)

3589
3589
3592
3595

384

LOCATION OF RESERVE DISTRICTS.

Page.
Group C of Louisiana Bankers' Association—telegram favoring New Orleans(Wexler)
3595
Memorandum of distances to New Orleans from foreign ports
and cities in district(Wexler)
3595
Industrial exhibits(Wexler)
3596
Transcript from American Review of Reviews in re New
Orleans(Wexler)
3595
Statement regarding cotton at New Orleans(Glenny)
3636
Statement regarding New Orleans (Sanders)
3651
Brief on New Orleans (Stern)
3710
Statement regarding manufacturers of New Orleans, etc
(Stern)
3715
Brief on New Orleans (Goldstein)
3730
Paper on lumber industry (Palmer)
3750
Palmer Exhibit No. 1
3751,3755
Palmer Exhibit No. 2
3752,3757
Palmer Exhibit No. 3
3752,3758
Palmer Exhibit No. 4
3753,3759
Palmer Exhibit No. 5
3754,3763
Palmer Exhibit No. 6
3754,3764
Meridian Clearing House Association resolution indorsing
New Orleans (Broach)
3782
Meridian Board of Trade iSc Cotton Exchange resolution
favoring New Orleans(Broach)
3784
Map of proposed district to include Louisville
3799
February 12.
Papers and map concerning Montgomery (Kohn)

3967

ATLANTA, GA.
February 14.
Brief of South Carolina commissioner of Agriculture,
merce, and industries(Watson)
\ Maps showing actual railroad lines (Harding)

com-

4204
4247

CINCINNATI, OHIO.
February 16.
Hinsch—Exhibit D
Hinsch—Exhibit E
Hinsch—Exhibit G


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Federal Reserve Bank of St. Louis

4395
4396
4397

Hinsch—Exhibit H
Forceful facts regarding Cincinnati(Edwards)
Nashville Clearing House Association resolution indorsing
Cincinnati(McHenry)
Resolutions of Knoxville Clearing House Association indorsing Cincinnati(Rowe)
Telegram sent by Cincinnati banks urging indorsement of
Cincinnati(Rowe)
Resolutions of clearing house banks of Dayton indorsing
Cincinnati(Rowe)
Resolutions of group 3, West Virginia Bankers' Association,
indorsing Cincinnati(Rowe)
Resolutions of Chamber of Commerce, Huntington, W. Va.,
indorsing Cincinnati(Rowe)
Telegram from First National Bank, Williamson, IV. Va.,
indorsing Cincinnati(Rowe)
Letter from First National Bank of Terre Haute indorsing
Cincinnati next to Chicago(Rowe)
Letters from Muncie, Ind., and from First National Bank of
Chattanooga indorsing Cincinnati(Rowe)
Letter of Indiana Bankers' Association to Indiana banks asking for choice of bank, etc. (Smith)
Letter of Indianapolis Chamber of Commerce to boards of
trade asking choice of bank (Smith)
Replies to above (Smith)
Maysville, Ky., brief urging bank for Cincinnati(Sharp)._
Statement as to division of country into districts (Walker)

Page.
4399
4409
4427
4431
4432
4432
4433
4433
4433
4433
4434
4463
4468
4468
4474
4521

CLEVELAND, OHIO.
February 17.
Map outlining districts of country (Sullivan)
Exhibit A (Sullivan)
Tables B, C, D, E,and F (Sullivan)
Charts II, III, IV, V, and VI (Sullivan)
Letter of H. P. McIntosh, president Guardian Savings &
Trust Co. indorsing Cleveland (Baker)
Letter of committee representing the commercial,agricultural,
industrial, and banking interests of central Ohio to various banks, requesting indication of preference of location
of bank (Kissewetter)
Post card for reply inclosed with above (Kissewetter)

4527
4529
4544
4544
4604

4612
4612


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Federal Reserve Bank of St. Louis

NEW ORLEANS
VS.

THE FEDERAL RESERVE BANK
ORGANIZATION COMMITTEE

COMPLIMENTS OF

New Orleans Sugar Exchange
New Orleans Clearing House Association
New Orleans Contractors' and
Dealers' Exchange
New Orleans Association of Cornmerce
New Orleans Real Estate Auction
Exchange
New Orleans Board of Trade
New Orleans Stock Exchange

New Orleans, April, 1914


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

I. Stenographer's Minutes of Hearing Before the Federal Reserve Bank
Organization Committee at New Orleans, February 11th and 12th,
1914, Being Brief of Mr. Sol Wexler as Chairman of the New Orleans
Clearing House Committee, on Pages 3506 to 3528, Inclusive, as Published by the Law Reporting Company, Southern Building, Washington, D. C.
II. Supplementary Data Furnished the Federal Reserve Bank Organization
Committee by Mr. Sol Wexler, Under Date of February 28th, 1914,
Together With Statistical Data Showing the Distribution of Commodities by New Orleans in the States of Louisiana, Mississippi, Texas,
Alabama, Florida and Tennessee, to All Other States, and Exported
for the Year 1913, Compiled by the New Orleans Association of
Commerce.
III. Answer of Mr. Sol. Wexler, Chairman New Orleans Clearing House
Committee, to the Data Submitted from Washington, D. C., by the
Federal Reserve Bank Organization Committee, Setting Forth the
Means Employed by the Committee, Enabling Them to Overlook
Claims of New Orleans to be Designated as a Federal Reserve Bank
Location.
IV. Transcript of Resolution Passed at a Mass Meeting Held by the Citizens
of New Orleans in the Rooms of the New Orleans Association of Commerce, Under Date of April 4, 1914.
V. Resolutions Adopted Under Date of April 9, 1914, by the Commission
Council of the City of New Orleans, Protesting Against Action of the
Federal Reserve Bank Organization Committee in Ignoring the Claims
of the City of New Orleans to be Designated as a Federal Reserve City.


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

EXTRACT
From Stenographer's Minutes of Hearing Before the Federal Reserve
Bank Organization Committee at New Orleans, February 11 and
12, 1914, Being the Brief of Mr. Sol Wexler, as Chairman of
the New Orleans Clearing House Committee, on Pages
3506 to 3528, Inclusive, as Published by the Law
Reporting Company, Southern Building,
Washington, D. C.
In advocating the City of New Orleans as the only fitting and logical
location for a regional bank to serve the vast territory embraced in what is
known as the Gulf and contiguous States, I have given the most careful
consideration to the claims of our sister cities and States for the definite
purpose of ascertaining if I have been blinded by local patriotism in my
conclusions, and with the full intention, if I found the claims of any other
city in this territory superior to that of New Orleans, to lay aside civic
ambition and yield our claims for the common good. No patriotic citizen
of this country and no good adherent of the Democratic party has the
right to approach this subject from any other standpoint than that of
disinterestedness and altruism, for the success of the system of banking
and currency which we are about to install involves the welfare of this
and future generations, the future success of our party, and the financial
and commercial supremacy of the nation.
But the consideration and study of the reasons for the location of a
bank here in connection with and in comparison with those of any city
within a thousand miles of us gives no cause for hesitation in placing before you the following important facts immediately bearing upon and pertinent to the subject.
We believe that the territory to be served by New Orleans should
embrace all that territory shown on this map within the red lines thereon,
radiating from Louisiana, as the center, westward to the line of New
Mexico, thus taking in the State of Texas; eastward to the Atlantic Ocean,
taking in the States of Mississippi, Alabama, Florida and Georgia; and
northward, taking in that part of the State of Tennessee lying west of
the Tennessee River. This territory contains 860 national banks, with
an aggregate capital and surplus of $148,900,000, capable of furnishing a
Capital to the regional bank, based upon six per cent. of $8,900,000, and
deposits, based upon five per cent. of an aggregate of $473,500,000, without counting government deposits of $24,000,000.


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Federal Reserve Bank of St. Louis

4
We estimate that in the same territory state banks and trust companies have an aggregate capital and surplus, according to the Comptroller's report (all banks not being represented), of $130,000,000, which,
if fifty per cent. of them came into the system, which I believe to be a
conservative estimate, would give an additional capital of $3,900,000,
and
additional deposits of $8,000,000, or, combined with the national
banks,
a regional bank
LIABILITIES
With a capital of
$ 12,800,000.00
And deposits of
32,000,000.00
Circulation
82,500,000.00
Discounts (profit and loss)
760,000.00
$128,060,000.00
RESOURCES
Gold against deposits (35% of $32,000,000)
$ 11,200,000.00
Gold against federal reserve notes issued (40% of
$82,500,000)
33,000,000.00
Bills discounted
83,600,000.00
Balance gold on hand
260,000.00
$128,060,000.00
And as the total bills payable, as shown by the Comptroller's report
of all of the banks in Texas, Louisiana, Mississippi, Alabama, Florida and
Georgia, for the last year, at the maximum period, only aggregate
$34,600,000.
THE SECRETARY OF THE TREASURY: That is national banks alone?
MR. WEXLER: That is national banks alone. Therefore, this bank
would have more than double the necessary capacity for taking care of
the rediscounts of that section, by national banks only; and if the state
banks were included, which, of course, I cannot give you accurately, I am
satisfied it would have a margin of twenty-five per cent. to take care of it,
provided there were no growth in the deposits whatever. This does not include United States deposits at all.
In this territory the most remote city having a national bank to
the
west of us would be El Paso, Tex., 1,192 miles, or 36 hours; to
the east,
Brunswick, Ga., 689 miles, or 26 hours and 40 minutes; to the north,
Paris,
Tenn. 529 miles or 16 hours and 10 minutes. Such most western
city
would be nearer Houston by only 362 miles, farther from Atlanta by
857
miles, farther from Birmingham by 777 miles, farther from Memphis
by
758 miles.


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Federal Reserve Bank of St. Louis

5
The territory above described is connected with New Orleans by
Western Union and Postal Telegraph lines and long-distance telephone;
as far as the mouth of the Rio Grande River by sea; and by rail by the
Southern Pacific and its many connections;
Texas and Pacific and its many connections;
St. Louis and San Francisco and its many connections;
New Orleans, Texas and Mexico and its many connections;
Atchison, Topeka and Santa Fe and its many connections; and
Louisiana Railway and Navigation Company.
To the eastward by the
Louisville and Nashville and its many connections;
Southern Railway and its many connections;
Mobile and Ohio and its many connections;
Queen and Crescent System and its many connections;
New Orleans, Mobile and Chicago (now building into New Orleans) ;
New Orleans Great Northern; and
Gulf and Ship Island.
To the northward by the
Illinois Central and its many connections;
Yazoo and Mississippi Valley and its many connections;
Louisville and Nashville.
The entire territory is also in connection with New Orleans by steamboat and barge transportation through the Intercoastal Canal being built
by the United States Government, now constructed from Texas almost
to New Orleans, and proposed to be constructed from New Orleans eastward to Pensacola, which will put New Orleans in communication with
points along the Sabine, Calcasieu and Mermentau Rivers to the west without going into the open sea. At the present time New Orleans reaches
the territory lying along the Pearl River, Amite River, Pascagoula River,
Warrior and Alabama Rivers, all connected with the Mississippi River,
through Lake Borgne Canal. The Mississippi River, running through
the City of New Orleans to the Gulf, puts it in connection with the Red,
Arkansas, White, Ohio, Missouri and Illinois Rivers, and with all of their
tributaries, so that probably no city in this country affords such varied,
extensive and competitive transportation facilities to the domestic territory
it will serve by rail, sea, river and canal as the City of New Orleans.
But if, in your wisdom and as a result of your investigations, you
should see fit to exclude from this territory the State of Georgia on the
east, you would reduce the capital of the regional bank located here, accoiding to the Comptroller's figures, all banks not being represented, only
$2,421,000, and its deposits $4,532,000; and if, in addition to Georgia, you


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Federal Reserve Bank of St. Louis

6
saw fit to exclude that part of Texas claimed by St. Louis, Denver and
Kansas City, lying west of Austin, you would reduce the capital of the
regional bank $1,133,000, and the deposits $2,774,000; and, again, if you
saw fit to exclude the part of Tennessee lying west of the Tennessee River,
you would reduce the capital $591,000 and the deposits $1,657,000; or, if
you eliminated all three of the last-named sections, the total reduction of
capital arising from national and state banks would only be $2,598,000,
and deposits $6,240,000; leaving, if one, two or the three were eliminated,
the following capital and deposits:
NATIONAL BANKS
Territory.
Entire territory
$
Excluding Georgia
it
West Texas
West Tennessee
it
Georgia and West Texas
ti
Georgia and West Tennessee
West Texas and West Tennessee...
it
Ga., W. Texas and W. Tennessee

Capital.
8,900,000
7,430,000
7,952,000
8,720,000
6,482,000
7,250,000
7,772,000
6,302,000

Deposits.
$24,000,000
20,800,000
21,515,000
23,445,000
18,315,000
20,245,000
20,960,000
17,760,000

STATE BANKS
Territory.
Entire territory
$
Excluding Georgia
ti
West Texas
it
West Tennessee
it
Georgia and West Texas
Georgia and West Tennessee
West Texas and West Tennessee..
Ga., W. Texas and W. Tennessee

Capital.
3,900,000
2,949,000
3,715,000
3,489,000
2,764,000
2,538,000
3,304,000
2,353,000

Deposits.
$ 8,000,000
6,668,000
7,711,000
6,897,000
6,379,000
5,567,000
6,608,000
5,276,000

THE SECRETARY OF THE TREASURY: Taking the territory and excluding the several portions, what would be the result as to the remainder of
the territory?
MR. WEXLER: $6,302,000 of capital from national banks, and, figuring fifty per cent. of the state banks, an additional $2,353,000, or $8,661,000
of capital and $23,000,000 of deposits; that is, taking in what is
embraced
within the yellow line only.
The present banking capital and surplus and deposits of New Orleans as compared with the cities of Atlanta, Houston, Birmingham ind
Memphis are as follows;


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Federal Reserve Bank of St. Louis

City.
New Orleans
Atlanta
Houston
Birmingham
Memphis

Capital and Surplus
Undivided Profits.
$18,797,000.00
15,000,000.00
13,400,000.00
7,083,100.00
8,804,600.00

Deposits.
$86,032,110.00
33,000,000.00
42,000,000.00
27,289,000.00
35,130,000.00

The comparative total resources are as follows:
Total Resources.
City.
$110,000,000.00
New Orleans
51,000,000.00
Atlanta
Houston
57,000,000.00
35,510,000.00
Birmingham
45,934,000.00
Memphis
The capital and surplus of the regional bank to be located here, taking
in the territory only embraced in the yellow lines shown on the map, will
be $8,655,000 and $23,036,000 deposits.
A statement of the comparative distances of the principal cities from
New Orleans is as follows:
From City of
New Orleans

To City of
Miles.
Mobile
141
Pensacola
243
Atlanta
495
Montgomery
318
Birmingham
415
Chattanooga
498
Nashville
622
Memphis
396
Little Rock
487
Dallas
515
Austin
528
Houston
362
San Antonio
571
Galveston
412
The establishment under the old law of central reserve cities created
an artificial flow of money into the central reserve cities not justified by
the natural course of finance and of commerce, but which, after many
years, came to be regarded as natural, and which will invert to natural local
channels just as soon as the compulsory feature is removed, and as the
natural channel to which money should flow is to the point from which it
can be most readily and quickly obtained, and to which the products grown,
ti

ti

it


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Federal Reserve Bank of St. Louis

8
manufactured and exported drift. The points from which a section purchases its supplies have an insignificant effect upon the trend of money,
for the exchange created by the shipment of a carload of hay from a Texas
point to North Carolina can be converted into cash more quickly by depositing it with its local bank, and it in turn with the regional bank, or
with its nearest correspondent, which, for the territory referred to, would
be New Orleans; though, in respect to distribution of merchandise, New
Orleans is many millions in excess of any other city under consideration
at
this session.
This bill, as I understand its provisions, is intended to decentralize the
control of money and credit under central control and to attach to
the City
of St. louis the great States of Texas, Mississippi, Louisiana, West Tennessee, in addition to its legitimate territory, would absolutely defeat
the
purpose of the bill and concentrate in one city a control never intended
either by nature geographically nor by the framers of the bill. To place
a regional bank in Birmingham, or in Memphis, or in Houston, would be
to create an impossibly weak bank in relatively small inland industrial
cities having neither knowledge or experience in international trade,
nor
in the handling of the variety of merchandise—the production of our own
country and that of every country on the globe, such as comes
to the Port
of New Orleans, and could be properly compared to placing a regional bank
in Albany instead of the City of New York, or in Milwaukee instead
of
Chicago.
New Orleans purchases now a considerable percentage of the foreign
exchange, arising from the exports of cotton, from cotton exporters located in Houston and Galveston, and will purchase every dollar of exchange
created in the entire territory whenever the facilities •arising from the
regional bank are at its disposal and its natural connections are not diverted
by operation of law to other centers.
It has been said that New Orleans, being at times a rediscounting city,
cannot facilitate the territory, which statement surely arises from a misconception of conditions, as well as from a misunderstanding of the purposes of the regional bank. If the funds now carried i)y New Orleans banks
in Chicago and New York as reserve were carried at home, New
Orleans
would never need to borrow a dollar and would have surplus funds to
lend.
There is never a time when the indebtedness of New Orleans banks to
their
correspondents is not less than the amounts which they have on
deposit
with them at the time; and, if the reserves of the great States of Texas,
Louisiana, Mississippi, Alabama, Georgia, Florida and Tennessee, or
the
parts of these States referred to as an alternative territory, are kept'in
a regional bank here, where they belong, not only will this bank be able
to care for the requirements of its territory liberally, but it will be able


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Federal Reserve Bank of St. Louis

9
to help out other sections in their time of need. In the panic
of 1907. no one had nearly the trouble to draw funds from New Orleans as
was experienced in some of the other cities. New Orleans exchange at no
time went above $2.50 per thousand, while Pittsburg and St. Louis exchange was sold at $10 per thousand discount. We bought foreign exchange in St. Louis with our balances to get the funds out of that city.
Furthermore, if I correctly understand the proper method of conducting a regional bank, its credit facilities should always be a reserve facility
used only when the general credit facility of the country for legitimate
commercial purposes has been exhausted. Just in the same manner as
the Sank of England maintains a rate of interest slightly in excess of the
general private discount rate, in order to force the stock of credit to be
taken up first, and thus not compete with it, so do I understand the regional
bank will see to it that its facilities will be kept in reserve, thereby preventing undue expansion and thereby being certain to have the credit facility when urgently needed. For this reason, the great general credit
facilities of the country will be just as available to banks as heretofore,
and they are adequate in ordinary times, and when inadequate in times of
great industry and large crops, and periodically at certain seasons of the
year during the heavy marketing period, the reserve banks will supply the
deficiency.
It has also been contended that a bank located in a section of great
agricultural importance should be tied to a bank in a different territory—
this contention having been made at the St. Louis hearing, and it is much
more specious than sound. There is no city of importance in this Union—
other than New York, Boston and Philadelphia—which does not serve an
agricultural community to a greater or less degree; nor are there any crops
of great volume or importance grown in the United States which do not
move practically at the same time. Cotton, corn, wheat, oats, barley, sugar
cane, sugar beets, rice and fruits, constituting eighty per cent. (80%) of
our agricultural production, move in the fall of the year, practically at the
same time; and no city properly serving such a community, whether it be
St. Louis, Chicago, Minneapolis or Kansas City, is any more free from
strain at that period than is New Orleans; many of them borrow surreptitiously abroad or sell out of their portfolio to other ities, in order not to
show the same in their bills payable, under the absurd idea that a bank
should not employ the idle funds of another section when needed in its
own—while New Orleans, to serve its section openly, uses its credit facilities and facilitates the stupendous volume of business which is naturally
tributary to it.
I he volume of foreign exchange against actual exports of merchandise
handled in New Orleans last year aggregated $174,207,400, this exchange


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Federal Reserve Bank of St. Louis

10
being created locally and in Mississsippi, Alabama and Texas, and
being
agaimt the greatest variety of commodities shipped to almost every
country on the globe.
In addition to the foreign exchange
above referred to New Orleans
issues commercial letters of credit for the importation of mercha
ndise of
approximately $20,000,000 per annum, and which
business shows a constant growth from year to year.
The -volume of country checks cleared through New
Orleans last year,
drawn on points in the territory claimed as our legitim
ate territory, aggregated $478,042,000, and come to us from all of the States
in the Union;
and, were it not for the "window dressing" proclivities of some
competitive
cities, which handle business at a loss in order to swell figures
and footings and which New Orleans has never done, it would be ten
time
amount and as soon as the regional banks are esta ished
and the unfair
embargo upon business imposed by some country banks for the
service disappears, the volume handled here will be equal to the entire
volume of
business in this territory.
I want to amplify that to some extent by this statement, that
a great
deal of forced business goes to certain sections by offering to handle
collection3 free of charge. This is very desirable, but this
handling of items
without cost imposes a loss upon the banks handling it,
because the country
banks throughout the country make a charge. Nearly all
the large banks
in New Orleans employ an analysis system, and whenever
the volume of
out-of-town 'items involves a loss, we discontinue handli
ng the business.
That policy has been consistently adhered to, and it is not in
many other
sections.
THE SECRETARY OF THE TREASURY: You mean you discontinue to
handle it at a loss?
MR. WEXLER: Yes.
TEL SECRETARY OF THE TREASURY: And you impose a charge?
MR. WEXLER: Yes, and competition very frequently loses us the business, because some other city, in order to get the apparent balance,
will
offer to do the business for nothing. It is not a balance, it is in the mail;
in other words, if a balance of $10,000 is carried with us, and we
receive
from such a point $2,000 a day of out-of-town items and they are
in the
mail for four days, instead of having $10,000 we have $8,000, and
we are
paying two per cent. on his balance, and it is costing from $1.50 to
$2.50
to collect his item, and if we charge him nothing we are at a loss to
that
extent. Our own bank could treble the number of out-of-town items
we
handle if we were disposed to do that at a loss, for the simple purpos
e of
showing clearings.
The total clearings of New Orleans amounted to over $1,000,000,0
00


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Federal Reserve Bank of St. Louis

11
last year, an increase of one hundred per cent. (100%) in the last five
years.
OrIn considering these clearings, it must be remembered that New
,a
leans clearings are settled each day in cash and not in cashiers' checks
are again
custom which prevails in other cities, and which cashiers' checks
gives a
sent through the clearing houses, thus creating a duplication which
s the impression of a much larger volume of
fictitious amount and create
business than is actually conducted.
has any
New Orleans is the only port south of Philadelphia which
Merchandise can be consigned
number of regular sailings to foreign ports.
while in nearly
to New Orleans for export to meet regular sailing days,
this business is done by
all of ihe other Gulf and South Atlantic ports,
lines sending
tramp steamers with no regular sailings. The steamship
To Panama and Central
their ships to this port are shown on this map.
by three
American Republics, we have almost daily sailings, furnished
Orleans. The practically
steamship lines having their main offices in New
from snow
water-grade haul for railroads to the south, and the freedom
the Port of New Orleans
and ice throughout the year, makes it certain that
and imis the natural funnel through which the vast quantity of exports
eny and the Rocky Mounports of the entire territory between the Allegh
s as a
tains must find its way to and from foreign markets. New Orlean
d that it should be a naport is America's port, and is so desirably locate
ped by the
tional port, and should be, and I believe will eventually be, develo
!economically the stupendous
National Government to enable it to care for
from the rest of
quantities of incoming and outgoing merchandise to and
The trend of transportathe world, for which this city will be the depot.
north and
tion will henceforth, with the opening of the Panama Canal, be
It is as inevitable and certain as the
south and no longer east and west.
this terrilaw of gravitation. To care for the present a regional bank for
ement here will need to be as able
tory must be established here; its manag
as complex
in many respects as that of New York; its business will be
great. As to the future, within a decade the reand its variety equally as
of New York in
gional bank at New Orleans will be second only to that
if we grasp our opportunities and do not allow
size and in importance,
a, Central
Germany and England to capture the trade of South Americ
the Orient.
America, Australia and
and indusI have made no mention of the variety of our agriculture
enumerate them here to show the variety thereof, and
tries, and shall only
r variety of comthat a regional bank established here will serve a greate
modities than a regional bank in almost any other city.


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Federal Reserve Bank of St. Louis

12
The agriculture of the section shown on the map as being
served by a
regional bank located here is as follows:
Cotton
Wheat,
Corn,
Oats,
Hay,
Sugar Cane,
Rice,
Strawberries,
Citrus Fruits,
Tobacco,
Vegetables of every kind.
The mineral production is as follows:
Iron,
Building Stone.
Sulphur,
Natural Gas
Coal,
Oil,
Salt,
The live stock production is:
Cattle,
She,
Hogs,
Poultry.
The sea products are:
Oysters,
Shrimp,
Fresh and Salt Water Fish.
The forest products are:
Pine,
Cypress,
White Oak,
Gum,
Ash,
Poplar and
many other hardwood varieties.
The goods manufactured are:
Cotton Cloth,
Yarns,
Knitted Goods,
Steel Rail,
Wire,
Pipe and Rolling Mill Products Generally,
Tin and Galvanized Iron Cans,
Tanks,
Culverts,
Stoves,
Cooperage,
Sash, Doors and Blinds,
Crossties,
Furniture,
Wagons and Carts,
Fertilizers,
Chemicals,
Acids,
Soap,
Lard Compound,
Cotton-seed Oil,


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Federal Reserve Bank of St. Louis

13
Cotton-seed Meal and Cake,
Mixed Stock and Poultry Feed,
Cigars, Cigarettes and Smoking Tobacco,
Sauces, Pickles, Preserves, Vinegar,
Molasses and Syrups,
Jute and Cotton Bags,
Alcohol, Natural and Denatured,
Boats and Boat Oars,
Gasoline, Naphtha, Lubricating Oils, Paraffin,
Rosin, Turpentine and Tar,
Cement,
Roasted Coffee,
Clothing for Men, Women and Children, and many more too numerous to mention, but sufficient, surely, to show that there need be no fear
of an inadequate diversification of collateral.
It is indeed unfortunate that some of our sister cities cannot see the
manifold advantages of a great regional bank on the Gulf Coast at New
Orleans, and allow their petty trade jealousies to favor a more remote
city, not realizing, as they should that every dollar kept near home is as
available to them as it would be if the regional bank were located in their
own city.
Several gentlemen, experts in their line, will give you a few facts
pertinent to the subject and, when they have been heard, we will leave our
ease in your hands in full confidence that neither political influence, petty
jealousy nor ambition will sway your judgment.

Supplementary Data Furnished the Federal Reserve Bank Organization Committee by Mr. Sol. Wexler, Under Date of February 28,
1914, Together With Statistical Data Showing the Distributon of Commodities by New Orleans to the
States of Louisiana, Mississippi, Texas, Alabama, Florida and Tennessee to All Other
States and Exported for the Year
1913, Compiled by the New Orleans Association of
Commerce.
FEBRUARY 28, 1914.
HONORABLE Wm. G. Mc.ADoo, Chairman,
Committee on Organization of Regional Banks,
Washington, D. C.
SIR—Supplementing the brief filed with you by me, as representing


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Federal Reserve Bank of St. Louis

14
the Clearing House Association of the City of New Orleans, and the business interests generally, at the hearing before your Honorable Committee,
held in this city on February 11 and 12, 1914, in accordance with the permission granted at that time, I take the liberty of submitting to you herewith:
A compilation of statistics showing the total value of commodities
distributed, during the year 1913, from the City of New Orleans, together
with the percentage of distribution to the States of Louisiana, Mississip
pi,
Texas, Alabama, Georgia, Florida and Tennessee, the value of commodit
ies
distributed to all other States in the Union, and the value of
commodities
exported. From this you will observe that the total value of commodit
ies
aggregates $1,128,291,436, embracing 132 specified articles aggregat
ing
$1,088,291,426, and miscellaneous articles not enumerated aggregat
ing
$40,000,000. Of the aggregate it will be observed that $178,078,569 represent the value of commodities exported, and the percentage of domestic
distribution is as follows:
Per Cent.
Louisiana
39.54
Mississippi
13.35
Texas
13.95
Alabama
6.38
Florida
4.77
Tennessee
3.42
Georgia
4.41
All other States
13.18
These figures have been compiled with great care and are as nearly
accurate as could possibly be obtained. Three copies of the statement are
enclosed for your inspection.
I beg to call your attention to figures recently submitted to me by one
of the leading express companies doing, in addition to a merchandise express business, a very large financial business, in which it is shown that
the volume of financial transactions done by this company in the City of
New Orloans is the third largest of that done in any city in the United
States, being exceeded only by New York and Chicago. This company has
requested the withholding of its name otherwise the same would be cheerfully furnished, together with the exact figures in the premises.
It appears to me proper to make at this time some mention of the fact
that the port facilities of New Orleans, occupying fourteen miles of river
front, of which more than seven miles have been developed, together with
a belt line of railroad are owned respectively by the State of Louisiana and
the City of New Orleans, for the benefit of the whole country, and that access to thqse facilities is practically free to the commerce of the world, only


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Federal Reserve Bank of St. Louis

15
such charge being levied as is necessary to cover the actual expense of operation and fixed charges.
• Since your recent visit, $3,000,000 have been appropriated for the purpose of erecting modern cotton warehouses for the storage of cotton, which
is certain to attract to New Orleans the storage of a large quantity of this
important commodity for distribution throughout the world, in the same
manner that it is now handled at the port of Liverpool. The extending of
this system of public warehouses, public wharves and public freight transportation will be made as rapidly as financial conditions and requirements
of trade permit.
When it is considered that the high cost of living is to some extent due
to the increased consumption of foodstuffs, without a proportionate increase
in production, and the fact is given due weight that, in the territory claimed
by New Orleans, not exceeding fifteen per cent. (15%) of the arable land
is in cultivation, every effort should be made on the part of the Federal
Government to attract the greatest possible 'attention to a territory offering
such tremendous facilities for increased production of food products, in
which the laborer can live at the minimum of cost, and the establishment
of a regional bank in this section will undoubtedly have this very desirable
effect and focus in a sense the eyes of the desirable emigrant population of
Europe, as well as the land seekers in this country, to the advantages of
soil, transportation and climate which this section affords.
I take the liberty of furthermore calling your attention to the report
of the Board appointed to inspect and report to the Secretary of the Navy
on the general conditions existing at the Navy Yard at New Orleans, which
is dated July 29, 1913, and is addressed to the Hon. B. R. Tillman, Chairman of the Committee on Naval Affairs, and signed by the Hon. Josephus
Daniels, Secretary of the Navy. This report was made by Rear Admiral
John R. Edwards, U. S. N., President of the Board of Inspection for Shore
Stations, and is the result of a most careful examination.
In the said report, on page 6, paragraph 26, reference is made to the
sanitary condition at New Orleans 'as 'being excellent, and to the expenditure of $30,000,000 for drainage, sewerage rand purification of water.
On page 8, Article VI, reference is made to the pier facilities, as well
as to the fact that no difficulty would be experienced in the construction of
wharves with platforms for unloading and loading at any part of the river
under the jurisdiction of the Dock Commission; and, in paragraph 36, the
statement is made that from a military, as well as from industrial and
maritime standpoints, the possession of the river frontage by the Dock
Commission of the port gives New Orleans a remxrkable advantage as a
shipping and embarkation port, and particularly when there is taken into
consideration the number of trunk rail and steamship lines that make this
point a terminal.


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Federal Reserve Bank of St. Louis

16
On page 10, paragraph 43, reference is made to the coal supply and
distribution as being an extremely important factor for the commerce and
manufacturing of any city, and the definite statement that New Orleans and
Philadelphia are the only points on the Atlantic and Gulf where unlimited
supplies of both fuel oil and coal could be procured in times of emergency.
On page 12 of the same report, reference is made to the depth of water
and the ability of vessels of the largest draft to pass through the mouth of
the Mississippi River and harbor in front of the City of New Orleans. The
importance of New Orleans as a port is demonstrated by the fact that during the Revolutionary War supplies were transported up the Mississippi
River by General Galvez to the American forces under General Washington.
The transfer of New Orleans and the Mississippi Valley to the United
States by Napoleon is historically stated to have been made in order that
England might be prevented from ever increasing her possessions in America. In 1814 the. British Government, after mature deliberation, came to
the conclusion that New Orleans was strategically, at that time, the most
vital point in the United States, and that the capture of that city and the
control of the Mississippi River meant the eventual destruction of the
Union. It was stated by President Jefferson, in urging the purchase of the
Territory of Louisiana, that New Orleans was not only the key to the Gulf,
but to the Caribbean and the West Indies. During his administration of
office, President John Tyler recommended a naval station at New Orleans.
During the Mexican War the bulk of the arms for both Generals Taylor
and Scott went through New Orleans, and that city was one of the important
distributing supply centers of that war. In 1862 the capture of New Orleans was regarded as a fatal stroke to the Confederacy. This city has,
therefore, figured in every large war in which the United States has participated. It was regarded as of inestimable value by Mr. Jefferson when he
bought it; by Englnd, who tried to seize it; and by the Northern forces who
captured it.
On page 17, paragraph 79, the statement is made that New Orleans is
the terminus of six (6) trunk lines of railroads. The communication by
water with the vast extent of territory embraced in the valley of the Mississippi is unsurpassed. It is the principal commercial port of the Gulf
States and possesses great facilities for obtaining every class of building
material, skilled and unskilled labor, 'and supplies; coal is abundant and
cheap. The amount of commerce that passes in and out of the Gulf of
Mexico is a very large portion of the total commerce of the United States.
On page 18, paragraph 87, it is stated that the inland transportation
facilities are not exceeded by more than a few cities in the United States.
Paragraph 90 states that New Orleans is one of the large wholesale markets
of the country. As evidence of appreciation of this phase by the Army, it
may be stated that the Quartermaster's Department maintains an officer


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Federal Reserve Bank of St. Louis

17
at this port, who acts as purchasing agent for the Quartermaster Corps.
The same officer acts for the Isthmian Canal Commission and also for the
Commissary Department of the Panama Railroad.
On page 25, paragraph 125, the statement is made that New Orleans is
probably the only port in the world where battleships drawing thirty feet
of water could replenish their oil-fuel compartments in a few hours, and
that the export of oil from New Orleans during the past fiscal year surpassed even that of Philadelphia.
Much more could be said upon the subject of the importance of New
Orleans as a commercial and financial center, but we feel that you are sufficiently conversant with the facts on the subject, and, with the brief previously filed and the additional information furnished herein, the matter is
respectfully submitted.
Value and Distribution of Commodities by New Orleans to States of
Louisiana, Mississippi, Texas, Alabama, Florida and Tennessee,
to All Other States, and Exported Year 1913. Compiled
by the New Orleans Association of Commerce as
Exhibit for Organization Committee Federal Reserve Bank, Feb. 26, 1914.
ARTICLE
$
Agricultural implements
Automobiles and accessories
Alcohol
Artificial limbs
Awnings, tents and sails
Asphaltum
Boots and shoes
Bakery products and confectionery
Brooms and mops
Building material
Bagging (cotton)
Bags (other than paper)
Burlap
Baking Powder
Barrels
Basket ware
Beer
Boats and boar supplies
Boilers
Boxes (wood and paper)
Brushes
Bananas
Butter
Carbonated beverages
Cereal Coffee
Chains
Chewing Gum
Cisterns and tanks
Coffee
Coffins
Culverts
Corn
Chemicals
Cotton goods (exports include dry
goods)
Creosote
Cheese
Corn Meal
Copper
Cotton
Cotton Seed Products

Total Value Export Value %
La.

DOMESTIC DISTRIBUTION
%
%
%
%
%
%
%
Miss. Tex. Ala. Ga. Fla. Tenn. All
20
5
10
15
20
10
20
15
20
10
25
25

5 Other

15

10

10

10

iii

la

ia

10
10

10
15

5
10

5

5,890,000 $ 975,886
78,557
1,575,000
8,975,000
150,000
9,750,000
19,391
225,000
888,041
13,750,000
46,233
8,453,000
750,000
57,153
6,700,000
2,170,000
35,614
6,435,000
3,648,638
1,450,000
64,701
350,000
170,000
131,577
3,573,000
14,533
500,000
1,925,000
750,000
200,000
4,996,373
88,103
15,000,000
6,000,000
100,000
250,000
1,250,000
300,000
32,853,894
84,726
3,000,000
100,000
3,100,000 2,488,034
5,400,000
87,855

25
75
10
35
20
75
20
60
20
35
10
10
75
50
30
50
75
35
70
30
50
10
50
75
50
40
50
20
10
75
20
65
20

15
20
10
15
15
15
15
20
10
10
10
10

.
15

iii

5

20
20
20
20
20
10
20
10
20
20
10
10
10
15
5
10
10
25
10

20
10
5
15
5
20
10
10
10
5
25
25
20
25
15
10
40
5
25

10
5
_
16
5
15
5
5
5

3,000,000
814,014
1,200,000
270,000
84,501
1,000,000
101,659
1,200,000
106,509,852 86,215,487
7,700,000 2,572,722

35
60
50
50
40
10
35

25
__
20
20
20
5
25

20
10
10
10
5
10
5

5
5
5
10
10
10

5

3

2

iii

io

-8

10
5
5
10
2
10
2

10
10
10

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10
10

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-8
2
3
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10
5

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56
10
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56
io

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10
20
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15
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8 -

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-8

5
2
5

3
10
3

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5

6
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10
5
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5
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3
10

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20
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5
5
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-8

1.8

5
10
5
5
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5
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2
5
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3

-5

5

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__
5
5

5
20
5
5
5
70
10


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Federal Reserve Bank of St. Louis

18
ARTICLE
'

DOMESTIC DISTRIBUTION
%
%
%
%
%
%
%
Miss. Tex. Ala. Ga. Fla. Tenn. All
Other
5
5
30
25
5
5
5
20
70
20
0
----------90
10
30
20
10
5
-6
iii
-6
6
40
20 ' 15
5
5
8
2
5
40
10
20
10
5
5
5
5

Total Value Export Value %
La.

Cotton Seed Oil
13,000,000 3,258,822
Clay Products
3,500,000
Coal
3,500,000
42,249
Drugs (for export, see chemicals)
11,200,000
Dry Goods
12,640,000
Electrical supplies and fixtures_ _ _ _
4,500,000
124,216
Enamel and tinware (for exports,
see hardware)
4,250,000
Eggs
98,740,000
522,156
Furniture
$ 19,470,000 $ 294,799
Fertilizers
259,094
112,548
Flavoring Extracts
500,000
Flour
8,178,000 4,898,252
Food Products
8,640,000
89,565
Fruits and Nuts
9,550,000
125,234
Fish, Oysters and Sea Foods
7,640,000
40,130
Ferro Manganese
864,853
Feeds (animal)
12,000,000
199,319
37,000,000
Groceries
150,039
1,780,000
Grease and Tallow
108,344
1,125,000
27,045
Glass and Glassware
3,270,000
Game and Poultry
12,873
675,000
68,055
Hay
Hardware, mill supplies and machinery
17,630,000
696,285
Holiday goods and toys
4,312,000
1,500,000
Hats
58,902
12,278,000
Harness and saddlery
Hosiery and knit goods
1,000,000
240,000
Hops
980,352
Iron and Steel (unclassified)
9,750,000
India Rubber (crude)
262,175
Jewelry
6,740,000
Lard
20,000,000 4,137,933
Lard Compound
4,000,000 1,400,337
Linen Clothing
4,875,000
Liquors (except malt)
12,500,000
107,279
Live Stock
618,062
2,650,000
Lumber and Lumber Products_ _ - _
20,208,697 15,687,846
Linseed Cake and Meal
2,500:000 2,017,709
67
000
0
Mattresses and Bed Springs
Millinery and Lace Goods
.
4,500,000
Macaroni
950,000
Machinery (see hardware).
Marble
1,000,000
19,008
Molasses and Syrups
50,000,000
Matting
2,500,000
92,492
Medicines(and Patent)
7,500,000
Men's Apparel
125,000,000
Mahogany
1,026,600
Nitrate of Soda
1,658,341
Oils (mineral and all its products)16,500,000 8,401,297
Olive Oils
275,000
319,542
Oleo and Oleomargerine
435,796
74,028
Oats
1,235,000
121,136
Paints, Oils and Varnish
2,500,000
258,433
Plumbing Supplies
4,390,000
132,060
Paper and Paper Stock
3,500,000
Packing House and Meat Products
14,790,000 1,773,980
Refrigerators
300,000
Rice
716,549
7,7 2:00
2 0 000
5
0
0
Rice Flour
Rice, Bran and Polish
1,500,000
Rosin and Turpentine
2,500,000 1,190,202
Trunks, Bags and Cases
$
400,000 $
Toilet Articles
700,000
Tea
560,000
Tobacco and all manufactures....- _
36,000,000 10,514,788
Seeds
2,400,000
Stationery, paper bags, etc
2,000,000
Sheet Metals
25,869,000
Show Cases
300,000
Soap
2,750,000
61,035
Soap Stock
500,000
276,695
Spices
150,000
Stencils and Stamps
100,000
Sugar
65,000,000
Sisal Grass
7,888,220
Surgical Appliances
350,000
Salt
750,000
161,695
Sewing Machines
425,000
207,592
Staves
6,325,000 4,205,159

40
80
25
20
50
50
50
50
40
10
35
50
50
40
60
75

20
15
10
20
20
20
20
20
20
__
10
20
10
20
20
15

15
2
30
40
10
10
10
10
10
__
20
10
20
15
10
5

6
3
5
10
5
5
5
5
5
20
5
5
5
5
10
5

35
30
35
30
40
90
65

20 .
20
25
20
20
__
5

20
10
10
20
15
10
25

7
5
10
10
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56
50
30
35
60
70
10
70
25
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20
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20
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56
15
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5
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60
50
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50
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5
20
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5
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10
5
10
30
5
5
5
10
10
5
5
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3
5
3

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5
5
5
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5
2
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3

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5
5
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Federal Reserve Bank of St. Louis

19
ARTICLE
Upholstering Material
Unbrellas and Canes
Vegetables
Wooden and Willow Ware
Wagons and Carriages
Window Shades
Wood Preserving
Wheat
Wood Pulp
Wool and Woolen Goods
Women's Apparel
All other articles
Total Values

Total Value Export Value %
La.

DOMESTIC DISTRIBUTION
%
%
%
%
%
%
%
Miss. Tex. Ala. Ga. Fla. Tenn. All
Other
5
25
10
5
5
5
20
6 ii
10
10
10
1.
5
15
5
10
5
25
5
10
15
10
20
5
15
10
10
20
5
10
5
10
5
10
25
10
10
5
10
-3
25
25
10
5
10
5

100,000
50
175,000
15
3,500,000
390,100
30
450,000
15
2,117,000
98,847
35
150,000
30
1,500,000
15
14,500,000
111,893 -----------------------850,000
34,884
56 18 HI io -5
.
i "L -7,500,000
40
20
15
5
5
8
2
$1,088,291,4263174,063,000
40,000,000
4,015,569

20

10

20

10

5

5

5

100

10
5

25

$1,128,291,426$178,078,569 39.54 14.35 13.95 6.38 4.41 4.77 3.42 13.18

ANSWER
Of Mr. Sol Wexler, Chairman New Orleans Clearing House Committee,
to the Data Submitted from Washington, D. C., by the Reserve
Bank Organization Committee, Setting Forth the Means
Employed by the Committee Enabling Them to
Overlook the Claims of New Orleans to Be
Designated as a Federal Reserve
Bank Location.
The apology offered by the Organization Committee of the Federal
Reserve Banks for its discrimination against New Orleans in favor of Atlanta and Dallas undoubtedly calls for a reply. The apology is prefaced
by the statement that "critics of the committee's decision reveal misunderstanding, and either do not know or appear not to know that the federal
reserve banks are bankers' banks."
It can hardly be claimed that bankers who are contributing the capital and deposits of the federal reserve system are not fully aware that the
regional banks are bankers' banks, and not ordinary commercial banks. It
is their very knowledge of this fact that makes them so indignant over
the uneconomic and political districting of the country, and the statement
that they are ignorant of the working of such a bank is a gratuitous reflection upon their intelligence and experience. We do not feel that the
unfair discrimination against New Orleans can injure us materially. Our
position is too strong to be affected. The branch that will be established at
New Orleans will do more business, if the system is properly handled,
than will the parent institution at Atlanta; but in Louisiana we will have
the unique situation of a branch of two different regional banks serving
the identical territory; one sending its items and transacting its business
in the direction of the far West, with which it has not the slightest relation, when one branch located at New Orleans could and would serve the


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Federal Reserve Bank of St. Louis

20
entire territory. The very fact that it is a bankers' bank, and not one
dealing with the business of the country direct, is the paramount reason
why there should have been the fewest number of regional banks, and all
of these should have been located on trade routes. Therefore, a bank should
have been established at New Orleans for the territory west of it and immediately close by; east of it, one at Baltimore for the territory south; and
east of it, one at St. Louis,for the territory south and west of it; and one at
Cincinnati, for the territory of which it is the center; and so on. This has
been observed to some extent in the Minneapolis and Chicago territories,
and fully in the San Francisco territory, but in no other.
In basing figures upon national banks only, the committee does this
section and every other section a great injustice. There were in 1913, according to page 46 of the Comptroller's Report of 1913, under the heading of "Banking Power of the United States," 29,254 banks in the United
States, having a capital and surplus of $4,448,729,221, and deposits of
$18,010,731,188. Of these 7,473 were national banks, or only about 28
per cent., having a capital and surplus of $2,045,667,547, or less than 50
per cent., and deposits of $6,021,848,465, or about 30 per cent. In other
words, these gentlemen composing the Organization Committee tsadmit that
in basing their calculations, they_k_ave ignored_.thg..)?4§ine§s.and
imPPrtarIgP
of 18,520 banking institutions, having $2,403,021,674 of capital and surplus—more than 50 per cent. of the whole banking capital of the country—$11,928,882,723 of deposits-65 per cent, of the deposits of the whole
country. In fact, they have ignored total resources of state banks, etc., of
the stupendous sum of $14,491,904,397. Has it anywhere been stated that
this system is created solely to handle the business now passing through
national banks? Have not the privileges of the system been ex-tended to
state banks and trust companies? Was not the hope and desire expressed
and reiterated that the establishment of this federal reserve system might
lead to a more uniform and homogeneous system of banks? Then why attezp_t_t_q_ceive and mislead the public by furnishing Agues in defense
olyour lack of patriotism,WriciOiyoiii— -Wariarifelilaraction of the spirit
un
and letter of the law, by furnishing figures of a comparatively small part
of the banking business transacted in a particular region or district?
Pioneer of Sound Banking Laws.
Louisiana was the pioneer of sound banking laws in this country. The
notes of her state banks commanded a premium when those of many States
circulated at a discount. Her banking laws gave the inspiration to the
national system, and have been the pattern of many States. For this reason there has always been a great preponderance of state banks in New
Orleans and throughout the State. Our sister State of Mississippi, strictly


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Federal Reserve Bank of St. Louis

21
an agricultural State, has preferred the state, instead of the national, system; but this fact is surely no ground for treating these States as banking outcasts, and that the figures of these two great commonwealths should
be shrunken to accord with the narrow vision of the Organization Committee.
Statistics have been furnished in defense of the selection of Atlanta
and Dallas, taking national bank figures only; but, taking the total banking
resources of state and national banks, they are, in round figures, as follows, as of date January 1, 1914:
CAPITAL AND SURPLUS.

$ 15,000,000
9,000,000
20,000,000

Atlanta
Dallas
New Orleans
DEPOSITS.

$ 33,000,000
32,000,000
94,000,000

Atlanta
Dallas
New Orleans
TOTAL RESOURCES.

Atlanta
Dallas
*New Orleans

$ 48,000,000
41,000,000
114,000,000

*The above does not include building and loan associations in New Orleans, having total resources of $12,000,000, and doing a quasi banking
business.
The figures as to loans and discounts, as of date January 1, 1914, are
as follows:
$ 34,221,000
Atlanta
26,298,000
Dallas
66,690,000
New Orleans
And as to population:
154,000 people
Atlanta
92,000 "
Dallas
339,000 "
New Orleans
Deceptive Figures Controverted.
Mention has also been made of the slow growth of New Orleans over
a period of years, which figures are equally as deceptive as those of resources, the correct figures being as follows:


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(Figures Taken from Returns Made Clearing House by All Banks
About September 1st of Each Year)
Year.
Loans.
Deposits.
1904
$38,935,500
$47,837,300
1905
49,530,100
59,188,700
1906
62,660,400
65,248,600
1907
68,654,900
73,774,800
1908
56,920,500
65,981,600
1909
56,873,000
73,347,600
1910
62,604,700
76,490,500
1911
62,040,000
88,113,400
1912
67,183,700
86,145,500
1913
66,471,900
80,809,500
An increase in ten years of $27,536,400 in loans, and of deposits
of
$32,972,200; the increase of deposits being practically equal to the total
present deposits of both Atlanta and Dallas; and an increase in the loans
and discounts during the same period of $3,000,000, more than the present
total loans and discounts of Dallas, and only $7,000,000 less than the total
present loans and discounts of Atlanta; or, briefly stated, the increase in
New Orleans in deposits, loans and discounts since 1904 is practically equal
to the present volume of these items in both cities.
The percentage of increase as furnished by the 0rganiaztion Committee convey absolutely nothing, as it is a well-known fact that new cities,
such as Gary, in Indiana, for instance, which did not exist a few years
ago, will show a very much larger percentage of increase than New York,
Chicago, Dallas or Atlanta in the past ten years. It is also a well-known
fact that interior towns, through the natural upbuilding of the country,
will show a very rapid increase up to a certain point, after which the
increase is necessarily slow. New Orleans reached this point many, many
years ago, and its increase from its present high figures cannot be expected to be at the same ratio as that of smaller and newer towns. It is
also a well-known fact that, through the parsimonious policy of past administrations in making arrangements for the proper leveeing of the
Mississippi River, the territory tributary to New Orleans suffered frequent inundation, with its consequent severe loss. Prior to the discovery
of modern methods for the elimination of yellow fever, New Orleans was
quarantined by its neighboring cities, causing a severe loss of trade; and
with the advent of the boll weevil, a destructive pest to cotton, the cotton
crop of its immediate territory was severely threatened; all of which took
place within the last ten years; and yet during this period of numerous
and varied disasters the banking business of New Orleans and the export

23
and import business of the port showed a constant and steady growth.
The clearings of New Orleans aggregate more than $1,000,000,000
per annum, which figure only represents original transactions between
bank members of the Clearing House Association (no country checks,
drafts on commission merchants or brokers and cashier's checks are permitted to be cleared)—while in Atlanta and Dallas the clearings are made
up of miscellaneous items, causing duplication of volume disproportionate
to the actual business transacted. If the clearings of the City of New
Orleans were computed in the manner pursued by many other cities, they
would be more than double the amount shown in the official figures of the
Comptroller of the Currency. But even this valuable document, in referring to the clearings of the country, mentions the fifteen principal cities,
of which New Orleans is the twelfth in size, in the whole country, while
neither Atlanta nor Dallas appears among the names of the principal cities
at all. Again, in this same document, in making reference to the redemption of national bank notes, only eight cities are mentioned, of which New
Orleans is one, no mention whatever being made of either Dallas or Atlanta. On page 57 of the same report, under the head of "Distribution of
Savings Deposits in the Southern States," Louisiana is placed second in
volume of all the Southern States, being exceeded only by the State of
Virginia. If the cities of Atlanta and Dallas are of such paramount importance in the eyes of the Organization Committee, of which the Comptroller of the Currency is a member, why have not the clearings of these
cities been referred to, and why is not the volume of their redemption of
national currency referred to? It would appear from these facts that
their importance has only sprung into existence since the passage of the
federal reserve act.


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Federal Reserve Bank of St. Louis

In further evidence of the importance of New Orleans as a financial
and commercial center, and that its convenient location for serving the
surrounding country has been recognized by every administration, will
state:
Growth of Trade.
The manufactures of New Orleans, though it does not claim
to be essentially a manufacturing city, amount to, in round
$136,000,000
figures
33,038,000
Against Atlanta
26,959,000
And Dallas
The imports of New Orleans for 1913 amounted to
And the exports

$ 83,098,066
178,078,569


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Or a total of $261,176,635, it being second only to New York in the
entire United States.
In evidence of the growth of business at the port of New
Orleans, the gross tonnage for 1911 was
4,634,218 tons
And that for the year 1913 was
6,080,071 "
An increase of over 19 per cent.
Among the imports to New Orleans may be mentioned that of tropical
fruits, which during the year 1913 aggregated $21,000,000, an increas
e
over the year 1908 of $6,000,000.
Of molasses and syrups, domestic and foreign, the City of New Orleans handles 273,000 long tons, and it is the clearing-house for approximately $65,000,000 annually of sugar and $50,000,000 of molasses.
New Orleans handles annually 600,000 barrels of cotton-seed oil, coming principally from Texas, Arkansas, Louisiana, Mississippi, Alabama
and
Georgia, aggregating a value of more than $12,000,000; and
the total
amount of cotton-seed products handled in New Orleans each year amount
s
in round figures to more than $20,500,000.
In contradiction of the statement that New Orleans has stood still,
it has spent in the past twelve years:
$30,000,000 for drainage, sewerage and water works;
$15,000,000 for paving.
$ 4,000,000 in the construction of new public schools.
$ 8,000,000 in improving its dock facilities.
$ 3,000,000 on its public belt railroad; and fully
$ 5,000,000 for other miscellaneous public improvements.
No city taking a backward course could possibly have expended such
vast sums of money, aggregating $65,000,000; and to claim that the
business of New Orleans shows a recession in the face of such expenditure,
of
increased clearings, increased banking deposits, increased manufa
ctures,
increased distribution of merchandise, increased imports and
exports, is
on its face an absurdity. The distribution of general
merchandise, as
shown in the tabulations filed with the Organization Committee,
giving in
detail the volume of each commodity, aggregates $1,128,291,426.
As previously stated, every administration has recognized
the convenient location of New Orleans for serving the surrounding
country, in
evidence of which it is shown that the twelfth railway mail
division, formerly divided between Fort Worth and Atlanta, has been
located at New
Orleans by act of Congress, being made necessary by the volume
of matter
for local distribution and for connection with terminating
steamship lines.
It is the headquarters port of the twentieth customs
district, collecting duties aggregating $12,000,000, an increase of 100
per cent. in the
past ten years. In point of customs revenues, New
Orleans stood as the


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Federal Reserve Bank of St. Louis

25
fifth port of the country in 1912, and is believed now to be the fourth port.
It is the headquarters of the internal revenue district, its collections
averaging upwards of $5,000,000 per annum, which does not include a tax
on nearly 10,000,000 gallons of denatured alcohol, which pays no revenue.
Government Recognition.
There are two branches of the United States Engineers service located in New Orleans.
The national subtreasury at New Orleans received for the fiscal year
1913 over $70,000,000 and, disbursed over $60,000,000, and carried a balance of from $25,000,000 to $40,000,000.
New Orleans is one of the eight assay offices in the United States, in
which there is stored nearly $23,000,000 in silver dollars and gold bullion.
The quartermaster's department for Louisiana, Mississippi, lower Alabama, western Florida and eastern Texas is located here.
The headquarters office of the eighth lighthouse district is located here,
serving the territory extending from Cedar Keys, Fla., to the Rio Grande
River. There is also located here a district branch hydrographic office,
the jurisdiction and operations of which extend from Key West to the eastern Texas border, Havana and Belize. New Orleans is headquarters for the
fifth radio inspection district, comprising the States of Alabama, Mississippi, Louisiana, Texas, Tennessee, Arkansas, Oklahoma and New Mexico.
This city is also headquarters of the tenth supervising district of steam
vessels, the jurisdiction of which extends from Cape Sable, at the southern
extremity of Florida, to the mouth of the Rio Grande River, and includes
Porto Rico.
The New Orleans branch of the United States Weather Bureau serves
a district embracing Louisiana, Arkansas, Oklahoma and Texas, and has
charge of the co-operation between the United States and Mexican weather
services.
The United States Court of Appeals for the Fifth Circuit, comprising
the States of Louisiana, Mississippi, Georgia, Florida and Texas, and the
United States District Court for the Eastern District of Louisiana have
their headquarters in New Orleans.
The secretary of the tenth civil service district, embracing Louisiana
and Texas, has his headquarters at New Orleans.
The Department of Agriculture maintains a pure-food laboratory at
New Orleans for the examination of all food articles imported or entering
into interstate commerce in the territory from Pensacola to El Paso, and to
Memphis on the north. New Orleans ranks sixth among United States
ports in the volume and value of its food imports.
Recognizing the great and growing importance of New Orleans as a


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commercial center, the Department of Commerce has recently established
here a branch office of its Bureau of Foreign and Domestic Commerce, having jurisdiction over the territory from the east coast of Florida to the
Rocky Mountains, and to St. Louis on the north. Only four such branches
have been established in the United States—viz., one at New York, the
second at New Orleans, the third at Chicago, and the fourth at San
Francisco.
In addition to the above, there are located in New Orleans the revenue
cutter service, the army and navy recruiting stations, the United States
attorney and his assistant, the United States commissioners and marshal,
the special agents of the customs, internal revenue and secret services
and of the department of justice, the special examiners of the bureau of
pensions, the superintendent of construction of public buildings, all of
which must be additional and cumulative evidence of the recognition of
the importance of New Orleans.
As an offset to all that has heretofore been said, what argument can
be adduced in favor of Dallas and Atlanta as against New Orleans? The
single fact, as far as I have been able to observe, that these two very
thriving cities have shown a splendid and substantial growth in size and
importance, commensurate, however, only with the general growth of the
population and business of the whole country, and no greater than that
which can be shown by hundreds of cities throughout the various States of
the Union, of which striking examples are Birmingham, Ala.; Seattle,
Wash.; Portland, Ore.; Los Angeles, Cal.; Gary, Ind.; and many others
too numerous to mention.
The spokesman for New Orleans who appeared before the Organization Committee had frankly stated that Atlanta and the greater part of
Georgia should, perhaps, not be included in the New Orleans region, and
that western Texas, in his opinion, had insufficient relations with New
Orleans to justify its attachment to it. In a spirit of absolute altruism
and unselfishness, he even said that west Tennessee, if it preferred, might
be excluded, and furnished actual figures to show that, were all of these
sections eliminated, the territory remaining would still have furnished
to New Orleans a larger and stronger bank than either one to be established under the present districts in Atlanta or Dallas.
Small Cities Not Considered.
The point is made that but few banks in Texas, Alabama and Georgia
expressed a choice for New Orleans; but, according to the statement of
the committee, some did. But I defy them to cite a single instance of a
bank in either Louisiana or Mississippi expressing a desire, or even a
willingness, first, second or third choice, for either Dallas or Atlanta.


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The representatives from those cities in our neighboring States which
appeared before the Organization Committee were competitors of New
Orleans, or were present in the interest of competitive cities from their
own States, and to have expressed a second or third choice for New Orleans would have been adding to the chances of the City of New Orleans,
the only recognized serious competitor. The Texas bankers were canvassed by a committee of St. Louis bankers and business men, and received
their pledges. A similar course was pursued by Birmingham and Atlanta.
New Orleans, only at the eleventh hour, after learning of such undignified
tactics, and disdaining previously to employ political or personal influence, or to place itself in the attitude of swapping influence with other
cities, sent a small committee to a few leading cities to ascertain the situation. Of these, only three were found not pledged to other points by previous personal solicitation or not bound up by mutual agreements; and
two of these, Galveston, the great port of Texas, and Mobile, the great port
of Alabama, declared themselves for New Orleans as first choice; and
Memphis, the metropolis of western Tennessee, declared itself for New
Orleans as second choice. Had the bankers of New Orleans for a moment
supposed that the Organization Committee of the Regional Banks could
be influenced by other than economic considerations, and had it not been
for the frequently reiterated statements of Secretary McAdoo, Senator
Owen and Congressman Glass—all instrumental in the framing and passage of the regional bank legislation—"that the bankers had nothing to
fear from political or personal influence"—we might have stooped to similar tactics and sent our national committeeman, Colonel Robert Ewing,
who spent the influence of his two strong newspapers and months of his
time in Chicago headquarters working for and gathering funds from the
citizens of New Orleans in support of the present administration, which
has done more to injure New Orleans than the previous fifty years of
war, pestilence and flood.

Peril of Political Plutocracy Made Plain.
Transcript of Resolution Passed at a Mass Meeting Held by the Citizens
of New Orleans in the Rooms of the New Orleans Association of
Commerce, Under Date of April 4, 1914.
Resolutions of mass meeting of the citizens of New Orleans protesting
against the unfair location of Federal reserve banks and the injection of
politics into the national banking system.


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At a mass meeting of the citizens of New Orleans, convened upon
a
joint call issued by the
New Orleans Clearing House Association,
New Orleans Association of Commerce,
New Orleans Board of Trade,
New Orleans Stock Exchange,
New Orleans Sugar Exchange,
New Orleans Contractors' and Dealers' Exchange,
New Orleans Real Estate Auction Exchange,
the following resolutions were unanimously adopted by a rising
vote:
"Whereas, the Federal Reserve Act constituted the Secreta
ry of the
Treasury, the Secretary of Agriculture and the Comptroller
of the Currency as a reserve bank organization committee,for the purpose
of locating
the Federal reserve bank and outlining the Federal reserve district
s.
"Whereas, that act expressly provided that the Federal reserve
cities
and the Federal reserve districts should be apportioned with due regard
to
the convenience and customary course of business within the United
States
and with foreign countries, and expressly provided that an investigation
should be made by the organization committee, in order fairly tio ascertain
what the said convenience and customary course of trade might be.
"Whereas, the said organization committee made such an investigation
as was required by the statute creating it, and thereby secured valuabl
e
information as to the magnitude, importance, convenience and custom
ary
course of the business of the various sections of the country, and as
to the
proper location of the reserve cities and the reserve districts contemplated
by the act.
"Whereas, said committee, instead of locating the reserve cities and
reserve districts in accordance with the convenient and customary course
of
business, as pointed out in unmistakable terms by their investigation,
has
proceeded in many instances to locate and designate those cities and districts in utter and absolute disregard of the evident convenience and customary course of business, and in utter and absolute disregard of the just
claims of certain important cities and communities, which claims are predicated upon convenience, customary course of business, population; commercial importance, geographical position and financial requirements and
capabilities.
"Whereas, the action so taken in those cases indicates only too plainly
that the conclusions reached were arrived at, not by a careful and impartial
consideration of the merits of the claims of the respective parties, given
with an eye single to the greatest good for the greatest number, but
were
reached and based upon considerations of political expediency or personal
interest and aggraddizement.
"Whereas,the fact that politics and the false guide of personal interests


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29
have entered into the conclusions reached unmistakably appears from the
selection of Richmond with a meager population of 127,628 and a total of
banking resources of $50,000,000, and making tributary to this comparatively unimportant mart of trade the cities of Baltimore and Washington;
the former with its population of 558,485 and its local banking resources of
$309,669,000, and the latter with its prestige and importance as a national
capital, to which is added a population of 331,069 and banking resources of
$110,081,000. The selection of Atlanta, a city in Georgia, with a population
of not more than 154,839 and a total of banking resources amounting to
$48,000,000 and serving only a purely local territory, a city self-confessedly
unable, without assistance, to support a reserve bank, and the making subservient to this comparatively unimportant city so large and important a
city as New Orleans, the metropolis of the South, the second port of the
whole United States, the largest manufacturing center in the South (its
manufactures being greater by more than $18,000,000 than the total manufactures of Dallas and Atlanta combined), the key to, the dominant factor
of, and the acknowledged financial center of the vast valley of the lower
Mississippi, a city whose population of 339,075 is one and one-third times
the combined population of Dallas and Atlanta, whose banking capital is
more than $1,000,000 greater than the combined capital of the banks of
Dallas and Atlanta, whose banking resources of $104,829,110 is greater by
$14,829,110 than the combined banking resources of Dallas and Atlanta,
whose assessed valuation is one and one-third times as great as the assessed
valuations of Dallas and Atlanta combined, whose enormous tributary country, whose early development of important banks and unrivaled banking
history, whose position as the premier port of the Gulf of Mexico, the only
seaboard which has been deprived entirely of recognition, whose presently
tremendous and steadily increasing foreign trade through the Panama
Canal and otherwise with its necessarily tremendous volume of foreign bills
and attendant 'banking requirements, and whose acknowledged ability to
support and care for a reserve bank alike demanded the location within its
borders of such a bank.
"The arbitrary outlining of a reserve district in such a way as to cut
off from New Orleans the greater part of its own convenient and tributary
State of Louisiana, and the thrusting of that city as an adjunct into a district the greater part of which it normally and customarily leads.
"The thrusting of the remainder of the State of Louisiana customarily
tributary to New Orleans into an alien and distant reserve district in contravention of its inclination its convenience, its natural 'course of trade, its
customs since time immemorial, and its logical channels of finance.
"Whereas, the foundation of the banking system of this great country,
not upon the firm rock of its own inherent merit and applicability to the
needs of the whole people, but upon the moving sands of the temporary


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demands of political faction must necessarily result
in disaster to the commerce and ifidustry of the country and danger to our repub
lican institutions.
"Now, Therdfore, Be it Resolved, That the confi
dence of this community
in the entire proposed banking system as a system
founded on an earnest
effort to meet the needs of the whole people, witho
ut regard to geographical
location or political affiliation, and administered
by impartial heads without
bias or partisanship, is rocked and rent to its very
foundation stone; that
this community sees in a money power thus utilized
in its inception to pay
• political debts and forge political fetters a menace
to this republic far more
overwhelming than that which threatened the
United States when Andrew
Jackson was President, and caused the dissolution of
the Bank of the United
States; that this community foresees 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 powe
r and to maintain its
sway, a plutocraey deaf to reason, blind to justice, scorn
ful of right; that
this citizenship now rises to crush in its infancy such an
octopus, and demands without delay a congressional investigation of the
methods used and
of the influences brought to bear upon the reserve bank
organization committee and a relocation of the reserve districts and cities
in accordance with
the just requirements of the business of the count
ry 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'frie
nds and political allies; that they
are an instrument, not an autocrat; that
they are not greater, but subservient to, the people who created them.
"Be it Further Resolved, That copies of
those resolutions be sent to
"The President of these United States.
"The Reserve Bank Organization Committe
e.
"The'Senators from Louisiana.
"The Congressmen from Louisiana.
"The members of the United States. Senat
e
"The members of the House of Representatives
, and
"The public press."
NEW OREANS, LA., April 4, 1914.


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RESOLUTIONS
Adopted Under Date of April 9, 1914, by the Commission Council of
the City of New Orleans Protesting Against the Action of the
Federal Reserve Bank Organization Committee in
Ignoring the Claims of the City of New
Orleans to Be Designated as a
Federal Reserve City.
Commissioner W. B. Thompson, Commissioner of Public Utilities, prepared and submitted to the City Council a memorial addressed to the Congress of the United States by the Commission Council protesting against
New Orleans not having been selected for a reserve bank.
The memorial was read at a special meeting called for the purpose, and
unanimously adopted by the Council. It follows:
The City of New Orleans is incontestably the largest city of one of the
most productive sections of the United States. In respect to population,
material wealth, industrial development, banking resources, commercial
faculty, business consequence, and every element and all elements which
singly or in combination constitute a metropolis, New Orleans stands preeminent and unapproached in the vast and prolific section called the South.
This status is demonstrated by statistics, and is known and recognized by
all informed men, both in this country and abroad.
Not only does New Orleans overshadow all its neighbors in respect
to the aforementioned economic considerations, which are in varying degree common to its so-called rivals, and, therefore, subject to comparative
estimate, but, in addition, the said city occupies a commanding position
in the trade relations of the nation with the outside world, which position its
said so-called rivals do not occupy and to which each and all of these are
from the nature of the case forever ineligible.
Is Great Seaport.
With one single exception, New Orleans is the greatest and most important seaport in all the United States. Situated at the mouth of the
great watercourse of the nation, it is the gravity focus of the Mississippi
Valley, and supplies the facilities of contact between the tremendous productive resources and energy of this prolific region and the trade marts
of the world. Its function is not merely to sell shoes and pots and pans
to a limited contiguous territory, and, perchance, by juggling with freight
rates, to invade the local territory of some other competitive jobber in
shoes and pots and pans; but it is the junction point of world trade routes,
whereat is transhipped the outgoing productive surplus of an agricultural
and industrial empire, and wherefrom is distributed the incoming ma-


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terial and commodities with which foreign nations supply the domestic
trade. Its obligation is not local only, but comprehensive to the extent
even of being national, and its mission is not merely to serve the jobbing
requirements of a limited territory but to facilitate those movements of
commerce upon which the prosperity of the nation at large depends. In
this important particular, both in respect to the presently established
trade routes to Europe and the countries to the southward, and in respect
to the wider fields to be opened to access through the Panama Canal, New
Orleans occupies a position distinctly superior to that of all the cities
of the Gulf and South Atlantic seaboards, and wholly beyond the rivalry
of any inland city of the South.
Dallas and Atlanta.
These, in general counts, are the claims which New Orleans had made,
and with particularity and in detail substantiated before the Reserve Bank
Organiation Committee. These claims have been by said committee
ignored, and, instead of designating New Orleans as the locus of one of the
federal reserve banks, the said city has been, by an achievement of geographic legerdemain, crowded off the financial map, and the palm awarded
to the two small inland cities of Dallas and Atlanta, almost touching elbows
with the metropolis on the west and on the east. Both these cities are
thriving and enterprising, and both buy and distribute a considerable
amount of goods, but the trade activities of each proceed largely along
special lines, and the scope of their commerce is confined within more or
less circumscribed limits. Singly, each of these two cities is in every
essential respect inconsequential as compared with New Orleans. If both
might be consolidated into one, the combination would still fall short of
equaling New Orleans, either in population, wealth, banking resources,
industrial productivity, business and commercial consequence, or in any of
the essentials which should constitute the qualifications of a federal
reserve center.
Furthermore, if these two cities could be amalgamated and then
blotted from the map, the result to the business of the nation would not be
nearly so far-reaching and severe as that which would follow the closure
of the great trade route through the port and market of New Orleans.
It is vain to seek for any reasonable hypothesis to explain why the
claims of New Orleans and of the vast territory and the great interest
s
served by said city should have been ignored and the tremendous financia
l
facility for business movement and business expansion should have
been
bestowed upon two comparatively puny inland cities, neither of which
can
ever become what New Orleans is and long has been, one of
the principal
capitals in the world-encompassing democracy of commerc
e and trade.


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Considerations not only of common justice, but of national welfare, demand
that the great national banking system shall be organized and administered
along broader lines than those manifested in the initial achievement of
the Reserve Bank Committee.
This City's Pre-eminence.
New Orleans' pre-eminence has not been achieved through favor or
fortunate circumstances. Its position as the greatest Southern city, and
one of the important commercial and financial centers in the trade economy
of the world, has been won and maintained through triumph over disfavor
and misfortune. The devastation of war, the demoralization of reconstruction, the burden of taxation created during the carpetbagging era, and
still enduring, and the desolation of pestilence, now forever overpast, have
fallen heavily upon the staunch old city, but in spite of all, its supremacy
has been maintained, and to-day it faces the splendid future with the
militant optimism of new unscarred generations, tempered, let us hope,
by the lessons of an historic past.
It is true that many of the younger communities, untrammeled by the
burdens of the old regime, have sprung from nothing, and, with shout and
bluster and hectic progress, have exhibited amazing comparative percentages of growth; but none has approached or will approach the position of
commercial and financial importance held by the enviable outport of the
Mississippi Valley.
It is true that the comparative growth of the city has not been so
rapid or spectacular as that of some of its neighbors; but it is also true
that the story of "booms" and quick "bonanzas," which have swallowed
millions of unwary capital, hold no place in New Orleans' history.
But, withal, the city is not without dynamic enterprise, and actual
achievement, and fundamental preparedness, whcih qualify it to respond
to the demands of rigorous growth and rapid trade expansion, which must
inevitably follow the epochal developments of the near future. Within
the past few years it has invested in a modern sewerage, drainage and
water system alone approximately the sum of $19,000,000, and has, as a
result, in this respect facilities as complete and efficient, if not more complete and more efficient, than any other city in the Union. Furthermore,
the city and state have spent upwards of $4,000,000 upon a system of
public dock and switching facilities, and has now admittedly the most
fundamentally sound system of port administration of any port in the
United States. Within the next few weeks work will be begun upon a system of public warehouses, which are to be used in conjunction with the
dock and switching facilities, and which, when completed, will involve the
expenditure of $3,000,000 of public money.


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New Orleans Prepared.
Thus are the people of the state and city spending their money in providing facilities which will serve not only the business of the city, but the
commerce of the vast territory behind the same; and thus are these people
preparing for the largely increased demands that will be made by the
business of the country when the trade map of the world shall have been
changed by the opening of the Isthmian Canal, and the City of New Orleans shall have doubled and quadrupled in size, and shall have become,
perhaps, not the second largest, but the greatest, port of the nation. Upon
these bases of trade necessity and trade usefulness, both in respect to
present actual status and future inevitable development, are grounded the
claims of the port and city of New Orleans for a principal part in the great
new system of national finance.
The City of New Orleans supplicates no favors from the President, the
Committee or from the Congress of the United States. It asks only for
a just and an intelligent application of the federal reserve law. It believes in solemn earnestness that through unfamiliarity with the fundamental movements and exigencies of trade, and through susceptibility to
superficial and collateral considerations, the distinguished authors of the
present bizarre alignment have fallen into an error, which, if uncorrected,
will not only deny justice to this city, but will vitiate the financial system,
from which the people of the nation have been led to expect such momentous beneficial results. The City of New Orleans asks for revision.
Wherefore, the Commission Council of the City of New Orleans, in
behalf of the people it represents, deems it not only justifiable but obligatory that the error herein pointed out shall be brought to the attention
of the people of the United States; and to that end directs that copies of this
memorial be sent to the congressional representatives of Louisiana, to be
by them respectfully presented, in such manner and in such method as may
to them seem wise, to the Congress of the United States.

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