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CLEVELAND BHIEF PRESENTED TO BESERVE BANK OBGA.NIZATION COMMITTEE PEBEUABY 17, 1914 To the Reserve Bank Organization Committee: W e suggest the division of the United States into eleven Federal Reserve Districts, approximately as outlined on the map which we submit for your consideration. Logical n u m b e r of Districts W e believe that the purposes of the Federal Reserve A c t cannot be well served with a smaller number of districts. A n y 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. Characteristics of Districts a n d Reserve Cities W e have outlined each of the districts with regard to " t h e 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. T h e smallest banks of the eleven we suggest will serve districts that are certain to grow in financial strength. W e 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. T h e eleven Reserve Cities T h e districts we suggest are each described on a schedule which we have designated as " E x h i b i t A , " the headquarters being as follows: District 1, Boston; District 2, N e w Y o r k ; 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. Territory and data for District 5 In District N o . 5 we have included the entire state of Ohio, nine counties in western N e w York, including Buffalo and Rochester, twenty-five counties in western Pennsylvania, including Pittsburgh and Johnstown, the four counties constituting the " Panhandle M of West Virginia, including Wheeling, and nineteen counties of southeastern Michigan, including Detroit, Lansing and B a y City. W i t h i n 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. T h e deposits of these banks aggregate $1,042,000,000. T h e state banks in the District have capital and surplus aggregating $251,300,000, and deposits of $1,336,000,000. T h e population of the district, according to the census of 1910, was 10,287,292. Necessity of a District between New York and Chicago We believe it is obvious that a district in the north between New Y o r k a n d C h i c a g o is a b s o l u t e l y 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 Y o r k 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 N e w Y o r k district, and some of the territory which under the old conditions has centered its banking in Chicago. A natural District between New York and 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. Agricultural, mineral and industrial factors i n the District 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 pre-eminent 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, 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 the following: Foundry and machine-shop products Primary iron and steel Automobiles and automobile parts Packing-house 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 M a l t and spirituous liquors Brass and bronze products District w i l l be financially self-contained W e 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 44Chart I," showing percentage 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. H a r m o n y of diversified interests of the District W i t h 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 inter-relations make for understanding of each other's problems, and mutual helpfulness. W e 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. N o w 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 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. Three possible Reserve Cities 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. Y o u 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. Qualifications 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: °f Re oity (1) (2) (3) (4) Satisfactory communication throughout the district. Proximity to center of traffic and exchanges of the district. Financial, commercial, industrial and civic strength in itself. 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. T h e few essential facts and figures have been compiled with great care, accuracy being sought at whatever cost; and we believe they are absolutely reliable. E a c h city accessible (1) C o m m u n i c a t i o n : 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. Cleveland is shortest journey for most people i n the District 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 debatable 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 Y o r k points more quickly than either of the other cities. But Ohio lies between the three cities. Of the thirty-seven cities of Ohio containing a population of 10,000 or more in 1910 (taken as indicating density of population) seventeen, with a total population of 1,130,000, can reach Cleveland most quickly; fourteen cities, with a'population of 902,000, can reach Cincinnati most quickly, and six, 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; seventeen, with a population of 427,000, are furthest from Cincinnati; while only four, with a population of 78,000, are furthest from Cleveland. T o make the point clearer by a system of scoring, if 100 points are allowed for the quickest communication, and fifty, for the second quickest, the score is: Cleveland 2,350, Cincinnati 1,550, and Pittsburgh 1,350. Relative traffic density (2) Location w i t h respect to center of traffic and ex- changes: There are eighty-eight counties in Ohio. The popula- tion of the forty-four counties north of a line drawn approximately through the center of the state is 2,547,721; of the forty-four 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 forty main-line tracks in service on the railroads traversing the northern part of Ohio, and twenty-three mainline tracks for the railroads traversing the southern part. In the north half of the state, ten railroads have two or more main-line tracks; in the south half, only three have as many as two mainline tracks. The total double-track mileage in Ohio, as shown by the most recent map of the Ohio Public Service Commission, is 2,107 miles. Of this double-track mileage, more than 1,468 miles, or nearly seventy per cent., lies in the northern forty-four counties; not quite 639 miles, or a little over thirty per cent., is in the south half of the state. Traffic CHevefond W i t h respect to the railroad situation of Cleveland in this part 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 highway between New Y o r k and Chicago. Moreover, and equally important, C l e v e l a n d 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 eighty per cent, of the great fleets of vessels engaged in the ore and coal trade are managed at Cleveland. Y o u 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 t 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. R a n k of Cleveland a n d causes of growth V o l u m e of Cleveland's business i n principal commodities (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. T h e 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, N e w 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 co-operative effort, have produced the phenomenal but steady and substantial advance of Cleveland among the cities of the country. In 1850 Cleveland was forty-third in population rank; today it is the Sixth City. A s 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 census reports. T h e financial needs of all of these lines are distributed over a large part of the year. Commodity Annual volume 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 * Part of this total is probably included in the value of 41 foundry and machine-shop products/' G r o w t h is safe index W e 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. T h e 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. W e 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. Soundness of Cleveland Banks 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. Index items 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. F o r each item we give the precentages of increase for the most recent ten-year periods for which authoritative data are available, as follows: Cleveland Population, 1900-1910 . . . . Postoffice receipts, 1904-1913 . . Value of manufactures, 1899-1909 . Clearing House exchanges, 1904-1913 Deposits, all banks, 1904-1913 . . 46.9 116.4 95.1 57.8 66.1 Cincinnati 11.8 61.3 37.3 16.1 37.5 Pittsburgh 18.2 107.5 11.1 23.9 36.2 Tables B, C, D, E and F , and Charts II, III, IV, V and V I , which we offer in evidence, show clearly the annual growth of the three cities as indicated by these items. Civic soundness Civic conditions may seem to be a minor point in your consideration of a purely economic problem, but we believe they have a very distinct bearing. Cleveland has a deserved reputation for freedom from " g r a f t " 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. F o r 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 " c i v i c center." Cleveland's experiments in charities and correction are attracting world-wide 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 M are examples. In Cleveland has been evolved the unique street railway franchise (which may be credited largely to the work of the late Mayor T o m 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% 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. R i v a l r y of three cities (4) Relations with District: It is natural that in a district tj1jg s m a l l e r 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. Y e t Pittsburgh and Cincinnati cannot be expected to yield ungrudged precedence to their successful rival for pre-eminence in the middle west. Commercial a n d financial allegiance B u t 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 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 six hundred state banks within the district now carry accounts with Cleveland national banks, besides two hundred and seventy-nine national and one hundred and twenty-one state banks beyond the district. About five hundred banks in the district have designated Cleveland banks as reserve agents. Cleveland has forty-five per cent, of the total of all " b a n k deposits" in all Ohio banks. W e have heard directly from two hundred and thirty-three banks in northern and central Ohio who name Cleveland as their first choice for the location of the district bank, as well as twenty banks in southern Ohio, four in south-eastern Michigan, five in western Pennsylvania, two in N e w York, and even seven 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. - T o 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 thirty-three 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. Conclusion W e 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, The Cleveland Chamber of Commerce Elbert H. Baker, President, Plain Dealer Publishing Co. F. H. Goff, President, Cleveland Trust Company Executive Committee Representing Committees appointed by The Cleveland Clearing House Association The Cleveland Chamber of Commerce The Cleveland Builders Exchange The Cleveland Association of Credit Men The Cleveland Real Estate Board The Cleveland Advertising Club The Industrial Association of Cleveland Cleveland Rotary Club Lakewood Chamber of Commerce EXHIBIT S C H E D U L E OF F E D E R A L A RESERVE DISTRICTS (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.) A l l of Maine, N e w Hampshire, Vermont, Massachusetts, Rhode Island; three counties of eastern Connecticut (Windham, Tolland, N e w London); the northeastern part of N e w Y o r k , going west as far as the western boundaries of Wayne, Ontario and Steuben counties, and southeast as far as the southern boundaries of Delaware, Green and Columbia counties. Capital of Reserve Bank at BOSTON Capital and surplus National banks Deposits National banks Capital and surplus all other banks Deposits all other banks District No. 2 Thirteen counties of N e w Y o r k , . . . . . . $ 12,100,000 202,150,000 811,500,000 215,000,000 2,500,000,000 . including and surrounding Greater N e w Y o r k , going north as far as the northern boundaries of Dutchess, Ulster and Sullivan counties; the five western counties of Connecticut not included in District N o . 1; the eleven northern counties of N e w Jersey, as far south as the southern boundaries of Middlesex, Somerset and Hunterdon counties. Capital of Reserve Bank at NEW YORK . Capital and surplus National banks . . Deposits National banks Capital and surplus all other banks . . Deposits all other banks District No. 3 . . $ 19,400,000 323,600,000 1,700,000,000 400,000,000 3,100,000,000 . 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 ten southern counties of N e w Jersey not included in District No. 2. Capital of Reserve Bank at PHILADELPHIA . Capital and surplus National Banks. . . Deposits National banks Capital and surplus all other banks Deposits all other banks . . $10,300,000 171,550,000 693,100,000 170,000,000 635,000,000 District No. 4 A l l of Virginia, Maryland, District of Columbia, North and South Carolina, and all of West Virginia except the four counties of the "Panhandle." Capital of Reserve Bank at RICHMOND . . . Capital and surplus National banks . . . . Deposits National banks Capital and surplus all other banks . . . . Deposits all other banks District No. 5 A l l of Ohio; the twenty-five western counties of Pennsylvania not included in District No. 3; the nine counties of western N e w Y o r k not included in District No. 1; the four counties of the " Panhandle" of West Virginia (Brook, Hancock, Marshall and Ohio); nineteen counties of southeastern Michigan, as far as the western boundaries of Hillsdale, Jackson, Ingham, Shiawassee, Saginaw and B a y counties. Capital of Reserve Bank at CLEVELAND . Capital and surplus National banks , . Deposits National banks Capital and surplus all other banks . . Deposits all other banks District No. 6 $ 6,400,000 106,400,000 395,000,000 115,000,000 450,000,000 . . . $ 13,800,000 230,360,000 1,042,000,000 251,300,000 1,336,000,000 A l l of Kentucky, Tennessee, Georgia, Florida, Alabama and Mississippi. Capital of Reserve Bank at ATLANTA . . . Capital and surplus National banks . . . Deposits National banks Capital and surplus all other banks . . . . Deposits all other banks District No. 7 A l l of Illinois, Iowa, Indiana and Wisconsin, and the sixty-five counties of Michigan not included in District No. 5. Capital of Reserve Bank at CHICAGO Capital and surplus National banks Deposits National banks Capital and surplus all other banks Deposits all other banks . . / . District No. 8 $ 6,050,000 100,800,000 312,000,000 125,000,000 360,000,000 . . . . . . . . . . . . $ 14,000,000 233,290,000 1,279,400,000 260,000,000 1,600,000,000 A l l of Missouri, Arkansas, Louisiana, K a n s a s , N e b r a s k a and Colorado. Capital of Reserve Bank at ST. LOUIS . . . Capital and surplus National banks . . . . Deposits National banks Capital and surplus all other banks . . . . Deposits all other banks $ 8,080,000 134,700,000 695,700,000 173,000,000 710,000,000 District No. 9 A l l of Texas, Oklahoma and N e w Mexico. Capital of Reserve Bank at DALLAS. . . . Capital and surplus National banks . . . . Deposits National banks Capital and surplus all other banks . . . . Deposits all other banks District No. io A l l of Minnesota, North Dakota, Wyoming, Idaho and Washington. South Dakota, Capital of Reserve bank at MINNEAPOLIS Capital and surplus National banks . . . Deposits National banks . . . . . . Capital and surplus all other banks . . . Deposits all other banks District No. l l $ 5,900,000 97,900,000 336,000,000 45,000,000 140,000,000 . . . . . Montana, $ 5,300,000 87,700,000 505,200,000 80,000,000 415,000,000 A l l 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 five reserve cities i n 4 'District 5", averages of the five cities, and averages of all reserve cities i n the United States, at dates of Comptroller's Calls, 1911-1913 inclusive. Date P i t t s b u r g h Average All Reserve Cities 25.65 27.21 26.86 25.31 26.37 26.10 28.77 28.94 26.87 26.87 27.11 28.49 28.37 26.97 26.41 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 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 Cleveland C i n c i n n a t i C o l u m b u s Detroit 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 20 18 14 4 26 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 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 1911 Jan. 7 Mar. 7 June 7 Sept. 1 Dec. 5 1912 Feb. Apr. June Sept. Nov. 1913 TABLE B Population Year 1910 1900 1890 1880 1870 1860 1850 Cleveland Rank Cincinnati Rank Pittsburgh Rank 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 TABLE C Postal Receipts for Offices Named Below for the Years 1904 to 1913, Inclusive Year Cleveland Cincinnati Pittsburgh 1904 1905 1906 1907 1908 1909 1910 1911 1912 1^13 $1,420,498.00 1,565,305.65 1,753,588.58 1,943,895.96 1,952,902.11 2,057,907.53 2,300,006.86 2,521,555.67 2,696,530.34 3,073,638.38 $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 TABLE B Manufactures Statistics From U. S. Census 1910 Cleveland Capital invested 1899 . $101,243,000 1904 . 156,321,000 1909 . 227,397,000 Value of products 1899 . 1904 . 1909 . 139,356,000 171,924,000 271,961,000 Cincinnati Pittsburgh $103,467,000 130,272,000 150,254,000 $211,774,000 260,765,000 283,139,000 141,678,000 166,059,000 194,516,000 218,198,000 211,259,000 243,454,000 TABLE E Annual Exchanges of the Clearing Houses of Cleveland, Cincinnati and Pittsburgh For a Period of Ten Years, Each Ending September 30th (From Reports of the Comptroller of the Currency) Cleveland Year 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 . . . . . . . . . . . . . . $ 804,850,901 700,078,208 754,739,346 812,973,376 914,658,049 766,518,416 825,246,000 992,803,000 1,001,569,000 1,101,007,000 1,271,232,000 Cincinnati $1,153,865,500 1,196,854,400 1,192,662,600 1,291,921,250 1,399,770,100 1,202,794,250 1,326,713,000 1,277,997,000 1,276,279,000 1,347,123,000 1,329,668,000 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 2,951,861,000 TABLE B Deposits i n all Banks Cleveland 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 National . $139,892,000 162,936,000 172,627,000 173,556,000 162,900,000 180,277,000 187,732,000 205,854,000 214,164,000 229,876,000 $194,889,000 219,890,000 232,910,000 231,808,000 228,420,000 247,663,000 257,360,000 278,828,000 292,824,000 314,770,000 $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 . State $54,997,000 56,954,000 60,283,000 58,252,000 65,520,000 67,386,000 69,628,000 72,974,000 78,660,000 84,894,000 $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 $143,204,000 162,667,000 170,190,000 163,851,000 169,907,000 185,759,000 188,827,000 201,135,000 210,693,000 189,831,000 $157,627,000 157,599,000 169,464,000 172,930,000 165,579,000 177,685,000 179,955,000 191,756,000 202,810,000 219,851,000 $300,831,000 320,266,000 339,654,000 336,781,000 335,486,000 363,444,000 368,782,000 392,891,000 413,503,000 409,682,000 Total Cincinnati 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 . . . . . Pittsburgh 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 . . . . . . . . CHART I Reserve percentages of the five reserve cities i n " D i s t r i c t 5 " , averages of the five cities, a n d averages of a l l reserve cities i n the U n i t e d States, (at dates of C o m p t r o l l e r ' s Calls, 1911-1913 inclusive) DATE OF CALL C H A R T II Population z: YEAR £ r1 1S5Q I860 1870 I860 1890 1900 1910 2 1 3 4 5 6 15 14 3 5 7 5063 66 114 4 60 316 878 26 2 3 9 2 5 3 1 519 8 530 395 29 98 6 0 9 2153 350 63 292 |o i 311 266 11 12 104 616 13 461 60 16S 53 9 2 81 3 67 14 989 22 r 806 67 16 17 42. 9 21 19 20 21 447 31 2 2 23 2 4 43 1 Q 4 7 3 LEGEND Ct,£,VKLAM» ) C I N C I N N A T I ••SGBIHB PITTSBURGH 546 643 C H A R T III P o s t a l Receipts for Offices N a m e d Below for the Years 1904 to 1913, Inclusive J / ' 3 o o o ooo / r H o o »' / / / / / / y / OOO 4 J / / / y l o o o ooo .,1 ' X / (r r' 1 S GO OOO / . 1 ooo ooo soo ooo YIAJ* 1904 1903 1904 1907 i9oa (909 LEGEND CLEVELAND .ii.I CINCINNATI . • » I9IO 11 91 1912 isu C H A R T IV Manufactures Statistics F r o m U. S. C e n s u s 1910 >OQ OOP OOP 1 1 y zoooooooo f - — ^— - too 000 ooo t 1 I i I i i YtARJ LEGEND C PT L I VSE A I A N E TD CLEVELAND VALUE Of PRODUCTS CINCINNATI CAPITAL INVESTED VALUE Of PSOOUCTS PITTSBURGH CAPITAL INVESTED ? 1 s 1 1 CHART V A n n u a l Exchanges of the C l e a r i n g Houses of Cleveland, C i n c i n n a t i a n d P i t t s b u r g h F o r Period of T e n Years E a c h E n d i n g September 30th F r o m R e p o r t s of the C o m p t r o l l e r of t h e C u r r e n c y ) / \ / f" > 1 \ \ 1 0 0 0 oco 5 0 0 \ / ! r' \\ I / / V / / \ v / V OOWO jD O O C l V 1 1 | — \ j ""1 x, r | YEAR 1 0 93 ISO* 1905 i»o» i«oe 1907 LtQEND CE EA D LVL N CINCINNATI PT - B R rl I TS U Ot 1909 1910 11 91 I9IZ 1 1 9 3 C H A R T VI Deposits i n a l l B a n k s — C l e v e l a n d , C i n c i n n a t i a n d P i t t s b u r g h Cleveland Cleveland Cleveland LEGEND CLEVELAND NATIONAL CINCINNATI STATE PITTSBURGH - C H A R T VII Deposits i n all Banks i n the five largest cities of Ohio