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STENOGRAPHERS MINUTES THE RESERVE BANK ORGANIZATION COITMITTEE. ".-.aDERAL RESERVE DISTRICT DIVISIONS AND LOCATION OP FEDERAL RErERVE EANES AND HEAD OEEICES." nr. At D o lt . CineLima,tl* _Ohio*. February 16^. 1914*. Law Reporting Company, Official Stenographers H 5 BROADWAY, NEW YORK T I U P H O N t , 2820 RECTOR • 6 4341 CIWCIWIIATI, OHIO. F e b ru a ry Tdo O r g a n i z a t i o n C o n i t te e a s t 1 8 th , 1914, p u rs u a n t t o n o t lc o a t 10:00 A* II. mam: THE SCCR1ETAHT OF TFT TRTASURT. TH* 8TCR1TTART OF AORICtTlTOne. Ap PTARAFCE9S WL 8 . ROWF, P r e s i d e n t F i r s t Mat io n s 1 Bank, and Ch&irr.an o f th e v a r i o u s C o s s itte e s C in c in n a t i, i n the R e g io n a l Bank u t t e r . 9KORCK r . DICTTRLC, P r n i o s n t , C in c in n a ti C h M b «r o f C o u a r c i. / CHARLES A . HIW8CH, P r t t ld m t , House A s s o c i a t i o n , C in c in n a t i C le a r in g and P r s s i d e n t o f t h e F ifth -T fa ird R a t io n a l B an k. F . W. SDWART9, F re e Id e n t, B u s la s e s Men9s C lu b , C in c in n a ti , FRFTFHICX C. HICKS* of J. S. P ro fe s so r o f V c o n c s ic s , U n iv e r s it y C in c in n a t i. McHTWHY, (H ash v ille, T en n .), repreesntln g ac 4342 n a a n v il l a C la a r in g H cu ta; V ica Prsoidant of t h e Fourth and F I r o t n a t io n a l Banka* 8. CARR, V. (T o le d o , O M o ), Pr««ii.anX Rational Ba o f Corse j r c c . 0 H. . A. 3HARP. (Z a n a a v l l l a , O b l o ) # C ao hior, Old C it la a n A H a t Io n a 1 B an k. JOHH L . BUnHWFLL, (3 p r ln *fie ld . O h i o ), P r a o id a n t. F lr a t n a t io n a l Bonk. X. B. G~BRA??DT, (P a y t o n . O h i o ) , r«p re»*r.ting th# D a /t o n C le a r in g Housa. C. first CHITES, (L i.ta , O h io ). C a a h ia r and Han*gar cf N atio n a l B an k . J. tha D. S. H IL L , ( d a rleato n, V ast V i r g i n i a ) , Cao hiar ,of n a tio n a l City B an k . ROBERT l>. ARCHER, C u a h la r / I rat W. K . (H u n tin g t o n , Waat V i r g i n i a ) , R ational B a n k , FAKITR, (V in o « n n e « , In d ia n a ), Caafclar, Oonran ■ atlonal B a n k . J. P ain to v llla L. 1C. BUCKIBQHAM, R atio n al W. E A T I8, (P a ln t a »lllo , K o n to cky ), C aa h lar, B an k . (Aahla«<!, K e n t u c k y ), P r«14?ist, Second R a t io n a l B a n k . 3. A. rLKTCHFR, (In d la n a p o lla , In d ia n a ), re p r o a a n t ln * j ** 4343 tns In d ian ap o lis AHE -i C laarln g ^MITH, In d ia n a Bankers House A s s o c i a t i o n . (In d ian ap c lia, A ssociation ; V ies In d ia n a ), P rssiden t Sscretaryof In d ian a nation al B an k # In d ia n ap o lis. MARCUS 3. A ssociation , C. 3GBTAG, E v an stills, H. CHURCH, E s l s w a r s C o u n ty T ics P rssid en t Banker* In d ia n a . (U u n cU , National In d ian a B ank* Ind iana ) , also Cash i s r o f Sscrstary of ths ths ttun ois C l e a r i n g Hcuss A s s o c i a t i o n , H. C. SHARP, (M a y a v ills, K entucky), Ca.ahlar S t a t s N a t io n a l Bank. WALTtR S . fo r t h s Bank J c s s p h i n s , C. F irst C ity K. F^OST, B atlo n al A. of HARK196. ?. R ational B a rtse ll, H. In o x v ills C. a p p .a rln * ». Prsstcnburg, (A th e n s, Bank a t K entucky), Kentucky) , A lsh aaa), ap p earin g and o t h e r s . ap pearin g fo r A tftsn s and c t h s r s . JACC.SOW, B an k , (P rsston bu rg, (D ec atu r, and P r s s l d s n t Alabam a), of C ash ier of ths F ir s t R ation al fo r Bank 41 a * s a fe . JOHW8TOV, (C n o aviH e, T sn n sssss), P rssld sn t C l e a r i n g House A s s o c i a t i o n . C. the BOWTPR, (P o in t ttt. P . l n t P leasan t, P l.a a an t * ..t R atio n al V irg in ia ), Bank a n i th . •C 4344 Point Pleasant Trust Cos pany and tha Merchants national Bank J. B. V A L O R , (C a n t s r v l iie , T e n n s s s a s ), f o r F irst National Bank of C « n t * r v il l s and othsr banks* *. V. HTlflCX, (M lddletosn, O h i o ), President F irst Katlonal Bank of Middletown, also repreeentlng Ogleaby and Barnett Banking Company, D . PITTOV, S. (Ham ilton, O h i o ), Preelaent F ir s t n atio n al Bank. R. L. BURCH, JAMES A . k&c.y t, C o ap a n jr. (C in cin n ati, ORSEW, O h io ). (C in cin n ati, O b ic), fo r M attbaa 4345 Ths $ * «retery of th« T rta «u ry : Qertle**en, is ^ le ss this ^ r K s l t U t r j i a w it h the duty of d l r l d l r f t h is owsntry in to not than slHht nor sort: th^n twelve f O d e n l Beserwe d i t * tricts, «nd the l i i f t t i & f w it h in m A c m « f a F ederal Besik* The Aot req u ires that the Ccssslttee s h il l h t v : auo re*r-ru fo r o c n w .l a n o e ajrui cuetonary ocures r>f business in z&sJtlnjr ,h le A ( p « r t i a w « n t * fh r t we dse ire is to ^t faote r e la t in g tc the t r e b l e * fr e e that stand p o in t, ws w e ll u t of ,* c i i m p ^ c n e r l in r n a l ie n which would be is r t ir o n t to the issue* Ae we hawe b id c* use tc remsrk b e fo r e . I t le not oratory or tloqutnoe fa c t e * that we r.re so such ii quo^t of ae 0*ln$r to the b r i e f tiae which the Ccn<tee hae a t lt e d is p o s a l* we haws to oonflne the w it n e s s e s , p o s s ib l e , so f a r as tc ths charactsr of facts which ws think are n e * osf-sr.ry f o r the urpose * Thsrs are a ^ord wsny c it ie s to be heard here to day* M M r d i n | to this l i s t ; sore th~r we had eu£p#£Sd ws w ruld haws, so that ws s h a ll haw: to wst at ths e a t t t r # ▼cry d i r e c t l y , rad we s h a l l ask you a l l to speak tc ths p oint* Ws w ill talcs up C in c in n a t i f i r s t * Mr. R c r t , I e s s . ec 4346 l<i C n a l r a a n of trie J o i n t Coasaittee. STATCM^ITT OF I . Tho 8 0 0 r o t a r y your oaaef Mr. of th o T r e a ^ n r y : residen ce Rowe: V. C in cin n ati, an d S. S. and ROWE. Hr. Rowe, w ill you e t a t s occupation. Rowe; P resid en t, C h airm an o f F iro t th o v a r i o u s n atio n al Bank o f C o aaittsee in th o R e g i o n a l B ank a a t t o r o . Tne S e c r e t a r y make. Rove: tc I avoid aa Treasury: going to ta lk sta tistic s as fa r tics i n the that the Cossaittee d ivisio n s b riefs of and in In You ha v o c o u n try the country h oing drawn that in Tha S e c r e t a r y fro a a statem ent the a s p s . in 8, sill a a s saade f o r so? o s , as p o s s l b l s . It s s v e r e l aplacee your p e rm issio n as w ith ths tho to Tcu may p r o c e e d . Mr. try of 10, a ei& ht go in g to We h a v e 1* sta tis cur understanding has asked 11 o r o ffe r and a a fo r su^gsstsd 12 d i v i s i o n s , s u p .p e l t e d o r aore d ivisio n banka, the and of lin ee — of the Treasury: Have y ou e x t r a cop ie* of thisT Mr. d ivid e Rowe: the We s i l l country fu rn ish Into eigh t thea. The b l a c k d istricts. Ths lin e s red in lin e e general ehos W. ec tho territo ry That eould tc be a a o e out if ten a re chosen* p o ssib le dlvld*~ lin e its into atcut rapid tla s of the If The com green Central nine to be a a £ e that settlem en t and would p r o b a b l y slth If the The growth, have to the west lig h t the a r e a great of are of blu e thought the M i s s i s s i p p i were in that in a c 5s t r i c t lin e s country of ch o sen * Bear Ycr k and showe t h e d istrict, 11 o r 12 d i s t r i c t s * is ban k s o ff lin e The p u r p l e an c changes Texas there 4347 n e csesarily territo ry . to the Howe oe s u b - d i v i d e d probably He* E n g ls n i 3. shoe tc the be purple country in reasonably short aa d 3 o f be a d i v i s i o n that tsrrito ry * The 8 J c r s t —ry d ivisio n , Mr. tne Roes: o£ t&e T r e a s u r y : d istrict prcpcssd P ra c tic a lly , except How, fo r i n an y suggested C in cin n ati that we h a v e is u n a lte re d .I d raw n so n s r o u g h l i '.s « h e r s . T:.a of sp sc iflc d istric t, th e U :la a tln n w ha t you p r o p o s s f o r d r. Roes: aa„ is draen Thsrs fo r Ths S e c r e t a r y tor th e sske of T r e a s u r y : - H a v s you a map the u N e a r ly th an th is ths does, C in cinn ati? is a eap p ra c tic a lly ef scr« shoeing thers, a ll the T re a su ry : record. Mr. of Secretary. the f i v e You M i g h t that etatee* describe them ei ec * . S . M r. Rowe: propose The s t a t e s co n sist an d T e n n e s s e e , the Map s h o w s Indiana, with or the that what to d istricts w h i c h we In'lana, I t u t V i r g i n i a , Kentucky g re a te r parts it covers county a g ric u ltu re ot P ean eylvan ia and th. it here w ith the R eeerve Mr. Rowe: on and t h e r e A ppalachian parts that ranga, A glance at in Ohio section of that fe w e r p eop le shows t h e of the Treaaury: Bank a o a o r g a n l a e d , The c a p i t a l tw elve a l l l l o n The thes. in and tha seews it. in country to be I n the u n d e v e l o f Vest V ir g in ia , are covered by t h e c o n * c o a l n g down t h r o u g h and l e w Y o r k . Th* S e c r e t a r y of of p a rtic u la rly E a s t e r n K e n t u c k y and T e n n e s s e e tln u a tio n the a den sely populated is oped c o u n t r y , 4346 o ao com prising or O hio, an o c c a s i o n a l devoted R Secretary would be What an d do you wake t h e c a p i t a l the reacurcea eoteew here f r o m ten of it? to d o lla rs. of the Treaaury: Hav e y ou any exact fig u r e s it? Mr. Rowe: We h a v e no e x a c t bean p re p a re d . been sh all The subm itted have to think y ll, * e h a v e them and if in you w i l l although th e they b rief have which hae etop lo n g enough, 1 sho uld like tc the the q u e stio n answ ered. Secretary I figu rea, of the Treasury: We have •C W. 3. question antvortd Mr. Row#: Ro»d no*. Th# capital and surplus of th# bank — in c lu fs ^ State bank# — this Mr. Hlntch *t ostl&at# of th# cap ital cf a oank coloring t h i* d is t r ic t would b# f l l # 7 0 0 , 0 0 0 . Th# Secretary of th# Troasury: On th# 6 p e r c#nt b a sis, of ccurssT Mr. Row#: On th# 6 p#r c#nt b a # is , with d#poslts of | 4 3 #0 0 0 , 0 0 0 . Th# S#or#tary of th# Tr#a*u ry: Exclusive of O o vam aant d«- posltsT H r. H lnsch: now ar#, W# include th# Govarnaent doposits as th#y out not Mr. Row#: as provided f o r by th# Act. Th#r# ar# probably thrcs# quarter® of a a l l l i o n d o lla r s of Oovom a#nt aon#y I n tho local hanks: Th# Sscrotary of th# Tr#asury: In t h is ontlr# d is t r ic t th#r# i# a grsat d#al mere than t h a t . I think it would b# w#ii to tak# out th# Go v# m * # n t d e p o s it s , in ord#r that aay ss# what you haw# as a rtssrt# fo r t h is bank without such d s p o s lt s , I think If you would glws th# c a p it a l and i u r * plus of th# 3tat# banks at this point* them from th# National b a n k *, Mr. Rows: that is, separate it would be w e l l . Th# Rational bank# I n th# d i s t r ic t nuahsr 1 , 0 0 9 ; ec r•S. th e ir cap ital and $761,971,000. an d th eir depoeite 3,660, Tho S t a t e cap ital anc the end is #202,107,000, banks in th a is and th e ir d istrict nuaber of surplus Of anc and tae a lo t of th e ir banks #391,094,000, course deposits vzuaber 2,*>51 #188.393,000, The t o t a l $1,6 7 5,53 4 ,0 0 0. not 4 3 5 0 surplus cap ital la and t h e these oanke q u a lify . The S e c r e t a r y State banks M r. Rove: la surplus $ 9 1 3 , 5 4 3 , OOO. cepoeite cou ld loxa of A gric u ltu re : J oining the What is to The S e c r e t a r y th e Department a t of the a# t o the systeaT The l a w taae b e e n a s s n d e d accep table th o l a w Treaeury: in Ohio, and I think W aehlngtcn. Has t h a t la w been passed as yet? Mr. Rowe: Tee, The S e c r e t a r y in thie and d istrict w hat c a p i t a l Mr. Rows: ca p ital to ly . Ro**e: of tho are bacosa a la w . Treasury: e lig ib le and e u r p l u s 346 How msny o f to aeabereh ip do t h e y show, the under and State the oanko Act, wha t d e p o s i t s ? baurike i n O h i o h a w i n g eu fficien t n a tio n a lise . of Or to T heir c a p it a l hae There a r e The S e c r e t a r y Mr. it the Treaeury: Or t o Oecoae aem bere, yes; lo th e ir $40,991,000, becom e a e a b e r o ? 1 stated su rp lu s it incorrect* $*0,729,000, •c W .S . an d th a ir d *p oaits In surplus K en t uc k y f l L , 9^0,000, surplus of of has a ll that these done, This th e if Rose: I m *y. I of Wc«, have of meet in don e The S e c r e t a r y the M r. *o u l4 of of the s of cap ital cf capital $ 1 0 , 6 6 * , 0CC, #51,060,000. Tou h a v e n o t that I w ill Ye*. the lin e fo r it the fu ll re a lisa tio n the have 1 proceed? draw ing slth In d ian a the banks «cul ' these su m m aris ed totals? Treasury: of 11 1,4^7,000, $46,645,000. been a g g r e g a t e d ? S k all the t l 3 d , 9 0 5 , OOO. d istricts. banks, northwestern p a rt bu sin ess is slth Treasury: has n o t of cf *nd d e p o s i t s o f 1 4 8 , 3 5 5 , 0 0 0 . 1 1 7 &*nks, the the State The S e c r e t a r y rou gh ly, of and d e p o s i t s and d e p o s i t s com prises Rose: Mr. uanke has w it i. a c a p i t a l lo t banks w ith a c a p i t a l o f are # 5 , 4 4 ^ , 0 0 0 and d e p o s i t s The S e c r e t a r y Mr. #5,73© ,000, 130 #; , 0 8 3 , 0 0 0 , That fo r 449 b a n k s $3,597,000, West V i r g i n i a surplus ars there surplus Tsnnsssss 4351 #338,996,000. Indian*. t h e r e 134,033,000, In Rows Treasury: the natural fiv e The t r e n d th a t trsnd be t o w a r d cf etates of in tne O lo ago. commodities same? Rose: The t r e n d sim ply d e p e n d on t h e of c o m a u e d lt le s dem and, mould go e i t h e r ra ilro a d fre ig h ts say, and it W. eo t r id a , s. Hoia 435 Z wherever it happen# tc be developed. In Vest V ir g in ia at the northern end, the natural trend there «ould be towards Pittsburgh and on the eaet side B a lt i more and Richmond, which we think have scae d e alin g s with ths banks, and a considerable trade with t a e a . Central and 3 o u t h e m Vest V ir g in ia dsal largely with C in c in n a t i, it is on t n ls side of ths d iv id e , because and the roade ccae through, and the t r a in eervlce ie frequent and a c t iv e , and it ie t h e ir nearest large c i t y . Eastern Kentucky and Central Kentucky deal here fo r Ue same rsasone* Going down into Tenneesee we have purpossly l e f t at the western edge there the tfewphie D l e t r l c t , would n aturally go to S t . Louis and beyond the r iv e r . Kentucky, there Is a l i t t l e beyond Paducah, uhlch In part at ths e~gs there that would probably have mcra b u s ln e ** with S t . Louie taan any other s e c t io n . Row that te r r it o r y as drawn repreeente our views in a general way, and ws b e lie v e that the fig u r e s w ill shew that it Is self- su p p o rtin g . The Secretary of the T rsa su ry : Mr. Rose: Tee. The S ec retary Have you any fisrurse on that? of the Trsasury: Can you subalt those now. W. M r, Ro we: that This ia d « Tfcj grsen and rod dots ths ths tbs deaands, raaut haa c a lcu la tio n a Tug t& is aa^e, la ft proposed th~ in tak^n as p e a k oi the tha by coun various by c o u n t l a s , in C in cin n ati fa ll; and ths showing in q u iries they ysar, by bars resu lt ara tha the is of in the country the ban ka a l l exp erienced of tne graan, ia ths Into and and is demands sprin g; w in ter. country obtained it co n sid erab ly , that Of it sho^s a course fa ll. rediscounts tha ahaom. seasonal jrew n aeaacn— baan t a b u l a t e d seasons, the parte hava ths d ivid in g cmm&nd d u r i n g t h e w h o l e y e a r . lo ad to autus-n and w i n t e r , re su lts d ifferen t Mow a t a b l e d u r i n g the y e a r tha naps t h a * when ha r a p l i a a d istrict a w hole, steady aaksd hand map r e p r e s e n t s vary banks redlecounted prepared au mmmr, anc Tney t(*e that D&nks y s a r 1913 a t ths lo a n in g ssaaon cf boen t h a t yellcw , and ln th e a n u sbjr of a»d sp rin g, auaerl fa ir out bat rec, but barks d istrict, ssctio n s, through rspr«s«n ts ?e a a n t the greatest in C in cin nati gan tlaaen hava a1 d e r a n d a . tfircu^h the country season. These fou r 4353 map r e p r e s e n t s leans tiaes. C u r i n g the I Hcwa RowaT Mr. ties S. and l o a n s b a n k a up t h r o u g h Ohio shows t h a t and the •o W .S . •M tirn of part Ind iana, th an others of Row# Kentucky, of the d istrict at the peak o f Rowe: of Rows: of the Have y o u any f i g u r e * the R atio n al banks of shewing the en tire demand? the Trsasury: The R ation al of the N atlcn al the Treasury: Yes. banks c f the banks of the o f toe Treasury: You c o u l d Wo. C o s p t r o lle r 's Rove: and p ro d u c e it We wo uld lik e over the Ro*s: h eavleet Mr. Secretary. before to of the the day in le that from tbe were We w o u l d lo c a l in shown, you l i k e ue to get over? idea o f redlecou nts redisco u n ts Woul£ Treasury: h a v e eome demand The get statem ent. Yes, The S e c r e t a r y M r. tim es d le trlct? The S e c r e t a r y hero fo r The r e d i s c o u n t s Air. R c w e t M r. *12 d istrict? The S e c r e t a r y the at sorss p a r t Ho. The S e c r e t a r y e n tire and in C in cin n ati Treasury: r e d is c o u n t s were Mr. loaned i n Ohio borrowed* what the en tire p a rticu la rly h a d a o r e 1 0 nay The S e c r e t a r y Mr. 4354 the lik e excess to havs of the supply d le trlc ts. ths and d istricts the wfcwn am oun ts? it. the it r. eo Tbe S e c r e t a r y «e would lik e banka and the to trust report ©f to ue l a t e r , Hr. cf aocut ticn the of have it Tee. ae of fa r i n many p a r t e of statem ents the ■ore of the ae Perhape you co u ld fhaperlnten dent, to Treasury: It is get We f i n d the c o u n t r y , eitn that, to set but not the that, to have Mr. it Baxter. to euch Inform ation, in know th le eec~ p racticed re fle c te d C o aip trcller. we c a n g e t it, send lik e you b a n k e r s if that fr e e tc-day. t h e b a n k a do and a r e tc the State get t h o s e m et h o o e a r e ba n k a lik e it We s h o u l d that t h a n me a r e , we s h o u l d p ra c tic a b le , and y o u c c u l d made , o f p rac tic al rediecounte n a tio n al ae In fo rm a tio n about Im possible the ae f a r becauae are i n the That la perhape eozse know it reflec ta desand. H r. ueed It of ease by s e v e r a l m eth od s t h a t fa m ilia r le d g e ie country. accom plished the Tea, Have a B e i c r a n c u * in d irect the Treasury: the S t a t e The S e c r e t a r y som eth inj, the 4355 Rowe coap an lee. if Rowe: 8. la Rowe: to It la becom ing very be 5 o r S o r 7 y e a r s ge ttin g pretty Tne Se c r e t a r y Mr. Rose: The Secretary I of w ell the or p rev alen t 10 o r 20 y e a r s than It age. etamped o u t . the T r e a s u r y : do n o t of ago, much l e e s Tea. know i f — Treasury: Our purpose there, of ecurae •C v . S* 1e t o g o t at aa too peak banka e e ll certain they fa ir an idea lo ad , sc to secu ritie s tim e, do I t aDout cy n o t la it, not a l l , p ra c tic a lly it i n and to the cred it traat of they of act he made t h e deposit is alw ays The 3e c r e t a r y ao tivs, but dsrrand year. Sosa tha It by tc that pap*r b\y aethod, of there ba c k a t and th saa^ lv sa, of of now, ths think th is is have a heavy bank, a so eetlses and h a v i n g is for the it. tha is effect* as has cose demand, I ths bank, bank, and tha and we p u t bo n d s a n d scarcely it wae e n t i r e l y own s e c u r i t i e s , w ith h i s know. up f r o s them h i s *here there and he w i l l a lo an , Tou c o u l d secu rities draw the concerned, so f a r ana he l o a n s of knew s o m e t h i n g r i c h e r than h i s man w i t h h i s of I C ity own b o n d s and s a k e the it I tr.at deposit to and h a v e a man t h a t ae a re d isc o u n t concerned txtrate in C in c in n a ti, w ill the and makes t h e not easy tha Of t h # a n agreem ent f a r aa it p u t up h i s a vo lu n tary le «o any one w i l l s cred it that of 1 knew, we w i l l sosehow or o t h e r come apeak, »ith as none H o* o c c a s i o n a l l y and p o ssib le o ffic ia te . So f a r country, 4356 e n d o r s in g the Rose: if as and a c c o m p l i s h tne D i r e c t o r # Ur. Rons but where own b a n k , it lin e * Treaeury: So f a r not a q uestion He w an t to get as our purpose of t h a purpose o r t h s as correct an Idea o f W. ec the extrene Rove 8* demand upon the 4357 d istrict fo r lo an able fu & ie, as possible* • H r. it R o«e: I in C ln c lt m a ti T\e G e c r e t a r y extends, ie Hr. Rove: at the if in >* of to cotU a or or your ehicft you U%t pur^ oe*» t h a t vae put there the c o u n try which f r c « the tl a t hava l a i c rout, l*\ a e t r i / i ^ o n c y ? ite e lf, fo r kno^led^e w ith wa a r.ad# south th li c o «* vu ni + y , *3t;i cap ital and v a r i e d lin e s or f roe d o t ten the it idea were thou&ht the tieaiy some t e r r i t o r y its lin e cculdj ct' p o p u — den sity of a c t iv it y , cou ld or. The S e c r e t a r y throughout th is in O ctober ~l& t ths of t net ? r a a » u r y : d istrict, C in cin n ati? sho»M* t h a t b a n k i asiount i n ^ to number o f To b*t an you p r o p o s e extent It, The C c w p t r o l l e r • * ycu h e ld $13, h t : e r, 5 r a ^ i r u M of *nd territo ry la r*e t ?.fcj* o a r e nl f»r your d i s t r i c t T tc r t ^ s e a ^ of So couthe^n crop » O T i a j d i s t r i c t , la tio n i \mu o f sir; an’ of th^re rai.irvaa say t-Jcln^ c a r e sdc* a n y he a d d e d A gricu ltu re: i i visio n o r none correct. you Yes, ^outh *r.y le of sh ould capable my a n s w e r t h a t t ft u r a i a l i t t l e think , 0C0. banks ar# reserves Sot, In the i^ru n , or report of tho ;rnks fceep t h e i r ether c a n yon differen ce i ro* co which iive of N ational us states, those *n frc « oal&nces 60 V. S. Rowe 4358 * e r 3 drawn? Ur. R c»«: Ta«. Tha S e c r e t a r y M r. Rowe: rela tio n s lia t not eo of That by a ll net taea d ia trlc t us, of not and i t banka to evary tc the into bueineee that or city in doee that w hile in tha lia t and th eir in the h a v e t h e a named in the fraa the varioua st-tea those year, thought of of we c c u l d correspondent ia d ired tory • aurrcun ding In d lan ap o lia, K n o xville, Chattanooga, bat p laces the J ahowa we run L c u ia v llle , in a d le trlc t, la et It the get we t h o u g h t 8tate. d ia trlc t the ha a , in the tha caae of to of that we c c u l d ths aap t h a t thera t h e map? co rreijo n d an t C in cin nati any o t h e r V irg in ia , *he that t h e Bank D i r e c t o r y iaportanoe each r i £ht t h a r i T Ie t h l e other c i t le e K a a h v llle, Weet m entioned, re a lize ! draw ing th a t centere C levelan d , *ap Tee. In count le a au fficien t t h o ae c e n t e r e an d any of *e took co r r a a p e n d e n t a w i t h of ?e various ehowe t h a t a * inucr vio u aly the that ehowing a e c t i c n a l In o t h e r w arde, w ell Ccluj«oua, a aap corra^pendent, ia f a i r pretty Treaeury: a aethod d irecto ry . Taat fo r naned C incinnati tha la apeak o f bank, a c c o u n t a ba f a i r . have only I count le e . the *e found would of May and I have p r a - c a n t a r a h&a a n u & b e r o f around it, and t h a t each o n e c l e a r i n g f o r t h e i r own d i a t r l c t , Ohio o r coaaa in to /th e ecuthem p a rt of «c * .S . Ohio coxes one o f ao atly t *ose centere The f e c r - j t a r y l a t icns • first, Howe: I t hm t q u e s t i o n clears slth 4 3b9 them d i r e c t l y the where does »1 1 1 s a y Hr. of intim ate exam ple} frc* Row* fo r Treasury: Tc what In d ia n a p o lis ban kin g to I think business farm in g com sun itlee, the grain , Of c o u r s e , Tr.j S e c r e t a r y stance; are mean b a n k i n g Vr. Rowe: amounte a r e to Rowe: these of grain the re la tio n s and an d o f larg e, both With the trade lon g ways, first its the ia ycur re- fo r business? answer goes and business counties, onj lak es, east Tak e to ta a lr those course, L o u isv ille the way o r o r the C n icasoutheast. L o u isv ille , every fo r In Intim ate? I relatio n s? standin g, noth Trsasury: and t h e f r o m and t o Ann K asb v llla they are la rg e Treasury: At M ash vllie also d a lly L o u isv ille . and T e n n e e s e e ? in p roportion oth er p la ce s. The S e c r e t a r y of M r. depends Rowe: Treasury: Tee; of of o r up t c with flg& res in a l l movement your r e la t io n e Tc*e S e c r e t a r y M r. C in cin n ati the aro In d ia n ap o lis O u lk o f tbe see t h e i r the o. Each busin ess. in te llig e n tly . t.rc u h extent takin g do hu t another, C in cin n a ti. immediate d i s t r i c t . In d ia n ap o lis, wo uld h a v e goee to C h ic a g o ; ite into It ths u p o n the siae Chattanooga? of the C ity . Of ccuree ec * . 3 . C incinnati to-day, tory a ll it b u ilt and to the it the ha* C irw lm a tl fro a Tr.s S a c r a t a r y Chattanooga Mr. i igu raa. with go t o of and Rowa: which a ll hae tha d i T f a r a n t in baan used by and e « n » b u i l d i n g u p tfcat and v a g a t a b l a s . Traaaury: kasp it Tfcey k ee p f a i r Chattanooga, aatar, in it tarri- b r l n ^ i n # up A la rg e coiaa asount diract of to states. K n o x v ille Of couraa tinea Haw T c r k those tha at in itri# a n tal and b e r r i e s which d o a a n o t 4360 S o u t h e r n Roa baoc South, tha f r u i t s Rosa la To what th air banka, reserve* im possible raaanrai extent h*re, do X a s h v l l l e , in C in cin n ati? f o r m* t o hawa th a ir several bm ke, and on o c c a a i o n a of * ^t tha currency fro a C in cin n ati• Tha S a c r a t a r y b an k a k aa p the central s h o u l d y ou Mr. of th a ir tha Treasury: raaartaaT reserve Where do t h a C in cin n ati How do you d i s t r i b u t e c itle e , and in about th a t thas between p roportion , say? Rowe: I ehould say tbat Hew T o r k had t h e la rg e st bfeljknce* The 8e t r e t a r y H r. be i n * Rowe: an; the P robably d ivid ed citie s, of betasm fre q u en tly Treasury: fro a 3? t o C n ica^c the What p e r c e n t a g e 40 p e r o e n t ; and balance 8t. in L o ris the ae S t . Louie about? rem ainder central gettin g reserve la rg - bg W. er t h ^ A t h e C h i c tf c , e x c h 3 i ee I s s. becauae h a rd e r to * c f e Row# it 4361 la h a rd e r to acve w ithout ccat there T h a t i s s 1h t 3y a t r a ’ e r t l i t i c n , t h a t i s a n y th in g Mean/except & trade r e l itic n . Exch ange an eeie at jChiaago, trade tore at le a * a discoun t cor v e n i e n t l y The S e c r e t a r y the of o f the ^ rovielcn a S itu ation , Act and p r o v i s i o n s 7*owsx W ell, re would bs icunts ly r e a l unts it in on l e w York, does n ot fcr is ln *t~ in and * e can haws on t h a ths p a rr in g of excaan^s o f sxohangea Banka? undoubtedly tns central any c o u n t r y in is* do y c u t h i n k sake a great r e a s o n s w h y we s h o u l d k e e p any r e a s o n why o f wo ne y It Whvt e f f e c t req u irin g w ill no r e a l c f roney a ll* other aeascns, are going to between th e se F e d e r a l H eaerve Hr* v the ** #. Treaeury: cf th is at coat, than Chicapc premium mont o f t h e t l a s t h a n i t a greater or w ithout reaerve d ifferen ce any l a r g e cities ba n k s h o u l d k e e p or any l a r g e a city . o f ths T reasu ry: The preaent s y e t e w h a s 2*r„ e o f course, in a v e r y / a r t i f i c a lly l a respect The S e c r e t a r y su it d, oee s e t t e r s , h s it ion c f t h e s e c e n t r a l not, reserve eer>imr e x c h a n g e b a l a n c e s Mr* Ho e : It has Vr. in Howe? c itie s, those concentrated I rean tc eay the and t h e n e c e s s i t y cf creat- for cities* cap ital in those places* W .S . ur.que t l m a b l y , and it Howe 4362 is also n a * - t l y t h e camae o f t r a d e s being settle I by excliinc« cn tho3e central reserve c i t i e s , ^y c***; t u . g i le®ar.d and u s e for then The Secretary o f the Treasury: The resto ratio n o f t h e » e o cn diticn e prorosed by this b i l l * c o n d itic n a , H o >e: Mr* ent # r o « was such* of t h e banka tc the d iffe r e n t c c s a e i u i i t i s a , tfsaervpa norm al a* W ell, cught t o create under the a return to ou&ht it not? the c o n d i t i o n s now w i l l what they * r * - s 4C ora£0 years be v a s t l y d iffe r apo, when t h e A c t created. The S ec fc w t a ry o f the Treasury: Tea, but ppeaking o f the p r e *e n t A c t . Mr. have, Ro*e: sh ak in g we h a v s lam e d e ll th~re in rs They c o s e I if t o sukke a t In f o r n ay , I I need in at co vld py to u t hundred account w ith q u a n titie s, fo r the thousand ta& d e r st u n d t h s such b /roOto t h e H e g i c n a l c~r perioda c r # 1 T O #COC o r # 3 5 0 ,0 0 0 ,1 flOC.OOC cr Ws just f o r a a i i n u t e , season able s ties* Aa I *7 aoire o c c a a i m f o r / k e e p i n g ^ ra 'im t aake a great d i f f e r e n c e . core f o r t h r e e on Mew T o r k , Mew T o r k . as w ill for o « r or?n b ^ n k , cua t o n e r s would is y c*e ok it 1 ars^e t r a n s f e r s ra ilro a d s. or Oh, yes, th-nr and X p r e e u c e lances Bank as and g i v e ar.d g e t la te r, law , if such that thes c xc h « ^ 9 telegrap h ic bg W. tran afern i-e riOffe t h it The 8 e o r e t a r y IdJW w i l l S. have of the after Treasury: eurrert ju st 4363 a w h ile that o^ur* be d o n e * W # n # *»xehar*£e und r exactly ae H a t i o n a l thie t,>nk-nctei 4c n o w • H r. sade the Howe: Very l arg ely . when y o u o r o s s ohecke fr o m cn a ban k Of ? cu rje, one d i s t r i c t an d t h e there to of checks is a. d i s t i n c t i o n another, und b e t w e e n cne c o s h e r bank n iattH e r. The S e c r e t a r y out by C i n e 1m a t i Mr. Howe: ouetcvery { per at of cent 2 per to pay cent cf hae in fl ence, tle ^ lly fe w convenience, t o w a r d thfre that territo ry fr at and b a l a n c e # b e e n no e f f o r t t^e cent that by e i t h e r le a st cf of and So of w o uld be of le those h eld in the th ie beyond ratee oheoke. of bal&ncee ie I \r« tui^k C incinn ati tr«nd far it SC th ^t pro bably ser;t,* because render* p*rt are cn w h i c h ce e a e we h a v e increased e co lle c tio n b U j.t 3 1 - 2 p e r o ity , o$ t h e inducem ents eji e s t i m a t e becauee we What balances? c o u n t r y • ank and a or e aerw lcee frcv reaerw e irtereet, o t 75 p e r com m unities an d t h e fo r 0€ t u e je u o h a ~ c c u n t e beoauee trhe T r e a s u r y : cf *a C ity ite of the I tc that xre h e r e ^11 t h o s e fa c ilitie s know, draw u sefu l in terest here there cap ital >phere o f o r the prao— ^• The S e c r e t * r y co lle c tio n s Mr, Howe: in terest for of o f the checks Tht-e that the cel le c tio n , Do e* Mr. it Ho re: Be, calle d * it *“* « s u l t e o h ec k e w ithout cost fo r check Mr. co lle o tlc n , Howe: Wo, b a n k s rc a t e would ch.r.re fo r through w ith o u t eer.d t h e * that fin an c ial M r. ry th ie center Ho e : the p r a c t i s e about ch#ck it in to ocst, fcr the exchange or And wah t i s balance ba£ k as whe e i t W e ll, the rractice? p ra c tic a lly ? the C ity se le c tin g it can banks such c o lle c t has correspondents• the effect is free p ra c tic a lly ? en tire ly , a great on e i t h e r an e q u i v a l e n t , country net, chargee co lle c t!o n e , in p lace s, ru le cpen c o m p e t i t i o n . the T r e a s u r y : ie la because a l^ r g e nuwber o f other p la c e s although itees of than C in c in n a t i where th e y they coat nunb r get their the p l a c e s that thsy to. The S e c r r t tain k ea ek net there la and f o r t h a t elth er of 4364 Hcuae Treasury: free country The S e c r e t a r y It in the b a la n c e ■' What banks pay o r th e gettin g in aury: no C l e a r i n g o f the resu lt He now? is ec The 8 e © r e t * r y T f« F• o f the Treasury: C in cin n ati o f the W ell, it ie to extent p re -se in e n tly d ietrio t seers To wk k t as ua, the do y o u busineee y o u ha e l . * i d as we h a v e la id it o ut? out aid 4365 t-tlG -iiatrict-“— The 8 e o r e t : r y Mr* that © f the P r e —e w i r * e n t l y 9 I Treaeury: "cie: That l o the » o * t o e n t r d l p o i n t , be ccu ld/acat e t a l l y T e a c n e d by r a i l r o a d s ind t h e p o i n t fror jjay ••o t lc a * The S e c r e t fa c ilitie s *-y # f and a l l tas of Tre tnoas ury; to- tc fe atu res, the ws a r e trar^&pcrt \ t io n fasti 11 * r w i t h thcas• Mr. Ho j s : Ths S e c r e t Tou \rs t h r o u g h l y f a n l l i a r s l t h ^y of t h e T r e a s u r y : Tee, and t r a d s p r e —# * i n e n c e , we w c u l d l i k e tc t h *t# and as t o w h y , it b e t t e r than any e t h e r o utelds city in of tho?;T b u t ae ths fiaaitol 4 you t c addre>s a c c e e a lb illty , the e n tire y cu r^ «lf i you c o n s i d e r d ia trlc t fo r th is ban k • Mr* Rows: Taking ths 8ta ts of O h io , our s t a t i s t i c s ahow that a l i t t l e over one h * l f of ths Matlcnal banking c a p it a l and surplus In the State la ecuth o f a lin e drawn eaat and vest acroas ths n id d ls s f ths S t a t s ; banking o*plt i l jnd a u ^ l u s acre than h a l f o f ths wculd bs south c f that 1 1 n s * O f ths bank accounts — I _ ____ The S tc rsta ry o f ths T r s a s u r y : • Where do you say that l i a s wculd b s , draan e>at and west at what pelntT Do you &ean W. the Southern h * l f Mr* bank He e : Tha acocuAtt ntabrr Rowe: State the 1 irgset fc r the o f Ohio Roe: w o rk of reserve ha«e Mr. cities, tHsy Re e : it hat low , Iilitiis, and T w i l l O f tha r i r i o u « has a greataf I rates are. ia in C in c in n a ti, and t h e y dc country after have chocke the w e going for to balances that bu sin ees. o f Treasury t he How s u c h after are th is c o l l e c t i o n —- g r e a t e r nuaber i n O h io ? h a s 8^7 accounts in the d istrict* 1 « r> t h e C le v s l * * n d has seven <JU tn<t in Kentucky, that of and F e d e r a l Clcval*_ud has q u a lify See, charges Z 56 ■* c o e e n t > . none State, «i»4 — c ities undertaken tne a-;k y o u They h a v e g e n e reserve in bu sin sss. yeu w h -t t h e i r in clu d in g thsy that? accounts have g o tte n tsll ia bank of cut tc C incinnati o ity What C i t y have gone that. C i n c i n n a t i , : accounts. in clearin g have State. They h a v e s o r e they and ether Treaaury: they r citiee , tha ind— they h o ld W #n, S e c re t-try In 0>*o of in terest oth oca o f Treasury: thsy w i l l th e ir of t h a n we h a v e reason that •H it a c Ftate, tha iicun t inducem ents ccur«e, T ef ry 1366 State? C le v e la n d ;. The S e c r e t Mr. the than C in c in n a t i* the what tha row southern h a l f In Tha S e c r e t a r y Mr* of S. Tennessee etatesent in or la s t 3 a o s s r .t . O hio, 437 accounts V irg in ia, C in cin n ati as— W .S .R g ^q ha# in 4367 I n d i a n a 173 ‘i s c ^ u n t i . and I *n T lriiria , to u le fllla ha# in ar* I a In d ia n a ; In d ian ap o li# 43; In Kentucky thi# d istrict, 423 In Kentucky, ag a lr^ t C levelan d , 506 account#, I c f whfcah 47 and 37 in Tene i i o e . ga?« yeu C l e v e l a n d . In t h # d i s t r i c t , 7; 37* and t e T e n n e g « e « 38 6 , 480 a c c o u n t s in t h # d i s t r i c t , h a**s in I n d i a n a . acceunt# sa| all o f which l a a h v il l e ha# 374 30 are in Kentucky, c f which and 35 4 in T # n a e e # e e « T cu w ill th t ha# and t h e T oledo th e ir ### frc» th# account# o itie # in the and ec on, in a l l that o f th# n o rth e rn p -rt do n o t g o bueineee* Tennessee that We h a v e south a la rg e and W e s t Y i r g i n l a C in cin n ati fiv e ia the states. c f O hio, on ly C levelan d C e l ur b u s , C le v ela o f the O^ic R iver s it h part Kentucky busin ess o f the that le on# trih u tv ry and to C ln cln n % tl• lo # taken fro# these places list in a fa ir th# it the i# fa ir to state Bank D i r e c t o r y have other d irectory, way o f g e t t i n g that of 1913. acoounte, p robably at it, these in sta tistic # O f course country a f#w JU3 t t a k i n g a ll accounts, cases, but are of that do thi# #ee» what t h e d i r e c t o r y claiae d . Th# Secret ry o f A g ric u ltu re : You hav# n o t K e n tio n e d a W .S .H o ^o city which p ro i)o »# d % d istric t 4366 tc ua, in o lu d lr^ O hio™ P ittsbu rgh . Mr. Ro*e: Oh. Th s S e c r e t *ry o f tcurda A gricu ltu re : Pittsbu rgh w as v e r y frisn d ly Ohio* Ths S s o r s t ry ef ths T re a s u ry : And « a a sillin g to absorb it. Trie S s e r e t a r y o f A gricu ltu re : They s a l e a d istrict in o l it. Mr. R©«s: Yes. Ths 8 s c r s t a r y oon n sotlcn Mr* lo , Ths S e c r e t a r y in Mr* say th * t , accounts ars ^reat ten! und r of Mr. c o n d itio n figu res in th is a ll. at a l l , I it do n o t h^d n o t t h a t kn6*r t h a t thsrs Is an yth in g X can Sseretary. of ths T re a su ry : under ths A ll that new A c t * s, You e v i d e n t l y was n o t on y o u r map* existir,g impc*~tancs e x c e p t rc lss. tne at A gricu ltu re : W e ll, Ths 8 s o r e t a r y very nons y r u r wind Rons: tc Yo u h a v e no f o r Pittsburgh ? Ro ws: o ity o f A gricu ltu re : is But and ws w c u l d syetsm is to be d a ta has lik e to have where t h e s e net rep ? a -tin g going the O f course at a ltsrsd scss it a m atter o f such t h s moment c e r t a i n very m a te ria lly b sarln g fo r that upon p r s s s n t W .S .R o r e :* e o n a ll R atio n al ban ke only* !•; The secretary Mr. Ro»e: these o f the o f the anything: e l e e R o«e: The b a n k i n g p lacee in 0 th le period that I Treaeury: Yo u Kay p r o c e e d # I f w ill territo ry be as b r i e f in lo ck ed to fo r s*7 flo o d s a year *id that of are through *1 own, et and It, very of th at there sc that it 1* a pretty ^ny d e s c r i p t i o n , Wk l l - I w ith in were the It to were out y tao o ff peop le after the aoney la b o r, could g e t a fu ll I ehare aa er>- fo o lin g C iricirn ati sent to two d a y s p*y the think general fflPMVR peop le d o lla rs Mr* S e c r e hae done i t e eervee. when t h e y n e e d e d when t h e y n e e d e d n igh t, you coverin g We h a v e one way o f r e a c h i n g thattertttory a tlw e etan dln g, the C it y a g o , when t h o s e thousands at ae p o s s i b l e , t he C i t y h a e w i t h o f long q u ick ly* center p ra c tic a lly . cf that which t l i e ;*ny c t l a w l t y hundreds and R a t i o n a l ? State rela tio n s during M fa in and S t a t e * Treaeury: + s e r v i c e to the t ^ ^ r i t c r y tlre ly are R ation al to p resen t. Tea* tary* le n t m n i lg Tee. The 8 e o r e t a r y Mr. 4369 g iv e n us t h e r e r e l a t e s t c the d a t a yen b a r # Mr* Row ax have e c a n be ^ irch free triert every *nd C in cin n ati a ll the w a t e r went and c o u l d n o t which had tc soaeth ln g be p a i d w. b * 3. n o s t 4 3 7 0 ! to eat. rmmmm >er o n e I ahipar e n t in a box car: we aent up _____ ____ ever • C ffith ln f cf thee; cy wae two. tone thf?e and c u i ^ c u a rushed Help in w Le of A ilv er other there shipm ent* w ith extended in were autoeobllea, every o»ef d c lla n , way. aade. -1 t h I } I C O « CCC a think The curren pclicc&an. t n c ie or people &11 know t h a t • he*-e y e ire peak I taut alec. The to in sake benke collect, load, deaande to a elifU t hare credit *nd the the ? ? .^ io u * reference statistics etatlaties, pericd th it oad activity, ef countries, and tc the it hae etatietlcs taken statistics to the c r e a t e at b o r r o w i n g the the *e the* v kues cf oropa, nd which the I length eculd cf take a course, th^t The no of rreat w culd Secret Rc fc r /t h e y deal all hare cf be at tire the to tc be carried, gather cf eervice ever any all of *gain. it That crganix itic n here# cate *atter Wr. tiv e ry where It e: they t. v e . Yets, it r I the the y T r e -.surys reeerre depende eietOy The S o o t e k a r y of true of upon eay in bank a th the t we ? re a t * the T r e a e u r y : W culd le that Icc^t^d value ha ve any no cf get in the be the true, district? Infcneatlon. in f er* it ic n nere. pi ic««. Bo, but I wean the i n f e r e a*- w • S*R e*e 1 1 on y e n l a - ’t raeerve that reaeon, if Jo e e n o t t e a a on t h a t Board. if R~eeerve it They Mr. ban k R© e : ie ted it reaerve are get it fr e ir lo ca te d anywhere av a ilab le lo ca te d , bank ia tec are en tire C in cin n a ti, not? in C in c in n a ti, to the C in c in n a t i in to the would i t lo ca te d d raw n r r o » t h e be d i r e c t o r * d istrict, blanks, -***> even i f ae t h e y w o u l d else* My u n i e r a t e n d i n g looated ie only C in c in n a ti Bank wae wae l o c where the that they w ould have to the o h i r a o t e r would be b a n * no a a t t a r For th is it of 4 371 ia w ould have o n ly that the C ity one wan o u t i n which th e o f n in e, at ■ oat* The 8 e o r e t a r y the lo catio n seen th e-a d irecto ry Mr. ef ie of R c e : lo c a l •lie the that the *oinp Treaeury: I to be a v e r y in flu en ce eigh t ef the T r e a e u r y : in eo h a p p e n , does sc that net n e c e s e a rlly la rg e lo ca l in flu en ce lo c a l ln lu en ce in the Bank. had no t h o u g h t cf It b an k w i t h i n t h e C i t y the R e serv e The S e c r e t a r y of o f the t h e way c f Ie, I at a ll* wae s p e a k i n g inform ation, w ould be e n jo y e d p s r t i c u l * r l y , or however, anyth in * no w a t t e r w h e r e bank w a e * Mr. Ro*e: It Th e S e c r e t a r y would be at their o f the T r e a s u r y : ee rv lce And i n if that it w a there* c o n n e c t i o n we b« V. n ig h t S. R o«« 4373 ek ycu what vould be C ln o lm a t l 'a d i s t r i c t s « « r t l a i d out ae sug gested, aeccnd c o c i c s if U t i f it did not get the bank* Mr* Re e : C in o in n a t i In any ordinary t i n e a , ae t h ie B i l l ie drawn could be prob ibly s e r v e d ju s t ae v e i l w ith a b o f the bank, the R egirnal Bank being put at i M h f i l l e , In d ia n a pci i s , C o lo ib u e , C lev ela n d or alro^t any other Cuty in the le dietric t/ The point ee s a k e /t h i t ae do not th in k the rest o f the d i e t r io t ae drawn would be ae w ell served ae it would by p u t t I n f the head bank in C in c i n n a t i , w ith the knowledge ycu get free the do not e e e , sta tistio e i t o f ccur e would ch m g e The Secretary o f the T reasury : W hat, wculd be the neat beet p lace to put it S a ll that* in ycur judgm ent, ^ f t e r C in c in n a t iT Tee* For the whole d i s t r ic t ? The Secret *ry o f the T rea eu ry : t ic to For convenience? The Secret *r* ©f the Treasury : M r. Rowes thmt we and that you w ill g a in nt ether p l a c e e , eee f i t redraw that d i e t r i o t , Mr. Howe: I f ycu gentlem en, Tee, lo o k in g , o f ccur e , to it ter# »te ©* the ehole d i e t r i o t . M r. Rowe: I wculd have tc study the r a ilr o ,d nap and the t i s e o f the tra in e to t be c e r t a in abcut t h a t , because I re a lize w. £. th *t when & c r is is cottt ycu hdve c o t q u ick ly . them lo Thooo periods do o n e , 4373 Po • to g « t tc tho homd and ne knew — ooki a nunber of t l * « t In my banking i c r k , ju « t i c a i c I have eeen and I tno* then of f ir s t a id tc the I n j u r e d , r e t b e r and tike r e s p o n s ib ilit y q u ic k l y , it to get to- uid in those c&see you want tc go to the h e a d . Tho Secret i^-y o f the Treaeu ry : O f o c u r^e, w ith the he*d-» —9 lu srters b<ink any*here In this d i s t r i c t ae ycu eu^cest i t , reasceab ly *c c e s e lb le , .md well placed beaneries I n the d i s t r i c t , ycu wculd bs In close p roalw lty w ith e?try f a c i l i t y , pirtlculsrly in v i e * c f the fact also that ycu tr^we e x c e lle n t telep ho nld o o t c u n l c * t l f t , Hr* R o e : I assuss throughout th le d l e t r l c t . Ws have: The Sseretary of the T r s a s u r y : |r»p h t Ae w ell ae w a ll and t e l e * * Ur. Rove: Tee. The Secretary o f the T rea su ry : Ws always l i k e tc knew what ths ssoend and th ird choice o f the* e c i t i e s Is, g iv e s us a lin e urcn t h e ir ideas as to ths r e l a t i v e as I t iapcrtajr.ce o f other r l a c e e . Vr. Ro e : » • took a vote sore than a ser.th ago at cne c f thi C le a r in g Bouae w e s t in g s , http://fraser.stlouisfed.org/ v a riety . Sows Federal Reserve Bank of St. Louis t and I t shewed a good d eal of their rut Wsw Tork as seccnd cheloe— 437* * • Ifc* Secretary tric t. Mr. cf the Y o u h ave Rove: I to to that, Sow of t h t t wanted The Ycu I The Socket ry Mr. Ro~e: The^c ths there shipm ent* cf curr-tiicy w o of ourrsnoy od fcr p srlc d . tbo lo its its t eany Ons Digitized afor l FRASER c irc u la ti t , p o ll pin thea n o t made* L c u le v illo ? jj^d— more show ing prccead, ta.vt tho fro * August to currency «*eavle3t in O ctober b a n k e r s who re c eiv irg Ir w ith by away scnths De'sevber ii. taa ie in c lu s in fiv e th is a onths tho exc lu siv e train *t cf| i n aio lo h md a r u i g * tho tlw o . grip sacks a h aX t o f it and October add, C in cin n ati a * 1 1 1 Son and in tc fiv e period th e ir Rowe. *nd H o v s a i b s r , T his c iso tho s a o a y out tho p retlu a . ar n t in tc Mr. ccrreapcndent of uid I n I service repu tation , baaka stra in , tcok w o ® i 11 l e n s king not ycu a e n t i c n Tr.u o a y ruch th o wen who c u e Hm itr on. in graataat fu rn ish ed iia - I s»e \nt t o . In clu d in g ths £*oateet at Did general by tho lo u ia . e u r y : very that fifte en bein g St. of territo ry . could com plete Tre i u ry: net say red ia o e w ta , a gre to did* w-ta s h i p p e d over cor.ti^ucue the go I think ape k i n g xnd I n d i a a a p o l l a , i ln 1907, two o c n t h e b id of to and I territo ry , tho tnlr*K aiO rly pan lo siv e , to 1 aa u n fc rtu n ita lp fact o f C oluabua Hona: renders, but and i n Mr. excert ocneld; r ry o f t b d T r e Secret arrka # He Treasury: li n o # , dc«n P Vo In that ad d itio n * Beveetber, 4375 •e r r e d n o t lie o f ite requlrtBents before tho la s t o f it *a § r e c e iv e d , mil c f it being r e tir e d in the fo llo w in g J a m tir y , February and March. It eimrly taken out tc » e m d u r in g the e t r a l n . The Secretary of the T reasury : . To «k kt exten t d id ycu l s t e i C le a r in g House o e r t iflo a t e e at that t it e T Mr. Rome: We ieeued no C lea rin g Hcuet eert i fi c a t e e , in t h e ir etead we ie e u e d C a e h le r 'e check® in 3 ' e t 5 * s , and 2 0 9e • but 1 0 'e , Those mere lssue.1 tc the amount *cf about 1 3 ,3 5 0 ,0 0 0 , and mere used fo r p ayroll purpceem, and were r e t ir e d as soon as the n eo eeeity for t h e ir used wae o v e r . ep e *k lrg e f th ie c u rren c y , the currency mas a l l In ehlpped to marl cue parts o f the d i e t r i o t , mhenever ccr.ditlcnm in any l o c a l i t y game evidence o f d e r le t »d r e s e r v e s , s s s ls t e n c e being asksd by tele p h o n e . fr e q u e n tly I am r e f e r r i n g nom tc that m illio n and s h a l f of R atio n al bank n o t e s , c ir c u la tio n , p erio d . a d d it io n a l and to the currency me shipped during th^t We mould get a telephone message t h .t mers s e t t in g l o * in a town an y eh ere, have to have c u rren c y , rese rv es vnd that they mcukd and it mam shipped out o f C in c in n a t i and that help eae g i v e n , and the f i r e e m iny d i f f e r e n t d i r e c t i o n s . the rut cut in a groat I speak o f that to shorn W . ~ .R © * a 4376 that tbe C ity b nkerg addept t h e i r r a a p o a fllb lllt jv ind have always dene a o , for the t e r r it o r y . Ir. the ye at 1 9 1 3 , fo r payroll the lo cal b nice ehipped a lt o g e t h e r nd orcp m o ving purrtoset, oter #40,CC,CC0 of currency out of the C ity * I t s ig h t ir.tereet ycu that over f l * 0 0 0 ,0 0 0 vent into the state o f G e o r g ia , between the 30th o f September and ths end o f O c to b e r , ju a t during ths cotton •o v l n g p e r i o d . That is r r a c t i c a l l y wsnt to tsk mm some all c e ls e * I bats tc s a y , unless ycu A ft e r ws get t h r o « g h # ws want ths p r iv i l e g e o f having sows o f ths*»s g s n t ls r e n who ha^s cove herr?, w xny c f t h e ir own v o l i t i o n , trend of t h e ir b u s in e s s , ju s t s lr p ly to s ta ts ths and their p r e fe r e n c e s , a f t e r «e get thrcuga w lta tne f iv e sen ws havs m entioned. «*TATFWTWT OF GECRGK F . M FTFR T E . The 8eo retsry of A g r ic u lt u r e ; W ill you s t a t e yrur n * * e , rtsideno o end cocup atIc n . M r. D is te r le s George F . D le t o r le * C i n c i n n a t i , O h io ; p re s id e n t o f tfe* C in c in n a t i Chaaber of C c iw e ro o . Ths Secretary o f Arriuml tu r e : W r. P l e t e ^ l e : Whst ie your occupation? I aw T r e a s u r e r o f the Union d i s t i l l i n g C cs* b* W. 6 . H ove G~on?e F . D i e t c r i e . «3?e pany S e o r t t iry ef A g ricu ltu re : Y c u know the p r c b l e * we *r e •M iid e n a g T Mr. the D ie terie: C ln o lo n ^tl flia t w ith speakers are to Coeteroe along caption s* I 3 e o r e t try, o f C oK »«roe, r e p r e s e n t vt ' o n Chanber e f fou r Mr. C h ajsbe r the who Tee* w ould fo llo w , would that I aiid l a la tyought present say flra t, the the confiden ce mm h e r e I the t^ead aade the o laiw s cf b e h a lf order net bein g that in by to of ocd- oeveraJ C in cin n ati cf C in cin n ati ccueree ie through th e Ohio T a l l e y * Second, of the peop le in C in cin n ati b jr.k s * T h ird , Fourth, d iv ersified our C in cin n ati a*i t h l e In ten tion cf tak ing fo r* itic n in d e ta il; ta lk d ifferen t alon^ o f th le it ie a1th the a w an ufaoturln g t h e weaier&j&dur ycur t ia e in eop les the e a r g l n a l p resen tation * re la tio n e South* center o f aaay ln d u etrie e* And, three rec ip ro ca l fact w ith *nd g i v i n g 1 aw g o i n g the notes, shape. ycu a l l to Q o asltte e* and o n l y It file I touch le n o t mj of th le th le in in - e l 11 h o w e v e r , the high epote Gecrge Th® Sto** *t i r y Irfo rsa tlcA of of the your F . E lete*- le Treasury: Dc y c u p r o p c a e d istrib u tio n lin e s I am g o i n g t o g i v e ju st h a ? e / V * n t 1c n e d , namely I to give «o t« area? D io to rls: fo u r 4378 in form ation aa to along tho why C i n c i n n a t i •u lo an i m p o r t a n t that o cw o ercla l d iet!n o tio n •a ttb lla h ln c e n title in our uo t o D lste rls: *a£ fIn al I of w ill notes not take havs oap* acroso it and t h e y I sxtendad up t o coverin g Lake s body an a r o a that w ith the South of should tho qu estio n * Just proceed* the in high th is drawn logical spots an d t h s setcr^n d u i, sorowherw tw ice soon by sought ths not p o rlo d *n.1 t r u a t ths and h a d a w i d t h tho sid es a r e a no* rsceisd , by t h e savage o f tho it le ^ t f^ n tasti- of as It Ohio ths by tho daaen Laker. puahod R iver, tho fe rtllo d w sllsrs, and a C in c in n a ti, O hio covered c liff In d l *ns, s p laced he v i c i n i t y they o a lle d on b o t h When t h o w a t e r s woro in w h ic h 4CC a l i o s , about ®ap, when t h s g l a c i a l v a llsy e exterm in ated boon g i v e n and why t h o s e t h o d oenne^tten w ith alone p reien tet o f w ater sevsral E rie ,. v a lle y s bsin £ ssy oastw ard ly ths talk havs th o O&lo H o v e r foroed in baa lon g* S cien tists oal Waat, tho T r a a a u r y : I w ill I and w h y ~ i t ro latlcn o considered Tho S s c r s t a r y i r r* tho a l d d l o frien d ly vt po in t, they very fan - It b* Oeorcr# r . tllity D lerterle of tftat f gicn t i J« it d e s i r a b l e .. traveller c u e 4379 T ti* p io n e er do«n the Ohio R iver aa the a i t u r a l lin o of le a s t reslstsfioe, I n fin d in g h ie way « e s t « a r d 9 and th»vs f i r s t t r a l l o of the p io neer were followed by a tra d in g poet be in g located at Fort P i t t , to ulsvllls, at Fo**t H aeer, Ilt c a t c r .e , C i n c i n n a t i , r J O ld Yinoernee* " The sap of thle g la c ia l p erio d ie in b lu e p r in t * form sad le part c f the « eve r *n duv• The early e e t t lln g o f C in c in n a t i V i i reft follo w ed by and b r^e tr oisport tticn in which C lno lnn n ti a p«rt. took lu lt e 3te osbctl og e a e the next etep tc octeeroe over the Ohio R iver* and e t a r t lln g as I t v *y e « e t 9 ju s t n in e years after: Fulton flo a te d the Cl^reont on the Hudeon R iver* the ffXmmmm r Pew O rleans was b u i l t at P it t s b u r g h , and sts a s b o vt t r a f f l o beran w ith le v O rle an s* The p op ulation trends along t h is save Ohic T a l l e y * as is shewn by the s t a t i s t i c s ths D hlted States Government, i n the several oensusee taken ^nd I preeent ths eecend b lu e p r in t in the shaps o f a drawing taken f-ov the 1 0 th C en ou s, Yoluve 1* In vhlch you w il l f i n d that the o e n tsr o f pvpul *t l c * fo r se r e than 1 3 0 years fcaa t r a v e lle d on %ht 39 th tori# di a n . The lo c a tio n e e C in c in n a t i is 3? d e g r e s s , 4 a ln u te s G eorg* Hcrth | 111 titu ie. Just about 35 w llss c' *^ sb ln gte n . west W ash in gton . in gton ; in I r* 1650 i t it 35 was silss In 1690 i t was 40 s l l e s of In In 183C of south ths alas through two a In 1B10 i t abcu| southsaat south 50 s i l s s wsst 1860 i t in west of o f Wash C lark sbu rg. I n 1670 w s at o f C in cin n ati* and In d ia n a, C ity west of 1910 i t it In 1860 was IOC C ln c ln x u ^ tl. In was wa* ths o f Parkersburg. o f C h illlc o th e ,. In 18CC i t tile s 140 a l l s s 35 w l l s s about In was n e a r lo o a bcut ©f p o p u la tio n 19CC i t 40 s i l s s B lo o w ln gtcn . saws Ths is B altim ore. was o f C in c in n a ti. was center of was c5 m i l e s A lso st, ing it it was 4360 &s 17r € # t h e east 18~C 1640 i t was D ie^ t^ rlc B altim ore; C o lu * b u s , at sast As « i r l y a llss sast F. facts rad iu s, I 11ns o f center wa^ksd ths as on said , lsa st along o f Man f a c t u r e , tith is center p a rt wap, but ths arse. W ithin W ith in 300 w l l s s , the down t h s s tm n ew a s and y c u w i l l o f O hio, waking C i n c i n n a t i 39th ^ e r l d l ^ n , resistan cs oow<»r<»d by s t a t i s t i c s , p o p u la tio n , ths and t h s show center, O hio V a l l e y . it fin d not ycu o f C in c in n a ti, 6 ,6 7 6 .5 3 *. W ith in it sees,, is p vs a of can rsa o h on ly g re a tsst sa n u fa c tu rsrs,w lth 100 w i l e s way com bination that fo llo w 3 ,7 9 3 ,1 67 * ths th w ith greatsst an y g i v s n ?>opul t t l c n . O fo rgi 3 0 0 a l i a s , 2 0 98 8 0 f 9 4 S 9 3 0 ,9 0 1 ,5 1 8 . F. 4381 D l«t«rl« W ith in a radius of 4 0 0 a l l a a , W it h in 5 0 0 a l i a s , 4 2 , 9 3 9 , 8 1 2 . <>60 a l i a s , 6 2 ,4 1 5 ,1 0 3 W ith in p s o p ls , Rarly barJtlnf alg ht bs cons ids rod u n l a r Caption 2 , shioh 1 have Ju st s t n t l c a a i , naaoly U t oonfldsnoo oi t a r ps op l a , when aa point out that in 1803 tha Mlaag Export Com pany aas formsd in C i n c i n n a t i , h aving a ao st p s o u lla r purpoee. Xta o h artsr stataa that i t aaa formed • to try to dosolop fa c ilitie s f a r ship ping g o o d * . • Ani lnol Ian t a l l y , a conventional b a n i l s f b u s I n s a s .■ had th res banka to “ f a c i l i t a t e In 1 8 1 4 , C in c in n a t i tha sh ip p in g of g a o l s ,* ana In 1914 C in c in n a ti haa e ig h t n a t io n a l h a n k s , and truat C o n p an lss, and w ith c le a rin g s *to 4a 30 9tats banxs with a o a p it a l o f over $ 1 9 , 0 0 0 , 0 0 0 , I n 1 9 0 0 of $ 7 9 5 , 0 0 0 , 0 0 0 , and in 1 9 1 3 , of $ 1 ,3 * 9 ,0 0 0 ,0 0 0 . Our postal re os Ip ta at t h is p a r t ic u l a r p erio d l a 1 9 0 0 aoro $ 1 , 2 9 1 , 0 0 0 , and in 1 9 1 2 , sore $ 2 , * 2 1 , 0 0 0 . an d a l l of thsoo o t i l l Each • f a c i l i t a t i n g tho s h ip p in g of go o ds9 , a i d i n g tha f a r a s r , ths s i n s r , the san ufao tu ra r , to b r in g h io p ro iu o ts to s s l « 9 and e n a b lin g a l l of thee to pay a l l l l o n s d o lla r s 1st ops ra tin g s x p o n s o e , in c lu d in g a n ass rags » s s k ly of George F . D l e t e r l e . p ay ro ll of a B i l l i o n d o lla r * 4 £8* to aany p e o p le . C in c in n a t i baa withstood U « and 19C7 without any dins e f f e c t s . panice of 1 8 73 * 1B33 O c n t t n m i i v i b a n k in g , ecabins 1 with ths o o rd lal co-operation of ths banks w ith •a o h other through ths e x c e lle n t C ls a r in g Hcuss A e e o a l a t l o * cf C i n c i n n a t i , has s n a b ls d C in c in n a t i to w eather ths etenee -i. ich soss other c i t i e s , ls s s fav o rab ly s i t u a t e d , havs found so rt d i f f i c u l t to overouse. Vo payroll i n ths O ity of C in c in n a t i has ever been d s f a u l t e d , and ths confidence of our people Is great. I alfh t in grsat p a r t , that tbt p e p u la t le n o f C in c in n a t i e o u l t t o of fo r e ig n or born fro a fo r e ig n p a r e n t a g e . They haws ad dad not only a r t i s t i c tenperaaent an d m echanical s k i l l but havs i n s t i l l e d in to C in c in n a t i the s p i r i t th rift. of sconoey and j Savin g d e p o sits and b u il d in g a s s o c ia t io n s and e a t in g s banks havs aads C in c in n a t i a city of h o s e s , Ths Sseretary o f A g r ic u l t u r e : I think i f you w i l l o * i t t h is h i s t o r i c a l part e f your n en eran d u n , H r . D iete r l e : preoal it e lll juet save 1 n ig h t how ever, deeire to m ention the r e la tio n e with the ? o u t h . The e a r ly exchange of pro- ducte with the South b u i l t up ree ip re o al r e la t io n e a lo n g r e e l* Q«ors« r. D i«t«rl« 4383 th* Or«iio * n i tb« K la a lt t lp p l R iv e r a , an4 our s * r o h a n t * , aany the* s t i l l l a b u i i z M i i , a t t r ib u te ssrly t h e ir eucoeee to t h * iajri »ben they took every character o f go«4t to lea O r i e e a * a n l t o l l the a in the aarfce ta • They ore a ted by that d i r e s t oonneotion a n i that buelneas in the S o u th , many f r i e n d ly r e l a t i o n s . T h e ir b u * l n * * * wae c o n fin ed a lo n g the l l n e e o f a s t e r n a v ig a t io n , and i t l e f t s fond le e ire o f g e t t in g sn d o on t r o ll in s so re o f Southern t r a d e , and as s a r ly a s 1 6 3 # * 9 1 * 0 0 0 ,0 0 0 «aa aaoeerihed fo r the b u il d in g of s 11 ree tly eosth rosd to get tho Central Southern trade sn d tae ffcu these tern trade * They eay that on the evening when thst s i1 1 1 on l o l l s r e ass e u b * o r l b * d , | i s ehlah ths e in d s e s they had s grand j u b i l a t i o n in our C ity s t t h s t tine mmrm l i t with thoues nde o f o s n i l * * , snd eo f o r t h . s f< s4 hope, snd ass s o t I t a a * , however, only ~ * s l l * « d # fo r ssny r e a e c n a , u n t i l 1 8 6 9 a hen our — Tk« S io rtU rjr o f A g rla u itu r*: 11X1 y o u n e t Just b ait U w t, P lM kM . M r. D letorle: r e fe r e n c e slnt. You *1 1 1 s i l o * s e , how ever, to ■ * * • aose to th* b u il d in g of t h * Southern B a i l road s t t h l * I t sas c o n p l*t *d a t a n expenae oo v*rs s length of 336 n i l * * from of f 2 3 #0 0 0 #0 0 0 snd C in c in n a t i to Chattanooga — •• o« c r e « ^ "•o r t U r y o r A g ric u ltu re * you omit i t beoauw? r . D le t e r le * I aa n o t it h a a no baa r i n g , 43S4 an m e e t in g that but baeauao a o aro vary f t a i i U r * 1 th i t * M r . D l o t e r ie : | ly fo o lin g Too ara f a m ilia r with tha ra a l g o o d f r io n 4 » that tha Pouth haa T o r tha City o f C in c in n a tiT Tho Soorotary ol A g r ic u lt u r e : Y ea, and a l e c tho indue t r i a l e v o lu tio n that nao taken p la o a . *r. D leterle: fo r many y o a ro . C in c in n a ti haa b e e n a mnmifaotu ring center I t prldee i t e e l f upon the mareeloue growth and by ito fo r e ig n population it haa o id e d o a io n t ie t e and neohanloe to t h ie 6 it y » ao that to-day it oooupioo an im portant poeitlom in many b raro h e e. lo th ie, thooo The point that i *aant to mn*e that tho d i e e r o l f i e * in tere a ta that aro oom prleo* in in d u etrie e w it h in the Vlty of C i n c i n n a t i , oaro f u l l y M M Ida red in D m ehculd bo etudy of thia q u e e t ic n . According to tha a t a t la t lo a ycu w i l l f in 1 that C in o ln n a tl haa many ln d u e t r l e e , aa compared » i t h e t h e r lnduo— t r le o that have a foe o f a large amount, and theoo otory ahloh 1 need not t o l l a t le n g t h , net te b a n effo rt* to any on* or %ny i n * to th* m nj one t o ll a i n aa muoh ao i t ore— lo c a t io n oc.r.f 1 n« i t * l* r g « i r . U r p r l » « » . flguroo that «r* ber» p r e a « n t « 4 an d « • Acocri- th in k that ss Osergs F* thsy are o o n v in a ia g , « 1 U 4365 D leterle any panics which s i g h t oca# o ? t r th# co un try , C in c in n a ti e l l l eu f t m r leee thar. i f ft* In d n e t ric e it ia pan dad ext a in large a a o u i t • Thera it a tab Ia whicfe f o l l o w * in 4»t c c u r e e , which the t o ta l l n l u s t r l t s c f 1 9 1 0 arc g iv e n , •p a c ific lin e s in o c e p iic d in tha Census Rapcrte which show that theee aan u iac tu re e are in item isin g 37 in d u e tr ic e amounting tc | * « 0 , 0 0 0 ,0 0 0 . The Userstary of the T reeeu ry : That ie i n i u a t r i c e alo ne cf C in c in n a t i? M r. D leterle: Be c e l l that the M etrop o litan D i a t r l c t , in c lu d in g that pert of Ham ilton County which la not a cor porate part of C i n e i i u u t i t and a l e c Wewpcrt across the r i v e r , an d the O ity c f Covington across ths r i v e r , ths importance e f theee te e e i t i e e b e in g in euch close proxim ity with C i n c i n n a t i , mad j s c u l l l ik e you to c o n sid e r that the popula t io n c f C in c in n a t i le approxim ately 6 0 0 , 0 0 0 in s te a d of 4 6 3 , 0 0 0 which aae accorded in the oensue of 1 9 1 0 . The Secretary c f the T r e e e u r y : M e tr e p e llt a n D le t r lc t M r. D l e t e r l e : The Secretary Ycu are epeaklmg of the ef C in c in n a t i? Tee. cf M gri c u l t u r e : in i w ith in shat radlm a? Os c r g s Mr. D l t t t r l t : F, Die terle 4 386 Y lt h in a radius of not « i o e « 4 1 n ^ tan w ile s fro m t h is b a ll d in g . You *1 1 1 fin d a table la and 13 ehloh 1 t e a ls * th* lapcrtano* s a d X w i l l n *t r*ad t h e * . there of t h * * * «n pages in i u * t r i e * , Ia conclusion 1 * 1 1 1 *ay that th* O ln o ln n a ti Chaaber of Oowweroe preeent* f o r your ccne l i e r a t i c n # the oaptlone under which theee fao te have b e *a preeen ted to you , n ew cly, Oh l* T a lle y , ban**, the trend of oowweroe 1* through th* th* o o a fld *n o * o f th* p *o p l* in C in c in n a t i ear rec ip ro c a l r e la t io n * with t h * ftouth, and C in c in n a t i a * a w a n a f*c t u r in g center of w*ny d i v e r s i f i e d In d u etrlee. I t had b * * a oar In t e n t io n of p resen tin g theee in p y ra ald f o r a , •a c h cap tio n to be a block of g r a n i t e # a l l •t m c t u r * . oowpletlng th * V* had in ten ded to rest t h is p y r a a ld apon a s o l i d fown 1*t l o n , — de up of t h e ir c a r e fu l o o n e id e r a tio n by your O o aalttee, cee e n ted , a * i t w ere, by your f e e l i n g o f gocd * 1 1 1 . a* * 1 1 1 * l l w l n a t * th* p lo tu r * we have eo b e a u t i f u l l y d raw n , and eloee by o ffe r in g to you our p rayer* that * h a t * v * r your c o n c lu s io n *1 1 1 b* 0 thst you *1 1 1 aa tl*fy a*n y. d l**p p o ln t but f e e , and Me hope that the e l * hundred thousand people a a k ln g ap M etrop o litan C in c in n a t i and t h e ir w i l l lone of fr le n d e South, S t r t h , Eaet and t e s t , * * y bs eusong the waurty ehow yoar O ecrge F. D U t t r l a , C fe »rli§ A . H lnioh We* i f X My file thle etsoraniuB — The Secretary of A f f l o u l t i i n : Ae a m atter ef f a e t , 4 387 We e h a ll read i t e lt h o & r e . 1 have already gone ever i t * Ie e c i t * body c o in * to preeent the d le t r lb u t lc n area? if. D leterle: What d le t r lb u t lo n do you neanT The Seore tary of A g r ic u l t u r e : lu o t e , Of your m anufactured pro* the area of your d le t r lb u t lc n of ycur great bu eln eee boueee? Sr. D leterle: I have an id e a there ie etae wap here ahioh ie t e be eovered by P rofeeao r Hlcfca, bu t I di not go in to that beoauee I fe a re d I eould take your tleee u n n e o t e e a r i l y . Our — n ufao tu red produote go a l l The Seorvtary of A g r ic u lt u r e : over the e o r l d . I nean your d le t r l b u t io n and ab oleeale b c u a e e , , M r. D leterle: They are a le o covered in e t a t l e t l o a l flg u n e e ehioh e l l l be r u m i e h e l you . PTATTWTWT OF OBARLXS A . KIWFCH. The Seoretary of the Truaaury : W i l l you give your n a e e # reeiier.ee ard o c cup atio n. H r . Hi re oh: Charlee A* H ln e e h ; P r ee id en t o f the C in c in n a t i C le a r in g Heume A e e o o la t lu n , and o f the F ifth - T h ird •• C harlaa A. H i n a oh 4388 U t i c n a l Bank* M r. R in to h : At a M a t i n g of tha C in c in n a t i C le a r in g Hcuaa A aaoolaticn haX4 T u a a c U /, Daoeabar 213rd# 1 9 l 3 f tha r a p r a a a n U t i v a a of tha Eigh t W atlcnal Banka u n an lao u aly raaolvad to r ao oaiaand, to th a ir raapactlva in c t i t u t ic n a to aooapt tha taraa and provialona o f tha Fbdaral Raaarva A c t . B a lia v lo g Cinoixanati to ba a l o g ic a l Fadaral Raaarva Bank, A Coaarlttaa of thraa f u l l paaar to a c t , lo c a t io n fo r a *aa a p p o in t e d , • i t * to praaant tha o la ln a c f our O i t y . Tha f i r a t c o n a lla r a t io n of cur C o ealttaa waa tha io n o f a D ia t r io t which »<4ild aa naarly aa p o a a ih l a , ba in harm on j with tha previa ion of tha A c t , rwadlng,- •That tha d ia t r io t a h a ll ba ap p o rtic n ad wfcth dua ragard to tha convanianci and atatcaary oouraa o f b u a l n a a a , and ah a ll not M c e e a a r i l y ba c e t a m i n o u a w ith any S ta te or fit* t e a . " Aa tha raau lt of our d a l i b a r a t i o n a , wa hava out— lin a d a D ia t r io t, purauant to tha aapraaaad wiahaa of your Honorable O a u a lt t a a , O h io , oo nalatlng of tha fo llo w in g Btataas- In d ia n a , l a a t V i r g i n i a , Kentucky and T an n aaa aa. Aa thia D i a t r i o t , w ithout %quaatlcn, w i l l ba a ore than a a lf- a u a t a ln ia g , tha D ia t r io t o cuid with a a fa t y ba a n la r g a d by • • the a liitio n of one C h a r i*# A. B i n s oh or nor* sc o a lltd 4389 Cotton f U t « s » o r parts thereof • Th* 5«orotary of the Treasury: Which, fo r in etan o e, so u lil yon M 2 g « * t ? M r# H insoh: f U 9 or V e il, Secretary Mr. H in soh: b*oau*e eeotio n , o f th* le a l reney aov** *ay a l l ee have Treasury: q u ite loan o f bn ein *** that any Thie lie tric t eent of the How a b o u t the n o r t h e rn *n d through aovee of th* cay, and a down i n great that le a l of o ro p m oving p e r i o d . 184,640 * q u a r * th* that n igh t Ala b ana and O o o r g la and a that o o sp ri*** of any O e c r - M ississip p i? a g o o d na ny a c c o u n t s lu rin g area o f A lab an n and the r o o f , l * l l # p o ssibly e sp e c ia lly great 5 per sh o u ll tli* n o r t h * rn p a r t * Th* be, I *n tire n il**, or country. 1 3 , 1 6 1 , 0 0 0 p o p u l a t i o n ..................................... 13 per o e n t. 1,OOP n a t i o n a l 2,561 Stat* H ank * Bank* , • . • • • , • 1 4 .............................. 13 pe r 984,366,000 C oabined C a p i t a l £ P u r p l u a ..................................... . 1 0 1 ,7 1 6 ,2 3 4 ,0 0 0 flee Th* e *l*o tic n coabined E xh ibits fo llo w in g of the l*p o »it*. A, faot* p* r . . . . , per o*nt o*nt 8 per B and C a t t a c h e ! . **r* d ie trio t:* potent fao to r* in cert. th* cent eni^ •• Cos r i s e A. R lnto H 4390 F l r e t . A ft d t r a l Reserve Bank composed o f only the R a t io n a l flanks In the D i s t r i c t sould be p o s s lb ls h a v in g a : C a p it a l e f ............................................................ f l l . 7 5 8 ,0 0 0 Dsposits e f .......................................................... 4 2 . 5 3 6 . 0 0 0 la sue of F e le r a l Reserve Hetee L .......................................................................2 9 . 3 9 5 . 0 0 0 Loans of ................................................................ 5 7 , 0 4 4 . 0 0 0 T h is dose not include ad lit!octal U. 9 . Autsori ssd toy the Federal Reserve lo t * D eposits In c lu d in g the State Banks of the n i s t r l o t . a Bank sould be poeelble having a t C ap ital e f ............................................................ # 2 3 ,0 6 2 , 0 0 0 Depoeite e f Iisu s .......................................................... e f Fbdsrsl Hessrve Rotee S 6 .S 1 3 .0 0 0 ..................5 7 . 6 5 7 . 0 0 0 Louie e f ................................................................ 1 1 5 . 0 0 0 .0 0 0 In our c k i o u l a t U n e we have not e lim in a t e d the fttate Beaks in e l ig i b l e on account of not h av in g s u f f i c i e n t c a p ita l• an d: su stain in g . o n sdlt. Thle S e c tio n s o u l d . slthout q u e e t io n . be sslf- in c id e n t to the evenly d ie t r lb u t e d lemand fo r lu rin g the eemeral eeasons of the y e a r . 3 rd: It mould be m m ail b a la n c e d d l e t r l c t . on account e f the d iv e r s it y e f a g r i c u l t u r a l p r o d u c t s , w h e a t. C h a r i ee o o rn # Uval A• H ln to h tohaooo, h ea p , « 1 U 4391 eoae ootton a n i 8t«r»«. The ( P e n u r y o f the f m a e u r y : Have you prepared any sap ehloh ehove the ro tatio n of c red it demand in that d i e t r io t ? H r . Hina o h : lath in k we have i t . The Seorotary of the Treaeury: ile&ram m atio; T e e # h ut that le merely 1 mean have you figuroo whioh »o u ld s i * * the lomanle fo r the whole d ie t r io t? H r . H inaoh: l o , not fo r the whole d i e t r i o t . Tho fleoretary o f the T rea eu ry : Could you s e t that t o g e t h e r a n i e e n i i t to ue? H r . Hi no oh: I think ee o a a . Ite production of raw s a te r ia l e , o o a l , o t o ., i r o n , wood, eaootrage a wide and v a ried produotion of a a n u fao tu re d pro duo t o . Vo r o e p e o tfu lly reooaaend and requeet your Honorw •k l * C M M ltU t to 1 o o » t * » Te Xm ral It o M n r t B uU in C i n c i n n a t i , f o r tfco f o i l o n i n * r t a a o n *:le t: Twenty ~Rallroada rad iate from C i n c i n n a t i , S o r t h , S o u th , Seat and V e e t , rendering; i t p ee e lb le to re a oh O ln oim n ati by r a i l from any o ity in the D i e t r i o t , » 1 t h In a m aalaea o f eay ten h o u r e . * H a ll or ourrenoy oan ho oent •• C h arles to or fr o * C in c in n a ti A• 4 393 H in so h In one n ig h t *a run* C in c in n a ti haa tho l is t in c t l c n of h a v in g c o n stru o te i tha C in c in n a t i Southern Railway * *ex ten tin g trcm C in c in n a t i to Chattanooga, a distance (3 3 8 ) M llsa* of Throt Bund rod A Thlrty-<ff ig b t Thio propsrty ia o t i l l osned by tho 8 i t y # and le a s e d to tho 0 . *• 0 . 4 T* P . R a i l s a y , and la tho soot valua ble a s s e t ef our C ity * Our e x c e lle n t telogrepfc and telephone aervioe fa c ilita te s the speedy efcipsent ef o u r m n c y , t r a n e fe r of fun da * and onsdite • and, C in c in n a ti ie o e n te r of population* D is tr ic t the neareet large o lty to the the population o f the M etro p o litan of Clnalnrvati b e in g n ea rly S ix Hundred Thousand (6 0 0 *0 0 0 ). Twenty m il l io n ( a o * 0 0 0 * 0 0 0 ) people reeide * 1 t h in a raJLiue of Three Hundred n l l e e * 3rd* ecu t h e m C in c in n a t i is n e it h e r a n o rth ern n cr a o lt y ; ie located n ear ths border of three great 8tet*»e* U i i o t In d ia n a and Kentouky, 4 th * In the e e t a v iia h s e n t of the 9ub-Trsasury in C in c in n a t i * *the Government rta o g s ise a Uio g e o g rap h ical and e t r a t e g i e a l r e la t io n of ths e lty to t *e d e n s ity sf t io n * aad tea ^ l u s t r i a J L aad a g r ic u lt u r a l a c t i v i t y e f the •• C harles A. «39> R in so h d istric t. 5th. C in c in n a ti la & Rettrvt C ity s n i the oo«ee r o la i o r . ter of ths d ie t riot s e le o ta a by our C o w l t t e e , ysn4 banks lo o atsd i n s u b s t a n t ia lly tvsrp county in tbs d i s t r i c t s a in t a in b u sin ess r e la t io n s with t h is c i t y , many of tbsn have exp ressed in w r it in g a p reference f o r the lo c a t io n o f a Federal Reserve Bank in C i n c i n n a t i , e t a t i n g that the n a tu r a l trend of t b e i r b u e in e e s ie toward thii C lty k The d e t a ile d repecneee w i l l be subm itted in ths c e n t ra l brief* The Secretary e f the T rsae ery : To what exten t have those expreeelone frou banks bse n s o l ic i t e d ? lfr. Winscht whole Mount W ell, 1 think we aektd each bank in t h ie d i e t r l c t to in d ic a te the trend o f t h e i r b u s in e e e , t h e e f currency that they r e q u ir e d , and fro u there they r e c e iv e d it — The Secretary of the T r u M - r y : Have you a copy o f the l e t t e r a id r e e e e d tcthe bankeT M r. B in e c h : Tee, i think we h a v e . I w i l l see that you Set on e. The Sec re tary of the t r e a s u r y : http://fraser.stlouisfed.org/ p r oBank v id inLouis g Federal Reserve of St. You M y F®u put i n a espy o f the in q u i r y put those i n , to g e th e r with tha C h arlco A. K lneo h 4 394 rtply# a n i they nay b« a t U o h t d as an e x h ib i t to ycur testim ony* Mr* Hlmsoh: T h is map w i l l in d lo a ts to your m in i* very q u i c k l y , tho nnmber of the banks and the r s m lfio a t lo a of tho b u e ln s s s of C i n c i n n a t i . P r a c t ic a lly every county in t h is whole d ie t r io t hae a rod dot in i t * aro That in d ic a t e s there one or eore accounts kspt in C in c in n a t i by the banks lo c a te d in that county* Ths knswlsdgs o f ths mssds and o r s d its of ths d i s t r i c t , p rsd io ated upon the cloee personal contact o f tho banks s f C in c in n a t i with th e ir correspondsnte throughout ths t s r r i t o r y , would bs a v a ila b le and of great value to the F e Is ral Hsssrvs Bank, C in c in n a ti i s norm ally an easy monsy n a r k s t , and i t I s ssldsm that any o f the banks in t h is c it y shew s l t h s r a B i l l s Payabls Account or P i l l s R s d ls o c u n t s d . t h is Ths banka of city havs g iv sn a g o d account of them sslvss ths ss vs ral f i n a n c ia l c r is e s luring which have ewopt the c o u n ty , and the dlp o eltlo m , a b i l i t y and courage shown by C in c in n a t i banks in s xtsn d ln g a i d to t h s l r correspondents i n tlm ss of fim a n s ia l s t r e s s , account to largo s x t s n t for t h s lr lo y a lt y to t h is c i t y , and of t h e ir d se lre f o r a c o n tin u a t io n C b&rlta or th# A. B in *o h 4305 relation # which haw# #x i#t#d in thm p a s t . Th# P#crr U r y of th# T r # M u r y : a# that #xpre##ed by Mr. Hew#, not a o tu a lly I a n 91 your b e l i e f the • & # • on that p o i n t , that ycu relieo cu nt or that there ie any in d ir e c t ic re- d ie o o u n t in «? H r . H lneoh: 1 do not b e lie v e there ie any p rac tic e of that hind in th ia c i t y . The S e o m t a r y or the Treaaury: H r . R in ec h : Vo i n i i root re ii# count ingf V o# not to ay knovtdge. Th# bamke c l C in c in n a t i chipped |13,?5> 4, 0 0 0 . 0 0 o u r r .n o / to U io lr o c r n t p e n i t n t * In O h io , In d ia n *, Voot V i r g i n i a , Kentucky a#4 Tenne###e f r o * Auguet to D eo ee^er i n c l u s i v e , in th# year 1 9 0 ? , aoat c f which wae ch ip p ed during th# non the c f October and Voveabe r , p erio d c f the currency p a n ic . Thi the extreme dcee not inolud# cy d e liv e r e d d irec t tc th# repreaentatlvee ourren- c f our correep cn d* •n t e . (See E x h ib it » . ) On January 1 3 , 1914, th# V a tio n al Sanaa c f C in c in n a t i h a l depoelta from e th er bmnke o f # 3 1 , 5 0 1 , 4 1 3 . 0 0 to the bank# lo c a t e d in th le d l e t r l c t . lue la r g e ly C h arlt* A. The ° * o r » U r y H ln so h . of tho Treaeu ry : 4 396 That lo S U t o eund n a t ic n o l of c o u r s e . H r . H lneoh: Theee Too. lo pool to a n tho rooult of y e a r * o f poroonal e f f o r t , and alt ee a t t e n t io n to the into roeto o f t h e ir pat rone a n i not 4ae to the e x te n o iw i o f abnormal terse in an e f f c r t to a t t r a c t balan ce* from t h e ir le g itim a te nth. oh an nelo • The oamoinel reeourcee of the Wotlonml BarUo of O inein m ati are the larg e e t o f any oity in tho propoee 4 dletrlct. They bad on January 1 3 , C a p i t a l , Smrplu* of 1914: .................................................... # 2 3 , 1 6 4 , 0 0 0 Do pool to t f . « ............. ............ ............................. .. 75 , 9 0 0 , 0 0 0 The N atio nal end State banlte combined h a d : C a p i t a l , Surpluo * F ro flto o f ..................# 3 4 , 9 3 3 , 0 0 0 Do poo 1 to o f .......................................................... (« •• 1 3 5 ,3 1 4 ,6 0 0 Kxtolbit K . ) The C lea rin g Hcuee banio of C in c in n a ti tore recently a l l o t t e d $ 1 , 5 0 0 , 0 0 0 . 0 0 crop moving money by the Honorable Secretary of the T re a e u ry . *e waived our righto to oaao, av a ila b le Th le thu» Am eo d id not meed i t , rendering the funAe to other eeotlcm e. ie a fu r th e r ev id en c e cf the etablllty of thle eo C harleo A. fU aeo h 4397 d ie trio t. Th* * h i p « * n t of « ir r *n o y by th* bank a of C U io ln n ati to t h a i r oorrtipuivU ntt ia tha p r o p o M l d ie t r io t t e r i & g tha y e a r 1911 amounted to $ 4 5 , 0 0 0 , 0 0 0 . 0 0 , acid J u r i a * tha aaaa [ p a r i a d , laaaa ta eorruepaadaata aara exten ded a t r t a s m a b l c r a t a a , l a ha ra any « i U tha b alan ce* m a in t a in e d • Tha Bearetary of tho Treaeury j a b lo I I lo jroa a* an by rtmaon- ratooT H r . H iaao h : th ia What per l a d . Z would aay along about f i v « par ooat t n r ia i I t haa baaa pretty t i g h t , ycu k n e e . In tha exofcange operation* between tha la r g a aon«y o a n t a r t , exohange rataa la this C ity aro aot eubjeot to v lo le a t f l u o t u a t l c a a , aad exohange la fu r a ia h a d to eorreepoad-* aata praotlefclly at par a t a l l aatacna « f tha y e a r . 7th. la r g a a t Tho baak ol o a rin g a of C in c in n a ti aro tha ia tho d i a t r i o t , tho to ta l for tho y o ar b ein g $ 1 1 9 ,4 3 3 ,0 0 0 .0 0 (Boo E x h ib it G .) Tho 8oorotary of tho yreaeuryt Oa that polat o f baaa ol e a r I n g e , aa f i a d ao auoh a r t i f i c i a l i t y o lo a ria g a , we lik e la thoao baak to got eee* ocaparlecn* aa a a l l aa aoaa in f ora* ti oa abuut thoa* Bow plaooo thoy aa o a t o bo very l a r g e l y a r t i f i c i a l , aad i a eeae o lt le e they aro a la o o t « h o t l y • • C h arles A. H *n sch • o f and then a g a in they uaea d iffe r e n t 4396 a y *te a in every c it y f o r bank c le a r in g * There are w h ile ycu nay state th* anount t h e r e , *e co uld l ik e a t the ease tin e , d u p licatio ns of ite ae * eo that to have ycu give ua an id ea of hoe they are a a d * up. M r. Rina oh: The e ettle a e n t here ia la r g e ly i n c a s h . O c c a s io n a lly I euppoee a oank not n eeding the money, a l^ h t p o s s ib ly carry over the oredit u n t i l tho fo llo w in g day, but the large banke here have euch a demand upon then fr o a th ie g r e a t a r e a fo r orop novlng noney and fo r shipments of ournnoy fo r varlcai* purpoeee, that they nuet oi neoeeeary o o lle o t the o r e d it ite n e to supply th«in eitfc the n eoeeeary noney to supply t h e ir correep on dente. That is la r g e ly I t s c u ld be somefchat d i f f i o u l t to get a l l th a t o a s s . usee. true. the exaot fa c t s Faoh bank eould have to t e e t i f y to t h e i r own I t n ig h t be in t e r e s t in g to oonpare t h e e e . C i n c i n n a t i , l l o , 0 0 0 , 0 0 0 ; C lev ela n d — The Secretary o f the T r e a s u r y : I f you sho uld state the b a e i s upon which each C ity c l e a r s , we e o u ld l i s t s n to i t , otherw ise i t is not worth w h i l e . MMMN M r. H in so h: 6th. T h is is sin p ly taken from B r a d s t r e e t s . V Ith ths oo np letlo n by ths Government and http://fraser.stlouisfed.org/ of the e e r ie s of lo c k s /d a n s now under c o n etru o tlo n Federal Reserve Bank of St. Louis in ee in C h arles A. H in eo h 4399 M e Ohio R iv e r , C in c in n a ti s i l l enjoy a n ln s foot stags o f e a te r the year round, f r o * Pittsburgh to ths O u lf o f M exico , thus in s u r in g the loeeet poeelble tra n sp o rtatio n rates f o r all of the Ohio T a l l e y . , (S e e E x h ib it H ) . © th. The In te rn a l Revenue C o lls o tio n e o f thle d i s t r i c t amounted la e t year to # 1 0 , 1 0 2 , 6 4 6 . O O . lO th. The Poet—O ffic e of C in c in n a t i ie one of the moet important in the country, our r e c e ip ts having in c r s a e e d in 1 9 0 0 from # 1 , 3 4 1 , 0 0 0 . 0 0 / to # 3 , 7 1 5 , 0 0 0 . 0 0 0 in 1 9 1 3 . Unit r the provleione o f the V re e la n d A 14 rich B i l l , the C le a r in g House banks of C in c in n a t i formed The n a t io n a l Currency A eeo o iatlo n of C i n c i n n a t i , om bracing: 11 Countiee in O h io , 5 Countiee in Eentuoky, 3 Countiee in In d ia n a . - A t o t a l memberehlp of 37 b a n k e , the la r g e e t memberehlp in the country un der the A c t , w ith combined c a p it a l and eurplue of # 3 6 ,6 3 4 ,0 0 0 .0 0 «e havs sv sry c cnfld sn os in our a b i l i t y to prove our c a e e , and tru st that ehen a llt h e fa c t e an d ev id en ce are p r s s s n t s d to y o u , your v s r d lc t e i l l bs fa v o r a b le to ue C harles T o r the eetabllehm ent A. 4400 K ln»oh o f a Federal Reeerve Bank In C i n c in n a t i * Tho Secretary of tha Treeeury : You nay f i l e that In t r i p lic a t e « it h the reporter^ Hr* H ineoh: I w i l l . y e*. The Secretary of the Treaeu ry : j. . . . Take the t e r r it o r y of Worth- • “ “ trade a n 4 hanking rela tio n e eculd he very Intim ate e lt h C h ic a g o , e o u l i they notT lfr. H in eo h : H a t u r a lly # The Secretary of the T r ta e u r y : Hoe nuoh of that t e r r it o r y e c u ld you eay should go to Chicago^ I f a hank ehould be lo c a ted there? H r . H in eoh : W ell, I ehould eay probably one t h i r d . The Seoretary o f the T rea eu ry : H r . H lhech: A t h ir d of It ? One t h i r l of the S t a t e . The Secretary of the g re a e u r y : What about In d la n o p lle ltelef? H r . H in eoh : W ell, they do a g reat leal e f bu eln eee e l t h C h ic a g o , and they lo a great le a l e l t h C i n c i n n a t i . The S ecretary o f the T r e a e u r y : H r . H ineoh: The Seoretary Where do they do I t uoet? * n lcu b ted ly C h ic a g o . of the Treaeury: If that e h o u ld be true. *ldC C h a ri# * out out/th and ycu tric t, wrrulu w a A* F i n n eh 4401 t ,a r t ana t&Jcs I r . a i a n a p e l i e tJai j & r t tea h mm i n c h ©i‘ tha state north rtduotion i n tha ef cut cf U ut In d ia n a p c lls, cap ital cf the d is Ih m ^ropoved bank? Mr* H if ja h i I hftvt net Ths 9soret* ry « f (A t th is crt t h o s e f 1m re«. ths Treas- ryi Take W sstsrn C^nttcky* point «t sap was jr c ^ a o e d ), Ths 9 i « r e t a i 7 e f the T rea su ry : T h is nap w i l l m l t our ^ u r » pose. If it is f u r r l i h s d . Mr* Blnsshs T e a , Cp h you fu r n is h It In t r i p l i c a t e ? I s i f h t say that ths tctal for I n d 1 » r a is • * 1 , 0 0 0 , 0C0 c a p it a l sad e u r p l s i a n d # 3 5 6 ,0 0 0 ,0 0 0 d e p o s i t s , t h st is ef ths M s tin a a l ana Stats Banks, a n d I w m l d fo r armaments s a k s , more lx d e t a i l , say h a l f ef I t , or t h a t map w i l l i f ycu ~aro to femws i t Tbe ?«o rs ta r r c f A fr ir u lt ^ r o t & 2 , S C C , 000 on ths H & t i m l M * 11 n se h : T h t t is t i l . assume nte it t h a t way* I t w euld bs t a k in g o f f abcst Banks* In Ir.airn a, Ju st ths I! U c n 1 Banks alerts h &?s # 4 0 ,0 0 0 , 0 0 0 c&pltr.l tna s u r p lu s . Ths Secretary c f A * ^ 1 culturex T e s , I say It would t&ks o f f ab cut $ 3 , 5 0 0 * 0 0 0 . H r. h in so h : T s s . The S ecretary c f ths Treaeury* Taka ^ a s t e r n Xsntucky and ▼s stern Tsr.nes^oe , all e f which is ir eluded i n tho f i s u r a s *161 Charles A* Hintoh w hioh ycu hart it t b n iiiid t a U r ^ i doubtedly b »?e tore 4402 part o f those M e t l c n t u n lntlaeatfi trade r e la t io n s w it h M M e th er p la o s . llr. Hli fschj I r h W 'U I r o b f M y P ttp h lO ! eay Piutuoah would **o to S t . but I Lo u is ond tblnlr ths btZcr.cc of ths t o r r it c r y roc I d vsry ir o p s r ly be in cluded in our d i s t r i c t * *" r • i c r s 'U r y cl* t *e Treas^ r y : » how r.beut L o u is v i l l s T Wo had trrlf.er.rs f r t a sosc s t r c n r poo p is to bs fto m w o tU w it h S t . ?2 c l o * . thrt they p r c fo r r o i I Lo uis crnd |& t ia t > a f 4 a s a asfrcaad What is your ▼Ssrw e)>cut th a t, as tc trhsrs I r u i t r l l U sho uld err® proparly bo plaoed In ths a r r « jn ^ a t B t of a &ls-» trirtf W r. Rlnssh* 1 N l l f i t would ac ast to ras they ; r e p s r ly b e lo n g i n our d ls ^ .fie t , that I s , ia ths d ls t r i <rt w i h«T*> d o se r lb s d h o r s „ w hether C in c in n a t i were ths lo c a tio n f o r U w Rse.srws S n k or n e t . bsoauoe in a s iy wnys tho b u s ln o ** o f tho C it y I s s im il a r , ws b o *rw se oleee to tho tobasoe w id h w p «rcw*- i n * MftMriB* s f tho so s t a t e s , *o th^t ths o f th s lr putrfr.i should to o o & s ld s r e d , ml :*? c r n w n t o n t fo r tbe» to *ots S t . I ' lia rs \t W fs ld L n il». Tbs Seerotsnr of th« Tro^r ry: I nr ti *50 y**u colt South- alM C hurls a A . ^ a a t V ir g l n l frcw Hlnctoh this t e r r it o r y . 4403 Tour r e la tio n s w it h Southwest Ylrerlnla arc not intieiste? Mr. Hlr.echs Very lntifFC.te9 wiu I they w i l l heormw ■•re se wh*n the C . C. A 0 . R n ilr c a d is b l i t u p thrcwrti that sectio n* Ths Secretary o f the T r s n s u r y * On the ether fc**»d# you have lxteludso northern V eet V i r g i n i a ? Hr. H in e o h * Tee, T^s Sseretary sir* of the Treasury* TJ.e t sstlm cny w h ic h was subm itted i f ths CcfK*itt*s at f k s h l n f t a i from f h e s l i & f a&d sous eth er p c r iio a s c f th»t d i s t r i c t , was tc ths e f f e e l that! they j r e fe r re d tc be attached to a d i s t r i c t of w h ich P i t t s burg wwa a p a r t , way than l s t t 9 thr t their r e la t io n s are mors intim ate thrtj m u cust i-ary w u r u it would dc the le a s t vitltr.oc r f bueine s s • k r . Hirisohi T e a , that Is t r u e • Ths S s e r e t a r y o f the T r e a s u r y ! Ton dc n o t cr "Tseier Paa*nsy 1 v < n i a Hr* H lnachs us, in tl.la Pi ttafcmi v i t as I T , may jart ia fttmmr tl y j t h there ia a w ary bet^ear. P i t t f K r r r»n d C l n e l w m t l * Ths Secretary c f ths Treasury^ in c lu d e air;J l e t ? X c 9 they haws ▼cry l i t t l e e x ^ e f t , « T cm uroe, lar^a s v ^ h e a m tc t h e ir Crn you rir* u s any f i <cmree al+* C h a r i® * A. H in s o h . 4404 • b o w l n r that? W r. I qo net b e I I e r r * we h a w * Th# S e c r e t a r y cf the Treasury* ani M nsohi prepare Mr. ee we Hlnachz ii Can y c u <sn t h a t prepared. In w e etl•ate that ^elnt? ] We c ^ n . Th# S e c r e t a r y p ro fits fl«u rco an y cf the Section TroRRurys 13, pa*e 14, The F e d e r a l Reeerre Act aaamr e th e r thin<*& , tha re lie v in g * •Upon the w ith a ^ a lr e r .M y ?eaert*l b ill* ©f inh ere:w en t d^R «ad9 n o tic e r**erw e of exchan** th* t i#«u *^ Ar'iwn f o r d e l or purpe***, are to ie, or be u e e a , Board t o hawe aoter ef th e the prooeod* fo r noh r i^ t te m rtir by ef - r h l c h haw: pur* c w « , ' the fo r b*nk, are f t * , in ciu e tri^ l, or *uch m ~ ccrm *r~i' 1 t r a n - and b i l l * determ in e btnkt9 «M fcane* or o c «ii> been u e e a , Fe . e n l u efin e Bctcnre the d ie count, ohar» w ltK ln th# A c t.* r#ad. C in cin n ati C l t a r l n f H uee •us p l y O oourltt*# a t ef of tteue i l l ^ l b U 2 w i l l not th# ef actual anxi c u lt u r a l, the ite an d p r e t e s t d raft#, Mem t h e r e a r e * c a # http://fraser.stlouisfed.org/ 1Louis 5 th Federal Reserve live Bank of St. ef ne t e a , cut note*, paper th ia any bank way a rle lle •actlcn #; cr ef B ar eh. But w* If p ro w l*** eh euld that rela tl? f lilt* to a d d r o e e q^*^ SI on , ana a r k ycur e a r lie s t p c se ib l*, tc w ith th a t w hich to yru ~4t*w «nl*no*, a br i - f th# to *ay by c f isowcrandu* *1*4 C h arlce A . c u b je e t , glrlr f us ycur ldeac e f whet would be tfee proper A a f l n i t l o e e f ccttseerelal paper * i t M n let, 4406 H in ^o h the a e e n i r f e f thie end alee d e sc rib e tc the Crcatlt tee any paper p e c u lia r to th ie r e r l e n f end what i t n e a n e , ejna what lt e character— letlo e are, Mr. Klneahs T e e , The Secretary c f the T r e t m r y s u ic a t c by *v’ - «e«tion, And a le e I f you w i l l the f«rms ef nr tee W w in— b l l l e e f ex— rhftnae w* le h yen think can be p rrp crly u ec d by the F e d e ra l reeerwe br*nke ana their branches the Gt«atber b a n k * ,w i t h a view tc • U n 4 a r l t l A K f ec f a r ae p c e « l b l e , cf th*tp funrtior.* trade, Mr. Rlnechs T e e , Tlic Secretary e f the Treaeury* Or. | » w tic n 1 6 , I t ____ 10 c f the A c t , Sec- le prewlded that r •The F ederal B taarv e Beard a h a ll make ~iul proem 1 *a te from tlee te tine r e e i l m t l m t funde and chargee thedr frvcrrir.w the tra n sfe r e f therefo r s s c n r F e d e ra l reeerwe brnka ana brM M lec, « d » * y a t i t e de- roticn e x e r c is e the fun — Tal c tle n « e f a i l e n r i n r h uee f c r evch f e d e r a l reeerwe b**nke, cr nay d e sg ln ste a f d e r a l r s M m functlcrJi, anu m y b*n% te exor-iee euch r it e re ^»lre ce -h mieh ban* tc e x e r o lc c the fto&etlCM c f a cle r i n f hcuee f c r lt e M K b e r b nks. • *166 Cfcj r i c e C X t a r a f Hc v m of fun ds as Isiv e tn p a rtiru la rly alac m •fftetn P ti of tho Rlttech s Thot y f « p o e*lb le * Mr* H in *ch: The Secretary th i* *t m it t o i •rra Ui-ra boot n a r b it o r y of tho titd Aot In w hich ycv tc tc roopoet H rs Tea; or tran o fo r ^r&r«^bes9 *u ***ao t,a»d «*c lry tc ♦ h o i r br*nrrhee end * r n t us fo r th *ir the ill to '■ylof-ranoe nmmbwr b t r > r . # la tart by tho 1 5 t h © f Kr.reh th/*t, Federal dram by a Fe<ior unda tc rttorvo or -xeh w ifs lo *n e th e r bonk o b a l l frco upon any o f 1 rooorwo th* Incurred rid tc f r e v inter* bank, re o a lv * F«> o r a l lto roeorvo d ep csiters, cha ' k* anc an y e t l s e r F e d e r a l He o m e ra -it p ro h ibitin g a exp n e e There ntus mo ►or br nfc* r r aotual bar.Vs d istrict b^.nk o r member W . k , or tc s&ke th* tho T r e a e n r y t I d rtfta o ottf* true d a o • retenr* a M ftor^du s toy ftjny d o p e s ! ".or i n rl cK- r th o T r e a s u r y * cf Act v h lo sni 44C6 feh Te«* par r m hook* cf F ile •XV« ry it bo ^ur*c*« Tho f l o o r * V a r y in rith ln »o »ld Hi proper Ftosrtl rtbookff b o two a n b r n > * Kr* If thi th« M o ra t c whf t tc A* of s* id lr, m e l l o o t s r , sr enu i to p a lm s* bank wu or rhoc drawn ember ir* cu rtain ed -em ber bank f r e e r *; a irafts depo eitcr H ft h lr * * b o ra in on d e f o « - ret* a ha 11 bo o h are ln r it a re a l ttir.^ T b s Forte r s l fu n d -, Reserve &XM C h a r i# ® eh' 1 1 , W r by r u lo , H ir««h th# cht r^e t tr be o c lle c te a by the — ^u ik t f r « * it s petrcne whose ohcsks art e lt & r t d thrcu*£i he 9 » 4 « n l fer fix A. rtterrc tbi u n r i o s b*n> and the ohnr^D which nay be 1 apeaea e f e l e a r l c f cr c o lle c tio n rendere<i by th# f»4«r 1 re te m b a n k .* ' The t ^ h e l # s u b je c t ie r e l a t e d and I n t e r —r«l-*tea# nud i f yets * 1 1 1 e c n e iie r the whole problm i ae pre ren ted by theee twe e l- v e e e , a&ii tni ^r^rtlOK*, M r. W th* C e n r lt t e e ^ 1 1 1 be ^ln 4 t^ r e c e iv e Vie a . eeh* T e e . T* e S e c r e t r r y Mr* \ibrlt wsy riewc ycu h*re|pu th a t r o b j e c t cf the Treasuryx f t w i l l be f l l * Th^rk veo K l r .f d u nTtm cnrr a * t . The Sacreti^ry H r*A R D e. the Tre?*u ry i W ill you etate yrur r* uae, r e e lie n e e tr*.i occupation* Mr* B le a r te t M* t . C iu a , T -. Kdv«re<| P r t e l t e i t f the Bualneee Mon* 4 C li. 5 i r jM t l . *«cr«tarr ■r. M n r t e l hri »sU , ef t>M T r « R « * n r r * Tc ®*y M r. S t m t e r y i I ' t X teuU lik e , rc o ««i. U r a l t m t * «tet! tc f l l o t h l » > r l « f * l t h *13T T. f, 4408 Edvards your S e c r e ta r y , and e booklet her* d e s c r i b i n g Cine lime tl and glvir«v irto fa o tt o m e t m i r .? i t , •h o e that C lr c ln n e t i i t end I w culd l i k e tha l a H c ^ l C i t y , ■ere p la y in g o a ria thwr. roay c ity In * » a a trs b e t t l e e , te e a y , te that we « ? x u f a e t u r « the w e r l d , eor* ^ h ie key axu ucra j a i l n . The Secretary ef the Treaeury* are l i q u i d ae ee te*? We heard m m except ae tc the play in 7 c r^«** l a t i n g te tha **istribu t i m It lo your view that thoee e le d la r cl 1b frets. L c u i t v l U e Hrve you any *iata there re ef ceesfcditlea thrcu cut th ie d i s t r i c t , to an * fr < e C ln e im sa tif Mr* .t4irarda! S o , except aa to our d iv e r a i f le d ^a a m fa c t u r in g oetfc bllefcaw tet T!.e Seorotary c f the Trsaecry* How about y ^u r t e r ? a n t i l e • ftt^ll Ur. hR fR tSt Edward el We have aoee three thcua^nd f a c t e r i e e , and I w cu ld Judae ae aany m r r j atrcar.tile e a t r b lle h n e & t e * T^t Secretary of tha T rea eu ry : Hew th e cner c l l t y d l * t r l b u t l e n fr e e both of th©ee seu ro ei t h r o u ^ e u t the aphere of C in c in n a t i If thie d i a t r i o t , trcde in flu e n c e wcula be c f value* you hav 1 not auch d a t a , ths C cunlttee w i l l receiv e i t you v i l l prepare i t aa&u fcrwiMra i t te Wrehlr^tor^* the el t ie * we have had ooapealte rap e sh o v in g If Ir* eeaa o f alt* H* D. 4409 Sdwarde presented t h e v i n f the ip h tr t of trade In flu e n c e ef thcee ol In e fwLe-ew«y e t y l e , d in ir ls h ln £ # ef ^ c u r e e , ee yeu ®*t fu rth e r w a y c en ter, uiu thoe« nape -cula be e f fr o m the r l « e 9 aiu i f yeu 5 mi Id supply them, we shcmld like t « have t h f lit H r . Euv&rdst I think we ecula* Tne Seoretary o f the Treaeurys Hay we le e k f e r that by the 15 th e f H arsh , eay at the outside? Hr* Edwarus* T*»«* T>ie Secretary e f the Troi- uryx Haye ycu a n y t h in ? a le e you earc Hr. tc e o b r it ? tdvmriai I c t M r r furV-ser* The 8eeretary o f the T rea eu ry : f t r e f e r to J e b b ln r h c u s e e , e f eouree* T at le a wery reed Index* Hr. Edward** J o b b in g r a th e r than mrmuf a*~turlng? T..c Seoretary e f thi Treaeury* B e th , h u t I eay J e b b in ^ ae w ell ae r e t a i l h u»#e* H r .M m r i e : ( 8 t r t rne nt X w ieh to f i l e a statem ent, r h ie h le ae fc lle w e a file d )* F o r c e fu l Facte* fU n elu ia U i^ the lar^e o ity to the center c f * population* * 1 « W. B. Edwards Canter or the s a r k c t , 44 1C b e in g w it h in E4 hcuru or 7 6 9GOC,OOC people* U n i tod I U U t # » i t h M t r o p e l i U ^ popula t i o n , M i t r U l n f to tho U U i t census b u lle t in o^ 5 6 3 ,3 0 4 . More f r u i t e end varetrb loe are ehippea t r*^urh tbe C in c in n a t i f il e v t y than to *ny eth er » r r k # t t exoej^tinf only Bow Yo rk. ■»e a greater v a r ie t y o f f a c t o r ie s th- n *«ny e th er c it y in tho e c w t r y . Center of the lart’eet s o ft eoal p r e d n e in f f i e l d s in tho w o r ld . Bee the lare o e t trap facto ry in the world* l e r u f tho world in a » ? h lr e the e am ife ctu re etnd m lity of t c c le . Ranke f i r s t a ls o in the i&anufaoture c f a c i d s , caeea, fio lu m e i e a l in stru m en ts, p r i r t i n r in k s , beck— lau rary saoh in-rry . L e a d i n * market in tho country fo r modius*-prlewd ole thin m. Tie l r r ^ i s t center of heurdwocu lumber i n ti e w o r ld . Loads eeeM nery. the w orld in tho arnnuf a ^txirn of weed—*rorkin* 1* *411 Klsards* H* s t h s l a r g e s t a n l ex at cob.* l e t e b o t t le factory I n t he w o rld * Leads the w o rl d Ar. the u ^ n u f a c t u r e o f Ar i s e n and omsui*set %1 i r o n * Has the l a r g e s t f a s t e r ? i n the w o r l d devote d exclusively b e to ti e a M r u f a c t u r e o f w a s t i n g saaahinee* the l a r g e e t o f f l o e f u r n i t u r e f a c t o r y i n the wo rl d/ Hae t he l a r ; e * t tan ne ry w n i s r cne r c o f I n the w c r l i . Has the l a r g e e t l e a t h e r s u p p l y h o u s e , the l a r g e e t harness fa c to ry . Ha* t h s l a r g e s t trunk f a c t o r y i n t h s U r . i t s i S t a t e a . C i n c i n n a t i o o n u f a c t u r e e more p l a y i n g c a r *e than any c i t y i n the w o rl d * Hank* t h i r d i n the man ufacture o f e l e c t r i c a l It i e a r a ^ i i l y crowing a u t c a o b il e mlc' iner^ f a c t o r y ce nt o r , Ban te t h i r d i n the a a n u f a c t u r e o f • T a i l o r to the clothing* Gre f t e s t : i t o g ra p M sig © e n t er i n the U n i t e d S t a t e s * F i r s t and l a r g e e t o o ^ p r e e s s d y e a s t f a c t c r y i n t h s U n its I S t . t e i . Has ths l r r g e e t p ian o f a c t o r y i n t h s Ui i l e T e e t * Le**de i n the e x p o r t o f a p w c l a l p i a n o s b u i l t f o r tropical ir . . 44l£ . © f *r scuntriss. Banks eee uni in ths irctacrtion or soaem'a cloaks and a s n 's caps* I s s Isalirg shoe waruf&cturing centsr. Thiri ia ths M n u f Jturint of Jewelry. Barks t M r l in ths manufacture of atrset c^rs. in ths ^re luction cf cigar hexes* Csntsr of the grestsst carriage *rciueing U stric t ir ths covrtry. Largest iatributing csrtsr for whiskey In ths w crlU STA Tam rr o r F R r ^ R ic x c . Ths *scretary sf ths Trsasury* h ic k s . F ill ycu stats your name, rsaiJjnce sa4 occupation. Ur* Hicko: Frelerick C. Hicks, Italy -rjity of Cincinnati* T ’S eecret ry «f ths Treasury* Ur. 3lcks: Stats what chair you occupy* Ths Chair of Economics. • Ths Sscrstary cf ths Traaaury: I f you s ill bs good sncugh to give us any new light you can cn V i s subjsct, aye i ling repettit cn of ths facts which have slrsedy been prssentsl* as far as *ractioabls, we scull bs glal to hsar frofc you* Ur. H ickss I a c c e p t s ! th s i n v i t a t i o n o f t h s Ccajulttss to Frederick C . R i e k a . Af 441J appear before you, largely because I have bad the privilege ef working with them in selecting thle material, and I would like to get any adHttional light that you nay have to &lwe ae to what further arterial you deelre* I ^ave been li etening to vlat you have haA to eay, and X wculd like to know ae to the length of time that we could get up &nyV%img of that eort* Of course ^ work in connection with tl le Feteral bank oattar has been the getting together of tM.e data, and X understood frost the states ante that ycu gentle men nade in Chloage, that you were to read this feta. I t it wee not too voltsalvv cue, and X have asau&ed that part of thle argument that I had to offer would probably be offered to you through that brief* The Seoretary ef the Treeeury: theee figures. We shall of course, analyse It ie impossible to give then very serious conei foration when they are read and thrown at you in volume ae we get them at theee hearlnge, but we shall, of course, eeneider thoee things wary earefully* Mr* Hicks: Ir preparing this brief, you gentlemen have asked some questions here as to the industries and magnitude of the busineee at Cincinnati it *e2f« In sorkin?; up our brief, we have laid special etreee on the question ef the eervice which C i n c i n n a t i oculd renter to the surrounding If F relerick C . H ic k s . 4414# territory rather than u^on tha extant of ita own intuetry* For instanoe, Z think I hare only a ccuple of pagee own brief aa to the extent of Cincinnati1* own ln1ustry# and ^LLite a goo! de*l aa to the fao ilitiea for coueaunicatis* between Cincinnati end the surrounding country, trane^ortati on and the ooesaml cation and the varicue evidoncea that go to ehow that Cincinnati wculd be a nom al center of a 11 strict, i f auoh a lietriot aa thia were established* I I think perhaps I ought to aay with reference to the boundary ef this lietriot, aa it ie out 1ire 1 on the c j^ f j that the data we have gathered here haa been practically ef necessity, or at leaat ccuch of i t , gather el on the baaie ' of 8tate linee, inn—aish aa it was not possible to get much of it on the basis of County lin e s, an I so theee ttrpe have been drawn to include all af theee counties, not signifying that the Cosaittee believed the tlstrict to be I Just the bounlariee of theee atatee, but rather aa showing the area of the etatistioe and figure® thrt ?/e have *,i/en. X think you gentlsaen have raked with reference to expressions of choice. i when We started to eolleet th&t iata we receive* fron your organisation in Washington a r e v e s t to etate first, sec on! and third ehoioee, and *re 4415 T r **' erlok C* H l c k e . have not f i M i i that eny further* is far aa « t went, It wee vary favorable to Cincinnati, but still it was inco&^lete, ani ao a i r ou£h wo prepared what are had, aa it was lncct^lete* •t lit not think it was a fair «ho«iR| of tho statu* of Cincinnati ao compare! wi th tHo other plaoee in thia iiotriet. Tho Socrotary of tho Troaoury: 111 procool, tho To tho extant to whlah you Co&edttoo will receive the inquiry and tho j ro^lioo aa aa exhibit to your teatiaevgr* Ur. Hicks: I will M i a a Mfcoraniyua of it , ani see th&t you * • * it , Vow ycu have aake* fcr the intrlbutloe of oooBoditlee. I f 1 uvtleretnnd i t , ycu wish tc know the epeoifio oeirketa in which specific cocs&iolitiee &ot le that the lleaT Ve oan give ycu — I have, for instance in the b r ie f, a statement of the total saova&ent of coa**«oll tlee from Cincinnati ae a distributing center* The 8*or*t’U"y of Agricultures IXo, that is net what ere had in &lnd when we asked the ^ue^ticn. Take this thing* •« for instance* One of the great hardware hcuaes in one of the cltlee we v iiite d , gave us its relume ef buelneee over the entire country with the percentage in raricue statee, ah owin* ite natural trale area* That wae lone fcr Half a of the lar ;eet badlnes* heuee* in that city. In O ioago if Tr? **rtek C. HioXa. they 0 1 !e as up a 001*. col to u p y ae well aa an in 11vi dual aa^ on tha aafl&a baale. Thoee k ()i ehow pretty ol early what tha oity9* tr&le area le , especially I f you giro it in percentage for vnricue eta tea* U r . Hiokai &&y I aek ahether a tap of that eort la bom * thine a-long the lin e ycu deeire ( i n H e ting). That ahcwa the coal trade. The Seoretary of A&rloulture: The Secretary of the Treaeury: Tee* Tee, eacept I f you wculd give the peroontaiM in the different etatee, it would he better* Mr* Hi oka: Tea, that we wcu** ei T# i n the brief. But I h a n prepared eocae dnta of that kind, and you would like rathe4 complete d*»ta on the subject of the oove&ent of theee tie*? The Secretary of the Treasury: Hr* Sdwarde: The principal U tie e , How long a ti*>.e will we bf?eT The Secretary of the Treaeury: Until the 15th of March, we coul i receive it up to that date* The Seoretary of Agriculture: We Would like to have it earlier* i f . oeelble* T h e S e c r e t a r y o f the T r e a e u r y : be the feaxjUeaa* If 5* 3*1 b l e , bu t that w ould if Mr. Hi oka: 4417 F r e d e r io k C . H lc k a You arcull suggest that file nhat ire hnv# aow, an 1 Tile t vat ma #Ui>pl#MRtal* Th# Secretary of Agriculture: Wall, I ic not think ycu will find it ae d iffic u lt, because each of ycur big he usee *h# hare t • lata will h&T# it now* TH# Secretary of th# Treasury; Each of the big ®anufactuf^ inf and jobbing hcuae# can *u, , iy that Tory quickly. Hr. !Iick*>: Tou hare asked fcr thia arterial in t r i p l e #aM Th# Secretary of the Treaaury: triplicate. Mr. Hicks: Tea. W# prefer it in / How far wculd ycu dealre ua to go? For ix>- st&a##, we haw# prepared son# rather lar e sapt like that one back of you — Th# Secretary of th# Treasury: Tou need not have that nap in triplicate or th# large nap#, but th# atnall exhibits which aacoH^any your j*#K2cranduBi or brief, we lealr#to have thoa# in trlpli oata. Ur. Hick*: Cart.a.en , u n l t M you h»T« »<a&sthlng you wi«h to aek » # s p e c i f i c a l l y , I think, the time of Cincinnati can better b# taken by theee other g#ntlee«#n. T h e S # o r *t a r y o f the T rea a u ry * T h at l e a l l , Hoe j anycn# •1 s t !a»lri to be htsTcl fros Cincinnati? H r. Hows: Ws wetild lik e to b&Ts theee gentlemen who came up from 1 ‘ishTlll*, iTsr an e ^ o r t u r lt y to stats V*eir views. Ths Secretary of ths Treaaury: Yes* l i s t , and ws sxpsot to h#?ir front then:. Haahvllle Is or the We w i l l take then next. S T .W E U m f 0* S . KcHEBRT. Ths Beerst»~ry of the Tr^ jury: Ur. kcHenry, w ill ycu 'vlw* ■ (fo£* 'L. *t *te your ndfcie, rv: lienee ani occupation. Mr, McHenry: Clearing Hcuie; J . 8 . McHenry:, representing the K i t h r l U s le a Tics Pres 1 lent of ths Fourth and First Vationml Ban,, of Sk shrill e. X w i l l preface what I heto to say by saying that when ths plan of ths nsw Currency B ill was first conaiisrel* ths banks aad ooacasrclal organisations of cur City fe lt that Bashrille wculd be an ideal location for one of the Regional Ranks. The trale territory tributary to Wasfcwllle ccl ^ rises on the one tan ! a ccnai lerable ancunt of ootton territory, ani also a very large section of tobacco territory. These two *ro!uots ooubiret afford the basis for an 1 leal rotation a _________ ___________- — ................. — ■---- ----------------- ^ If J, iiv-liaticn. 44 X 9 S . I h H — f| Active plane *«re at cnoe laaule to obtain a hearing before ytur Co*xu„ttee, ani anon a hearing was accor ei to ua In Cincinnati to tajr. In vie* of tha ic&ny c-jjvlidate* appearing tha vari ua ol tlee af tha South, we finally bec'uoe oonrlnced that tha eltuatiun Light become vary c or fualns to the C osjf* ■tlttee, an I after cnrefu- conai deration *nd consultation, our Clearing Houae Vu*lng tha le&d, we cotae to tha oonalualcn that tha territory to be es&raesd In tha U atrict to which SaahvlXle la to ba att^chad le cf paramount l^ c r t a n o a ; that while Iaa> villa la a logloeX location for a Regional Bank, em bracing a territory probably extensive efecugh tc e&tablleh a Beglcnal Bank of the inlcaiti. c«j1 tal, yet, involving aa tha ■attar 111 the actual lnveetcievtt of the aoney of rur bnnka Ir. jubacriptlcvu? to the capital atock cf tho RegicraX that we eho*£d waive tha *ur*etlcm of local pri !et end uae our bo^t effort* toa^alat In the eatabliehjLent of a U atrict of ^ l c h *% 'ii-Li.' be a part $hat wcull be etrcng enough to oo*»» ■and ro.rtct, aa * ^ a r a ! to tha other Begion&l Br-nk* cf the country, anl whlc^ «3 ould oo^rir-i a weX imbalanced territory* enabling the bank to ec^Xcy its fvnda iurin* the entire year* ami alee to be able to take care of the neei* of the | J. . et h e r s •1 1 cut f ii 8 . McHenry &j»ie ta n o e lia a , in fr^*. 44 2 0 ot sir H s g i o n e l c o n n e c tio n w it h B^rm s. cur b e l ie f that ths natural trend of the traie in our territory Is towsxls the Vorth and £ast, lei us ta the conclusion that the establiefcment of a Bank in Cincinnati along the linee pro posed by those In charge of the acfSLont in that City should have cur hearty enlorsement, and tc this end cur Clearing H .use, anl other cootercial organisations, voted unanimously erJorslng the location of the Bank in Cincinnati, ing that their re,re£entatlvee urge you to that The 8ecretary of the Treasury: thle U e n t lc a l Hr. UoHenrys direct ecislcn. Ars ycu also speaking to lietriett I should like tc Bake a suggestion, that in The Secretary of the Treaeury: U r . JioKsnrys anl Vhat wculd you a i l to Itt I would Alabej&s and Georgia, at least the greater part of those two states. I f a bank were established in He* Orleans, probably half crtwo V i r i s of the Stats. The SecreVury of the Treasury: The Secretary of Agriculture: Tou »ay proceed* Do ycu knew to 4Hat extent J. 8. McHenry 4421 th*t sou Id r e fle c t the vie we of the interest* ycu represent? Mr. MoFenrys It would reflect the unanimous lentlefct of coir Clearing hcuee. The Secretary of Agriculture: That it wculd be aeeiraole to add thie other territory? Hr. McHenry: Tee. northern Alabama le exoluelvely tribu tary to Raehvllle. tc lid not believe that eentiaent and eeoticaal pride should have firet oonnideration in the letem ining of a queetlon eith which our future proj>erlty la eo intlaately con nected. Especially have ae taken the view that a region com peted entirely of eotton proiuclng etatee, or in which euch eta tee preponderated aould fail to meet the requirement* to be laroaed upon the new eye tea. The handling of the laienee cotton orope hae been, and will continue to be one of UM greatest buriena placed on the b&nxa of thie country* The South1* needs, in order to be properly U u n care of, in our opinion, rwquiree that the Southern States should fee divided into at leaet four dletrlote, each district having attached to it eose of the etronger and capitalistic sections, dividing the territory of the Regional Banks longitudinally, rathsr than grouped around a particular center. • e J .8 .M u H e n r y In ordor to pr***nt an idea of th* pc Ation 4429 of Haeh- ville, commercially and financially, I would stat* that th.* banking capital of Waer.wille at th* pr***nt tine aaounte to # 6 ,2 5 9 ,0 0 0 ; with gro** d*posit* of 1 2 5 ,9 8 0 ,0 0 0 .0 0 At th* tia* of tho last *tat*&*nt th*r* *a* carri*d on depoeit in llaehvllle banke 1 5 ,6 7 7 ,0 0 0 .0 0 of country bank deposit*, rapreeonting acccunt* from 618 bank*, located in G*orgia T *n n *****, Kentucky, Alabaaa,/H l**l**lppl and Florida* During th* nonth* of Octobor, Jfoveaeber and Deceaber, 1913, th*r* wa* reoeived from the**, and oth*r bank*, out-oftown it * a * , not including tho** drawn on r**e r?* o iti** aaountin^ to $ 1 4 1 ,0 1 4 ,4 2 8 .0 0 . By a comparison, wa claia that wa*hvill* i* tha of country largest depoeitory/bankein th* South, exclusive of reeorve cities* Th* comparison of figuree of National Bank* alon*, in th*ir etateaente of January 13, 1914, shosing t l , 1 3 0 ,0 0 0 .0 0 great*r bank deposit* than inth* national Bank* of Atlanta, Georgia* Th* figure* iniloated for waahvill* showing only actual country bank balances, collection account* representing ee J . S . McHenry The 8 c o r t U r y of tho T r t w u r y : 4433 Vhat do ycu pay cn b U n o t t there? Mr. McHenry: U pay three per cent on * U t «e term "Reciprocal Accounts* that carry collection features vlth Ute» The Secretary of the Treaeury: Mr. McHenry: Free collection? Free reciprocal collection. our iteme and ee oolleot thelre free* reeerve oity* ,and we have a great fig u re d , They collect Maehville le a non* that three per oent ie not 4 **1 higher than the two per oent paid by reeerve o i t i e e , owing to the reeerve requirement. The Secretary of the Treaeury: Mr. McHenry: tell, You way prooeel, Mr. McHenry. 1 have etated that ae are here more in the oapaoity of sitneeeee than for any clalne for H aeh v ille. The Secretary of the Treaeury: You are acre concerned in the o net ruction of the dletrlct it e e lf than in the location of the regional bank? Mr. MeHenry: Exactly. The Seoretary of the *reaeury: Hoe aany banka are repreeent- ed in your Clearing Hcuee? Mr. McHenry: Me have n in e . The o f the T r e a e u r y : Secretary How s a n y n a t i o n a l banks? •• J. Mr. Kcftsnry: S. McHenry 4424 la have fivs National banka. Ths Sscrstary of the Treaaury: V r . McHenry: And four Stats. The ^ o n t a r y of tha Treasury: Ana Four State? And they art unanimous in th* opinion ycu havt expreeeed? Mr. McHenry: They a r e . The Secretary of the treaeury: . Where do they keep th e ir reesrvss not p rin cip ally , shat part of them, for instance, are kept in Cincinnati? Mr. McKnnry: W e ll, I should say that 2b per oent. Ths Ssorstary of ths Treasury: Mr. McHsnry: In Cincinnati? Our ressrvse ars scattsrsd in K ash v ills. 1 think the pressnt systsa of reserve* is so a r t i f i c i a l and has so intiaats a connection eith ths collection feature, *»* kssp our ress rvse where «e can collect itsms. You vs i l l f i n i that to bs ths cass with practically svery Maticnal bank in the o cun try, except, of ocurss, in ths central ressrvs c it ie s . Ths collection f a c i l it ie s determine ths balan ces. Ths Secretary of the Trsasury: T<Ai spoks of the number of districts in shich you thought ths cotton statss ought tc bs divided. What was your idea about t h a t, shat number ds ee J. B. MoHsnry 4435 you think the cotton etatea ought to ba divided into? Mr, McHenry: Eliminating Nam Orleane aa a pcaaible locatio n, 1 iould aay four. Tha Pa oratory of tha Traaaury: H r. McHenry: Where «oul4 you put U a a T I would put tha Atlantic Coaat 8tatee attached to a bank at either Richmond, Baltimora or Waehin*ton. I would put Alabama, Georgia ani i f naoaaaary Mleeleelp- pi attached to the Cincinnati bank. The Seoretary of A griculture: What would you do with LouieianaT Mr. McHenry: 1 would like to put that with S t . Lo uie, i f they were not given a bank at Wow Orlaane. The Secretary of the Treaeury: Ani Texae you would put reT Mr. McHenry: Either with a bank in Texae or with S t . Louie or Kaneaa C it y . The Secretary of Agriculture: There have been a number of euggeetione that eubetantially thle dletriot which you ana euggeatlng be la id out. Mr. McHenry: Wfeat would you da with MecphleT V e i l , Memphie naturally would be eerved be e t, 2 think, from S t . Louie. The Secretary of the <»reaaury: She m aid h e r e e o o n a ch o ic e ss J. P. 4426 McHsnry *as It* Crfceana* Mr. McHenry: W ell, it occurs tc. ste that she would os going — ionld bs gstting lntc troubls* 1 think this lis t riot oould carry Msaphis without any ^ u is t lo s . 6t« Lo uis, i f it has Tsxas an i Arkansas attaohsd, has got a conslderabls territory to oarry, and a territory that has i S M S S t needa. Ths Bsorstary of Agriculture: stantially this Louisvllls suggsstsd sub ils t r lc t , ani Chattanooga a ls o . Ko* why do you euggsst Cincinnati as ths City for this lis t r ic t rathsr than so m of ths othsrs? Mr. MoHanry: Bsoauss of ita grsatsr fin a n c ia l iaportanos. and ths grsatsr support it can receive fro * ths d is t r ic t . Ms wculdjust ae soon bs ssrvsd by any city ccnvsnlSntly looatsd in that d is t r ic t , i f it was ae a c c s ss ib ls . Ths re is no ssnti- asnt about it * Ths Ssorstary of ths Trsasury: Vhat would bs your sscoad cholos, supposing Cincinnati wsrs not chossnT Mr. McHsnry: For this particular dlstrlotT fte Secretary of ths «rsasury: Mr. Mo^snry: My sscond cholcs would bs Haahyills* Ths Sscrwtary of ths Trsasury: rsp ly* Yss* Ho ws s i l l a s k now f o r ths 1 rathsr sxpsctsd that t h ir d cho lo s* J.StMoHenry: Mr. McHenry: 4417 W ell, ay thiri choice would be L o u ie v ille . Th# Secretary of Agriculture: What *oul *1 you think of Atlanta? Mr# uoHenry: V e il , I nould rather net expreee ay w elf• 1 Teel that our trade relatione are of euoh l it t l e importance t;.at we wculi not feel at hoee at e l l . The fleoretary of the Treaeury: Hoe ah out Chattanooga? i Mr. McHenry: W ell, we eculi nave no objection to Chatta nooga i f the ooet of the dietrio t wouli he s a t ie fie a . It does not ooour to mm that it would be nearly eo convenient a# C in c in n a ti. The Beoretary of the Treaeury: Who repreeente Knoxville? Mr. IfoHenry, did you bring »oee reeolutione froa your Clearing Fouee? We wculd like tc have them f i l e d i f you have. Mr, McHenry: We have our Clearing Houee Manager here who fcae the reeelution. The Beoretary of the Treaeury: you pleaee. Mr. MoHi nry: The 1 w ill f il e i t . re so lu tio n le ae fo a io w e : Juet let it be f i l e d , i f •• J.S.McH«nry (F u r t h e r lU U x tn t ot V . 8 . 4439 Romm) Believing that a well balance! and logical territory le ef sore importance than the Incidental location of a Regional Reeerve Bank, the Kaehvllle Clearing Houee Ae»eola tion* a ft e r a careful consideration of the beet lntereet of thle territory, do hereby extend their unq ualified enioreeaei of C in cin nati, Ohio, aa being the logical location of the Regional Reeerve Bank to eerve waehville and lte trib u tary territory, and authorise the epeclal Cozr?ittee of thle Aeeoelatlcn to urge the eelectlon of Cincinnati at the bearing granted by the organisation Co*rcittee February loth* Further State of V , 8 . ROUT. The Secretary of the ^reasury: Doee anybody repreeent Knox v ille ? Hr. R o v e : le have a number of reeolutione that 1 mill Just refer to and f il e * For inetance, on the 9th of January, Columbus, Ohio recoBKenied Cincinnati to thle extent# •Colunbus, 0 . , January 9 t h , 1914* [ *To the (Organisation Committee of Federal Reeerve Banks: •Oentleaen:The bankers *f Cincinnati are asking an earneet e ffo r t so •4 2 9 ® *F tFvOH0 to hAvt * Federal H«t«rv« Bank looatsd in th s ir o ity . In to fa r as our oo*asroial, agricultural and induetrial interests art oonoem ed, luoh ttlio tio n s i l l bo vary convenient. Cin cinnati eervss a very large portion of the population ia the liiU c Veet through the centering there of tr*nepcrt*tlon lin e s. We believe that you t i l l find it advisable to locate a Federal Reeerve Bank asM w hsrs In Ofclo. I f you sss f i t to is si gnats C in c in n a ti, »e ehall feel that the business intsrests of this asction havs bssn very wsll servsd. ftsspsctfully” . That is signs* by nins or ten of the 13 or 14 banks thsrs. Ths Secretary of the ?reaeury: Let wtm ask ycu, ehat sort of s o lic ita tio n has svoksd that reply? Mr. Roes: I think m s or teo officers of one of ths banks asnt up thsrs and sae theee psopls and had a talk elth them. It is f a i r to stats nos that Cclusbue ie an applicant for a Reeerve Bank. The Secretary of the rreaeury: Yss* Columbus is to bs hoard tom orrow . *r. Roes: Yss, but I s im p ly o ffsr that fo r shat i t 4s ss 4430 eorth. Ths R io r e U r y of the Treaeury: Bo far as Kashvllls le con cerned, shat representation® sere sale by Cincinnati to Baeh* v ille ae an laluoesent T Mr. Ro m : S c far ae 1 knee, abeolutely none. The Saeh* v ille people caae to their oen conclusions — The Secretary of the Treaeury: th a t, 1 ae&nt to ae i Mr. McHenry, las that a voluntary cxpreealcn of opinion on ths p*rt of la e h v llle , or eae it e o lic it e i in any say? H r. McHenry: 1 e l l 1 state the situation exactly, le authorised our Clearing House to oostunlaate elth those in charge of ths aovsaent in C in cin nati, asking the* to oosis to W asb v ills. C in c in n a ti. Thsrs eas no s o l i d t a t l o n on ths part of It was voluntary on our part, Thsy case thsrs ani preeented thslr d ie t r io t, and our Clearing Houss thsn sais this announossent. Mr. Roes: Hcues Hers is a rssolutlon of ths Knoxville Clearing that eas paessd early in January. Ths 8scretary of ths Trsasury: las that in rseponss tc C in c in n a t i's solicitation ? Mr. Roes: T ss, sea* of the bankers esnt doen thsrs ani sat those psopls. • • W .P .R o * s The Fscre tary of the Treaaury: 4431 Can ycu give us any ile a of the representations* sale to Knoxville to inUuce that reeoluticn? Mr* Rowe: 1 *111 have to aak Mr. Hlneoh to give ycu those• Fere ie the resolution, ani the re suite • r'Knoxville, Tennessee, January 1 4 , 1 9 1 4 . "Cincinnati Clearing Hcuse Association, C in cin nati, Cfclo. Q # a t l> s i»:« At a call meeting of the Knoxville Clearing Bouse Association held tolay the following resolution was adopted:That this Association endorse the City of Cincinnati aa a place for the establishment of a Regional Reserve Bang and the requeet be mad* to the Reeerve Beard to have K no xv ille, Tennessee placed in the D istrict to be served by C in c in n a ti, believing that the interest of thia section van best be ssrved by having the Regional Bank in C in c in n a ti.w O h io . " Mr. Hlnech: / Jr The reeoluticn was largely tho result of a telegram eent out by the banka of C in c in n a ti, the same kind of a telegram that was sent to a ll this territo ry , and) •• *. R o *e 4432 pursuant thereto, the Knoxville Clearing House Association had a meeting, and at that meeting thay paseedthis resolution. Thsrs sas no one dosn thsrs at the time, and out- eide of thia tsIsgras, I«io net kne* of any repreeentaticne that ssra M i a , Tha Seoretary of tha Treasury: You t il l f il s a copy of tha telegram along sith tha HeaolutionT lfr. Hineoh: Yea* Tha Seoretary o f the Treaeury: You may proceed, Ur. Rosa, Are you gentlemen both asmre of the individual preaeura which vae brought to bear upon banks and bank ere there, by indivi**— c ertainly , but thsrs has never been a meeting o f the Clearing Houss since that resolution, and it has nsvsr bsen rescinds** Here is cue from the Clearing House banks of Dayton O hio. e The Secretary of the Trsasury: 8upposs you file it. It need not Da rea l. Mr. Rose: That la si thin 00 milae of u e . The Seoretary sf the treaeury: Naturally t h e ir view sould be th at, eo it la not nscsesary to read i t . U r. Rose: Here are acme resolutions so fa r as 1 knos, that art unsolioitsd from Group 3 of the *e st V ir g in ia Bankers' ss 4433 ? .8 .H o * s Associatltn, that alec at * i th t r ia l r t a c t i r .£ at w ill file What territory icet that in West Virginia? Hr. Home: 3. le p leasure* The Secretary of the Treasury: r s present H u n tin g to n , 1 a m a fraid I cannot answer that. It le group Preeuicably that le the Huntington territory . Here le a resolution passed by the Chamber of Com as res at Huntington, Wsst V ir g in ia , recommending C in c in n a ti. Hers Is ths tslsgraa which Ur. Hinsoh Just hands ms from Williamson, Wsst V ir g in ia . "Is havs no repressntatlvs , banks in this section uaanlmeuely In fmvor of Cincinnati as location for regional bnmks, as no othsr point sGuld bs satisfactory cr as smslly reached from Worth ani Wsst ssctlons. Watlcnal £ank of Coens roe , First Watlcnal Bank, Williamson, Wsst V i r g i n i a ." Ws havs a ls t t s r from the First Watlcnal Bank of Tsrrs Hauts. 1 think ss havs dsalt *lth thsm fc r mors than fift y ysars: "Wsxt to Chicago, Cincinnati mould bs ths cheims of this bank for the location of a Regional Rsservs Bank for ths distric t o r sons T hs ffscreVary o f in shlch Tsrrs Hauts is s it u a t s d ." the t r e a s u r y : Just g iv e th s nam ss of ths •• I. Cities 7 f^ 8. 4434 Rome no * l c r g # imd *c * 1 1 1 t e l l you vtoioh cnee to read. X~ . K c . f : V im o i*, T~s 3 r c r s t * r y ir. li*s • In o f tip Ts* , it im is.. Th&t ?r»<*&ur/: le a 1# rf‘ t»h*r ft l o n g lsttsr. ja It f r t a a b*nk? ?cc t 2 s t t ? r , and 3tats* h is slsh ss alssriy. r**» $*e r t .t tl7 Yc-u i « $ t lettsn It Is if j . th* > iii • C t Treif^nr: rsx^rt^rj t as i:> t.a* e r# id tr»J in fcJtrtily * c ; ill t l i l l * tc fcw*c; lUrrt in fro*, siijrl 1 O b i t t f t L C :^ ! Tov ray f i l s in * its tern p e l l , t ; r m e t i e r . « 1 th r*b& tlitv tbs v h sir / * i t Tn«f Sscrstary of t r*« Treasury: ir first olciofc It. IfeU and ^nd its ro ll, f W tbs aoa-ent. T aticrm l k .u tbsss -e **ank of C in c in n a ti. Tss, i*e hi:vs thst fro* Hr. Pr^stcs hIscslf fror Jhattancaga. hr. Mo««: Iss of tbM # «< s ill flic thsso, but »•« sou Id Ilk* to bass a fH it liw m on this lis t pnaaent their vlsss. l*x«t 3 s u n t t */*y a 1 tt<, I f w u t u r y : I « 'O u * d to lb # Ilk ? tc & 4 k ycu w L iu L i i i f f r u f bank* Ki*v Rw*s: In tbs 1 ?b*r* l* an* a a it t s d b*»fo rs, C in c in n a ti other q u s stic n ani C le arin g that Is Houss • Tfcers ar* 13 all (.old, of ^fcioh si iht are istlonal tiMl flvs a m Stats Bsnks. ( T*'i* 4StV*rs ~ i-1 rssoltttlcjui ssrs Meortlngljr fllsd ) . as •• W.6.R©*# 4435 f l .D .C a r r . Th# Ssoretary of th# Trsasury: n#xt. *e will fcsur fros Tolodo Who rep re sent® TclsdcT FTATFlTCirT OF 8 . D. Ths Psorstary of ths Treasury: CAHR. Ycu nay stats ycur rua.se # rssldsnos an4 occupation. Hr. Oarr: of P. D. Carr, Prssi lent National Bank of Cour#ros, ,Tolsdc. Ths 8# or# tary of tbs Trsasury: Mr. Carr: Whst lo ycu rsprsssntT Ths Clsarin^ hcus# --no, I will not say that, th# National Bank of CosuL#rc#. Th# a#or#tary of th# Trsasury: You do not rspr###nt tns Clearing Ifcuss? Mr. Carr: Not particularly, no. Ths £#on»tary of th# Trsasury: Ars you an offioor of th# Clearing Hcuas? Mr. Carr: y##. Th# ftsorstary of ths Trsasury: Mr. Carr: What position? ¥ios Prssilant* Th# Ssorstary of th# Tr#a#ury: Will ycu kindly givs us your idsa# on this suhjsot* Mr. Carr. M r. Oarr: W all, ti.e fw ti are the banka, . ^ m a jo rity ef I _ Loei P .D .C a r r 4434 had e lg a lfie d Claeeluni aa thair fir s t ohoioe ani Cincinnati ae n ex t. The 8a ore W r y c f U t Traaaury: H c « many banka ara in tha Cl* a r in g HcuaeT Hr. Carr: 15. The Sacratary of tha Traaaury: How nany 3tate ani bon aany Satlo n alT Carr: 4 Watlcnal and 9 fttata. Tiia Aecra tary of the Traaaury: And a aajorlty axpraaa a preference far Cleveland? H r. Carr: Wo# a i r , I do not think a a a jo r lt y , But 1 think jmet tha national banka, and parhapa ona of tha State banka, tha Ohio favln|» B »n i. Tha 8ecret*ry of tha Traaaury: What la tha prafaranca of your can bank? Mr. Ourr: W all, In acaa aaye Cleveland la a lit t le naarar to u a , but Cincinnati 1 have favored aone, becauee of tha fact that it haa a eub—treaeury h are, and it aeened to ae it eould he a practical advantage tc have the Heeerve Bank here The Secretary cf the Traaaury: Which city would you say touli beet eerve Tcledo'e trade and ec&reroial lntaraata? ee 44 37 8 . D .C a r r Mr. CarrL vcIu m I »hc.ul 1 m j Cleveland. Is havs a larger of businese them than with Cincinnati. The Seoretary of the Treasury: Have you an ilea nhat the general sentiaent of your community ie on that evbjeot? 1 toan of the bankers and businees sen? Mr. Carr: X think they rather favor Cleveland beoauee its eo such nearer, and we have eo such larger businsee. The Ssoretary of the Treasury: jf so bs oity outsids of Ohio should be choeen, what would be your eeoond choice? Mr. Carr: Chisago. The Secretary of the Treasury: How are your trade relations eith Chisago as against Cleveland and Cincinnati, larger or sB sllsr? Mr. Carr: t s l l , ee have aore businese with Clevelani ant next Chicago. The Seoretary of the Treasury: That is a l l , thank you. Is thsrs a rsprsssntativs of Zaneevills hsre? °TATFWEWT OF H. A. SHARP. The Ssoretary of the Treasury: State your naae, reeidsnos and occupation. M r. Sharp: H . A . Sharp, C a e h is r o f O ld C i t i s s n s n a tio n a l •• K. A. Sharp Bank of Zanesville. The Seorotary of the treasury: Do you represent the Olearing House? Mr. Sharp: 1 do not. The ftecnstary o f the Treasury: thie questlfcnT lfrv Sharp: What le your viee about ‘te I lo not wish to take your tie s, hut ae a v representative of the largest bank in Worth Pastem Ohio an ! all the banks in Xanssvills, X heartily recoseend the appointment of Cincinnati ae one of the locations for a Regional Bank, In the matter which was touched upon by Mr. Hose, in regard to thie flood, Zanesville was visited by the flood, and cur county euffsred a loss perhaps of sight or nine million dollars, le sere in ths stldet of i t . All the banke in taneevllle sere cloeed for sevsn days, ani aany of the houses sent dosn ths river, and the mortgages, perhaps went slth them. We did not kno* shat soul t bs out condition shsn «e opened up, but se sers in oceifKunlcaticn slth Cin cinnati all ths time, and it saa due to the First Rational Bank of Cincinnati that ee received our first relief by funde ehlpped fro* Cincinnati shlch came very promptly, ani instsad •• H. A . Sharp 4439 of t r e b l e after the seven days of d o s in g our bank, our lepoelts Increased continually thereafter. But 1 s ill aay in preparation for that opening, »e ware in touch eith Cincinnati, ►hioh furnished ue the aid , which we greatly appreciate. The Secretary of the Treaeury: Where do you keep your re- eenreeT Mr. Sharp: We have our reeervee in Cincinnati, Cleveland and Chicago. The Secretary of the treasury: What percentage in Cincinnati? Mr. Sharp: I should judge about forty per cent* The Seoretary of the Treasury: Arm you speaking for th# banks of Zaneevllle, or your oan bank alone? Mr. S*h*rp: I aa #peaKing for mj own bank, and other banks in Zanssvllls. The Seoretary of the Treaeury: Have you any authority to epea* for thssT Mr. Sharp: I havs. Ths S se re t a ry of the * r e a e u r y : o f the banke? M r. S h a r p : Wo, I have n o t . Eave ycu any r e s o l u t io n ee H .A .S h a r p 4440 / The Secretary M r. Sharp: The Secretary s en tim en t a* cf Just of b e in g the by Treasury: *o rd the a to be of it. I as p o sitiv e The Secretary of the Hr. second The of word Yo\* t h i n k w eig h t S h a pp: by of aouth? of ao uth. Treasury: Ur. ch o ic e Just attached Treasury: W hat you to *ou ld reflect th e ir C in c in n a ti? be ths sscond Z a n e sv ille ? Sharp: I w o u ld th in k C levelan d *o u ld bs th eir ch o ic e ? Secretary of A g ric u ltu rs: How w ou ld they look upon C olum bus? M r. Sharp: C olum bus has nevsr been m en tio n ed in Or P ittsb u rg h ? our d isc u ssio n s. The Secretary M r. Sharp: The Seer of Wot tary Treasury: the sin e s of ths 1907. Treasury: S 'A T F M F W T The Secretary re s i l e n c e and the L. T rea sitry : is all, thank, you. BUSH W E L L . You m ay state your nam e, o c c u p atio n . M r. B u sh n e IX : The Secretary of OF JOHH That John cf the L. B u sh n sli, treasury: Sp rin g field , W h at do you O h io . represent? •° J. Mr. Bushnsll: L. Bushnsll 4441 I am President of tha First National Bank, jut 1 have not any written authority as to the other banks. It is only hsarsay, and I do not know whsther you want to consldsr it or not. Ths Sscrstary of ths Trsasury: Ws w ill not consldsr hearsay Ws *111 hsar what you havs to say, howsver. Mr. Bushnsll: Our f ir s t choics in this is C in c in n a ti. That is unaniaous with a ll tha banks in S p r in g fie ld . Ths Sscrstary of ths Trsasury: Mr. Bushnsll: Row cany banks ars thsrs? Thsrs ars six national banks and two sav ings banks, sight altogsthsr. Ths 8scrstary of ths Trsasury: What would bs your second choics? Mr. Bushnsll: I think Clsvsland would. Ths Sscrstary of ths Treasury: Is this ths d is tr ic t whicfc you think should bs crsatsd? Mr. Bushnsll: with that.* Chicago Yss, I would fsal prstty well s a t is fis d Speaking personally now, cur bank would favor for sscond, but ths othsr banks of S p rin ^ fis ld favor Clsvsland as sscond choics. Th ^ 9a xttary of ths Trsasury: Is that bscauss of Stats pride, or of wore lntiaats businsss relations than with J. L. 4-M3 Busbnell C h lo i0T Hr. Bushnall: I think. the choice cf Cleveland for ••cc n d is » © n Slat a pride. Chicago. Our buelr.ee* next to Cincinnati le with Cincinnati, Chicago ani Hew Tcrfc are our princi pal connections. The Secretary of Agriculture: Had you thought cf Columbus? Mr. Bushne 11: He, that ie new, einoe there hat been any discussion had. But even so, even if ua are only 40 sllee Iro s Columbus and twice that distance from C in cin nati, I aa satisfied ae would prefer Cincinnati. Tha Secretary of the Treasury: Tour trade relations are acre with Cincinnati? Ur. Bu*hnell: Very such sore, yee, a ir . 8TATEMF5T OF W. B. 01TBHARDT. The Secretary of the Treasury: Hr. Oebhardt: W. B. Gebhardt. The Secretary of tha Treasury: Mr. Gebharct: State your nasa. What do you represent? I represent the Clearing Rouse of Dayton, O h io . Tha Secretary of the Treasury: Hr. Geahar t : By reeolutlon? Be; they a«fead us to coaa down, and tha ac W. B. a«bh»r^t. 4443 Secretary and Tr#aiur«r cs^r e dosn, and they delegated ae tc apeak Tor tbs other banks, and aaksd s« tc attend and rap— resent the*. Tbs Secretary of tha Treasury: With what can* are ycu ccnneetedT Hr. Osbhar :t: City National Bank and tha City Trust and Savings Bank* Tha Secretary of tha Treasury: Tour position with tha* is what? Mr. Gsiihar t : President of both* Tha Secretary of ths Treasury: Vr* CfSbbar :t : Cincinnati, What is Pay ton9a preference? strong. Ths Secretary of tbs Treasury: T*,at would be n atural, cf couraa. Ur. Oebhar t : Cincinnati ws chocse, becauas t« are in sore direut c wwnnicatlcn witi thaw, and ws can ccacunloate with thaw. Tha ^entleaan frow Zanesville Mentioned about tha flo o d . 1 wish tc say cur loss in Cay ten was osar ons hundred a i l l i o n d o llars. Ws had no say to gat to any place except by autowobile tc C incinnati; and as he says, wa did not know woat the result would ba, but cur request. .Cincinnati raepended nobly to Me cti*ar City could have anasered the pur *.se, b 1. ow »« »a c o u ld B. 4444 Gabharat not got to them. Tr.s whole ttSawl V a l l e y can aen* to Cincinnati in tho Kooning and return to thair hcuae in tfta av^ning and be accom odated. Tae Secretary of tho Treasury : What ia your bank, did you ea y ? Vr. Oabharct: Tha City national and tha City Truat and Savings. Tha Sacratary or tha Traaaury: Washington kind cf helped you out, did it not, or offered to, about that tlwe? Mr. Oebhar~t: Vawhin.ton County? The Secretary of tfce Treaaury: kr. Oetdierdt: Washington, L . C. Tea, but It took t in e , and It did not tal tine for C incinnati. They did It at cnce. The Secretary of Agriculture: What would be your eeoond choice? Mr. Oa bar t: 1 do not think we have any eecond choice. It le Cincinnati altogether. The 8«crotary ef Agriculture: could net put the oank in, Mr. GeoharAt: Suppose we found that we t&en where ehouid we put it? We eay Cincinnati. We hope you cannot find any ouch reaecn. The Secretary of the Treaaury: next? Would you not favor Dayton W. 8 . M r• >4 c h a r d t : co uld n o t |tt TLe of Ho, your of D utln aa* 4445 we do not a ir, c»ra fo r i t ^ ## know we mo *e art n o t a s k i n g f o r I t . !t , Sac r o t a r y G ja h a r it tha Treasury: Oa t o w a r d # W o u ld C h ic a g o tha n a t u r a l or C levelan d trend after C in c in n a ti? vr. Oebher^t: account# at v ith Tt*at both la p lace#, vary h a rl an£ to we h a v e #ay. a We c a r r y fo o d deal of d e alin g # both. Th# Secretary r###rv## aow, of Where do you carry y o u r th# T r e a s u r y : aov are they 1 e h o u ld d istrib u te d M r. O w bfeard t: l#a#t on# h a l f , 50 per c#nt To# Secretary of the now? aay C i n c i n n a t i of our Treaaury: w o u ld haw# a t ree#rv#e. W here ia the r e m a i n d e r placed? M r. a n '. Qeohar- t: St. Wew T o r k , C h ic ag o , The Secretary of n a .e e , r # « 1 .a n c # an- o c c u p a t i o n . C rlt##: C. th# D. D. Treaeury: C rlt#a, L ia a, Tfc# Secretary of th# T r e a e u r y : C levelan d L o u ie . S T A T EM C T T o r C . M r. P h ilad e lp h ia, C T IT S 8. W ill yo u atate your O h io . Whoa do ycu re p r# a e n t? •© C. Mr. Critss: racily, Z. Critaa 4446 I a * not a uth orlza d tc spam k and die not axpact to ba c a l l a d i a r and Manager of tha F i r s t n a t io n a l Tha 8acratary of tea T r a a s u r y : f c r anyoody upon, but I ax Caah- Bank of L i era. What is ycur p r a fa r a n c a f o r tha l o c a t io n of a ratarva bsunk in t h i a d i s t r i c t ? Mr. C r l t a a : o n th ia l l n a , If looatad w i t h i n a ra g io n c i r c u a s c r i b a d Cincinnati. Tha Secretary Mr. C r l t a a : of tha T r a a s u r y : C hicago. Tha 8ac ra ta ry of A g r ic u l t u r a l a district in wblch C i n c i n n a t i <r a d i a t r l c t la y o u r f i r a t p r a fa r a n c a f o r would ba tha h a a d q u a r t a r a , in which Chicago would ba tha haadqu&rtars? Mr. C r l t a a : My f i r s t p r a fa r a n c a , llt t la aalflsh, would ba C h ic a g o , about tha a a i « , and no f u r t h a r and f r o a , And ycur aacond choice? but probably in n a t t e r s of rem ittance to an£ we probably would gat a b a t t a r gu a ra n ta a of T at is only a p r a a u ^ p t i o n . naar C incinnati, or with e i u a l b *c a u »e of la r g a r Va ars e q u a lly * b u s ln e e * f a c l l l t i a s , and *o re our o u s i n s * * trends t h i a way than C h ic a g o . Toe Secretary C leveland; ia a bacauaa tha d l s t a n c a a ara s i x psr csnt divi "lands aa acco««rodations, aasata. that of A g r i c u l t u r e : ara yc u r r a l a t i o n s Ho* dc you lo ck upon in tim ate thara? •O C. U r . Crltae: I sh o u ld *c.y Tee, about ao D. Crites far eja a l a* *lth bank 8e a retary ox rasa, resid en ce and B ill. 3. M r. J. the re latio n * these STATFifSffT OF T&a 444? J. Treaaury: of S. are concerned, C in c in n a ti. H IL L . You xay atate ycur o cc u p atio n . *111, C aehler of tha N a tio n a l C ity Bank, C&arleeton, Weet V irginia. The Secretary of the Treaeury: Mr. R ill: Who* The Charleeton Clearing Tiid Secretary of the Treaeury! Mr. H il l : Tite you repreeentt Aeeoclatlon. Houee Hew nany banka? 12 banka. Secretary of the Treasury: Mr. H i l l : do State and llatlo nalT Yee. The 3ecretary of the Traaaury: How nany of each? Mr. H il l : 4 national and 8 State. The Secretary of the Treaeury: Have a you froa reso lu tio n your Clearing Houee? Mr. H ill: Tha reeolutlon was paeaed, but 1 have not a copy of it* The Secretary of the Treasury: Mr. H i l l : la the purport of Favoring C in c in n a ti. Tha Secretary of the Treasury: W hat Wae that in reeponee to it? ec J. C. Hill 4446 •t l U iU t io a T * r . H ill: The resolution, 1 think, was passed before we haw any letters or tele?ra?re frcs C incinnati. Tne Secretary of the Treasury: I that ties, Cincinnati was a bit slow w a»n't she? Mr. H i l l : Tee. The Secretary of the Treaeury: Vhat le your view about the dletrlct? Mr. H i l l : Are you asking that question with refsrence tc our State? The Seoretary of the Treaeury: State. Y *s# I as speaking of your It is incorporated in t i l l d is t r ic t . Do you think that is the beet diepeeltlon to wake of it? Mr. H i l l : My personal opinion is tfcat cur State should be divided. The Secretary cf the Treasury: Mr. H i l l : In what way? 1 think the northern part of the State wculd naturally go to Pittsburgh, or to sowe ether section that we ehould net be connected with on account of the railroad fa c lllt le e and sail f a c l l l t i e e . The Secretary of the Treasury: buslneee? And the natural couree of •c J. tfr. H il l : s. H ill 44*9 Tha natural courea of buninees, yae, Tr.e Secretary of tha Treasury: a ir . Kow we had toac testimony fr o * aosd citite e in southern West Virginia in favor of Ric. ecnd or Washln ton. *'r. H ill: T tat was in tha Horfolk A Western aacticn. Tha Secretary of tha Treasury: Tour tra£e relatione ara •o r t with Cincinnati th?n with any other large city in tha dietriot? Mr. H i l l : Tea, a ir . The Secretary of the Treasury: In that the u n a n i n o u a aattl»aent of the banka of Charleston? Mr. H i l l : Tea. a i r . The Secretary of the Traasury: Hew a bo ut the tusinese men that la their view? Mr. H il l : The Chaaber of Co?a*rce and the Buaineaa Wen's Aescclation both endoree Cincinnati by reaclutlon. The Secretary of tha Traaeury: What icultf be your aacond choice, aaousiAg that Cincinnati was not chosen, and that thle diatrlct wae laid out? Mr. H i l l : I euppoee if I anawer U V a the raet of them, 1 would say Charleaton, but 1 really think *e would favor Rlch«on£, Virginia or Baltimore. •° R. L. Archtr 4460 STAT^MKWT OF ROP^RT L . ARCHER. Tr.o 3ocrotary o f the Troasury: State y o u r n & ^e, rosidenco and occupation? Mr. Archtr: 3ank, Robert L. Archer, C a a h i a r of tho First National Huntington, lost V irginia. Tho Secretary of tho Troasury: Dc you roprossnt tho Clearing Houss? Mr. Archsr: lo, air; I roprossnt Grcup 3 o f th o l o u t Virginia Bankers' Aaooclation. Tho Sscrstary of tho Troaoury: What doos that comprloo in tho way of torritory? Mr. Archor: Tno torritory in s o u t h e a s t e r n Wost V irg in ia, consisting of CaOoll, Wayne, Putnam, L i n c o l n , L o g a n and Mingo Countioo. Tho Secretary of tho Trsasury: What is tho view of your group ao to tho district that should bo locatod hero? •c Archer Mr. Archer: *451 Our group has a resolution on f i l e with your coacittee now an* their onanlsoui opinion wae that cur territory ought to be attached to C in cin nati. The Seoretary of the Treasury: That ie your f ir s t cnoice? Mr* Archer: Tee, e ir . T h . 3dur«ta.ry cl th. Tr.aaury: b. What * i l l /y c u r a.ccnd choice, either of a city within this d istric t cr outelde? Mr. Archer: We really have no second choice. le our only c it y . But if Cincinnati it had to be so«« other c ity , I think Richwiond, Virginia, wculd serve us as well or better than any other. The Secretary of the Trenwury: That is a ll} thank you. le there any one here representing Chillicothe? Vincer*nes, Indiana? Paln teville, Or If not, we w ill hear next from Kentucky2 STATEMENT OF W. E. BAX*R. Tr*e Secretary of the Treasury: State your naee, resi^snce, occupation? Mr. Baker: V. E. Baker; cashier German national Bank Vincennee, Ind iana. The Secretary o f th e T r e a e u r y : What do y c u ropreeent? •c W. » . Mr. Baker: Baker. 4452 I represent all three of the ^national Park e in Vincennes. Ths Sscrstary of the Trsasury: Havs you any credentials froa tnea? hr. Baker: 1 havs a lsttsr froa each one of thea. Onj of ths banks has recoaaende'* Chicago as thslr f ir s t choics ana ths other two Cincinnati. Ths Secretary of ths Trsasury: Let these bs file d as exhibits to your tsstiaony. Ths papsrs sere fllsd accordingly. Ths Se cretary of ths Trsasury: What wculd bs ycur sscond choice, if you wsrs not attached to Cincinnati? Mr. Baker: Chicago. Ths Ss crstarp of ths Trsasury: Mr. Baker: Ft. Louis, thsn. S t . Louis, though, We p rsfsr not to bs slth if as can gst around it . Ths Secretary of the Treasury: Mr. Baksr: What is your third choics? Why? The relations vlth St. Louis ars not as con- I Tsnlent as thsy are with Cincinnati and Chicago. The Secretary of ths Treaeury: Tou aean transportation f a c i l it ie s ars not? M r. Baksr: Yes, sir. C in cin n ati is acat co n v e n ie n t to •® K* BaUr 4463 us oX all of thsa. Tes Sseretary of ths Treasury: Whers do you havs ths ■ost intimate trai« relations? Mr. Baker: I aheuld judge siost of it vould .ba with Cincinnati and than it sould bs *it h Indianapolia. Tns Secretary cf tr.s Trsasury: That is a l l , thank you* STATEMFlfT OF J . 5 . BUCKIHGHAM. Ths Secretary of ths Traasury: Stats your naae, residence and occupation? Mr. Buckingham: J . C. Buckin^haa, cashier P ain tsv llle Vational Bank. Ths Secretary of Agriculture: How fa r is P aintev ille free Cincinnati? Mr. Buckln&ham: It is 155 a i l s s . Ths 8scrstary of Agriculture: Mr. Buckingham: What do you repreeent? P ain tev ille, P lk e v llle , Jenkins, McHooerts and Wayland. Ths Sacritary of Agrioulturs: Mr. Buckingham: By resolution? I aa cashier of ths P a ln tsv ills Bank and Tics Prssidsnt of ths Rational Bank cf P ik sv ills and J. Z. Bu©kii f5!h** 4454 F r i t U t o t of U n First latlctuil fttnX at Jorklno aa4 Fresiaer.t •f tin boak & | M e b e r t f , ona Fresl aant of tfeo b&rJr tt Way 1stn ^ . Tfca Be ©rotary of A^rirul turei Ib ir s srs t*c«« Vr. l u l l i t — l 9|) tho H i t s M y Xlvtr . Mr. Ksvoi They ore o il in thot novly developed aoal r t * l « « tho B i f Swidy R iver, Tho Soarotfiry e f tho Tronmiryi Cto »h i roilrooii? Mr. Baoklu*h*j&: The Chess,a ko & Ohio* T>iO Ssertisry e f Agricultures Row many W unU 46 yrv^ o^rooo»tM Mr. 9uskir.*hass Five* Tho S o s r t V r r of A f r i w l t u r o i 8t*t* or Setltftal? Mr* Buakl. ^hftct T> rss I s t U n s l ona W c state* Tho So ore I k ry or A«ri<mX turos And. whs.t su^ ycvr vires snd i Mr. 9t T>\e Seorotery Mr. Clsetoni 11 * Arriswloturo* fh ft •nsild be y^ur ee-end Isokinthtss Xy porser-el shelve er sxpretsUf tho » tehee 'f I ^ k r c Ksr tu }ky| The B e a r s t ry o f A *r I"n l t u r e : B e th * ec 44b5 J . S . Buckingham ilr. Buckingham: My p«r«onal choice would be Baltimore, but I think Eastern Kentucky wault prefer Loxilevllle. Tha Secretary of A-riculturo: Tcu think Esetern Kentucky • ould prefer Cincinnati over Louisville? Mr. Buckingham: Tee, e l r . All of their business i *• with Cincinnati and 90 per cent of their banking bu*inese lo «lth Cincinnati. The Secretary of Agriculture: And they vould follow that rather than *ny State pride? Mr. Buckingham: Tea. STATfTMTWT OF L . W. DAVIS. Tho Secretary el Agriculture: Mill ycu otate your nsme, reeidence an* occupation? Mr. Davie: cf Aenland, L. H. Davie, Preol^ent, Second Watlcnal Bank Kentucky. The Secretary of Agriculture: Do you repreeent any one except that bank? Mr. Davie: le live in a tri-Stato eectlon, ec-called, le have eix banke thore, with a combined capital Wld * rplue of # 1 ,0 0 0 ,0 0 0 and deposit* agr.re at Ing about # 3 ,3 0 0 ,0 0 0 and ec L. V. Davis 44t6 aocut 15 per cant, of cur money le kept in Lo uisville and Mew Tcrk end other cities end 85 per cent, in C in cin nati. The Secretary of Agriculture: Ycu are epeaklng fo r a ll the banka? Mr. Davie: All thoee elx banks, yeet e ir . The Secretary of Agriculture: Did they authorise you to epmak for U e a ? Mr. Davie: Yeet e ir . Tbe Secretary of Agriculture: Have ycu an / resolution f rom them? Mr. Devie: Vo. Tfce Secretary cf Agriculture: Their first choice le fo r a dletrlct substantially ae thle le outlined? Hr. Davis| Tee eir. The Secretary oi Agriculture: With Cincinnati ae the headquarte re? Mr. Davie: Yee, for convenience of getting here for money. The Secretary of Agriculture: Vhat would be their eeccnd choice if we could not take thle act lent Hr. Davie: Loulevllle. The Secretary of Agriculture: Mr. Davie: nectlon. Chicago or East. And their third choice? We want to get qulc|l con- Our community la an iron and lumber d le t r lc t . ec L. 9. Davis 445? The Secretary of Agriculture: you have reference Mr. D&vle: more. tc that By wculd be Fast, what c ity would ran^e? w ith in It 1 9 lb or 16 hours to Washington or B alti There *euld not be any difference between these two placee. The Secretary of Agriculture: M r. Davis: Ve Vhat about Richmond? vould not make m uch c h o ic e betw een the thres places. The Secretary of Agriculture: Have you any present con nections with those c itie s tc speak cf? Mr. Davie: Mono whatever. The Secretary of the Treasury: Mr. Fletcher: I am here for Ind ianap o lis. STAT^^rrr of s . a . The Secretary of the Treasury: U r . Fletcher: S. The Secretary flftch1 ^ You *ay What dc stats ycu nas*s# you represent? The Clearing Bouee. the Treasury: Doe a Indianapolis wiih tc preeent a claim for the bank itself? . A. Fletcher. The 3scretary of the Treasury: Mr. Fletcher: Is Indianapolis represented? '« 8. Kr. Fl*tch*r: A. Fletcb«r 4456 Ko. # The Sacratary of tha Treasury: Aa i t ia pretty naarly lunch i ica peroap* you *111 require a lit t le *ore time—w:r. Fletcher: He juat a accent. Taa Secretary of tha Treasury: I wa* going tc aay ^e *111 * 1 ** you wore t is * after luncheon, but you aay proceed until that time. Hr. Fletcher: Our preference 1* for Chicago* The Secretary of tha Treasury^: You have sose reaclutlcna frow your Clearing Houee? Mr. Fletoher: brought No resolutions, but I a p p e a r here and have «o*« figure* which I understand you aaked eoire one to t>rln£ froa ln<*lfmapolia, *ho represented the Clearing Houee. It ia a comparison between our trade relatione *lth Cincinnati, Chicago an<* St. Louie, and shoe a practically fcO per cent, of cur business le *itfc Chicago, in an? out. The 8*cretary of Agriculture: Mr. Fletcher: And what with Cincinnati? The ltewe eent In a period of six daya in February, out of ICO per oent, to Cincinnati * * r « 1 5 .% per c en t, cf our t o ta l, and in our receipt* I t .6 per cent, and Chicago dulm-: the ease period 7 4 .8 per cent and 90 per cent. The Secretary of Agriculture: You are epeaklng of bank •c S. A, F letcher 4459 itcue? Mr. Fletcher: Tee. The Secretary of Agriculture: Hew far dc ycu think thle reflecte n o m l or a r t ific ia l condition®? Hr. Fletcher: That i i a very accurate reflection cf the a r e ra*e ?olu*e of buslneee which paaae® The Secretary of Agriculture: between the tewn#. Under the preeent syetea the balance# you keep are not determined eolely by noraal conditions. Mr. Fletcher: Tueee are not ba*ed on balance#. figure# I aa glvin The ycu, which 1 understand you aeked for, arj to she* th# routing of i teats, and t h l e represents th# t c I u m of iteas thst we f i l # for ere-it or rscelve or r $ * l t . Th# Secretary of Agriculture: I underetcod t h a t Inilanapoll# expreeeed that preference at Chicago and that you #ert to euoult tcee figure#. Mr. Fletcner: T#e. The Secretary of Agriculture: Will you Juet f i l e them with the reporter? Hr. Fletcher: Tee. The papere were accordingly f i l e d . T he S e o r e t a r y of th e T r e a s u r y : H a v e you a n y t h i n g else to *« 3. A. Fletcher 4400 offer? Wr. FiJtchert Wo. The Secretary of tha Traasury: What ia tha aacond choice cf Indianapolle, Chicago being fir *t ? * r . rlttchtr: They have no second chcica up thara. They figure it *ould entirely disturb their coll action ai to have tbea uaa any other point than that. Tna Secretary of tha Traasury: Well youf ordinary arrangaaanta between bark* will not ba diatrubed by thia ayatsff. Mr. Fletcher: Wa figure wa would wave tha sa&e tiwa wa would aava now. Tha Secretary of tha Treaeury: If you had to face that alternative what would be the next beat place to locate tha bank, ao fa r aa Indlanapolle la concerned? Mr. Fletcher: We have no preference at all and have not atteapted to f i urt What any routing of mail would D«— The Secretary of the Treaaury: I f thia d la trict ahould be laid out aa outlined, of courae ycu could not be attached tc Chicago. Hr. Fletcher: T ie Secretary We. of the T r e a a u r y : C o n sid e rin g it in that a * S. A. F ie t © h e r 4401 %■ 1^ M hypothesis fcr the you think you T^e Secretary of ho lds Hr. the F letcher: e ratio n in by W hat can In b u sin e ss dcinw ; 1 smre The Secretary te cf ef on te is cou ld m ake ju st ue le a s t. ycu w il l net ba b *nke and awara are that th ia reserve t* k e in to -er^s I t d ie tr io t. the facts attem p tin g wh#r« would d is tu rb course arran*s&ent; th ia rsservee t h l n f we have Of the ordinary trantactiona between interfered with bank w c u l i p refrab ly Treasury! the then served? beet Fletcher: Cincinnati M r. that be w o u ld q u e stio n , a a re r e o n eeccnd the c h o ic e, o rd in ary if the eecncrry on ly of tie * now? the Treasury: Of course be ocneidered naturally, but ycu dinary transact lens between y- ur b n n k factors thoee spenk of and O i ca~c . the or That w ill net be dieturbed, even i f you ehruld be put in a dis trict in which Chicr.«x> is not located. Bank w ill held the reserves ef the The banks of Federal Bceerve the d is t r ic t and it w ill be rescrteu to for re—die counting by sieaber banka and w i l l .-le© exercise such clear lr.<r h«uee functions as the Feu^r il Reserve Bcaru determines it shall do, M r, FietcJier: Z should think it wculd be «• knew led m what **ro*ntaj»» of c l e a r i n g they do for ue which wculd of al- 13 S. :« » d s i tc i u i < IM tt1lll W T/.c ih # Ktcra * a£ g*ith*r«c M r* it by At 1 P . M. a so ursa lx’ -*e u a a thm a-re w o uld 0# ar.t• Jf«a ■. y NWfl Irutl&na? tiiiii : thojr hare r:C*e ctcvtlatl a© bor* In d ia n * S o i U g uiiti l«r* Of 4463 the t t P M p u r y : ~L\t * 0 * 1 4 rtuviicrn £ a r t r f lb-* Plstohiri I F lo toher a . pi s i o n . 40 B M , a/ A. S ir te R n k o r © 1 Aeu tio n , S i*lU u rec«eo ir** * n u r til 3s3C P. V by »X - X3 4-403 AFTER HTr*!*8 S T A T n m iT OF AKBRK^ SM ITH. Tho SaertJtury ©f the Treasury: State ycur nftM , realdanee \\ and coou ^tlon T Mr. 8*1 th: Ar a m r 8s,ith; Sear^tsry of th@ Xfedlsaufc B^nkara1 A*too ia t ir n , Ir.^iw i&p clli; alao Vice Preelaent ef the I r ^ l w a Katlcmal Bus*, Ir ^iKA&xella* Ths 8a ore t*ry of tha Treaeury: Tr-u * * y prcooed* Mr. 8 ltfcx Oortl«.:#n, at ycur Chiea*ro hearing you requ«*ted Col. KoCullou rX, Ex—Presla&nt of cur Aftscoi&tien, ana H r. Malictt of Ir ilr a a p o lls , tc «»athcr tf.ne intere* tirif In— f o r M t i e a far you r a ^ r d ir.gr tba entabllehnant of * Faaarr 1 Reeerve B*nk and where I x*lana would s resfer to ba attache^. They tumaU. ih li *atter w a r to m ae Secretary of tba State I t t e o U U c a ana eeked aa te preeent it to you at yrur hearing ir Cincinnati. With that er.l in vlow we ««rt out a latter to every b&nlt lr. Ir.aiana reaueetlnr thrt tbey ^ive ua tha a»«u t a f raaarraa earriea in Chi oesro, S t. Lcula and Cincinnati and a l i o thair vrefer&noe a» between Chicr^o# S t . L ^u ie, Cincinnati ana L o u is v ille , n * » i n ? * fir e t ehciee nna a e e 'r a o h 'lo a f fclea tha preference ae between C M f c ana S t . Lcula. *1-14 A, Smith 4464 * ! • • M k « U theft to Indio&te the ^ r o e & U g j i of buoinoeo between thair loeality ana tho above najeed c ltle e , Vo re— f*c lv<sd 666 re pi loo cot of 937 bank* of a l l kind* in Indiana* Tha Secretary of tha Treaeury: Tow have a o©py ef tha in— V *ir ? which you w ill f i l e , hnve ycu? Mr. S r Ith : Too* Of thlo total of 9 ST, 05 I n U m l Bank* w ith a oapital of # 3 3 ,3 3 3 ,COO roportod and 354 State B^rVa and Trust Coapaniee with a oapital ef $ £ £ ,3 3 9 ,8 5 6 , oapital and eurplue, ana 1C? private banke with a or pi tal Fund our— pluo of £ 1 ,4 0 3 ,9 6 0 , mafein*T a total cf 6G6 brrJfco w ith a cap i t a l repreeontlr.* # 6 0 ,2 7 4 ,8 3 8 , Of thie number the gaticmal Benke reported favorably to C h io **o , 133 wit) oapital end eurplue of #35, C-67,Q6£* Cln— Olnnati 62 with oapital ana eurplue ef # 6 ,3 9 4 ,9 8 5 * S t , L o u ie , pf neno; L o u is v ille , U>, »ith * oapital anc otxrplue ef # 1 ,^ 9 3 ,5 8 3 , TKraO were eoat taring, re pro eon tin or # 7 5 ,3 0 0 c ap ital, T h i* flvot * total of 806 Rational Ifrnkn roper t i n * , w ith # 3 3 ,5 3 3 ,3 3 3 o^pii 1 and eurplue, for efcica«*>, Fcr eeocns. choice Chic- ro 6C banv.e with a o^pltrl *nd eurpkme * f # T ,5 4 7 ,7 3 6 ; Ciiseiwsaii, 66 banke with * oapital al-15 4466 A* Pitl til and surplus or # 1 5 ,3 3 3 ,7 1 0 ; Leu Is 31 bank* with St. it a l and surplus of # 7 ,4 4 7 ,9 3 6 ; oapltal ted surplus with a capital ana of surp lus 30 banks w ith U u U v lll* # 1 ,9 5 6 ,3CC; and cap a a banks s c a t t e r in g 38 cf # 1 ,2 5 7 ,£ 1 2 . As between Chios<re and St. Lc>ule, Chicago SOI banka with a capital and surplus of # 3 3 ,4 6 3 ,7 8 7 ; St* Louis 4 banka with a capital and rurplus cf # 7 8 ,4 2 5 . Husebor cf St* to Brnks and Trust Coerp^niae reporting 21 4 . For ChlotifB 341 with a capital and surplus ef # 1 9 ,1 4 8 ,1 2 6 ; Cincinnati 66 frith a capital and surplus of # 4 ,0 4 3 ,6 4 0 ; S t. 2 Louie 1 with a capital and nurplue cf § 2 8 ,0 0 0 ; Lcuiswills with a capital and surplus af # 1 ,0 1 5 ,4 0 0 ; scattering 33 w ith a capital and surplus of # 1 ,1 0 5 ,4 9 1 . For seocna efceloe Chlcajre 58 w ith # 3 ,6 4 4 ,7 C £ ; Cincinnati 112 with a a c a p ita l c a p ita l #8 ,8 3 3 ,1 3 6 ; St. k u i t 34 with a capital # 6 ,3 0 1 ,3 0 0 ; Lculswllle 38 with # 1 ,4 6 1 ,9 7 0 ; scat taring 112 with ana capital a a ana capital and rurp lus surp lus surplus ana of of surplus ana of of surp lus of # 6 ,1 7 8 ,5 6 0 * As botw«en Chicago and S t . k n it , C h icag o 291 w ith i t a l sad surplus of # 3 2 ,4 6 0 ,6 3 0 ; St* LAiis 7 ^1 t h and surplus of # 3 0 0 ,0 0 0 ; so? t tor in f 56 surplus w ith a a a cap orbital cap ltsl of # 2 ,6 3 9 ,0 3 6 . Private banks Chief*re 74 with * and a l- 1 6 4466 A* %h surplus of t l 5 l t360| Cincinnati 30 with a ee.plta l ami sur plus of $ 2 7 4 ,ICC; Lcuiswllls 4 with a capital and surplus of #S6,COC ; scattering 9 with a capital and surplus s f $ 1 2 1 ,5 0 0 , Sso^nd oho 1 os 18 with a os pi tal and surplus of $3 4 9 ,3 0 0 $ Cincinnati 3? with a capital snd surplus of |4 5 T #200— Ths Ssorstary el* ths Trsasurys That is not m aterial, in vlsw of tho fact that thsy cannot become seashore of ths systsm* It is sisrsly lnulontiro of thslr sentl&ent* Hr. Sal ths Toe. It is ■srely history* Tha Secretary of Agricultures H a w ycu anything to shew wsrs ths danks ars that sxprsss preference fro* Cincinnati m d Chicago and St* LoulsT . Mr. tel ths They ars a ll ever ths s ta ts , from ths northern bcunaary tc ths O M e Hirer* Ths Sscr^tary of ths Trsasurys Tru can supply a lis t ? II -. Bsithl I haws ret it ^ lt h a s , but I can t up ply it* Ths Secretary of the Trsasurys Furnish that, fir in g ths s. lures* of each b?nk. Mr. Salth: I w i l l be <rlad tc ao that* Ths Secretary of the Trsasurys Hew f * r dr you thlnJ^ths *l- lf 4467 A. Sraith bank* in Making the so repilas hr.ro b*er> lnfluencea by tbm cor.« f •i (U r * t l o n at to whloh dletrlct or « h l 9h elty wculd bo likely to bo tho cue to earn a dividend cm tho stock; where that ocevelderatloa bee boon the p r m l l i n f cne, how far wculd ycu eay that haa in f lueaoad the M t l e e of theee bnnkeT Mr* Salths I think they fe e l that a bank Ir. Chloaae wculd a pretty *oe- woney natter ami probably declare r* rood ^LlTiaond* The Seoretary of the Treasury* Dc ycu think th.' t hao more influence with thea th t eort eecEno&lo end fundamental queeIon th t 0*1*311 to <iotc:n? Lno the ^u^etlcn? Mr* Sal ths I think a many favor Chi o r pt * on a c o n m t of aaay of their buelneee intoreeta r i n R ir. that direction* The Seoretary of the T r a a u r y s Ton think that haa Influenced thea acre than to bo In a bank whloh le eure to earn 6 per oent, lntereet? Mr. ftolthi Too* T o Secretary of the Treaeury* Ia there any doubt ir your Mnl ‘.hat I bank M M fBt « UNI i tri 't r r r c ^ u by Q| - olnnatl veuld be able to earn lt« Internet on the etookt Mr. Sal ths I bollewe It ^culd* territory# It le t e r U liily a wood al- ia 4408 A* Saith* -■ Ths opttftry of tha Treaeury* Ht<v$ ycu ejsytblr^ also tc m gp«tt Mr. Sal thi For your further edification we took the matter up with the ChRabtr ef Coaunerce in Ind ianap o lis, ef which I rji a aeaber, a«a I re present the 2:. Their secretary sent oat a letter tc various Chaabere of Coaneroe and Boards of Trade evor the State atkir f whether they favored Chicago, Cincinnati or S t , Louis or Louisville for ths establishment cf a Fsasral Reeerve Bulk and ir.dirn tin**— Ths Seorotary cf the Treaeury: A copy of th&t letter of inquiry w ill bs f i l e d also? Mr. Sal thi Tee, that is a l l hers. Of coures there are not aany C h u b e r s of Cosasroe cr Beards of Trade scattered over In d ia n a, but ws have 12 replies hr. re rnd of ths 12 seven faversd Chicago, cur Cincinnati sna m s seettersa, I v i l l >0 rlsd to leave these r lt h yea, . Ths So erst rry of the Trsasury: Thres asay be f ilea a n ex h ib its tc your tsetiaony. Papers i w c r u i n f l y file d . STA Trrrarr o f ha n n rs s, sckta o , T**s Sscrstary of ths Treasury* W ill ycu etrto your n a n *, rasi4§ads mw occupation? U arous S . 8 (m t a f « Mr. S m U g i Maroua S . 8eRtft?y T l M P r «t id « it Indiana B n U r a 1 Aeaool: lion. This ocrra* c^d o no e ha a sear. had »ith a ll \bi banki af tha Steta, end I *1 1 1 f i l e that w ith out any further states ant unlade ycu want tc hear froa Ift iM V ilX l. Tha Secretary ef tha Treaaury* I f tha State ahculd ba divided between t*c dletrlo te, where ahculd ycu any tha act.thar part of the * U~ ta eh u Xu i»e ;>utt Mr. Bcr.tap* Wall wa favor Chicago, but far eaoona oh io e # 8 t # Lcula by a lo a f wmye. Ycu aaa va are away dew* in tha pookat. Tha Secretary af Aprlculturai That la Bv navi H a t Mr. B n t a rt Taa. And S t. Lcula la cn a cireot llna with ua. Tha Ba oratory of tha Treaeury* Mew «b h of Bcuthern Inal ana would ba regarded aa tributary tc Bt. Lcula natur llyt Mr. Bontfift Aa far north aa Tlneenne* rr probably Terra Rauta. 1 notice one of tha banka af Tarrr Knute haa appearad hara. Tha Baoratary cf Agriculture* Would that apply to tha ecuthaaatern part of tha BtateT 4470 Karoo* 8 . Sonts^* Mr. 8 «n U g s Wof they would w t c m l l y come to C lr slw u iti. Praoiioally m r y t h i R ^ aa*t of Tlne*im«s would all r* to C incinnati, but w* *r * *o situr tod that our railroad facllltl** « d everything farcr St, I t r U , our eecm d ? h d o e . Thst would bo I *hruld Ilk * to fllo this papor whloh oft*c out Sundaf, which g i n e our fu ll bank •te n d in g &nd •we nr bank in th* City. W* he we tun bonk* if; th* Clearing Hcu*o# Th* Secretary of th* Treasury: That i* an accurate »Ute«* sent* Mr. Bcntr r: T o *, *irs oor.pllad by on* of cur bankar** Tha j a parr ware Kcoeralnrly f llo d . T )* Secretary of the Treaeuryt Who raprancnt* To rra RrutoT Mr. Row*; I do not thin* thore 1* anybody here. Tha Secretary of th* Treaeury: I i there ar.yma also fr o * Indiana who wish*# to be haardt Mr. Raw*: Mr. Church af Mu-ci* 1* horo. STATnm rr of c. h. church. Th* Secretary cf tha Treaeuryt Tou nay etrt* yc r n a«e# r t t U e n o e and com patlon* Mr. Churc* : C. B. Chm ro Delaware C n a t y i P t l m a l Tfcnk. Ir c l a n * ; C ahler of tl * I an al*o 8a^r*taryof ths 4u n c l e The inf C learing Secretary or Houee. the Treaeury: Do ycu repreeent the C le^ Hcues? Ir. Church: r s p r s e e r .t the Only info rm ally; three The S e c r e t a r y i r m C h urch: of rational the they Banks took r.c a c t i o n * I th*re. My Tre a e u r y : authority? T hat mush e c . The S e c r e t a r y 4r. C h urch: Ths Sscrstary Ey o f th e T r e a s u r y : Ey a u t h o r i t y , of the yes, Treasury: authority? a ir, or fcy r e q u e s t . What le your vie* of this satter? M r .C h u rc h : atout, or e ith M u rcie Sow f o r *-l4 ,0 0 C th is say. l o c a t e d h a l f way to C h ic a g o , the ea&e f a c i l i t i e s ra ilro a d . ss le eith e r say, e i x days p a s t re m itta n c e s, te le g ra p h , m a il e n d in g S a t u r d a y n l g a t of 45 p e r c e n t , Ths o t h » r was d i v i d s d ju s t betw een th e * comin * In d ia n a p o lis and C h ic a g o • Ths S s c r s t a r y of the T r e a e u r y : Was t h a t is as n e a r l y indicative of th s g e n e r a l co n d itio n ? Mr. C h u rc h : e stim ate it, T h st it Ths Cs c r e t a r y is Ju*t th e way about, it w o u ld of the T r s s s u r y : all turn as I can out. So yo u f a s c r C incinnati, 447* do you? *r. more etuff tc explain in cn« and I Church: har«, that i> y. Forty per He* that the per la cf thoae cr the R a t i o n a l that *4 0 ,0 0 0 $ 4 0 ,0 0 0 Bank aould *lth any clear I cosfort, t n a t way a ll c f the T r e a a u r y : the t l a e C h urch. Tee. Th* S e c r e t a r y aoee not *ould from like w ithout cnecka, * unc i a . and banker#. to know aa b e en c l e a r e d to through expenee. hut e t l l l we have ie the , la Forty T hat about it about if p e r c e n t haa to go f o r the T r e a a u r y : How a r c clearan ce co ^ p a n iea . th e/ & o in s to be you hava a F e d e r a l a y e t e x o f c l e a r a n c e a w h ich irc lu d a Sir* Church: of pro it? t h ro u g h S t a t e Eanke and b a n k e ra and t r u e t a ffe c te d , aena the week. The S e c r e t a r y Mr. I banka jrou w a n t e d have p e rh ap a an u n u a u a l t h i n g , a ll away againat f t a t e not ui*. and $ 1 1 : ; , 0 0 0 waa foreign, perhapa that wo i n j 1«~£ , OOO o f d e p o a i t a caah That » a e p o rtio n fcr tora took were waa that on the groun.i waa checka eoaethlng cent, a£0 two w a t U of cent i® t h a y that |1 0 ,0 0 C $ 1 0 0 ,0 0 0 Cincinnati favor then? W e ll, »• «ill h av e t o p r o v i d e fo r them o r pay the expenee. The S e c r e t a r y of the T r e a a u r y : W ell, will they no t h a v e t* It 4473 C* *c®e Hr. I ex p e n se Church. I too? a* all ajr g e t t i n g H. Cfcurcn. getting of f r e - rsc-.# these these fr**e, F e d e r a l R s a u rv e Bar k w e w i l l h a v e o n ly your c a llin g an i n q u i r y th ia The S e c r e t a r y le rn in g of tin g ad van tages, tio n on t h a t n o t . one e l e e Is fro a attentio n to som ething cannct t e l l That i s In d ia n a ae s i l l ia because in put the I heard There &*y be are getting thank ycu. from hear the expense. that Ve po in t. into along yet. all, it pay t h e tc this the T r e a e u r y : *e if and th»t I aa you s a l e line* If s o a e compensa inxorm a- there Kertucky is no nos* L e x in g t o n r e p r e s e n t e d ? Mr. H ove: Mr. Sharp o f M a y s v i l l s , Kentucky, STATI3££WT CF H* C . The S e c r e t a r y of the T reasury; is here* SHARP . Stats your na&e resi den ce and o c c u p a t io n * Mr* S h a rp * M -.y a v ille , H. C. S h a rp * K en tuck y. b u t w ie h to f i l e The S e c r e t a r y Mr. Sh arp ; of I do not want fo r y ou r to N atio nal ta k e up B m nk, your time inform ation* the T r t s u r y ; Tou favor C in cin n ati? the T r e a e u r y . Fo r whom dc T ee* Tne S s c r e t a r / th ie C a sh ie r S ta te of you a p e a k . 4*74 your own bank o r t h e Hr. Sharps The town? w hole town. It ie in etated a ll thlm brief. The Fecr^tary of the T r e a e u r y : WAYFVILLE, It a&y be f i l e d . u rgiw o A KEWTUCKT, REGI03/L BJWK FOB CIK BIHKATI. M ayeville i* eixty- three t o e Ohio R i v e r a n d L . reach C i n c i n n a t i in (6 3 ) A V. and on«* a n d cu etoaere Factory, ani C nada; three whoee go od * go to a l l eurrrun fe rtile c u ltiv a tio n ; ae laet fa ra in g • • have f i v e S u r p lu e (5 ) and n i n e t y (9 0 ) p er in d u e trle e , of w ith th e G l o t e ; in the P u lley wa h ave the w h o le year ovsr the "b r e a k a * lan ds, In h i g h e t a t e of and n u a e r o u e £anke 9 -,0 0 0 .0 0 L ,5 0 0 ,0 0 0 . 0 0 of cert of le over | 4 9 1 ,0 C 0 .0 0 • I n d iv i d u a l D e p o e ite http://fraser.stlouisfed.org/ vofaSt. r lLouis oue Federal Reserve Bank Factory, D letilleriee, wi th a g g r e g a t e C a p i t a l c f • hours. o v e r $ 3 , 0 0 0 , 0 0 0 . 0 0 ; a e are a e have t h r e e l a r g e in te re e te ; can one Wood S p l i t p o in te e e lliru to ta lin g me and s h i p p i n g fcoode a l l Plow on C in c in n a ti (1 -3 / 4 ) Looee L e a f t o b a c c o M a r k e t Tobacco E i e t r i c t , ed by v e r y ot R .H ., quarter# one l a r g e * 3 , 0 0 0 , 0 0 0 roundw, s a a lle r 0. in Cuba and South A a e r l c a ; t h e eecond l a r g e e t E u rk le y A C. * e have one l a r g e C o t t o n l i i l l U n it e d P t a t e e £aet s lic e done all the through b u e ir .e e e fro a C in cinnati, theee and ae can of— 4476 H. for no better reaecn other P le a se p o in t ae a llo w (2 6 } a l i a s w ith th irty -fo u r 8 u rp lu * end D e p o e l te b u sin e ss (3 4 ) dene p o in t, w iu serve its h a vs th* a above, tor indeed. of ra d iu s t h e r e a r e tw e n ty th irty - e & a lle r to n n e , re p o rtin g : 5 5 6 ,5 0 0 .0 0 t h a t 95 p e r c e n t o f th ro ugh C i n c i n n a t i , if not s t r c n g s r , reeources ars is this and t h i s to th<i « h o l e o f our S t a t e unsurpassed, banking, a p p lie s o f E astern and c u r C o u n t r y , though the d e v e lo p - in fan cy . a s l;« b u s i n e s s ana c o m m e r c i a l s t a n d * feelings, any p e r s o r a l s p le n d i d the b e s t l o c a t e d bsn&s c ity the l a r g e e t r u a b e r o f banks a ................................ eay, h e r Rub T r e v u r y , s a m e s tly to than Inconvenient that w ith in b a n k s, fro a a s t r i c t l y la y in g s itu a tio n , C i n c i n 'a t i very the cow in ; s e c t i o n whoee a l n e r a l S p e a k lr interest .................................. $ 1 ,0 9 6 , 6 0 0 .0 0 ro fite stron g, in in *:ur ....................................................... 5 , 0 6 8 ,0 0 0 .0 0 is K en tuc k y , he ie o f M a y s v ille , and we a a y s a f e l y is it to ad d , A ggregate c a p it a l aet t why soul^ fiv e s q u a lly Sharp c^r.k e s t a b l i s h e d R egional any C. we thing C in c l n r . a t and g e o g r a p h i c a l in the U n it e d S t a t e e in t a l e r e q u e s t your H o n o r a b le B o a rd tc se c tio n , lo c a te R e sp e c tfu lly e u b a itts d , R. C. S h a r p . Cfcatraan. to and w e a bank th ere 4476 "TlTFKEST OF WALTER S . Tfce *> e c r .ta r y r^ ild e rc a th*» T r . t - . u r y , State your rum , and o c o ^ a t .J o n . v i l t e r 5?. H«*rki^a, ^ r . B a rk ir*: o c c u p ii t i c n <*et*<! in of HARKIHF. i* tha that o f a r A t t o r n e y a t Law, two banka a h e re I Tha S e c r e t a r y of Preatonburg. lives and tha T r a a a u r y : but sosj What a r a *y p r i n c i p a l I a* in te r- o th ere. they, n a tio n a l Banks? U r. H a r k ln e : One i a N a tio n a l and the o t h e r I aa a sto c k h o ld e r and to e P a i n t a v i l l e Tha S e c r e t a r y o f it? a R a t i o n a l in th a P e i n t e v l l l e N a t i o n a l Bar.k town. Tho U r. H arkJre: T r u a t Coapar.y. the I aa a u t h o r i s e d Mr. P u c k i s h * * Waorotary F a rk ln e : Treaaury: A re ytfu a u t h o r i s e d . of to a p p e a r f o r hsa a p p e a r e d f o r the Traaaury: W ith r e a p e c t tc What V r . H a r k in s : of ia your view ? the e s t a b l i s h m e n t o f a the T rc**au ry : U r"3u e e t i o n a b l y t h c e e in o u r th e o t h e r s . PegienaJi Bank i n C i n c i n n a t i ? The S e c r e t a r y to theai a l l ? appear here f o r H r. 8tata« K en tu ck y, The Bank J o e e p h ln e a t P r e j t o n b u r g , E- r * . is Tea, C in c in n a ti. 1* 447? W a lt e r Tha S e c r e t a r y in of S. H a r k in s . the T r t M u r y : T h ve a second and third on#* Ih e S e c re ta ry o f th s T reasury: Hr. H a r k i n s : Th# f i r s t woul i b j w »U ir.f •h c -li have Mr. ar# #uch t h a t , o f 8tat# l&rge .1 c o a l *•*<§*## f o r e we t h i r k thay w ould aerv# us b-ttter of through b *e q u i th i# in Th at le that tak# all Th# t h i r d all, up t h e that oil country and u n i# # # y o u between R egional i n w ith com* those Reserve the th# two I liv e C in rcln nati. in The th# of where c o n sist# Into should tieie region t im f c e r . C in cin n ati d istan t a to and c o m m e r c i a l , ;le a r s n o *:s than a i# tric t. V irg in ia . weivt d istrict, the ^«.k#e C l n o i n n a t i to e a y . ftnarcial oo«l it lo g ic a t w hloh a R e g i o n a l R e e e r v e Bar.k I *111 e a y B atu m i resource a p rid e , th# T r # ^ a u r y . T d«? r o t but cur t t ^ l r .e s i, of el## HarMne: C c ^ m it * # # , The end o u r b u s in # # # r # l a t i o n # t# Richmond, s o * st h in e by 8 t a t e p r i d e , to e h# # c < t a lll# h # d f o r a l l Th# S e c r e t a r y in flu e n c sa jivl C i n c i n n a t i the p l i M c h o l c # v# have on#, hut th # H t t t r ur i - # # t i r o e b l y You w ig h t n«.as them. # # co n d , L c u te v ille , of toe # i t u # t i o r U ch o ic e t h i * 4 t e t .r lc t T *(r. HarVinn: cf Rave you a teccn u the * a i n m arket northwest, sm s way, po in ts Bank a t any for there and and other U 4475 W a lte r S. rc in l. Tfjere a r a H a rk in s , oth ar r e a p e r s , but it la n e t n ecessary to m en tio n PTATFHEWT OF C . ***• ^ a c r e t a r y re e id e n c e of E .F B O S T , tha T r e a a u r y ' A th e n e , A la . W i l l you s t a t e y ou r na&e, and o c c u p a t i o n . k r » F r o a t s C. E. Front, A tbara, A l a . Tha S e c r e t a r y of th e T r e a a u r y . Tou a r e on t h e L o u ie v illa S■ V a a h v i l l e R a i l r o a d . Mr * F r o e t : T e a , a ir. Tha P e c r * it a r y o f t h e T r e a a u r y : Mr. F roat; B arker. Tha S e c r e t a r y Mr fo r a ll Froet: F roet: to g e t in to the F i r s t of th e T r e a a u r y . R a tio n a l at Athene bo th S t a t e Banks. A re you a u t h c r i e e d to o f them? I The S e c r e t a r y K r« What dc ycu r e p r e s e n t ? banka th ?rg, w hich a r e The S e c r e t a r y V r. o f th e T r e a s u r y : I represent Froat: and ta o o t h - r ep aak And y o u r o c c u p a t io n ? can apeak f o r one o t h e r . of the T r e & e u r y : Which one? The F a n a e r e 1 £ M e r c h a n t s * . the C i n c i n n a t i te rrito ry It ia our d a a ir e becauee aa a re on the 4479 C. £. Froet c u t p o e t e o f both He* O r l e a n s end Cir.cifira.tl, w oul i be our p r e f e r e n c e c ? « r t h a r e w ould ba tore c a p i t a l In a bank Be* O r l e & n a , in t h i a in Haw O r l e a n a , ana C i n c i n n a t i b jc a u e c wa b e l i e v e te rrito ry thsn w o u l: ba Scuta la a c r e c a p i t a l and f o r t h a t r a a e o n wa a r e there and what wa naad in tha fcr C in c in n a ti. Tha S t c r n t a r y of tha ' r e a s u r y . W h ic h way a r a yo ur t r a d e re la tio n e 7 Jr. Fro^t: T h ie way a l t o g e t h e r . The S e c r e t a r y o f th e T r e a a u r y : do Do you/tafcelneee w ith C in c in n a ti? Mr. Froat: Wot v ery Much, no a c c o u n t w i t h C i n c i n n a t i a t p r e s e n t . t^ ro u fh V a a ftv llle , B a ltla o re M r. Froet: n o r t h and e o u t h , c r c ; n » n h .. i c u l th e y e a r . ar.-.i our b o elncee then it tfcar better to e a c t ana e w e e t . i t wcul-i bo a l t o g e t h e r you w ould h a v e d i v e r s i f i e d ba t a k e r c a r e o f a t d t f f e r e r t e t a g e e o f theee o t h e r c o * a c to ay i d e a bee u * e Our c o t t o n taken c * r e o f . Tou t h in k r u n n in g n o r t h and so u th A c c o r d in g We do and Wew Y o rk . The S e c r e t a r y o f A g r i c u l t u r e : have a d l e t r l c t We keep b u t our p e o p l e d o . in the f a l l 11 le # in and t o b a c c o In th e eussaor th e o t h e r a e a s o n e c o u ld be Fu £. Ths S e c r e t a r y Frost* o f A & ric u ltu rsz a d i s t r i c t was s u g g e s t e d as ru n rin ^ You d o u b t l e s s knc* that e a s t and « a t t w it h A t l a r t a th s c e n t e r . Wr. F rcet: at le a s t It so u th t c put p a rlc n 1 tio n e t th in k ycu w oul ' f i n ? would not bs *y id sa . ths ls a r. snd tfts f a t that p r a c t i c a l ; I t w o u ld b s n o r t h and together. If you w i l l ths s x y r s s s lo n . of A g ric u ltu re : Ths S s c r e t a r v What w culd be your s s c o n a c h o ic e ? M r. F rost: c in ra ti L o u is v ille . But and p r o t s s t a g a i n s t tsrrito ry . 2 do n o t H r. th in k s itu a tio n F i r a i r . f h a* it it* feeing put is I w ould n o t t e is a c i t y we a r s but a t p r s s e n t proud o f p la c e , b e c a u s e we need more c a p i t a l , E i r a i n ^ h a * can coaaand The S e c r e t a r y q u e stio n Wo, and t h s y s ir; of th£t, th* not— and has a g r e a t and a c r e it ie a p r o p e r th an Have you d i r c u s & e d th e in y o u r s e c t i o n ? T have n o t , ic n o t u rg in g £ irj.ln £ k a a te rrito ry . o f A g ric u ltu re : q u e s t i o n w it h w ary p s o p l e the Ssw O r l e a n s I do n o t t h in k in t h a t on C i n - c o n c lu s io n o f in f a v o r fo r F rost: in t o a lo g ic a l fu tu rs Mr. to i n s i s t H a r d in g you h e ard S ;t u r d a y at a l l . w ith sta n d in g 1 coae because it is a ne*. know a n y t h i n g a b o u t it and I do ■U 4461 e. not e ith e r. is aore Frost. I do n o t p r e t e n d and I do r.ot th in k q u e stio n . E. to 3-now a n y t h in g a b o u t the o t h e r s do e i t h e r . It ie But what th e f u t u r e h o ld s o u t f o r than ar.y o f ue c a ' The P e c r e t a r y it, a nen t h is q u e stio n say. of A g ric u ltu re : But you w an t t o g e t in to a stron g d is t r ic t ? Mr# F r o s t : Ve w an t to g e t I want to s e e th e aoney gooi I th rough in v e s t m e n t , t h in k the if it because anti secon d i f I do g e t i n t o a us s u c c e e d , stron g d i s t r i c t , in to a s tro n g d i s t r i c t it ie aore p ro b a b le , transow , I but if I throw t h in k I w c u ld be a a i i n g would keep o ut p a n i c s . I have a been in t h e b a n k in g b u s i n e s s £5 y e a r s and n e v e r p u t on the l i a i t but a lw a y s do t h a t . I aay n o t n e x t I do not ae an t h a t tla e . Eut I w ill th o se a r e ay v ie w s a ^ o u t it, and i f that i s yet, a ll you want to a s k a e — Ths S e c r e t a r y State the T r e a s u r y : Do you t h i n k t h e w h o le o f Alabam a s h o u ld b s a t t a c h e d Mr. F r o s t : Frost: p e r h a p s go o f the T r s a s u r y : As f a r ae Montgomery. d is tric t? How f a r ? The s o u t h e r n p a r t m i^ht to Isw O r l e a n s . Ths S e c r e t a r y to t h i s Bo* Ths S s e r e t a r y H r. of of A g r ic u lt u r e : *o u ld not th at g iv e a still I* 4482 C. E. Frost leaner di s tr ic t? ^r. Frost: m isfo rtu n e . I t w o uld bs p r s t t y If le a n , i t vent e n t ir e ly bu t t h a t to the G u l f Is it th e ir w o uld seem t c me much b e t t e r . The S e c r e t a r y o f A g r i c u l t u r e : u e e ira b ls Do you t h in k to have a d i s t r i c t d c * n t h e r e s i t h it so u ld be lies O r l e a n s ae a c e n t e r ? H r. *ae Frost: I do n o t . &oin& t o I n s i s t But I on i t su p po sed t h ^ t Sew O r l e a n s and p r o b a b l y s o u l d Ths S e c r e t a r y o f A g r i c u l t u r e : gst A good many h * v e it. In siste d on i t . Ths S e c r e t a r y o f snat th e y s i l l M r. F r o s t : of as I t h in k th s s l i c s G e o rg ia , th ro u g h c o n stitu te but i t te rrito ry in it here, today, w o u ld o c c u r the p a r t seems to to me t h a t and Alabam a o u gh t to be I n c l u d e d c l e a r From the Lakes the m id d le th is th is you have been d i s c u s s i n g S e o rg ia the* ~G u l l . rig h t th ro u g h a p a r t o f osiddle T e n n e s s e e and ms to bs most p r a c t i c a b l e , to i e more a q u e s t i o n o f t h e s e p e o p l e have o u t l i n e d the t e r r i t o r y M is sis sip p i, It gst. c l u d i n g A labam a, K en tu c k y , the T r e a e u r y : of te rrito ry . to the G u l f w o u ld be my i d e a , the U n it e d S t a t e s o u g h t to That I do not is m y iv ie w . pre- £. ten i Eut to if Froet knee e v e r y t h i n g , you co u ld Montgomery, p u t thee cu t but t h a t tha S t a t e In w i t h Mew C r l e a n e , of w h o le e t a t e would be F rost; th ere Tee. an other te rrito ry , Suppose we d i d n o t h&ve a y ou r i d e a e o u ld be t h a t the in t h ie d i s t r i c t ? e o u ld much p r e f e r in M o b ile . it. L o u is ia n a . In c o rp o rate d I v ie w o f o f Alabama in two down to the T r e a e u r y : R e s e r v e Bank a t Sew O r l e a n e , rig h t Just »y and you heve to e e t a b l i e h The S e c r e t a r y *lr. le That wo u l d it, t e ay ever if I wae id e a about it. 4 °TATK¥CTT OF A. The S e c r e t a r y of the T r e a s u r y : E. JAC&SOM. State your n a x e, re sid e n c e and o c c u p a t io n ? Mr. of Jackeon: A. E. Jackson, D ecatu r, A lab a m a, C a sh ie r the C i t y M o t io n a l and P r e s i d e n t o f th e FI r e t n a t i o n a l £ank a t H a r t e e l l , The S e c r e t a r y Mr. Jackeon: A labam a. of I th e T r e a e u r y . re p re een t tboth What do you r e p r e e e n t ? th o se b a r k s and th s C e n t r a l M o t io n a l o f Mew D e c a t u r . The S e c r e t a r y of the T r e a s u r y : what a r e your id e a s a b o u t tfcle d i s t r i c t ? M r. Jackeon: I t h i n k ws sh o u ld be)>on& to C i n c i n n a t i , !■« 4484 C. E. Frost. C e r t a i n l y we do no t * a n t to b e l o n g to A t la n t a , o r Hew O r l e a n s , Tie a re b e c a u s e we want aoney down t h e r e . in s t o c k a a r k e t a t an i n t e r i o r p o i n t an J we do no t ti. ink we c o u ld be taken the second the S t a t e care la rg e s t of A la b a a a , o f a t Hew O r l e a n s o r A tla n ta . of The S e c r e t a r y ness s o r t w ith C in c in n a t i Ur. Jaokson: Jackson: Tenneeeee; the c o u r s e o f your b u e l - than w i t h A t l a n t a or Few O r le a n s ? Tee. The S e c r e t a r y M r. Is the T r e a s u r y : of le that c.o s o r e is the s o l l c l * 4 t l o n The S e c r e t a r y Tou do the T r e a s u r y . b u sin e ss our r e a l p o i n t , sore business tn cr| o f c o u r s e * itfc B & s h v l l l e , but we c«*ae up h e r e at o f— of the T r e a s u r y : W h ere do y c u keep y ou r reeerves? Mr. J a c k s o r : With Hew T o rk . The S e c r e t a r y o f th e s o l i c i t a t i o n Mr. J a c k s o n : The S e c r e t a r y the T r e a e u r y : Tou say you cams up a t o f whoa? The W a s h * i l l s C l e a r i n g H ouse. o f A g r i c u l t u r e : Tou want to go w it h ttaah- v llle ? Mr. Jac s o n : Tee. The S e c r e t a r y o f A g r i c u l t u r e : W h e re v e r l a s h v i l l e goes? 4466 A. Mr. J«*ckscn: The S e c r e t a r y as th o se U r. £• Jackton Y ea, of A ^ rlc u lt u r«: ju u t * i v e r J tek tm i: Tho S e c r e t a r y tlr« ae to Your re&sone the s t r e n g t h P ra c tic a lly , so, o f A g ric u ltu re : yes, of are tho s a a e the d i s t r i c t ? a ir. A n y th in g e lse you d e s i r e to add? Ur • J a c k s o n : V o, Too Sac r o t a r y of s ir. tha T r a a a u r y : Mr. Rowe, have you any one e lasT Mrm H o * e : Tha E r . o x v i l l e C l e a r i n g Kouaa haa r e p r e s e n t a t i v e s hara n o *. Tha S e c r e t a r y V&o of tha T r a a a u r y : Va m i l l h e a r from k t o x v i l l a * re p re een te K n o x v ille ? Ur J oh rator: I do* 8TATEVFVT OF H. M. JOHITCTOK * Tne S a c r a t a r y o f tha T r a a a u r y : re sid e n c e Ur* House Tha S e c r e t a r y p a rtic u la rly ? y ou r ne4.e, and o c c u p a t io n ? Johnston: C le a rin g You c a y a t a t a H* U* Johnston; President of th e J t r o x v il la A sso c ia tio n . cf ths T r e a s u r y : V h a t bank do you r e p r e s e n t 4486 H. II. J o h n sto n *r • John*to r: U nion W a t i o n a l TL t S e c r e t a r y or the T r a a a u r y : E«r-k. H *ve yo u c r « u M t i i l « iroi y o u r C l e- r in g R e u se? tlr. J o h n sto n : w h ic h I Our C l e a r i n g t h in k was read The S e c r e t a r y of Ho uee p a s s e d a resolution this c c r r i n g . the T r e a a u r y : Yee, it was re ad t h i s cornin*. 54r. J o h n s t o n : At w h ic h ths b ank a unanim ously endorasd C in c in n a ti• Ths S s c r s t a r y s o lic ite d of Was t h a t the T r e a s u r y : expression in any p a r t i c u l a r way? Mr. John, t o n : Wo* Ths S s c r s t a r y oi Or was the T r e a s u r y : a it v o lu n ta ry U r. J o h n s to n : I t was v o l u n t a r y . com m ittee h a i v i s i t e d e x p la n a tio n o f t& at r e s o l u t i o n , had com m ittees f r o s and I fe e l t h in k that Knoxville. A tla n ta , tfe«y s h o u ld but b e f o r e any to th a t since from Louisville e n d o rs e A t l a n t a , the C l e a r i n g ca a e 1 *ant t h a t one o r two m s a b e rs o f p a rtic u la rly , and from R1 the C l s a r l n g one House t h a t 1 know o f House r e s o l u t i o n fcssr. r e e e l n l s d and t h e r e haa b e s r It no q u e s t i o n has n o t in re g a rd — e x p re ssio n ? 448? U. to i*, -w^ct I t waa u n an iao u s a t The S e c r e t a r y Banka keep t n t i r Mr* Johnston. the o f the T r e a s u r y : tia e • t h e r e do the K n e x v il l e reeerves? W e l l , ths l a r g e r p a r t of t h e i r r e s e r v e l a ** i n le w York I jrreeu&e. And o u t s i d e o f t h a t , L o u i s Jcfcnston: c a rrie d C i n c i n n a t i and B a lt i m o r e you w i g h t s a y w o uld he th e v ille , p r i n c i p a l ones* The S e c r e t a r y o f d istrib u te d Mr. wae Mr. J o h n s t o n : la I tlse ? s h o u ld the T r a a s u r y : say p c e s l b l y T hat is Tee. The t r e n d o f b u a i n e a a frc a p le a e a n t, and p o e e i b l y in C in c in n a ti la rg e r se rv ic e in K r o x w i l l s and o f between the o f f l c l a l e and o u r t e r r i t o r y . the banka than In any o t h e r c i t y , c o n v s n ie n t w a l l that s x is t o ur a e c t i o n tow ard C i n c i n n a t i and a lw a y a has b e e n . b etw een o ur a e c t i o n and C i n c i n n a t i th s 30 p e r c e r t . the next l a r g e s t re la tio n e of it ItT Johnston: la rg e ly the p r e s e n t V e il, The S e c r e t a r y o f Mr. ia s h o u ld aay 60 p e r c e n t o f t h e r e s e r v e I in la w York a t la I n w hat p e r c e n t a g e betw een th o ae p o i n t s ? J c h n a to n : p o in t, the T r e a a u r y : have b e e n v a r y are rep reaen ted on a c c o u n t th e p l e a e a n t o f th e banka The re la tio n e in C i n c i n n a t i * * *4 o c H. 14. J o h n s t o n The S e c r e t a r y eeoo na c h o ic e Mr. of What w o u ld K n o x v i l l e ' s bt? J o h n s to n : u iftC u iiin ^ the T r e a e u r y : W e ll, I h ve been t r y i n g to the s e t t e r w i t h o u r bank p e o p l e , they « o u l i f e e l A t la n t a , The S e c r e t a r y of M r. J o h n sto n : fre e n e v e r h e ard one y e t , I t h in k and w ould l i k e I have them v e r y c l o s e l y , fr o r . C i n c i n n a t i v e r y much— reasons Mr. Jc & n sto n : From s e n t i m e n t a l more to be s s r v e d from A t l a n t a ? Tee* m The S e c r e t a r y o f and l o o k i n g a t they mould a l l . to be s e r v e d The S e c r e t a r y o f th e T r e a s u r y : ti an p r a c t i c a l sta n d p o in t. P h ila n th ro p ic ? and I have q u e s t i o n e d ea y bu t s h a t they s o u l d p r e f e r softer that p o ss ib ly a p h ila n th ro p ic the T r e a e u r y : L a rg e ly , th in x , it the T r e a s u r y : D is m is s in g mere from the s t a n d p o i n t o f v h e r e do you t h in k K n o x v i l l s w ould be b e s t wae n o t a t t a c h e d to t h i s d is tric t, s e n t im e n t sccn o m ic s ssrved, £ & st T e n n e s s e e if she in c lu d in g K n o x v ille ? U r. John *ton: If she was n o t a t t a c h e d to t h e C i n c i n n a t i d istric t? The S e c r e t a r y ta c h e d to th is c f th e T r e a s u r y : p ro p o se d d i s t r i c t , Tee, if sh e wae n o t but e a s tw a rd . at 4469 H. I U r . Johnston: «e ll p o s s i b l y Richmond. of the T r s a s u r y : T&e S s c r s t a r y d r , Johns tor.: of Mr. Jcfc r * t c n : Yes, d iffe re n c e The S e c r e t a r y b e r .t , would Mr. it ths the T r s a s u r y : fro a t h e se th s three th s T r s a s u r y : n ot. If you d id trsn d Is a l l b.*s l a i d out, on a c c o u n t o f t h s f a c t not thet the sasis a t In terests are in e v e r y is as The S e c r e t a r y of I understand lik e it seess of to c e , the w o r d . and X f e e l that C in d is tric t the d i s t r i c t ars The d i s t r i c t o u£ h t to be s e l f And o u r and o u r t r u c k i n g t im b e r in te re sts Our c o n n e c t io n s w i t h in C i n c i n n a t i . and one p o s s i b l y the Treasury: b u t b e lo w a very d e s i r a b l e s s a s o n o f th e y e a r . t h i s way a l t o c e t h e r . havs A t la n t a accounts sees* senss o f a lso st e n tirs ly ab o v e Knox to w a rd s R lchaon ti, t h a t th s * an t a out, bs tne n a t u r a l to w a rd s C i n c i n n a t i , and c c a l and g a r b l e la rg e ly b an k s a r s it the s a s e thsy havs l a i d •u s t& lrln s That w ould n o t cosse to C i n c i n n a t i ? t h a t on a c c o u n t o f the d i s t r i c t cm n atl t h e r e w o u ld be v e r y You s i g h t s a y t h a t 60 a l l s s trsn d o f b u sin ess th at p o in t Or E a l t i s o r e ? in s e r v i c e . of J o h n 't o r .: v ille Or W a sh in gto n ? ¥- £- Tr.s S e c r e t a r y little If. Jchrr,ter ths We h a vs a fs w i n R ic h e o n d . Why do you k es p s u c h a tnat 4490 H. la rg e Mr. M. Jo h n s t o n p a r t o f y ou r r e ila rv a Johruster.: ir le u York? * e fcs.vc ueed Kew York l a r g e l y fo r d la - c c u n tin g . The S a c r a t a r y of tho T r a a s u r y : Exchange p u r p o e e e and d i e - c o u n ts? H r. J o h n sto n : T «* # e s p e c ia lly The S a c r a t a r y o f exchanges between exchange. tha T r a a a u r y : W ith theee fle e e r v e Eanke t h a t w o uld d i s a p p e a r , would it tha p a r r i n & o f , .the n e c e a e i t y not? U r. J o h n a tc n : I n a e e n a e , y e a , a i r . I t h in , tu la , who ban ka/are n o t s s a b e r e o f the R e g i o n a l Bank, auch aa S tate fo r Banks and T r u s t C o * p a n i e e , on a c c o u n t o f wa have had w it h o u r corree^on cser t e , that the c e n n e c t i o n i e s p e c ia lly t h ro u g h th a s C in c in n a ti d i s t r i c t , wa w ould p o e e i b l y trioee sxch a n g ea b a t t e r ro u tin g to to o a n a le eome o t h e r p a r t a w here to o f A g ric u ltu re : F a irly The S e c r e t a r y of they a r e n o t a c c u e t o a e d You a r s banks. la a ilia r w it n the the south? v:r. J c h r s t o n : e u ^ g e e tlo n to h a n d le to ch an ge o u r g e n e r a l th eee e x c h a n g e s froat n o n - a ^ k e r The S e c r e t a r y e e c tlo r than wa w ould ba a b l e that ao. A g ric u ltu re : the d i a t r l c t Wfrat do you t h in k o f ought th e to be e x t e n d e d s o u th w a rd IT 4491 H. M. J o h n sto n . to i n c l u d e p a r t o f A i rbnjz& an1 M i e s i e ^ i p p i T M r, 1 to n o t e e e why & p a r t o f AlabajR ard i l i a a ~ J hnaton: c o u ld n e t b « t e n r e l t I v i r . t a g e c u d l y . I n what u r t u li t o e a i f a s U g i The S e c r e t a r y o f A g r i c u l t u r e s c o rsle t? U r. J c hn etcn * l i a t r i o t b ein g W a ll l a r g e l y i n p c i n t a © f th e w a n t * o f t h e ilv e re ifie l. The S e c r e t a r y o f A g ric u ltu re : T h at l e a ll, t h a n * y ou . Doee any &ae e l s e w iah t o ape&A f o r K n o & v i li e ? M r. Meweg F a i n t P I e a e a n t , W eat V i r g i n i a i n h a r e . The S e c r e t a r y e f A ^ rle u ltu re : We w i l l h e »r fro ia P o i n t P le a a & n t . STATEXOTTT OP C. C . The S e c r e t a r y o f A g r l c i i l t u r e s Ur* Bowyer: Bcwyers o f A g ric u ltu re s W here l e e f A g ric u ltu re s We e r a ST v i l e e Ie Bowyer: P o in t P le a sa n t? I re^reeen t it abcre h ere. n e a r P a r * e r a burg? e c a lh e f P ar * e r eb u rg • The S e c r e t a r y © f th e T r a a a u r y : M r. y o u r na&eT We a r e on t h e O U o H i r e r £04 i s l i e a The S e o r e t a r y M r* l o w y e r t What i e C. C. B ow yer, P o i n t P l e & e a n t , W eet Y i r g l r i a . The S e c r e t a r y M r. BOWTER. Whoa do ycu r e ^ r c a e n t ? th e P o i n t P l e a s a n t n a t i o n a l B a n * . ^ C. C. Sawyer. the P t . P le a e & n t T r u « t Bar k* o f which I The 3 t c r g U r y 448S \ n i t h e Msrcihanta l a U c m l aa c^vtahler. of tho T r e a s u r y : What i s 4 your t i f w o f th is M ttart H r. B e '7 « r : 1 «n ,tlrj ** ff^Yor C i n o . m - t i r . r y M m I of our tuaineee la hara. tu c iu 73 or 80 p«r can*. of c«r bualntta I au£poea ccmaa to Cincinnati an ! tho buainaee of o u r mere H ants l a r . It it* la r g e ly here, and moat o f c u r exc h a n g ee a r a C in c in n a ti# Tha S e c r e t a r y o f tha T r a a a u r y ! T cur V u a in *«3 i a aX&oet w h o l l y w it h C i n c i n n a t i ? Ur* B ow yer: Yea, Tha S a c r a t a r y ch o ic e in M r. in th ia B ow yer: of a ir; a l u o a t w h o lly * the T r a a a u r y * U a trlo t W a ll ir If C ln o lfv r ft t l 111 n o t h a r t a ban*? wa r e a l l y feawe n c r a a p o n a a to a n i n q u i r y fre & y o u r o f f i c e tha f i r * * t , aeconl a«1 thirl W aaoon 1 & n l Baltim ore a h ln g to B Uh? t w ool 1 h a y ^ u r a e c o n t ohc i c e , Tha S3~r«t ry -f the Tra- 4ur; i j sc sx> I c h i c a , aw M le ago aa wa e » T a C i n c i n n a t i t ir but to first, . That as all, thanc y< u. la thar-s any one slaat fcr. They Rc « : U We v Te Mr* We ^h c f Went V i r g i n i a JJrt ^ a « a to hnve c o m in yet* K r. jr*i U r . Brc <n fr e e . S w c^e. it 4493 3 , r i.n g f ia l d tr1 i jr. W asxer ’roit C e n t e r v i l l e OF STATO^SET The 8 sc r o t a r y o f ths Treeaurys J. B. tire I e r a . W ALKED. State ycur nute, r e e l 1t n o t a n i o c c u p a t io n ? Mr* r^*ksr: Ths S e c r e t a r y i r, W a lk e r : J. B. W a lk e r, Cert a m o f ths T reaaury: W a lk e r s Ths S e c r e t a r y Tennessee. W h ere i s C u n td n rU lo t Ml i I s T e n n e s s e e . Ths S so r o t a r y c f t h s T r e a s u r y ! Ur* lie, F ifty * lie s B e a r what p c i n t ? west o f S a s h Y ille . o f ths T reasu ry ! W hnt d o y o u r e p r e s e n t ? » M r. W a l k e r : .•ra c im lly The f i r a t I & l i c n & l Bank, o f C w t e r U i i e and two o t h e r banks by * r oxy. The S e c r e t a r y e f t h e T r e a s u r y s What l e ths ie s lra e f the fcenk* i n y o u r ooxsasftnlty? M r. Walk o r j W e ll tho n a tio n a l i n t e r e s t s and o u r s a r e identical. The b a i u # e f M i i i l e T e n n e s s e e a n i B a a h v i l l e a r e ilentical* P ersonal y I p r e fe r C in c in n a ti, whr t Wa s h r i l l e w a n t s , t u t it is tc g re a tly t 'i e l r internet, to o u r i n t e r e s t e s p e c ia lly w I t in k re g a rd le ss so s i n c e it is. to h a r e C i n c i n n a t i I they of tK ln k VHlnk. i t is aa our Beserw e 4404 - The 8 « c r a t H r y o f th e T re & a u ry : Klabtuea a h c u l 1 be i n c l u d e 1 I n lir* V ^ lk e r s I It your v ie w th e t the i l a t r l c t ? e h o u ld n o t o b j e c t Th# S e c r e t r y o f the T r e ^ u r y s I is to i t . W ould you thin*. i t d o o lra b le T Mr* W a lk e r s Tea* I t h in k I t w ould be* The S e c r e t a r y o f A g r i c u l t u r e : a U a tric t i t h tfe su h ie a a U r * W a lk e rs the c e n t a r * T ee * The S e c r e t a r y o f A g r i c u l t u r e s U r * W a lk e rs Uettphie r e p r e a e n t e i u e w i t h S©# * i r * W c u ld y ou t h i n k H u t t w le e ? t h e r e ie too nuoh r e t i n k i n the Sou th f a r a B e a e r r e Bar*.* The S e c r e t a r y o f A g r i c u l t u r e s U r * W a lk e rs Too c.uch what? R e i in k . The S e c r e t a r y o f t h e T r o a a u r y s a r by th e s o l i c i t a t i o n Mr* Walkers W e ll, Have y en a p p e a r e d r o l u n t o f C in c in n a ti? I * * e not e clic lted by Cincinnati at all* I i is;ht H^?e h#» l e 1 O t t e r . I have had « c o r r e a , endenue h a r e f o r y o a r e on1 yen r e &nd Have b e e n i d e n t i f i e d f o r y e a re a n l yenre* 16 9 3, and I eo t c t . riiy An I by th e w ay , C i n e —v ti > «n e th e n d u r i n g th o p a n i c o f a a a young nan t o h » ? e g o n e t h r o u g h - w ith th ree p a n ic # , c o u l l not have g o tte n J. it e ls e here. 4495 B. W arier. am a st ro n g b e l i e v e r I in the f i n a n c i a l s t r e ^ f th c f C i n c i n n a t i . The S c o r e t r y c f b u sin e ss la r g e ly Mr. a fa ir W xlk or: the T r e a s u r y : Is the c o u rse o f your w ith C i n c i n n a t i ? No, s ir; it is iiv ile d c c n siie r a b ly . We k ee p b a l a n c e h e r e w it h o u r c o r r a a , o a d e n t e . The S e c r e t a r y o f th e T r e a s u r y : How coach o f y o u r r e a s r r e * l o ycu keep here? M r. W a lk e r : The S e c r e t a r y About o n e - f o u r t h . cf th e T r e a e u r y : Does t h a t r e p r e s e n t n c r t A l b u sin ess? Mr. W »x*er: Yea, n o rm al. The S e c r e t a r y o f th e T r e a e u r y : in te re st r a t e a n i oth er f a c i l i t i e s Mr. W a lk e r : it in d u c e d by th e g iv e n ? W e ll our p re s e n t account l e a l t h o u g h we c h e c k on i t it Or i s whenever i t la somewhat ^ u i e t , c o n v en ien t. Wo k ee p ae a ia a t t e r o f exchange a n i b u s i n e s s f a c i l i t i e s . Tho S e c r e t a r y Mr. W a lk e r : The S e c r e t a r y Mr. W a lk sr: Tho S e c r e t a r y of th e T r e a s u r y : What i s your a e c c n i c h o ic e ? N a s h v ille . of th e T r e a s u r y : Hot i n t h i s Have you a t h i r d * U stric t, o f A g ric u ltu re : tho way i t Of sny o t h e r is la i 1 o ff. lis tric t? .4 9 0 J. Th# S e c r e t a r y tf E. ‘'ii er* V ie Tr<y* iu ry : Any e t h a r 31s t r i c t ycu h i r e i n Lolnd t h a t wcul 1 b e # r » c U c - W f a n i c c r t f o n : w i t h Ib itX tflf kr» ~ mi iter: trio te I j3 A t r jr If I w re s till* I to aucgeat, I w c u ll »a k e fur a b e l i e r c r i n th e f a t the ia — fry in g the 1 t in k we ought to g o e l e a r t.crca<j th s c o u r t r y * Z t h in k n c r t b a n i e a s t w h ere » o n e y l e t im tl wlt>* t v e scu tH a n ' I w h e re th e y e e t trhore the is n ry i t h e r e a c u r o e e e&d ra w n l t r U T he 8 e c r e t r jr y c f A g r i c u l t u r e s aad that l e about a l l Mr* H l k i r t M t M -a l e s l I j n, . Tou c o u l i t a k e l U c h l g a n , you o c u l 5 ex to n i e about a l l * th a n d s o u th * Bvt I 4 1 h t even go to Hew O r l e a n e p o e a i b l y , deal o f i t * e- ay oug)&t to be ik t h e l i n e but 1 lo u b t the wle-» th i n k i t a i g h t go a c r o e e AJabarm a n i G e o r g i a and .i. T ie S e c r e t a r y o f A* r l w u l t u r e : In t h a t cntae you t v ou£ht wh^t t. y cu :*i£ht <ic w it h Ho* Orle^m a? U r. W a lk e r: W e ll no# a i r * I aa 1 e a rin g that to you Itn tlM B * T e S e c re t a r y o f the T re a e u ry : th e « r t bleat 1r. ” n ix a r: o r e c: Ho. .iic a t e I *rill , te il Tom do n e t r o y< u? you vrhat I t> *r.k ab u t i t . I. 4487 I tvinfc i t I l o no t tM n lt I t to f o t i f ought to b e b a l a n c e 1 up a a n e a r a e p o s s i b l e * asounte tc eo c u c h , t h e d i s t a n c e you h a v e th e go o i s a r o t h e r e when y<u g o t th ere, t h i n k t h e M a t t e r e f bran ch banka — * t h e r e l e on them a n i they w i l l come i n a t t h e r i g h t STAraraiT or jr. w* The S e c r e t a r y o f th o T r w a u r y t and I no r e s t r i c t i o n t ie * an i ila c e . brow »: S t a t e y o u r n&aie* r e e l lessee a n i o c c u p a tio n ? Mr* Browns S p rin g fie ld , J . W. B rc a n , Tean eeo ee* The S e c r e t a r y Hr* Brown: S j r r i n g f i e l l W a t l c n a l BanJt# o f th e T r e a a u r y * Where i e that? Abcut 30 a ile e frttt Jfoehville, Tenneeaee, between laahvi11e an! Guthrie* Kentucky* The S e c r e t a r y o f t h e T r e a e u r y j Mr* Browns T e S p r i n g f i e l d H ^ t i o n ^ l Bank. The S e c r e t a r y o f U r. Brown: th e T r e a s u r y : Brown: H o* i n r g e a ban x l a W * l l * • havo $ 6 0 ,0 0 0 a ^ i t a i «ur. l u i u V i r i ' e ! The S e c r e t a r y http://fraser.stlouisfed.org/ Federal Reserve 1 Bank of St. Louis O nly? Tee. T h « S*ot etstry o/ t h * T r a * * u r y : U r. Who* do you r e p r e s e n t ? it? a n i $130*000 p ro fite . o f th e T r e a s u r y * Wh?t i e y c u r v ie w a b o u t If *498 J . W. Brown. this anttor? Mr. Bream; Vc ore in favor of C in c in n ati* V « think i t - i t a setter b * *mce I t-HT"! tory. Tha S t c r e t r y o f t h » T r e ^ a u r y j T>**t i s on u n s o l i c i t e d p rtfc r«n c «t M r. fitd 4 Brown: T o*. Only tha Hashville C l a a r i r # Hcua« i n - ua u£ h e r e . Tha S e c r e t a r y C in c in n a ti, o f tha T raaau ry* whitt o t h e r o i t y If in t h l a you i i i U ttric t not have » c u l 4 you p r t - f a r n e x t? M r. in i B ream Wa p r e f e r B a s h v i l l e firs t and th a n C i n c i n n a t i S t. L c u ia . Tha S « c r a t M r. Brovmi ry c f tha T r e a e u r y * W a ll Tha S a c r a t a r y I Ho a p i t a b ! a : M r. Brownt guae# i t Boa about Louisville? that * c u l 1 b a alrig h t. o f Agricultural Two other c l t l a a h t ? « basm Chattanooga*— V a i l wa lo n o t h a v e nach b u e l r e e * w c u ld s e r v e ua a b o u t a a w a l l , that * * y . but cu r b u s in e s s i a t> i a way. Tha S e c r e t a r y o f A g r i c u l t u r e : M r. fla w Brcvmj T crk. Our b u a ln a a o tra n ia A n l haw a b o u t Ma& h i s ? tetrarla Cincinnati ani I 44&9 J. Th# 8 e o r e t ^ r y o f B . W alk er. th # T re a a u ry ? Boft lauch r e s e r r e ie ycu k ##p h e re? U r. B ro w n : w# Th# S e c r e t a r y !c n o t do any b u s i n e s s h e r e . of th e T r e a s u r y ! Tou do bus in # # # w i t h la a h fiilc t Mr* Brown: T .r*. Our b u s i n e s s V# *. e#i a re ie rr# in S t. stathoer t Th# S e c r e t a r y cf t e n i a to w a rd # H a a h T i l l # a n i Hew L o u is . or u . w . m i a u th # T r e a s u r y * S tate your nso#, re a ld e n c # ] a n i o ccu p atio n . U r. U. ¥ . R en ick * ; d i i a t o w n , O h io , H e n ic k ; t u a n u fa e t u r e r a n i b a n k e r i n c i d e n t a l l y , F irst Ian t and P r e s i d e n t o f H m tional Bank o f M i d d le t o n n and r e p r e s e n t th e th # 0 g e l*»b jr» B e m # tt Ba- ing Company, a ^rirat# bank* The S e c r e t a r y suburb, 1# i t M r, R e n ic k : #f tb # T r e a s u r y * ifld U ste w n i # not? K ind o f a suburb, yea, Th# S e c r e t r y # f th# T r e a s u r y # re la tio n s o n .y 33 i l i e s Tour b u sin e ss away, ani trad# *xre alxaost a l t o g e t h e r w i t h C i n c i n n a t i T U r. K en ick s A lm ost # n t i r # l y . . Ab u t 85 $ e r c e n t o f c u r s u r p l u s rc.mrrm* a r e o a r r i # d h e r e , sort o f a none i n C h i c a g o , cr a u J . W. B rcw n . 4300 i . W. ▼ •ry l i t t l e w ith ona o f t h e banjos, a n i o n ly a *«m X l p e n - c o ’ t « g e i n He* Tork# We r e l y <n C i n c i n n a t i a n i c u r town b e i n g l a r g e l y 1 8 ,0 0 0 p a e l l a , a m a n u fa c t u r in g fa r town, our *? y ro lle , j o f a lv u t we r e q u i r e n b o v t $&>£,QQO a acerth f o r o u r p a y r o l l s I n c e a h j and we oan g e t t h a t BAtch itore * : r a n t ^ g s o u s ly f r o * C in c in n a ti The Bmmrmt a r j in th le M r. if the T r e a e u r y * H a re ycu a m e a d c h o ic e d is tric t? H e n ic k : o r CEhicage, we I ha 1 not th u g h t o f a aeocrt 1 c h o i c e ; Cl e v e l ^ n i rea ch cue about aa w e l l a a the o t h e r , c m e a c s p t C h ic a g o l e ne t than m y o t h e r c i t y * a little fu rth e rs «y and c u r & a i l e a r e ^ u lt e eo r a p u la r* The S e c r e t a r y o J L r l c u ltu re * Tcu h a d n o t th o u g h t o f Coluo-bue? lir* »lie r B e ric k : I hat net, axfct I lo n e t t h i n k I w c u ld ccn- it* The S e c r e t ' r y c f A^noal U re : D id you eay y cu w e r e a * A nuf& c t u r e r ? Ur* R e n ic k : T^e S e c r e t a r y tn to u tin g U r. Tee, a ir. o f A g ric u ltu re * Do you do t ^ a h o f b u s l n e e a to th e sou th? R e r lo k * Tea, vary l a r g e l y to the so u th . a lie - •• 4501 f?. D. R enick The S e c r e t a r y M r. ft*n ic k : O r e la n e a r e of A g ric u ltu re : Birm ingham, I f a a h v l J l e , A tla n ta , a n i Wee tha p r i n c i p a l p o i n t s . Tha B « o r e U r y Mr. A * n i c k : o f the T r e a a u r y : o f A g ric u ltu re : an d Alabama p r e t t y R e n ic k : What i a the R ^ n u U c t u r e ? M a n u fa c tu re o f p a p e r b a g * . The S e c r e t a r y M r. Ho* f a r down do ycu go? Do you c o v e r M l s s i e e i p p l w e ll? V e il o n ly from the C i n c i n n a t i cover that t e r r i t o r y . jo b i e r a , who We c o v e r Alabama f r o s Birmingham a n i G e o r g i a a n i F l o r i d a and Worth a n i &cuth C a r o l i n a from A tla n ta , and L o v e r M i e e i e e i p p i and L o u i s i a n a and E a s t e r n T exae from !fe» O r l e a n s . The S e c r e t a r y o f the T**eaeury: But they h a n d le y o u r products? M f • R s n ic k : coses Tee. A la rg e th r o u g h C i n c i n n a t i , the p ercen tage o f y o u r product raw s a t e r i a l and f i n i s h e d product as w e l l . STATFUFWT OF £ . The S e c r e t a r y o f the T r e a s u r y : D. TITTOW. W ill you s t a t e y c u r n a a e t r e e l ier.ee an d o c c u p a t io n ? M r. F ltto n : H a m ilt o n , O h io . 8. D. F i t t o n , P re s id e n t F ire t W a t l c n a l Bank S. I). o f the t r e a s u r y : Tho 8 0 0 r o t a r y 4602 Fltton Do you r e p r e e e n t tho C l e a r i n g HcuooT M r. F ltto n : T oo. Tho S e c r e t a r y o f tho T r e a a u r y : Hava you the re s o lu tio n ? Mr. ani F ltto n : Ho I xae a b s e n t and 'p h o n e d the® yooterelay # they a a * e d aa t o c o a * a n i r e p r e s e n t them, u n a n i * .o u a ly . Ths S e o r o t a r y C in c in n a ti, I o f tho T r e a e u r y : Ycu a r e In f a v o r o f preauae? M r. F l t t o n : Tee, o i r . Tho S e c r e t a r y M r. F l t t o n : o f tb e T r e a e u r y : H a tu ra lly ? Y oo. Tho S e c r e t a r y o f the ^ r e a o u r y : Moot c f y o u r t r a l s is hsro? M r. F ltto n : Too. The S e c r e t a r y are la rg e ly M r. o f tho T r e a e u r y : e lth F ltto n : Tho S e c r e t a r y A n i y o u r bank e x c h a n g e s C in c in n a ti? Yeo, o i r . o f th e ^ r e a e u r y : He* f a r lo je the H a m ilto n fro si hero? M r. F ltto n : The S e o r o t a r y banke A bout 25 m i l o o . o f the r r e a o u r y : i n H a a i lt o n ? that v ie * of a ll tho S. M r, Fltto n : 0. 4503 F ltto n Tee. The £ecret&.ry of the T re a e u ry : What ie y ou r eeoond choice within th le d l e t r l c t ae propoeedt Mr. j f we were t o have one I e h o u ld eay C h i c a g o . F ltto n : The S e o r e t a r y Mr I F l t t o n : o f the T r e a e u r y : C h ic ag o ? Tee. o f the T re a e u ry : The S e o r e t a r y W ith in t h le d le trlc t ex c l u d i n g C h ic a g o what s c u l l you eay neatT M r. F l t t o n : W e ll I r a t h e r t h in k In d la n a p o lie mould he n ext. The S e o r e t a r y H r. F ltto n : oue t o ue ae o f the T r e a e u r y : In d la n a p o lle T Tee. I n d la t n a p o li e . The S e c r e t a r y o f A g rla u lfc tre : Hoe a b o u t C olunbue? M r, F l t t o n : W e l l 1 mould r e g a r d C o lu a b u e an d C l e v e l a n d a b c u t th e e a a * . 1 w o u ld t h in k C i n c i n n a t i w o u ld be n o r e e lig ib le the d l e t r l c t fo r a l l C le v e la n d . t h a n e i t h e r C o lu a b u e or •• 4504 S?ATFK***T OF n. L . BURCH • Tha S e c r e t a r y ani o f tha t r e a s u r y : State y c u r na& a# r a a id a n o a o c c u p a tio n ? Mr. B urch : RL, B u r c h # P u b l i s h e r o f Tha M erchant and M a n u f a c t u r e r and The S o u th e rn fcomanf » M a g a z in e * Tha S e c r e t a r y M r. B urch: T reaeury: The N a e h v i l l e The S e c r e t a r y Mr* B u rc h : o f the c f the Mo, a i r ; What do you r e p r e e e n t ? B oard o t T r a d e * ^reaeury: Have ycu eoae ee c o n c u r r e d i n the re e o lu tic n *? re a c lu tic n a of the C l e a r i n g H t u e e . The S e c r e t a r y e f tha T r e a a u r y : What o f f i c i a l p o e i t i c n have ycu *1 th the B e a r d o f Trade? ■ r # B u rc h : preeen t* 1 h a re n o t any o f f i c i a l p e titio n ju e t a t I t«ae P r e s i d e n t and a a nee e x - P r e e l i e n t . The S e c r e t a r y o f the T r e a a u r y : They h a r e le l e g a t e d y cu t o a p p e a r h e re? Mr* B urch : a b rie f course fe e 1 w ill the trade i n c u r p a r t o f the c can t r y , read i t * 1 do n o t t h i n k I t o f the t r e a e u r y : I have r e l a t i o n e and tfee a in u te e . The S e c r e t a r y they d e l e g a t e d me t o a p p e a r h e r e * e t a t e a e n t c o n c e r n in g o f trade care t o , a Tee, Read i t . and i f *111 ycu ta k e b u t •• R.L.Burtfh Mr. B urch : *e t h in k tory it Aa we a i a h t o be i n C i n c i n n a t i * e and p r e e e n t b r i e f l y b u e i n e a a a n i b ankin g c a r t e r , cck e r c e and b u a in e e ? V ie e le e lp p l, to le fa c llitia a o f the fo r oth er rsg ic n . the to in la tc fin an c e ta k in g care and a s cf a ll its e lf, its parts the a e a r e and the b u e i n e a a re q u ire a e n ta i n i e p e n ier.tly o f any e s s e n tia l, in c r i e r o f tha la w may be a t t a i n e d ; l o c a t o d s h a l l be f u l l sail i s a success? have put a s i d e c la lp that the S lt h in te recta that strong enough th a t u n l e s s ia p e rile d . th** b a n k in g *n d b u a i n e e e te rrito ry l n t e r e e t , and hence to be i n a region o f f a r aa p o e a ib la re a lis in g a fte r "F e d e r a l oeaenre poaaeseee Vs d eea i t a b s o l u t e l y i n le r a e d C i n c i n n a t i * * o f tha c c u n try , a y a t e a a a a v h o le w i l l be trib u ta ry ae n c f cur t e r r i t o r y , one »h ic h i n which as a r s in a l l v isa , o f T e n n s a e e o , K e n tu c k y , th e ir beat o f the g e n e r a l purposes re g io n aystea ths that i t in lu e trie e , re g io n , t h a t th s of the e l a t e s o f the p ru p c a e a the b e a t I n t e r n e t d iv e ra ifle d aa a cur r e l a t i c n a h i p to th e the b u s i n e s s of c a r e fu l a n a ly s is Bank L a w *, our la p c tta n c e te rri Alabam a a n i G e o r g i a . The c o n c l u s i o n a te rrito ry , c u r vie#»e a a t o ahat t h a t p ro p e r to a ta te s h o u ld b e , 4505 ths success U ie cf *md c f N a s h v il l e and l o c a l p r id e and have f o r a F e d e r a l R e s e r v e B an k , Sn •• R. L. Burch * 4506 th e b e l i e f and u n l e r a t u n d t h a t the r e g i o n t»hich i t serve r e g i o n a l book c r euch w i l l be ao b a l a n c e 1, and i t s c a p i t a l i z a t i o n and s t r e n g t h t h a t t b e re g io n , a g ric u ltu ra l, rn a d ily be accociitc Jated a t a l l fu lly re a lis e in iu a tri.e e o f tbe m a n u fa c t u r in g and c o i u c e r c i a l , that a ■ u # t be g o v e r n e d by th e r e g i o n a l bank t c be a e u c c e e e same la w s ?.nl c o n d i t i o n s ae w u st have b o th d e p o s i t o r s a n l b o r r o w e r s . f o r , t h a t the South e l . c u l l b e in a g e n e ra l In lia n a , r.eet V i r g i n i a , *ay, tc be i n co m prise % it th erere g io n s Our r e g i o n th e e t a tee Hi » H e an d E a s t e r n Ken tu ck y and M id d le and E a s t e r n T e n n e s s e e , a n l A labam a l y i n g N o rth ia , Te b e l i e v e * eo d i v i d e d ae th e re fo re , tb o a e that composed o f b o th S o u t h e r n and H c r t h e m t e r r i t o r y . o f O h io , way tim e s, s u r r o u n d i n g a hank d o in g a o e s a n e r o la l b u f l i n e i ? , sh o u ld , w ill o f Montgomery* T h is that p o rtio n w i l l attach of th e o l d e r fioan ufactu rins an d s t r o n g f i n a n c i a l c ©immunities o f the Worth t o the n e w er m a n u f a c t u r i n g an d a g r i c u l t u r a l com m unities o f the m id d le S o u t h , w a k in g :ture •ill n o t o n ly have heavy d e p c e i t s , b u t s h a t necessary, It is xa j u s t a s have demands f o r a c n c y . u n n ecessary tc not b u sin sse t h a t the b a n k s remind t h l e Committee t h a t i t r e a s o n s a l o n e s h i c h c a u se is the S c u t h t o n e ed largs ee R. sums o f money from the its the case are c o n d i t io n # all its a g ricu ltu ral in d u strie s i^are ment of c o n d i t i o n * to t h e in g c o u n t r y thcsti of th e Burch out a l i e p a rtic u la rly As L. 4507 to ca rry on i t s in d u *trie s, r e s u l t i n g from bu t b e a r i n g the C i v i l f a r , p a r a ly s e d , and an e n tire on t h e im p o rtance in d u s t r ie s States is in the when re ad ju st o f 5r<vshville and s u r ro u n d o f the S o u t h , of K e n tu c k y , and p a r t ic u la r ly Tennessee, A la b a m a , M i s s i s s i p p i a n d fteorgia - t ra d e moves* S o u t h , N a sh v ille o f a p p r o x im a t e l y cn made n e c e s s a r y . h e a r in g and mcvas N o r t h . In d u s tr ie ® , a n d b a n k in g does a w h o l e s a l e a n d m a n u f a c t u r in g b u x in e * 1 1 0 0 , 0 0 0 , 0 0 0 a y e a r , m ost o f w hich t e r r i t o r y So uth c o n sid sra b le b u s in e s s of i t , *ith a lth ou g h it does a Southern Kentucky. Nashvi 1 1 s #a w h o le s a le h o u s e s fc.nl m a n u f a c t u r in g co n c ern s have sa le sm e n every my of the year in the territo ry im m e d ia tely a d j o i n i n g M e m p h is, A t l a n t a , Bing&ngfcam a n d J a c k s o n , ly cities s p e a k in g te rrito ry . save that these The b u l k comes North l i k e w i s e sieves North of t h ie r b u s in e s s goods sell t o l Z a a h v il l e ; But g e n e ra l re p ese n tativ es is South o f a n im m ediate a n d c o n t ig u o u s The payment f o r tr.e b a n k in g , nevar h ^ /e M iss. of them , te rr ito ry l y i n ^ South, and i n our t h a t is Korth. the our b a n k in g b u s i n e s s to w a rd s C i n c i n n a t i , As a n e v id e n c e of •• H. I . Burch 4508 th e way In fchioh b u a i n e s * a c r e s Scruth I c a l l your a tte n tio n in the f a c t t h a t one c f the m agazines which I p u b l i e h , u r l e r to g e t d i s t r i b u t i o n i n Savannah a n i C h a r l e s t o n , e x a a p l e , must f i r s t be s h ip p e d t o Y a e h i n ^ t o n , * h i c h trib u te s to a l l W a s h v ille 's I c ity , it A tla n tic aho*n by the f a c t c a rrie s s l i s r a b l y sore n a tu ra lly isp o sits th e S o u th e rn c i t l e e K a e h v ille if sore i te e I f of Bouth o f i t * of b u sin e ss fo r a reserve conany o f r e g io n a l bank, deemed a d v i s a b l e , e h ic h h a n d le s A u g u s t and S ep te m b er, is ae i t le the s u c c e s s i v e l y whefca, Ho o t h e r S o u t h e r n c i t y wh a t ready f o r h a n d lin g course i e an i d e a l o i t y c o t t o n and t o b a c c o . Its e x c e p tio n a lly out o f town ban k s t h a n l o than s i g h t b an k s a r s aIvan tags. lie - th a t w ith o u t b e in g a i n th s fo r n aaed a b o v e . center c f a t e r r it o r y e o ll C oaet c i t i e s p o s i t i o n a s a b a n k in g c e n t e r i s s t r o n g , as i s to pcsessses th is h a r v s s t s d and s o l d i n June, J u l y , and the monsy d s p o a i t s d i n t h s ban k s the c o t t o n c r o p , *h ich is g a t h s r s d an d i n B ep te m b er, O c t o b e r JVovesber an d December* The money f o r h a n d l i n g th s [ a n d M arch, crop i s tobacco c ro p , d s p o s lts d which i s in s o ld its banks ready in January, fo r February so t h a t each c r o p f u m i s h s s ao n e y f o r m ovin g th s s u c c e e d in g crop* th is •• R. i s a very la r g e N a s h v ille ■ere Burch 4509 of the O t i c R i v e r , p ro lu c te , sood- some of cry in g p r o lu c ts , ie a ls o a l i v s -s t o c k N a s h v ills is the t h a n any city the®, b e i n g f l o u r K i l l cotton a n i fo u n a r y c e n t e r of i m p o r t a n c e . o t Ten nessee amounts bu sin ess h a v in g m a n u fa c t u r in g c e n t e r , d iv e r e i f i e d itanuf a c t u r i n g i n m t r i e a ? o u th it L. The p re lu d e , liv e -s to c k to $ 1 7 0 ,0 0 0 ,0 0 0 a y e a r , c h ie f liv e -s to c k c ity o f the ani state. 1f a s h v i l l e 9s m a n u fa c t u r in g p r o l u c t s amount t o $ 4 0 , 0 0 0 , 0 0 0 p e r annum. N a sh v ille is ed u c atio n al cen eter, In t h i s w ith e v e r y rid e rec o g n ise d as St. is co nstantly jt is i n any e a s y n i . , h t vs L o u is , a n i p r i n c i p a l Southern p o i n t s , ham, A t l a n t a , g iv in g it as S o u t h 9s g r e a t e s t say i t p o r t i o n o f the S o u t h . ol C in c in n a ti, the In d ia n a p o lis L o u is v ille , a s tra te g ic in touch a n t of tfemphis, B ir m in g ad van tage as a c l e a r i n g houss betw een the s e c t i o n s . The S e c r e t a r y second c h o ic e ; Mr. B u rc h : o f ue f e e l in t h is I n the the pu rpose Ilr. B u r c h : te rrito ry te rrito ry t h a t o u r own c i t y The S e c r e t a r y fo r c f th e T r a s u r y : tihat t.ould be as as Tes, o u tlin e d ? o u tlin e d I t h in k a s a l l is — o f the Treasury: o f the N a s h v ille 's I am e x c l u d i n g N a s h v ille d isc u ssio n . I understand. I w o u l d say L o u isv ille , H. cut I h a rily fe e l we 4o n o t b e l i e v e s u ffic is n tly «o u ld *ith re a e c n Burob ycu c o u ld M y 45LC second c h o i c e , the t e r i t o r y l y i n g n o r t h f a r n o rth «lth I ;lo n o t t h in k ycu c o u ld c a l l o f the t r e a s u r y : the s x t s n s i o n o f t h i e Mr. B urch : I d is tric t stated t h e re thou gh t i t The S e c r e t a r y the re ae o n of L c u ls v ills L o u ie v ills , it and f o r s e c c n i ch o ic V hat i e and that . y o u r v ie w a b o u t f u r t h e r south? i n the p a p e r t f* ic h 1 l e f t home and b e l o r e m orn ing t h a t I fo r to sa k e i t a g o o * s t r o n g d i e t r i o t good g r a c e c o o p e r a t e The S e c r e t a r y b efo re L. I h e a r d the eh c u l l go a t o f the T r e a e u r y : I I drew up d iso u ssio n ls a a t th le t o Montgom ery. *aa s p e a k in g ab o u t g o in g f u r t h e r scutfc than Montgomery. Mr, B urch: 1 t h in k it w o uld be h a r d l y f u r t h e r ec u th moves n a t u r a l l y a n d my o p i n i o n a b c u t t h a t e h c u ld b s in ths B t. proper. t o M o b ile and www O r l e a n s , te rrito ry le t h a t Hew O r l e a n s L o u is t e r r i t o r y an d h s n c s i n Alabam a so u th o f Montgomery w o uld n a t u r a l l y Ms* O r l f a n s - 9 t « L c u l s Ths S e c r e t a r y s p lit nect B t. L o u ie ? th s tsrrito ry bs i n th s re g io n a l t e r r it o r y . o f the Treasury: w c u ld work w e l l , i t up » l t h The t r a d e Do you t h i n k to a tta c h a p a rt th a t k in d o f a o f A labam a an d con Hew O r le a n s an d then c o n n e c t t h a t up w i t h 1 . t* Burch Mr* B urch: e p e c la l kotos *> e ll, s ir, I 4511 do n o t t h in k t h e ^ a w c u ld be o b je c t io n to t h a t . sou thw ard nnd the l i c e Tho t e r r i t o r y s o u th haa t o be my o f Montgomery seeew h ere, • h e r e th e y d i v i d e * the S e c re t ry c f A g r i c u l t u r e : Ycu t*re suit j e s t i n n o rth .m d eouth d i s t r i c t w e s t c f th e M i s s i s s i p p i g another P ite r, p ra c tic a lly ? M r. B urch: Y «j * The S e c r e t a r y F lo rid a o f A p ic u ltu re : Whafc mould ycu dc w it h and G e o r g ia ? Mr* B urch: I wculd p l a c e F l o r i d a *nd s c a t o f G e e rg ia in t h e A t l a n t i c C o a s t d i v i s i o n w i t h W a s h in g to n o r B a l t i m o r e a t t h e h ead * The S e c r e t th o u gh t ry c f A g r i c u l t u r e : Fhat ie the c o n t r o l l i n g i n y r u r mind i n a r r a n g i t i g t h e e d i s t r i c t s north m d eouth? Ifr. B u rc h : T hat th e y s h o u ld be b a l a n c e d ; s h o u ld be a m a n u fa c t u rin g tarred, o ld a d ia trio t c o n t e r e suoh and c i t i e s a n i ron ey d i s t r i c t , who^-e t h e r e as B a l t i m o r e , is a re s e rv rir C in o in n t i as nd l e n d e r s it th ere s ig h t be c f money, j&d 8 t . o f t h a t d e s c r i p t i o n w hich have f o r c f tim e been d e p o s i t o r s o f money th *.t i s , L o u ie a le n g p e rio d o f soaey; F• i. Burch 4 5 1 2 be th e y w c u ld / th e c e n t e r o f the r e g i o n o f the S o u t h e r n d is tric ts ly in g south o f t h e » , d ie t n o t e vhen they n eeded noney w o u ld have & p l a c e eo t h a t t h e v a r i o u s Southern where t h e y o o u ld ^ et th e r c n e y * The S e c r e t a r y fa in o f A g ric u ltu re s to th e l o n e r South from h a v in g S t a t e s l i k e I n d i a n a oonneoted w it h thee? Mr. Ycu h ave f i g u r e d Burch: yes out • © » • O hio md R. I. Can yr;u f i g u r e The S e c r e t a r y o f A g r i c u l t u r e : B urch: R e gio n al Tes, a ir, I th in k i t w c u ld be a g a i n t o th e Bank i n ec Bruch ae t h e r e w c u ld b e a c o n s i d e r a b l e u s e o f money a t a t i e s when p c s e l b l y d e p o e lte o u t any from t h a t c o n n e c t io n ? g a i n tc Ohio and I n d i a n a M r. 4513 Burch o f woney i n t h o s e c i t i e s The S e c r e t x r y c f A g r i c u l t u r e : the«*e w c u ld be l ^ r g e i n those s t a t e e . One end e f th e d i s t r i c t , i n 'O t h e r v c r d e , w cu ld have th e s u p p ly and t h e o t h e r th e d m and? M r. B u rc h : Tea, s ir* The S e c r e t a r y c f A g r i c u l t u r e : le Which i n y c u r judgm ent n e c e s s a r y t c g i v e a w e l l b a la n c e d d l e t r l c t ? M r. B urch : necessary. t n e w s e lv e s Tee, and a s u c c e s s f u l The h o l d e r s o f stock b a n k , w hich i n the b u l k , the *fceh t c s e e th it s t o c k p ay d i v i d e n d s ©th rr i n v e s t v e n t , I a lso b *nks lik e my take i t . STATEMENT OF JAME8 A. The S e c r e t a r y ie c f the T r e a s u r y : S tate GRFFH. ycur n * a e , re sid e n c e and o c c u p a t io n * M r. G r e e n : * rch i t , J a »e e A. Greeny C in c in n a ti* w ith Matthew Adtiy & C o e p a n y , I aa a p i g C in c in n a ti is iro n the 4514 H* L • dur c l e a r i n g house f c r a Tery l a r g e p a r t ■ ade in t h e S t it e o f O h io , iro n which l a » a 1 e o f th e i r o n w hich l a and f o r p r a c t i c a l l y a ll o f the I n the eouth and fchlch l e not oonaused lo c a lly . The 8 e o r e t a r y o f th e T r e a e u r y : A re ycu s p e a k i n g e f the A la - ba»a d is tric t? U r. G reen: I as s p e a k in g o f t h e A l a b a a a d i s t r i c t th e Ten nessee and Kentuoky d i s t r i c t s . o u t o f e v e r y t e n ton e o f i r o n s a l e a r e h a n d le d th ro u g h C i n c i n n a t i , in C in c in n a ti. T h ers • h e r e th e coke l e are g re a t C in c in n a ti le e x te n e lse p ig th le iro n . cen tal The Sec r o t but i t i n t h e s o u th lik e a llh a n d le d goes o f course, W is e C o u n ty , through th le C lo 1 .rg e and coke Is v a in ly and In the i l l o t e r the c o u n try . r y o f the T r e a s u r y : A re y cu f a w l l l a r w i t h c o n o d ltle s ^rca C i n c i n n a t i . Yes. The S e c r e t a r y a r e h a n d le d h e r e i n i r o n h c u se e which d l e t r i h u t e the d i s t r i b u t i o n o f g e n e ra l Mr • O rrtB S o u t o f ewtsry t e n coke f i e l d s le o f T en nesee th e hoae c f e e v e r a l t e r y The d i e t r i b u t i r n , w est, the S t a t e a sserch^nt p r o p o e l t i c n , and th e coke n o t used l o c a l l y c i nr, % ti. I p re& u a d e th i t n i n e and n in e o f A la b a s a I r e n not used i n A la b a s a , and o f o f the T r e a s u r y : What l i n e s p a rtic u la rly J. o u te id e o f jlro n , V r . G reen; A* Greer. what g e n e r a l 4515 c c a e io d lt le e ? I have t h e g e n e r a l cen In C ln o in a a t l e r u ld k now led ge t h a t ha^ e who had e p e n t a l l any b u a in e e e h ie life h ere* The S e c r e t a r y e p h e re o f t r a d e com odi tie a , ite e lf? le o f th e T r e a e u r y : In flu e n c e d o s i n *nt ae th e t r a d e K en tu c k y, G e o rg ia , I it the t e r r i t o r y as tc In c h ie f o f gen eral the t e r r i t o r y *h io h C in c in n a ti center* t h in k C i n c i n n a t i and a v e r y l a r g a p a r t a ll C i n c i n n a t i 1* f o r th e d i e t r i b u t i c n how w o uld ycu d e e o r i b e I s e a n by t h a t H r, G r e e n : What l e o f S o u th e rn O h i o , in flu e n c e ie in Tenneeeee, o f n o r t h e r n A la b a m a and In d ia n a , and a l a r g e p irt c f e o u lh e ra I l l i n o i e * The S e c r e t a r y Hr* G r e e n : o f A g ric u ltu re : The n o r t h e r n p r t Tou eee we r e a c h i n d i r e c t l y a b e o lu te ly s tra ig h t atrcng as The n o r t h e r n p i r t ? ae w e l l on th e — ae t h e s o u t h e r n * our r a i l r o a d s ru n and we do as bu ein e ee * The S e c r e t a r y o f th e T r e a e u r y : e s p e c ia lly o f I n d ia n a ? i n t o n o r t h e r n W#et V i r g i n i a , i a a e n *e aaount o f d i r e c t A ll S o u th e rn I n d i n a and a l l o f Weet V i r g i n i a * The S e c r e t a r y V r* G reen: o f the T r e a a u r y : I n w hat l i n e a d is trib u tin g center? if C in c in n a ti J. M r. G re e n : There i a d is trib u tio n c f ccke The S e c r e t a r y It le 4516 A • G re e n nc c i t y th «t cercparee w it h o f the T r e a e u r y : Tee, lu s h e r a^rket* lo * comp i r actively C i n c ln n t l ia sc. ae tc ill i t It e t h e r th in g s? n o t? le d istin g u ish e d a treiren d cu a fc r its n u a b e r o f m iner m a n u f a c t u r o r s , a s ycu «>re a w a r e ; p rin tin g in k , in k s p a r t i c u l p a in ts , rly , aid a l l that s o r t fa m ilia r but I p rin tin g How th e j o b b i n g lin e e ? do n e t want t o But I an ru s h i n speak. in y cu r l i n e it d o m in ate# s e c t io n ? Mr. G r e e n : A b so lu te ly . Ths S e c r e t a r y erente ln te re a te C ir 'Tii very in these 1 r g e 'y . here* o f th e T r e a s u r y : f c r these d i f f e r e n t M r. C r e e n : very o f th in g , a r e o t h e r s su c h wore com petent t c The S e c r e t >ry o f A g r i c u l t u r e : th at V im is h e a , Tcu itta t aek we a b c u t my s p e c i v l t i e s . in a g e n e ra l w *y, w h sre t h e r e l*rg e ind f u r n i t u r e m a n u fa c t u r e . The S e c r e t r y o f t h e T r e a s u r y : Mr. G re e n : i n th e uad i r o n . a 1 >rge baoon and p e rk m r k e t , Mr. G re e n : it Tcu a r e l a r g e l y concern s, s a le s a r c y cu not? la rg e ly * C in cinnati ceneerne, h o w e v e r, his imnenae and hae fin a n c 'd them A g r e a t w*ny o f them arm owned and c o n t r o l l e d T h e re a r e none t h a t C i n c i n n a t i is net in te re s te d in * the r. t3 f inajaced the Birmingham d i s t r i c t frc m / b e g ln n in £ . 4517 J . A. Green The S e c r e t ry o f th e T r e a e u r y : W r. Howe: u r. The S e c r e t a r y MoGUl o f th e le That i e a ll, here fro c lfa rio n , Treaeury: thank you* In d . Dc y c u c a r e t o s a y any t h i n g , Mr. M c G ill? Mr. M o G i l l : I b e lie v e n ot. We have o t t e r e d t h e gro u n d th ro u g h o ur s e c r e t a r y . FURTHF* STATFMTHT OF W. S . The S e c r e t a r y c f T reaeury: ask ycu one o r two s o r e M r. R o * e , q u e a tic n e , if ROTE. we s h o u ld l i k e y c u want t o to resuae the sta n d . The S e c r e t a r y ju st Jt w a s / t o ask y cu o f A g ric u ltu re : t o Bake a s p e c ia l p o in t o f p r e s e n t i n g t o us b etw een now and th e firs t if o f March, us as f u l l y and sc f a r saps 'T a k e C i n c i n n a t i aa you c a n , do sen le a d in g d iffe re n t c o w n u n itie e • it but center, e ith e r in o th e r ways, the v o lu t e ha^» to c o n c e r n s and g e t f o r the vclutte i n c o m b in a t io n , as a d i s t r i b u t i n g in d ic a tin g sho w in g trade are a in gen eral she * a n u f a o t u r e s c r d i s t r i b u t e s p e r c e n t a g e s * P e rh a p s y cu w i l l a or oth er e x h ib it s as ycu can C i n c i n n a t i 9* o c M c d ltie s . o f th in g s p o s s ib le , cf it and t a k e h a l f a d c x en o r f o r u « . We a r e n o t the p e ro e n ta g e e aakU* shown i n J. Ur. R© e : I A. G r*en 4516 aa very nuch o b lig e d fo r tho e u g £ € * t i c n . I Aisu®ed t h is r e m i n g th *t w ith what we had i n the » a p * which th a r • c u jd go in w ith the b r i e f it would be u n d e r * t o e d /f r o * O h i o 9* p o s i t i o n , w ith p c a itio n it h i * is lirg e, it* encr&cus » a r u f a c t u r e « , in p ro p o rtio n to other s t a t e s , very larg e, i* suoh * p a r t lc u l® r ly i i v e r e i t y a* there i n O h io , i t * p erc en tag e th at i t would be throughly un d erstood w ith o ut saying very *such about in t h e b r i e f * th ere uad t h * 1* i n Sow whare th e«e s t a t e * , and because Ohio does 53 p e r oent c f t h * m a n u fa c t u r i n g in th e se fiv e * t a t e s , it w ould ju s t be assused t r t the ie g o e ie would r c everywhere# The S e cre ta ry o f the T re a a u ry : le a r*a p e a k ln g C i c i n n a t i f s dcpiinance ae a trade c e n t e r , ion o f c o n o d l t l e * Hr# Ho-e: Tee, fo r the d i s t r i b u t throughout the d i s t r i c t y cu have K * n t i c n * d I air coring tc t h a t . I do not th in k is any doubt in the w crld th at we h an d le d a l l y here* ecvewheree between a K i l l ! on d o ll r* 'tu re there i n one hank m d a n i l l i e n and a rij.|f o f country ch eck s in a day that * r e M a in tc C a l i f o r n i a . the of* And th a t 1 * the ^ stuttered fro® r e s u lt n o t only o f but the jo b b in g and d i s t r i b u t i n g . V * kf.ow how Kany we handle o f thew because they eim ply a c a n the g iv in g o f i w e d i a t e c r e d it and the t l e i n g up o f th at T. al »n *y S* Row# 4519 u n t i l th ey u r e li<*i I d a t a d , and i t ie a fei^ e l e w a a t . The ^ e c r e t & r y c f A g r i c u l t u r e 2 O f c e u r e e , yeti n e e d n e t •© f a r a f i e l d ae t h a t , t, b u t t a k l n f the a i a t r i e t you h i r e end t a k i n g th e d i s t r i c t y cu c o u ld eto ii.jgh t e e u t h t o the Q u U g iv e ua i n f o r a a t l c a , it m ig h t h e l p u a *e la id if 1a # e r y etany Vc ye than <n e . Mr. Kowes We w o u ld be v a r y of jgiad t e do i t * and a r c *la d the chenecu T e S ecretary ef the T r e a s u r y : Tcu u n d e r s t a n d w h at we H itt Mr, Rowe: I t h in k T ra S e c r e t a r y c f I do new.* the T re a a tiry * Taka the r a n u f a ? t u r l n g l i r . e e and ehew ua w h ere the u tio n e f that product l e th r o u g h t h l e la rg e j e b b i n g and rin e ip a l d is trib trades d l e t r l c t i n w h ic h ycu c l a l * ycu a r e d c a a lia n t* Hr* Rowe 2 I b e l i e v e we hawe t^e l a r e e e t tan nery In the country— Thei S e c r e t - r y ua hawe f th T r a e u r y * Tcu b e l i e v e bu t et the f i * " u r 4 * « Mr. Rev ex X b e l i e v e It aa a f r e t , The S e c r e t a r y o f A g r i c u l t u r e * haws i n aiind* th at, In St. L c u le an a can prove it. L e t tsm i l l u a t r a t e tne h a r d w a r e e o n p e n le e w hat we jgave u e ee 4520 W . F • How* w i t h o u t any t r o u b l e tha p e r c e n t a g e tha s t a t s s , s s p a c i a l l y tta> w i t h i n the ware r e p r e s e n t i n g . la rg e o f t h e i r b u sin e ss r*ach m ight t u r n o u t - b u a i n e * * i n some t e r r i t o r y o o n a id *ra b le g i** tro u b la a tte n tio n to it of cou r**, t h a t t h a y w o u ld do a wary l a r g e t h a t w o u ld g i v e ua v a r y tha o c u r * * of trad*, the v e r y w ould h a v * a v e r y ju s t w ill fin d to g i v e and i t v*ry c o n e id e ra b ly . Mr. Row*: very d i f f i c u l t Ve w ould b * v e r y The S e c r e t a r y ot t a n n e r y you epok* h o * much o f the g la d the * r * a * u r y : o f. 8 u p p o *s an d th a n s a c s tne p e r c e n t a g e and on y o u r 1 do n o t t h in k ycu w o u ld h e l p u * in d e e d o f th e c h a n c e . F o r i n » t a n c e , tak e t h * th a y f i l e t o t a l product in o f an p r o b le m ; i i r e o t b e a rin g re c o g n iz e d . c o a p c lls d to that s o rt d iffic u lt p r o p o s a l t o hav* C i n c i n n a t i it Wow i f t o show ua t h e i r i n p l a c i n g , and a * w* a r a • x h i b i t may h e l p ua a o l v e that c f th* e a ta b lis h m e n te . h a l f a d o s t n o r a dozen o f t h o * * w a r * it c ity Tha *asie waa don* b y eose ahoa h o u * * * and o t h a r l a r g e b u sin e s s, o f the i n *1 1 a sa p here th e ir lin e o f that p ro iu c t s h o w in g they m an u fac tu re# s o ld in th* d iffe ro n t statee. The S e c r e t a r y of A g ric u ltu re : • u p p l l * * and m a t e r i a l * fr o m # Or e v e n she re it d ra w * i t * W. Tha S e c r e t a r y S. Row# o f the T r e a s u r y : it# mate r i a l s it# raw m a t e r i a l ; 4531 E x a c t l y , a n d h e ro an d from what p o r t i o n it dra#» of the c o u n t r y i t draw# and ta x # #ho## o r any o t h e r j o b b i n g lin e , o f which you hair# a b i g j o b b i n g b u « i n e w e , and ahow u# th# •as# • M*\ Row#: Th# re p o r t # r w i l l The S e c r e t a r y giv e us o f the T r e a s u r y : m e e t in g a d j o u r n # , a# it g i v # anybody who * i # h # # Tee. tho## p o in t# T Mow b e f o r e i# a p u b li c h e a r in g , th i# w# le e i r e t o be h # a r d an o p p o r t u n i t y p r o v i d e d they can eh#d any n#w l i g h t to to #peax, on th# p r o b le m , w it h #mpha#i# on th# naw. M r. J . 8 . ta lk e r: Th# S e c r e t a r y (The May I a fil# / *ittl# o f th# T **#*eu ry : p a p # r # a# a c c o r d i n g l y Th# #nactm ent o f th# # x h ib it? T ## . fil# d , and i # C u r re n c y Law i s a# f o l l o w s ) : th e a c h ie v e m e n t o f modern h i e t o r y . Even tho## frie n d ly becom in g i t # to the l e g i e l a t i o n a r e a n d the f o r # - g l o w are of it# p o r t e n d i n g the g r e a t b e n e f i t # then c f the stro n g advocate# the p e o p l# , through w hie hr, to f o llo w . great tra v a il th# n a t i o n ha# p a # a # d i n b r i n g i n g who w ere un b # n # f l o . e n t and fa r -> r w a a $ in g e f f e c t # be corns i n g a p p a r e n t t o the g r e a t body o f In v i # * great#et to l i g h t it# -r*a te # t 1. ee p ro d u ctio n * of it c rrta in ly S. 4 £2 a Rowe be h o o v e s t h e s e who have o h j r^ e th at f a i r ani proper the p r e c o c i o u s y c u n g a t e r t o eee treatm ent a r e a c c o rd e d i t e a d v en t in t c Ho« a e t o the an a the iiv is io n o f the d e s i g n a t i n g o f the c i t i e s Banks s h a l l be e e t a b l i s h s d life . country f u l l b s lis v e i s a h e rc u le a n t a s k , an d e x p e c t C o m m itt e e 's a c t i o n w i l l , s a tisfa c to ry th e h i g h e s t every a c tio n lik e the l a s th e A m erican p e o p l e . e m a n c ip a t io n o f 1 v e r ily b e lie v e d istric ts, w h e t h e r t w e lv e p o s s ib ls , p e c u n i a r y s t r e n g t h and f i n a n c i a l s h o u ld o f the dominate great 1 have f u l l t o a c c o m p lis h th s o f y o u rs s lv e e , t h a t the or a le s s c f the human l e g he an d to fin a n c ia l Ths num ber, s h o u ld and a s n s a r l y equal m rss o u rc ss as p o a a ib ls . When Abraham L i n c o l n was a s k s d h i s p ro v e a c r e t h is n a t io n has b se n a c c o e ip lls h s d . bs as w s l l b a la n c e d ae le n gth o f the P a t r i o t i c a o t i v e s and As i n d i c a t e d , t a s k a s s i g n e d y^u t o th e s a t i s f a c t i o n rsssrvs lts s lf, p rin c ip le ® i n y o u r d i e p o s l t i c n and a b i l i t y and one and p a t r i o t i s m . re s u lt i n w o rk in g out th e d e t a i l s p r o b l e a now i n y c u r h a n d e . fa ith t h a t the t h a n anyone can f o r e e e e . o rd s r o f b u sin e ss d is tric ts , w here p a r e n t R e g i o n a l t h a t demandsthe fcl^ h e et o r d e r o f e f f o r t B ut I in to o p in io n as t o the p r o p e r r e p l i e d he mas u n a b l e to J. B. an sw tr a c c u ra te ly # but i t s h o u ld a t lo n g enoughtt l e a n t be th e g r o u n d . Ani that our country in t o »a e h ie i * ay 4523 W alk er Ju igment t h a t rea ch f r o a i d e a a e t o the reeenre c t ie t r ic t e . f o l l o w ae ra y be lin e e c l e a r acroee need b e . if s e e no r e a e o n why J a c k e o n v l l l e , e h c u ld n o t be i n ea se shy C in c in n a ti, eh c u l l n o t be i n d ie trio t O h io , A t l a n t a , the same d i s t r i c t . a l l - i m p o r t a n t n eed l e to fu m la h must f r y the g o c d e . the l e a n . " c a p ita l th s lr own. b u sin e ss 111. or to The d i s t a n c e re n ie r se rv ic e "The f a t in n a t u r a l The n o r t h an d e a e t have th e The e a s t e r n an d s h o u ld n o t be g r o u p e d i n t o d i s t r i c t s Those e e c t i o n s meed a l a r g e o rig in a tin g in 1 The p r e v a i l i n g an d the a b i l i t y ro u n d . I and e v e n Wee O r l s a n s , The e o u th and e e s t b o u n i to make t h e w h e e ls go n orth ern e t a te s and C h i c a g o , To uee a hom ely p h ra e e r e ^ o u c e e , an d raw m a t e r i a l . re q u ire d , F o r e x a m p le , e q u l l i b r u m and b l a n o e . doee n o t co u n t f o r s o su c h a s in ten d e d , thought n e c e e e a ry , 0 a ., of e h c u ld n o t e x t e n a F la ., if to su b d iv is io n the p u r p o s e ee e no re a e o n w h a t e v e r %hy th e the c o n t i n e n t , the b o i y They e h c u ld be l o n g enough a n i b r o a d enough to a o c o m p lle h w i t h ae many b r a n c h banke t o the l e g p o rtio n th e e c u t h a n d * * e t . cf of the eo 4624 The S e o r e t a r y of the Treaeury: if there ie n o t h i n g f u r t h e r th© h e a r i n g w i l l be a d j o u r n e d . (W h e reu p o n a t O h io , .a s 4 :3 0 aljo u m sd . the h e a r i n g a t C in c in n a ti,