The story of Pittsburgh: Banking and finance

Banking and finance (Vol. 1, nr. 17)

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Multivolume work

Identifikator:: 1831622599

Document type:: Multivolume work

Title:: The story of Pittsburgh

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1919-1930

Collection:: Economics Books

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Volume

Identifikator:: 1831623951

URN:: urn:nbn:de:zbw-retromon-241167

Document type:: Volume

Title:: Banking and finance

Volume count:: Vol. 1, nr. 17

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1930

Scope:: [ca. 40] Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: The fourth federal reserve district

Collection:: Economics Books

THE FOURTH FEDERAL RESERVE DISTRICT The Fourth Federal Reserve District comprises Ohio, Western Pennsylvania, parts of West Virginia and Kentucky, and three large cities—DPittsburgh, Cleveland and Cincinnati. When Cleveland was selected as the seat of the Fourth Federal Reserve District, Pittsburgh was keenly disappointed and appealed to the Federal Reserve Board, as provided for in the Federal Reserve Act. After hearing the claims of both Cleveland and Pittsburgh, the Board decided not to change the selection. Though Pittsburgh outranked Cleveland in gross business, in bank clearings and in other particulars, these considerations did not avail. The following table, furnished by the Statistical Depart- ment of the Federal Reserve Bank of Cleveland, shows the relative importance of the resources of the Pittsburgh member banks as compared with the total resources of all member hanks in the Fourth District. MEMBER BANKS — TOTAL RESOURCES Fourra District Prr1sBurGH No. of No. of Resources Banks Resources Banks December 381, 1921 $2,774,786,000 883 $626,175,000 26 December 29, 1922 8,197,957,000 880 702,956,000 26 December 31, 1923 3,382,284,000 877 717,767,000 26 December 31, 1924 8,629,945,000 871 803,988,000 24 December 31, 1925 3,778,228,000 863 799,300,000 20 December 31, 1926 3,894,009,000 856 837,067,000 20 December 31, 1927 4,061,785,000 835 862,237,000 18 December 31, 1928 4,223,070,000 816 878,966,000 18 December 81, 1929 4,255,209,000 795 988,709.00C 26 The following table clearly emphasizes the importance of Pittsburgh as a financial center. It shows the bank clearings of Pittsburgh compared to the bank clearings of the Fourth District, comprising fifteen cities, for the vears 1921 to 1929.

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