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.