The result of the system was a high degree of concentration of money in the three central reserve cities and in relatively few banks even there. According to the returns of the last Comptroller's call before the enactment of the Federal Reserve Act, October 21, 1913, the concentration in the central reserve cities was as follows:

Table Showing Concentration of Money in Central Reserve Cities, October 21, 1913 (Amounts In Millions)

New York

Chicago

St. Louis

Total

Number of national banks....

36

9

7

Total deposits..............

$1,356

$456

$144

Individual deposits..........

715

215

62

$993

Bankers' deposits:...........

641

241

82

965

Due to other national banks

337

149

53

Due to state and private banks..................

122

76

26

Due to trust companies and savings banks...........

181

14

3

In other words, about half of the total deposits of these central reserve cities were bank balances, and over half of the bank deposits were from national banks. The Pujo Money Trust Investigating Committee in 1912 found that ten of the leading banks and trust companies of New York had 15,483 bank depositors distributed as follows:

1. Hanover National Bank......................... 4,074

2. Chase National Bank........................................................ 3,103

3. National Park Bank............................ 2,426

4. National City Bank............................. 1,889

5. National Bank of Commerce..................... 1,671

6. Mechanics and Metals National Bank............. 1,010

7. First National Bank............................ 579

8. Liberty National Bank.......................... 312

9. Bankers Trust Company......................... 237

10. Guaranty Trust Company....................... 182

Total number of bank depositors.................................... 15,483