This section is from the book "Banking Principles And Practice", by Ray B. Westerfield. Also available from Amazon: Banking principles and practice.
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:
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 |
 
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