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The Dallas FedHistory of the Dallas Fed"Texas Wants Reserve Bank," proclaimed the Texas Bankers Record in February 1914. Eager Texans from Dallas, Fort Worth and Houston made passionate pleas at the Reserve Bank Organization committee hearing that February in Austin to have a Reserve Bank in their cities. The Federal Reserve Act of 1913 directed officials to choose no fewer than eight and no more than 12 cities as sites of Federal Reserve Banks, and Dallas supporters were determined to have their city selected. Dallas Morning News publisher George B. Dealey and Dallas Clearinghouse representative J. Howard Ardrey led the way in promoting Dallas and rallying support in Washington, D.C. Dealey and Ardrey sent coded telegrams to two influential Texans in Washington. Addressing the telegrams to "Mercury" and "Tacitus" to ensure confidentiality, Dealey communicated with Postmaster General Albert S. Burleson and presidential adviser E. M. House to find out how Dallas was doing in the race.When it was learned that the postmaster general was coming to Texas on a personal business trip, Ardrey and News reporter Tom Finty "accidentally" took the same train as Burleson, riding with him from St. Louis to Dallas. Ardrey recalled later that the train ride gave him a "long and uninterrupted interview with [Burleson], in which we succeeded not only in convincing him that Dallas should be the choice, but also in arousing his enthusiastic interest." Burleson and House took the city’s case to the secretary of the Treasury and to President Woodrow Wilson himself. In April 1914, News publisher Dealey received a telegram from Burleson indicating that Dallas would become the headquarters of the Fed’s Eleventh District. The Reserve Bank Organization committee stated that it chose the 12 cities it felt were the most important in terms of banking resources, central location, and communication and transportation facilities. Though Dallas and New Orleans had comparably sized banking operations at the time, the committee thought it especially noteworthy that the banking business in Dallas had more than doubled in the past decade while that in New Orleans had remained stable. On October 16, 1914, the first official meeting of the Federal Reserve Bank of Dallas board of directors was held in the Directors’ Room at City National Bank of Dallas, and on November 16, 1914, the Dallas Fed opened for business. Significant Events in the History of the Dallas Fed1913President Woodrow Wilson signs the Federal Reserve Act, creating a system for orderly and stable economic growth in a nation unsettled by a string of financial panics. 1914Dallas is selected as the site of the Federal Reserve Bank for the Eleventh District, an area encompassing Texas and parts of New Mexico, Louisiana, Arizona and Oklahoma. The Dallas Fed opens on Nov. 16. Oscar Wells is appointed the first governor (later called president) of the Dallas Fed. He would serve until 1915. R.L. Van Zandt is named
the Bank’s first vice president. 1915
J.W. Hoopes is appointed first vice president. The Dallas Fed begins clearing checks for about 75 district banks. The United States enters World War I, and the Dallas Fed begins selling Liberty Loan Bonds to help finance the war. 1918The El Paso Branch of the Dallas Fed is established. 1919The Houston Branch of the Dallas Fed opens its doors. Lynn P. Talley is named first vice president. 1921The Dallas Fed moves into its new headquarters—a classical revival-style building—at 400 S. Akard Street. R.G. Emerson is appointed first vice president. 1922B.A. McKinney is appointed the third governor (president) of the Dallas Fed. He would serve until 1925. 1924R.R. Gilbert and Val J. Grund are named first vice presidents, beginning a 12-year period in which the Bank had two FVPs. 1925Former First Vice President Lynn P. Talley begins his six-year tenure as the fourth governor (president) of the Dallas Fed. R.B. Coleman is appointed first vice president, replacing Val J. Grund. Coleman would serve until 1936. 1927The San Antonio Branch of the Dallas Fed opens. 1931B.A. McKinney, for the second time, is named the Bank's president, serving until 1939. 1932The Depression triggers widespread fears about the strength of the nation's banks, and the Federal Reserve initiates a program to provide relief loans to banks and other financial institutions. The Dallas Fed cautions banks: "Credit is exactly like morphine. Either credit or morphine used habitually leads inevitably to the gutter." 1933The U.S. banking system collapses, and President Franklin Roosevelt declares a national banking moratorium on March 6. The Dallas Fed remains closed until March 13. In view of the scarcity of jobs during the Depression, the Dallas Fed issues a policy that no married women will be employed at the Bank or at any of its branches. Congress passes the Banking Act of 1933, strengthening the Fed’s control over speculative loans and creating the Federal Deposit Insurance Corporation. 1934The Federal Reserve Retirement System is established. 1937The Dallas Fed launches a comprehensive bank visitation program to foster friendly relations with member banks and enable the Fed to serve them more effectively. 1939R.R. Gilbert is appointed the sixth president of the Dallas Fed. He would serve until 1953. E.B. Stroud is appointed first vice president, replacing R.R. Gilbert. 1942The chairman of the board of the Dallas Fed announces his appointment as a major in the US Army, and the board grants him a leave of absence. More than 400 male employees depart for the military, and the Fed hires more women than ever before in its history. 1943The War Manpower Commission designates the nation’s Federal Reserve Banks as essential activities. Employees are prohibited from changing jobs without a statement of availability. A critical labor shortage is declared in Dallas. 1944W.D. Gentry is named first vice president. 1946The Fed issues a new vacation policy granting three weeks vacation to employees with 20 or more years of service. 1949The Dallas Fed officially adopts the 40-hour, five-day work week. 1950
1953An automated funds transfer system connects the Dallas Fed with Federal Reserve Banks nationwide. The system, which replaced older Teletype equipment, enables the quick, electronic transfer of funds across the country. 1954Watrous H. Irons is named the Bank's seventh president, serving until 1968. 1958The Dallas Fed moves closer to full automation by creating the Machine Processing Department to coordinate the mechanization of the Bank’s operations and services. 1959The Dallas Fed prepares for the Atomic Age by instituting an Emergency Preparedness Program, delegating emergency authority to the Board of Governors. Harry Schuford is appointed first vice president. 1961Hurricane Carla batters the Texas Gulf Coast for seven days, causing damages estimated at $300 million. The Dallas Fed and its Houston and San Antonio Branches deliver currency and coin and help untangle banking operations in the Gulf Coast area. The Dallas Fed participates in a pilot program using prototype high-speed check machines. A survey shows that well over half the banks in the Eleventh District have begun encoding their checks.
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R.L. Van Zandt is named the
Dallas Fed’s second governor (president), serving
until 1922. 
The Dallas Fed begins to
mechanize its check processing operations. The Bank
installs IBM 803 proof machines to list and balance
checks cleared, a process previously handled manually.
1962
The Dallas Fed moves into
its state-of-the-art facility at 2200 N. Pearl Street,
the Bank’s first new headquarters in 71 years.
