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Interbank payments relationships in the antebellum United States: evidence from Pennsylvania

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  • Warren E. Weber
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    Abstract

    This article investigates U.S. interbank relationships before the Civil War using previously unknown data for Pennsylvania banks from 1851 to 1859 that disaggregate the amounts due from other banks by debtor bank. It finds that country banks, banks outside of Philadelphia and Pittsburgh, dealt almost exclusively with financial center banks. Most had a large, highly stable relationship with a single correspondent bank. The location of a country bank's correspondent was consistent with trade patterns, particularly railroad and canal linkages. Philadelphia banks, in contrast, did not establish correspondent-type banking relationships. Further, Philadelphia's correspondent banking market was not highly concentrated, and entry was easy.

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    File URL: http://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=892
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    File URL: http://www.minneapolisfed.org/research/QR/QR2731.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Minneapolis in its journal Quarterly Review.

    Volume (Year): (2003)
    Issue (Month): Sum ()
    Pages: 2-16

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    Handle: RePEc:fip:fedmqr:y:2003:i:sum:p:2-16:n:v.27no.3

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    Related research

    Keywords: Banks and banking;

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    Cited by:
    1. Chang, Howard H. & Danilevsky, Marina & Evans, David S. & Garcia-Swartz, Daniel D., 2008. "The economics of market coordination for the pre-Fed check-clearing system: A peek into the Bloomington (IL) node," Explorations in Economic History, Elsevier, vol. 45(4), pages 445-461, September.
    2. Warren E. Weber, 2006. "Early state banks in the United States: how many were there and where did they exist?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sep, pages 28-40.

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