Dallas battles Houston over federal bank

By Bartee Haile

Civic leaders in Dallas and Houston waited nervously on Apr. 2, 1914 for the decision on which of Texas’ two largest cities had been awarded the new federal bank.

The rash of bank failures caused by the Panic of 1907 underscored the urgent need for effective monitoring and management of the national money supply. To avert future crises, the country required a bank for the banks.

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