ABSTRACT
What is interesting about the Pacific experience is that it was San Francisco, an internal center, which developed institutions to mobilize regional funds into regional projects. The list of institutions used to facilitate funds transfers was as varied in the Pacific region as it had been in the older regions of the East Coast. The major financial institution involved in the long-term side of the market was the stock exchange. The power of individual institutions to transfer funds through their own agencies or branches, formal affiliations of institutions can efficiently mobilize savings across regions. Correspondent banking relationships have been considered extremely important in determining the flows of information and funds through the financial system in the nineteenth and twentieth centuries. The official regionalization of financial affairs came with the establishment of the Federal Reserve System and the division of the United States into twelve Federal Reserve Districts in 1913.
