Brief description

A crucial exception to the Banking Act of 1933 permitted commercial- and investment bankers to continue to underwrite certain kinds of municipal bonds. But which financial institutions bought, sold, and invested in municipal debt? This map helps to identify the many firms ultimately responsible for channeling the savings of individual and institutional investors into the borrowing needs of state and local governments.

How to use

This visualization plots a dataset of banking firms listed in a given year (currently 1941, ‘51, ‘71, and ’81). A future iteration will allow users to toggle between years, and identify the names and professional titles of bankers working for the firms listed.

What this map reveals

Users will immediately note the density of bond traders in New York City, Philadelphia, and Chicago over an extended period of time, a point confirmed if, using the menu, users sort by ‘address’ or city name. Relatedly, the dearth of traders in more than a few Western states raises questions as to how political subdivisions within those states secured the financing needed for vital infrastructure.