The Federal Reserve Bank of St. Louis followed the real bills doctrine and did not open the discount window to its member banks in trouble following the collapse of Caldwell and Company. The Federal Reserve Bank of Atlanta opened the discount window to solvent member banks which had illiquid securities and needed liquidity. Banks under the Atlanta Fed had a lower failure rate than those under the St. Louis Fed, lending credence to the theory that the panic was largely an issue of liquidity rather than solvency.[3]