August 1962
Announcements
DEATH OF DIRECTOR ures on both the old and new basis for the week Mr. Eugene B. Whittemore, President and Treas- or month in which the transfer occurred. In other urer, The Morley Company, Portsmouth, New tables, footnotes will indicate the relative size of Hampshire, who had served as a Class B director the three banks in each District that are being of the Federal Reserve Bank of Boston since Janu- transferred. ary 1, 1959, died on July 31, 1962. The changes will affect the following tables in the BULLETIN: (1) Reserves and Borrowings of APPOINTMENT OF DIRECTOR Member Banks, pp. 1000-01; (2) Deposits, Cash, On August 14, 1962, the Board of Governors an- and Reserves of Member Banks, p. 1003; (3) Prin- nounced the appointment of C. Caldwell Marks, cipal Assets and Liabilities and Number of All of Birmingham, Alabama, as a director of the Banks, p. 1010; (4) Loans and Investments of Birmingham Branch of the Federal Reserve Bank Commercial Banks, p. 1013; and (5) Reserves and of Atlanta, for the unexpired portion of a term Liabilities of Commercial Banks, p. 1015. The ending December 31, 1964. Mr. Marks is Chair- changes will be made in the September BULLETIN, man of the Board of Owen-Richards Company, the first issue containing figures for periods after Birmingham. As a director of the Birmingham the change in reserve classifications. Similar Branch he succeeds Dr. Henry King Stanford, changes are being made in appropriate statistical formerly President of Birmingham Southern Col- releases published by the Board. lege, Birmingham, Alabama, who resigned. SUPPLEMENT TO BANKING AND CHANGE IN CLASSIFICATION OF CENTRAL RESERVE MONETARY STATISTICS CITY BANKS A third pamphlet, entitled "Gold," Section 14 of Effective July 28, 1962, central reserve city banks Supplement to Banking and Monetary Statistics, in New York City and the city of Chicago became is now available for distribution. Copies may be reserve city banks, and the authority of the Board obtained for 35 cents each from the Division of of Governors of the Federal Reserve System to Administrative Services, Washington 25, D. C. classify or reclassify cities as central reserve cities For announcements of previous pamphlets, see was terminated. January 1962 BULLETIN, p. 38, and March 1962 In order that users of Federal Reserve statistics BULLETIN, p. 300. may continue to follow developments in these two important financial centers, the Board will publish GUIDE TO TABULAR PRESENTATION figures for reserve city banks in New York City Page 996 of this issue shows a list of symbols and the city of Chicago separately from the totals and abbreviations used in the tables, some items for other reserve city banks. The new groupings, of general information, and the list of tables pub- "New York City reserve city banks" and "city of lished annually, semiannually, or quarterly, with Chicago reserve city banks," will include data for the latest BULLETIN reference. This information the former central reserve city banks in New York will be carried regularly in the BULLETIN in the and Chicago plus data for the three banks in same location. The footnotes in tables no longer New York and the three in the city of Chicago explain the abbreviations listed. that were already classified as reserve city banks ADMISSION OF STATE BANK TO MEMBERSHIP and were therefore formerly included in the re- IN THE FEDERAL RESERVE SYSTEM serve city bank totals. Data for the New York City The following bank was admitted to Membership and Chicago banks that are classified as country in the Federal Reserve System during the period banks will continue to be included in country bank July 16, 1962 to August 15, 1962: totals instead of being added into the new city Illinois figures. Tables of historical data will show fig- Wheaton. Hawthorne Bank of Wheaton 993
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CHANGES IN OFFICERS AT of Bank Operations, a member of the Board's FEDERAL RESERVE BANKS staff since 1939, will be the Assistant Director. Effective October 1, 1962 Mr. Harry A. Shuford was appointed President of the Federal Reserve RESERVE CLASSIFICATIONS Bank of St. Louis for the remainder of the 5-year Reserve cities are listed below, together with the term that began March 1, 1961. He succeeds Mr. member banks therein that as of September 28, Delos C. Johns who retired. Mr. Shuford joined 1962, were maintaining reserves at the require- the Federal Reserve Bank of Dallas in 1948 as ments established by the Board of Governors for Counsel, was appointed Vice President and Gen- banks in such cities.1 Net demand deposits of these eral Counsel in 1952, and became First Vice Pres- banks are subject to a reserve requirement of ident of that Bank in 1959. He received his B.S. I6V2 per cent; these deposits are subject to a re- in Commerce and IX.B. degrees from Southern serve requirement of 12 per cent at all other mem- Methodist University, Dallas. ber banks. Time deposits are subject to a reserve Mr. Philip E. Coldwell was appointed First requirement of 5 per cent at all member banks. Vice President of the Federal Reserve Bank of Dallas to succeed Mr. Shuford. Mr. Coldwell joined the Federal Reserve System at the Kansas DISTRICT 1 City Bank in 1951. He transferred to Dallas in Boston 1952 as Industrial Economist, was made Director First National Bank of Research in 1954, a Vice President in 1960, and National Shawmut Bank Vice President and Economic Advisor in May of New England Merchants National Bank this year. Mr. Coldwell holds B.A. and M.S. de- Old Colony Trust Company grees from the University of Illinois and a Ph.D. State Street Bank and Trust Company from the University of Wisconsin. DISTRICT 2 RESIGNATION OF DIRECTOR Mr. Carl A. Gerstacker, who had served as a New York director of the Detroit Branch of the Federal Re- Bank of New York serve Bank of Chicago since January 1961, re- Bankers Trust Company signed effective October 1. Mr. Gerstacker is Chase Manhattan Bank Chairman of the Board, The Dow Chemical Com- Chemical Bank New York Trust Company pany. Midland, Michigan. Federation Bank and Trust Company First National City Bank CHANCES IN THE BOARD'S ORGANIZATION Grace National Bank In recognition of the substantial growth and ex- Irving Trust Company panding potential of automatic data processing Manufacturers Hanover Trust Company requirements within the Board's organization, the Marine Midland Trust Company Board of Governors has established a Division Meadow Brook National Bank, Spring Gardens, of Data Processing, effective January 1, 1963. New York (branch in Manhattan) Mr. M. H. Schwartz, Assistant to the Director Morgan Guaranty Trust Company of the Division of Research and Statistics, a Schroder Trust Company member of the Board's staff since 1951 and Sterling National Bank and Trust Company previously with the Federal Reserve Bank of Trade Bank and Trust Company New York for four years, will be the Director United States Trust Company of the new Division. Mr. Lee W. Langham, Chief of the Call Report Section in the Division ! The names of banks are not necessarily the full legal titles. 1291
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1292 FEDERAL RESERVE BULLETIN • OCTOBER 1962
DISTRICT 2—Cont. DISTRICT 5
Buffalo Baltimore Liberty Bank and Trust Company First National Bank of Maryland Manufacturers and Traders Trust Company Maryland National Bank Marine Trust Company of Western New York Union Trust Company
Charlotte DISTRICT 3 First Union National Bank of North Carolina
Philadelphia North Carolina National Bank Wachovia Bank and Trust Co., Winston-Salem, Central Penn National Bank North Carolina (branch in Charlotte) First Pennsylvania Banking and Trust Company Fidelity Philadelphia Trust Company Richmond Girard Trust Corn Exchange Bank Bank of Virginia Philadelphia National Bank Central National Bank Provident Tradesmens Bank and Trust Com- First and Merchants National Bank pany Southern Bank and Trust Company State-Planters Bank of Commerce and Trusts
DISTRICT 4 Washington, D. C
Cincinnati American Security and Trust Company First National Bank Central Trust Company National Bank of Washington Fifth Third Union Trust Company National Savings and Trust Company First National Bank Riggs National Bank Provident Bank Southern Ohio National Bank DISTRICT 6 Cleveland Atlanta Central National Bank Cleveland Trust Company Bank of Georgia National City Bank Citizens Trust Company Society National Bank Citizens and Southern National Bank, Savannah, Union Commerce Bank Georgia (branch in Atlanta) First National Bank Columbus Fulton National Bank Trust Company of Georgia City National Bank and Trust Company Huntington National Bank Birmingham Ohio National Bank Birmingham Trust National Bank
Pittsburgh First National Bank Commonwealth Bank and Trust Company Jacksonville Mellon National Bank and Trust Company Atlantic National Bank Pittsburgh National Bank Barnett National Bank Union National Bank Central National Bank Western Pennsylvania National Bank, McKees- Florida National Bank port, Pennsylvania (branch in Pittsburgh) Jacksonville National Bank
Toledo Nashville National Bank of Toledo Commerce Union Bank Ohio Citizens Trust Company First American National Bank Toledo Trust Company Third National Bank
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ANNOUNCEMENTS 1293
DISTRICT 6—Cont. DISTRICT 8
New Orleans St. Louis Bank of New Orleans and Trust Company Boatmen's National Bank Hibernia National Bank First National Bank National American Bank of New Orleans Mercantile Trust Company National Bank of Commerce Security Trust Company Whitney National Bank Little Rock Miami Bank of Arkansas Florida National Bank and Trust Company at Commercial National Bank Miami First National Bank Pan American Bank of Miami Union National Bank The First National Bank of Miami Worthen Bank and Trust Company
Louisville DISTRICT 7 Citizens Fidelity Bank and Trust Company Chicago First National Lincoln Bank American National Bank and Trust Company Kentucky Trust Company Central National Bank Liberty National Bank and Trust Company Continental Illinois National Bank and Trust Louisville Trust Company Company Drovers National Bank Memphis Exchange National Bank First National Bank First National Bank National Bank of Commerce Harris Trust and Savings Bank Union Planters National Bank LaSalle National Bank National Stock Yards Live Stock National Bank National Stock Yards National Bank of Na- National Boulevard Bank tional City Northern Trust Company
Sears Bank and Trust Company DISTRICT 9 Des Moines Minneapolis Bankers Trust Company First National Bank Central National Bank and Trust Company Marquette National Bank Iowa-Des Moines National Bank Midland National Bank Detroit Northwestern National Bank Bank of the Commonwealth Helena City National Bank of Detroit Detroit Bank and Trust Company Commerce Bank and Trust Company Manufacturers National Bank First National Bank and Trust Company Michigan Bank, National Association Union Bank and Trust Company National Bank of Detroit St. Paul Indianapolis American National Bank American Fletcher National Bank and Trust First National Bank Company Northwestern National Bank Indiana National Bank Merchants National Bank and Trust Company DISTRICT 10
Milwaukee Denver First Wisconsin National Bank American National Bank Marine National Exchange Bank Central Bank and Trust Company Marshall and Ilsley Bank Colorado National Bank
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1294 FEDERAL RESERVE BULLETIN • OCTOBER 1962
DISTRICT 10—Cont. DISTRICT 11—Cont. Denver—Cont. Houston Denver United States National Bank Bank of the Southwest National Association First National Bank First City National Bank Kansas City, Missouri Houston Bank and Trust Company City National Bank and Trust Company Houston National Bank Columbia National Bank National Bank of Commerce Commerce Trust Company Texas National Bank First National Bank San Antonio Livestock National Bank Alamo National Bank Mercantile Bank and Trust Company Bexar County National Bank Merchants-Produce Bank Frost National Bank Traders National Bank of Kansas City Groos National Bank Union National Bank National Bank of Commerce Oklahoma City City National Bank and Trust Company DISTRICT 12 Fidelity National Bank and Trust Company Los Angeles First National Bank and Trust Company Liberty National Bank and Trust Company Citizens National Bank Security-First National Bank Omaha Union Bank First National Bank United California Bank Omaha National Bank Packers National Bank Portland Stock Yards National Bank of South Omaha First National Bank of Oregon United States National Bank Oregon Bank Pueblo United States National Bank First National Bank Salt Lake City Republic National Bank Continental Bank and Trust Company Tulsa First Security Bank of Utah, National Associa- First National Bank and Trust Company tion, Ogden, Utah (branch in Salt Lake City) Fourth National Bank Tracy-Collins Bank and Trust Company National Bank of Commerce Walker Bank and Trust Company National Bank of Tulsa Zions First National Bank San Francisco DISTRICT 11 Bank of American, N. T. and S. A. Dallas Bank of California, N.A. First National Bank Crocker-Anglo National Bank Mercantile National Bank Golden Gate National Bank National Bank of Commerce Pacific National Bank Republic National Bank San Francisco National Bank Texas Bank and Trust Company of Dallas The Sumitomo Bank of California El Paso Wells Fargo Bank El Paso National Bank Seattle State National Bank National Bank of Commerce Fort Worth Pacific National Bank Continental National Bank Peoples National Bank of Washington First National Bank of Forth Worth Seattle First National Bank Forth Worth National Bank Seattle Trust and Savings Bank
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ANNOUNCEMENTS 1295
In the period between the March 15, 1960, call Fort Worth, Texas date, when the list was previously published (see Gateway National Bank BULLETIN for May 1960, pp. 497-501) and the Houston, Texas September 28, 1962, call date, the following banks Gulf Coast National Bank were granted permission to maintain the same Southern National Bank reserves against deposits as are required to be San Antonio, Texas maintained by banks outside reserve cities. Citizens National Bank Main Bank and Trust Company Boston, Massachusetts United States Trust Company Los Angeles, California Wilshire National Bank of Los Angeles New York, New York Amalgamated Bank of New York SUPPLEMENT TO BANKING AND American Trust Company MONETARY STATISTICS First National City Trust Company A fourth pamphlet, entitled "Banks and the The Gotham Bank Monetary System," Section 1 of Supplement to The Merchants Bank Banking and Monetary Statistics, is now available Chicago, Illinois for distribution. Copies may be obtained for 35 Lake Shore National Bank cents each from the Division of Administrative Lake View Trust and Savings Bank Services, Board of Governors of the Federal Re- Mercantile National Bank serve System, Washington 25, D. C. Merchandise National Bank For announcements of previous pamhlets, see Northwest National Bank BULLETINS for January 1962, page 38; March Pueblo, Colorado 1962, page 300; and August 1962, page 993. Arkansas Valley Bank Dallas, Texas INDUSTRIAL PRODUCTION—1957-59 BASE Empire State Bank of Dallas The Federal Reserve index of industrial produc- El Paso, Texas tion has been shifted to a 1957-59 base, seasonal Southwest National Bank of El Paso adjustment factors have been reviewed, and a few Houston, Texas of the underlying production series have been Citizens State Bank revised for the last few years. Fidelity Bank and Trust Company The detailed results of the revision will be avail- San Antonio, Texas able about the middle of November in a pamphlet First National Bank of San Antonio entitled "Industrial Production—1957-59 Base." In addition, the following newly organized or For a description of the pamphlet see page 1273 new member banks were granted permission to of this BULLETIN. Copies of the pamphlet may be maintain the same reserves against deposits as arc obtained for SI.00 per copy or $.85 per copy for required to be maintained by banks outside re- 10 or more for single shipment. Orders should serve cities during this period. be addressed to the Division of Administrative Minneapolis, Minnesota Services, Board of Governors of the Federal Sys- Franklin National Bank of Minneapolis tem, Washington 25, D.C. St. Paul, Minnesota ADMISSION OF STATE BANKS TO MEMBERSHIP IN Summit National Bank of St. Paul THE FEDERAL RESERVE SYSTEM Denver, Colorado The following banks were admitted to Member- Cherry Creek National Bank of Denver ship in the Federal Reserve System during the Colfax National Bank of Denver period September 15, 1962 to October 15, 1962: Oklahoma City, Oklahoma Indiana Central National Bank of Oklahoma City Monon The Monon Bank Tulsa, Oklahoma City National Bank New Jersey Dallas, Texas Ewing Township The Ewing Bank and Casa Linda National Bank of Dallas Trust Company El Paso, Texas South Dakota Bassett National Bank of El Paso Yankton Valley State Bank
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Announcements
APPOINTMENT OF DIRECTOR banking system experiences in the closing months On November 8, 1962, the Board of Governors of the year. In addition, the reserves thus sup- announced the appointment of Max P. Heaven- plied will help in providing for the longer-term rich, Jr., of Saginaw, Michigan, as a director of growth in bank deposits needed to facilitate the the Detroit Branch of the Federal Reserve Bank expansion of economic activity and trade. of Chicago, for the unexpired portion of a term Reserves supplied in this manner substitute for ending December 31, 1963. Mr. Heavenrich is a corresponding amount of reserves supplied President and General Manager, Heavenrich Bros, through Federal Reserve purchases of Govern- and Co., Saginaw. As a director of the Detroit ment securities in the open market, most of Branch he succeeds Mr. Carl A. Gerstacker, which, because of the characteristics of the mar- Chairman of the Board, The Dow Chemical ket, would necessarily be in short-term securities. Company, Midland, Michigan, who recently re- Thus, this method of supplying reserves will signed. minimize downward pressures from System pur- chases upon short-term market rates, which is CHANGES IN BOARD'S STAFF desirable in the present circumstances in order Effective October 19, 1962, Mr. Albert R. Koch, to keep incentives for short-term capital flows an Adviser in the Division of Research and Sta- abroad from becoming stronger. In addition, the tistics since January 1960, was appointed Asso- reduction in the requirement will make reserves ciate Director, and Mr. Daniel H. Brill, an Asso- available directly to banks throughout the coun- ciate Adviser in the Division since January 1960, try, to be used by them as their own local cir- was appointed an Adviser. cumstances dictate to support seasonal or other changes in earning assets and deposits. RESERVE REQUIREMENTS In taking this action, the Board took into ac- On October 18, 1962, the Board of Governors count the character of the growth in deposits of the Federal Reserve System announced a re- at commercial banks this past year. Net increases duction from 5 per cent to 4 per cent in the in savings and time deposits during 1962 have reserves against savings and time deposits that been comparatively large, in response to wide- member banks are required to maintain with spread offering by banks of higher rates of inter- Federal Reserve Banks. The reduction in require- est for such deposits. In these circumstances, the ments became effective at the beginning of the Board felt a lower requirement behind these de- next reserve computation periods, October 25, posits would be appropriate. 1962, for reserve city banks and November 1, 1962, for all other member banks. ADMISSION OF STATE BANK TO MEMBERSHIP IN This action reduced member bank required re- THE FEDERAL RESERVE SYSTEM serves by an estimated $767 million—$410 mil- The following bank was admitted to Member- lion at reserve city banks and $357 million at all ship in the Federal Reserve System during the other member banks. The release of these re- period October 15, 1962, to November 15, 1962. serves, coming at this time, will assist in meeting New Jersey the heavy seasonal needs for reserves that the Hillside Hillside State Bank
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DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced the following appointments at the Federal Reserve Banks and branches, effective January 1, 1963. Names in CAPITALS indicate new appointments; all others are reappointments. Brief data about each of the new appointments follow the listings.
CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1963
Federal Reserve Bank Boston ERWIN D. CANHAM, Boston, Massachusetts New York Philip D. Reed, New York City Philadelphia Walter E. Hoadley, Lancaster, Pennsylvania Cleveland Joseph B. Hall, Cincinnati, Ohio Richmond EDWIN HYDE, Richmond, Virginia Atlanta Jack Tarver, Atlanta, Georgia Chicago Robert P. Briggs, Jackson, Michigan St. Louis ETHAN A. H. SHEPLEY, St. Louis, Missouri Minneapolis Atherton Bean, Minneapolis, Minnesota Kansas City Homer A. Scott, Sheridan, Wyoming Dallas Robert O. Anderson, Roswell, New Mexico San Francisco F. B. Whitman, San Francisco, California
DEPUTY CHAIRMEN FOR YEAR 1963
Federal Reserve Bank Boston WILLIAM WEBSTER, Boston, Massachusetts New York James DeCamp Wise, Frenchtown, New Jersey Philadelphia David C. Bevan, Philadelphia, Pennsylvania Cleveland LOGAN T. JOHNSTON, Middletown, Ohio Richmond WILLIAM H. GRIER, Rock Hill, South Carolina Atlanta Henry G. Chalkley, Jr., Lake Charles, Louisiana Chicago James H. Hilton, Ames, Iowa St. Louis J. H. Longwell, Columbia, Missouri Minneapolis Judson Bemis, Minneapolis, Minnesota Kansas City DOLPH SIMONS, Lawrence, Kansas Dallas MORGAN J. DAVIS, Houston, Texas San Francisco John D. Fredericks, Los Angeles, California 1625
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1626 FEDERAL RESERVE BULLETIN » DECEMBER 1962
FEDERAL RESERVE BANK DIRECTORS1 (Three-year terms) Federal Reserve Bank Boston WILBUR H. NORTON, Providence, Rhode Island New York Philip D. Reed, New York City Philadelphia David C. Bevan, Philadelphia, Pennsylvania Cleveland LOGAN T. JOHNSTON, Middletown, Ohio Richmond WILSON H. ELKINS, College Park, Maryland Atlanta J. M. Cheatham, Griffin, Georgia Chicago James H. Hilton, Ames, Iowa St. Louis ETHAN A. H. SHEPLEY, St. Louis, Missouri Minneapolis Atherton Bean, Minneapolis, Minnesota Kansas City DEAN A. McGEE, Oklahoma City, Oklahoma Dallas Robert O. Anderson, Roswell, New Mexico San Francisco F. B. Whitman, San Francisco, California
FEDERAL RESERVE BANK BRANCH DIRECTORS2 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch New York Buffalo MAURICE R. FORM AN, President, B. Forman Co., ^7 j , Rochester, New York. Cleveland ' Cincinnati Howard E. Whitaker, Chairman of the Board, The Mead Corporation, Dayton, Ohio. Pittsburgh F. L. Byrom, President, Koppers Company, Inc., Pittsburgh, Richmond Pennsylvania. Baltimore E. WAYNE CORRIN, President, Hope Natural Gas Com- pany, Clarksburg, West Virginia. Charlotte J. C. Cowan, Jr., Vice Chairman of the Board, Burlington Atlanta Industries, Inc., Greensboro, North Carolina. Birmingham Jack W. Warner, Chairman of the Board and President, Gulf States Paper Corporation, Tuscaloosa, Alabama. Jacksonville Claude J. Yates, Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Jack- sonville, Florida. Nashville Andrew D. Holt, President, University of Tennessee, Knox- ville, Tennessee. New Orleans J. O. Emmerich, Editor, Enterprise-Journal McComb, Chicago Mississippi. Detroit GUY S. PEPPIATT, President, Federal-Mogul-Bower Bear- ings, Inc., Detroit, Michigan.
1 Each Federal Reserve Bank has a board of Federal Reserve Bank expire at the end of each year, directors consisting of nine members, divided into 2 Federal Reserve Bank branches have either five or three classes, designated as Classes A, B, and C. The seven directors, of whom a majority are appointed by six A and B directors are elected by the member the board of directors of the parent Federal Reserve banks, and the three C directors are appointed by the Bank, and the others are appointed by the Board of Board of Governors. The terms of two of the elected Governors of the Federal Reserve System, directors and one of the appointed directors at each
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ANNOUNCEMENTS 1627
FEDERAL RESERVE BANK BRANCH DIRECTORS (continued) St. Louis Little Rock CAREY V. STABLER, President, Little Rock University, Little Rock, Arkansas. Memphis William King Self, President, Riverside Industries, Marks, Mississippi. Minneapolis (2-year term) Helena Harry K. Newburn, President, Montana State University, Missoula, Montana. Kansas City (2-year terms) Denver R. A. Burghart, Ingle Land and Cattle Company, Colorado Springs, Colorado. Oklahoma City Otto C. Barby, Attorney and Rancher, Beaver, Oklahoma. Omaha Clifford Morris Hardin, Chancellor, The University of Nebraska, Lincoln, Nebraska. Dallas El Paso Roger B. Corbett, President, New Mexico State University, University Park, New Mexico. Houston DONALD B. CAMPBELL, Works Manager, Sabine River Works, E. I. du Pont de Nemours and Company, Orange, Texas. San Antonio John R. Stockton, Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Texas. San Francisco (2-year terms) Los Angeles S. Alfred Halgren, Vice President and Director, Carnation Company, Los Angeles, California. Portland Raymond R. Reter, Reter Fruit Company, Medford, Oregon. Salt Lake City Thomas B. Rowland, President and General Manager, Rowland's Inc., Pocatello, Idaho. Seattle ROBERT D. O'BRIEN, President, Pacific Car and Foundry Company, Seattle, Washington.
Federal Reserve Bank of Boston of the Bank for the year 1963. Mr. Webster is President of New England Electric System in ERWIN D. CANHAM, Boston, Massachusetts, Boston. As Deputy Chairman, he succeeds Mr. was designated Chairman and Federal Reserve Erwin D. Canham, Editor, The Christian Science Agent at the Federal Reserve Bank of Boston for Monitor, Boston, who was designated Chairman the year 1963. Mr. Canham has served as a Board- and Federal Reserve Agent for 1963. appointed director of the Federal Reserve Bank of Boston since January 1959 and as Deputy WILBUR H. NORTON, Providence, Rhode Chairman since 1961. Mr. Canham is Editor of Island, was appointed a director of the Federal The Christian Science Monitor, Boston. As Chair- Reserve Bank of Boston for a three-year term man and Federal Reserve Agent, he succeeds Dr. beginning January 1, 1963. Mr. Norton is Presi- Nils Y. Wessell, President, Tufts University, Med- dent, Gorham Corporation, Providence, Rhode ford, Massachusetts, whose term expires Decem- Island. He succeeds Dr. Nils Y. Wessell, President, ber 31, 1962. Tufts University, Medford, Massachusetts, whose term as a director expires December 31, 1962. WILLIAM WEBSTER, Boston, Massachusetts, who has been serving as a Board-appointed direc- Federal Reserve Bank of New York tor of the Federal Reserve Bank of Boston since January 1961, was appointed Deputy Chairman MAURICE R. FORMAN, Rochester. New
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1628 FEDERAL RESERVE BULLETIN • DECEMBER 1962
York, was appointed a director of the Buffalo Branch of the Federal Reserve Bank of Richmond Branch of the Federal Reserve Bank of New from 1954 through 1959. Mr. Grier is President York for a three-year term beginning January 1, of the Rock Hill Printing & Finishing Company, 1963. Mr. Forman is President, B. Forman Co., Rock Hill, South Carolina. As Deputy Chairman Rochester, New York. He succeeds Mr. Raymond of the Richmond Bank, Mr. Grier succeeds Mr. E. Olson, President, Taylor Instrument Com- Edwin Hyde, who was designated Chairman and panies, Rochester, New York, whose term expires Federal Reserve Agent for 1963. December 31, 1962. WILSON H. ELKINS, College Park, Maryland, Federal Reserve Bank of Cleveland was appointed a director of the Federal Reserve Bank of Richmond for a three-year term be- LOGAN T. JOHNSTON, Middletown, Ohio, ginning January 1, 1963. Dr. Elkins is President was appointed a director of the Federal Reserve of the University of Maryland at College Park. Bank of Cleveland for a three-year term beginning He succeeds Mr. Alonzo G. Decker, Jr., Presi- January 1, 1963, and was also appointed Deputy dent, The Black & Decker Manufacturing Com- Chairman at that Bank for 1963. He had served pany, Towson, Maryland, whose term as a director as a Bank-appointed director of the Cincinnati expires December 31, 1962. Branch of the Federal Reserve Bank of Cleveland since 1961. Mr. Johnston is President, Armco E. WAYNE CORRIN, Clarksburg, West Vir- Steel Corporation, Middletown, Ohio. As Deputy ginia, was appointed a director of the Baltimore Chairman and also as a Board-appointed director Branch of the Federal Reserve Bank of Richmond of the Cleveland Bank, Mr. Johnston succeeds for a three-year term beginning January 1, 1963. Mr. Joseph H. Thompson, Chairman of the Board, Mr. Corrin is President of Hope Natural Gas The Hanna Mining Company, Cleveland, Ohio, Company, Clarksburg, West Virginia. He suc- whose term as Deputy Chairman and as a Board- ceeds Dr. Gordon M. Cairns, Dean of Agricul- appointed director expires December 31, 1962. ture, University of Maryland, College Park, Mary- land, whose term expires December 31, 1962. Federal Reserve Bank of Richmond Federal Reserve Bank of Chicago EDWIN HYDE, Richmond, Virginia, was des- ignated Chairman and Federal Reserve Agent at GUY S. PEPPIATT, Detroit, Michigan, was ap- the Federal Reserve Bank of Richmond for the pointed a director of the Detroit Branch of the year 1963. Mr. Hyde has served as a Board- Federal Rerserve Bank of Chicago for a three- appointed director of the Federal Reserve Bank year term beginning January 1, 1963. Mr. Pep- of Richmond since January 1959 and as Deputy piatt is President of Federal-Mogul-Bower Bear- Chairman since July 1960. He had previously ings, Inc., Detroit. He succeeds Mr. J. Thomas served as an elected director of that Bank from Smith, President, Dura Corporation, Oak Park, 1951 through 1954. Mr. Hyde is President of Illinois, whose term expires December 31, 1962. Miller & Rhoads, Inc., Richmond, Virginia. As Chairman and Federal Reserve Agent, Mr. Hyde Federal Reserve Bank of St. Louis succeeds Mr. Alonzo G. Decker, Jr., President, The Black & Decker Manufacturing Company, ETHAN A. H. SHEPLEY, St. Louis, Missouri, Towson, Maryland, whose term expires December was appointed a director of the Federal Reserve 31, 1962. Bank of St. Louis for a three-year term beginning January 1, 1963, and was designated Chairman WILLIAM H. GRIER, Rock Hill, South Caro- and Federal Reserve Agent at the St. Louis Bank lina, who has been serving as a Board-appointed for the year 1963. Mr. Shepley is Of Counsel, director of the Federal Reserve Bank of Richmond Shepley, Kroeger, Fisse & Shepley, St. Louis, Mis- since July 1960, was appointed Deputy Chairman souri. As Chairman and Federal Reserve Agent of the Bank for the year 1963. Mr. Grier served and also as a Board-appointed director of the St. as a Board-appointed director of the Charlotte Louis Bank, Mr. Shepley succeeds Mr. Pierre B.
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ANNOUNCEMENTS 1629
McBride, President, Porcelain Metals Corpora- Federal Reserve Bank of Dallas tion, Louisville, Kentucky, whose term expires December 31, 1962. MORGAN J. DAVIS, Houston, Texas, who has been serving as a Board-appointed director of CAREY V. STABLER, Little Rock, Arkansas, the Federal Reserve Bank of Dallas since Janu- was appointed a director of the Little Rock Branch ary 1961, was appointed Deputy Chairman of the of the Federal Reserve Bank of St. Louis for a Bank for the year 1963. Mr. Davis is Chairman of three-year term beginning January 1, 1963. Dr. the Board, Humble Oil & Refining Company, Stabler is President of Little Rock University, Houston, Texas. He succeeds Mr. Lamar Flem- Little Rock, Arkansas. He succeeds Mr. T. Win- ing, Jr., Member, Board of Directors, Anderson, fred Bell, President, Bush-Caldwell Company, Clayton & Co., Inc., Houston, Texas, whose term Little Rock, Arkansas, whose term expires De- as Deputy Chairman expires December 31, 1962. cember 31, 1962. DONALD B. CAMPBELL, Orange, Texas, was Federal Reserve Bank of Kansas City appointed a director of the Houston Branch of DOLPH SIMONS, Lawrence, Kansas, who has the Federal Reserve Bank of Dallas for a three- been serving as a Board-appointed director of the year term beginning January 1, 1963. Mr. Camp- Federal Reserve Bank of Kansas City since Janu- bell is Works Manager, Sabine River Works, ary 1962, was appointed Deputy Chairman of E. I. du Pont de Nemours and Company, Orange, the Bank for the year 1963. Mr. Simons is Editor Texas. He succeeds Mr. A. E. Cudlipp, Vice Presi- and Publisher, The Lawrence Daily Journal- dent and Director, Lufkin Foundry & Machine World, Lawrence, Kansas. As Deputy Chairman, Company, Lufkin, Texas, whose term expires he succeeds Dr. Oliver S. Willham, President, December 31, 1962. Oklahoma State University, Stillwater, Oklahoma, whose term expires December 31, 1962. Federal Reserve Bank of San Francisco DEAN A. McGEE, Oklahoma City, Oklahoma, ROBERT D. O'BRIEN, Seattle, Washington, was appointed a director of the Federal Reserve was appointed a director of the Seattle Branch Bank of Kansas City for a three-year term be- of the Federal Reserve Bank of San Francisco ginning January 1, 1963. Mr. McGee is President, for a two-year term beginning January 1, 1963. Kerr-McGee Oil Industries, Inc., Oklahoma City, Mr. O'Brien is President, Pacific Car and Foundry Oklahoma. He succeeds Dr. Oliver S. Willham, Company, Seattle, Washington. He succeeds Mr. President, Oklahoma State University, Stillwater, Lyman J. Bunting, President, Artificial Ice & Fuel Oklahoma, whose term as director expires De- Company, Yakima, Washington, whose term ex- cember 31, 1962. pires December 31, 1962.
ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years beginning January 1, 1963.
Boston Class A OSTROM ENDERS, Chairman, Hartford National Bank and Trust Company, Hartford, Connecticut. Mr. Enders succeeds William D. Ireland, Chairman of the Executive Committee, State Street Bank and Trust Company, Boston, Massachusetts. Class B JOHN R. NEWELL, President, Bath Iron Works Cor- poration, Bath, Maine. Mr. Newell succeeds Milton P. Higgins, Chairman of the Board, Norton Com- pany, Worcester, Massachusetts.
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1630 FEDERAL RESERVE BULLETIN • DECEMBER 1962
New York Class A RALPH H. RUE, President, The Schenectady Trust Company, Schenectady, New York. Mr. Rue suc- ceeds Cesar J. Bertheau, Chairman of the Board, Peoples Trust Company of Bergen County, Hacken- sack, New Jersey.
Class B KENNETH H. HANNAN, Executive Vice President, Union Carbide Corporation, New York City. (Re- elected)
Philadelphia Class A BENJAMIN F. SAWIN, Vice Chairman of the Board, Provident Tradesmens Bank and Trust Company, Philadelphia, Pennsylvania. Mr. Sawin succeeds Fred- eric A. Potts, President, The Philadelphia National Bank, Philadelphia, Pennsylvania.
Class B RALPH K. GOTTSHALL, Chairman of the Board and President, Atlas Chemical Industries, Inc., Wilming- ton, Delaware. Mr. Gottshall succeeds R. Russell Pippin, Treasurer, E. I. du Pont de Nemours and Company, Wilmington, Delaware.
Cleveland Class A FRANK E. AGNEW, Jr., President, Pittsburgh National Bank, Pittsburgh, Pennsylvania. Mr. Agnew succeeds Francis H. Beam, Chairman of the Board, The Na- tional City Bank of Cleveland, Ohio.
Class B WALTER K. BAILEY, Chairman of the Board, The Warner & Swasey Company, Cleveland, Ohio. Mr. Bailey succeeds W. Cordes Snyder, Jr., Chairman of the Board and President, Blaw-Knox Company, Pitts- burgh, Pennsylvania.
Richmond Class A DAVID K. CUSHWA, Jr., President, The Washington County National Savings Bank, Williamsport, Mary- land. Mr. Cushwa succeeds H. H. Cooley, President, The Round Hill National Bank, Round Hill, Virginia.
Class B R. E. SALVATI, Chairman of the Board, Island Creek Coal Company, Huntington, West Virginia. (Re- elected)
Atlanta Class A M. M. KIMBREL, Chairman of the Board, First Na- tional Bank, Thomson, Georgia. (Re-elected)
Class B MCGREGOR SMITH, Chairman of the Board, Florida Power & Light Company, Miami, Florida. (Re- elected)
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ANNOUNCEMENTS 1631
Chicago Class A HARRY W. SCHALLER, President, The Citizens First National Bank of Storm Lake, Iowa. Mr. Schaller succeeds Vivian W. Johnson, Chairman of the Board, First National Bank, Cedar Falls, Iowa.
Class B WILLIAM A. HANLEY, Director, Eli Lilly and Com- pany, Indianapolis, Indiana. (Re-elected) St. Louis Class A HARRY F. HARRINGTON, Chairman of the Board and President, The Boatmen's National Bank of St. Louis, Missouri. Mr. Harrington succeeds Kenton R. Cravens, Chairman of the Board, Mercantile Trust Company, St. Louis, Missouri.
Class B HAROLD O. MCCUTCHAN, Senior Vice President, Mead Johnson & Company, Evansville, Indiana. (Re-elected) Minneapolis Class A CURTIS B. MATEER, Executive Vice President, The Pierre National Bank, Pierre, South Dakota. Mr. Mateer succeeds Harold N. Thomson, Vice Presi- dent, Farmers & Merchants Bank, Presho, South Dakota. Class B HUGH D. GALUSHA, Jr., Partner, Galusha, Higgins and Galusha, Helena, Montana. Mr. Galusha suc- ceeds Alexander Warden, Publisher, Great Falls Tribune-Leader, Great Falls, Montana. Kansas City Class A BURTON L. LOHMULLER, President, The First Na- tional Bank of Centralia, Kansas. (Re-elected)
Class B K. S. ADAMS, Chairman of the Board, Phillips Petro- leum Company, Bartlesville, Oklahoma. (Re-elected) Dallas Class A RALPH A. PORTER, Executive Vice President, The State National Bank of Denison, Texas. Mr. Porter succeeds John M. Griffith, President, The City Na- tional Bank of Taylor, Texas. Class B J. B. PERRY, Jr., President and General Manager, Perry Brothers, Inc., Lufkin, Texas. (Re-elected) San Francisco Class A M. VILAS HUBBARD, President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, California. (Re-elected)
Class B FRED H. MERRILL, President, Fireman's Fund In- surance Company, San Francisco, California. Mr. Merrill succeeds N. Loyall McLaren, Partner, Haskins & Sells, San Francisco, California.
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1632 FEDERAL RESERVE BULLETIN • DECEMBER 1962
ELECTION OF DIRECTOR for commercial and mutual savings banks reflect The Federal Reserve Bank of Boston on Novem- incorporation of benchmark data for December ber 23 announced the election of James R. Carter 1961 and June 1962. Data for certain other finan- as a Class B director of the Bank to serve for the cial institutions and for retail outlets were revised remainder of a term expiring December 31, 1964. beginning with January 1961 on the basis of Mr. Carter is President of Nashua Corporation, benchmark figures for December 1961. Small Nashua, New Hampshire. As a director of the adjustments were made in other consumer goods Boston Bank, he succeeds Mr. Eugene B. Whitte- paper and personal loans for sales finance com- more, President and Treasurer, The Morley Com- panies in some months of 1962 in order to in- pany, Portsmouth, New Hampshire, who died corporate recent information. recently. Data for other consumer goods paper at retail outlets have been revised for March and April of each year, beginning with 1955, to reflect the REVISIONS IN CONSUMER CREDIT STATISTICS introduction of special adjustments to allow for The Federal Reserve series for consumer credit changes in the date of Easter. Similar adjustments have been revised for the period January 1955 were introduced for charge accounts at retail out- to date. The revised data for 1961 and 1962 ap- lets in the revised consumer credit figures pub- pear on pages 1676-79 and 1696-97 of this BUL- lished in the BULLETIN for December 1961. The LETIN. Revised figures prior to January 1961 are procedure used to compute these adjustments is available on request from the Division of Adminis- similar to that described for department store trative Services, Board of Governors of the Fed- sales in "Revision of Monthly Department Store eral Reserve System, Washington 25, D. C. Indexes," BULLETIN for December 1957, pages The revisions prior to January 1961 reflect 1323-52. changes in two series and in seasonal adjustments for all series. Automobile credit at sales finance ADMISSION OF STATE BANK TO MEMBERSHIP IN companies has been revised beginning with July THE FEDERAL RESERVE SYSTEM 1955 to correct the coverage for this series as of The following bank was admitted to Member- the date of the latest finance company survey, June ship in the Federal Reserve System during the 30, 1960. The increase in holdings on that survey period November 16, 1962, to December 15, date was $246 million, or about 3 per cent. Small 1962. revisions have also been made in the service credit series for the period July-December 1960. North Carolina In addition, figures beginning with July 1961 Charlotte The Bank of Commerce
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Announcements
FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS1
The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1963, except where other- wise indicated.
Federal Reserve Bank and Branch New York Buffalo J. MONROE HODGES, President, The Exchange National Bank of Olean, New York. Mr. Hodges succeeds Howard N. Donovan, President, Bank of Jamestown, New York. Cleveland Cincinnati JOHN W. WOODS, JR., President, The Third National Bank of Ashland, Kentucky. Mr. Woods succeeds LeRoy M. Miles, President, First Security National Bank and Trust Company of Lexington, Kentucky. Pittsburgh ALFRED H. OWENS, President, The Citizens National Bank of New Castle, Pennsylvania. Mr. Owens succeeds Samuel R. Evans, President and Trust Officer, Windber Trust Com- pany, Windber, Pennsylvania. Richmond Baltimore JOSEPH B. BROWNE, President, Union Trust Company of Maryland, Baltimore, Maryland. Mr. Browne succeeds James W. McElroy, Director, First National Bank of Maryland, Baltimore, Maryland. Charlotte G. HAROLD MYRICK, Executive Vice President and Trust Officer, First National Bank of Lincolnton, North Carolina. (Reappointed) Atlanta Birmingham A. CALVIN SMITH, President, First National Bank, Green- ville, Alabama. Mr. Smith succeeds R. J. Murphy, Execu- tive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Alabama. Jacksonville ARTHUR W. SAARINEN, President, Broward National Bank of Fort Lauderdale, Florida. Mr. Saarinen succeeds Leonard A. Usina, Chairman of the Board, Peoples Na- tional Bank of Miami Shores, Florida.
1 Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank, and the others are appointed by the Board of Governors of the Federal Reserve System. The announcement of appointments of branch directors made by the Board of Governors was published on page 1627 of the December 1962 BULLETIN. 18
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Nashville R. S. WALLING, President, First National Bank, McMinn- ville, Tennessee. Mr. Walling succeeds D. L. Earnest, President, The Blount National Bank of Maryville, Ten- nessee. New Orleans J. R. MCCRAVEY, JR., Vice President, Bank of Forest, Mississippi. Mr. McCravey succeeds Frank A. Gallaugher, President, Jeff Davis Bank & Trust Company, Jennings, Louisiana. Chicago Detroit C. LINCOLN LINDERHOLM, President, Central Bank, Grand Rapids, Michigan. (Reappointed) St. Louis Little Rock H. C. ADAMS, Executive Vice President, The First National Bank of De Witt, Arkansas. (Reappointed)
Louisville JOHN H. HARDWICK, President, The Louisville Trust Com- pany, Louisville, Kentucky. Mr. Hardwick succeeds Merle E. Robertson, Chairman of the Board and President, Lib- erty National Bank and Trust Company of Louisville, Ken- tucky.
Memphis CHARLES R. CAVINESS, President, National Bank of Com- merce of Corinth, Mississippi. (Reappointed) Minneapolis (2-year terms) Helena ROY G. MONROE, Chairman of the Board and President, The First State Bank of Malta, Montana. (Reappointed)
HARALD E. OLSSON, President, Ronan State Bank, Ronan, Montana. (Reappointed) Kansas City (2-year terms) Denver J. H. BLOEDORN, President, The Farmers State Bank of Fort Morgan, Colorado. (Reappointed)
J. P. BRANDENBURG, President, First State Bank of Taos, New Mexico. Mr. Brandenburg succeeds Cale W. Carson, Chairman of the Board, First National Bank in Albuquer- que, New Mexico.
Oklahoma City R. L. KELSAY, Chairman of the Board and President, The First National Bank in Hobart, Oklahoma. (Reappointed) GUY L. BERRY, JR., President, The American National Bank and Trust Company, Sapulpa, Oklahoma. Mr. Berry succeeds C. L. Priddy, President, The National Bank of McAlester, Oklahoma.
Omaha JOHN F. DAVIS, President, The First National Bank of Omaha, Nebraska. (Reappointed) Dallas El Paso CHAS. B. PERRY, President, First State Bank, Odessa, Texas. (Reappointed)
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Houston M. M. GALLOWAY, President, First Capitol Bank, West Columbia, Texas. (Reappointed)
San Antonio DWIGHT D. TAYLOR, President, Pan American State Bank, Brownsville, Texas. (Reappointed) San Francisco (2-year terms) Los Angeles DOUGLAS SHIVELY, President, Citizens State Bank of Santa Paula, California. (Reappointed)
ROY A. BRITT, President, Citizens National Bank, Los Angeles, California. (Reappointed)
Portland D. S. BAKER, President, The Baker-Boyer National Bank, Walla Walla, Washington. (Reappointed)
E. M. FLOHR, President, The First National Bank of Wal- lace, Idaho. (Reappointed)
Salt Lake City J. E. BRINTON, President, The First National Bank of Ely, Nevada. (Reappointed)
REED E. HOLT, President, Walker Bank & Trust Company, Salt Lake City, Utah. (Reappointed)
Seattle CHAS. H. PARKS, Executive Vice President, Seattle-First National Bank, Spokane and Eastern Division, Spokane, Washington. (Reappointed)
M. F. HASTINGS, President, The First National Bank of Ferndale, Washington. (Reappointed)
APPOINTMENT OF DIRECTOR sel in the Legal Division, retired at the end of The Federal Reserve Bank of Cleveland has an- December. Mr. Chase joined the Board's staff in nounced the appointment of John W. Humphrey, 1932 and, except for the four-year period during of Cincinnati, Ohio, as a director of its Cincin- which he was Attorney and then Assistant Solici- nati Branch for the unexpired portion of a term tor in the Office of the Solicitor before becoming ending December 31, 1963. Mr. Humphrey is Assistant General Counsel in 1953, his entire serv- President, The Philip Carey Manufacturing Com- ice was in the Legal Division. pany, Cincinnati, Ohio. As a director of the Cin- Mr. Robert Solomon was appointed an Asso- cinnati Branch, he succeeds Mr. Logan T. John- ciate Adviser in the Division of Research and ston, President, Armco Steel Corporation, Middle- Statistics effective January 1, 1963. town, Ohio, who was appointed a Class C director of the Federal Reserve Bank of Cleveland, effec- Mr. Solomon, who joined the Board's staff in tive January 1, 1963. 1947, has been an economist in both the Division of International Finance and the Division of Re- CHANGES IN THE BOARD'S STAFF search and Statistics. In the latter Division he was Mr. G. Howland Chase, Assistant General Coun- designated a Senior Economist in 1959, Chief of
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ANNOUNCEMENTS 21
the Capital Market Section in 1960, and Assistant Item 1962 1961 to the Director in 1962. Mr. Solomon received his A.B. degree from Thousands of dollars the University of Michigan in 1942, his M.A. de- Current earnings 1,048,508 941,648 gree from Harvard University in 1947, and his Current expenses 176,136 161,275 Ph.D. degree from the same institution in 1952. Current net earnings 872,372 780,373 Net deductions from (—) or additions to EARNINGS AND EXPENSES OF THE FEDERAL current net earnings1 -56 3,482 RESERVE BANKS IN 1962 AND 1961 Net earnings before payments to The following table shows a condensed compara- Treasury 872,316 783,855 tive statement of earnings and expenses of the Dividends paid 27,412 25,570 Paid Treasury (interest on F. R. Federal Reserve Banks in 1962 and 1961. A de- notes) 799,366 687,393 tailed statement of earnings and expenses of each Transferred to surplus 45,538 70,892 Federal Reserve Bank in 1962 will appear in the i Includes net profits on sales of U. S. Govt. securities of $1,990,000 February Federal Reserve BULLETIN. in 1962 and $3,466,000 in 1961.
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200 FEDERAL RESERVE BULLETIN • FEBRUARY 1963
present dominant position of Beloit State in its and contrary to the public interest. This adverse trade area and the existing degree of control of consideration is not sufficiently offset, in the banking resources by the three large holding com- Board's judgment, by favorable considerations panies in the State of Wisconsin, Applicant's under other statutory factors as to warrant ap- acquisition of Bank would be inimical to the pres- proval of the application. ervation of competition in the field of banking
Announcements
APPOINTMENT OF DIRECTOR the Federal Reserve System, Washington 25, D. C. For announcements of previous pamphlets, see On January 25, 1963, the Board of Governors BULLETINS for January 1962, p. 38; March 1962, announced the appointment of C. Hunter Green p. 300; August 1962, p. 993, and October 1962, of Louisville, Kentucky, as a director of the Louis- p. 1295. ville Branch of the Federal Reserve Bank of Saint Louis for the unexpired portion of a term ending BANKING AND MONETARY STATISTICS December 31, 1965. Mr. Green is Vice President and General Manager, Southern Bell Telephone The annual banking and monetary statistics on and Telegraph Company, Louisville. As a director pp. 268-75 of this BULLETIN are complete except of the Louisville Branch he succeeds William H. for reserves and borrowings of member banks, Harrison, President, Taylor Drug Stores, Inc., which will be included in the March BULLETIN. Louisville, whose term expired December 31,1962. ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM SUPPLEMENT TO BANKING AND MONETARY STATISTICS The following bank was admitted to Membership Another pamphlet, entitled "Currency," Section 11 in the Federal Reserve System during the period of Supplement to Banking and Monetary Statistics, January 16, 1963, to February 15, 1963. is now available for distribution. Copies may be obtained for 35 cents each from the Division of Wisconsin Administrative Services, Board of Governors of Chippewa Falls . Northwestern State Bank
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ANNOUNCEMENT 329
THE MARINE CORPORATION, WHEREAS, The Marine Corporation has applied MILWAUKEE, WISCONSIN to the Board for an extension of the date by which In the matter of the application of the Marine Marine National Bank of Waukesha is to be Corporation for prior approval of acquisition of opened for business, and it appearing to the Board voting shares of Marine National Bank of Wau- that good cause has been shown for the additional kesha, Waukesha, Wisconsin. time requested and that such extension would not ORDER EXTENDING PERIOD OF TIME PRESCRIBED be inconsistent with the public interest; BY PROVISO IN ORDER OF APPROVAL IT IS HEREBY ORDERED, that the Board's Order of WHEREAS, by Order dated September 12, 1962, September 12, 1962, be and it hereby is, amended the Board of Governors, pursuant to Section so that the proviso relating to the date by which 3 (a) (2) of the Bank Holding Company Act of the bank shall be opened for business shall read: 1956 (12 U.S.C. 1842) and Section 222.4(a)(2) "that the Marine National Bank of Waukesha of Federal Reserve Regulation Y (12 CFR 222.4 shall be opened for business not later than (a) (2)), approved the acquisition by The Marine April 22, 1963." Corporation, Milwaukee, Wisconsin, of 80 per Dated at Washington, D. C. this 8th day of cent or more of the voting shares of Marine Na- March, 1963. tional Bank of Waukesha, Waukesha, Wisconsin, By order of the Board of Governors. and said Order was made subject to the proviso "that the Marine National Bank of Waukesha shall (Signed) MERRITT SHERMAN, be opened for business not later than six months Secretary. after said date [of Order]"; and [SEAL]
Announc em ent
PUBLICATION OF ANNUAL REPORT The Forty-Ninth Annual Report of the Board of available for distribution. Copies may be obtained Governors of the Federal Reserve System, cover- upon request from the Board's Division of Ad- ing operations for the calendar year 1962, is ministrative Services, Washington 25, D. C.
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ANNOUNCEMENTS 479
The remainder is held by the branches in Coeur customers of State Bank with certain banking d'Alene of the two largest Idaho banks. services not now available there. Competition be- Summary and conclusion. Effectuation of the tween the two participating banks is not of signifi- proposed merger would enhance the earnings pros- cant magnitude; and the over-all effect upon bank- pects of State Bank and solve its management ing competition in the area should not be adverse. succession problem. While the banking needs of the Coeur d'Alene area are apparently being ade- Accordingly, the Board finds the proposed trans- quately met, the resulting bank would provide action to be in the public interest.
Announcements
DEATHS OF DIRECTORS for their importance to the historical develop- Mr. Wilbur H. Norton, President, Gorham Corpo- ment of banking in the United States and for ration, Providence, Rhode Island, who had served their relevance to issues still under debate today. as a Class C director of the Federal Reserve Bank Copies of the volume are not available at the of Boston since January 1, 1963, died on April 3, Board of Governors, but they may be obtained 1963. from the Superintendent of Documents, U. S. Gov- Mr. J. Monroe Hodges, President, The Exchange ernment Printing Office, Washington 25, D. C, National Bank of Olean, New York, who had for $1.75 per copy. served as a director of the Buffalo Branch of the PUBLISHED INTERPRETATIONS OF THE BOARD Federal Reserve Bank of New York since Jan- Supplement No. 2 to the loose-leaf compilation uary 1, 1963, died on April 13. of "Published Interpretations of the Board of Governors of the Federal Reserve System," con- FEDERAL BANKING LAWS AND REPORTS, 1780-1912 taining the published interpretations for 1962, is now available. The U. S. Senate Committee on Banking and ADMISSION OF STATE BANK TO MEMBERSHIP IN Currency, established on March 15, 1913, to con- THE FEDERAL RESERVE SYSTEM sider the proposed Federal Reserve Act of 1913, The following bank was admitted to Membership has published a 50th anniversary volume. The in the Federal Reserve System during the period book contains the major Federal banking statutes March 16, to April 15, 1963: enacted between 1780 and 1912 together with various contemporary legislative and executive Florida reports. The documents included were selected Sarasota American Bank of Sarasota
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Announcements
CHANGE IN PRESIDENT AT FEDERAL RESERVE BANK OF CLEVELAND sity of Richmond and a Ph.D. from Johns Hop- kins University. Mr. Wilbur D. Fulton, President of the Federal Reserve Bank of Cleveland, retired on April 30, DEATH OF DIRECTOR 1963. Mr. Fulton became associated with the Mr. J. E. Brinton, President, The First National Bank as an Examiner on May 1, 1933. He served Bank of Ely, Nevada, who had served as a direc- successively as Chief Examiner, Assistant Vice tor of the Salt Lake City Branch of the Federal President, Vice President in charge of the Cin- Reserve Bank of San Francisco since January 1, cinnati Branch, and was First Vice President at 1961, died on April 20. the time of his appointment to the Presidency, ADMISSION OF STATE BANKS TO MEMBERSHIP IN May 14, 1953. THE FEDERAL RESERVE SYSTEM Mr. W. Braddock Hickman was appointed The following banks were admitted to member- President to succeed Mr. Fulton. Mr. Hickman ship in the Federal Reserve System during the has been a Senior Vice President of the Bank period April 16, to May 15, 1963: since February 1960. Previously, he had served with American Airlines, New York Life Insur- South Dakota ance Company, and the National Bureau of Aberdeen. Farmers & Merchants Bank Economic Research, and had been a member of the faculty at Princeton and Rutgers Universities Virginia and of the Institute for Advanced Study. Mr. New Castle. . . The Farmers & Merchants Hickman holds an A.B. degree from the Univer- Bank of Craig County
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780 FEDERAL RESERVE BULLETIN • JUNE 1963
Based on such information, it presently ap- disclosure of missiles in Cuba in 1962. Even pears that banks holding approximately 70 during periods of international tension, it per cent of total deposits have preparedness has been understandably difficult to persuade programs in various stages of development. commercial banks to provide fallout shelters However, the number of these banks is rela- in their facilities at their own expense in the tively small—they are mostly large banks in absence of an appropriate example by the major metropolitan areas—and only two- Federal Government as a whole. thirds of such banks have established shelter In the Board's view, enactment of H.R. facilities. 3516 would provide (1) an important first It should be emphasized that the com- step in Government-wide implementation of mercial bank preparedness program is purely the National Shelter Policy, (2) increased voluntary. In the past, effective action on assurance for the continuity of essential war- the part of banks has been most apparent time functions by all Government agencies, during periods of grave international ten- and (3) an appropriate preparedness ex- sion; for examples, following the erection of ample by the Federal Government to indus- the Berlin wall in 1961, and following the try and to the general public.
Announcements
APPOINTMENTS OF DIRECTORS of San Francisco for the unexpired portion of a On May 23, 1963, the Federal Reserve Bank of term ending December 31, 1964. Mr. Blood is New York announced the appointment of Arthur Executive Vice President, Barnes Banking Com- S. Hamlin, of Canandaigua, New York, as a direc- pany, Kaysville, Utah. As a director of the Salt tor of the Buffalo Branch of the Federal Reserve Lake City Branch, he succeeds Mr. J. E. Brinton, Bank of New York for the unexpired portion of President, The First National Bank of Ely, Nevada, a term ending December 31, 1965. Mr. Hamlin is who died recently. President of The Canandaigua National Bank and Trust Company, Canandaigua, New York. As a ADMISSION OF STATE BANK TO MEMBERSHIP IN director of the Buffalo Branch, he succeeds Mr. THE FEDERAL RESERVE SYSTEM J. Monroe Hodges, President, The Exchange Bank The following bank was admitted to Membership of Olean, New York, who died recently. in the Federal Reserve System during the period On June 6, 1963, the Federal Reserve Bank of May 16, to June 15, 1963: San Francisco announced the appointment of Alan B. Blood, of Kaysville, Utah, as a director of the Colorado Salt Lake City Branch of the Federal Reserve Bank Rangely Bank of Rangely
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Announcements
CHANGES IN DISCOUNT RATES AND IN MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS tributed materially to the substantial deficit in- curred once again in the balance of payments On July 16, the Federal Reserve System acted on during the second quarter of this year. two fronts to aid in the United States' efforts to Recently, market rates on U.S. Treasury bills combat its international balance of payments and other short-term securities have risen to levels problem. well above the 3 per cent discount rate that had The Board of Governors approved actions by prevailed for nearly 3 years, making it less costly the directors of the Federal Reserve Banks of for member banks to obtain reserve funds by bor- Boston, New York, Cleveland, Richmond, St. rowing from the Federal Reserve Banks rather Louis, Minneapolis, and Dallas, increasing the than by selling short-term securities. discount rates at those Banks from 3 per cent to The increased discount rates will reverse that 3Vi per cent, effective Wednesday, July 17, 1963. circumstance, making it once again more ad- The change was the first since mid-1960, when vantageous for member banks seeking reserve Federal Reserve Bank discount rates were re- funds to obtain them by selling their short-term duced in two steps from 4 per cent to 3 per cent. securities rather than by borrowing from the Fed- The Board of Governors also increased to 4 eral Reserve Banks. Sales so made should have a per cent, effective Wednesday, July 17, the maxi- bolstering effect on short-term rates, keeping them mum rate of interest that member banks are per- more in line with rates in other world financial mitted to pay on time deposits and certificates markets. with maturities from 90 days to 1 year. Since Meanwhile, the increase in the maximum rates January 1962 the permissible rate ceilings had of interest payable on time deposits and certifi- been 2>Vi per cent on time deposits and certifi- cates with maturities from 90 days to 1 year will cates with maturities of 6 months to 1 year and permit member banks to continue to compete IVi per cent on those of 90 days to 6 months' effectively to attract or retain foreign and do- duration. mestic funds for lending or investing. Payment of the higher rates was authorized by These actions to help in relieving the potential a revision of the Supplement to the Board's Regu- drain on U.S. monetary reserves associated with lation Q. There were no changes in the maximum the long-persistent deficit in the balance of pay- rates that member banks are permitted to pay on ments do not constitute a change in the System's savings deposits. Neither were there any changes policy of maintaining monetary conditions con- in the maximum rates on time deposits and cer- ducive to fuller utilization of manpower and other tificates having maturities of less than 90 days, resources in this country. which remain at 1 per cent, or on those of 1 year or more, where the ceiling remains 4 per cent. ADMISSION TO FEDERAL RESERVE MEMBERSHIP Both actions are aimed at minimizing short- During the period from June 15 to July 15, 1963, term capital outflows prompted by higher interest the Yellowstone Bank of Absarokee, Montana, rates prevalent in other countries. Preliminary in- was admitted to membership in the Federal Re- formation indicates that short-term outflows con- serve System.
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Announcements
RESIGNATION OF DIRECTOR September 12, 1963. Dr. Harry K. Newburn, who had served as a Dear Mr. President: director of the Helena Branch of the Federal Because of a variety of personal reasons that im- Reserve Bank of Minneapolis since January 1, pel my return to my home area and my interests 1961, resigned effective September 1, 1963. Dr. there, I respectfully submit herewith my resigna- Newburn was formerly President of Montana tion as a member of the Board of Governors of State University, Missoula, Montana. the Federal Reserve System. It has been both a privilege and a pleasure for me to have participated in the great public service SURVEY OF COMMON TRUST FUNDS performed by the Federal Reserve System, earlier The Board of Governors has discontinued the and for more than three years as a member and annual surveys of common trust funds conducted then as chairman of the board of directors of the since 1955. The results of the survey for 1962 were New Orleans Branch of the Federal Reserve Bank published in the June 1963 BULLETIN, pages of Atlanta, and most recently for more than four 773-80. Effective September 28, 1962, Congress years as a member of the Board of Governors in transferred regulatory authority over these funds Washington. to the Comptroller of the Currency, and it is ex- I shall miss the close and harmonious associa- pected that the Comptroller will conduct com- tion I have enjoyed with my colleagues on the parable surveys in the future. Board and in the System, and wish all of them well in all that they do. BALANCE SHEET OF AGRICULTURE Respectfully yours, The Board is no longer publishing the Balance G. H. King, Jr. Sheet of Agriculture. Copies of this publication The President, may be obtained from the Office of Information The White House of the U.S. Department of Agriculture, Washing- September 18, 1963. ton, D.C. 20250. Dear Mr. King:
RESIGNATION OF MR. KING AS A MEMBER OF THE I have your letter of September twelfth and, in BOARD OF GOVERNORS accordance with your wishes, am accepting your Mr. G. H. King, Jr., who had been a member of resignation as a member of the Board of Gover- the Board since March 25,1959, resigned effective nors of the Federal Reserve System. September 18, 1963. At the time of his appoint- Your long period of association with the Federal ment as a member of the Board of Governors, Mr. Reserve System must indeed have brought you a King was President of King Lumber Industries, great deal of personal satisfaction, and I want es- Canton, Mississippi, and was also engaged in pecially to thank you for your years of service by timber and mineral leasing of lands and in the Presidential appointment as a member of the production and marketing of purebred Hereford Board of Governors. cattle throughout the United States and Mexico. With best wishes for your welfare and happiness, He had been a director of the New Orleans Branch Sincerely, of the Federal Reserve Bank of Atlanta and had John F. Kennedy. served as Chairman of its Board of Directors in Honorable G. H. King, Jr. 1958. Board of Governors of the Mr. King's letter of resignation and the Presi- Federal Reserve System dent's letter of acceptance follow: Washington, D. C.
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Announcements
APPOINTMENT OF DIRECTORS AND CHAIRMAN member banks therein that as of September 30, On September 30, 1963, the Board of Governors 1963, were maintaining reserves at the require- announced the appointment of John T. Fey of ments established by the Board of Governors for Burlington, Vermont, as a director of the Federal banks in such cities.1 Net demand deposits of Reserve Bank of Boston for the unexpired portion these banks are subject to a reserve requirement of a term ending December 31, 1965. Mr. Fey is of 16Vi per cent; these deposits are subject to a President, University of Vermont, Burlington. As reserve requirement of 12 per cent at all other a director of the Boston Bank he succeeds Wilbur member banks. Time deposits are subject to a H. Norton, President, The Gorham Corporation, reserve requirement of 4 per cent at all member Providence, Rhode Island, who died on April 3, banks. 1963. DISTRICT 1 On October 6, 1963, the Board of Governors of Boston the Federal Reserve System announced its appoint- First National Bank ment of Raymond Rebsamen of Little Rock, Ar- National Shawmut Bank kansas, as a Class C director of the Federal Re- New England Merchants National Bank serve Bank of St. Louis for the unexpired portion Old Colony Trust Company of a term ending December 31, 1965, and desig- State Street Bank and Trust Company nated him as Chairman and Federal Reserve Agent of the St. Louis Reserve Bank for the remainder DISTRICT 2 of 1963. Mr. Rebsamen is Chairman of the Board New York of Rebsamen and East, Inc., Little Rock. Both Bank of New York as Chairman of the Reserve Bank and as a direc- Bankers Trust Company tor, he succeeds Mr. Ethan A. H. Shepley, Of Chase Manhattan Bank Counsel, Shepley, Kroeger, Fisse & Shepley, St. Chemical Bank New York Trust Company Louis, Missouri, who resigned on September 30, First National City Bank 1963. Grace National Bank Mr. Rebsamen resigned as a Class B director Irving Trust Company of the St. Louis Reserve Bank, having held this Manufacturers Hanover Trust Company position since January 1, 1963. Marine Midland Trust Company RESIGNATION OF DIRECTORS Meadow Brook National Bank, (Spring Gar- Mr. Lamar Fleming, Jr., who had served as a dens), New York (branch in Manhattan) Class C director of the Federal Reserve Bank of Morgan Guaranty Trust Company Dallas since December 13, 1957, resigned effec- Schroder Trust Company tive September 27, 1963. Mr. Fleming is a mem- United States Trust Company ber of the Board of Directors of Anderson, Clay- Buffalo ton & Co., Inc., Houston, Texas. Liberty National Bank and Trust Company Mr. Ethan A. H. Shepley, Chairman of the Fed- Manufacturers and Traders Trust Company eral Reserve Bank of St. Louis and Class C direc- Marine Trust Company of Western New York tor since January 1, 1963, resigned effective September 30, 1963. Mr. Shepley is Of Counsel, DISTRICT 3 Shepley, Kroeger, Fisse & Shepley, St. Louis, Missouri. Philadelphia Central-Penn National Bank RESERVE CLASSIFICATIONS Reserve cities are listed below, together with the 1 The names of banks are not necessarily the full legal titles. 1393
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DISTRICT 3—Cont. DISTRICT 5—Cont. First Pennsylvania Banking and Trust Company Richmond Fidelity Philadelphia Trust Company Bank of Virginia Girard Trust Corn Exchange Bank Central National Bank Philadelphia National Bank First and Merchants National Bank Provident Tradesmens Bank and Trust Com- Southern Bank and Trust Company pany State-Planters Bank of Commerce and Trust DISTRICT 4 Cincinnati Washington, D. C. Central Trust Company American Security and Trust Company Fifth Third Union Trust Company First National Bank First National Bank National Bank of Washington Provident Bank National Savings and Trust Company Cleveland Public National Bank Riggs National Bank Central National Bank Cleveland Trust Company DISTRICT 6 National City Bank Atlanta Society National Bank Bank of Georgia Union Commerce Bank Citizens Trust Company Columbus Citizens and Southern National Bank, Savan- nah, Georgia (branch in Atlanta) City National Bank and Trust Company First National Bank Huntington National Bank Fulton National Bank Ohio National Bank Trust Company of Georgia Pittsburgh Birmingham Commonwealth Bank and Trust Company Mellon National Bank and Trust Company Birmingham Trust National Bank Pittsburgh National Bank First National Bank Union National Bank Jacksonville Western Pennsylvania National Bank, McKees- Atlantic National Bank port, Pennsylvania (branch in Pittsburgh) Barnett National Bank Toledo Central National Bank Florida National Bank National Bank of Toledo Jacksonville National Bank Ohio Citizens Trust Company Toledo Trust Company Nashville
DISTRICT 5 Commerce Union Bank Baltimore First American National Bank First National Bank of Maryland Third National Bank Maryland National Bank New Orleans National City Bank Bank of New Orleans and Trust Company Union Trust Company Hibernia National Bank Charlotte National American Bank of New Orleans National Bank of Commerce Bank of Commerce Whitney National Bank First Union National Bank of North Carolina North Carolina National Bank Miami Wachovia Bank and Trust Company, Winston- Florida National Bank and Trust Company at Salem, North Carolina (branch in Charlotte) Miami
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DISTRICT 6—Cont. DISTRICT 8—Cont. Inter National Bank of Miami Commercial National Bank Pan American Bank of Miami First National Bank The First National Bank of Miami Union National Bank Worthen Bank and Trust Company DISTRICT 7 Chicago Louisville American National Bank and Trust Company Citizens Fidelity Bank and Trust Company Central National Bank First National Lincoln Bank Continental Illinois National Bank and Trust Kentucky Trust Company Company Liberty National Bank and Trust Company Drovers National Bank Louisville Trust Company Exchange National Bank First National Bank Memphis Harris Trust and Savings Bank First National Bank LaSalle National Bank National Bank of Commerce Live Stock National Bank Union Planters National Bank National Boulevard Bank Northern Trust Company National City Sears Bank and Trust Company National Stock Yards National Bank of Na- Des Moines tional City Bankers Trust Company DISTRICT 9 Central National Bank and Trust Company Minneapolis Iowa-Des Moines National Bank First National Bank Detroit Marquette National Bank Bank of the Commonwealth Midland National Bank City National Bank of Detroit Northwestern National Bank Detroit Bank and Trust Company Helena Manufacturers National Bank Michigan Bank, National Association First National Bank and Trust Company National Bank of Detroit Union Bank and Trust Company
Indianapolis St. Paul American Fletcher National Bank and Trust American National Bank Company First National Bank Indiana National Bank Northwestern National Bank Merchants National Bank and Trust Company DISTRICT 10 Milwaukee Denver First Wisconsin National Bank Marine National Exchange Bank American National Bank Marshall and Ilsley Bank Central Bank and Trust Company Colorado National Bank DISTRICT 8 Denver United States National Bank St. Louis First National Bank Boatmen's National Bank 17th Street National Bank
First National Bank Kansas City, Missouri Mercantile Trust Company City National Bank and Trust Company Little Rock Civic Plaza National Bank Bank of Arkansas Columbia National Bank
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1396 FEDERAL RESERVE BULLETIN • OCTOBER 1963
DISTRICT 10—Cont. DISTRICT 11—Cont. Commerce Trust Company Houston National Bank First National Bank National Bank of Commerce Livestock National Bank Texas National Bank Mercantile Bank and Trust Company Merchants-Produce Bank San Antonio Traders National Bank of Kansas City Alamo National Bank Union National Bank Bexar County National Bank Oklahoma City Frost National Bank Groos National Bank City National Bank and Trust Company National Bank of Commerce Fidelity National Bank and Trust Company First National Bank and Trust Company Liberty National Bank and Trust Company DISTRICT 12
Omaha Los Angeles First National Bank Citizens National Bank Omaha National Bank Mission National Bank Packers National Bank Security-First National Bank Stock Yards National Bank of South Omaha Union Bank United States National Bank United California Bank
Pueblo Portland First National Bank First National Bank of Oregon Tulsa Oregon Bank United States National Bank First National Bank and Trust Company Fourth National Bank Salt Lake City National Bank of Commerce Continental Bank and Trust Company National Bank of Tulsa First Security Bank of Utah, National Associa- Southern Hills National Bank tion, Ogden, Utah (branch in Salt Lake City) Tracy-Collins Bank and Trust Company DISTRICT 11 Walker Bank and Trust Company Dallas Zions First National Bank First National Bank Mercantile National Bank San Francisco National Bank of Commerce Bank of America, N. T. and S. A. Republic National Bank Bank of California, N.A. Texas Bank and Trust Company of Dallas Crocker-Anglo National Bank El Paso Golden Gate National Bank Pacific National Bank El Paso National Bank San Francisco National Bank State National Bank The Sumitomo Bank of California Fort Worth Wells Fargo Bank Continental National Bank Seattle First National Bank of Fort Worth Fort Worth National Bank National Bank of Commerce Pacific National Bank Houston Peoples National Bank of Washington Bank of the Southwest National Association Seattle First National Bank First Citv National Bank Seattle Trust and Savings Bank
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ANNOUNCEMENTS 1397
In the period between the September 28, 1962, DISTRICT 7 call date, when the list was previously published Chicago, Illinois (see BULLETIN for October 1962, pp. 1291-1295) The Archer National Bank of Chicago and the September 30, 1963, call date, the follow- ing banks have been granted permission to main- Des Moines, Iowa tain the same reserves against deposits as are re- East Des Moines National Bank quired to be maintained by banks outside reserve cities. DISTRICT 10 DISTRICT 2 Denver, Colorado New York, New York Boulevard National Bank Federation Bank and Trust Company Northeast Colorado National Bank of Denver Sterling National Bank and Trust Company Trade Bank and Trust Company Oklahoma City, Oklahoma Citizens National Bank of Oklahoma City DISTRICT 9 Helena, Montana Pueblo, Colorado Commerce Bank and Trust Company Park National Bank of Pueblo DISTRICT 10 Pueblo, Colorado DISTRICT 11 Republic National Bank of Pueblo Dallas, Texas Commercial National Bank of Dallas DISTRICT 11 Community National Bank of Oak Cliff Houston, Texas Hillside National Bank of Dallas Houston Bank and Trust Company Trinity National Bank of Dallas In addition, the following newly organized or White Rock National Bank of Dallas new member banks were granted permission to Fort Worth, Texas maintain the same reserves against deposits as are required to be maintained by banks outside reserve Everman National Bank of Fort Worth cities during this period: Southwest National Bank of Fort Worth
DISTRICT 2 Houston, Texas New York, New York Airline National Bank of Houston Royal National Bank Memorial National Bank of Houston Northshore National Bank DISTRICT 5 Richmond, Virginia Republic National Bank of Houston Riverside National Bank of Houston Richmond National Bank and Trust Company
Washington, D. C. San Antonio, Texas District of Columbia National Bank Security National Bank of San Antonio
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APPOINTMENT OF DIRECTOR a sale of part of the collateral securing such an On October 22, 1963, the Board of Governors account or loan, the amount of the sale proceeds announced the appointment of C. G. McClave of that can be withdrawn by the customer will be 30 Great Falls, Montana, as a director of the Helena per cent. Since June 15, 1959, the amount that could be withdrawn had been 50 per cent. Branch of the Federal Reserve Bank of Minne- apolis for the unexpired portion of a term ending The Board's actions were taken pursuant to au- December 31, 1964. Mr. McClave is President thority granted it by Congress in the Securities and General Manager, Montana Flour Mills Com- Exchange Act of 1934 for the purpose of prevent- pany, Great Falls. As a director of the Helena ing excessive use of credit for the purchase or Branch he succeeds Dr. Harry K. Newburn, for- carrying of securities. merly President, Montana State University, who Since July 1962, when the margin requirements resigned September 1, 1963. were reduced to 50 per cent from the 70 per cent that had previously prevailed, stock market credit, RESIGNATION OF DIRECTOR as reported by brokerage firms that are members of the New York Stock Exchange and by weekly Mr. Morgan J. Davis, Deputy Chairman of the reporting banks that are members of the Federal Federal Reserve Bank of Dallas and Class C di- Reserve System, has risen by $2.1 billion or 43 rector since January 1, 1961, resigned effective per cent. Of the increase, nearly $1.8 billion was November 1, 1963. Mr. Davis was formerly in customer net debits of the brokerage firms, Chairman of the Board, Humble Oil & Refining which rose by 49 per cent. Company, Houston, Texas. No other changes were made in the regulations. In response to inquires as to what loan value CHANGE IN MARGIN REQUIREMENTS applies to securities used to make the deposit The Board of Governors of the Federal Reserve required by Section 220.3(b)(l) of Regulation System amended its Regulations T and U, re- T in respect to transactions in general accounts lating to stock market credit, to increase margin which occur before a change in margin require- requirements from 50 to 70 per cent, effective ments, the Board indicated that in the case of November 6, 1963. such deposits, the loan value (on the occasion The action covers extensions of credit by brok- of that deposit only) is that which was in effect ers (Regulation T) and loans by banks (Regula- when the transaction in question was executed on tion U) for the purpose of purchasing or carrying the floor of the exchange. Thus where the cus- securities registered on a national securities ex- tomer's order was executed before the increase change. Its effect will be to require persons buying from the 50 to the 70 per cent margin became effective, he would still make his deposit at the stock on credit to put up a minimum of 70 per lower margin, although the securities used to cent of the price at the time of the transaction. satisfy the deposit requirement were not delivered The Board also amended the regulation to in- until after the new margin came into force. crease from 50 to 70 per cent, effective November 6, 1963, the amount that must be retained in an undermargined account with a brokerage firm or REVISION IN CONSUMER CREDIT STATISTICS bank when there is a sale of part of the securities The Federal Reserve series for consumer credit serving as collateral. An "undermargined" account have been revised for the period January 1960 or loan is one in which the customer has an equity to date. The revised figures are shown on pages amounting to less than the current margin require- 1576-1579 and 1596-1599 of this BULLETIN. ment; that is, beginning November 6, 1963, an Revisions for 1962 and 1963 reflect mainly equity of less than 70 per cent. Thus, in the case of the incorporation of new benchmark data. In ad- 1530
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ANNOUNCEMENTS 1531
dition, the seasonal factors for extensions and on the basis of benchmark figures that have re- repayments of instalment credit were revised, and cently become available. the new seasonally adjusted data have been carried The revision in total instalment credit was rela- back to January 1960. tively small. An upward revision in automobile paper of $332 million as of June 1963, mainly at Figures for commercial and mutual savings commercial banks, was largely offset by a down- banks have been revised for the period July 1962 ward revision of $200 million in other consumer to date on the basis of call report figures for the goods paper, most of which was accounted for by end of December 1962 and June 1963. Revisions retail outlets, and small decreases in other types for certain other financial holders, for retail out- of instalment credit. Revisions in noninstalment lets, and for service credit have also been made credit were slight.
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APPOINTMENT OF A BOARD MEMBER CHANGES IN THE BOARD STAFF President Kennedy, on October 31, 1963, sent to The Board has announced the following changes in the Senate the nomination of J. Dewey Daane of its staff, effective January 1, 1964: Virginia as a Member of the Board of Governors. Guy E. Noyes, Director of the Division of Re- The nomination was unanimously confirmed by search and Statistics since 1960, has been ap- the Senate on November 8; President Kennedy pointed Adviser to the Board. He will continue signed the commission on November 14, and Mr. to serve as economist to the Federal Open Market Daane took the oath of office, administered by Committee, a position he has filled since 1962. Chairman Martin, in the Board's building on Mr. Noyes became a member of the Board's staff November 29. in 1948. He has served as Assistant Director and Appointed for the unexpired portion of a term Director of the Division of Selective Credit Reg- ending January 31, 1974, Mr. Daane succeeds ulation, and as Assistant Director and Adviser in G. H. King, Jr., who resigned in September. In the Division of Research and Statistics. Mr. Noyes assuming his new duties, Mr. Daane leaves the received his A. B. degree from the University of post of Deputy Under Secretary of the Treasury Missouri in 1934; did graduate work at Yale Uni- for Monetary Affairs, where he supervised the versity, 1935-39; and was an instructor in eco- Offices of Debt Analysis, Financial Analysis, and nomics at Yale, 1938-41. Following military serv- Domestic Gold and Silver Operations. ice, Mr. Noyes was employed in the Office of the Mr. Daane was born in Grand Rapids, Michi- Foreign Liquidation Commissioner, Department of gan, on July 6, 1918. He is married to the former State; he served as the Director of Research and Barbara W. McMann and has one daughter, Mrs. Statistics of that Office before he joined the Board's Ronald Mallek, of Lansing, Michigan. He grad- staff. As an Eisenhower Exchange Fellow in 1955, uated from Duke University in 1939 and later Mr. Noyes visited Western Europe where he received his Master's and Doctor's degrees in studied and observed monetary and credit opera- Public Administration from Harvard University. tions of the Western European nations. Mr. Daane joined the staff of the Federal Re- Daniel H. Brill has been appointed Director of serve Bank of Richmond in 1939, where he was successively Statistician, Monetary Economist, As- the Division of Research and Statistics to succeed sistant Vice President, and ultimately Vice Presi- Mr. Noyes. Mr. Brill came to the Board in 1947 dent in charge of research activities. In May 1960 and has served successively as economist in charge he became Vice President and Economic Adviser of the Board's work on the flow of funds accounts, of the Federal Reserve Bank of Minneapolis. He Chief of the Business Finance and Capital Markets was granted a leave of absence by that Bank in Section, Associate Adviser, and Adviser in the Di- July 1960 to serve as Assistant to the Secretary vision of Research and Statistics. Mr. Brill re- of the Treasury. In November 1961 he was ap- ceived an A. B. degree in economics from New pointed to the position of Deputy Under Secre- York University in 1936 and an M.A. from Co- tary of the Treasury, at which time his connection lumbia University in 1937. He has done further with the Federal Reserve Bank of Minneapolis was graduate work at American University. Before terminated. coming to the Board, Mr. Brill worked for the Mr. Daane has done considerable economic re- U.S. Bureau of Labor Statistics and the Securities search analysis in national and international mon- and Exchange Commission, and served with the etary fields, including an assignment with an In- U.S. Army during 1943-46. In 1954 he received ternational Monetary Fund Fiscal Mission to the a Rockefeller Public Service Award, under the Republic of Paraguay in 1950-51. terms of which he visited banking and educational 1653
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institutions in Europe to study the application of J. Charles Partee, currently Chief of the Capital social accounting in monetary analysis. Markets Section of the Division of Research and Robert C. Holland, an Adviser in the Division Statistics, has been appointed an Adviser in that of Research and Statistics since February 1961, Division. Prior to his Board employment in 1962, has been appointed an Associate Director of that Mr. Partee was Second Vice President of the Division. Mr. Holland joined the staff of the Northern Trust Company of Chicago with respon- Federal Reserve Bank of Chicago in 1949 where sibilities in economic research and analysis. After he served successively as an economist, Assistant Vice President, and Vice President. He received receiving an M. B. A. degree from Indiana Uni- his B. S., M. A., and Ph. D. degrees from the Uni- versity in 1949, he was employed by the Federal versity of Pennsylvania and was an instructor in Reserve Bank of Chicago as an economist. He economics at that institution before his employ- resigned from the Bank in 1956 to accept a ment by the Chicago Federal Reserve Bank. position with Northern Trust.
ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years beginning January 1, 1964.
Boston Class A DARIUS M. KELLEY, President, The Orange National Bank, Orange, Massachusetts. Mr. Kelley succeeds Arthur F. Maxwell, President, The First National Bank of Biddeford, Maine.
Class B WILLIAM R. ROBBINS, Vice President for Finance, United Aircraft Corporation, East Hartford, Con- necticut. (Re-elected) New York Class A ROBERT H. FEARON, President, The Oneida Valley National Bank of Oneida, New York. Mr. Fearon succeeds A. Leonard Mott, President, The First Na- tional Bank of Moravia, New York. Class B ALBERT L. NICKERSON, Chairman of the Board, Socony Mobil Oil Company, Inc., New York City. (Re-elected) Philadelphia Class A CHARLES R. SHARBAUGH, President, Cambria County National Bank, Carrolltown, Pennsylvania. Mr. Shar- baugh succeeds J. Milton Featherer, Executive Vice President and Trust Officer, The Penn's Grove Na- tional Bank and Trust Company, Penns Grove, New Jersey. Class B LEONARD P. POOL, President, Air Products and Chemicals, Inc., Allentown, Pennsylvania. (Re- elected)
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Cleveland Class A RICHARD R. HOLLINGTON, President, The Ohio Bank and Savings Company, Findlay, Ohio. Mr. Hollington succeeds Paul A. Warner, President, The Oberlin Savings Bank Company, Oberlin, Ohio. Class B EDWIN J. THOMAS, Chairman of the Board and Chief Executive Officer, The Goodyear Tire & Rubber Company, Akron, Ohio. (Re-elected) Richmond Class A ROBERT T. MARSH, Jr., Chairman of the Board, First and Merchants National Bank, Richmond, Virginia. Mr. Marsh succeeds Addison H. Reese, President, North Carolina National Bank, Charlotte, North Carolina. Class B ROBERT E. L. JOHNSON, Chairman of the Board, Woodward & Lothrop, Incorporated, Washington, D. C. (Re-elected) Atlanta Class A GEORGE S. CRAFT, President, Trust Company of Georgia, Atlanta, Georgia. (Re-elected) Class B W. MAXEY JARMAN, Chairman, Genesco, Incorpo- rated, Nashville, Tennessee. (Re-elected) Chicago Class A KENNETH V. ZWIENER, Chairman of the Board Harris Trust and Savings Bank, Chicago, Illinois. Mr. Zwiener succeeds David M. Kennedy, Chairman of the Board, Continental Illinois National Bank and Trust Company of Chicago, Illinois. Class B G. F. LANGENOHL, Treasurer and Assistant Secre- tary, Allis-Chalmers Manufacturing Company, Mil- waukee, Wisconsin. (Re-elected) St. Louis Class A H. LEE COOPER, President, Ohio Valley National Bank of Henderson, Kentucky. (Re-elected) Class B ROLAND W. RICHARDS, Vice President and Secretary, Laclede Steel Company, St. Louis, Missouri. Mr. Richards succeeds Edgar M. Queeny, Chairman of the Finance Committee and member of Board of Directors, Monsanto Chemical Company, St. Louis, Missouri. Minneapolis Class A HAROLD C. REFLING, Executive Vice President, First National Bank in Bottineau, North Dakota. (Re- elected) Class B RAY C. LANGE, President, Chippewa Canning Com- pany, Inc., Chippewa Falls, Wisconsin. (Re-elected)
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Kansas City Class A EUGENE H. ADAMS, President, The First National Bank of Denver, Colorado. Mr. Adams succeeds Harold Kountze, Chairman of the Board, The Colo- rado National Bank of Denver, Colorado. Class B FRED W. GILMORE, President, Union Stock Yards Company of Omaha, Nebraska. Mr. Gilmore suc- ceeds Max A. Miller, Livestock rancher, Omaha, Nebraska. Dallas Class A ROY RIDDEL, President, First National Bank at Lub- bock, Texas. (Re-elected) Class B D. A. HULCY, Chairman of the Board, Lone Star Gas Company, Dallas, Texas. (Re-elected) San Francisco Class A CARROLL F. BYRD, Chairman of the Board and Pres- ident, The First National Bank of Willows, Californa. (Re-elected) Class B JOSEPH ROSENBLATT, President, The Eimco Corpo- ration, Salt Lake City, Utah. (Re-elected)
ADMISSION OF STATE BANK TO MEMBERSHIP IN November 16, 1963 through December 15, 1963: THE FEDERAL RESERVE SYSTEM Alabama The following bank was admitted to Membership in the Federal Reserve System during the period Sumiton The Sumiton Bank
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Announcements
DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS
The Board of Governors of the Federal Reserve System announced the following appointments at the Federal Reserve Banks and branches, effective January 1, 1964, unless otherwise indicated. Names in CAPITALS indicate NEW appointments; all others are reappointments. Brief data about each of the new appointments follow the listings.
CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1964
Federal Reserve Bank
Boston Erwin D. Canham, Editor, The Christian Science Monitor, Boston, Massa- chusetts. New York Philip D. Reed (formerly Chairman, General Electric Company), New York City. Philadelphia Walter E. Hoadley, Vice President and Treasurer, Armstrong Cork Com- pany, Lancaster, Pennsylvania. Cleveland Joseph B. Hall, Chairman of the Board, The Kroger Co., Cincinnati, Ohio. Richmond Edwin Hyde, President, Miller & Rhoads, Inc., Richmond, Virginia. Atlanta Jack Tarver, President, Atlanta Newspapers, Inc., Atlanta, Georgia. Chicago Robert P. Briggs, Executive Vice President, Consumers Power Company, Jackson, Michigan. St. Louis Raymond Rebsamen, Chairman of the Board, Rebsamen & East, Inc., Little Rock, Arkansas. Minneapolis Atherton Bean, President, International Milling Company, Inc., Min- neapolis, Minnesota. Kansas City Homer A. Scott, Vice President and District Manager, Peter Kiewit Sons' Company, Sheridan, Wyoming. Dallas Robert O. Anderson, Owner, Lincoln County Livestock Co., Roswell, New Mexico. San Francisco F. B. Whitman, President, The Western Pacific Railroad Company, San Francisco, California.
DEPUTY CHAIRMEN FOR YEAR 1964
Federal Reserve Bank
Boston William Webster, President, New England Electric System, Boston, Massa- chusetts. New York James DeCamp Wise (formerly Chairman, Bigelow-Sanford, Inc.), French- town, New Jersey.
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DEPUTY CHAIRMEN FOR YEAR 1964—CONTINUED Philadelphia David C. Bevan, Chairman, Finance Committee, The Pennsylvania Rail- road Company, Philadelphia, Pennsylvania Cleveland Logan T. Johnston, President, Armco Steel Corporation, Middletown, Ohio. Richmond William H. Grier, President, Rock Hill Printing & Finishing Company, Rock Hill, South Carolina. Atlanta J. M. CHEATHAM, President, Dundee Mills, Incorporated, Griffin, Georgia. Chicago James H. Hilton, President, Iowa State University of Science and Tech- nology, Ames, Iowa. St. Louis J. H. Longwell, Director, Special Studies and Programs, College of Agri- culture, University of Missouri, Columbia, Missouri. Minneapolis Judson Bemis, President, Bemis Bro. Bag Co., Minneapolis, Minnesota. Kansas City Dolph Simons, Editor and Publisher, The Lawrence Daily Journal-World, Lawrence, Kansas. Dallas C. J. THOMSEN, Senior Vice President, Texas Instruments, Inc., Dallas, Texas. San Francisco John D. Fredericks, President, Pacific Clay Products, Los Angeles, Cali- fornia. FEDERAL RESERVE BANK DIRECTORS 1 (Three-year terms unless otherwise indicated) Federal Reserve Bank Boston William Webster (see page 33). New York Everett N. Case, President, Alfred P. Sloan Foundation, New York, New York. Philadelphia Walter E. Hoadley (see page 33). Cleveland ALBERT G. CLAY, President, Clay Tobacco Co., Mt. Sterling, Kentucky. Richmond William H. Grier (see above). Atlanta JOHN A. HUNTER, President, Louisiana State University, Baton Rouge, Louisiana. Effective January 10, 1964, for unexpired term ending December 31, 1966. Chicago John W. Sheldon, President, Chas. A. Stevens & Co., Chicago, Illinois. St. Louis WILLIAM KING SELF, President, Riverside Industries, Marks, Mis- sissippi. Minneapolis Judson Bemis (see above). Kansas City Homer A. Scott (see page 33). Dallas C. J. THOMSEN (see above). Effective December 17, 1963, for un- expired term ending December 31, 1964. MAX LEVINE, President, Foley's, Houston, Texas. San Francisco John D. Fredericks (see above). FEDERAL RESERVE BANK BRANCH DIRECTORS 2 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch New York Buffalo Thomas E. LaMont, Farmer, Albion, New York.
aEach Federal Reserve Bank has a board of di- Federal Reserve Bank expire at the end of each year. rectors consisting of nine members, divided into three 2 Federal Reserve Bank branches have either five classes, designated as Classes A, B, and C. The six or seven directors, of whom a majority are appointed A and B directors are elected by the member banks, by the board of directors of the parent Federal Re- and the three C directors are appointed by the Board serve Bank, and the others are appointed by the of Governors. The terms of two of the elected di- Board of Governors of the Federal Reserve System. rectors and one of the appointed directors at each
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FEDERAL RESERVE BANK BRANCH DIRECTORS (continued)
Cleveland Cincinnati Walter C. Langsam, President, University of Cincinnati, Cincinnati, Ohio. Pittsburgh G. L. Bach, Maurice Falk Professor of Economics and So- cial Science, Carnegie Institute of Technology, Pittsburgh, Pennsylvania. Richmond Baltimore Harry B. Cummings, Vice President and General Manager, Metal Products Division, Koppers Company, Inc., Balti- more, Maryland. Charlotte JAMES A. MORRIS, Dean, School of Business Adminis- tration, University of South Carolina, Columbia, South Carolina. A tlanta J. Ollie Edmunds, President, Stetson University, DeLand, Jacksonville Florida. JAMES E. WARD, President, Baird-Ward Printing Com- Nashville pany, Nashville, Tennessee. GEORGE BENJAMIN BLAIR, General Manager, Ameri- New Orleans can Rice Growers Cooperative, Lake Charles, Louisiana. Chicago Detroit Max P. Heavenrich, Jr., President and General Manager, Heavenrich Bros. & Company, Saginaw, Michigan. St. Louis Little Rock Frederick P. Blanks, Planter, Parkdale, Arkansas. Louisville LISLE BAKER, JR., Executive Vice President, The Courier-Journal and Louisville Times Company, Louis- ville, Kentucky. Memphis Edward B. LeMaster, President, Edward LeMaster Com- pany, Inc., Memphis, Tennessee. SAM COOPER, President, HumKo Products Division, Na- tional Dairy Products Corporation, Memphis, Tennessee, for unexpired portion of term ending December 31, 1965. Minneapolis (2-year term) Helena EDWIN G. KOCH, President, Montana School of Mines, Butte, Montana. Kansas City (2-year terms) Denver Robert T. Person, President, Public Service Company of Colorado, Denver, Colorado. Oklahoma City James E. Allison, Consultant, Warren Petroleum Cor- poration, Tulsa, Oklahoma. Omaha John T. Harris, Merchant and cattleman, McCook, Ne- braska. Dallas C. ROBERT McNALLY, JR., Rancher, Roswell, New El Paso Mexico. LOVETT C. PETERS, Vice President, Continental Oil Com- Houston pany, Houston, Texas. G. C. Hagelstein, President and General Manager, Union San Antonio Stock Yards San Antonio, Texas.
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FEDERAL RESERVE BANK BRANCH DIRECTORS (continued) San Francisco (2-year terms) Los Angeles ARTHUR GARDINER COONS, President, Occidental Col- lege, Los Angeles, California. Portland Graham J. Barbey, President, Barbey Packing Corporation, Astoria, Oregon. Salt Lake City Howard W. Price, President, The Salt Lake Hardware Co., Salt Lake City, Utah. Seattle WILLIAM McGREGOR, Vice President, McGregor Land and Livestock Company, Hooper, Washington. Federal Reserve Bank of Cleveland for the unexpired portion of a term ending De- ALBERT G. CLAY, Mt. Sterling, Kentucky, cember 31, 1966. Dr. Hunter is President, Loui- was appointed a director of the Federal Reserve siana State University, Baton Rouge. He suc- Bank of Cleveland for a 3-year term beginning ceeds Henry G. Chalkley, Jr., President, The January 1, 1964. Mr. Clay is President, Clay Sweet Lake Land & Oil Company, Lake Charles, Tobacco Co., Mt. Sterling. As a Board-appointed Louisiana, whose term as a director expired December 31, 1963. director of the Cleveland Bank Mr. Clay suc- ceeds Dr. Aubrey J. Brown, Professor of Agri- JAMES E. WARD, Nashville, Tennessee, was cultural Marketing and Head of Department of appointed a director of the Nashville Branch of Agricultural Economics, University of Kentucky, the Federal Reserve Bank of Atlanta for a 3- Lexington, Kentucky, whose term expired De- year term beginning January 1, 1964. Mr. Ward cember 31, 1963. is President, Baird-Ward Printing Company, Nash- ville. He succeeds Mr. W. N. Krauth, President Federal Reserve Bank of Richmond and General Manager, Colonial Baking Company JAMES A. MORRIS, Columbia, South Caro- of Nashville, whose term as a director expired lina, was appointed a director of the Charlotte December 31, 1963. Branch of the Federal Reserve Bank of Rich- GEORGE BENJAMIN BLAIR, Lake Charles, mond for a 3-year term beginning January 1, Louisiana, was appointed a director of the New 1964. Mr. Morris is Dean of the School of Busi- Orleans Branch of the Federal Reserve Bank of ness Administration, University of South Carolina, Atlanta for a 3-year term beginning January 1, Columbia. He succeeds Dr. George H. Aull, 1964. Mr. Blair is General Manager, American Consulting Economist, Clemson College, Clem- Rice Growers Cooperative Association, Lake son, South Carolina, whose term as a director Charles. He succeeds Frank A. Godchaux, III, expired December 31, 1963. Vice President, Louisiana State Rice Milling Com- Federal Reserve Bank of Atlanta pany, Inc., Abbeville, Louisiana, whose term as a director expired December 31, 1963. J. M. CHEATHAM, Griffin, Georgia, was ap- pointed Deputy Chairman of the Federal Reserve Federal Reserve Bank of St. Louis Bank of Atlanta for the year 1964. Mr. Cheat- WILLIAM KING SELF, Marks, Mississippi, ham is President, Dundee Mills, Incorporated, was appointed a director of the Federal Reserve of Griffin, and has been serving as a Board- Bank of St. Louis for a 3-year term beginning appointed director of the Atlanta Reserve Bank January 1, 1964. Mr. Self is President, Riverside since January 1960. As Deputy Chairman he Industries, Marks, Mississippi, and has served as succeeds Mr. Henry G. Chalkley, Jr., The Sweet a Board-appointed director of the Memphis Lake Land & Oil Company, Lake Charles, Loui- Branch of the Federal Reserve Bank of St. Louis siana, whose terms as Deputy Chairman and as since December 1961. Mr. Self succeeds Jesse D. a director expired December 31, 1963. Wooten, Executive Vice President, Mid-South JOHN A. HUNTER, Baton Rouge, Louisiana, Chemical Corporation, Memphis, Tennessee, was appointed, effective January 10, 1964, a whose term as a director expired December 31, director of the Federal Reserve Bank of Atlanta 1963.
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ANNOUNCEMENTS 37
Federal Reserve Bank of St. Louis—Continued LISLE BAKER, JR., Louisville, Kentucky, was for a 3-year term beginning January 1, 1964. Mr. appointed a director of the Louisville Branch of Levine is President, Foley's, Houston, and has the Federal Reserve Bank of St. Louis for a 3- been serving as a Board-appointed director of the year term beginning January 1, 1964. Mr. Ba- Houston Branch of the Federal Reserve Bank of ker is Executive Vice President, The Courier- Dallas since January 1961. Mr. Levine succeeds Journal and Louisville Times Company in Louis- Mr. Morgan J. Davis, Chairman of the Board, ville, Kentucky. He succeeds Dr. Philip Davidson, Humble Oil & Refining Company, Houston, President, University of Louisville, Louisville, Texas, who had resigned. Kentucky, whose term as a director expired De- C. ROBERT McNALLY, JR., Roswell, New cember 31, 1963. Mexico, was appointed a director of the El Paso SAM COOPER, Memphis Tennessee, was ap- Branch of the Federal Reserve Bank of Dallas for pointed a director of the Memphis Branch of the a 3-year term beginning January 1, 1964. Mr. Federal Reserve Bank of St. Louis for the un- McNally is a rancher in Roswell, New Mexico. expired portion of a term ending December 31, He succeeds Mr. William R. Mathews, Editor 1965. Mr. Cooper is President, HumKo Products and Publisher, The Arizona Daily Star, Tucson, Division, National Dairy Products Corporation, Arizona, whose term expired December 31, 1963. Memphis, Tennessee. He succeeds Mr. William King Self, President, Riverside Industries, Marks, LOVETT C. PETERS, Houston, Texas, was Mississippi, who was appointed a director of the appointed a director of the Houston Branch of Federal Reserve Bank of St. Louis. the Federal Reserve Bank of Dallas for a 3-year term beginning January 1, 1964. Mr. Peters is Federal Reserve Bank of Minneapolis Vice President of the Continental Oil Company in Houston. He succeeds Mr. Max Levine, Presi- EDWIN G. KOCH, Butte, Montana, was ap- dent, Foley's, Houston, Texas, whose term ex- pointed a director of the Helena Branch of the pired December 31, 1963, and who was appointed Federal Reserve Bank of Minneapolis for a 2-year to the Board of Directors of the Federal Reserve term beginning January 1, 1964. Mr. Koch is Bank of Dallas. President, Montana School of Mines in Butte. He succeeds Mr. John M. Otten, Farmer and rancher, Federal Reserve Bank of San Francisco Lewistown, Montana, whose term as a director expired December 31, 1963. ARTHUR GARDINER COONS, Los Ange- les, California, was appointed, effective January Federal Reserve Bank of Dallas 7, 1964, a director of the Los Angeles Branch C. J. THOMSEN, Dallas, Texas, was ap- of the Federal Reserve Bank of San Francisco pointed, effective December 17, 1963, a director for the unexpired portion of a term ending De- of the Federal Reserve Bank of Dallas for cember 31, 1965. Mr. Coons is President of the unexpired portion of a term ending Decem- Occidental College, Los Angeles. He succeeds Mr. ber 31, 1964. He was also appointed Deputy Robert J. Cannon, President, Cannon Electric Chairman at that Bank for the remainder of Company, Los Angeles, whose term expired De- 1963 and for 1964. Mr. Thomsen is Senior Vice cember 31, 1963. President, Texas Instruments, Inc., Dallas. As WILLIAM McGREGOR, Hooper, Washing- a director, Mr. Thomsen succeeds Mr. Lamar ton, was appointed a director of the Seattle Fleming, Jr., Member, Board of Directors, An- Branch of the Federal Reserve Bank of San Fran- derson, Clayton & Co., Inc., of Houston, Texas, cisco for a 2-year term beginning January 1, who had resigned. As Deputy Chairman, Mr. 1964. Mr. McGregor is Vice President, McGregor Thomsen succeeds Mr. Morgan J. Davis, Chair- Land and Livestock Company in Hooper. He suc- man of the Board, Humble Oil & Refining Com- ceeds Mr. Henry N. Anderson, President, Twin pany, Houston, Texas, who had also resigned. Harbors Lumber Company, Aberdeen, Washing- MAX LEVINE, Houston, Texas, was appointed ton, whose term as director expired December 31, a director of the Federal Reserve Bank of Dallas 1963.
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38 FEDERAL RESERVE BULLETIN • JANUARY 1964
FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS »
The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1964, except where other- wise indicated. Federal Reserve Bank and Branch New York Buffalo CHARLES W. MILLARD, JR., President, Manufacturers & Traders Trust Company, Buffalo, New York. Mr. Millard succeeds John M. Galvin, Chairman, Executive Committee, The Marine Trust Company of Western New York, Buffalo, New York.
Cleveland Cincinnati JOHN W. HUMPHREY, President, The Philip Carey Manu- facturing Company, Cincinnati, Ohio. (Reappointed)
JAMES PUGH, President, The Security Central National Bank of Portsmouth, Ohio. Mr. Pugh succeeds H. W. Gillaugh, President, The Third National Bank and Trust Company of Dayton, Ohio.
Pittsburgh JOSEPH S. ARMSTRONG, President and Trust Officer, The Grove City National Bank, Grove City, Pennsylvania. Mr. Armstrong succeeds Charles J. Heimberger, President, The First National Bank of Erie, Pennsylvania.
S. L. DRUMM, President, West Penn Power Company, Greensburg, Pennsylvania. (Reappointed)
Richmond Baltimore JOHN P. SIPPEL, President, The Citizens National Bank of Laurel, Maryland. Mr. Sippel succeeds J. N. Shumate, President, The Farmers National Bank of Annapolis, Maryland.
Charlotte W. W. MCEACHERN, President, The South Carolina Na- tional Bank, Greenville, South Carolina. (Reappointed)
A tlanta Birmingham JOHN A. HAND, President, The First National Bank of Birmingham, Alabama. Mr. Hand succeeds Frank A. Plummer, Chairman of the Board and President, Birming- ham Trust National Bank, Birmingham, Alabama.
1 Federal Reserve Bank branches have either five Board of Governors of the Federal Reserve System. or seven directors, of whom a majority are appointed The announcement of appointments of branch direc- by the board of directors of the parent Federal Re- tors made by the Board of Governors is published serve Bank, and the others are appointed by the on page 38 of this BULLETIN.
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ANNOUNCEMENTS 39
A tlanta—Continued Jacksonville WILLIAM H. DIAL, President, The First National Bank at Orlando, Florida. Mr. Dial succeeds Godfrey Smith, Presi- dent, Capital City First National Bank of Tallahassee, Florida.
Nashville WILLIAM F. EARTHMAN, JR., President, Commerce Union Bank, Nashville, Tennessee. Mr. Earthman succeeds D. W. Johnston, Executive Vice President, Third National Bank in Nashville, Tennessee.
New Orleans L. Y. FOOTE, President, First National Bank of Hatties- burg, Mississippi. Mr. Foote succeeds Giles W. Patty, President, First National Bank, Meridian, Mississippi.
Chicago Detroit JOHN H. FRENCH, JR., President, City National Bank of Detroit, Michigan. Mr. French succeeds William A. May- berry, Chairman of the Board, Manufacturers National Bank of Detroit, Michigan.
FRANKLIN H. MOORE, President, The Commercial and Savings Bank, St. Clair, Michigan. (Reappointed)
St. Louis Little Rock CECIL W. CUPP, President, Arkansas Bank and Trust Company, Hot Springs, Arkansas. Mr. Cupp succeeds J. W. Bellamy, President, National Bank of Commerce of Pine Bluff, Arkansas.
R. M. LAGRONE, JR., President, The Citizens National Bank of Hope, Arkansas. (Reappointed)
Louisville RAY A. BARRETT, President, The State Bank of Salem, Indiana. (Reappointed)
WILLIAM G. DEATHERAGE, President, Planters Bank & Trust Company, Hopkinsville, Kentucky. Mr. Deatherage succeeds John G. Russell, President, The Peoples First National Bank & Trust Company of Paducah, Kentucky.
Memphis ALLEN MORGAN, President, The First National Bank of Memphis, Tennessee. Mr. Morgan succeeds John E. Brown, Chairman of the Board and President, Union Planters National Bank of Memphis, Tennessee.
CON T. WELCH, President, Citizens Bank, Savannah, Ten- nessee. Mr. Welch succeeds Simpson Russell, Chairman of the Board, The National Bank of Commerce of Jackson, Tennessee.
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Minneapolis (2-year terms) Helena B. MEYER HARRIS, President, The Yellowstone Bank, Laurel, Montana. Mr. Harris succeeds O. M. Jorgenson, Chairman of the Board, Security Trust and Savings Bank, Billings, Montana.
Kansas City (2-year terms) Denver ELWOOD M. BROOKS, Chairman of the Board, The Central Bank & Trust Company, Denver, Colorado. Mr. Brooks succeeds Eugene H. Adams, President, The First National Bank of Denver, Colorado.
Oklahoma City HOWARD J. BOZARTH, President, City National Bank and Trust Company, Oklahoma City, Oklahoma. Mr. Bozarth succeeds C. P. Stuart, Chairman of the Board, The Fidelity National Bank & Trust Company, Oklahoma City, Okla- homa.
Omaha R. E. BARTON, President, The Wyoming National Bank of Casper, Wyoming. (Reappointed)
HENRY D. KOSMAN, Chairman of the Board and President, Scottsbluff National Bank, Scottsbluff, Nebraska. (Reap- pointed)
Dallas El Paso ROBERT W. HEYER, President, Southern Arizona Bank & Trust Company, Tucson, Arizona. Mr. Heyer succeeds Floyd Childress, Vice Chairman of the Board, The First National Bank of Roswell, New Mexico.
DICK ROGERS, President, First National Bank in Alpine, Texas. (Reappointed)
Houston J. A. ELKINS, JR., Chairman of the Board, First City Na- tional Bank of Houston, Texas. (Reappointed)
JOHN E. GRAY, President, First Security National Bank of Beaumont, Texas. (Reappointed)
San Antonio J. R. THORNTON, President, State Bank and Trust Com- pany, San Marcos, Texas, Mr. Thornton succeeds Donald D. James, Vice President, The Austin National Bank, Austin, Texas.
FORREST M. SMITH, President, National Bank of Com- merce of San Antonio, Texas. (Reappointed)
San Francisco (2-year terms) Los Angeles RALPH V. ARNOLD, President, First National Bank and Trust Company, Ontario, California. (Reappointed)
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ANNOUNCEMENTS 41
San Francisco—(Continued) Portland E. J. KOLAR, President, The United States National Bank of Portland, Oregon. Mr. Kolar succeeds C. B. Stephenson, Chairman of the Board, The First National Bank of Oregon, Portland, Oregon.
Salt Lake City V. R. STEFFENSEN, President, First Security Bank of Idaho, Boise, Idaho. Mr. Steffensen succeeds Oscar Hiller, Presi- rent, Butte County Bank, Arco, Idaho. Seattle MAXWELL CARLSON, President, National Bank of Com- merce of Seattle, Washington. Mr. Carlson succeeds Joshua Green, Jr., Chairman of the Board, Peoples National Bank of Washington, Seattle, Washington.
ELECTION OF DIRECTOR EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS IN 1963 AND 1962 The Federal Reserve Bank of St. Louis on De- cember 20, 1963, announced the election of Mark The following table shows a condensed compara- Townsend as a Class B director of the Bank to tive statement of earnings and expenses of the serve for the remainder of the term expiring Federal Reserve Banks in 1963 and 1962. A de- December 31, 1964. Mr. Townsend is Chairman tailed statement of earnings and expenses of each of the Board, Townsend Lumber Company, Inc., Federal Reserve Bank in 1963 will appear in the Stuttgart, Arkansas. As a director of the St. Louis February Federal Reserve BULLETIN. Bank he succeeds Mr. Raymond Rebsamen, Chair- man of the Board, Rebsamen & East, Inc., Little Rock, Arkansas, who was appointed a Class C Item 1963 1962 director and Chairman of the Reserve Bank. Thousands of dollars CHANGE IN FIRST VICE PRESIDENT AT FEDERAL RESERVE BANK OF MINNEAPOLIS Current earnings 1,151,120 1,048,508 Current expenses 187,273 176,136 Mr. Albert W. Mills, First Vice President of the Current net earnings 963,847 872,372 Federal Reserve Bank of Minneapolis, retired Net additions to or deductions from ( —) December 31, 1963. Mr. Mills joined the Bank current net earnings 1 615 -56 in 1933 as an employee in the Bank Examination Net earnings before payments to Treasury 964,462 872,316 Department. He became an officer in 1938 when Dividends paid 28,912 27,412 he was promoted to Assistant Auditor, and in Paid Treasury (interest on F.R. notes).... 879,685 799,366 1941 he was promoted to Auditor. In 1942, Mr. Transferred to surplus 55,864 45,538 Mills was made Cashier and Secretary, Vice 1 Includes net profits on sales of U.S. Govt. securities of $312,000 President and Cashier in 1947, and First Vice in 1963 and $1,990,000 in 1962. President in 1950. Mr. Maurice H. Strothman, Jr., was appointed First Vice President to serve for the unexpired portion of Mr. Mills' 5-year term ending Febru- ERRATA ary 28, 1966. Mr. Strothman was employed by the Bank in 1941 as a trust examiner. He was pro- In the table on page 1497 of the November 1963 moted to Assistant Counsel in 1944, Assistant BULLETIN, the 1963 figure for "net funds raised Vice President in 1949, Vice President in 1951, by corporate securities" is inconsistent with figures Vice President and Counsel in 1958, and Vice for 1960-62. President and General Counsel in 1960. Mr. The figures for these three years include only Strothman holds B.A. and LL.B. degrees from the securities issued by private domestic nonfinancial University of Minnesota. corporations. The figure for 1963, on the other
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42 FEDERAL RESERVE BULLETIN • JANUARY 1964
hand, also includes securities issued by domestic I960 1961 1962 1963 Including finance company and for- finance companies (exclusive of stock in invest- eign issues 7.5 6.6 6.5 (Table 2, line II-Q, plus lines ment companies) and by foreign borrowers. IIIrT, and 11-1)2 Excluding finance company and The following tabulation shows consistent and foreign issues 5.3 7 3 4.8 (Table 2, line II-Q) 2 up-to-date figures both with and without finance 1 First 3 quarters at an annual rate. company and foreign issues. 2 Refers to Flow of Funds/Saving, pp. 106-114 of this BULLETIN.
REVISED EDITION OF BOOK ON FEDERAL RESERVE SYSTEM
A revised edition of The Federal Reserve Sys- signed to clarify the System's role and function- tem: Purposes and Functions is available for dis- ing in light of changes that have occurred in the tribution. This fifth edition commemorates the national and world economies and in light of fur- fiftieth anniversary of the signing of the Federal ther advances in monetary knowledge. Reserve Act on December 23, 1913, and is dedi- The text has been written primarily for stu- cated to a better public understanding of the dents, bankers, businessmen, and others who need System's trusteeship for the nation's credit and a broad statement of the services rendered by the monetary machinery. Federal Reserve System to the economy of the To this end, the new edition has been ex- United States. It does not purport to be an ex- panded to include chapters on the organization haustive account of Federal Reserve activities. of the Federal Reserve System for policy-making, The book is available without charge. Requests on the open market policy process, and on the for copies should be sent to the Division of Ad- balance of payments. These and other changes ministrative Services, Board of Governors of the that have been made throughout the text are de- Federal Reserve System, Washington, D.C. 20551.
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Announcements
CHANGES IN THE BOARD'S STAFF in September 1952, Mr. Benner was appointed to the position from which he retired. Henry Benner, Assistant Director, Division of Ex- Karl E. Bakke, formerly a Senior Attorney in aminations, retired February 1, 1964. Mr. Benner, the Board's Legal Division, was appointed an As- formerly with the Federal Reserve Bank of Phila- sistant Secretary in the Office of the Secretary, delphia, came to the Board in September 1950 to effective January 20, 1963. Before joining the assist in the formulation and administration of the Board's staff in May 1962, Mr. Bakke was an real estate credit regulation, and was appointed Attorney-Adviser with the U.S. Tariff Commis- Assistant Director of the Division of Selective sion. He received his A.B. degree from Yale Uni- Credit in February 1951. With the suspension of versity and his LL.B. from Georgetown University Regulation X and discontinuance of that division Law School.
173
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Annoimc em ent s
CHANGES IN THE BOARD'S STAFF This 230-page document contains tables cover- Mr. Robert C. Masters of the Division of Exam- ing all periods for which flow of funds accounts inations retired effective March 27, 1964. have been computed—annually, 1945-62 for as- Mr. Masters entered the System as an employee sets and liabilities; annually, 1946-62 for total of the Federal Reserve Bank of Boston in June, flows; and quarterly, 1952-62 for flows, seasonally 1933 and was made an Examiner of that Bank adjusted at annual rates. All of the tables pub- in 1938. He joined the Board's staff in Jan- lished quarterly in the BULLETIN are included, as uary 1949 and was appointed an Assistant Director well as separate accounts for sectors and transac- of the Division of Examinations in December tion categories not shown separately in the BuLr 1951. At the time of his retirement, he was serv- LETIN. ing in the capacity of Associate Director of that The 1963 Supplement is available without Division. charge. Requests for copies should be sent to the Division of Administrative Services, Board of FLOW OF FUNDS ACCOUNTS, 1945-62, 1963 SUPPLEMENT Governors of the Federal Reserve System, Wash- The 1963 Supplement to the Flow of Funds Ac- ington, D.C. 20551. counts, 1945-62 is available for distribution. This Unadjusted quarterly data are available in a volume brings up to date the complete set of separate publication. Requests for Flow of Funds tables that appeared in Flow of Funds Supplement Accounts—Unadjusted Quarterly Data, 1952-62 5 published in 1961. The new supplement also should be addressed to the Flow of Funds Section, replaces all data printed in the Federal Reserve Division of Research and Statistics at the Board BULLETIN through August 1963. of Governors.
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Announcements
REAPPOINTMENT OF J. L. ROBERTSON AS A MEMBER OF THE BOARD member bank's use of funds to meet credit needs arising from such catastrophe, and Mr. J. L. Robertson, a Member of the Board of (2) that this authority shall terminate as of Governors of the Federal Reserve System since close of business December 31, 1964." February 1952, was nominated by the President for reappointment to the Board for a term of 14 The Federal Reserve Bank of San Francisco years beginning February 1, 1964. The nomina- also called attention to the fact that it was pre- tion was confirmed by the Senate on March 12, pared to make credit available to Alaskan banks and Mr. Robertson took the oath of office on under various provisions of the Federal Reserve March 20, 1964. Act and regulations of the Board applicable to CHANGE IN FIRST VICE PRESIDENT AT emergency conditions. These include making FEDERAL RESERVE BANK OF CLEVELAND credit available to member banks for longer Mr. Edward A. Fink was appointed First Vice periods to help them meet the unusual situation President April 1, 1964, to serve for the unexpired in Alaska. portion of Mr. Donald S. Thompson's 5-year term ending February 28, 1966. Mr. Thompson is re- PUBLICATION OF ANNUAL REPORT tiring. Mr. Fink was employed by the Bank in The Fiftieth Annual Report of the Board of Gov- 1925, becoming Assistant Cashier in 1955. In ernors of the Federal Reserve System, covering 1957 he was promoted to Assistant Vice President operations for the calendar year 1963, is available and in 1959 was made Vice President. Mr. Fink for distribution. Copies may be obtained upon is a graduate of the School of Banking at the Uni- request from the Board's Publications Services, the versity of Wisconsin. Division of Administrative Services, Washington, D.C. 20551. CREDIT TO MEMBER BANKS IN ALASKA DEPARTMENT STORE SALES AND STOCKS The Federal Reserve System has moved to facilitate the efforts of Alaskan member banks Responsibility for preparation of national sum- to accommodate the credit needs of their cus- mary figures on weekly department store sales and tomers for reconstruction and rehabilitation pur- on monthly sales and stocks has been transferred poses. On April 14, 1964, the Board of Governors from the Federal Reserve to the Bureau of the of the Federal Reserve System authorized the San Census, beginning with data for February. Francisco Federal Reserve Bank to relax penalties The Board, however, plans to continue for the for failure to maintain the balances that member time being its summary reports showing sales data, banks are required to keep with the Reserve Bank. compiled by the 12 Federal Reserve Banks, for The text of the Board's authorization follows: selected cities and metropolitan areas. The Board also plans to continue temporarily its monthly "In order to assist member banks in report on sales by departments. Data on out- Alaska to meet credit demands arising from standing orders will no longer be available. the recent catastrophe in that State as a re- "INDUSTRIAL PRODUCTION MEASUREMENT IN THE sult of earthquake and tidal waves, Board UNITED STATES: CONCEPTS, USES, AND authorizes Federal Reserve Bank of San COMPILATION PRACTICES" Francisco, in its discretion, not to assess A paper on "Industrial Production Measurement penalties incurred by any such member bank in the United States: Concepts, Uses, and Com- for deficiencies in its reserve requirements, pilation Practices" has been prepared in reply to provided (1) that the Reserve Bank is satis- an inquiry from the Economic Commission for fied from information submitted by the Europe. member bank that deficiency resulted from Section I covers the uses and characteristics of 446
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ANNOUNCEMENTS 447
index numbers representing five different produc- recent levels of the production index in relation tion concepts: (1) gross value of output by in- to other economic measures, including the revised dustry; (2) gross value of end products; (3) Census series on manufacturers' shipments and Census value added; (4) gross product originating inventories. in the industrial sector; and (5) income originat- The paper consists of 50 pages of text, 16 pages ing in the industrial sector. It presents the results of tables, and 19 charts. It is available without of recombining Federal Reserve production in- charge from Publications Services, the Division of dexes with gross value, gross product, and income Administrative Services, Board of Governors of originating weights; discusses the compilation of the Federal Reserve System, Washington, D.C. net output indexes; and analyzes the relationship 20051. of the production indexes to the gross national ADMISSION OF STATE BANKS TO MEMBERSHIP IN product series. The section concludes with pro- THE FEDERAL RESERVE SYSTEM posals for further analysis and compilation of The following banks were admitted to member- production measures. ship in the Federal Reserve System during the period February 16, 1964 through April 15, 1964: Section 2 presents the paper "United States Industrial Production Indexes: Basic Data and Georgia Compilation Practices." This paper was issued in Vidalia. Vidalia Banking Company June 1963. Both sections include materials on revision pro- Nevada cedures and some discussion of the adequacy of Reno. Valley Bank of Nevada
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LAW DEPARTMENT 567
be intensified between County Trust and its prin- City banks, particularly those with offices close by cipal competitors, the County's largest and third the transport station facilities used by the com- largest banks, noted above. It is not expected that muters. Savings and loan associations holding the transaction would result in any adverse com- withdrawable balances in excess of $317 million petitive effects in County Trust's present service compete vigorously with banks in the County for area. real estate loans and savings accounts. First National's principal competitors are Citi- Summary and conclusion. The proposal would zens National Bank of Englewood, the third larg- unite the sixth largest of Bergen County's 29 com- est bank in the County, and Pascack Valley Na- mercial banks with one of the County's relatively tional Bank and Trust Company, with IPC de- small banks. There is no more than minor com- posits in December 1963 of about $20 million. petition between the two banks. County Trust's Effectuation of the proposal would not change significantly the relationship between County Trust ranking would not be affected. Some intensification and Citizens National Bank of Englewood. Al- of competition may result, although there is no though there would probably result an intensifica- indication that any other bank in the service area tion of competition in First National's service of the resulting bank would be adversely affected. area, there is no indication that Pascack Valley Pursuant to the proposal, the residents and busi- National Bank and Trust Company or any other nesses in First National's service area would have bank in or on the periphery of the area would conveniently available stronger and broader bank- be affected adversely. ing facilities more adequate to their expanding Because of the large number of Bergen County needs. residents who commute to New York City, the Accordingly, the Board finds the proposed trans- banks in the County compete with New York action to be in the public interest.
Announcements
STATEMENTS TO CONGRESS resentatives, Eighty-eighth Congress, Second Ses- The attention of interested readers is directed to sion, Volume 2, pages 1220 and 1223, respectively. the fact that Professors Milton Friedman and Karl The Hearings also include a supplementary state- Brunner have filed with the House Committee on ment by Governors Mitchell and Daane, page Banking and Currency comments on statements 1515, and a comment by Governor Mitchell, page made by Governors George W. Mitchell and J. 1517. Dewey Daane before that Committee and pub- ADMISSION OF STATE BANK TO MEMBERSHIP IN lished in the BULLETIN for March 1964, pages THE FEDERAL RESERVE SYSTEM 308-20. The comments by Professors Friedman The following bank was admitted to Membership and Brunner are printed in "The Federal Reserve in the Federal Reserve System during the period System After Fifty Years," Hearings before the April 16, 1964, through May 15, 1964: Subcommittee on Domestic Finance of the Com- North Dakota mittee on Banking and Currency, House of Rep- Minot . First Western Bank of Minot
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CHANGES IN THE BOARD'S STAFF Acting Director of the Division of Data Processing Mr. John E. Reynolds was appointed an Associate until a new Director is appointed. Adviser in the Division of International Finance, effective June 1, 1964. RESIGNATION OF DIRECTOR Formerly Chief of the Special Studies and Op- Mr. Jack W. Warner, who had served as a Director erations Section, Division of International Finance, of the Birmingham Branch of the Federal Reserve Mr. Reynolds had been serving on detail to the Bank of Atlanta since January 1, 1960, has re- Bureau of the Budget for the past year as the Staff signed effective May 27, 1964. Mr. Warner is Director of the Review Committee for Balance of Chairman of the Board and President of the Gulf Payments Statistics. Before joining the Board's States Paper Corporation, Tuscaloosa, Alabama. Staff in September 1953, Mr. Reynolds served for three years as a Research Economist in the Mone- TRANSFER OF FEDERAL RESERVE BRANCH tary and Economics Department of the Bank for TERRITORY International Settlements, Basel, Switzerland. Effective May 28, 1964, the territory of the Little Mr. Reynolds received his A.B. and M.A. de- Rock Branch of the Federal Reserve Bank of St. grees in Economics from Harvard University in Louis was extended to include 11 northwestern 1944 and 1950, respectively, and is currently counties of Arkansas (Baxter, Benton, Boone, working toward a doctorate at the same University. Carroll, Crawford, Fulton, Madison, Marion, Se- bastian, Sharp, and Washington), which had been Mr. Reed J. Irvine was appointed an Associate included in the territory served by the Head Office Adviser in the Division of International Finance, at St. Louis. The Little Rock Branch now serves effective June 8, 1964. all the State of Arkansas except the counties of Appointed to the Board's Staff in October 1951 Clay, Greene, and Randolph, which are served by as an Economist, Mr. Irvine has most recently St. Louis, and the counties of Craighead, Critten- served as the Chief of the Asia, Africa, and Latin den, Cross, Lawrence, Lee, Mississippi, Phillips, America Section, Division of International Fi- Poinsett, St. Francis, and Woodruff, which are nance. Mr. Irvine is a graduate of the University served by the Memphis Branch. of Utah and studied at Oxford University, Oxford, England, as a Fulbright Scholar, receiving a B.Litt. ADMISSION OF STATE BANK TO MEMBERSHIP in 1951. IN THE FEDERAL RESERVE SYSTEM Mr. M. H. Schwartz resigned as Director of the The following bank was admitted to member- Board's Division of Data Processing on June 10, ship in the Federal Reserve System during the 1964, to accept a position as Associate Director period May 16, 1964 to June 15, 1964: of the Office of Business Economics, U.S. Depart- ment of Commerce. Texas Mr. W. M. Davis, an Assistant Cashier of the Corpus Christi Corpus Christi Bank and Federal Reserve Bank of Atlanta, will serve as the Trust Company
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Announcements
CHANGES IN THE BOARD'S STAFF been revised back to May 1963, incorporating Mr. J. J. Connell, Controller since March 1, 1958, revisions of seasonal adjustment factors back to retired from the Board's staff July 1, 1964, after January 1961. The revised industry grouping in- more than 35 years service. Prior to his appoint- dexes for the whole period since January 1961 ment as Controller, Mr. Connell had extensive and the revised seasonal factors, as well as those experience in the areas of Reserve Bank super- for the market groupings, will be available and vision and operations. distributed to the Business Indexes' mailing list within the next two months. To succeed Mr. Connell, effective July 1, the Board appointed as Controller, Mr. John Kakalec, ERRATA IN JUNE 1964 BULLETIN who had been serving as Assistant to the Con- troller since February, 1960. He joined the The last paragraph in the first column of page 678 Board's staff in June, 1949, and has been assigned should be changed to read as follows: to positions in the Divisions of Administrative "This September about 3.6 million workers in Services and Bank Operations in addition to service, trade, and other nonmanufacturing activi- assignments in the Controller's office. A graduate ties, who were first covered in 1961, will be of The George Washington University School of affected by an increase in minimum wages from Government, Mr. Kakalec holds A.B. and M.A. $1.00 to $1.15 an hour. In September 1965 their degrees in accounting. minimum wages will be raised to $1.25 an hour, and they will then be on a parity with those for workers who had already been covered in the REVISIONS IN INDUSTRIAL PRODUCTION INDEXES minimum wage increase in September 1963." The seasonally adjusted indexes of industrial pro- On page 709, third column, the date of Gov- duction for the total and the industry groupings ernor Daane's oath of office should be November shown in this issue, pages 896, 897, and 900, have 29, 1963.
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Announcements
AVAILABILITY OF MINUTES when it was abolished. The total number of typed Minutes of the meetings of the Federal Open pages of these minutes approximates 8700. Market Committee from the time of its organiza- Additional materials relating to System opera- tion in 1936 through the end of 1960 are being tions in the open market, as well as to Board made available by the Federal Reserve System matters outside the open market area, are now for the use of scholars and other interested per- being reviewed. It is expected that a considerable sons. amount of such material having value for his- To that end, the Board of Governors has trans- torical and scholarly research will be transferred ferred to the custody of the Archivist of the United from the Board to the Archivist of the United States the original signed copies of the minutes States within the next few months. A detailed specified. Advice of the transfer was transmitted description of those additional records will be by the Chairman of the Board of Governors in a furnished at the time the current review is com- letter to the Archivist on July 17, 1964, reading pleted. as follows: The Board believes that the official records per- taining to policy decisions and operations of this country's central banking system should be avail- Dr. Wayne C. Grover, able over the course of time to interested persons Archivist of the United States, National Archives Building, for studies of monetary policy or of other aspects Washington, D. C. of Federal Reserve history on which they may throw light. Such materials should provide an im- Dear Dr. Grover: portant new source of information for persons The Board of Governors of the Federal Reserve wishing to study the Federal Reserve System, and System and the Federal Open Market Committee it seems especially appropriate that those for the have authorized the transfer from the Board to the years referred to in this letter should be made custody of the Archivist of the United States of available either through the National Archives or the minutes of meetings of the Federal Open here at the Board for public use in this the year Market Committee from the date of its organiza- of the fiftieth anniversary of the Federal Reserve tion in March 1936 to the end of the year 1960. System. Certain other records relating to operations in the Sincerely yours, open market that were carried on by the Federal (Signed) WM. MCC. MARTIN, JR. Reserve from its formation in 1914 until establish- ment of the Federal Open Market Committee in 1936 pursuant to the Banking Act of 1935 were An acknowledgment from the Archivist, re- included in the authorization. The records to be ceived under date of July 24, read as follows: transferred under this authorization are to be available to interested persons without restriction Honorable Wm. McC. Martin, Jr. other than the normal restrictions that the National Chairman, Board of Governors Archives would place on such materials to assure Federal Reserve System Washington, D.C. their preservation and proper handling. The body of records being transferred at this Dear Mr. Chairman: time consists of 28 volumes containing the original Thank you very much for your letter of July signed copies of the minutes of the meetings of 17, 1964, concerning records relating to open- (1) the Federal Open Market Committee from market operations of the Federal Reserve Banks March 1936 to the end of 1960 and (2) its Execu- that have been authorized for transfer to the Na- tive Committee from March 1936 until June 1955 tional Archives by the Board of Governors of the 1015
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1016 FEDERAL RESERVE BULLETIN • AUGUST 1964
Federal Reserve System and the Federal Open beginning with the formation of the System in Market Committee. The records will be made 1914, with a view to making significant documents available to interested persons under the condi- accessible for research studies relating to the Fed- tions stated in your letter. eral Reserve System, either through transfer to The National Archives will be very glad to re- the custody of the Archivist of the United States ceive these records pertaining to a central element or at the Board's offices. in the Federal Reserve decision-making process, the formulation and execution of open market RESIGNATION OF DIRECTOR policy. This policy is documented importantly in the minutes of the meetings of the Federal Open Mr. John T. Fey, who had served as a Class C Market Committee, 1936-60, and those of its Ex- director of the Federal Reserve Bank of Boston ecutive Committee, 1936-55, which are now of- since September 25, 1963, resigned effective June fered for transfer to the National Archives. We 29, 1964. He was formerly President of the Uni- will arrange as soon as possible for the records to versity of Vermont, Burlington, Vermont. be brought to the National Archives Building. We are pleased to note that you are reviewing DEATH OF DIRECTOR for future offers to the National Archives addi- Mr. Roy Riddel, President, First National Bank tional records concerning open-market operations of Lubbock, Lubbock, Texas, who had served as as well as material dealing with other operations a Class A director of the Federal Reserve Bank of the Federal Reserve System. We heartily concur of Dallas since January 1, 1961, died on June 27, with your view that the records of the Federal Re- 1964. serve System pertaining to its policy decisions and important operations provide valuable informa- tion for studies of the nation's central banking PUBLISHED INTERPRETATIONS OF THE BOARD system and should be available for public use. We Supplement No. 3 to the loose-leaf compilation of therefore welcome the opportunity to help you "Published Interpretations of the Board of Gov- make this possible by providing the facilities of the ernors of the Federal Reserve System," contain- National Archives. ing the published interpretations for 1963 through Sincerely yours, March 31, 1964, is now available. (Signed) WAYNE C. GROVER
ERRATUM Although the Federal Reserve System has long made available a great deal of information on its In the chart that appeared on page 834 of the actions and operations, this is the first time that BULLETIN for July 1964, the curve for the Fed- official records of this type relating to monetary eral Reserve discount rate should be corrected, as and credit policy actions have been released to shown below, to include changes over the 10 the public for research or historical studies. These years 1954-63 instead of changes for the 11 years materials increase significantly the sources of in- 1953-63. Other curves in the chart were correct. formation regarding Federal Reserve policy de-
cisions over the years. FREE RESERVES AND INTEREST RATES SHOW LESS WEEK-TO-WEEK FLUCTUATION IN LAST 2 YEARS Copies of the minutes being transferred to Na- BILLIONS OF DOLLARS PER CENT PER ANNUM tional Archives also will be available soon for inspection at each Federal Reserve Bank and Branch as well as at the Board's offices. In addi- tion, the National Archives is prepared to furnish copies of the records, at cost, to any interested parties; requests for such copies should be sent directly to that agency, Eighth Street and Penn- sylvania Avenue, N.W., Washington, D.C. 20408. As indicated in Chairman Martin's letter to Dr. ^w ET BORROWED RESERVES Grover, the Board is reviewing additional records 1954 '55 '56 '57 '58 "59 '60 '61 '62 '63
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ANNOUNCEMENTS 1017
NEW BULLETIN TABLE ADMISSION OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Beginning with this issue, the BULLETIN will in- The following banks were admitted to member- clude monthly data transactions of the Federal ship in the Federal Reserve System during the Reserve System Open Market Account. The data period July 16, 1964 through August 15, 1964: will have a 2-month lag. The new table, which appears on page 1029 of this issue, will be similar Texas to the table on System transactions published in Houston Tennessee Bank and Trust Company the Board's Annual Report for each of the past Washington 3 years. Morton . State Bank of Morton
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LAW DEPARTMENT 1141
deposits of $32 million; and State Bank of Jackson- The facts earlier related as to the location, size, ville, 5 miles distant, with deposits of $27 million. and competitive position of Barnett National war- In view of the fact that each of these banks is lo- rant the conclusion that its affiliation with Bank cated outside Bank's designated primary service in the Barnett Group will have no consequences area, and considering their respective sizes in rela- of a nature requiring denial of Applicant's pro- tion to that projected for Bank at the end of its posal. third year of operation, there is no basis for a Conclusion. Viewing the relevant facts in the finding that Applicant's acquisition and operation light of the general purposes of the Act and the of Bank will have any significant adverse effect on factors enumerated in Section 3(c) thereof, it is these banks. In this regard, the Board has noted the Board's judgment that the proposed acquisition the absence of any expressed opposition by these would be consistent with the public interest and banks to Applicant's proposal. that the application should be approved.
Announcements
APPOINTMENT OF DIRECTOR National Bank of Fort Worth, Fort Worth, Texas. On September 9, 1964, the Board of Governors As a director of the Dallas Bank he succeeds Mr. announced the appointment of James McCor- Roy Riddel, President, First National Bank of mack, of Boston, Massachusetts, as a director of Lubbock, Lubbock, Texas, who died on June 27, the Federal Reserve Bank of Boston for the unex- 1964. pired portion of a term ending December 31, 1965. General McCormack is Vice President, BACK ISSUES OF THE BULLETIN Massachusetts Institute of Technology, Cambridge. From time to time the Board of Governors has As a director of the Boston Bank he succeeds received requests for back issues of the monthly Mr. John T. Fey, formerly President of the Uni- Federal Reserve BULLETIN. It has not been possi- versity of Vermont, who had resigned. ble to fill most of these requests because the Board's stock is limited to copies for recent years. ELECTION OF DIRECTOR Those who would like to purchase back issues The Federal Reserve Bank of Dallas on Septem- of the BULLETIN will be interested to know that ber 15 announced the election of Murray Kyger Kraus Reprint Corporation, 16 East 46th Street, as a Class A director of the Bank to serve for the New York, N. Y. 10017, has reprinted Volumes remainder of a term expiring December 31, 1966. 1-10, and that it is planning to reprint Volumes Mr. Kyger is Chairman of the Board, The First 11-35 later.
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Announcements
RESIGNATION OF DIRECTORS These tables reflect the usual revisions for the Mr. Robert P. Briggs, Chairman of the Federal latest 3 years in income and product data and Reserve Bank of Chicago since January 1961 and corporate current assets and liabilities. A number a Class C director of that bank since October 1956, of changes in table form are also introduced, as resigned effective September 21, 1964. Mr. Briggs well as a few changes in definition of accounts. is Executive Vice President of the Consumers The most important changes in the tables are the Power Company, Jackson, Michigan. inclusion of statistics on credit market flows, as Mr. Howard E. Whitaker, a director of the Cin- a new Part III of Table 2; a revised nonfinancial cinnati Branch of the Federal Reserve Bank of summary for households; and more detailed statis- Cleveland since July 20, 1959, has resigned effec- tics for the banking system and nonbank finance. tive October 31, 1964. Mr. Whitaker is Chairman The major change in account form is the treat- of the Board. The Mead Corporation, Dayton, ment of corporate profits taxes on an accrual basis Ohio. and creation of a new claim for taxes payable, shown on Table 1, line 40. These changes will be explained in a subsequent publication that will be FLOW OF FUNDS ACCOUNTS announced when available. Brief descriptions of Annual revisions of the flow of funds accounts are the present tables are given in notes to Tables 2, published on pages 1332-48 of this BULLETIN. 3, and 4.
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Announcements
CHANGES IN THE BOARD'S STAFF ship of the Office of Business Economics, United J. Herbert Furth, an Adviser in the Division of States Department of Commerce in June of this International Finance, retired November 1. He year. will temporarily continue to serve the Board as a Consultant. Appointed to the Board's staff in ADMISSION OF STATE BANK TO MEMBERSHIP IN 1943, Mr. Furth had served as an Economist and THE FEDERAL RESERVE SYSTEM later as Chief of many of the research sections The following bank was admitted to Membership within the Division prior to his becoming an Ad- in the Federal Reserve System during the period viser in 1961. October 16, to November 15, 1964: M. H. Schwartz was reappointed to the Board's Minnesota Staff as Director, Division of Data Processing on November 9. Mr. Schwartz returns to the position Minneapolis. Bank of Minneapolis and he held prior to assuming the Associate Director- Trust Company
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CHANGES IN DISCOUNT RATES AND IN MAXIMUM INTEREST RATES PAYABLE ON rates in this country and the higher rates abroad SAVINGS AND TIME DEPOSITS and also at ensuring that the flow of savings through commercial banks remain ample for the The Federal Reserve System took action Novem- financing of domestic investment. ber 23, 1964, on two fronts to maintain the inter- Since November 23, 1964, the Board of Gov- national strength of the dollar. ernors has also approved the action by the direc- The Board of Governors in Washington ap- tors of the following Federal Reserve Banks in- proved actions by the directors of the Federal creasing the discount rates of those Banks from Reserve Banks of Boston, New York, Philadel- 3lA to 4 per cent on the dates shown: phia, Chicago, and St. Louis increasing the dis- count rates of those Banks from 3Vi per cent to Atlanta November 25, 1964 4 per cent, effective Tuesday, November 24, 1964. Cleveland November 27, 1964 The change was the first since July 1963 when Richmond November 27, 1964 Federal Reserve discount rates were increased Dallas November 27, 1964 from 3 to V/2 per cent. San Francisco November 27, 1964 The Board of Governors also increased the max- Minneapolis November 30, 1964 imum rates that member banks are permitted to Kansas City November 30, 1964 pay on savings deposits and time deposits—includ- APPOINTMENT OF DIRECTORS ing certificates of deposit—to the following levels On December 2, 1964. the Board of Governors effective Tuesday, November 24, 1964: announced the appointment of R. Stanley Laing 1. On savings deposits, 4 per cent, regardless as a director of the Cincinnati Branch of the Fed- of the time the funds have been on deposit. The eral Reserve Bank of Cleveland to serve for the maximum rates previously permissible were W2 remainder of the term expiring December 31, per cent on savings deposits in the bank for less 1965. Mr. Laing is President of the National than one year and 4 per cent on those on deposit Cash Register Company, Dayton, Ohio. As a di- for one year or more. rector of the Cincinnati Branch he succeeds Mr. 2. On time deposits and certificates of deposit, Howard E. Whitaker, Chairman of the Board of 4 per cent for maturities of less than 90 days (that the Mead Corporation in Dayton, who had re- is, 30-89 days) and AV2 per cent for all longer signed. maturities. The maximum rates previously permis- On December 9, 1964, the Board of Gover- sible were 1 per cent for maturities of less than 90 nors announced the appointment of Eugene C. days, and 4 per cent for longer maturities. Gwaltney, Jr. as a director of the Birmingham The actions were taken following a rise in offi- Branch of the Federal Reserve Bank of Atlanta cial and market rates in London, where an in- to serve for the remainder of the term expiring crease in the bank rate from 5 to 7 per cent was December 31, 1965. Mr. Gwaltney is Vice Presi- announced by the Bank of England November 23, dent and General Manager of Russell Mills, Inc., 1964. They also follow recent advances in rates on Alexander City, Alabama. As a director of the the European continent. Birmingham Branch he succeeds Mr. Jack Warner, The Federal Reserve actions were aimed at Chairman of the Board and President, Gulf States countering possible capital outflows that might be Paper Corporation, Tuscaloosa, Alabama, who had prompted by any widening spread between interest resigned.
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1532 FEDERAL RESERVE BULLETIN • DECEMBER 1964
ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years beginning January 1, 1965.
Boston Class A WILLIAM I. TUCKER, President, Vermont National and Savings Bank, Brattleboro, Vermont. Mr. Tucker succeeds William M. Lockwood, President, The Howard National Bank and Trust Company, Burling- ton, Vermont.
Class B JAMES R. CARTER, President, Nashua Corporation, Nashua, New Hampshire. (Re-elected) New York Class A GEORGE A. MURPHY, Chairman, Irving Trust Com- pany, New York, New York. Mr. Murphy succeeds George Champion, Chairman of the Board, The Chase Manhattan Bank, New York, New York.
Class B ARTHUR K. WATSON, Chairman, IBM World Trade Corporation, New York, New York. Mr. Watson succeeds B. Earl Puckett, formerly Chairman of the Board, Allied Stores Corporation, New York, New York. Philadelphia Class A LLOYD W. KUHN, President, The Bendersville Na- tional Bank, Bendersville, Pennsylvania. Mr. Kuhn succeeds Eugene T. Gramley, President, Milton Bank and Safe Deposit Company, Milton, Pennsylvania.
Class B BAYARD L. ENGLAND, Chairman of the Board, At- lantic City Electric Company, Atlantic City, New Jersey. Mr. England succeeds Frank R. Palmer, for- merly Chairman of the Board, The Carpenter Steel Company, Reading, Pennsylvania. Cleveland Class A SEWARD D. SCHOOLER, President, Coshocton Na- tional Bank, Coshocton, Ohio. Mr. Schooler suc- ceeds C. N. Sutton, President, The Richland Trust Company, Mansfield, Ohio.
Class B DAVID A. MEEKER, Chairman of the Board and Chief Executive Officer, The Hobart Manufacturing Com- pany, Troy, Ohio. (Re-elected) Richmond Class A GEORGE BLANTON, Jr., President, First National Bank, Shelby, North Carolina. Mr. Blanton succeeds J. McKenny Willis, Jr., Director, Maryland Na- tional Bank, Easton, Maryland.
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ANNOUNCEMENTS 1533
Class B ROBERT R. COKER, President, Coker's Pedigreed Seed Company, Hartsville, South Carolina. (Re-elected)
Atlanta Class A D. C. WADSWORTH, Sr., President, The American National Bank, Gadsden, Alabama. (Re-elected)
Class B JAMES H. CROW, Jr., Vice President, The Chem- strand Corporation, Decatur, Alabama. (Re-elected)
Chicago Class A JOHN H. CROCKER, Chairman of the Board, The Cit- izens National Bank of Decatur, Illinois. (Re-elected)
Class B WILLIAM E. RUTZ, Director, Giddings & Lewis Ma- chine Tool Company, Fond du Lac, Wisconsin. (Re- elected)
St. Louis Class A HARRY E. ROGIER, President, The First National Bank of Vandalia, Illinois. Mr. Rogier succeeds Arthur Werre, Jr., Executive Vice President, First National Bank of Steeleville, Illinois.
Class B MARK TOWNSEND, Chairman of the Board, Towns- end Lumber Company, Inc., Stuttgart, Arkansas. (Re-elected)
Minneapolis Class A JOHN F. NASH, President, The American National Bank of St. Paul, Minnesota. Mr. Nash succeeds Rollin O. Bishop, Consultant, The American Na- tional Bank of St. Paul, Minnesota.
Class B JOYCE A. SWAN, Executive Vice President and Pub- lisher, Minneapolis Star and Tribune, Minneapolis, Minnesota. Mr. Swan succeeds T. G. Harrison, Chairman of the Board, Super Valu Stores, Inc., Minneapolis, Minnesota.
Kansas City Class A W. S. KENNEDY, President and Chairman of the Board, The First National Bank of Junction City, Kansas. (Re-elected)
Class B ROBERT A. OLSON, President, Kansas City Power and Light Company, Kansas City, Missouri. (Re- elected)
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1534 FEDERAL RESERVE BULLETIN • DECEMBER 1964
Dallas Class A J. EDD MCLAUGHLIN, President, Security State Bank and Trust Company, Rails, Texas. (Re-elected)
Class B H. B. ZACHRY, President, H. B. Zachry Co., San Antonio, Texas. (Re-elected)
San Francisco Class A CHARLES F. FRANKLAND, President, The Pacific Na- tional Bank of Seattle, Washington. (Re-elected)
Class B MARRON KENDRICK, President, Schlage Lock Com- pany, San Francisco, California. Mr. Kendrick suc- ceeds Walter S. Johnson, Chairman of the Board, American Forest Products Corp., San Francisco, California.
FARM DEBT HANDBOOK be made payable to the order of the Board of Farm Debt: Data from the 1960 Sample Survey Governors of the Federal Reserve System. of Agriculture is available for distribution. This publication contains selected data from a national CHANGE IN BULLETIN INDEX farm survey made by the Bureau of the Census. Starting with the 1964 volume, the annual index Tables provide data on the debt, incomes, and of the BULLETIN will exclude references to statis- assets of farm operations classified by such factors tical tables that appear regularly in each monthly as size and type of farm, age and income of oper- number. A monthly index to these tables may be ator, type and amount of debt, and lender to found at the back of each issue; the page numbers whom debt is owed. Some data on debt of farm for these indexes appear in the "Guide to Page landlords are also shown. References in Monthly Issues" at the top of the The handbook is available for $1.00 a copy. first page of the annual index (p. 1629). Requests for copies should be sent to the Division References to all special tables that appeared of Administrative Services, Board of Governors of during the year will be listed in the annual index the Federal Reserve System, Washington, D.C. as well as in the monthly indexes of the issues in 20551. Remittance should accompany order and which they appeared.
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