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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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis October 1962 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis October 1962 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis October 1962 ANNOUNCEMENTS 1293 DISTRICT 6—Cont. DISTRICT 8 New Orleans St. Louis Bank
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