Directors of Federal Reserve Banks and Branches

February 1960

Following is a list of the directorates of the Federal Reserve Banks and branches as at present con- stituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively en- gaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. 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. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe.

District 1—FEDERAL RESERVE BANK OF BOSTON Term expires Class A: Dec. 31

ARTHUR F. MAXWELL President, The First National Bank of Biddeford, Biddeford, Maine. i960 WILLIAM M. LOCKWOOD President, The Howard National Bank and Trust Company, Burlington, Vt. 1961 WILLIAM D. IRELAND President, Second Bank-State Street Trust Company, Boston, Mass. 1962 Class B:

(Vacancy) 1960

EUGENE B. WHITTEMORE President and Treasurer, The Morley Company, Portsmouth, N. H. 1961 MILTON P. HIGGINS President, Norton Company, Worcester, Mass. 1962

Class C.-

ROBERT C. SPRAGUE * Chairman and Treasurer, Sprague Electric Company, North Adams, Mass. I960 ERWIN D. CANHAM Editor, The Christian Science Monitor, Boston, Mass. 1961 NILS Y. WESSELL 2 President, Tufts University, Medford, Mass. 1962

1 Chairman. 1 Deputy Chairman. 137

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District 2—FEDERAL RESERVE BANK OF NEW YORK Term expires Class A: Dec. 31

CYRUS M. HIGLEY President and Trust Officer, The Chenango County National Bank and Trust Company of Norwich, Norwich, N. Y. 1960 HENRY C. ALEXANDER Chairman of the Board, Morgan Guaranty Trust Company of New York, New York, N. Y. 1961 CESAR J. BERTHEAU Chairman of the Board, Peoples Trust Company of Bergen County, Hackensack, N. J. 1962 Class B:

AUGUSTUS C. LONG Chairman of the Board, Texaco Inc., New York, N. Y. 1960 (Vacancy) 1961 KENNETH H. HANNAN Executive Vice President, Union Carbide Corporation, New York, N. Y. 1962 Class C:

FORREST F. HILL 2 Vice President, The Ford Foundation, New York, N. Y. 1960 JAMES DECAMP WISE Chairman of the Board, Bigelow-Sanford Carpet Company, Inc., New York, N. Y. 1961 PHILIP D. REED X Formerly Chairman of Board, General Electric Company, New York, N. Y. 1962

BUFFALO BRANCH Appointed by Federal Reserve Bank:

E. PERRY SPINK President, Liberty Bank of Buffalo, Buffalo, N. Y. 1960 JOHN W. REMINGTON President, Lincoln Rochester Trust Company, Rochester, N. Y. 1961 DENTON A. FULLER President, The Citizens National Bank of Wellsville, Wellsville, N. Y. 1961 HOWARD N. DONOVAN President, Bank of Jamestown, Jamestown, N. Y. 1962

Appointed by Board of Governors:

THOMAS E. LAMONT Farmer, Albion, N. Y. 1960 WHITWORTH FERGUSON X President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. 1961 RAYMOND E. OLSON President, Taylor Instrument Companies, Rochester, N. Y. 1962

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: WILLIAM B. BROSIUS President, National Bank of Chester County and Trust Com- pany, West Chester, Pa. 1960 O. ALBERT JOHNSON President, The First National Bank of Eldred, Eldred, Pa. 1961 FREDERIC A. POTTS President, The Philadelphia National Bank, Philadelphia, Pa. 1962

1 Chairman. 2 Deputy Chairman.

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District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term expires Class B: Dec. 31

BAYARD L. ENGLAND Chairman, Atlantic City Electric Company, Atlantic City, N. J. 1960 FRANK R. PALMER Chairman, The Carpenter Steel Company, Reading, Pa. 1961 R. RUSSELL PIPPIN Treasurer, E. I. du Pont de Nemours & Company, Wilmington, Del. 1962 Class C:

WALTER E. HOADLEY, JR.- Treasurer, Armstrong Cork Company, Lancaster, Pa. 1960 HENDERSON SUPPLEE, JR.1 President, The Atlantic Refining Company, Philadelphia, Pa. 1961 DAVID C. BEVAN Vice President, Finance, The Pennsylvania Railroad Com- pany, Philadelphia, Pa. 1962

District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A:

PAUL A. WARNER President, The Oberlin Savings Bank Company, Oberlin, Ohio 1960 RAY H. ADKINS President, The National Bank of Dover, Dover, Ohio 1961 FRANCIS H. BEAM Chairman of the Board, The National City Bank of Cleveland, Cleveland, Ohio 1962 Class B:

JOSEPH B. HALL President, The Kroger Co., Cincinnati, Ohio 1960 CHARLES Z. HARDWICK Executive Vice President, The Ohio Oil Company, Findlay, Ohio 1961 W. CORDES SNYDER, JR. Chairman of the Board and President, Blaw-Knox Company, Pittsburgh, Pa. 1962 Class C:

AUBREY J. BROWN Professor of Agricultural Marketing and Head of Department of Agricultural Economics, University of Kentucky, Lexing- ton, Ky. 1960 ARTHUR B. VAN BUSKIRK1 Vice President and Governor, T. Mellon and Sons, Pittsburgh, Pa. 1961 2 JOSEPH H. THOMPSON President, The M. A. Hanna Company, Cleveland, Ohio 1962

CINCINNATI BRANCH Appointed by Federal Reserve Bank: ROGER DRACKETT President, The Drackett Company, Cincinnati, Ohio 1960 THOMAS M. WOLFE President, The Athens National Bank, Athens, Ohio 1960 FRANK J. VAN LAHR President, The Provident Bank, Cincinnati, Ohio 1961 LEROY M. MILES President, First National Bank and Trust Company of Lexing- ton, Lexington, Ky. 1962 Appointed by Board of Governors: W. BAY IRVINE X President, Marietta College, Marietta, Ohio 1960 IVAN JETT Farmer, Georgetown, Ky. 1961 HOWARD E. WHITAKER Chairman of the Board, Mead Corporation, Dayton, Ohio 1962

1 Chairman. 2 Deputy Chairman.

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PITTSBURGH BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31

LAWRENCE O. HOTCHKISS President, The First National Bank of Mercer, Mercer, Pa. 1960 IRVING W. WILSON Chairman of the Board, Aluminum Company of America, Pitts- burgh, Pa. 1960 A. BRUCE BOWDEN Vice President, Mellon National Bank and Trust Company, Pittsburgh, Pa. 1961 SAMUEL R. EVANS President, Windber Trust Company, Windber, Pa. 1962

Appointed by Board, of Governors:

JOHN C. WARNER J President, Carnegie Institute of Technology, Pittsburgh, Pa. 1960 WILLIAM A. STEELE President, Wheeling Steel Corporation, Wheeling, W. Va. 1961 JOHN T. RYAN, JR. President, Mine Safety Appliances Company, Pittsburgh, Pa. 1962

District 5—FEDERAL RESERVE BANK OF RICHMOND Class A:

DENVER L. MORGAN Executive Vice President, The Charleston National Bank, Charleston, W. Va. 1960 A. SCOTT OFFUTT President, Anacostia National Bank of Washington, Washing- ton, D. C. 1961 H. H. COOLEY President, The Round Hill National Bank, Round Hill, Va. 1962

Class B.- ROBERT O. HUFFMAN President, Drexel Furniture Company, Drexel, N. C. 1960 L. VINTON HERSHEY President, Hagerstown Shoe Company, Hagerstown, Md. 1961 R. E. SALVATI President, Island Creek Coal Company, Huntington, W. Va. 1962

Class C: 2 D. W. COLVARD Dean of Agriculture, North Carolina State College of Agri- culture and Engineering, Raleigh, N. C. 1960 EDWIN HYDE President, Miller & Rhoads, Inc., Richmond, Va. 1961 ALONZO G. DECKER, JR.1 Executive Vice President, The Black & Decker Manufacturing Company, Towson, Md. 1962

BALTIMORE BRANCH Appointed by Federal Reserve Bank: J. N. SHUMATE President, The Farmers National Bank of Annapolis, Annapolis, Md. 1960 HARVEY E. EMMART Senior Vice President and Cashier, Fidelity-Baltimore National Bank, Baltimore, Md. 1961 JOHN W. STOUT President, The Parkersburg National Bank, Parkersburg, W. Va. 1961 JAMES W. MCELROY President, First National Bank of Baltimore, Baltimore, Md. 1962

1 Chairman. 9 Deputy Chairman.

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BALTIMORE BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31

CLARENCE R. ZARFOSS Vice President, Western Maryland Railway Company, Balti- more, Md. 1960 J. T. MENZIES, JR. President, The Crosse & Blackwell Company, Baltimore, Md. 1961 GORDON M. CAIRNS X Dean of Agriculture, University of Maryland, College Park, Md. 1962

CHARLOTTE BRANCH Appointed by Federal Reserve Bank: ERNEST PATTON Chairman of the Board, The Peoples National Bank of Green- ville, Greenville, S. C. 1960 I. W. STEWART Chairman of the Board, American Commercial Bank, Char- lotte, N. C. 1961 G. G. WATTS President, The Merchants & Planters National Bank, Gaffney, S. C. 1961 CHARLES D. PARKER Vice Chairman of the Board and First Executive Vice President, First Union National Bank of North Carolina, Asheville, N. C. 1962 Appointed by Board of Governors: GEORGE H. AULL X Agricultural Economist, Clemson College, Clemson, S. C. 1960 CLARENCE P. STREET Secretary and General Manager, McDevitt & Street Company, Charlotte, N. C. 1961 J. C. COWAN, JR. Vice Chairman, Burlington Industries, Inc., Greensboro, N. C. 1962

District 6—FEDERAL RESERVE BANK OF ATLANTA Class A:

W. C. BOWMAN Chairman of the Board, The First National Bank of Mont- gomery, Montgomery, Ala. 1960 WILLIAM C. CARTER Chairman and President, Gulf National Bank, Gulfport, Miss. 1961 M. M. KIMBREL Executive Vice President, First National Bank, Thomson, Ga. 1962

Class B: POLLARD TURMAN President, J. M. Tull Metal & Supply Company, Inc., Atlanta, Ga. 1960 DONALD COMER Chairman of the Board, Avondale Mills, Birmingham, Ala. 1961 MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company, Miami, Fla. 1962 Class C.-

HENRY G. CHALKLEY, JR.2 President, The Sweet Lake Land & Oil Company, Lake Charles, La. 1960 1 WALTER M. MITCHELL Vice President, The Draper Corporation, Atlanta, Ga. 1961 J. M. CHEATHAM President, Dundee Mills, Griffin, Ga. 1962 1 Chairman. 2 Deputy Chairman.

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BIRMINGHAM BRANCH Term expires Appointed by Federal Reserve Bank: Dec, 31

FRANK A. PLUMMER President, Birmingham Trust National Bank, Birmingham, Ala. 1960 GEORGE W. HULME Senior Vice President, First National Bank, Alexander City, Ala. 1961 MARSHALL DUGGER Vice President and Cashier, First National Bank, Tuscumbia, Ala. 1961 R. J. MURPHY Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Ala. 1962

Appointed by Board of Governors:

SELDEN SHEFFIELD1 Cattleman, Greensboro, Ala. 1960 JOHN E. URQUHART Chairman, Woodward Iron Company, Woodward, Ala. 1961 JACK W. WARNER Chairman of the Board and President, Gulf States Paper Cor- poration, Tuscaloosa, Ala. 1962

JACKSONVILLE BRANCH

Appointed by Federal Reserve Bank:

C. B. MCLEOD President, Bank of Crestview, Crestview, Fla. 1960 ROGER L. MAIN Chairman and President, Florida National Bank of Jackson- ville, Jacksonville, Fla. 1961 A. L. ELLIS Chairman of the Board, First National Bank in Tarpon Springs, Tarpon Springs, Fla. 1961 LEONARD A. USINA President, Peoples National Bank of Miami Shores, Miami Shores, Fla. 1962

Appointed by Board of Governors:

J. WAYNE REITZ1 President, University of Florida, Gainesville, Fla. 1960 JOHN M. FOX President, Minute Maid Corporation, Orlando, Fla. 1961 CLAUDE J. YATES Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Jacksonville, Fla. 1962

NASHVILLE BRANCH

Appointed by Federal Reserve Bank:

P. D. HOUSTON. JR. Vice Chairman of the Board, First American National Bank, Nashville, Tenn. 1960 C. A. WHELCHEL President, First Farmers and Merchants National Bank of Columbia, Columbia, Tenn. 1961 W. E. NEWELL President, The First National Bank, Kingsport, Tenn. 1961 D. L. EARNEST President, The Blount National Bank of Maryville, Maryville, Tenn. 1962

1 Chairman.

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NASHVILLE BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 W. N. KRAUTH 1 President and General Manager, Colonial Baking Company of Nashville, Nashville, Tenn. 1960 V. S. JOHNSON, JR. Chairman of the Board and President, Aladdin Industries, Inc., Nashville, Tenn. 1961 ANDREW D. HOLT President, University of Tennessee, Knoxville, Tenn. 1962

NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: D. U. MADDOX President, The Commercial National Bank and Trust Company of Laurel, Laurel, Miss. 1960 W. P. MCMULLAN Chairman of the Board, Deposit Guaranty Bank and Trust Com- pany, Jackson, Miss. 1961 WALLACE M. DAVIS President, The Hibernia National Bank in New Orleans, New Orleans, La. 1961 FRANK A. GALLAUGHER Executive Vice President, Jeff Davis Bank & Trust Company, Jennings, La. 1962 Appointed by Board of Governors: FRANK A. GODCHAUX, III Vice President, Louisiana State Rice Milling Company, Inc., Abbeville, La. 1960 GERALD L. ANDRUS1 President, New Orleans Public Service Inc., New Orleans, La. 1961 J. O. EMMERICH Editor, State Times, Jackson, Miss. 1962

District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: WALTER J. CUMMINGS Chairman of the Executive Committee, Continental Illinois Na- tional Bank and Trust Company of Chicago, Chicago, 111. 1960 JOHN H. CROCKER Chairman of the Board and President, The Citizens National Bank of Decatur, Decatur, 111. 1961 VIVIAN W. JOHNSON President, First National Bank, Cedar Falls, Iowa 1962

Class B: G. F. LANGENOHL Treasurer and Assistant Secretary, Allis-Chalmers Manufactur- ing Company, Milwaukee, Wis. 1960 WILLIAM J. GREDE President, J. I. Case Co., Racine, Wis. 1961 WILLIAM A. HANLEY Director, Eli Lilly and Company, Indianapolis, Ind. 1962

Class C.- BERT R. PRALL * Chairman of the Board, H. L. Green Company, New York, N. Y. (Residence: Winnetka, 111.) 1960 2 ROBERT P. BRIGGS Executive Vice President, Consumers Power Company, Jack- son, Mich. 1961 JAMES H. HILTON President, Iowa State University of Science and Technology, Ames, Iowa 1962 Chairman. a Deputy Chairman.

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DETROIT BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31

WILLIAM A. MAYBERRY Chairman of the Board, Manufacturers National Bank of De- troit, Detroit, Mich. 1960 ERNEST W. POTTER President, Citizens Commercial & Savings Bank, Flint, Mich. 1960 DONALD F. VALLEY Chairman of the Board, National Bank of Detroit, Detroit, Mich. 1961 C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich. 1962

Appointed by Board of Governors: JOHN A. HANNAH X President, Michigan State University, East Lansing, Mich. 1960 C. V. PATTERSON Director, The Upjohn Company, Kalamazoo, Mich. 1961 J. THOMAS SMITH President, Dura Corporation, Oak Park, Mich. 1962

District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A: H. LEE COOPER President, Ohio Valley National Bank of Henderson, Hender- son, Ky. 1960 ARTHUR WERRE, JR. Executive Vice President, First National Bank of Steeleville, Steeleville, 111. 1961 KENTON R. CRAVENS President, Mercantile Trust Company, St. Louis, Mo. 1962 Class B: LEO J. WIECK Vice President and Treasurer, The May Department Stores Co., St. Louis, Mo. 1960 S. J. BEAUCHAMP, JR. President, Terminal Warehouse Co., Little Rock, Ark. 1961 HAROLD O. MCCUTCHAN Executive Vice President, Mead Johnson & Company, Evans- ville, Ind. 1962 Class C.- JESSE D. WOOTEN Executive Vice President, Mid-South Chemical Corporation, Memphis, Tenn. 1960 2 J. H. LONGWELL Director, Division of Agricultural Sciences, University of Mis- souri, Columbia, Mo. 1961 PIERRE B. MCBRIDE X President, Porcelain Metals Corporation, Louisville, Ky. 1962

LITTLE ROCK BRANCH Appointed by Federal Reserve Bank:

J. W. BELLAMY, JR. President, National Bank of Commerce of Pine Bluff, Pine Bluff, Ark. 1960 E. C. BENTON President, Fordyce Bank and Trust Company, Fordyce, Ark. 1960 J. V. SATTERFIELD, JR. Chairman of the Board and President, The First National Bank in Little Rock, Little Rock, Ark. 1961 H. C. ADAMS Executive Vice President, The First National Bank of De Witt, De Witt, Ark. 1962 1 Chairman. 2 Deputy Chairman.

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DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 145

LITTLE ROCK BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 (Vacancy) 1960 WALDO E. TILLER1 President, Tiller Tie and Lumber Company, Inc., Little Rock, Ark. 1961 T. WINFRED BELL President, Bush-Caldwell Company, Little Rock, Ark. 1962

LOUISVILLE BRANCH

Appointed by Federal Reserve Bank:

W. SCOTT MCINTOSH President, State Bank of Hardinsburg, Hardinsburg, Ind. 1960 JOHN G. RUSSELL President, The Peoples First National Bank & Trust Company of Paducah, Paducah, Ky. 1960 JOHN R. STROUD Executive Vice President, The First National Bank of Mitchell, Mitchell, Ind. 1961 MERLE E. ROBERTSON Chairman of the Board and President, Liberty National Bank and Trust Company of Louisville, Louisville, Ky. 1962

Appointed by Board of Governors:

PHILIP DAVIDSON President, University of Louisville, Louisville, Ky. 1960 J. D. MONIN, JR.1 Farmer, Oakland, Ky. 1961 WILLIAM H. HARRISON President, T. P. Taylor & Co., Louisville, Ky. 1962

MEMPHIS BRANCH

Appointed by Federal Reserve Bank:

JOHN E. BROWN President, Union Planters National Bank of Memphis, Memphis, Tenn. 1960 SIMPSON RUSSELL President, The National Bank of Commerce of Jackson, Jack- son, Tenn. 1960 J. H. HARRIS Chairman of the Board, The First National Bank of Wynne, Wynne, Ark 1961 CHARLES R. CAVINESS President, National Bank of Commerce of Corinth, Corinth, Miss. 1962

Appointed by Board of Governors:

S. L. KOPALD, JR.1 Executive Vice President, HumKo Division, National Dairy Products Corporation, Memphis, Tenn. 1960 FRANK LEE WESSON President, Wesson Farms, Inc., Victoria, Ark. 1961 CLAY LYLE Dean and Director, Division of Agriculture, Mississippi State University, State College, Miss. 1962

1 Chairman.

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District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Term expires Class A: Dec. 31

HAROLD C. REFLING Cashier, First National Bank in Bottineau, Bottineau, N. D. 1960 JOHN A. MOORHEAD President, Northwestern National Bank of Minneapolis, Minne- apolis, Minn. 1961 HAROLD N. THOMSON Vice President, Farmers & Merchants Bank, Presho, S. D. 1962

Class B.-

RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1960 T. G. HARRISON Chairman of the Board, Super Valu Stores, Inc., Hopkins, Minn. 1961 J. E. CORETTE President and General Manager, The Montana Power Company, Butte, Mont. 1962 Class C:

O. B. JESNESS 1 Agricultural Economist, St. Paul, Minn. 1960 JOHN H. WARDEN President, Upper Peninsula Power Company, Houghton, Mich. 1961 ATHERTON BEAN President, International Milling Company, Minneapolis, Minn. 1962

HELENA BRANCH Appointed by Federal Reserve Bank:

ROY G. MONROE President, The First State Bank of Malta, Malta, Mont. 1960 HARALD E. OLSSON President, Ronan State Bank, Ronan, Mont. 1960 O. M. JORGENSON Chairman, Security Trust and Savings Bank, Billings, Mont. 1961

Appointed by Board of Governors:

JOHN D. STEPHENSON 1 Partner, Jardine, Stephenson, Blewett, & Weaver, Attorneys, Great Falls, Mont. 1960 JOHN M. OTTEN Farmer and rancher, Lewistown, Mont. 1961

District 10--FEDERAL RESERVE BANK OF KANSAS CITY Class A:

HAROLD KOUNTZE Chairman of the Board, The Colorado National Bank of Denver, Denver, Colo. 1960 President and Chairman of the Board, The First National Bank W. S. KENNEDY of Junction City, Junction City, Kans. 1961 President, The First National Bank of Centralia, Centralia, BURTON L. LOHMULLER Kans. 1962 Class B:

MAX A. MILLER Livestock rancher, Omaha, Neb. 1960 E. M. DODDS Refrigeration Consultant, Kansas City, Mo. 1961 K. S. ADAMS Chairman of the Board, Phillips Petroleum Company, Bartles- ville, Okla. 1962

L Chairman.

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District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued Term expires Class C: Dec. 31

JOE W. SEACREST2 President, State Journal Company, Lincoln, Neb. 1960 ] RAYMOND W. HALL Hillix, Hall, Hasburgh, Brown & Hoffhaus, Attorneys, Kansas City, Mo. 1961 OLIVER S. WILLHAM President, Oklahoma State University, Stillwater, Okla. 1962

DENVER BRANCH Appointed by Federal Reserve Bank: J. H. BLOEDORN President, The Farmers State Bank of Fort Morgan, Colorado, Fort Morgan, Colo. 1960 CALE W. CARSON President, First National Bank in Albuquerque, Albuquerque, N. Mex. 1960 STEWART COSGRIFF Chairman of the Board, Denver United States National Bank, Denver, Colo. 1961 Appointed by Board of Governors: RAY REYNOLDS Cattle feeder and farmer, Longmont, Colo. I960 ROBERT T. PERSON1 President, Public Service Company of Colorado, Denver, Colo. 1961

OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: R. L. KELSAY Chairman of the Board and President, The First National Bank in Hobart, Hobart, Okla. 1960 C. L. PRIDDY President, The National Bank of McAlester, McAlester, Okla. 1960 C. P. STUART Chairman of the Board, The Fidelity National Bank & Trust Company, Oklahoma City, Okla. 1961 Appointed by Board of Governors: DON H. DENNIS Rancher, Grady, Okla. 1960 JAMES E. ALLISON1 President, Warren Petroleum Corporation, Tulsa, Okla. 1961

OMAHA BRANCH Appointed by Federal Reserve Bank: JOHN F. DAVIS President, First National Bank, Omaha, Neb. 1960 R. E. BARTON President, The Wyoming National Bank of Casper, Casper, Wyo. 1961 C. WHEATON BATTEY President, The Continental National Bank of Lincoln, Lincoln, Neb. 1961 Appointed by Board of Governors: HOMER A. SCOTT Vice President and District Manager, Peter Kiewit Sons' Com- pany, Sheridan, Wyo. 1960 JAMES L. PAXTON, JR.1 President, Paxton-Mitchell Company, Omaha, Neb. 1961

1 Chairman. - Deputy Chairman.

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District 11—FEDERAL RESERVE BANK OF DALLAS Term expires Class A: Dec. 31 SAM D. YOUNG President, El Paso National Bank, El Paso, Tex. 1960 J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1961 JOHN M. GRIFFITH President, The City National Bank of Taylor, Taylor, Tex. 1962 Class B: D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1960 H. B. ZACHRY President, H. B. Zachry Co., San Antonio, Tex. 1961 J. B. PERRY, JR. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1962 Class C.- ROBERT J. SMITH1 President, Pioneer Hydrotex Industries, Inc., Dallas, Tex. 1960 LAMAR FLEMING, JR.2 Chairman of the Board, Anderson, Clayton & Co., Inc., Hous- ton, Tex. 1961 ROBERT O. ANDERSON President, Hondo Oil & Gas Company, Roswell, N. Mex. 1962

EL PASO BRANCH Appointed by Federal Reserve Bank: JOHN P. BUTLER President, The First National Bank of Midland, Midland, Tex. 1960 FLOYD CHILDRESS Vice President, The First National Bank of Roswell, Roswell, N. Mex. 1960 JOSEPH F. IRVIN President, Southwest National Bank of El Paso, El Paso, Tex. 1961 CHAS. B. PERRY President, First State Bank, Odessa, Tex. 1962 Appointed by Board of Governors: WILLIAM R. MATHEWS1 Editor and Publisher, The Arizona Daily Star, Tucson, Ariz. 1960 DYSART E. HOLCOMB Director of Research, El Paso Natural Gas Company, El Paso, Tex. 1961 ROGER B. CORBETT President, New Mexico State University, University Park, N. Mex. 1962

HOUSTON BRANCH Appointed by Federal Reserve Bank: W. B. CALLAN President, The Victoria National Bank, Victoria, Tex. 1960 MARVIN K. COLLIE President, The National Bank of Commerce of Houston, Hous- ton, Tex. 1960 J. W. MCLEAN President, Texas National Bank of Houston, Houston, Tex. 1961 M. M. GALLOWAY President, First Capitol Bank, West Columbia, Tex. 1962 Appointed by Board of Governors: JOHN C. FLANAGAN X Vice President and General Manager, Texas Distribution Divi- son, United Gas Corporation, Houston, Tex. 1960 TYRUS R. TIMM Head, Department of Agricultural Economics and Sociology, A. & M. College of Texas, College Station, Tex. 1961 A. E. CUDLIPP Vice President and Director, Lufkin Foundry and Machine Company, Lufkin, Tex. 1962 1 Chairman. 2 Deputy Chairman.

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SAN ANTONIO BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 J. W. BERETTA Director, First National Bank of San Antonio, San Antonio, Tex. 1960 DONALD D. JAMES Vice President, The Austin National Bank, Austin, Tex. 1960 BURTON DUNN Chairman of the Executive Committee, Corpus Christi State National Bank, Corpus Christi, Tex. 1961 DWIGHT D. TAYLOR President, Pan American State Bank, Brownsville, Tex. 1962 Appointed by Board of Governors: ALEX R. THOMAS1 Vice President, Geo. C. Vaughan & Sons, San Antonio, Tex. 1960 HAROLD VAGTBORG Chairman of the Board, Southwest Research Center, San An- tonio, Tex. 1961 JOHN R. STOCKTON Professor of Business Statistics and Director of Bureau of Busi- ness Research, The University of Texas, Austin, Tex. 1962

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: CARROLL F. BYRD Chairman of the Board and President, The First National Bank of Willows, Willows, Calif. 1960 JOHN A. SCHOONOVER Chairman of the Board, The Idaho First National Bank, Boise, Idaho 1961 M. VILAS HUBBARD President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, Pasadena, Calif. 1962 Class B: JOSEPH ROSENBLATT President, The Eimco Corporation, Salt Lake City, Utah 1960 WALTER S. JOHNSON Chairman of the Board, American Forest Products Corporation, San Francisco, Calif. 1961 N. LOYALL MCLAREN Partner, Haskins & Sells, San Francisco, Calif. 1962 Class C.- PHILIP I. WELK Wheat grower, Vancouver, Wash. 1960 2 Y. FRANK FREEMAN Vice President, Paramount Pictures Corporation, Hollywood, Calif. 1961 F. B. WHITMAN * President, The Western Pacific Railroad Company, San Fran- cisco, Calif. 1962

LOS ANGELES BRANCH Appointed by Federal Reserve Bank: ROBERT S. BEASLEY President, The Beverly Hills National Bank & Trust Company, Beverly Hills, Calif. 1960 ROY A. BRITT President, Citizens National Bank, Los Angeles, Calif. 1960 JOE D. PAXTON Chairman of the Advisory Board, Santa Barbara Main Office, Crocker-Anglo National Bank, Santa Barbara, Calif. 1961 1 Chairman. 2 Deputy Chairman.

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LOS ANGELES BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 JOHN D. FREDERICKS X President and Chief Executive Officer, Pacific Clay Products, Los Angeles, Calif. 1960 ROBERT J. CANNON President, Cannon Electric Company, Los Angeles, Calif. 1961

PORTLAND BRANCH Appointed by Federal Reserve Bank: D. S. BAKER President, The Baker-Boyer National Bank, Walla Walla, Wash. 1960 J. H. MCNALLY President, The First National Bank of Bonners Ferry, Bonners Ferry, Idaho 1960 C. B. STEPHENSON President, The First National Bank of Oregon, Portland, Port- land, Ore. 1961 Appointed by Board of Governors: RAYMOND R. RETER1 Reter Fruit Company, Medford, Ore. 1960 (Vacancy) 1961

SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: RUSSELL S. HANSON Executive Vice President, The First National Bank of Logan, Logan, Utah 1960 REED E. HOLT President, Walker Bank & Trust Company, Salt Lake City, Utah 1960 OSCAR HILLER President, Butte County Bank, Arco, Idaho 1961

Appointed by Board of Governors: THOMAS B. ROWLAND Rowland Bros. Dairy, Pocatello, Idaho 1960 HOWARD W. PRICE * Executive Vice President and General Manager, The Salt Lake Hardware Co., Salt Lake City, Utah 1961

SEATTLE BRANCH Appointed by Federal Reserve Bank: S. B. LAFROMBOISE President, The First National Bank of Enumclaw, Enumclaw, Wash. 1960 JAMES BRENNAN ' President, First National Bank in Spokane, Spokane, Wash. 1960 JOSHUA GREEN, JR. President, Peoples National Bank of Washington, Seattle, Wash. 1961 Appointed by Board of Governors: LYMAN J. BUNTING President, Rainier Fruit Company, Yakima, Wash. 1960 1 HENRY N. ANDERSON President, Twin Harbors Lumber Company, Aberdeen, Wash. 1961

1 Chairman.

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Directors of Federal Reserve Banks and Branches

District 1—FEDERAL RESERVE BANK OF BOSTON Term expires Class A: Dec. 31 WILLIAM M. LOCKWOOD President, The Howard National Bank and Trust Company, Burlington, Vt. 1961 WILLIAM D. IRELAND President, State Street Bank and Trust Company, Boston, Mass. 1962 ARTHUR F. MAXWELL President, The First National Bank of Biddeford, Maine 1963 Class B: EUGENE B. WHITTEMORE President and Treasurer, The Morley Company, Portsmouth, N. H. 1961 MILTON P. HIGGINS Chairman of the Board, Norton Company, Worcester, Mass. 1962 WILLIAM R. ROBBINS Vice President and Controller, United Aircraft Corporation, East Hartford, Conn. 1963 Class C: 2 ERWIN D. CANHAM Editor, The Christian Science Monitor, Boston, Mass. 1961 1 NILS Y. WESSELL President, Tufts University, Medford, Mass. 1962 WILLIAM WEBSTER President, New England Electric System, Boston, Mass. 1963

District 2—FEDERAL RESERVE BANK OF NEW YORK Class A: HENRY C. ALEXANDER Chairman of the Board, Morgan Guaranty Trust Company of New York, N. Y. 1961 1 Chairman. 2 Deputy Chairman. 143

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District 2—FEDERAL RESERVE BANK OF NEW YORK—Continued Term expires Class A—Continued Dec. 31 CESAR J. BERTHEAU Chairman of the Board, Peoples Trust Company of Bergen County, Hackensack, N. J. 1962 A. LEONARD MOTT President, The First National Bank of Moravia, N. Y. 1963 Class B: B. EARL PUCKETT Chairman of the Board, Allied Stores Corporation, New York, N. Y. 1961 KENNETH H. HANNAN Executive Vice President, Union Carbide Corporation, New York, N. Y. 1962 AUGUSTUS C. LONG Chairman of the Board, Texaco Inc., New York, N. Y. 1963 Class C.- JAMES DECAMP WISE 2 Chairman of the Board, Bigelow-Sanford Carpet Company, Inc., New York, N. Y. 1961 PHILIP D. REED 1 Formerly Chairman of the Board, General Electric Company, New York, N. Y. 1962 EVERETT N. CASE President, Colgate University, Hamilton, N. Y. 1963

BUFFALO BRANCH Appointed by Federal Reserve Bank: JOHN W. REMINGTON President, Lincoln Rochester Trust Company, Rochester, N. Y. 1961 ANSON F. SHERMAN President, The Citizens Central Bank, Arcade, N. Y. 1961 HOWARD N. DONOVAN President, Bank of Jamestown, N. Y. 1962 FRANCIS A. SMITH President, The Marine Trust Company of Western New York, Buffalo, N. Y. 1963 Appointed by Board of Governors: WHITWORTH FERGUSON X President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. 1961 RAYMOND E. OLSON President, Taylor Instrument Companies, Rochester, N. Y. 1962 THOMAS E. LAMONT Farmer, Albion, N. Y. 1963

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: O. ALBERT JOHNSON President, The First National Bank of Eldred, Pa. 1961 FREDERIC A. POTTS President, The Philadelphia National Bank, Philadelphia, Pa. 1962 J. MILTON FEATHERER Executive Vice President and Trust Officer, The Penn's Grove National Bank and Trust Company, Penns Grove, N. J. 1963 Class B: FRANK R. PALMER Chairman of the Board, The Carpenter Steel Company, Read- ing, Pa. 1961 R. RUSSELL PIPPIN Treasurer, E. I. du Pont de Nemours & Company, Wilmington, Del. 1962 LEONARD P. POOL President, Air Products, Inc., Allentown, Pa. 1963

1 Chairman. 2 Deputy Chairman.

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DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 145

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term expires Class C: Dec. 31 HENDERSON SUPPLEE, JR.1 President, The Atlantic Refining Company, Philadelphia, Pa. 1961 DAVID C. BEVAN Vice President, Finance, The Pennsylvania Railroad Company, Philadelphia, Pa. 1962 2 WALTER E. HOADLEY Vice President and Treasurer, Armstrong Cork Company, Lan- caster, Pa. 1963

District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A: RAY H. ADKINS President, The National Bank of Dover, Ohio 1961 FRANCIS H. BEAM Chairman of the Board, The National City Bank of Cleveland, Ohio 1962 PAUL A. WARNER President, The Oberlin Savings Bank Company, Oberlin, Ohio 1963

Class B: CHARLES Z. HARD WICK Executive Vice President, The Ohio Oil Company, Findlay, Ohio 1961 W. CORDES SNYDER, JR. Chairman of the Board and President, Blaw-Knox Company, Pittsburgh, Pa. 1962 EDWIN J. THOMAS Chairman of the Board and Chief Executive Officer, The Good- year Tire & Rubber Company, Akron, Ohio 1963

Class C: 1 ARHUR B. VAN BUSKIRK Vice President and Governor, T. Mellon and Sons, Pittsburgh, Pa. 1961 2 JOSEPH H. THOMPSON Vice Chairman, The M. A. Hanna Company, Cleveland, Ohio 1962 AUBREY J. BROWN Professor of Agricultural Marketing and Head of Department of Agricultural Economics, University of Kentucky, Lexington, Ky. 1963

CINCINNATI BRANCH Appointed by Federal Reserve Bank: FRANK J. VAN LAHR President, The Provident Bank, Cincinnati, Ohio 1961 LEROY M. MILES President, First National Bank and Trust Company of Lexing- ton, Ky. 1962 LOGAN T. JOHNSTON President, Armco Steel Corporation, Middletown, Ohio 1963 H. W. GILLAUGH President, Third National Bank and Trust Company, Dayton, Ohio 1963

Appointed by Board of Governors: IVAN JETT Farmer, Georgetown, Ky. 1961 1 HOWARD E. WHITAKER Chairman of the Board, Mead Corporation, Dayton, Ohio 1962 WALTER C. LANGSAM President, University of Cincinnati, Cincinnati, Ohio 1963

1 Chairman. 2 Deputy Chairman.

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146 FEDERAL RESERVE BULLETIN • FEBRUARY 1961

PITTSBURGH BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 A. BRUCE BOWDEN Vice President, Mellon National Bank and Trust Company, Pittsburgh, Pa. 1961 SAMUEL R. EVANS President, Windber Trust Company, Windber, Pa. 1962 CHAS. J. HEIMBERGER President, The First National Bank of Erie, Pa. 1963 S. L. DRUMM President, West Penn Power Company, Greensburg, Pa. 1963 Appointed by Board of Governors: WILLIAM A. STEELE President, Wheeling Steel Corporation, Wheeling, W. Va. 1961 JOHN T. RYAN, JR.1 President, Mine Safety Appliances Company, Pittsburgh, Pa. 1962 G. L. BACH Dean, Graduate School of Industrial Administration, Carnegie Institute of Technology, Pittsburgh, Pa. 1963

District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: A. SCOTT OFFUTT Chairman of the Board and President, The First National Bank of Washington, D. C. 1961 H. H. COOLEY President, The Round Hill National Bank, Round Hill, Va. 1962 ADDISON H. REESE President, North Carolina National Bank, Charlotte, N. C. 1963 Class B: L. VINTON HERSHEY President, Hagerstown Shoe Company, Hagerstown, Md. 1961 R. E. SALVATI President, Island Creek Coal Company, Huntington, W. Va. 1962 ROBERT E. L. JOHNSON Chairman of the Board, Woodward & Lothrop, Incorporated, Washington, D. C. 1963 Class C.- EDWIN HYDE2 President, Miller & Rhoads, Inc., Richmond, Va. 1961 ALONZO G. DECKER, JR.1 President, The Black & Decker Manufacturing Company, Tow- son, Md. 1962 WILLIAM H. GRIER President, Rock Hill Printing & Finishing Company, Rock Hill, S. C. 1963

BALTIMORE BRANCH Appointed by Federal Reserve Bank: HARVEY E. EMMART Senior Vice President and Cashier, Baltimore National Bank, Baltimore, Md. 1961 JOHN W. STOUT President, The Parkersburg National Bank, Parkersburg, W. Va. 1961 JAMES W. MCELROY President, First National Bank of Baltimore, Md. 1962 J. N. SHUMATE President, The Farmers National Bank of Annapolis, Md. 1963 Appointed by Board of Governors: J. T. MENZIES, JR. President, The Crosse & Blackwell Company, Baltimore, Md. 1961 1 GORDON M. CAIRNS Dean of Agriculture, University of Maryland, College Park, Md. 1962 HARRY B. CUMMINGS Vice President and General Manager, Metal Products Division, Koppers Company, Inc., Baltimore, Md. 1963 1 Chairman. 2 Deputy Chairman.

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DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 147

CHARLOTTE BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 I. W. STEWART Honorary Chairman of the Board, North Carolina National Bank, Charlotte, N. C. 1961 G. G. WATTS President, The Merchants & Planters National Bank, Gaffney, S. C. 1961 CHARLES D. PARKER Asheville, N. C. 1962 W. W. MCEACHERN President, The South Carolina National Bank, Greenville, S. C. 1963 Appointed by Board of Governors: CLARENCE P. STREET Secretary and General Manager, McDevitt & Street Company, Charlotte, N. C. 1961 J. C. COWAN, JR. Vice Chairman, Burlington Industries, Inc., Greensboro, N. C. 1962 GEORGE H. AULL X Agricultural Economist, Clemson College, Clemson, S. C. 1963 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: WILLIAM C. CARTER Chairman of the Board and President, Gulf National Bank, Gulfport, Miss. 1961 M. M. KIMBREL Chairman of the Board, First National Bank, Thomson, Ga. 1962 GEORGE S. CRAFT President, Trust Company of Georgia, Atlanta, Ga. 1963 Class B: DONALD COMER Chairman of the Board, Avondale Mills, Birmingham, Ala. 1961 MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company, Miami, Fla. 1962 W. MAXEY JARMAN Chairman, Genesco, Inc., Nashville, Tenn. 1963 Class C.- 1 WALTER M. MITCHELL Vice President, The Draper Corporation, Atlanta, Ga. 1961 J. M. CHEATHAM President, Dundee Mills, Incorporated, Griffin, Ga. 1962 HENRY G. CHALKLEY, JR.2 President, The Sweet Lake Land & Oil Company, Lake Charles, La. 1963 BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: GEORGE W. HULME Senior Vice President, First National Bank, Alexander City, Ala. 1961 MARSHALL DUGGER Vice President and Cashier, First National Bank, Tuscumbia, Ala. 1961 R. J. MURPHY Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Ala. 1962 FRANK A. PLUMMER Chairman of the Board and President, Birmingham Trust Na- tional Bank, Birmingham, Ala. 1963 Appointed by Board of Governors: 1 JOHN E. URQUHART Chairman of the Board, Woodward Iron Company, Woodward, Ala. 1961 JACK W. WARNER Chairman of the Board and President, Gulf States Paper Cor- poration, Tuscaloosa, Ala. 1962 SELDEN SHEFFIELD Cattleman, Greensboro, Ala. 1963

1 Chairman. 2 Deputy Chairman.

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JACKSONVILLE BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 ROGER L. MAIN Chairman of the Board and President, Florida National Bank of Jacksonville, Fla. 1961 A. L. ELLIS Chairman of the Board, First National Bank in Tarpon Springs, Fla. 1961 LEONARD A. USINA President, Peoples National Bank of Miami Shores, Fla. 1962 GODFREY SMITH President, Capital City National Bank, Tallahassee, Fla. 1963 Appointed by Board of Governors: HARRY T. VAUGHN President, United States Sugar Corporation, Clewiston, Fla. 1961 CLAUDE J. YATES Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Jacksonville, Fla. 1962 J. OLLIE EDMUNDS President, Stetson University, DeLand, Fla. 1963

NASHVILLE BRANCH Appointed by Federal Reserve Bank: C. A. WHELCHEL President, First Farmers and Merchants National Bank of Columbia, Tenn. 1961 W. E. NEWELL President, The First National Bank, Kingsport, Tenn. 1961 D. L. EARNEST President, The Blount National Bank of Maryville, Tenn. 1962 D. W. JOHNSTON Executive Vice President, Third National Bank in Nashville, Tenn. 1963 Appointed by Board of Governors: V. S. JOHNSON, JR. Chairman of the Board and President, Aladdin Industries, Inc., Nashville, Tenn. 1961 ANDREW D. HOLT X President, University of Tennessee, Knoxville, Tenn. 1962 W. N. KRAUTH President and General Manager, Colonial Baking Company of Nashville, Tenn. 1963

NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: W. P. MCMULLAN Chairman of the Board, Deposit Guaranty Bank and Trust Company, Jackson, Miss. 1961 WALLACE M. DAVIS President, The Hibernia National Bank in New Orleans, La. 1961 FRANK A. GALLAUGHER President, Jeff Davis Bank & Trust Company, Jennings, La. 1962 GILES W. PATTY President, First National Bank, Meridian, Miss. 1963 Appointed by Board of Governors: GERALD L. ANDRUS President, New Orleans Public Service Inc., New Orleans, La. 1961 J. O. EMMERICH X Editor, State Times, Jackson, Miss. 1962 FRANK A. GODCHAUX, III Vice President, Louisiana State Rice Milling Company, Inc., Abbeville, La. 1963

1 Chairman.

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DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 149

District 7—FEDERAL RESERVE BANK OF CHICAGO Term expires Class A; Dec. 31 JOHN H. CROCKER Chairman of the Board, The Citizens National Bank of Decatur, 111. 1961 VIVIAN W. JOHNSON President, First National Bank, Cedar Falls, Iowa 1962 DAVID M. KENNEDY Chairman of the Board, Continental Illinois National Bank and Trust Company of Chicago, 111. 1963 Class B: WILLIAM J. GREDE President, J. I. Case Co., Racine, Wis. 1961 WILLIAM A. HANLEY Director, Eli Lilly and Company, Indianapolis, Ind. 1962 G. F. LANGENOHL Treasurer and Assistant Secretary, Allis-Chalmers Manufactur- ing Company, Milwaukee, Wis. 1963 Class C.- ROBERT P. BRIGGS 1 Executive Vice President, Consumers Power Company, Jackson, Mich. 1961 JAMES H. HILTON - President, Iowa State University of Science and Technology, Ames, Iowa 1962 JOHN W. SHELDON President, Chas. A. Stevens & Co., Chicago, 111. 1963

DETROIT BRANCH Appointed by Federal Reserve Bank: DONALD F. VALLEY Chairman of the Board, National Bank of Detroit, Mich. 1961 C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich. 1962 WILLIAM A. MAYBERRY Chairman of the Board, Manufacturers National Bank of Detroit, Mich. 1963 FRANKLIN H. MOORE President, The Commercial and Savings Bank, St. Clair, Mich. 1963

Appointed by Board of Governors: C. V. PATTERSON Director, The Upjohn Company, Kalamazoo, Mich. 1961 J. THOMAS SMITH1 President, Dura Corporation, Oak Park, Mich. 1962 CARL A. GERSTACKER Chairman of the Board, The Dow Chemical Company, Mid- land, Mich. 1963

District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A: ARTHUR WERRE, JR. Executive Vice President, First National Bank of Steeleville, 111. 1961 KENTON R. CRAVENS President, Mercantile Trust Company, St. Louis, Mo. 1962 H. LEE COOPER President, Ohio Valley National Bank of Henderson, Ky. 1963 Class B: S. J. BEAUCHAMP, JR. President, Terminal Warehouse Co., Little Rock, Ark. 1961 HAROLD O. MCCUTCHAN Executive Vice President, Mead, Johnson & Company, Evans- ville, Ind. 1962 EDGAR M. QUEENY Chairman of the Finance Committee and member of Board of Directors, Monsanto Chemical Company, St. Louis, Mo. 1963 1 Chairman. 2 Deputy Chairman.

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District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued Term expires Class C: Dec. 31 2 J. H. LONGWELL Director, Special Studies and Programs, College of Agriculture, University of Missouri, Columbia, Mo. 1961 PIERRE B. MCBRIDE X President, Porcelain Metals Corporation, Louisville, Ky. 1962 JESSE D. WOOTEN Executive Vice President, Mid-South Chemical Corporation, Memphis, Tenn. 1963

LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: J. V. SATTERFIELD, JR. President, The First National Bank in Little Rock, Ark. 1961 H. C. ADAMS Executive Vice President, The First National Bank of De Witt, Ark. 1962 J. W. BELLAMY, JR. President, National Bank of Commerce of Pine Bluff, Ark. 1963 R. M. LAGRONE, JR. President, The Citizens National Bank of Hope, Ark. 1963 Appointed by Board of Governors: ! WALDO E. TILLER President, Tiller Tie and Lumber Company, Inc., Little Rock, Ark. 1961 T. WINFRED BELL President, Bush-Caldwell Company, Little Rock, Ark. 1962 FREDERICK P. BLANKS Planter, Parkdale, Ark. 1963

LOUISVILLE BRANCH Appointed by Federal Reserve Bank: JOHN R. STROUD Executive Vice President, The First National Bank of Mitchell, Ind. 1961 MERLE E. ROBERTSON Chairman of the Board and President, Liberty National Bank and Trust Company of Louisville, Ky. 1962 RAY A. BARRETT President, The State Bank of Salem, Ind. 1963 JOHN G. RUSSELL President, The Peoples First National Bank & Trust Company of Paducah, Ky. 1963 Appointed by Board of Governors: J. D. MONIN, JR.1 Farmer, Oakland, Ky. 1961 WILLIAM H. HARRISON President, Taylor Drug Stores, Inc., Louisville, Ky. 1962 PHILIP DAVIDSON President, University of Louisville, Louisville, Ky. 1963

MEMPHIS BRANCH Appointed by Federal Reserve Bank: J. H. HARRIS Chairman of the Board, The First National Bank of Wynne, Ark. 1961 CHARLES R. CAVINESS President, National Bank of Commerce of Corinth, Miss. 1962 JOHN E. BROWN President, Union Planters National Bank of Memphis, Tenn. 1963 SIMPSON RUSSELL Chairman of the Board, The National Bank of Commerce of Jackson. Tenn. 1963

1 Chairman. 2 Deputy Chairman.

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DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 151

MEMPHIS BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 FRANK LEE WESSON1 President, Wesson Farms, Inc., Victoria, Ark. 1961 CLAY LYLE Dean and Director, Division of Agriculture, Mississippi State University, State College, Miss. 1962 EDWARD B. LEMASTER President, Edward LeMaster Company, Inc., Memphis, Tenn. 1963

District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A: JOHN A. MOORHEAD President, Northwestern National Bank of Minneapolis, Minn. 1961 HAROLD N. THOMSON Vice President, Farmers & Merchants Bank, Presho, S. D. 1962 HAROLD C. REFLING Cashier, First National Bank in Bottineau, N. D. 1963 Class B: T. G. HARRISON Minneapolis, Minn. 1961 J. E. CORETTE President and General Manager, The Montana Power Company, Butte, Mont. 1962 RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1963 Class C: JOHN H. WARDEN President, Upper Peninsula Power Company, Houghton, Mich. 1961 ATHERTON BEAN L President, International Milling Company, Minneapolis, Minn. 1962 (Vacancy) 1963

HELENA BRANCH Appointed by Federal Reserve Bank: O. M. JORGENSON Chairman of the Board, Security Trust and Savings Bank, Billings, Mont. 1961 ROY G. MONROE President, The First State Bank of Malta, Mont. 1962 HARALD E. OLSSON President, Ronan State Bank, Mont. 1962 Appointed by Board of Governors: JOHN M. OTTEN X Farmer and rancher, Lewistown, Mont. 1961 HARRY K. NEWBURN President, Montana State University, Missoula, Mont. 1962

District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: W. S. KENNEDY President and Chairman of the Board, The First National Bank of Junction City, Kans. 1961 BURTON L. LOHMULLER President, The First National Bank of Centralia, Kans. 1962 HAROLD KOUNTZE Chairman of the Board, The Colorado National Bank of Denver, Colo. 1963 Class B.- ROBERT A. OLSON President, Kansas City Power & Light Company, Kansas City, Mo. 1961 1 Chairman.

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152 FEDERAL RESERVE BULLETIN - FEBRUARY 1961

District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued Term expires Dec. 31 Class B—Continued K. S. ADAMS Chairman of the Board, Phillips Petroleum Company, Bartles- ville, Okla. 1962 MAX A. MILLER Livestock rancher, Omaha, Neb. 1963 Class C.- RAYMOND W. HALL X Hillix, Hall, Hasburgh, Brown & Hoffhaus, Attorneys, Kansas City, Mo. 1961 OLIVER S. WILLHAM President, Oklahoma State University, Stillwater, Okla. 1962 2 HOMER A. SCOTT Vice President and District Manager, Peter Kiewit Sons' Com- pany, Sheridan, Wyo. 1963

DENVER BRANCH Appointed by Federal Reserve Bank: STEWART COSGRIFF Director, Denver United States National Bank, Denver, Colo. 1961 J. H. BLOEDORN President, The Farmers State Bank of Fort Morgan, Colo. 1962 CALE W. CARSON President, First National Bank in Albuquerque, N. Mex. 1962 Appointed by Board of Governors: ROBERT T. PERSON X President, Public Service Company of Colorado, Denver, Colo. 1961 R. A. BURGHART Ingle Land and Cattle Company, Colorado Springs, Colo. 1962

OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: C. P. STUART Chairman of the Board, The Fidelity National Bank & Trust Company, Oklahoma City, Okla. 1961 R. L. KELSAY Chairman of the Board and President, The First National Bank in Hobart, Okla. 1962 C. L. PRIDDY President, The National Bank of McAlester, Okla. 1962 Appointed by Board of Governors: JAMES E. ALLISON1 President, Warren Petroleum Corporation, Tulsa, Okla. 1961 OTTO C. BARBY Attorney and rancher, Beaver, Okla. 1962

OMAHA BRANCH Appointed by Federal Reserve Bank: R. E. BARTON President, The Wyoming National Bank of Casper, Wyo. 1961 C. WHEATON BATTEY Chairman of the Board, First Continental National Bank & Trust Company, Lincoln, Neb. 1961 JOHN F. DAVIS President, First National Bank, Omaha, Neb. 1962 Appointed by Board of Governors: JAMES L. PAXTON, JR.1 President, Paxton-Mitchell Company, Omaha, Neb. 1961 CLIFFORD MORRIS HARDIN Chancellor, The University of Nebraska, Lincoln, Neb. 1962

1 Chairman. 2 Deputy Chairman.

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DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES T53

District 11—FEDERAL RESERVE BANK OF DALLAS Term expires Class A: Dec. 31 J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1961 JOHN M. GRIFFITH President, The City National Bank of Taylor, Tex. 1962 ROY RIDDEL President, First National Bank at Lubbock, Tex. 1963 Class B: H. B. ZACHRY President, H. B. Zachry Co., San Antonio, Tex. 1961 J. B. PERRY, JR. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1962 D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1963 Class C: LAMAR FLEMING, JR.2 Member, Board of Directors, Anderson, Clayton & Co., Inc., Houston, Tex. 1961 ROBERT O. ANDERSON X President, Hondo Oil & Gas Company, Roswell, N. Mex. 1962 MORGAN J. DAVIS President, Humble Oil & Refining Company, Houston, Tex. 1963

EL PASO BRANCH Appointed by Federal Reserve Bank: JOSEPH F. IRVTN President, Southwest National Bank of El Paso, Tex. 1961 CHAS. B. PERRY President, First State Bank, Odessa, Tex. 1962 FLOYD CHILDRESS Vice President, The First National Bank of Roswell, N. Mex. 1963 DICK ROGERS President, First National Bank in Alpine, Tex. 1963 Appointed by Board of Governors: DYSART E. HOLCOMB 1 Director of Research, El Paso Natural Gas Products Company, El Paso, Tex. 1961 ROGER B. CORBETT President, New Mexico State University, University Park, N. Mex. 1962 WILLIAM R. MATHEWS Editor and Publisher, The Arizona Daily Star, Tucson, Ariz. 1963

HOUSTON BRANCH

Appointed by Federal Reserve Bank: J. W. MCLEAN President, Texas National Bank of Houston, Tex. 1961 M. M. GALLOWAY President, First Capitol Bank, West Columbia, Tex. 1962 J. A. ELKINS, JR. President, First City National Bank of Houston, Tex. 1963 JOHN E. GRAY President, The First National Bank of Beaumont, Tex. 1963 Appointed by Board of Governors: TYRUS R. TIMM * Head, Department of Agricultural Economics and Sociology, A. & M. College of Texas, College Station, Tex. 1961 A. E. CUDLIPP Vice President and Director, Lufkin Foundry & Machine Com- pany, Lufkin, Tex. 1962 MAX LEVINE President, Foley's, Houston, Tex. 1963

1 Chairman. 2 Deputy Chairman.

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SAN ANTONIO BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 BURTON DUNN Chairman of the Executive Committee, Corpus Christi State National Bank, Corpus Christi, Tex. 1961 DWIGHT D. TAYLOR President, Pan American State Bank, Brownsville, Tex. 1962 DONALD D. JAMES Vice President, The Austin National Bank, Austin, Tex. 1963 FORREST M. SMITH President, National Bank of Commerce of San Antonio, Tex. 1963 Appointed by Board of Governors: HAROLD VAGTBORG X Executive Chairman, Board of Governors, Southwest Research Center, San Antonio, Tex. 1961 JOHN R. STOCKTON Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Tex. 1962 G. C. HAGELSTEIN President and General Manager, Union Stock Yards San An- tonio, San Antonio, Tex. 1963

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: JOHN A. SCHOONOVER Chairman of the Board, The Idaho First National Bank, Boise, Idaho 1961 M. VILAS HUBBARD President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, Calif. 1962 CARROLL F. BYRD Chairman of the Board and President, The First National Bank of Willows, Calif. 1963 Class B: WALTER S. JOHNSON Chairman of the Board, American Forest Products Corporation, San Francisco, Calif. 1961 N. LOYALL MCLAREN Partner, Haskins & Sells, San Francisco, Calif. 1962 JOSEPH ROSENBLATT President, The Eimco Corporation, Salt Lake City, Utah 1963 Class C: 2 Y. FRANK FREEMAN Vice President, Paramount Pictures Corporation, Hollywood, Calif. 1961 1 F. B. WHITMAN President, The Western Pacific Railroad Company, San Fran- cisco, Calif. 1962 JOHN D. FREDERICKS President and Chief Executive Officer, Pacific Clay Products, Los Angeles, Calif. 1963

LOS ANGELES BRANCH Appointed by Federal Reserve Bank: JOE D. PAXTON Chairman of the Advisory Board, Santa Barbara Main Office, Crocker-Anglo National Bank, Santa Barbara, Calif. 1961 ROBERT S. BEASLEY President, The Beverly Hills National Bank & Trust Company, Beverly Hills, Calif. 1962 ROY A. BRITT President, Citizens National Bank, Los Angeles, Calif. 1962

1 Chairman. 2 Deputy Chairman.

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LOS ANGELES BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 ROBERT J. CANNON X President, Cannon Electric Company, Los Angeles, Calif. 1961 S. ALFRED HALGREN Vice President and Director, Carnation Company, Los Angeles, Calif. 1962

PORTLAND BRANCH Appointed by Federal Reserve Bank: C. B. STEPHENSON Chairman of the Board, The First National Bank of Oregon, Portland, Ore. 1961 D. S. BAKER President, The Baker-Boyer National Bank, Walla Walla, Wash. 1962 E. M. FLOHR President, The First National Bank, Wallace, Idaho 1962 Appointed by Board of Governors: GRAHAM JOHN BARBEY President, Barbey Packing Corporation. Astoria, Ore. 1961 1 RAYMOND R. RETER Reter Fruit Company, Medford, Ore. 1962

SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: OSCAR HILLER President, Butte County Bank, Arco, Idaho 1961 J. E. BRINTON President, The First National Bank of Ely, Nev. 1962 REED E. HOLT President, Walker Bank & Trust Company, Salt Lake City, Utah 1962 Appointed by Board of Governors: HOWARD W. PRICE Executive Vice President and General Manager, The Salt Lake Hardware Co., Salt Lake City, Utah 1961 1 THOMAS B. ROWLAND Manager, Co-owner, Rowland Bros. Dairy, Pocatello, Idaho 1962

SEATTLE BRANCH Appointed by Federal Reserve Bank: JOSHUA GREEN, JR. President, People National Bank of Washington, Seattle, Wash. 1961 CHAS. H. PARKS Executive Vice President, Seattle-First National Bank, Spokane and Eastern Division, Spokane, Wash. 1962 M. F. HASTINGS President, The First National Bank of Ferndale, Wash. 1962 Appointed by Board of Governors: HENRY N. ANDERSON President, Twin Harbors Lumber Company, Aberdeen, Wash. 1961 1 LYMAN J. BUNTING President, Artificial Ice & Fuel Company, Yakima, Wash. 1962

Chairman.

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Directors of Federal Reserve Banks and Branches

District 1—FEDERAL RESERVE BANK OF BOSTON Term expires Class A: Dec. 31 WILLIAM D. IRELAND Chairman of the Executive Committee, State Street Bank and Trust Company, Boston, Mass. 1962 ARTHUR F. MAXWELL President, The First National Bank of Biddeford, Maine 1963 WILLIAM M. LOCKWOOD President, The Howard National Bank and Trust Company, Burlington, Vt. 1964 Class B: MILTON P. HIGGINS Chairman of the Board, Norton Company, Worcester, Mass. 1962 WILLIAM R. ROBBINS Vice President and Controller, United Aircraft Corporation, East Hartford, Conn. 1963 EUGENE B. WHITTEMORE President and Treasurer, The Morley Company, Portsmouth, N. H. 1964 Class C: 1 NILS Y. WESSELL President, Tufts University, Medford, Mass. 1962 WILLIAM WEBSTER President, New England Electric System, Boston, Mass. 1963 2 ERWIN D. CANHAM Editor, The Christian Science Monitor, Boston, Mass, 1964 1 Chairman. 2 Deputy Chairman. 152

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District 2—FEDERAL RESERVE BANK OF NEW YORK Term expires Class A: Dec. 31 CESAR J. BERTHEAU Chairman of the Board, Peoples Trust Company of Bergen County, Hackensack, N. J. 1962 A. LEONARD MOTT President, The First National Bank of Moravia, N. Y. 1963 GEORGE CHAMPION Chairman of the Board, The Chase Manhattan Bank, New York, N. Y. 1964 Class B: KENNETH H. HANNAN Executive Vice President, Union Carbide Corporation, New York, N. Y. 1962 ALBERT L. NICKERSON Chairman of the Board, Socony Mobil Oil Company, Inc., New York, N. Y. 1963 B. EARL PUCKETT Chairman of the Board, Allied Stores Corporation, New York, N. Y. 1964 Class C.- PHILIP D. REED 1 Formerly Chairman of the Board, General Electric Company, New York, N. Y. 1962 EVERETT N. CASE President, Colgate University, Hamilton, N. Y. 1963 2 JAMES DECAMP WISE Formerly Chairman of the Board, Bigelow-Sanford, Inc., Frenchtown, N. J. 1964

BUFFALO BRANCH Appointed by Federal Reserve Bank: HOWARD N. DONOVAN President, Bank of Jamestown, N. Y. 1962 FRANCIS A. SMITH President, The Marine Trust Company of Western New York, Buffalo, N. Y. 1963 ANSON F. SHERMAN President, The Citizens Central Bank, Arcade, N. Y. 1964 ELMER B. MILLIMAN President, Central Trust Company Rochester N. Y. 1964 Appointed by Board of Governors: RAYMOND E. OLSON1 President, Taylor Instrument Companies, Rochester, N. Y. 1962 THOMAS E. LAMONT Farmer, Albion, N. Y. 1963 WHITWORTH FERGUSON President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. 1964

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: FREDERIC A. POTTS President, The Philadelphia National Bank, Philadelphia, Pa. 1962 J. MILTON FEATHERER Executive Vice President and Trust Officer, The Penn's Grove National Bank and Trust Company, Penns Grove, N. J. 1963 EUGENE T. GRAMLEY President, Milton Bank and Safe Deposit Company, Milton, Pa. 1964 Class B: R. RUSSELL PIPPIN Treasurer, E. I. du Pont de Nemours and Company, Wilming- ton, Del. 1962 LEONARD P. POOL President, Air Products and Chemicals, Inc., Allentown, Pa. 1963 FRANK R. PALMER Chairman of the Board, The Carpenter Steel Company, Read- ing, Pa. 1964 1 Chairman. 2 Deputy Chairman.

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District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term expires Class C: Dec. 31 2 DAVID C. BEVAN Vice President, Finance, The Pennsylvania Railroad Company, Philadelphia, Pa. 1962 1 WALTER E. HOADLEY Vice President and Treasurer, Armstrong Cork Company, Lan- caster, Pa. 1963 WILLIS J. WINN Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. 1964

District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A: FRANCIS H. BEAM Chairman of the Board, The National City Bank of Cleveland, Ohio 1962 PAUL A. WARNER President, The Oberlin Savings Bank Company, Oberlin, Ohio 1963 C. N. SUTTON President, The Richland Trust Company, Mansfield, Ohio 1964 Class B: W. CORDES SNYDER, JR. Chairman of the Board and President, Blaw-Knox Company, Pittsburgh, Pa. 1962 EDWIN J. THOMAS Chairman of the Board and Chief Executive Officer, The Goodyear Tire & Rubber Company, Akron, Ohio 1963 DAVID A. MEEKER President, The Hobart Manufacturing Company, Troy, Ohio 1964 Class C.- 2 JOSEPH H. THOMPSON Chairman of the Board, The Hanna Mining Company, Cleve- land, Ohio 1962 AUBREY J. BROWN Professor of Agricultural Marketing and Head of Department of Agricultural Economics, University of Kentucky, Lexing- ton, Ky. 1963 JOSEPH B. HALL1 President, The Kroger Co., Cincinnati, Ohio 1964

CINCINNATI BRANCH Appointed by Federal Reserve Bank: LEROY M. MILES President, First Security National Bank and Trust Company of Lexington, Ky. 1962 LOGAN T. JOHNSTON President, Armco Steel Corporation, Middletown, Ohio 1963 H. W. GILLAUGH President, The Third National Bank and Trust Company of Dayton, Ohio 1963 G. CARLTON HILL Chairman of the Board and President, The Fifth Third Union Trust Company, Cincinnati, Ohio 1964 Appointed by Board of Governors: 1 HOWARD E. WHITAKER Chairman of the Board, The Mead Corporation, Dayton, Ohio 1962 WALTER C. LANGSAM President, University of Cincinnati, Cincinnati, Ohio 1963 BARNEY A. TUCKER Manager, American Agricultural Chemical Company, London, Ky. 1964

1 Chairman. - Deputy Chairman.

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DISTRICT 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued

PITTSBURGH BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 SAMUEL R. EVANS President and Trust Officer, Windber Trust Company, Windber, Pa. 1962 CHAS. J. HEIMBERGER President, The First National Bank of Erie, Pa. 1963 S. L. DRUMM President, West Penn Power Company, Greensburg, Pa. 1963 JAMES B. GRIEVES President, Commonwealth Bank and Trust Company, Pitts- burgh, Pa. 1964 Appointed by Board of Governors: F. L. BYROM President, Koppers Company, Inc., Pittsburgh, Pa. 1962 G. L. BACH Maurice Falk Professor of Economics and Social Science, Carnegie Institute of Technology, Pittsburgh, Pa. 1963 1 WILLIAM A. STEELE Chairman of the Board and President, Wheeling Steel Cor- poration, Wheeling, W. Va. 1964

District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: H. H. COOLEY President, The Round Hill National Bank, Round Hill, Va. 1962 ADDISON H. REESE President, North Carolina National Bank, Charlotte, N. C. 1963 J. MCKENNY WILLIS, JR. President, The Easton National Bank of Maryland, Easton, Md. 1964 Class B: R. E. SALVATI Chairman of the Board, Island Creek Coal Company, Hunting- ton, W. Va. 1962 ROBERT E. L. JOHNSON Chairman of the Board, Woodward & Lothrop, Incorporated, Washington, D. C. 1963 ROBERT R. COKER President, Coker's Pedigreed Seed Company, Hartsville, S. C. 1964 Class C: ALONZO G. DECKER, JR. J President, The Black & Decker Manufacturing Company, Towson, Md. 1962 WILLIAM H. GRIER President, Rock Hill Printing & Finishing Company, Rock Hill, S. C. 1963 EDWIN HYDE2 President, Miller & Rhoads, Inc., Richmond, Va. 1964

BALTIMORE BRANCH Appointed by Federal Reserve Bank: JAMES W. MCELROY Director, First National Bank of Baltimore, Md. 1962 J. N. SHUMATE President, The Farmers National Bank of Annapolis, Md. 1963 HARVEY E. EMMART Senior Vice President and Cashier, Maryland National Bank, Baltimore, Md. 1964 MARTIN PIRIBEK Executive Vice President, The First National Bank of Morgan- town, W. Va. 1964 1 Chairman. 2 Deputy Chairman.

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District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued BALTIMORE BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 1 GORDON M. CAIRNS Dean of Agriculture, University of Maryland, College Park, Md. 1962 HARRY B. CUMMINGS Vice President & General Manager, Metal Products Division, Koppers Company, Inc., Baltimore, Md. 1963 LEONARD C. CREWE, JR. President and Treasurer, Maryland Fine & Specialty Wire Com- pany, Inc., Cockeysville, Md. 1964

CHARLOTTE BRANCH

Appointed by Federal Reserve Bank: G. HAROLD MYRICK Executive Vice President and Trust Officer, First National Bank of Lincolnton, N. C. 1962 W. W. MCEACHERN President, The South Carolina National Bank, Greenville, S. C. 1963 JOE H. ROBINSON Senior Vice President, Wachovia Bank and Trust Company, Charlotte, N. C. 1964 WALLACE W. BRAWLEY President, The Commercial National Bank of Spartanburg, S. C. 1964 Appointed by Board of Governors: J. C. COWAN, JR. Vice Chairman of the Board, Burlington Industries, Inc., Greensboro, N. C. 1962 1 GEORGE H. AULL Agricultural Economist, Clemson College, Clemson, S. C. 1963 CLARENCE P. STREET President, McDevitt & Street Company, Charlotte, N. C. 1964

District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: M. M. KIMBREL Chairman of the Board, First National Bank, Thomson, Ga. 1962 GEORGE S. CRAFT President, Trust Company of Georgia, Atlanta, Ga. 1963 D. C. WADSWORTH, SR. President, The American National Bank, Gadsden, Ala. 1964 Class B: MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company, Miami, Fla. 1962 W. MAXEY JARMAN Chairman, Genesco, Inc., Nashville, Tenn. 1963 JAMES H. CROW, JR. Vice President, The Chemstrand Corporation, Decatur, Ala. 1964 Class C: J. M. CHEATHAM President, Dundee Mills, Incorporated, Griffin, Ga. 1962 2 H. G. CHALKLEY, JR. President, The Sweet Lake Land & Oil Company, Lake Charles, La. 1963 1 JACK TARVER President, Atlanta Newspapers, Inc., Atlanta, Ga. 1964 1 Chairman. 2 Deputy Chairman.

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District 6—FEDERAL RESERVE BANK OF ATLANTA— Continued BIRMINGHAM BRANCH Term expires Dec. 31 Appointed by Federal Reserve Bank: R. J. MURPHY Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Ala. 1962 FRANK A. PLUMMER Chairman of the Board and President, Birmingham Trust Na- tional Bank, Birmingham, Ala. 1963 JOHN H. NEILL, JR. President, Union Bank & Trust Co., Montgomery, Ala. 1964 W. H. MITCHELL President, The First National Bank of Florence, Ala. 1964 Appointed by Board of Governors: 1 JACK W. WARNER Chairman of the Board and President, Gulf States Paper Cor- poration, Tuscaloosa, Ala. 1962 SELDEN SHEFFIELD Cattleman, Greensboro, Ala. 1963 HENRY KING STANFORD President, Birmingham Southern College, Birmingham, Ala. 1964

JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: LEONARD A. USINA Chairman of the Board, Peoples National Bank of Miami Shores, Fla. 1962 GODFREY SMITH President, Capital City National Bank of Tallahassee, Fla. 1963 J. T. LANE Chairman of the Board, The Atlantic National Bank, Jackson- ville, Fla. 1964 HARRY FAGAN President, First National Bank in Fort Myers, Fla. 1964 Appointed by Board of Governors: 1 CLAUDE J. YATES Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Jacksonville, Fla. 1962 J. OLLIE EDMUNDS President, Stetson University, DeLand, Fla. 1963 HARRY T. VAUGHN President, United States Sugar Corporation, Clewiston, Fla. 1964

NASHVILLE BRANCH Appointed by Federal Reserve Bank: D. L. EARNEST President, The Blount National Bank of Maryville, Tenn. 1962 D. W. JOHNSTON Executive Vice President, Third National Bank in Nashville, Tenn. 1963 TRAVIS HITT President, Farmers National Bank, Winchester, Tenn. 1964 HARRY M. NACEY, JR. President, Hamilton National Bank, Knoxville, Tenn. 1964 Appointed by Board of Governors: ANDREW D. HOLT President, University of Tennessee, Knoxville, Tenn. 1962 W. N. KRAUTH President and General Manager, Colonial Baking Company of Nashville, Tenn. 1963 1 V. S. JOHNSON, JR. Chairman of the Board and President, Aladdin Industries, Inc., Nashville, Tenn, 1964 1 Chairman.

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District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued Term NEW ORLEANS BRANCH ^Tr Dec. 31 Appointed by Federal Reserve Bank: FRANK A. GALLAUGHER President, Jeff Davis Bank & Trust Company, Jennings, La. 1962 GILES W. PATTY President, First National Bank, Meridian, Miss. 1963 LEWIS GOTTLIEB Chairman of the Board, City National Bank, Baton Rouge, La. 1964 JOHN OULLIBER President, The National Bank of Commerce in New Orleans, La. 1964 Appointed by Board of Governors: J. O. EMMERICH Editor, Enterprise Journal, McComb, Miss. 1962 FRANK A. GODCHAUX, Vice President, Louisiana State Rice Milling Company, Inc., Ill i Abbeville, La. 1963 KENNETH R. GIDDENS President, WKRG-TV, Inc., Mobile, Ala. 1964

District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: VIVIAN W. JOHNSON Chairman of the Board, First National Bank, Cedar Falls, Iowa 1962 DAVID M. KENNEDY Chairman of the Board, Continental Illinois National Bank and Trust Company of Chicago, 111. 1963 JOHN H. CROCKER Chairman of the Board, The Citizens National Bank of De- catur, 111. 1964 Class B: WILLIAM A. HANLEY Director, Eli Lilly and Company, Indianapolis, Ind. 1962 G. F. LANGENOHL Treasurer and Assistant Secretary, Allis-Chalmers Manufac- turing Company, Milwaukee, Wis. 1963 WILLIAM E. RUTZ Director, Giddings & Lewis Machine Tool Company, Fond du Lac, Wis. 1964 Class C.- 2 JAMES H. HILTON President, Iowa State University of Science and Technology, Ames, Iowa 1962 JOHN W. SHELDON President, Chas. A. Stevens & Co., Chicago, 111. 1963 ROBERT P. BRIGGS X Executive Vice President, Consumers Power Company, Jack- son, Mich. 1964

DETROIT BRANCH Appointed by Federal Reserve Bank: C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich. 1962 WILLIAM A. MAYBERRY Chairman of the Board, Manufacturers National Bank of De- troit, Mich. 1963 FRANKLIN H. MOORE President, The Commercial and Savings Bank, St. Clair, Mich. 1963 DONALD F. VALLEY Chairman of the Board, National Bank of Detroit, Mich. 1964 Appointed by Board of Governors: J. THOMAS SMITH X President, Dura Corporation, Oak Park, Mich. 1962 CARL A. GERSTACKER Chairman of the Board, The Dow Chemical Company, Mid- land, Mich. 1963 JAMES WILLIAM MILLER President, Western Michigan University, Kalamazoo, Mich. 1964 1 Chairman. s Deputy Chairman.

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District 8—FEDERAL RESERVE BANK OF ST. LOUIS Term expires Class A: Dec. 31 KENTON R. CRAVENS Chairman of the Board, Mercantile Trust Company, St. Louis, Mo. 1962 H. LEE COOPER President, Ohio Valley National Bank of Henderson, Ky. 1963 ARTHUR WERRE, JR. Executive Vice President, First National Bank of Steeleville, 111. 1964 Class B: HAROLD O. MCCUTCHAN Executive Vice President, Mead Johnson & Company, Evans- ville, Ind. 1962 EDGAR M. QUEENY Chairman of the Finance Committee and member of Board of Directors, Monsanto Chemical Company, St. Louis, Mo. 1963 RAYMOND REBSAMEN Chairman of the Board, Rebsamen & East, Inc., Little Rock, Ark. 1964 Class C: PIERRE B. MCBRIDE l President, Porcelain Metals Corporation, Louisville, Ky. 1962 JESSE D. WOOTEN Executive Vice President, Mid-South Chemical Corporation, Memphis, Tenn. 1963 J. H. LONGWELL 2 Director, Special Studies and Programs, College of Agriculture, University of Missouri, Columbia, Mo. 1964

LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: H. C. ADAMS Executive Vice President, The First National Bank of De Witt, Ark. 1962 J. W. BELLAMY President, National Bank of Commerce of Pine Bluff, Ark. 1963 R. M. LAGRONE, JR. President, The Citizens National Bank of Hope, Ark, 1963 Ross E. ANDERSON President, The Commercial National Bank of Little Rock, Ark. 1964 Appointed by Board of Governors: T. WINFRED BELL President, Bush-Caldwell Company, Little Rock, Ark. 1962 FREDERICK P. BLANKS1 Planter, Parkdale, Ark. 1963 WALDO E. TILLER President, Tiller Tie and Lumber Company, Inc., Little Rock, Ark. 1964

LOUISVILLE BRANCH Appointed by Federal Reserve Bank: MERLE E. ROBERTSON Chairman of the Board and President, Liberty National Bank and Trust Company of Louisville, Ky. 1962 RAY A. BARRETT President, The State Bank of Salem, Ind. 1963 JOHN G. RUSSELL President, The Peoples First National Bank & Trust Company of Paducah, Ky. 1963 JOHN R. STROUD Executive Vice President, The First National Bank of Mitchell, Ind. 1964 2 1 Chairman. Deputy Chairman.

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District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued LOUISVILLE BRANCH—continued Term expires Appointed by Board of Governors: Dec. 31 WILLIAM H. HARRISON President, Taylor Drug Stores, Inc., Louisville, Ky. 1962 PHILIP DAVIDSON 1 President, University of Louisville, Louisville, Ky. 1963 RICHARD T. SMITH Farmer, Madisonville, Ky. 1964

MEMPHIS BRANCH Appointed by Federal Reserve Bank: CHARLES R. CAVINESS President, National Bank of Commerce of Corinth, Miss. 1962 JOHN E. BROWN President, Union Planters National Bank of Memphis, Tenn. 1963 SIMPSON RUSSELL Chairman of the Board, The National Bank of Commerce of Jackson, Tenn. 1963 LEON C. CASTLING President, First National Bank at Marianna, Ark. 1964 Appointed by Board of Governors: WILLIAM KING SELF1 President, Riverside Industries, Marks, Miss. 1962 EDWARD B. LEMASTER President, Edward LeMaster Company, Inc., Memphis, Tenn. 1963 FRANK LEE WESSON President, Wesson Farms, Inc., Victoria, Ark. 1964

District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A: HAROLD N. THOMSON Vice President, Farmers & Merchants Bank, Presho, S. D. 1962 HAROLD C. REFLING Cashier, First National Bank in Bottineau, N. D. 1963 ROLLIN O. BISHOP Chairman of the Board, The American National Bank of Saint Paul, Minn. 1964 Class B: ALEXANDER WARDEN Publisher, Great Falls Tribune-Leader, Great Falls, Mont. 1962 RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1963 T. G. HARRISON Chairman of the Board, Super Valu Stores, Inc., Minneapolis, Minn. 1964 Class C: ATHERTON BEAN 1 President, International Milling Company, Minneapolis, Minn. 1962 JUDSON BEMIS 2 President, Bemis Bro. Bag Co., Minneapolis, Minn. 1963 JOHN H. WARDEN President, Upper Peninsula Power Company, Houghton, Mich. 1964

HELENA BRANCH Appointed by Federal Reserve Bank: ROY G. MONROE Chairman of the Board and President, The First State Bank of Malta, Mont. 1962 HARALD E. OLSSON President, Ronan State Bank, Ronan, Mont. 1962 O. M. JORGENSON Chairman of the Board, Security Trust and Savings Bank, Billings, Mont. 1963

1 Chairman. 2 Deputy Chairman.

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District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued HELENA BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 HARRY K. NEWBURN X President, Montana State University, Missoula, Mont. 1962 JOHN M. OTTEN Farmer and rancher, Lewistown, Mont. 1963

District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: BURTON L. LOHMULLER President, The First National Bank of Centralia, Kans. 1962 HAROLD KOUNTZE Chairman of the Board, The Colorado National Bank of Den- ver, Colo. 1963 W. S. KENNEDY President and Chairman of the Board, The First National Bank of Junction City, Kans. 1964 Class B: K. S. ADAMS Chairman of the Board, Phillips Petroleum Company, Bartles- ville, Okla. 1962 MAX A. MILLER Livestock rancher, Omaha, Nebr. 1963 ROBERT A. OLSON President, Kansas City Power & Light Company, Kansas City, Mo. 1964 Class C.- OLIVER S. WILLHAM 2 President, Oklahoma State University, Stillwater, Okla. 1962 HOMER A. SCOTT X Vice President and District Manager, Peter Kiewit Sons' Com- pany, Sheridan, Wyo. 1963 DOLPH SIMONS Editor and Publisher, Lawrence Daily Journal-World, Law- rence, Kans. 1964

DENVER BRANCH Appointed by Federal Reserve Bank: J. H. BLOEDORN President, The Farmers State Bank of Fort Morgan, Colo. 1962 CALE W. CARSON President, First National Bank in Albuquerque, N. Mex. 1962 EUGENE H. ADAMS President, The First National Bank of Denver, Colo. 1963 Appointed by Board of Governors: R. A. BURGHART Ingle Land and Cattle Company, Colorado Springs, Colo. 1962 ROBERT T. PERSON X President, Public Service Company of Colorado, Denver, Colo. 1963

OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: R. L. KELSAY Chairman of the Board and President, The First National Bank in Hobart, Okla. 1962 C. L. PRIDDY President, The National Bank of McAlester, Okla. 1962 C. P. STUART Chairman of the Board, The Fidelity National Bank & Trust Company, Oklahoma City, Okla. 1963 Appointed by Board of Governors: OTTO C. BARBY Attorney and rancher, Beaver, Okla. 1962 JAMES E. ALLISON 1 President, Warren Petroleum Corporation, Tulsa, Okla. 1963

1 Chairman. 2 Deputy Chairman.

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DISTRICT 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued Term OMAHA BRANCH exptes Appointed by Federal Reserve Bank: Dec. 31 JOHN F. DAVIS President, First National Bank, Omaha, Nebr. 1962 R. E. BARTON President, The Wyoming National Bank of Casper, Wyo. 1963 HENRY D. KOSMAN Chairman of the Board and President, Scottsbluff National Bank, Scottsbluff, Nebr. 1963 Appointed by Board of Governors: CLIFFORD MORRIS 1 HARDIN Chancellor, The University of Nebraska, Lincoln, Nebr. 1962 JOHN T. HARRIS Merchant and cattleman, McCook, Nebr. 1963

District 11—FEDERAL RESERVE BANK OF DALLAS Class A: JOHN M. GRIFFITH President, The City National Bank of Taylor, Tex. 1962 ROY RIDDEL President, First National Bank at Lubbock, Tex. 1963 J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1964 Class B: J. B. PERRY, JR. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1962 D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1963 H. B. ZACHRY President and Chairman of the Board, H. B. Zachry Co., San Antonio, Tex. 1964 Class C.- ROBERT O. ANDERSON X President, Hondo Oil & Gas Company, Roswell, N. Mex. 1962 MORGAN J. DAVIS Chairman of the Board, Humble Oil & Refining Company, Houston, Tex. 1963 2 LAMAR FLEMING, JR. Member, Board of Directors, Anderson, Clayton & Co., Inc., Houston, Tex. 1964

EL PASO BRANCH

Appointed by Federal Reserve Bank: CHAS. B. PERRY President, First State Bank, Odessa, Tex. 1962 FLOYD CHILDRESS Vice Chairman of the Board, The First National Bank of Ros- well, N. Mex. 1963 DICK ROGERS President, First National Bank in Alpine, Tex. 1963 JOSEPH F. IRVIN President, Southwest National Bank of El Paso, Tex. 1964 Appointed by Board of Governors: ROGER B. CORBETT X President, New Mexico State University, University Park, N. Mex. 1962 WILLIAM R. MATHEWS Editor and Publisher, The Arizona Daily Star, Tucson, Ariz. 1963 DYSART E. HOLCOMB Director of Research, El Paso Natural Gas Products Com- pany, El Paso, Tex. 1964 1 Chairman. 2 Deputy Chairman.

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DISTRICT 11—FEDERAL RESERVE BANK OF DALLAS—Continued HOUSTON BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 M. M. GALLOWAY President, First Capitol Bank, West Columbia, Tex. 1962 J. A. ELKINS, JR. President, First City National Bank of Houston, Tex. 1963 JOHN E. GRAY President, First Security National Bank of Beaumont, Tex. 1963 J. W. MCLEAN President, Texas National Bank of Houston, Tex. 1964 Appointed by Board of Governors: A. E. CUDLIPP 1 Vice President and Director, Lufkin Foundry & Machine Com- pany, Lufkin, Tex. 1962 MAX LEVINE President, Foley's, Houston, Tex. 1963 EDGAR H. HUDGINS Co-Owner, J. D. Hudgins Partnership (Ranching), Hunger- ford, Tex. 1964

SAN ANTONIO BRANCH Appointed by Federal Reserve Bank: DWIGHT D. TAYLOR President, Pan American State Bank, Brownsville, Tex. 1962 DONALD D. JAMES Vice President, The Austin National Bank, Austin, Tex. 1963 FORREST M. SMITH President, National Bank of Commerce of San Antonio, Tex. 1963 MAX A. MANDEL President, The Laredo National Bank, Laredo, Tex. 1964 Appointed by Board of Governors: JOHN R. STOCKTON X Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Tex. 1962 G. C. HAGELSTEIN President and General Manager, Union Stock Yards, San Antonio, Tex. 1963 HAROLD D. HERNDON Independent Oil Operator, San Antonio, Tex. 1964

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: M. VILAS HUBBARD President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, Calif. 1962 CARROLL F. BYRD Chairman of the Board and President, The First National Bank of Willows, Calif. 1963 CHARLES F. FRANKLAND President, The Pacific National Bank of Seattle, Wash. 1964 Class B: N. LOYALL MCLAREN Partner, Haskins & Sells, San Francisco, Calif. 1962 JOSEPH ROSENBLATT President, The Eimco Corporation, Salt Lake City, Utah 1963 WALTER S. JOHNSON Chairman of the Board, American Forest Products Corpora- tion, San Francisco, Calif. 1964 Class C: F. B. WHITMAN 1 President, The Western Pacific Railroad Company, San Fran- cisco, Calif. 1962 JOHN D. FREDERICKS President, Pacific Clay Products, Los Angeles, Calif. 1963 (Vacancy) 1964 1 Chairman.

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DISTRICT 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued LOS ANGELES BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 DOUGLAS SHIVELY President, Citizens State Bank of Santa Paula, Calif. 1962 ROY A. BRITT President, Citizens National Bank, Los Angeles, Calif. 1962 RALPH V. ARNOLD President, First National Bank of Ontario, Calif. 1963 Appointed by Board of Governors: S. ALFRED HALGREN X Vice President and Director, Carnation Company, Los Angeles, Calif. 1962 ROBERT J. CANNON President, Cannon Electric Company, Los Angeles, Calif. 1963

PORTLAND BRANCH Appointed by Federal Reserve Bank: D. S. BAKER President, The Baker-Boyer National Bank, Walla Walla, Wash. 1962 E. M. FLOHR President, The First National Bank of Wallace, Idaho 1962 C. B. STEPHENSON Chairman of the Board, The First National Bank of Oregon, Portland, Ore. 1963 Appointed by Board of Governors: RAYMOND R. RETER Reter Fruit Company, Medford, Ore. 1962 GRAHAM J. BARBEY X President, Barbey Packing Corporation, Astoria, Ore. 1963

SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: J. E. BRINTON President, The First National Bank of Ely, Nev. 1962 REED E. HOLT President, Walker Bank & Trust Company, Salt Lake City, Utah 1962 OSCAR HILLER President, Butte County Bank, Arco, Idaho 1963 Appointed by Board of Governors: THOMAS B. ROWLAND Manager, Co-Owner, Rowland Bros. Dairy, Pocatello, Idaho 1962 HOWARD W. PRICE X Executive Vice President, The Salt Lake Hardware Co., Salt Lake City, Utah 1963

SEATTLE BRANCH Appointed by Federal Reserve Bank: CHAS. H. PARKS Executive Vice President, Seattle-First National Bank, Spo- kane and Eastern Division, Spokane, Wash. 1962 M. F. HASTINGS President, The First National Bank of Ferndale, Wash. 1962 JOSHUA GREEN, JR. Chairman of the Board, Peoples National Bank of Washing- ton, Seattle, Wash. 1963 Appointed by Board of Governors: LYMAN J. BUNTING President, Artificial Ice & Fuel Company, Yakima, Wash. 1962 1 HENRY N. ANDERSON President, Twin Harbors Lumber Company, Aberdeen, Wash. 1963 1 Chairman.

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Here monetary restraint has the dual pur- or desirable for advanced countries, with bal- pose of tempering the climate of the domes- ance of payments surpluses, to have recourse tic economy and reducing the deficit in the to our capital market on the recent large international accounts. But our current do- scale while they restrict and hamper entry of mestic problem is not one of inflation but of outside borrowers to their own capital mar- lagging expansion, and to attack the balance kets. If these countries are unwilling to open of payments problem with stringent mon- their capital markets, possibly we should etary measures would risk imposing a costly look toward tax measures that might help to drag on an already sluggish pace of eco- remedy this unbalanced position. In general, nomic growth. we need to explore the possibilities of various Thus, the role of monetary policy can be, tax measures that might, consistent with under present circumstances, only of limited our obligations as an international good effectiveness in dealing with the basic bal- neighbor, and with the status of the dollar ance of payments problem just as it is of as a world reserve currency, discourage cap- limited effectiveness in dealing with the do- ital movements that appear to flow "uphill" mestic problem of lagging long-run eco- to countries that are already capital-rich. nomic growth. We also need to explore the possibility In the past 2 years a good deal of direct that tax measures might be used to encour- attention has been given to the conditions age exports. As a matter of principle, there and environments which can be altered to is no good reason why our exports should improve our basic international economic bear U.S. taxes. Taxation is a means by position—through the reduction of tariffs, which we pay for government services. Why lowering of barriers to capital outflow by should foreign purchasers of our exports other high-savings industrial nations, the help to pay for the services provided by the tieing of foreign aid, and the fuller sharing of U.S. Government to its citizens, and why free world burdens for mutual security. But should our exporters be expected to be so the situation fails to show the degree of im- competitive that their product prices have to provement needed to clearly indicate to the absorb U.S. as well as foreign taxes and rest of the world our capacity and intent to tariffs? reach an equilibrium payments position. We It may be that foreign countries in their probably should be giving consideration to tax policies also discriminate against their alternatives that up to now have been re- nationals' exporting activities. This is not jected. easy to ascertain given the complication of For example, we might consider a more various national, State, and local tax laws direct attack on the capital outflow prob- and conditions under which tax burdens are lem. The United States has the largest and shifted to customers. But the discrimination most accessible capital market in the world, against exporters of our country can hardly and it ought to be kept free of exchange re- be doubted. strictions. It is proper and desirable that MONETARY AND FISCAL POLICY IN THE capital-poor developing countries should YEAR AHEAD utilize this market to meet a portion of their If the proposed tax reduction is successful in enormous needs for foreign capital. It is not stimulating more rapid economic expansion, so clear, however, that it is either necessary bank credit and monetary needs will in all

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STATEMENTS TO CONGRESS: MONETARY POLICY AND THE ECONOMY 137

likelihood accelerate. Business demands for ing monetary policy in relation to deficit loans will increase, consumers will impose financing, what matters most is not whether larger calls on credit markets, and the Treas- the banks or the nonbank public purchase ury will be financing an enlarged deficit. In the securities to finance the deficit, but such circumstances, the supply of bank whether the economy as a whole is provided credit and money can increase without with a volume of money and bank credit con- downward pressures on interest rates and sistent with sustainable expansion at rela- aggravation of capital outflows. In fact, bank tively stable prices. This is not to say that credit, the money supply, and interest rates the Treasury does not have a debt maturity might well rise more in relation to advanc- problem. Its market offerings need to be ing gross national product than in compar- fitted into a balanced structure of maturities. able periods of expansion. This is so because In financing an enlarged deficit, the Treasury monetary expansion has lagged during the may find it necessary at various points to past year. The fact that deposit turnover or compete with other borrowers in the different velocity has continued to rise rapidly over maturity sectors of the market. Under the the past year suggests that we cannot count economic environment that we hope to as much as in other recent periods on past achieve, the competition may prove to be monetary creation to satisfy future monetary strong and the Treasury should be prepared needs. to meet it. As to the question of how the enlarged budget deficit will be financed, I see this as a problem that can only be considered in the economic environment in which it occurs. The budget went into deficit during the re- Statement of Eliot J. Swan, President of cession of 1960 and, just as the recovery the Federal Reserve Bank of San Francisco, in the economy has been incomplete, the before the Joint Economic Committee, Feb- restoration of balance in the budget has been ruary 1, 1963. incomplete. The past year's deficit has been successfully financed outside the banking I will not attempt to review the record of system. the economy in detail in 1962, since that has The proposed tax cut will enlarge the de- been done for you most capably by a number ficit, but gradually rather than all at once. of others. I will offer some general observa- In view of the purpose of the tax cut, which tions in this regard, however, for what they is to stimulate the economy, a consistent na- may be worth. tional policy would hardly call for monetary Since early 1961, we have had a broadly action to offset its effects if the economy con- based recovery, with remarkably few dis- tinued to operate well below its capacity. tortions. The economy absorbed without Similarly, if excess demand develops, gen- serious difficulty a sharp stock market de- erating inflationary pressures and psychol- cline earlier this year, took the Cuban crisis ogy, offsetting action by the Federal Reserve in stride, and shows little indication of un- would be clearly appropriate. Thus, the eco- sustainable growth or speculative weak- nomic climate at the time should determine nesses in inventories or new plant and equip- the posture of our monetary policy. In judgment, the principal areas of fluctuation in

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the past. The index of wholesale prices has believe developments so extreme in either been remarkably stable, the behavior of direction are imminent, I do not believe that consumer prices not quite as satisfactory. At either might well be encouraged by an arbi- the same time, however, over-all growth has trary and abrupt switch in monetary policy been disappointingly modest, the level of at this time. At this point, shift to really unemployment continues to be of real con- tight money could place a roadblock in the cern, and there seems to be no clear and im- upward path of the economy; a shift to sub- minent prospect of a significantly more rapid stantially easier money could contribute to upward pace of business activity. a loss of confidence in the dollar and to an The other pressing problem that has per- exchange crisis. Under present conditions, I sisted throughout the recovery is the deficit in see no alternative to making haste slowly our balance of payments. The improvement with monetary policy, frustrating as that may in 1962 over 1961 was disappointingly be to the impatient who hope for simple small, and there is clearly a considerable solutions to extremely complex problems. way yet to go to reach a satisfactory position. In no sense am I decrying the importance Despite these serious and persistent prob- of monetary policy. The wrong monetary lems, I believe monetary policy was reason- policy can do incalculable harm, and the ably satisfactory in 1962. Continued reserve right monetary policy can help to provide availability resulted in a record increase in a climate in which appropriate adjustments bank credit; longer-term interest rates de- can take place. However, no monetary pol- clined, in contrast to their behavior in other icy can directly make or assure such adjust- periods of rising activity; and short-term rate ments—nor should it, so long as we depend levels, in combination with foreign currency on the greater share of our economic de- operations of the Treasury and the Federal cisions taking place through market proc- Reserve, helped to discourage outflows of esses. short-term funds, whether for speculative In my opinion, monetary policy has been reasons or because of interest-rate differ- easy in 1962. Time deposits increased mar- entials. kedly throughout the year, and demand de- There are those who would say that the posits have risen significantly since August. level of unemployment requires a much Business spending, however, must be moti- easier monetary policy, and there are those vated by prospective profits, which result in who would say that the balance of payments large measure from market opportunities situation requires a much tighter monetary that can be developed from new processes at policy. I fear that I could not satisfy either lower costs and new products. Some portion group of critics under present circumstances, of our unemployment appears most unlikely although I am fully aware that a significant to respond directly to increased demand. decline in business activity or a real loss of Job opportunities and unemployment un- confidence in the dollar leading to a run to fortunately may be found together, as evi- other currencies and gold—neither of which denced by the demands of defense-related I hope will occur—might well raise con- industries on the West Coast for skilled per- siderations of a marked policy shift in the sonnel, even though we have many people one direction or the other. While I do not looking for jobs in the same areas.

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Under present circumstances, relative ally be directed toward facilitating the flow price stability is doubly important; not only of funds in the money and capital markets to discourage unsound and speculative de- without inflation, and this is what the Fed- velopments in the domestic economy, but eral Reserve is seeking to accomplish. In this also to encourage our industries to become connection, the question of the degree to increasingly competitive throughout the which the prospective Federal deficit should world, if we are to increase exports further be financed through the banking system, relative to imports. But again, the search for which has been given further currency by the new markets in other countries and the de- proposed tax reductions, involves the dif- velopment of products and marketing ef- ficulty of seeking an answer, in isolation, to forts that will expand markets abroad are a problem that cannot be isolated. I do not essential. Many other factors in the balance believe a categorical answer can be provided, of payments are also obviously outside of since the problem is really the ever-present the realm of monetary policy. The need for one of the sources of funds to meet total greater sharing of military and foreign aid credit demands, both public and private. burdens by our allies, for lowering of bar- This is a continuous process, involving a riers to our exports, and for removal of limi- continuing judgment about the relation of tations in foreign capital markets are bank credit expansion to the flow of saving familiar problems to all of you. and spending, the availability of labor and Certainly, I share the compelling concern other productive resources, the behavior of for economic growth. But growth that is not the price level, and our international eco- sustainable, growth that creates imbalances nomic position. that lead to severe readjustments and reces- sion, growth that does not reflect the mix of Monetary policy can assist significantly in goods and services desired by the American providing a climate or a setting favorable to people, as expressed both in the market and balanced and sustainable economic growth, collectively through the processes of gov- but such growth itself can only be the result ernment, is not an adequate answer. of a complex of factors related to the whole In the monetary area, policy should basic- range of private decisions and public policy.

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Farm Debt as Related to Value of Sales

This is the second in a series of articles Agencies cooperating in the debt Survey based on the debt portion of the Sample were the Department of Agriculture, the Survey of Agriculture conducted by the Bu- Farm Credit Administration, and the Fed- reau of the Census in 1960. eral Reserve Banks. These agencies will also The article was prepared by Raymond J. publish reports on findings from the Survey Doll, Vice-president of the Federal Reserve data. Bank of Kansas City and Chairman of the The 1960 Sample Survey of Agriculture, System Committee on Agriculture. Other published by the Bureau of the Census, also articles analyzing the results of the debt por- contains a number of tables on farm debt. tion of the Survey will appear in future issues Among those contributing to this study of the BULLETIN. It is also contemplated were Fred Garlock and Philip Allen, De- that the Board will publish a handbook of partment of Agriculture; Martin Planting, the more important statistics on farm debt Farm Credit Administration; and Wilellyn and related characteristics of farms and farm Morelle, J. H. Atkinson, Emanuel Melichar, operators and landlords. and Lewis N. Dembitz, Board of Governors.

Innovation in agriculture, as in many same economic class who differ with respect other sectors of the economy, has resulted to these other variables. For example, for in increasing investment, output, and spe- farms of similar economic class, operators cialization in recent years. Capital resources in the West used more credit than oper- have been partially substituted for labor and ators in the South.1 Except on the largest land resources. The number of small farms farms, younger operators used more credit has declined, and the number of large ones than older operators. Debt also varied by has increased. With these changes, the need tenure and type of farm within the same for farm capital and credit has increased. economic class. Analysis of data collected in the 1960 In this article, farm debt is analyzed by Sample Survey of Agriculture indicates that economic class of farm and other economic value of sales is an extremely important characteristics on the basis of data from the variable in determining the amount of credit Bureau of the Census' 1960 Sample Survey that farmers use. Thus, for analytical pur- poses farms are often grouped into "eco- 1 In tabulations of the Sample Survey, the West is defined to include North Dakota, South Dakota, Ne- nomic classes" with different levels of sales braska, Kansas, Oklahoma, Texas, and all States to volume. Subsequent evaluation of the data the west of these. The South includes Arkansas, Ten- by region, tenure, type of farm, and age of nessee, Kentucky, Virginia, Maryland, Delaware, and States to the south, and the North encompasses the operator becomes more meaningful if com- remaining States. Alaska and Hawaii were not in- parisons are made among farmers in the cluded in the Survey. 140

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FARM DEBT AS RELATED TO VALUE OF SALES 141

of Agriculture. For information on the reli- In this article, references to economic ability of the data obtained from the Survey classes are to the groupings set up by the and the reasons for the differences between Census Bureau, with one exception: the Survey data and other estimates relating to group referred to as Class VIII is a combi- farm debt see the technical note at the end nation of Census Classes VIII (part-retire- of the article. ment farms) and IX (institutional farms and Indian reservations). ECONOMIC CLASSES OF FARMS Because of the limited size of the sample In the 1960 Sample Survey, the Census Bu- and of the necessity to avoid making esti- reau grouped farms into two major eco- mates for small groupings where there would nomic categories, commercial farms and be undue risk of large sampling errors, it other farms, mainly on the basis of total was necessary to combine economic classes value of products sold. In general, all farms when different cross classifications were with annual sales amounting to $2,500 or made. In evaluating debt by such cross clas- more were classified as commercial. Farms sifications as region, source, tenure, type of with annual sales of $50-2,499 were classi- farm, and age of operator, the economic fied as commercial if the farm operator was classes of farms were combined into three under 65 years of age and (1) he did not categories—Classes I and II, Classes III work off the farm 100 or more days during and IV, and Classes V-VIII. the year, and (2) the income that he and Class I farms comprised 3.2 per cent of members of his family received from sources the total number of farms, but the operators other than the farm operated was less than of these farms worked 25 per cent of the the total value of farm products sold. The farm land, representing—together with commercial farms were further divided into buildings—more than 20 per cent of the six economic classes according to value of value of all farm land and buildings. They farm products sold, as follows: I, $40,000 produced 33 per cent of the total value of and over; II, $20,000-39,999; III, $10,000- farm products sold and collected 20 per cent 19,999; IV, $5,000-9,999; V, $2,500- of the net cash income from sale of farm 2 4,999; and VI, $50-2,499. products. At the other extreme for commer- Noncommercial farms were divided into cial farms, operators of Class VI farms ac- three economic classes. Farms with sales of counted for 9.4 per cent of the total number $50-2,499 were classified as part-time (Class of farms but farmed only 2.6 per cent of the VII) if the operator was under 65 years of land and collected 2.4 per cent of the net age and he either worked off the farm 100 cash income from sale of farm products. or more days in 1960 or the income he and Between these extremes, the number of members of his family received from sources operators on commercial farms increased other than the farm operated was greater through Class IV and then declined. The than the total value of farm products sold. percentage of total resources employed and Farms with sales of farm products of $50- volume of farm products sold, however, 2,499 on which the operator was 65 years 2 In computing net cash income from the sale of old or over were considered part-retirement farm products no cost was deducted for such items farms (Class VIII). Finally, all institutional as family labor and interest on operator's equity in the business. The relative importance of these non- farms and Indian reservations were placed cash costs varies, of course, by economic class of in Class IX. farm.

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tended to decline from Class I through VI. On the average, operators of Class I and Operators of Class VII and VIII farms— VIII farms without debt had a larger acreage the noncommercial farms—accounted for and handled a higher value of land and 30 per cent of all operators, farmed 10 per buildings than did indebted operators. In cent of the land, and collected 4 per cent of the other economic classes there was a tend- the net cash income derived from sale of ency toward the opposite situation, but the farm products. differences were not significant. The total amounts of income from off- Because credit in agriculture is used farm sources varied with the number of largely for financing nonlabor resources, it farmers in each class rather than with the was to be expected that the operators of the total size of their farm operations. There larger farms would use relatively large were more operators in Class VII than in amounts of the dollar volume of credit. The any other class and, by definition, they either indebted operators on Class I, II, and III worked off the farm 100 or more days in farms accounted for only 19 per cent of all 1960 or had larger incomes from nonfarm operators, but they used 65 per cent of all sources than from the sale of farm products. agricultural credit. Hence operators in this class received by far The data in Table 1 show the distribution the largest proportion of all income from of operator debt by economic class of farm off-farm sources. There were also many op- for total debt, major real estate debt, and erators in Classes III, IV, and V, and they non-real-estate and related debt.3 It should also received relatively large proportions of be pointed out that, to the extent non-real- their income from off-farm sources. Largely estate debt may have been underreported by definition, operators of Class VI farms more than real estate debt in the Survey, received an unusually small proportion of comparisons of these two types of debt may such income. Had they received very large not be fully accurate. off-farm incomes they would have been con- The average debt per indebted operator sidered part-time farmers (Class VII). was closely related to class of farm. For those on Class I farms the average debt was VARIABILITY IN FARM OPERATOR DEBT 23 times as large as that of Class VI opera- According to the Sample Survey, the operators (the smallest commercial unit). The tors of 58 per cent of the farms in the United average size of operator debt on the larger States at the time of enumeration had some 3 Major real estate debt is defined to exclude real- debt (Table 1). A relatively large propor- estate-secured debt owed to production credit associa- tion of the operators on the larger commer- tions and to merchants and dealers. It includes all cial farms had debt—approximately three- real-estate-secured debt to Federal land banks, life insurance companies, and individuals from whom the fourths on Class I, II, and III farms—while farm was purchased. Loans of the Farmers Home less than half of those on Class VI farms Administration, banks, other institutions, and indi- were in debt. More than half of the Class VII viduals other than those from whom the farm was purchased were included only if they were the largest farmers had debt. This probably can be (or the only) real estate loans owed by borrowers. explained by the fact that these farmers had Non-real-estate and related debt consists of all relatively large incomes from off-farm debt other than major real estate. This classification was designed to avoid including as real estate debt sources and relied on this income for debt loans primarily secured by non-real-estate assets but repayment. which also had real estate as supplementary security.

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TABLE 1 FARM-OPERATOR DEBT, 1960

Operators with debt Amount of debt

Number * Per cent of all operators Total Average (thousands) in class (millions of dollars) (dollars)

Class of farm Non- Non- Non- Non- Major real- Major real- Major real- Major real- Any real estate Any real estate Total real estate Total real estate debt estate and debt estate and debt estate and debt estate and debt related debt related debt related debt related debt debt debt debt

Commercial: I 80 48 67 76 46 65 3,919 2,131 1,788 48,813 26,540 22,273 II.. 170 89 141 75 39 62 3,017 1,701 1,315 17,744 10,007 7,737 Ill 359 197 313 73 40 64 3,928 2,332 1,596 10,936 6,494 4,443 IV 390 205 328 66 35 56 2,'/49 1,704 1,044 7,044 4,368 2,676 V 296 146 235 55 27 44 1,249 775 474 4,220 2,619 1,601 VI 145 54 121 47 17 40 303 173 130 2,094 1,193 900 Other: VII 382 219 276 57 33 41 1,507 1,055 453 3,950 2,764 1,186 vin 75 31 55 24 10 18 126 85 41 1,666 1,125 540 All classes 1,897 988 1,538 58 30 47 16,798 9,956 6,841 8,853 5,247 3,606

1 Figures for farm operators with major real estate debt and for Alaska and Hawaii were not included in the Survey. those with non-real-estate and related debt cannot be added because Details may not add to totals because of rounding. some farmers had both types of debt. Economic classes of farms are as defined by the Bureau of the Census, NOTE.—Unpublished data, 1960 Sample Survey of Agriculture, except that data shown for Class VIII are the combined totals for Cen- Bureau of the Census. Data are estimates based on information sus Classes VIII and IX. obtained from a sample of farms. See technical note at the end of this article lor references on the sampling procedure, estimated sampling errors, and definitions of terms.

TABLE 2 SOURCES OF FARM OPERATORS' LARGEST DEBTS, 1960

All classes Class of farm

Debt I and II III and IV V-VIII

Opera- Debt Source tors Opera- Opera- Debt Debt with Opera- Amount tors tors debt tors (millions Per with with with (thou- debt Amount debt Amount Amount of cent (millions Per debt sands) (thou- (thou- (millions Per (millions Per dollars) of of (thousands) cent sands) cent sands) of cent dollars) dollars) dollars)

Major real estate debtl

Federal land banks 231 1,836 19.4 36 647 18.2 103 828 21.3 93 361 17.7 Commercial banks 2 262 1,713 18.1 32 627 17.6 91 604 15.5 139 483 23.7 Insurance companies 96 1,676 17.7 25 951 26.8 45 564 14.5 26 161 7.9 Seller of farm: 3 By mortgage or deed of trust 134 1,384 14.6 13 475 13.4 55 556 14.3 66 353 17.3 By contract 85 1,381 14.6 12 498 14.0 44 695 17.8 28 188 9.2 All other 180 1,496 15.6 17 358 10.0 64 648 16.6 98 489 24.2 All sources 988 9,485 100.0 136 3,555 100.0 402 3,896 100.0 450 2,034 100.0

Non-real-estate and related debt1

Commercial banks 2 526 2,422 42.3 88 1,203 46.0 232 837 38.9 206 383 39.9 Merchants and dealers 521 1,066 18.6 55 421 16.1 206 405 18.8 260 239 25.0 Production credit associations 145 1,016 17.8 27 532 20.4 78 399 18.5 39 86 8.9 All other 347 1,220 21.3 39 457 17.5 125 512 23.8 183 251 26.2

All sources 1,538 5,724 100.0 209 2,613 100.0 641 2,152 100.0 688 958 100.0

i Each operator was classified according to the source of his largest 2 Includes savings banks and trust companies. debt of this type. Figures represent only the amounts of this debt 3 Individual sellers. owed to that principal source. NOTE.—See also notes to Table 1.

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farms indicates that many rural banks may West and 61 per cent in the North. How- have problems in financing these operators ever, as pointed out above, part of this because the amount that may be lent to a difference probably is caused by regional single borrower is limited, in relation to size variation in the proportion of farms in each of bank, by the National Banking Act and economic class. by various State laws as well as by bankers' CREDIT SOURCE own prudence. There was considerable regional variation Each farm operator was classified accord- in both the total amount and the average ing to the source of his largest debt. The size of farm-operator debt. The West had 27 amounts of these debts owed to each source per cent of the farm operators and was using are shown in Table 2. 43 per cent of the outstanding credit, while Individuals from whom the farm was pur- the South had 32 per cent of the operators chased were the most important source of and was using only 17 per cent of the out- major real estate debt, providing 29 per cent standing credit. The North accounted for of the total. The three major types of insti- 41 per cent of the operators and 40 per tutional lenders—Federal land banks, com- cent of the credit. mercial banks, and insurance companies— each provided about 18 or 19 per cent of Part of the reason for this variability is 4 that the West had more Class I and II farms the total. The individuals and financial agen- and fewer Class V-VIII farms than other cies lending to farmers vary with respect to regions. The South, on the other hand, had the kinds of operators they finance. Some fewer Class I and II farms and more Class agencies provide a relatively large propor- V-VIII ones. tion of the financing for operators of larger farms, while others emphasize financing Not all the regional difference in average smaller farmers. Insurance companies were size of debt, however, is explained by the the leading institutional source of real estate relative importance of the different eco- credit for operators of Class I and II farms nomic classes of farms. Even when compari- but were relatively unimportant as a source sons are made within economic classes of of credit for operators of Class V-VIII farms, the average size of loan tended to be farms. The "all other" category and com- substantially larger in the West than in the mercial banks were relatively most im- South and somewhat larger than in the portant as sources for operators of smaller North. For example, in Classes III and IV farms. The Federal land banks provided the average loan per indebted operator was about the same proportion of the financing $10,709 in the West; $8,749 in the North; for each of the economic classes of farms, and $6,317 in the South. as did the "seller of farm" groups. Part of the difference can probably be Commercial banks provided about 40 per attributed to variation in type of farm. The cent of the largest non-real-estate and re- South has a large number of cotton and lated debt of farm operators, merchants and tobacco farms. Debt on these farms is near dealers about 19 per cent, and production a seasonal low late in the year, at which time credit associations (PCA's) 18 per cent. the Survey was taken. At that time only 51 per cent of the farmers in the South were in- 4 "Commercial banks" as used here includes savings debted as compared with 63 per cent in the banks and trust companies.

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FARM DEBT AS RELATED TO VALUE OF SALES 145

Commercial banks were the major source of of his land. In the 1960 Sample Survey, non-real-estate and related credit for all farm operators were classified into four economic classes but provided a somewhat tenure groups—full owner, part owner, man- larger proportion of this kind of credit used ager, and tenant. The manager group is not on Class I and II farms. PCA's provided discussed in this article because the number relatively more of the financing for the larger of managers in the sample was not large farms and were relatively less important as enough to give the data adequate statistical a source of credit for Classes V-VIII. Mer- reliability. chants and dealers and the "all other" Aggregate debt varied significantly by groups were relatively more important as tenure, with the full-owner and part-owner sources of credit for the smaller farms and groups each using more than four times as less important for the larger farms. much credit as tenants (Table 3). Part of the difference can be attributed to the fact DEBT BY TENURE that there were more indebted full-owner Farm operators have several means for ac- and part-owner operators than indebted quiring the assets needed in their businesses. tenant operators. Of all indebted operators, They may use their own funds for purchas- 48 per cent were full owners, 30 per cent ing needed resources, borrow to do so, or part owners, and 21 per cent tenants. The lease resources. Since land is a resource that other 1 per cent were managers. lends itself readily to renting, it is common The aggregate debt also was influenced for a farm operator to rent either all or part by average size of loan. For part owners, this was about three times and for full owners about twice that for tenants. Even TABLE 3 though there were 55 per cent more in- DEBT STATUS AND TENURE OF FARM OPERATORS, 1960 debted full owners than indebted part own-

Class of farm ers, the aggregate amount of debt used by All Debt status and tenure classesl full owners was only a little more than that I and III and II IV V-V1II used by part owners because the average

Operators without debt: loan of full owners was so much smaller. A All operators (number, in greater proportion of the part-owner opera- thousands) 1,349 331 936 Full owners 828 142 655 tors were on large farms—Classes I and II— Part owners 235 96 109 Tenants 276 89 169 and had larger loans on the average. The Operators with debt: 117,000 part owners in these two classes All operators (number, in thousands) 1.897 250 749 were using $3.4 billion of credit in late Full owners 906 67 280 559 Part owners 582 117 280 186 1960, more than one-fifth of all farm debt Tenants 396 58 188 150 on the Survey date. In each economic class, Total debt (millions of dollars) 16,798 6,936 6,676 3,185 however, average debt of full owners was Full owners , 7,326 1,948 3,132 2,248 Part owners 6,919 3,446 2,797 676 not significantly different from that of the Tenants 1,584 643 735 207 Average debt per indebted part owners. operator (dollars) 8,853 27,709 8,910 3,548 Full owners 8,085 29,213 11,165 4,020 The extent to which an operator rents Part owners 11,882 29,565 9,992 3,636 Tenants 3,997 11,000 3,919 1,373 land also influences the amount and type of his debt. Full owners and part owners must 1 Totals shown include data for manager-operators not listed separately. finance all or part of their real estate invest- See also Note to Table 1.

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ments in addition to their non-real-estate III and IV were indebted, making the per- investments. Tenants, by definition, only centage for this combined class somewhat need to finance their non-real-estate invest- larger than that for Classes I and II. ments. Because indebted part owners oper- Average debt per indebted operator ated more of the larger units, their average varied substantially by type of farm. The investment in owned real estate was larger average for livestock farms other than dairy than that of full owners. Indebted part and poultry farms was considerably larger owners had an average investment in owned than for any other type-of-farming group. real estate of $34,346, compared with $28,- This was true for all three of the combined 380 for indebted full owners. The average economic classes. Operators of cash-grain real estate debt of indebted part owners was farms in Classes I and II had a smaller-than- $7,390, compared with $5,578 for full own-

ers. If non-real-estate and related debt is TABLE 4 used for comparing variation in debt by TOTAL DEBT RELATED TO TYPE OF FARM, 1960 tenure, the average indebtedness was: full Class of farm owners, $2,507; part owners, $4,493; and Type of farm All classes I and III and tenants, $3,997. It also should be pointed II IV V-VIII out that the proportion of part owners with Number of operators with debt debt was larger than the proportion of either (thousands) full owners or tenants. Commercial—total 1,440 250 749 441 Cash-grain 276 50 165 61 Livestockl 346 80 174 92 DEBT BY TYPE OF FARMING Cotton 119 21 28 69 Tobacco 115 4 43 68 Dairy 282 29 197 56 Resource requirements, organization, man- Other 3 303 66 142 95 agement, and financing needs vary by type Other 457 457 of farm within each economic class. In the All types. 1,897 250 749

1960 Sample Survey the Bureau of the Cen- Indebted operators as per cent of sus classified the different types of farms by all operators in group major source of income from farm sales. To Commercial—total. 64 75 69 52 Cash-grain 67 76 69 56 be classified as a particular type, a farm had Livestock * 62 78 67 47 Cotton 54 70 58 49 to have sales of a particular product or Tobacco 54 (2) 58 50 Dairy 71 67 78 54 group of products amounting to 50 per cent Other 3 60 78 69 57 or more of the total value of all farm prod- Other 46 ucts sold during the year. All types. 58 75 69 49 The sample used in the 1960 Sample Average debt per indebted operator (dollars) Survey was not large enough to permit eval- Commercial—total 10,529 27,709 8,910 3,522 uation of debt statistics by economic class Cash-grain [0,312 21,455 9,100 4,392 Livestock l 14,958 34,466 11,133 5,318 within type-of-farm groups except by com- Cotton 7,313 27,875 6,182 1,410 Tobacco 3,170 4,159 2,126 bining the classes, as indicated earlier. Gen- Dairy 9,456 26,003 8,667 3,499 erally, the largest proportion of indebted Other 3 10,724 25,895 8,290 3,775 operators in each type-of-farm group was in Other 3,573 3,573 8,853 27,709 8,910 3,548 Classes I and II, the next largest in Classes All types. 1 Other than dairy and poultry. III and IV, and the smallest in Classes V- 2 Number of observations in sample too small to allow reliable estimates. VIII (Table 4). However, a large propor- 3 Includes other field crops, vegetables, fruits, poultry, general, and miscellaneous types. tion of the dairy farm operators in Classes See also Note to Table 1.

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average debt per indebted operator com- TABLE 5 pared with the average for all farms in these INDEBTED FARM OPERATORS, BY AGE, 1960 classes, whereas in the Class V-VIII group Class of farm All Age group classes they had a larger-than-average debt per in- I and II III and IV V-VIII debted operator. Within the Class III and IV and the Class Number (thousands) V-VIII categories, the average debt per in- Under 35 260 42 127 92 35-54 953 132 412 409 debted operator was significantly smaller 55 and over 494 55 157 282 than for all types on tobacco and cotton All ages i 1,897 250 749 898

farms and larger on livestock farms other Indebted operators as per cent of than dairy and poultry. Some factors that all operators in group probably influenced this variation by type Under 35 77 85 83 68 35-54 68 78 74 61 of farm include season of year when the 55 and over 42 65 53 36 Survey was taken, difference in size of farm All ages i 58 75 69 49

by type, differences in kind and amount of Average debt per indebted operator collateral by type, regional variation in type (dollars) of farm, and regional differences in average Under 35 9,568 19,781 9,692 4,741 35-54 9,351 27,732 8,987 3,794 size of debt. 55 and over 6,636 25,242 7,901 2,273 All ages i 8,853 27,709 8,910 3,548 DEBT BY AGE OF OPERATOR 1 Includes farmers who did not report their age. The debt status and amount of credit used See also Note to Table 1. varied by age of operator. The young operator, in his effort to start farming, usually has In Classes I and II, indebted operators not had much opportunity to accumulate an under 35 had a substantially lower average equity in his business and must make an debt than did older operators. In Classes III intensive effort to obtain supplementary re- and IV and Classes V-VIII, however, aver- sources through renting and borrowing. age debt tended to decrease as age increased. Thus, a relatively large proportion of the For all classes, the average indebtedness of younger operators were tenants or part own- operators over 54 was lower than the aver- ers, and were indebted. In the under 35 age age for either of the younger groups. group, 44 per cent of the operators were The younger operators on Class I and II tenants and 25 per cent part owners, while farms operated somewhat smaller units than in the 55 and over age group only 10 per did the older operators. The average value cent were tenants and 20 per cent part of the farm products they sold in 1960 was owners. $40,096, compared with $49,257 for opera- Table 5 indicates that a large percentage tors in the 35-54 year age group and $46,- of younger operators were indebted. This is 342 for the oldest group. The average value true for all economic classes, with a higher of land and buildings operated per indebted percentage of the young operators on the operator was also about a fifth less for the larger farms being indebted and a some- younger operators. The difference did not what lower percentage on the smaller farms. exist in the other economic classes. Since A relatively large percentage of the opera- there is a close relationship between size of tors in the 35-54 age group also were in- farm and average indebtedness, the varia- debted. tions in relative size of operation probably

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account in part for the difference in debt analysis of farm debt, one must evaluate between older and younger farmers in landlord debt, too. Classes I and II. It was estimated that 481,000 landlords had a total outstanding debt of $3,099 mil- FARM LANDLORDS' DEBT lion in 1960 (Table 6). For commercial Up to this point, all evaluations have been farms, landlords of Class I operators had the based upon operator debt. For a complete largest average debt and those of Class VI the smallest. Average size of debt per land- TABLE 6 INDEBTED LANDLORDS, 1960 lord declined consistently from Class I through Class VI. Landlords of part-time Amount of debt operators (Class VII) had a larger aver- Number Class of farm (thousands) Total age debt than did landlords of operators in (millions Average of dollars) (dollars) Classes V or VI. Most landlord debt was owed to institu- Commercial 428 2,896 6,766 I 33 589 17,854 II 65 787 12,104 tions extending real estate mortgage credit Ill 123 827 6,725 IV 109 474 4,353 and was secured by a real estate mortgage, V 64 170 2,649 VI 34 49 1,439 deed of trust, or land-purchase contract. A Other 53 203 3,834 substantial amount of landlord borrowing, VIT 43 197 4.586 VIII 10 6 600 however, was done through commercial All classes 481 3,099 6,443 banks, individuals, and merchants and deal-

See Note to Table 1. ers without the use of real estate as security.

TECHNICAL NOTE The estimates given in the accompanying farm, and value of farm products sold, see article are based on unpublished Census U. S. Census of Agriculture: 1959, Volume data collected from a sample of the farms II, General Report, Statistics by Subjects— existing in the 48 States, excluding Alaska Introduction and Chapter II. For a listing and Hawaii, at the time of the Survey in of items reported as debt, see excerpt from 1960. All farms were represented and had the survey questionnaire shown in the De- a chance to be included in the sample. A cember 1962 BULLETIN. stratified random sampling procedure was A more extended technical note appeared used, which allowed heavier sampling rates in the BULLETIN for December 1962 at the for farms with higher values of farm prod- end of the first article in this series, "A New ucts sold. Look at the Farm Debt Picture." That note For a comprehensive treatment of the discussed reasons for differences between nature of the sample, see 1960 Sample Sur- the estimates of debt of farm operators and vey of Agriculture, published by the Bureau farm landlords for 1960 in the Survey and of the Census. those made by other agencies on the basis Brief working definitions of several terms of other surveys. It also discussed the statisti- appear in the text. For comprehensive defini- cal reliability of estimates obtained in the tions of such terms as farm, farm operator, 1960 Sample Survey and contained tables economic class, off-farm income, type of that gave measures of sampling errors.

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Directors of Federal Reserve Banks and Branches

District 1—FEDERAL RESERVE BANK OF BOSTON Term expires Class A: Dec. 31 ARTHUR F. MAXWELL President, The First National Bank of Biddeford, Maine 1963 WILLIAM M. LOCKWOOD President, The Howard National Bank and Trust Company, Burlington, Vt. 1964 OSTROM ENDERS Chairman, Hartford National Bank and Trust Company, Hart- ford, Conn. 1965 Class B: WILLIAM R. ROBBINS Vice President and Controller, United Aircraft Corporation, East Hartford, Conn. 1963 JAMES R. CARTER President, Nashua Corporation, Nashua, N. H. 1964 JOHN R. NEWELL President, Bath Iron Works Corp., Bath, Maine 1965 Class C: WILLIAM WEBSTER2 President, New England Electric System, Boston, Mass. 1963 ERWIN D. CANHAM1 Editor, The Christian Science Monitor, Boston, Mass. 1964 WILBUR H. NORTON President, Gorham Corporation, Providence, R. I. 1965 2 1 Chairman. Deputy Chairman. 149

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District 2—FEDERAL RESERVE BANK OF NEW YORK Term expires Class A: Dec. 31 A. LEONARD MOTT President, The First National Bank of Moravia, N. Y. 1963 GEORGE CHAMPION Chairman of the Board, The Chase Manhattan Bank, New York, N. Y. 1964 RALPH H. RUE Chairman, The Schenectady Trust Company, Schenectady, N. Y. 1965 Class B: ALBERT L. NICKERSON Chairman of the Board, Socony Mobil Oil Company, Inc., New York,N. Y. 1963 B. EARL PUCKETT Chairman of the Board, Allied Stores Corporation, New York, N. Y. 1964 KENNETH H. HANNAN Executive Vice President, Union Carbide Corporation, New York, N. Y. 1965 Class C: EVERETT N. CASE President, Alfred P. Sloan Foundation, New York, N. Y. 1963 JAMES DECAMP WISE2 Formerly Chairman of the Board, Bigelow-Sanford, Inc., Frenchtown, N. J. 1964 PHILIP D. REED a Formerly Chairman of the Board, General Electric Company, New York, N. Y. 1965

BUFFALO BRANCH Appointed by Federal Reserve Bank: JOHN M. GALVIN Chairman, Executive Committee, The Marine Trust Company of Western New York, Buffalo, N. Y. 1963 ANSON F. SHERMAN President, The Citizens Central Bank, Arcade, N. Y. 1964 ELMER B. MILLIMAN President, Central Trust Company Rochester N. Y. 1964 J. MONROE HODGES President, The Exchange National Bank of Olean, N. Y. 1965 Appointed by Board of Governors: THOMAS E. LAMONT X Farmer, Albion, N. Y. 1963 WHITWORTH FERGUSON President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. 1964 MAURICE R. FORMAN President, B. Forman Company, Inc., Rochester, N. Y. 1965

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: J. MILTON FEATHERER Executive Vice President and Trust Officer, The Penn's Grove National Bank and Trust Company, Penns Grove, N. J. 1963 EUGENE T. GRAMLEY President, Milton Bank and Safe Deposit Company, Milton, Pa. 1964 BENJAMIN F. SAWIN Vice Chairman of the Board, Provident Tradesmens Bank and Trust Company, Philadelphia, Pa. 1965 Class B: LEONARD P. POOL President, Air Products and Chemicals, Inc., Allentown, Pa. 1963 FRANK R. PALMER Chairman of the Board, The Carpenter Steel Company, Reading, Pa. 1964 RALPH K. GOTTSHALL Chairman of the Board and President, Atlas Chemical Industries, Inc., Wilmington, Del. 1965

1 Chairman. 2 Deputy Chairman.

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District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term expires Class C.- Dec. 31 WALTER E. HOADLEY Vice President and Treasurer, Armstrong Cork Company, Lancaster, Pa. 1963 WILLIS J. WINN Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. 1964 DAVID C. BEVAN 2 Vice President, Finance, The Pennsylvania Railroad Company, Philadelphia, Pa. 1965

District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A: PAUL A. WARNER President, The Oberlin Savings Bank Company, Oberlin, Ohio 1963 C. N. SUTTON President, The Richland Trust Company, Mansfield, Ohio 1964 FRANK E. AGNEW, JR. Chairman of the Board, Pittsburgh National Bank, Pittsburgh, Pa. 1965 Class B: EDWIN J. THOMAS Chairman of the Board and Chief Executive Officer, The Goodyear Tire & Rubber Company, Akron, Ohio 1963 DAVID A. MEEKER President, The Hobart Manufacturing Company, Troy, Ohio 1964 WALTER K. BAILEY Chairman of the Board, The Warner & Swasey Company, Cleveland, Ohio 1965 Class C: AUBREY J. BROWN Professor of Agricultural Marketing and Head of Department of Agricultural Economics, University of Kentucky, Lexington, Ky. 1963 JOSEPH B. HALL 1 Chairman of the Board, The Kroger Co., Cincinnati, Ohio 1964 LOGAN T. JOHNSTON : President, Armco Steel Corporation, Middletown, Ohio 1965

CINCINNATI BRANCH Appointed by Federal Reserve Bank: JOHN W. HUMPHREY President, The Philip Carey Manufacturing Company, Cincinnati, Ohio 1963 H. W. GILLAUGH President, The Third National Bank and Trust Company of Dayton, Ohio 1963 G. CARLTON HILL Chairman of the Board and President, The Fifth Third Union Trust Co., Cincinnati, Ohio 1964 JOHN W. WOODS, JR. President, The Third National Bank of Ashland, Ashland, Ky. 1965 Appointed by Board of Governors: WALTER C. LANGSAM President, University of Cincinnati, Cincinnati, Ohio 1963 BARNEY A. TUCKER President, Burley Belt Plant Food Works, Inc., Lexington, Ky. 1964 HOWARD E. WHITAKER Chairman of the Board, The Mead Corporation, Dayton, Ohio 1965

2 1 Chairman. Deputy Chairman.

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District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued

PITTSBURGH BRANCH Term expires Dec. 31 Appointed by Federal Reserve Bank: CHAS. J. HEIMBERGER President, The First National Bank of Erie, Pa. 1963 S. L. DRUMM President, West Penn Power Company, Greensburg, Pa. 1963 JAMES B. GRIEVES President, Commonwealth Bank and Trust Company, Pittsburgh, Pa. 1964 ALFRED H. OWENS President, The Citizens National Bank of New Castle, Pa. 1965

Appointed by Board of Governors: G. L. BACH Maurice Falk Professor of Economics and Social Science, Carnegie Institute of Technology, Pittsburgh, Pa. 1963 WILLIAM A. STEELE X Chairman of the Board and President, Wheeling Steel Corpora- tion, Wheeling, W. Va. 1964 F. L. BYROM President, Koppers Company, Inc., Pittsburgh, Pa. 1965

District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: ADDISON H. REESE President, North Carolina National Bank, Charlotte, N. C. 1963 J. MCKENNY WILLIS, JR. Director, Maryland National Bank (Baltimore), Easton, Md. 1964 DAVID K. CUSHWA, JR. President, The Washington County National Savings Bank, Williamsport, Md. 1965 Class B: ROBERT E. L. JOHNSON Chairman of the Board, Woodward & Lothrop, Incorporated, Washington, D. C. 1963 ROBERT R. COKER President, Coker's Pedigreed Seed Company, Hartsville, S. C. 1964 R. E. SALVATI Chairman of the Board, Island Creek Coal Company, Huntington, W. Va. 1965 Class C: 2 WILLIAM H. GRIER President, Rock Hill Printing & Finishing Company, Rock Hill, S. C. 1963 EDWIN HYDE 1 President, Miller & Rhoads, Inc., Richmond, Va. 1964 WILSON H. ELKINS President, University of Maryland, College Park, Md. 1965

BALTIMORE BRANCH Appointed by Federal Reserve Bank: J. N. SHUMATE President, The Farmers National Bank of Annapolis, Md. 1963 HARVEY E. EMMART Senior Vice President and Cashier, Maryland National Bank, Baltimore, Md. 1964 MARTIN PIRIBEK Executive Vice President, The First National Bank of Morgantown, W. Va. 1964 JOSEPH B. BROWNE President, Union Trust Company of Maryland, Baltimore, Md. 1965

1 Chairman. 2 Deputy Chairman.

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District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued BALTIMORE BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 HARRY B. CUMMINGS X Vice President & General Manager, Metal Products Division, Koppers Company, Inc., Baltimore, Md. 1963 LEONARD C. CREWE, JR. President and Treasurer, Maryland Fine & Specialty Wire Co., Inc., Cockeysville, Md. 1964 E. WAYNE CORRIN President, Hope Natural Gas Company, Clarksburg, W. Va. 1965

CHARLOTTE BRANCH Appointed by Federal Reserve Bank: W. W. MCEACHERN President, The South Carolina National Bank, Greenville, S. C. 1963 JOE H. ROBINSON Senior Vice President, Wachovia Bank and Trust Company, Charlotte, N. C. 1964 WALLACE W. BRAWLEY President, The Commercial National Bank of Spartanburg, S. C. 1964 G. HAROLD MYRICK Executive Vice President and Trust Officer, The First National Bank of Lincolnton, N. C. 1965 Appointed by Board of Governors: GEORGE H. AULL X Agricultural Economist, Clemson College, Clemson, S. C. 1963 CLARENCE P. STREET President, McDevitt & Street Company, Charlotte, N. C. 1964 J. C. COWAN, JR. Vice Chairman of the Board, Burlington Industries, Inc., Greensboro, N. C. 1965

District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: GEORGE S. CRAFT President, Trust Company of Georgia, Atlanta, Ga. 1963 D. C. WADSWORTH, SR. President, The American National Bank, Gadsden, Ala. 1964 M. M. KIMBREL Chairman of the Board, First National Bank, Thomson, Ga. 1965 Class B: W. MAXEY JARMAN Chairman, Genesco, Inc., Nashville, Tenn. 1963 JAMES H. CROW, JR. Vice President, The Chemstrand Corporation, Decatur, Ala. 1964 MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company, Miami, Fla. 1965 Class C.- HENRY G. CHALKLEY, JR.2 President, The Sweet Lake Land & Oil Company, Lake Charles, La. 1963 1 JACK TARVER President, Atlanta Newspapers, Inc., Atlanta, Ga. 1964 J. M. CHEATHAM President, Dundee Mills, Incorporated, Griffin, Ga. 1965

BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: FRANK A. PLUMMER Chairman of the Board and President, Birmingham Trust National Bank, Birmingham, Ala. 1963 JOHN H. NEILL, JR. President, Union Bank & Trust Co., Montgomery, Ala. 1964 W. H. MITCHELL President, The First National Bank of Florence, Ala. 1964 A. CALVIN SMITH President, First National Bank, Greenville, Ala. 1965 1 Chairman. - Deputy Chairman.

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District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued BIRMINGHAM BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 SELDEN SHEFFIELD X Cattleman, Greensboro, Ala. 1963 C. CALDWELL MARKS Chairman of the Board, Owen-Richards Company, Inc., Birmingham, Ala. 1964 JACK W. WARNER Chairman of the Board and President, Gulf States Paper Corporation, Tuscaloosa, Ala. 1965

JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: GODFREY SMITH President, Capital City National Bank of Tallahassee, Fla. 1963 J. T. LANE Chairman of the Board, The Atlantic National Bank, Jacksonville, Fla. 1964 HARRY FAGAN President, First National Bank in Fort Myers, Fla. 1964 ARTHUR W. SAARINEN President, Broward National Bank of Fort Lauderdale, Fla. 1965

Appointed by Board of Governors: J. OLLIE EDMUNDS President, Stetson University, DeLand, Fla. 1963 HARRY T. VAUGHN * President, United States Sugar Corporation, Clewiston, Fla. 1964 CLAUDE J. YATES Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Jacksonville, Fla. 1965

NASHVILLE BRANCH Appointed by Federal Reserve Bank: D. W. JOHNSTON Executive Vice President, Third National Bank in Nashville, Tenn. 1963 TRAVIS HITT President, Farmers National Bank, Winchester, Tenn. 1964 HARRY M. NACEY, JR. President, Hamilton National Bank, Knoxville, Tenn. 1964 R. S. WALLING President, First National Bank, McMinnville, Tenn. 1965

Appointed by Board of Governors: W. N. KRAUTH 1 President and General Manager, Colonial Baking Company of Nashville, Tenn. 1963 V. S. JOHNSON, JR. Chairman of the Board and President, Aladdin Industries, Inc., Nashville, Tenn. 1964 ANDREW D. HOLT President, University of Tennessee, Knoxville, Tenn. 1965

NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: GILES W. PATTY President, First National Bank, Meridian, Miss. 1963 LEWIS GOTTLIEB Chairman of the Board, City National Bank, Baton Rouge, La. 1964 JOHN OULLIBER President, The National Bank of Commerce in New Orleans, La. 1964 J. R. MCCRAVEY, JR. Vice President, Bank of Forest, Miss. 1965

1 Chairman.

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District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued NEW ORLEANS BRANCH—Continued Term expires Appointed by Board of Governors: Dec, 31 FRANK A. GODCHAUX, III Vice President, Louisiana State Rice Milling Company, Inc., Abbeville, La. 1963 KENNETH R. GIDDENS X President, WKRG-TV, Inc., Mobile, Ala. 1964 J. O. EMMERICH Editor, Enterprise-Journal, McComb, Miss. 1965

District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: DAVID M. KENNEDY Chairman of the Board, Continental Illinois National Bank and Trust Company of Chicago, 111. 1963 JOHN H. CROCKER Chairman of the Board, The Citizens National Bank of Decatur, 111. 1964 HARRY W. SCHALLER President, The Citizens First National Bank of Storm Lake, Iowa 1965

Class B: Treasurer and Assistant Secretary, Allis-Chalmers Manufactur- G. F. LANGENOHL ing Company, Milwaukee, Wis. 1963 Director, Giddings & Lewis Machine Tool Company, Fond du WILLIAM E. RUTZ Lac, Wis. 1964 Director, Eli Lilly and Company, Indianapolis, Ind. 1965 WILLIAM A. HANLEY Class C.- JOHN W. SHELDON President, Chas. A. Stevens & Co., Chicago, 111. 1963 ROBERT P. BRIGGS X Executive Vice President, Consumers Power Company, Jackson, Mich. 1964 JAMES H. HILTON 2 President, Iowa State University of Science and Technology, Ames, Iowa 1965

DETROIT BRANCH Appointed by Federal Reserve Bank: WILLIAM A. MAYBERRY Chairman of the Board, Manufacturers National Bank of Detroit, Mich. 1963 FRANKLIN H. MOORE President, The Commercial and Savings Bank, St. Clair, Mich. 1963 DONALD F. VALLEY Chairman of the Board, National Bank of Detroit, Mich. 1964 C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich. 1965

Appointed by Board of Governors: MAX P. HEAVENRICH, JR. President and General Manager, Heavenrich Bros. & Company, Saginaw, Mich. 1963 JAMES WILLIAM MILLER X President, Western Michigan University, Kalamazoo, Mich. 1964 GUY S. PEPPIATT President, Federal-Mogul-Bower Bearings, Inc., Detroit, Mich. 1965

1 Chairman. 2 Deputy Chairman.

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District 8—FEDERAL RESERVE BANK OF ST. LOUIS Term expires Class A: Dec. 31 H. LEE COOPER President, Ohio Valley National Bank of Henderson, Ky. 1963 ARTHUR WERRE, JR. Executive Vice President, First National Bank of Steeleville, 111. 1964 HARRY F. HARRINGTON Chairman of the Board and President, The Boatmen's National Bank of Saint Louis, Mo. 1965 Class B: Chairman of the Finance Committee and member of Board of EDGAR M. QUEENY Directors, Monsanto Chemical Company, St. Louis, Mo. 1963 Chairman of the Board, Rebsamen & East, Inc., Little Rock, RAYMOND REBSAMEN Ark. 1964 Senior Executive Vice President, Mead Johnson & Company, HAROLD O. MCCUTCHAN Evansville, Ind. 1965 Class C.- JESSE D. WOOTEN Executive Vice President, Mid-South Chemical Corporation, Memphis, Tenn. 1963 J. H. LONGWELL 2 Director, Special Studies and Programs, College of Agriculture, University of Missouri, Columbia, Mo. 1964 ETHAN A. H. SHEPLEY X Of Counsel, Shepley, Kroeger, Fisse & Shepley, St. Louis, Mo. 1965

LITTLE ROCK BRANCH

Appointed by Federal Reserve Bank: J. W. BELLAMY President, National Bank of Commerce of Pine Bluff, Ark. 1963 R. M. LAGRONE, JR. President, The Citizens National Bank of Hope, Ark. 1963 Ross E. ANDERSON President, The Commercial National Bank of Little Rock, Ark. 1964 H. C. ADAMS Executive Vice President, The First National Bank of De Witt, Ark. 1965 Appointed by Board of Governors: FREDERICK P. BLANKS X Planter, Parkdale, Ark. 1963 WALDO E. TILLER President, Tiller Tie and Lumber Company, Inc., Little Rock, Ark. 1964 CAREY V. STABLER President, Little Rock University, Little Rock, Ark. 1965

LOUISVILLE BRANCH

Appointed by Federal Reserve Bank: RAY A. BARRETT President, The State Bank of Salem, Ind. 1963 JOHN G. RUSSELL President, The Peoples First National Bank & Trust Company of Paducah, Ky. 1963 JOHN R. STROUD Executive Vice President, The First National Bank of Mitchell, Ind. 1964 JOHN H. HARDWICK President, The Louisville Trust Company, Louisville, Ky. 1965

1 Chairman. 2 Deputy Chairman.

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District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued LOUISVILLE BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 1 PHILIP DAVIDSON President, University of Louisville, Louisville, Ky. 1963 RICHARD T. SMITH Farmer, Madisonville, Ky. 1964 C. HUNTER GREEN Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Louisville, Ky. 1965

MEMPHIS BRANCH Appointed by Federal Reserve Bank: JOHN E. BROWN Chairman of the Board and President, Union Planters National Bank of Memphis, Tenn. 1963 SIMPSON RUSSELL Chairman of the Board, The National Bank of Commerce of Jackson, Tenn. 1963 LEON C. CASTLING President, First National Bank at Marianna, Ark. 1964 CHARLES R. CAVINESS President, National Bank of Commerce of Corinth, Miss. 1965

Appointed by Board of Governors: EDWARD B. LEMASTER1 President, Edward LeMaster Company, Inc., Memphis, Tenn. 1963 FRANK LEE WESSON President, Wesson Farms, Inc., Victoria, Ark. 1964 WILLIAM KING SELF President, Riverside Industries, Marks, Miss. 1965

District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A: HAROLD C. REFLING Cashier, First National Bank in Bottineau, N. Dak. 1963 ROLLIN O. BISHOP Consultant, The American National Bank of Saint Paul, Minn. 1964 CURTIS B. MATEER Executive Vice President, The Pierre National Bank, Pierre, S. Dak. 1965 Class B.- RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1963 T. G. HARRISON Chairman of the Board, Super Valu Stores, Inc., Minneapolis, Minn. 1964 HUGH D. GALUSHA, JR. Lawyer and Certified Public Accountant, Helena, Mont. 1965 Class C: 2 JUDSON BEMIS President, Bemis Bro. Bag Co., Minneapolis, Minn. 1963 JOHN H. WARDEN President, Upper Peninsula Power Company, Houghton, Mich. 1964 ATHERTON BEAN X President, International Milling Company, Minneapolis, Minn. 1965

HELENA BRANCH Appointed by Federal Reserve Bank: O. M. JORGENSON Chairman of the Board, Security Trust and Savings Bank, Bill- ings, Mont. 1963 ROY G. MONROE Chairman of the Board and President, The First State Bank of Malta, Mont. 1964 HARALD E. OLSSON President, Ronan State Bank, Ronan, Mont. 1964

1 Chairman. 2 Deputy Chairman.

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District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued HELENA BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 JOHN M. OTTEN X Farmer and rancher, Lewistown, Mont. 1963 HARRY K. NEWBURN President, Montana State University, Missoula, Mont. 1964

District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: HAROLD KOUNTZE Chairman of the Board, The Colorado National Bank of Denver, Colo. 1963 W. S. KENNEDY President and Chairman of the Board, The First National Bank of Junction City, Kans. 1964 BURTON L. LOHMULLER President, The First National Bank of Centralia, Kans. 1965 Class B.- MAX A. MILLER Livestock rancher, Omaha, Nebr. 1963 ROBERT A. OLSON President, Kansas City Power & Light Company, Kansas City, Mo. 1964 K. S. ADAMS Chairman of the Board, Phillips Petroleum Company, Bartles- ville,Okla. 1965 Class C: HOMER A. SCOTT X Vice President and District Manager, Peter Kiewit Sons' Com- pany, Sheridan, Wyo. 1963 2 DOLPH SIMONS Editor and President, The Lawrence Daily Journal-World, Lawrence, Kans. 1964 DEAN A. MCGEE President, Kerr-McGee Oil Industries, Inc., Oklahoma City, Okla. 1965

DENVER BRANCH Appointed by Federal Reserve Bank: EUGENE H. ADAMS President, The First National Bank of Denver, Colo. 1963 J. H. BLOEDORN President, The Farmers State Bank of Fort Morgan, Colorado 1964 J. P. BRANDENBURG President, The First State Bank of Taos, N. Mex. 1964

Appointed by Board of Governors: 1 ROBERT T. PERSON President, Public Service Company of Colorado, Denver, Colo. 1963 R. A. BURGHART Ingle Land and Cattle Company, Colorado Springs, Colo. 1964

OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: C. P. STUART Chairman of the Board, The Fidelity National Bank & Trust Company, Oklahoma City, Okla. 1963 R. L. KELSAY Chairman of the Board and President, The First National Bank in Hobart, Okla. 1964 GUY L. BERRY, JR. President, The American National Bank and Trust Company, Sapulpa, Okla. 1964

1 Chairman. 2 Deputy Chairman.

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District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued OKLAHOMA CITY BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 JAMES E. ALLISON X President, Warren Petroleum Corporation, Tulsa, Okla. 1963 OTTO C. BARBY Attorney and rancher, Beaver, Okla. 1964

OMAHA BRANCH Appointed by Federal Reserve Bank: R. E. BARTON President, The Wyoming National Bank of Casper, Wyo. 1963 HENRY D. KOSMAN Chairman of the Board and President, Scottsbluff National Bank, Scottsbluff, Nebr. 1963 JOHN F. DAVIS President, First National Bank, Omaha, Nebr. 1964

Appointed by Board of Governors: JOHN T. HARRIS Merchant and cattleman, McCook, Nebr. 1963 CLIFFORD MORRIS HARDIN X Chancellor, The University of Nebraska, Lincoln, Nebr. 1964

District 11—FEDERAL RESERVE BANK OF DALLAS Class A: ROY RIDDEL President, First National Bank at Lubbock, Tex. 1963 J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1964 RALPH A. PORTER Executive Vice President, The State National Bank of Denison, Tex. 1965 Class B: D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1963 H. B. ZACHRY President and Chairman of the Board, H. B. Zachry Co., San Antonio, Tex. 1964 J. B. PERRY, JR. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1965 Class C.- MORGAN J. DAVIS 2 Chairman of the Board, Humble Oil & Refining Company, Houston, Tex. 1963 LAMAR FLEMING, JR. Member, Board of Directors, Anderson, Clayton & Co., Inc., Houston, Tex. 1964 1 ROBERT O. ANDERSON President, Hondo Oil & Gas Company, Roswell, N. Mex. 1965

EL PASO BRANCH Appointed by Federal Reserve Bank: FLOYD CHILDRESS Vice Chairman of the Board, The First National Bank of Ros- well, N. Mex. 1963 DICK ROGERS President, First National Bank in Alpine, Tex. 1963 JOSEPH F. IRVTN President, Southwest National Bank of El Paso, Tex. 1964 CHAS. B. PERRY President, First State Bank, Odessa, Tex. 1965

1 Chairman. 2 Deputy Chairman.

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District 11—FEDERAL RESERVE BANK OF DALLAS—Continued EL PASO BRANCH—Continued Term expires Appointed by Board of Governors: Dec, 31 WILLIAM R. MATHEWS X Editor and Publisher, The Arizona Daily Star, Tucson, Ariz. 1963 DYSART E. HOLCOMB Director of Research, El Paso Natural Gas Products Company, El Paso, Tex. 1964 ROGER B. CORBETT President, New Mexico State University, University Park, N. Mex. 1965

HOUSTON BRANCH Appointed by Federal Reserve Bank: J. A. ELKINS, JR. President, First City National Bank of Houston, Tex. 1963 JOHN E. GRAY President, First Security National Bank of Beaumont, Tex. 1963 J. W. MCLEAN President, Texas National Bank of Houston, Tex. 1964 M. M. GALLOWAY President, First Capitol Bank, West Columbia, Tex. 1965

Appointed by Board of Governors: 1 MAX LEVINE President, Foley's, Houston, Tex. 1963 EDGAR H. HUDGINS Ranching—Partner in Hudgins Division of J. D. Hudgins, Hungerford, Tex. 1964 D. B. CAMPBELL Works Manager, Sabine River Works, E. I. du Pont de Nemours & Company, Orange, Tex. 1965

SAN ANTONIO BRANCH Appointed by Federal Reserve Bank: DONALD D. JAMES Vice President, The Austin National Bank, Austin, Tex. 1963 FORREST M. SMITH President, National Bank of Commerce of San Antonio, Tex. 1963 MAX A. MANDEL President, The Laredo National Bank, Laredo, Tex. 1964 DWIGHT D. TAYLOR President, Pan American State Bank, Brownsville, Tex. 1965

Appointed by Board of Governors: 1 G. C. HAGELSTEIN President and General Manager, Union Stock Yards San Antonio, Tex. 1963 HAROLD D. HERNDON Independent Oil Operator, San Antonio, Tex. 1964 JOHN R. STOCKTON Professor of Business Statistics and Director of Bureau of Busi- ness Research, The University of Texas, Austin, Tex. 1965

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: CARROLL F. BYRD Chairman of the Board and President, The First National Bank of Willows, Calif. 1963 CHARLES F. FRANKLAND President, The Pacific National Bank of Seattle, Wash. 1964 M. VILAS HUBBARD President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, Calif. 1965

1 Chairman.

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District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued Term expires Class B: Dec. 31 JOSEPH ROSENBLATT President, The Eimco Corporation, Salt Lake City, Utah 1963 WALTER S. JOHNSON Chairman of the Board, American Forest Products Corporation, San Francisco, Calif. 1964 FRED H. MERRILL President, Fireman's Fund Insurance Company, San Francisco, Calif. 1965 Class C.- 2 JOHN D. FREDERICKS President, Pacific Clay Products, Los Angeles, Calif. 1963 FREDERIC S. HIRSCHLER President, The Emporium Capwell Company, San Francisco, Calif. 1964 2 F. B. WHITMAN President, The Western Pacific Railroad Company, San Fran- cisco, Calif. 1965

LOS ANGELES BRANCH Appointed by Federal Reserve Bank: RALPH V. ARNOLD President, First National Bank of Ontario, Calif. 1963 DOUGLAS SHIVELY President, Citizens State Bank of Santa Paula, Calif. 1964 ROY A. BRITT President, Citizens National Bank, Los Angeles, Calif. 1964

Appointed by Board of Governors: ROBERT J. CANNON1 President, Cannon Electric Company, Los Angeles, Calif. 1963 S. ALFRED HALGREN Vice President and Director, Carnation Company, Los Angeles, Calif. 1964

PORTLAND BRANCH Appointed by Federal Reserve Bank: C. B. STEPHENSON Chairman of the Board, The First National Bank of Oregon, Portland, Oreg. 1963 D. S. BAKER President, The Baker-Boyer National Bank, Walla Walla, Wash. 1964 E. M. FLOHR President, The First National Bank of Wallace, Idaho 1964

Appointed by Board of Governors: GRAHAM J. BARBEY President, Barbey Packing Corporation, Astoria, Oreg. 1963 1 RAYMOND R. RETER Reter Fruit Company, Medford, Oreg. 1964

SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: OSCAR HILLER President, Butte County Bank, Arco, Idaho 1963 J. E. BRINTON President, The First National Bank of Ely, Nev. 1964 REED E. HOLT President, Walker Bank & Trust Company, Salt Lake City, Utah 1964

1 Chairman. 2 Deputy Chairman.

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District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued SALT LAKE CITY BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 HOWARD W. PRICE Executive Vice President, The Salt Lake Hardware Co., Salt Lake City, Utah 1963 THOMAS B. ROWLAND * President and General Manager, Rowland's Inc., Pocatello, Idaho 1964

SEATTLE BRANCH Appointed by Federal Reserve Bank: JOSHUA GREEN, JR. Chairman of the Board, Peoples National Bank of Washington, Seattle, Wash. 1963 CHAS. H. PARKS Executive Vice President, Seattle-First National Bank, Spokane and Eastern Division, Spokane, Wash. 1964 M. F. HASTINGS President, The First National Bank of Ferndale, Wash. 1964

Appointed by Board of Governors: HENRY N. ANDERSON1 President, Twin Harbors Lumber Company, Aberdeen, Wash. 1963 ROBERT D. O'BRIEN President, Pacific Car and Foundry Company, Seattle, Wash. 1964

1 Chairman.

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Following is a list of the directorates of the Federal Reserve Banks and branches as at present con- stituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively en- gaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. 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. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe.

District 1—FEDERAL RESERVE BANK OF BOSTON Term expires Class A: Dec. 31 President, The Howard National Bank and Trust Company, Burling- WILLIAM M. LOCK WOOD ton, Vt. 1964 Chairman, Hartford National Bank and Trust Company, Hartford, OSTROM ENDERS Conn. 1965 President, The Orange National Bank, Orange, Mass. 1966 DARIUS M. KELLEY Class B: JAMES R. CARTER President, Nashua Corporation, Nashua, N. H. 1964 JOHN R. NEWELL President, Bath Iron Works Corp., Bath, Maine. 1965 WILLIAM R. ROBBINS Vice President for Finance, United Aircraft Corporation, East Hartford, Conn. 1966 Class C: ERWIN D. CANHAM i Editor, The Christian Science Monitor, Boston, Mass. 1964 JOHN T. FEY President, University of Vermont, Burlington, Vt. 1965 WILLIAM WEBSTER 2 Chairman and Executive Officer, New England Electric System, Boston, Mass. 1966

* Chairman. 2 Deputy Chairman.

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District 2—FEDERAL RESERVE BANK OF NEW YORK Term expires Dec. 31 Class A: GEORGE CHAMPION Chairman of the Board, The Chase Manhattan Bank, New York, N. Y. 1964 RALPH H. RUE Chairman, The Schenectady Trust Company, Schenectady, N. Y. 1965 ROBERT H. FEARON President, The Oneida Valley National Bank of Oneida, N. Y. 1966 Class B: B. EARL PUCKETT Formerly Chairman of the Board, Allied Stores Corporation, New York, N. Y. 1964 KENNETH H. HANNAN Executive Vice President, Union Carbide Corporation, New York, N. Y. 1965 ALBERT L. NICKERSON Chairman of the Board, Socony Mobil Oil Company, Inc.: New York N. Y. 1966 Class C: JAMES DECAMP WISE 2 Formerly Chairman of the Board, Bigelow-Sanford, Inc., Frenchtown, N. J. 1964 PHILIP D. REED I Formerly Chairman of the Board, General Electric Company, New York, N. Y. 1965 EVERETT N. CASE President, Alfred P. Sloan Foundation, New York, N. Y. 1966

BUFFALO BRANCH Appointed by Federal Reserve Bank: ANSON F. SHERMAN President, The Citizens Central Bank, Arcade, N. Y. 1964 ELMER B. MILLIMAN President, Central Trust Company, Rochester, N. Y. 1964 ARTHUR S. HAMLIN President, The Canandaigua National Bank and Trust Company, Canandaigua, N. Y. 1965 CHARLES W. MILLARD, JR. President, Manufacturers and Traders Trust Company, Buffalo, N. Y. 1966 Appointed by Board of Governors: WHITWORTH FERGUSON I President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. 1964 MAURICE R. FORMAN President, B. Forman Company, Inc., Rochester, N. Y. 1965 THOMAS E. LAMONT Farmer, Albion, N. Y. 1966

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: EUGENE T. GRAMLEY President, Milton Bank and Safe Deposit Company, Milton, Pa. 1964 BENJAMIN F. SAWIN Vice Chairman of the Board, Provident Tradesmens Bank and Trust Company, Philadelphia, Pa. 1965 CHARLES R. SHARBAUGH President, Cambria County National Bank of Carrolltown, Pa. 1966 Class B.- FRANK R. PALMER Chairman of the Board, The Carpenter Steel Company, Reading, Pa. 1964 RALPH K. GOTTSHALL Chairman of the Board and President, Atlas Chemical Industries, Inc., Wilmington, Del. 1965 LEONARD P. POOL President, Air Products and Chemicals, Inc., Allentown, Pa. 1966 Class C: WILLIS J. WINN Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. 1964 DAVID C. BEVAN 2 Chairman, Finance Committee, The Pennsylvania Railroad Company, Philadelphia, Pa. 1965 WALTER E. HOADLEY l Vice President and Treasurer, Armstrong Cork Company, Lancaster, Pa. 1966

i Chairman. 2 Deputy Chairman.

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District 4—FEDERAL RESERVE BANK OF CLEVELAND Term expires Dec. 31 Class A: C. N. SUTTON President, The Richland Trust Company, Mansfield. Ohio 1964 FRANK E. AGNEW, JR. Chairman of the Board and Chief Executive Officer, Pittsburgh National Bank, Pittsburgh, Pa. 1965 RICHARD R. HOLLINGTON President, The Ohio Bank and Savings Company, Findlay, Ohio 1966 Class B: Chairman of the Board and Chief Executive Officer, The Hobart DAVID A. MEEKER Manufacturing Company, Troy, Ohio 1964 Chairman of the Board, The Warner & Swasey Company, WALTER K. BAILEY Cleveland, Ohio 1965 Chairman of the Board and Chief Executive Officer, The Goodyear EDWIN J. THOMAS Tire & Rubber Company, Akron, Ohio 1966 Class C: Chairman of the Board, The Kroger Co., Cincinnati, Ohio 1964 JOSEPH B. HALL 1 2 President, Armco Steel Corporation, Middletown, Ohio 1965 LOGAN T. JOHNSTON President, Clay Tobacco Company, Mt. Sterling, Ky. 1966 ALBERT G. CLAY

CINCINNATI BRANCH Appointed by Federal Reserve Bank: G. Carlton Hill Chairman of the Board, The Fifth Third Union Trust Co., Cincinnati, Ohio 1964 JOHN W. WOODS, JR. President, The Third National Bank of Ashland, Ky. 1965 JOHN W. HUMPHREY President, The Philip Carey Manufacturing Company, Cincinnati, Ohio 1966 JAMES PUGH President, The Security Central National Bank of Portsmouth, Ohio 1966 Appointed by Board of Governors: BARNEY A. TUCKER President, Burley Belt Fertilizer Company, Lexington, Ky. 1964 HOWARD E. WHITAKER I Chairman of the Board, The Mead Corporation, Dayton, Ohio 1965 WALTER C. LANGSAM President, University of Cincinnati, Cincinnati, Ohio 1966

PITTSBURGH BRANCH Appointed by Federal Reserve Bank: JAMES B. GRIEVES President, Commonwealth Bank and Trust Company, Pittsburgh, Pa. 1964 ALFRED H. OWENS President, The Citizens National Bank of New Castle, Pa. 1965 S. L. DRUMM President, West Penn Power Company, Greensburg, Pa. 1966 JOSEPH S. ARMSTRONG President, The Grove City National Bank, Grove City, Pa. 1966 Appointed by Board of Governors: WILLIAM A. STEELE 1 Chairman of the Board and President, Wheeling Steel Corporation, Wheeling, W. Va. 1964 F. L. BYROM President, Koppers Company, Inc., Pittsburgh, Pa. 1965 G. L. BACH Maurice Falk Professor of Economics and Social Science, Carnegie Institute of Technology, Pittsburgh, Pa. 1966

District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: J. MCKENNY WILLIS, JR. Director, Maryland National Bank (Baltimore), Easton, Md. 1964 DAVID K. CUSHWA, JR. President, The Washington County National Savings Bank, Williamsport, Md. 1965 ROBERT T. MARSH, JR. Chairman of the Board, First and Merchants National Bank, Richmond, Va. 1966

2 i Chairman. Deputy Chairman.

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District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued Term expires Dec. 31 Class B: ROBERT R. COKER President, Coker's Pedigreed Seed Company, Hartsville, S. C. 1964 R. E. SALVATI Chairman of the Board, Island Creek Coal Company, Huntington, W. Va. 1965 ROBERT E. L. JOHNSON Chairman of the Board, Woodward & Lothrop, Incorporated, Washington, D. C. 1966 Class C.- EDWIN HYDE 1 President, Miller & Rhoads, Inc., Richmond, Va. 1964 WILSON H. ELKINS President, University of Maryland, College Park, Md. 1965 WILLIAM H. GRIER 2 President, Rock Hill Printing & Finishing Company, Rock Hill, S. C. 1966

BALTIMORE BRANCH Appointed by Federal Reserve Bank: HARVEY E. EMMART Senior Vice President and Cashier, Maryland National Bank, Baltimore, Md. 1964 MARTIN PIRIBEK Executive Vice President, The First National Bank of Morgantown, W. Va. 1964 JOSEPH B. BROWNE President, Union Trust Company of Maryland, Baltimore, Md. 1965 JOHN P. SIPPEL President, The Citizens National Bank of Laurel, Md. 1966 Appointed by Board of Governors: LEONARD C. CREWE, JR. President and Treasurer, Maryland Fine & Specialty Wire Co., Inc. Cockeysville, Md. 1964 E. WAYNE CORRIN President, Hope Natural Gas Company, Clarksburg, W. Va. 1965 HARRY B. CUMMINGS 1 Vice President & General Manager, Metal Products Division, Koppers Company, Inc., Baltimore, Md. 1966

CHARLOTTE BRANCH Appointed by Federal Reserve Bank: JOE H. ROBINSON Senior Vice President, Wachovia Bank and Trust Company, Charlotte, N. C. 1964 WALLACE W. BRAWLEY President, The Commercial National Bank of Spartanburg, S. C. 1964 G. HAROLD MYRICK Executive Vice President and Trust Officer, The First National Bank of Lincolnton, N. C. 1965 W. W. MCEACHERN President, The South Carolina National Bank, Greenville, S. C. 1966 Appointed by Board of Governors: CLARENCE P. STREET President, McDevitt & Street Company, Charlotte, N. C. 1964 J. C. COWAN, JR. Vice Chairman of the Board, Burlington Industries, Inc., Greensboro, N. C. 1965 JAMES A. MORRIS Dean, School of Business Administration, University of South Carolina, Columbia, S. C. 1966

District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: D. C. WADSWORTH, SR. President, The American National Bank, Gadsden, Ala. 1964 M. M. KIMBREL Chairman of the Board, First National Bank, Thomson, Ga. 1965 GEORGE S. CRAFT President, Trust Company of Georgia, Atlanta, Ga. 1966 Class B: JAMES H. CROW, JR. Vice President, The Chemstrand Corporation, Decatur, Ala. 1964 MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company, Miami, Fla. 1965 W. MAXEY JARMAN Chairman, Genesco, Inc., Nashville, Tenn. 1966 i Chairman. 2 Deputy Chairman.

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District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued Term expires Dec. 31 Class C.- JACK TARVER l President, Atlanta Newspapers, Inc., Atlanta, Ga. 1964 J. M. CHEATHAM 2 President, Dundee Mills, Incorporated, Griffin, Ga. 1965 JOHN A. HUNTER President, Louisiana State University, Baton Rouge, La. 1966

BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: JOHN H. NEILL, JR. President, Union Bank & Trust Co., Montgomery, Ala. 1964 W. H. MITCHELL President, The First National Bank of Florence, Ala. 1964 A. CALVIN SMITH President, First National Bank, Greenville, Ala. 1965 JOHN A. HAND President, The First National Bank of Birmingham, Ala. 1966 Appointed by Board of Governors: C. CALDWELL MARKS * Chairman of the Board, Owen-Richards Company, Inc., Birmingham, Ala. 1964 JACK W. WARNER Chairman of the Board and President, Gulf States Paper Corporation, Tuscaloosa, Ala. 1965

JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: J. T. LANE Chairman of the Board, The Atlantic National Bank, Jacksonville, Fla. 1964 HARRY FAGAN President, First National Bank in Fort Myers, Fla. 1964 ARTHUR W. SAARINEN President, Broward National Bank of Fort Lauderdale, Fla. 1965 WILLIAM H. DIAL President, The First National Bank at Orlando, Fla. 1966 Appointed by Board of Governors: HARRY T. VAUGHN ! President, United States Sugar Corporation, Clewiston, Fla. 1964 CLAUDE J. YATES Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Jacksonville, Fla. 1965 J. OLLIE EDMUNDS President, Stetson University, DeLand, Fla. 1966

NASHVILLE BRANCH Appointed by Federal Reserve Bank: TRAVIS HITT President, Farmers National Bank, Winchester, Tenn. 1964 HARRY M. NACEY, JR. President, Hamilton National Bank, Knoxville, Tenn. 1964 R. S. WALLING President, First National Bank, McMinnville, Tenn. 1965 WILLIAM F. EARTHMAN, JR. President, Commerce Union Bank, Nashville, Tenn. 1966 Appointed by Board of Governors: V. S. JOHNSON, JR. Chairman of the Board and President, Aladdin Industries, Inc., Nashville, Tenn. 1964 ANDREW D. HOLT I President, University of Tennessee, Knoxville, Tenn. 1965 JAMES E. WARD President, Baird-Ward Printing Company, Nashville, Tenn. 1966

NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: LEWIS GOTTLIEB Chairman of the Board, City National Bank, Baton Rouge, La. 1964 JOHN OULLIBER President, The National Bank of Commerce in New Orleans, La. 1964 J. R. MCCRAVEY, JR. Vice President, Bank of Forest, Miss. 1965 L. Y. FOOTE President, First National Bank of Hattiesburg, Miss. 1966

i Chairman. 2 Deputy Chairman.

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District 7—FEDERAL RESERVE BANK OF ATLANTA—Continued NEW ORLEANS BRANCH—Continued Term expires Dec. 31 Appointed by Board of Governors: KENNETH R. GIDDENS President, WKRG-TV, Inc., Mobile, Ala. 1964 J. O. EMMERICH 1 Editor, Enterprise-Journal, McComb, Miss. 1965 GEORGE BENJAMIN BLAIR General Manager, American Rice Growers Cooperative, Lakes Charles, La. 1966

District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: JOHN H. CROCKER Chairman of the Board, The Citizens National Bank of Decatur, 111. 1964 HARRY W. SCHALLER President, The Citizens First National Bank of Storm Lake, Iowa 1965 KENNETH V. ZWIENER Chairman of the Board, Harris Trust and Savings Bank, Chicago, 111. 1966 Class B: WILLIAM E. RUTZ Director, Giddings & Lewis Machine Tool Company, Fond du Lac, Wis. 1964 WILLIAM A. HANLEY Director, Eli Lilly and Company, Indianapolis, Ind. 1965 G. F. LANGENOHL Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wis. 1966 Class C: ROBERT P. BRIGGS ] Executive Vice President, Consumers Power Company, Jackson, Mich. 1964 JAMES H. HILTON 2 President, Iowa State University of Science and Technology, Ames, Iowa 1965 JOHN W. SHELDON President, Chas. A. Stevens & Co., Chicago, 111. 1966

DETROIT BRANCH Appointed by Federal Reserve Bank: DONALD F. VALLEY Chairman of the Board, National Bank of Detroit, Mich. 1964 C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich. 1965 FRANKLIN H. MOORE President, The Commercial and Savings Bank, St. Clair, Mich. 1966 JOHN H. FRENCH, JR. President, City National Bank of Detroit, Mich. 1966 Appointed by Board of Governors: JAMES WILLIAM MILLER ! President, Western Michigan University, Kalamazoo, Mich. 1964 GUY S. PEPPIATT Chairman of the Board, Federal-Mogul-Bower Bearings, Inc., Detroit, Mich. 1965 MAX P. HEAVENRICH, JR. President and General Manager, Heavenrich Bros. & Company, Saginaw, Mich. 1966

District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A : ARTHUR WERRE, JR. Executive Vice President, First National Bank of Steeleville, 111. 1964 HARRY F. HARRINGTON Chairman of the Board and President, The Boatmen's National Bank of Saint Louis, Mo. 1965 H. LEE COOPER President, Ohio Valley National Mank of Henderson, Ky. 1966 Class B: Chairman of the Board, Townsend Lumber Company, Inc., MARK TOWNSEND Stuttgart, Ark. 1964 Senior Executive Vice President, Mead Johnson & Company, HAROLD O. MCCUTCHAN Evansville, Ind. 1965 Vice President and Secretary, Laclede Steel Company, St. Louis, Mo. 1966 ROLAND W. RICHARDS 1 Chairman. 2 Deputy Chairman.

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District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued Term expires Class C: Dec. 31 J. H. LONG WELL 2 Director, Special Studies and Programs, College of Agriculture, University of Missouri, Columbia, Mo. 1964 RAYMOND REBSAMEN Chairman of the Board, Rebsamen & East, Inc., Little Rock, Ark. 1965 WILLIAM KING SELF President, Riverside Industries, Marks, Miss. 1966

LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: Ross E. ANDERSON Chairman of the Board, The Commercial National Bank of Little Rock, Ark. 1964 H. C. ADAMS Executive Vice President, The First National Bank of De Witt, Ark. 1965 CECIL W. CUPP President and Chairman, Arkansas Bank and Trust Company, Hot Springs, Ark. 1966 R. M. LAGRONE, JR. President, The Citizens National Bank of Hope, Ark. 1966 Appointed by Board of Governors: WALDO E. TILLER President, Tiller Tie and Lumber Company, Inc., Little Rock, Ark. 1964 CAREY V. STABLER 1 President, Little Rock University, Little Rock, Ark. 1965 FREDERICK P. BLANKS Planter, Parkdale, Ark. 1966

LOUISVILLE BRANCH Appointed by Federal Reserve Bank: JOHN R. STROUD Executive Vice President, The First National Bank of Mitchell, Ind. 1964 JOHN H. HARDWICK President, The Louisville Trust Company, Louisville, Ky. 1965 RAY A. BARRETT President, The State Bank of Salem, Ind. 1966 WM. G. DEATHERAGE President, Planters Bank & Trust Co., Hopkinsville, Ky. 1966 Appointed by Board of Governors: RICHARD T. SMITH Farmer, Madisonville, Ky. 1964 C. HUNTER GREEN I Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Louisville, Ky. 1965 LISLE BAKER, JR. Executive Vice President & General Manager, The Courier-Journal & Louisville Times Company, Louisville, Ky. 1966

MEMPHIS BRANCH Appointed by Federal Reserve Bank: LEON C. CASTLING President, First National Bank at Marianna, Ark. 1964 CHARLES R. CAVINESS President, National Bank of Commerce of Corinth, Miss. 1965 ALLEN MORGAN President, The First National Bank of Memphis, Tenn. 1966 CON T. WELCH President, Citizens Bank, Savannah, Tenn. 1966 Appointed by Board of Governors: FRANK LEE WESSON 1 President, Wesson Farms, Inc., Victoria, Ark. 1964 SAM COOPER President, HumKo Products Division, National Dairy Products Corporation, Memphis, Tenn. 1965 EDWARD B. LEMASTER President, Edward LeMaster Company, Inc., Memphis, Tenn. 1966

District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A: ROLLIN O. BISHOP Consultant, The American National Bank of Saint Paul, Minn. .. 1964 CURTIS B. MATEER Executive Vice President, The Pierre National Bank, Pierre, S. B. 1965 HAROLD C. REFLING Executive Vice President, First National Bank in Bottineau, N. D; 1966

i Chairman. 2 Deputy Chairman.

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District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued Term expires Dec, 31 Class B: T. G. HARRISON Chairman of the Board, Super Valu Stores, Inc., Minneapolis, Minn. 1964 HUGH D. GALUSHA, JR. Lawyer and Certified Public Accountant, Helena, Mont. 1965 RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1966 Class C.- JOHN H. WARDEN Chairman of the Board, Upper Peninsula Power Company, Houghton, Mich. 1964 ATHERTON BEAN I President, International Milling Company, Minneapolis, Minn. 1965 JUDSON BEMIS 2 President, Bemis Bro. Bag Co., Minneapolis, Minn. 1966

HELENA BRANCH Appointed by Federal Reserve Bank : ROY G. MONROE Chairman of the Board and President, The First State Bank of Malta, Mont. 1964 HARALD E. OLSSON President, Ronan State Bank, Ronan, Mont. 1964 B. MEYER HARRIS President, The Yellowstone Bank, Laurel, Mont. 1965 Appointed by Board of Governors: C. G. MCCLAVE i President and General Manager, Montana Flour Mills Co., Great Falls, Mont. 1964 EDWIN G. KOCH President, Montana School of Mines, Butte, Mont. 1965

District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: W. S. KENNEDY President and Chairman of the Board, The First National Bank of Junction City, Kans. 1964 BURTON L. LOHMULLER President, The First National Bank of Centralia, Kans. 1965 EUGENE H. ADAMS President, The First National Bank of Denver, Colo. 1966 Class B: ROBERT A. OLSON President, Kansas City Power & Light Company, Kansas City, Mo. 1964 K. S. ADAMS Chairman of the Board, Phillips Petroleum Company, Bartlesville, Okla. 1965 FRED W. GILMORE President, Union Stock Yards Company of Omaha, Nebr. 1966 Class C: DOLPH SIMONS 2 Editor and President, The Lawrence Daily Journal-World, Lawrence, Kans. 1964 DEAN A. MCGEE Chairman of the Board, Kerr-McGee Oil Industries, Inc., Oklahoma City, Okla. 1965 HOMER A. SCOTT I Vice President and District Manager, Peter Kiewit Sons' Company, Sheridan, Wyo. 1966

DENVER BRANCH Appointed by Federal Reserve Bank: J. H. BLOEDORN President, The Farmers State Bank of Fort Morgan, Colorado 1964 J. P. BRANDENBURG President, The First State Bank of Taos, N. Mex. 1964 ELWOOD M. BROOKS Chairman of the Board, The Central Bank & Trust Company of Denver, Colo. 1965 Appointed by Board of Governors: R. A. BURGHART Ingle Land and Cattle Company, Colorado Springs, Colo. 1964 ROBERT T. PERSON * President, Public Service Company of Colorado, Denver, Colo. 1965

1 Chairman. 3 Deputy Chairman.

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District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued OKLAHOMA CITY BRANCH Term expires Dec. 31 Appointed by Federal Reserve Bank: R. L. KELSAY Chairman of the Board and President, The First National Bank in Hobart, Okla. 1964 GUY L. BERRY, JR. President, The American National Bank and Trust Company, Sapulpa, Okla. 1964 HOWARD J. BOZARTH President, City National Bank and Trust Company of Oklahoma City, Okla. 1965 Appointed by Board of Governors: OTTO C. BARBY Attorney and rancher, Beaver, Okla. 1964 JAMES E. ALLISON I Consultant, Warren Petroleum Corporation, Tulsa, Okla. 1965

OMAHA BRANCH Appointed by Federal Reserve Bank: JOHN F. DAVIS President, First National Bank, Omaha, Nebr. 1964 R. E. BARTON President, The Wyoming National Bank of Casper, Wyo. 1965 HENRY D. KOSMAN Chairman of the Board and President, Scottsbluff National Bank, Scottsbluff, Nebr. 1965 Appointed by Board of Governors: CLIFFORD MORRIS HARDIN I Chancellor, The University of Nebraska, Lincoln, Nebr. 1964 JOHN T. HARRIS Merchant and cattleman, McCook, Nebr. 1965

District 11—FEDERAL RESERVE BANK OF DALLAS Class A: J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1964 RALPH A. PORTER President, The State National Bank of Denison, Tex. 1965 ROY RIDDEL President, First National Bank at Lubbock, Tex. 1966 Class B: H. B. ZACHRY President, H. B. Zachry Co., San Antonio, Tex. 1964 J. B. PERRY, JR. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1965 D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1966 Class C: C. J. THOMSEN 2 Senior Vice President, Texas Instruments, Inc., Dallas, Tex. 1964 ROBERT O. ANDERSON * Owner, Lincoln County Livestock Company, Roswell, N. Mex. 1965 MAX LEVINE President, Foley's, Houston, Tex. 1966

EL PASO BRANCH Appointed by Federal Reserve Bank: JOSEPH F. IRVIN President, Southwest National Bank of El Paso, Tex. 1964 CHAS. B. PERRY Chairman of the Board, First State Bank, Odessa, Tex. 1965 DICK ROGERS President, First National Bank in Alpine, Tex. 1966 ROBERT W. HEYER President, Southern Arizona Bank & Trust Company, Tucson, Ariz. 1966 Appointed by Board of Governors: DYSART E. HOLCOMB * Director of Research, El Paso Natural Gas Products Company, El Paso, Tex. 1964 ROGER B. CORBETT President, New Mexico State University, University Park, N. Mex. 1965 C. ROBERT MCNALLY, JR. Rancher, Roswell, N. Mex. 1966

i Chairman. 2 Deputy Chairman.

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District 11—FEDERAL RESERVE BANK OF DALLAS—Continued HOUSTON BRANCH Term expires Dec. 31 Appointed by Federal Reserve Bank: J. W. MCLEAN President, Texas National Bank of Commerce of Houston, Tex. 1964 M. M. GALLOWAY President, First Capitol Bank, West Columbia, Tex. 1965 J. A. ELKINS, JR. Chairman of the Board, First City National Bank of Houston, Tex. 1966 JOHN E. GRAY President, First Security National Bank of Beaumont, Tex. 1966 Appointed by Board of Governors: EDGAR H. HUDGINS ! Ranching—Partner in Hudgins Division of J. D. Hudgins, Hungerford, Tex. 1964 D. B. CAMPBELL Works Manager, Sabine River Works, E. I. du Pont de Nemours & Company, Orange, Tex. 1965 LOVETT C. PETERS Vice President—Transportation and Supplies, Continental Oil Company, Houston, Tex. 1966

SAN ANTONIO BRANCH Appointed by Federal Reserve Bank : MAX A. MANDEL President, The Laredo National Bank, Laredo, Tex. 1964 DWIGHT D. TAYLOR President, Pan American State Bank, Brownsville, Tex. 1965 FORREST M. SMITH President, National Bank of Commerce of San Antonio, Tex. 1966 J. R. THORNTON Chairman of the Board and President, State Bank and Trust Company, San Marcos, Tex. 1966 Appointed by Board of Governors: HAROLD D. HERNDON I Independent Oil Operator, San Antonio, Tex. 1964 JOHN R. STOCKTON Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Tex. 1965 G. C. HAGELSTEIN President and General Manager, Union Stock Yards San Antonio, Tex. 1966

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: CHARLES F. FRANKLAND President, The Pacific National Bank of Seattle, Wash. 1964 President and Chairman of the Board, Citizens Commercial Trust and M. VlLAS HUBBARD Savings Bank of Pasadena, Calif. 1965 Chairman of the Board and President, The First National Bank of CARROLL F. BYRD Willows, Calif. 1966

Class B: Chairman of the Board, American Forest Products Corporation, San Francisco, Calif. 1964 WALTER S. JOHNSON President, Fireman's Fund American Insurance Companies, San Francisco, Calif. 1965 FRED H. MERRILL President, The Eimco Corporation, Salt Lake City, Utah 1966 JOSEPH ROSENBLATT Class C: President, The Emporium Capwell Company, San Francisco, Calif. 1964 FREDERIC S. HIRSCHLER President, The Western Pacific Railroad Company, San Francisco, Calif. 1965 F. B. WHITMAN I President, Pacific Clay Products, Los Angeles, Calif. 1966 JOHN D. FREDERICKS 2 LOS ANGELES BRANCH Appointed by Federal Reserve Bank: DOUGLAS SHIVELY President, Citizens State Bank.of Santa Paula, Calif. 1964 ROY A. BRITT Vice Chairman of the Board and Chairman, Executive Committee, Crocker-Citizens National Bank, Los Angeles, Calif. 1964 RALPH V. ARNOLD President and Chairman of the Board, First National Bank and Trust Company, Ontario, Calif. 1965

1 Chairman. 2 Deputy Chairman.

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District 12—FEDERAL RESERVE BANK OF SA1V FRANCISCO—Continued LOS ANGELES BRANCH—Continued Term expires Dec. 31 Appointed by Board of Governors: S. ALFRED HALGREN 1 Vice President and Director, Carnation Company, Los Angeles, Calif. 1964 ARTHUR G. COONS President, Occidental College, Los Angeles, Calif. 1965

PORTLAND BRANCH Appointed by Federal Reserve Bank: D. S. Baker President, The Baker-Boyer National Bank, Walla Walla, Wash. 1964 E. M. FLOHR President, The First National Bank of Wallace, Idaho 1964 E. J. KOLAR President, The United States National Bank of Portland, Oreg. 1965

Appointed by Board of Governors: RAYMOND R. RETER Reter Fruit Company, Medford, Oreg. 1964 GRAHAM J. BARBEY I President, Barbey Packing Corporation, Astoria, Oreg. 1965

SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: ALAN B. BLOOD Executive Vice President, Barnes Banking Company, Kaysville, Utah 1964 REED E. HOLT President, Walker Bank & Trust Company, Salt Lake City, Utah 1964 V. R. STEFFENSEN President, First Security Bank of Tdaho, N. A., Boise, Idaho 1965 Appointed by Board of Governors: THOMAS B. ROWLAND President and General Manager, Rowland's Inc., Pocatello, Idaho 1964 HOWARD W. PRICE ! President, The Salt Lake Hardware Company, Salt Lake City, Utah 1965

SEATTLE BRANCH Appointed by Federal Reserve Bank: CHAS. H. PARKS Executive Vice President, Seattle-First National Bank, Spokane, Wash. 1964 M. F. HASTINGS President, The First National Bank of Ferndale, Wash. 1964 MAXWELL CARLSON President, The National Bank of Commerce of Seattle, Wash. 1965

Appointed by Board of Governors: ROBERT D. O'BRIEN I President, Pacific Car and Foundry Company, Seattle, Wash. 1964 WILLIAM MCGREGOR Vice President, McGregor Land and Livestock Company, Hooper, Wash. 1965

i Chairman.

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