Directors of Federal Reserve Banks and Branches

February 1970

Following is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. 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 engaged 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

WILLIAM R. KENNEDY President, Merrimack Valley National Bank, Haverhill, Mass. 1970 JOHN SIMMEN Chairman of the Board, Industrial National Bank of Rhode Island, Providence, R.I. 1971 TUCKER H. DAVID Executive Vice President, The Deep River National Bank, Deep River, Conn. 1972 Class B.-

JAMES R. CARTER Chairman of the Board, Nashua Corporation, Nashua, N.H. 1970 W. GORDON ROBERTSON Chairman of the Executive Committee, Co-Chairman of the Board, Bangor Punta Corporation, Bangor, Maine 1971 F. RAY KEYSER, JR. Vice President, Vermont Marble Company, Proctor, Vt. 1972

Class C:

JOHN M. FOX " Chairman of the Board, President, United Fruit Company, Boston, Mass. 1970 JAMES S. DUESENBERRY 1 Professor of Economics, Harvard University, Cambridge, Mass. 1971 Louis W. CABOT Chairman of the Board, Cabot Corporation, Boston, Mass. 1972

1 Chairman 2 Deputy Chairman

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

R. E. MCNEILL, JR. Chairman of the Board, Manufacturers Hanover Trust Company, New York, N.Y. 1970 C. E. TREMAN, JR. President, Tompkins County Trust Company, Ithaca, N.Y. 1971 ARTHUR S. HAMLIN President, The Canandaigua National Bank and Trust Company, Canandaigua, N.Y. 1972 Class B:

ARTHUR K. WATSON Chairman of the Board, IBM World Trade Corporation, Ar- monk, N.Y. 1970 MILTON C. MUMFORD Chairman of the Board, Lever Brothers Company, New York, N.Y. 1971 MAURICE R. FORMAN President, B. Forman Co., Inc., Rochester, N.Y. 1972

Class C:

JAMES M. HESTER President, New York University, New York, N.Y. 1970 ROSWELL L. GILPATRIC Partner, Cravath, Swaine and Moore, New York, N.Y. 1971 ALBERT L. NICKERSON New York, N.Y. 1972

BUFFALO BRANCH Appointed by Federal Reserve Bank:

WILMOT R. CRAIG Chairman of the Board, Chief Executive Officer, Lincoln Roch- ester Trust Company, Rochester, N.Y. 1970 CHARLES L. HUGHES President, The Silver Creek National Bank, Silver Creek, N.Y. 1970 JAMES I. WYCKOFF President, The National Bank of Geneva, N.Y. 1971 DAVID J. LAUB President, Marine Midland Trust Company of Western New York, Buffalo, N.Y. 1972 Appointed by Board of Governors:

1 ROBERT S. BENNETT General Manager, Lackawanna Plant, Bethlehem Steel Corpora- tion, Buffalo, N.Y. 1970 NORMAN F. BEACH Vice President, Eastman Kodak Company, Rochester, N.Y. 1971 MORTON ADAMS General Manager, Pro-Fac Cooperative, Inc., Rochester, N.Y. 1972

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA

Class A:

H. LYLE DUFFEY Executive Vice President, The First National Bank, McConnells- burg, Pa. 1970 HAROLD F. STILL, JR. President, Central-Penn National Bank of Philadelphia, Pa. 1971 WILLIAM R. COSBY President, Princeton Bank and Trust Company, Princeton, N.J. 1972

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

PHILIP H. GLATFELTER, III President, P. H. Glatfelter Co., Spring Grove, Pa. 1970 HENRY A. THOURON President, Hercules Incorporated, Wilmington, Del. 1971 EDWARD J. DWYER President, ESB Incorporated, Philadelphia, Pa. 1972

Class C.-

WILLIS J. WINN 1 Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. 1970 D. ROBERT YARNALL, JR. President, Yarway Corporation, Blue Bell, Pa. 1971 BAYARD L. ENGLAND 2 Chairman of the Board, Atlantic City Electric Company, Atlantic City, N.J. 1972

District 4—FEDERAL RESERVE BANK OF CLEVELAND

Class A:

SEWARD D. SCHOOLER President, Coshocton National Bank, Coshocton, Ohio 1970 GEORGE F. KARCH Chairman of the Board, Chief Executive Officer, The Cleveland Trust Company, Cleveland, Ohio 1971 DAVID L. BRUMBACK, JR. President, Van Wert National Bank, Van Wert, Ohio 1972

Class B.-

JOHN L. GUSHMAN Chief Executive Officer, President, Anchor Hocking Corporation, Lancaster, Ohio 1970 J. WILLIAM HENDERSON, JR. President, Buckeye International, Inc., Columbus, Ohio 1971 R. STANLEY LAING President, The National Cash Register Company, Dayton, Ohio 1972

Class C:

J. WARD KEENER 2 Chairman of the Board, The B. F. Goodrich Company, Akron, Ohio 1970 HORACE A. SHEPARD Chairman of the Board, Chief Executive Officer, TRW Inc., Cleveland, Ohio 1971 ALBERT G. CLAY 1 President, Clay Tobacco Company, Mt. Sterling, Ky. 1972

CINCINNATI BRANCH

Appointed by Federal Reserve Bank:

FLETCHER E. NYCE Chairman of the Board, Chief Executive Officer, The Central Trust Company, Cincinnati, Ohio 1970 ROBERT B. JOHNSON President, Pikeville National Bank & Trust Company, Pike- ville, Ky. 1971 EDWARD W. BARKER President, First National Bank of Middletown, Ohio 1972 FRED O. MACFEE, JR. Vice President, General Manager, Aircraft Engine Operating Division, General Electric Company, Cincinnati, Ohio 1972

1 Chairman 2 Deputy Chairman

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District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued CINCINNATI BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 ORIN E.ATKINS President, Ashland Oil, Inc., Ashland, Ky. 1970 1 GRAHAM E. MARX President, General Manager, The G. A. Gray Company, Cin- cinnati, Ohio 1971 PHILLIP R. SHRIVER President, Miami University, Oxford, Ohio 1972

PITTSBURGH BRANCH

Appointed by Federal Reserve Bank:

GEORGE S. COOK President, Somerset Trust Company, Somerset, Pa. 1970 CHARLES H. BRACKEN President, Marine National Bank, Erie, Pa. 1971 ROBINSON F. BARKER Chairman of the Board, Chief Executive Officer, PPG Industries, Pittsburgh, Pa. 1972 J. W. BINGHAM President, The Merchants & Manufacturers National Bank, Sharon, Pa. 1972

Appointed by Board of Governors:

B. R. DORSEY President, Gulf Oil Corporation, Pittsburgh, Pa. 1970 RICHARD M. CYERT Dean, Graduate School of Industrial Administration, Carnegie- Mellon University, Pittsburgh, Pa. 1971 LAWRENCE E. WALKLEY President, Chief Executive Officer, Westinghouse Air Brake Company, Pittsburgh, Pa. 1972

District 5—FEDERAL RESERVE BANK OF RICHMOND

Class A :

GILES H. MILLER, JR. President, The Culpeper National Bank, Culpeper, Va. 1970 DOUGLAS D. MONROE, JR. President, Chesapeake National Bank, Kilmarnock, Va. 1971 HUGH A. CURRY President, The Kanawha Valley Bank, Charleston, W.Va. 1972

Class B:

H. DAIL HOLDERNESS President, Carolina Telephone and Telegraph Company, Tarboro, N.C. 1970 CHARLES D. LYON Hagerstown, Md. 1971 ROBERT S. SMALL President, Dan River Mills, Inc., Greenville, S.C. 1972

Class C.-

STUART SHUMATE President, Richmond, Fredericksburg and Potomac Railroad Company, Richmond, Va. 1970 WILSON H. ELKINS 1 President, University of Maryland, College Park, Md. 1971 ROBERT W. LAWSON, JR. 2 Managing Partner of Charleston Office, Steptoe & Johnson, At- torneys, Charleston, W.Va. 1972

1 Chairman 2 Deputy Chairman

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District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued BALTIMORE BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31

ADRIAN L. MCCARDELL Chairman of the Board, First National Bank of Maryland, Balti- more, Md. 1970 JAMES J. ROBINSON Executive Vice President, Bank of Ripley, W.Va. 1970 TILTON H. DOBBIN Chairman of the Executive Committee, President, Maryland Na- tional Bank, Baltimore, Md. 1971 J. R. CHAFFINCH, JR. Executive Vice President, The Denton National Bank, Denton, Md. 1972

Appointed by Board of Governors:

JOHN H. FETTING, JR. President, A. H. Fetting Company, Baltimore, Md. 1970 JAMES M. JARVIS Chairman of the Board, Jarvis, Downing & Emch, Inc., Clarks- burg, W.Va. 1971 1 ARNOLD J. KLEFF, JR. Manager, Baltimore Refinery, American Smelting and Refining Company, Baltimore, Md. 1972

CHARLOTTE BRANCH

Appointed by Federal Reserve Bank:

C. C. CAMERON Chairman of the Board, President, First Union National Bank, Charlotte, N.C. 1970 H. PHELPS BROOKS, JR. President, The Peoples National Bank, Chester, S.C. 1970 L. D. COLTRANE, III President, The Concord National Bank, Concord, N.C. 1971 J. WILLIS CANTEY President, The Citizens and Southern National Bank, Colum- bia, S.C. 1972

Appointed by Board of Governors:

1 WILLIAM B. MCGUIRE President, Duke Power Company, Charlotte, N.C. 1970 JOHN L. FRALEY Executive Vice President, Carolina Freight Carriers Corpora- tion, Cherryville, N.C. 1971 E. CRAIG WALL, SR. Chairman of the Board, Canal Industries, Inc., Conway, S.C. 1972

District 6—FEDERAL RESERVE BANK OF ATLANTA

Class A:

A. L. ELLIS Chairman of the Board, First National Bank, Tarpon Springs, Fla. 1970 JOHN W. GAY President, The First National Bank of Scottsboro, Ala. 1971 WILLIAM B. MILLS President, The Florida National Bank, Jacksonville, Fla. 1972

1 Chairman

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District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued Term Expires Class B: Dec. 31

HOSKINS A. SHADOW President, Tennessee Valley Nursery, Inc., Winchester, Tenn. 1970 OWEN COOPER President, Mississippi Chemical Corporation and Coastal Chem- ical Corporation, Yazoo City, Miss. 1971 PHILIP J. LEE Vice President, Tropicana Products, Inc., Tampa, Fla. 1972

Class C:

JOHN C. WILSON 2 President, Horne-Wilson, Inc., Atlanta, Ga. 1970 EDWIN I. HATCH 1 President, Georgia Power Company, Atlanta, Ga. 1971 F. EVANS FARWELL President, Milliken & Farwell, Inc., New Orleans, La. 1972

BIRMINGHAM BRANCH

Appointed by Federal Reserve Bank:

ARTHUR L. JOHNSON President, Camden National Bank, Camden, Ala. 1970 GEORGE A. LEMAISTRE President, City National Bank, Tuscaloosa, Ala. 1970 K. M. VARNER, JR. President, The First National Bank of Auburn, Ala. 1971 HARVEY TERRELL Chairman of the Board, The First National Bank of Birming- ham, Ala. 1972

Appointed by Board of Governors:

1 C. CALDWELL MARKS Chairman of the Board, Owens-Richards Company, Inc., Birm- ingham, Ala. 1970 W. CECIL BAUER President, South Central Bell Telephone Company, Birming- ham, Ala. 1971 E. STANLEY ROBBINS President, National Floor Products Company, Inc., Florence, Ala. 1972

JACKSONVILLE BRANCH

Appointed by Federal Reserve Bank:

HARRY HOOD BASSETT Chairman of the Board, The First National Bank, Miami, Fla. 1970 JOHN Y. HUMPHRESS Executive Vice President, Capital City First National Bank, Tal- lahassee, Fla. 1970 EDWARD W. LANE, JR. President, The Atlantic National Bank, Jacksonville, Fla. 1971 JAMES G. RICHARDSON Chairman of the Board, President, The Commercial Bank and Trust Company of Ocala, Fla. 1972

Appointed by Board of Governors:

1 HENRY CRAGG Vice-President, Coca-Cola Company Foods Division, Orlando, Fla. 1970 CASTLE W. JORDAN President, AO Industries, Inc., Coral Gables, Fla. 1971 HENRY K. STANFORD President, University of Miami, Coral Gables, Fla. 1972

1 Chairman 2 Deputy Chairman

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District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued NASHVILLE BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 H. A. CROUCH, JR. President, The First National Bank, Tullahoma, Tenn. 1970 W. H. SWAIN President, First National Bank, Oneida, Tenn. 1970 HUGH M. WILLSON President, Citizens National Bank, Athens, Tenn. 1971 EDWARD C. HUFFMAN Chairman of the Board, President, First National Bank, Shelby- ville, Tenn. 1972

Appointed by Board of Governors: 1 ROBERT M. WILLIAMS President, ARO, Inc., Tullahoma, Tenn. 1970 EDWARD J. BOLING Vice President for Development and Administration, The Uni- versity of Tennessee, Knoxville, Tenn. 1971 ROY J. FISHER Manager, Tennessee Operations, Aluminum Company of Amer- ica, Alcoa, Tenn. 1972

NEW ORLEANS BRANCH

Appointed by Federal Reserve Bank:

LUCIEN J. HEBERT, JR. Executive Vice President, Lafourche National Bank of Thibo- daux, La. 1970 MORGAN WHITNEY Senior Vice President, Whitney National Bank, New Orleans, La. 1970 E. W. HAINING President, The First National Bank, Vicksburg, Miss. 1971 H. P. HEIDELBERG, JR. President, Pascagoula-Moss Point Bank, Pascagoula, Miss. 1972

Appointed by Board of Governors:

ROBERT H. RADCLIFF, JR. President, Southern Industries Corporation, Mobile, Ala. 1970 1 FRANK G. SMITH Vice President, Mississippi Power & Light Company, Jackson, Miss. 1971 D. BEN KLEINPETER Wholesale Manager, Kleinpeter Farms Dairy, Inc., Baton Rouge, La. 1972

District 7—FEDERAL RESERVE BANK OF CHICAGO

Class A :

MELVIN C. LOCKARD President, First National Bank, Mattoon, 111. 1970 FLOYD F. WHITMORE President, The Okey-Vernon National Bank, Corning, Iowa 1971 EDWARD B. SMITH Chairman of the Board, The Northern Trust Company, Chicago, 111. 1972

Class B.-

HOWARD M. PACKARD Chairman of the Finance Committe, S. C. Johnson & Son, Inc., Racine, Wis. 1970 JOSEPH O. WAYMIRE Indianapolis, Ind. 1971 WILLIAM H. DAVIDSON President, Harley-Davidson Motor Company, Milwaukee, Wis. 1972

1 Chairman

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District 7—FEDERAL RESERVE BANK OF CHICAGO—Continued Term Expires Class C.- Dec. 31

FRANKLIN J. LUNDING Chairman of the Finance Committee, Jewel Companies, Inc., Melrose Park, 111. 1970 WILLIAM H. FRANKLIN - President, Caterpillar Tractor Co., Peoria, 111. 1971 EMERSON G. HIGDON 1 President, The Maytag Company, Newton, Iowa 1972

DETROIT BRANCH

Appointed by Federal Reserve Bank:

RAYMOND T. PERRING Chairman of the Board, The Detroit Bank and Trust Company, Detroit, Mich. 1970 B. P. SHERWOOD, JR. President, Security First Bank & Trust Company, Grand Haven, Mich. 1971 GEORGE JL. WHYEL President, Genesee Merchants Bank & Trust Company, Flint, Mich. 1972 ROLAND A. MEWHORT Chairman of the Board, Manufacturers National Bank of Detroit, Mich. 1972

Appointed by Board of Governors: 1 L. WM. SEIDMAN Resident Partner, Seidman & Seidman, Grand Rapids, Mich. 1970 PETER B. CLARK Chairman of the Board, President, The Evening News Asso- ciation, Detroit, Mich. 1971 W. M. DEFOE Chairman of the Board, Defoe Shipbuilding Company, Bay City, Mich. 1972

District 8—FEDERAL RESERVE BANK OF ST. LOUIS

Class A:

BRADFORD BRETT President, First National Bank of Mexico, Mo. 1970 JAMES P. HICKOK Chairman of the Board, First National Bank in St. Louis, Mo. 1971 CECIL W. CUPP, JR. President, Arkansas Bank & Trust Company, Hot Springs, Ark. 1972

Class B.-

MARK TOWNSEND Chairman of the Board, Townsend Lumber Company, Inc., Stuttgart, Ark. 1970 SHERWOOD J. SMITH Vice President, D/P Computer Services, Inc., Evansville, Ind. 1971 EDWARD J. SCHNUCK President, Schnuck Markets, Inc., St. Louis, Mo. 1972

Class C:

SMITH D. BROADBENT, JR. 2 Broadbent Hybrid Seed Co., Cadiz, Ky. 1970 FREDERIC M. PEIRCE 1 Chairman of the Board, Chief Executive Officer, General Ameri- can Life Insurance Company, St. Louis, Mo. 1971 SAM COOPER President, HumKo Products, Memphis, Tenn. 1972

1 Chairman 2 Deputy Chairman

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DISTRICT B—FEDERAL RESERVE BANK OF ST. LOUIS—Continued LITTLE ROCK BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 EDWARD M. PENICK Chief Executive Officer, President, Worthen Bank & Trust Com- pany, Little Rock, Ark. 1970 Louis E. HURLEY Chairman of the Board, The Exchange Bank & Trust Company, El Dorado, Ark. 1971 ELLIS E. SHELTON President, The First National Bank of Fayetteville, Ark. 1972 WAYNE A. STONE Chairman of the Board, Chief Executive Officer, Simmons First National Bank of Pine Bluff, Ark. 1972 Appointed by Board of Governors:

FRED I. BROWN, JR. President, Arkansas Foundry Company, Little Rock, Ark. 1970 AL POLLARD1 President, Brooks-Pollard Company, Little Rock, Ark. 1971 JAKE HARTZ, JR. President, Jacob Hartz Seed Co., Inc., Stuttgart, Ark. 1972

LOUISVILLE BRANCH

Appointed by Federal Reserve Bank:

J. E. MILLER Executive Vice President, Sellersburg State Bank, Sellersburg, Ind. 1970 HUGH M. SHWAB Vice Chairman of the Board, First National Bank of Louisville, Ky. 1971 PAUL CHASE President, The Bedford National Bank, Bedford, Ind. 1972 JAMES C. ZIMMERMAN Executive Vice President, The Owensboro National Bank, Owensboro, Ky. 1972 Appointed by Board of Governors: 1 HARRY M. YOUNG, JR. Farmer, Herndon, Ky. 1970 RONALD E. REITMEIER President, Catalysts and Chemicals Inc., Louisville, Ky. 1971 JOHN G. BEAM President, Thomas Industries Inc., Louisville, Ky. 1972

MEMPHIS BRANCH

Appointed by Federal Reserve Bank:

J.J.WHITE President, Helena National Bank, Helena, Ark. 1970 WADE W. HOLLOWELL President, The First National Bank of Greenville, Miss. 1971 JAMES R. FITZHUGH Executive Vice President, Bank of Ripley, Tenn. 1972 LEWIS K. MCKEE Chairman of the Board, National Bank of Commerce, Memphis, Tenn. 1972 Appointed by Board of Governors: 1 ALVIN HUFFMAN, JR. President, Huffman Brothers Inc., Blytheville, Ark. 1970 C. WHITNEY BROWN President, S. C. Toof & Company, Memphis, Tenn. 1971 WILLIAM L. GILES President, Mississippi State University, State College, Miss. 1972

1 Chairman

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District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Term Expires Class A: Dec. 31 WARREN F. VAUGHAN President, Security Trust & Savings Bank, Billings, Mont. 1970 G. A. DAHLEN President, 1st National Bank, Ironwood, Mich. 1971 JOHN BOSSHARD Executive Vice President, The First National Bank, Bangor, Wis. 1972

Class B.-

DALE V. ANDERSEN President, Mitchell Packing Company, Inc., Mitchell, S. Dak. 1970 JOHN H. BAILEY President, The Cretex Companies, Inc., Elk River, Minn. 1971 DAVID M. HESKETT President, Montana-Dakota Utilities Co., Bismarck, N. Dak. 1972

Class C:

BRYON W. REEVE President, Lake Shore, Inc., Iron Mountain, Mich. 1970 ROBERT F. LEACH ] Attorney, Oppenheimer, Hodgson, Brown, Wolff and Leach, St. Paul, Minn. 1971 DAVID M. LILLY 2 Chairman of the Board, Toro Manufacturing Corporation, Min- neapolis, Minn. 1972

HELENA BRANCH

Appointed by Federal Reserve Bank:

CHARLES H. BROCKSMITH President, First Security Bank of Glasgow, N.A., Glasgow, Mont. 1970 GLENN H. LARSON President, First State Bank, Thompson Falls, Mont. 1970 RICHARD D. RUBIE Chairman of the Board, President, Missoula Bank of Montana, Missoula, Mont. 1971 Appointed by Board of Governors: 1 WARREN B. JONES Secretary-Treasurer, Two Dot Land & Livestock Co., Harlow- ton, Mont. 1970 WILLIAM A. CORDINGLEY Publisher, Great Falls Tribune, Great Falls, Mont. 1971

District 10—FEDERAL RESERVE BANK OF KANSAS CITY

Class A:

C. M. MILLER President, The Farmers & Merchants State Bank, Colby, Kans. 1970 JOHN A. O'LEARY Chairman of the Board, The Peoples State Bank, Luray, Kans. 1971 ROGER D. KNIGHT, JR. Chairman of the Board, Denver U.S. National Bank, Denver, Colo. 1972 Class B.- ALFRED E. JORDAN Vice President, Trans World Airlines, Inc., Kansas City, Mo. 1970 STANLEY LEARNED Member of Finance Committee, Phillips Petroleum Company, Bartlesville, Okla. 1971 CECIL O. EMRICH Manager, Norfolk Livestock Market, Inc., Norfolk, Nebr. 1972

1 Chairman 2 Deputy Chairman

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District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued Term Expires Class C: Dec. 31 DOLPH SIMONS1 Editor, Journal-World, Lawrence, Kans. 1970 ROBERT W. WAGSTAFF President, Kansas City Coca-Cola Bottling Company, Kansas City, Mo. 1971 2 WILLARD D. HOSFORD, JR. Vice President, General Manager, John Deere Company, Omaha, Nebr. 1972

DENVER BRANCH

Appointed by Federal Reserve Bank:

THEODORE D. BROWN Executive Vice President, The First National Bank of Denver, Colo. 1970 ROBERT L. TRIPP President, Albuquerque National Bank, Albuquerque, N.M. 1970 ARMIN B. BARNEY Chairman of the Board, The Colorado Springs National Bank, Colorado Springs, Colo. 1971 Appointed by Board of Governors:

DAVID R. C. BROWN President, The Aspen Skiing Corporation, Aspen, Colo. 1970 1 CRIS DOBBINS Chairman of the Board, President, Ideal Basic Industries, Inc., Denver, Colo. 1971

OKLAHOMA CITY BRANCH

Appointed by Federal Reserve Bank:

CHARLEY M. CRAWFORD President, First National Bank, Frederick, Okla. 1970 MARVIN MILLARD Chairman of the Board, National Bank of Tulsa, Okla. 1970 W. H. MCDONALD Chairman of the Executive Committee, The First National Bank and Trust Company of Oklahoma City, Okla. 1971 Appointed by Board of Governors: F. W. ZALOUDEK Manager, J. I. Case Implements, Kremlin, Okla. 1970 1 C. W. FLINT, JR. Chairman of the Board, Flint Steel Corporation, Tulsa, Okla. 1971

OMAHA BRANCH

Appointed by Federal Reserve Bank:

EDWARD W. LYMAN President, The United States National Bank, Omaha, Nebr. 1970 JOHN W. HAY, JR. President, Rock Springs National Bank, Rock Springs, Wyo. 1971 S. N. WOLBACH President, First National Bank, Grand Island, Nebr. 1971

Appointed by Board of Governors:

HENRY Y. KLEINKAUF1 President, Natkin & Company, Omaha, Nebr. 1970 A. JAMES EBEL Vice President, General Manager, Cornhusker Television Cor- poration, Lincoln, Nebr. 1971

1 Chairman 2 Deputy Chairman

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District 11—FEDERAL RESERVE BANK OF DALLAS Term Expires Class A: Dec. 31

J. V. KELLY President, The Peoples National Bank of Belton, Tex. 1970 A. W. RITER, JR. President, The Peoples National Bank of Tyler, Tex. 1971 MURRAY KYGER Chairman of the Board, The First National Bank of Fort Worth, Tex. 1972

Class B.-

CARL D. NEWTON President, Fox-Stanley Photo Products, Inc., San Antonio, Tex. 1970 HUGH F. STEEN President, El Paso Natural Gas Company, El Paso, Tex. 1971 C. A. TATUM, JR. President, Chief Executive Officer, Texas Utilities Company, Dallas, Tex. 1972

Class C.-

CARL J. THOMSEN 1 Senior Vice President, Texas Instruments Incorporated, Dallas, Tex. 1970 CHAS. F. JONES 2 President, Humble Oil & Refining Company, Houston, Tex. 1971 PHILIP G. HOFFMAN President, University of Houston, Tex. 1972

EL PASO BRANCH

Appointed by Federal Reserve Bank:

CULLEN J. KELLY President, The First National Bank of Midland, Tex. 1970 JOEB. SISLER President, The Clovis National Bank, Clovis, N.M. 1971 ARCHIE B. SCOTT President, The Security State Bank of Pecos, Tex. 1972 SAM D. YOUNG, JR. President, El Paso National Bank, El Paso, Tex. 1972

Appointed by Board of Governors: 1 GORDON W. FOSTER Vice President, Farah Manufacturing Company, Inc., El Paso, Tex. 1970 JOSEPH M. RAY Benedict Professor of Political Science, The University of Texas at El Paso, Tex. 1971 ALLAN B. BOWMAN President, General Manager, Banner Mining Company, Tucson, Ariz. 1972

HOUSTON BRANCH

Appointed by Federal Reserve Bank:

A. G. MCNEESE, JR. Chairman of the Board, Chief Executive Officer, Bank of the Southwest National Association, Houston, Tex. 1970 HENRY B. CLAY President, First Bank & Trust, Bryan, Tex. 1971 W. G. THORNELL President, The First National Bank of Port Arthur, Tex. 1972 JOHN E. WHITMORE Chairman of the Board, Texas National Bank of Commerce of Houston, Tex. 1972

1 Chairman 2 Deputy Chairman

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District 11—FEDERAL RESERVE BANK OF DALLAS—Continued HOUSTON BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 M. STEELE WRIGHT, JR. President, General Manager, Texas Farm Products Company, Nacogdoches, Tex. 1970 R. M. BUCKLEY President, Eastex Incorporated, Silsbee, Tex. 1971 1 GEO T. MORSE, JR. President, General Manager, Peden Iron & Steel Company, Houston, Tex. 1972

SAN ANTONIO BRANCH

Appointed by Federal Reserve Bank:

RAY M. KECK, JR. President, Union National Bank of Laredo, Tex. 1970 JAMES T. DENTON, JR. President, Corpus Christi Bank and Trust, Corpus Christi, Tex. 1971 T. C. FROST, JR. President, The Frost National Bank of San Antonio, Tex. 1972 W. O. ROBERSON President, First National Bank at Brownsville, Tex. 1972

Appointed by Board of Governors:

LLOYD M. KNOWLTON General Manager, Knowlton's Creamery, San Antonio, Tex. 1970 1 FRANCIS B. MAY Professor of Business Statistics, The University of Texas, Austin, Tex. 1971 W. A. BELCHER Veterinarian, Rancher, Brackettville, Tex. 1972

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO

Class A:

CHARLES F. FRANKLAND Chairman of the Board, The Pacific National Bank, Seattle, Wash. 1970 RALPH V. ARNOLD Chairman of the Board, Chief Executive Officer, First National Bank and Trust Company, Ontario, Calif. 1971 CARROLL F. BYRD President, The First National Bank, Willows, Calif. 1972

Class B: President, Chief Executive Officer, Schlage Lock Company, San MARRON KENDRICK Francisco, Calif. 1970 Treasurer, Standard Oil Company of California, San Francisco, HERBERT D. ARMSTRONG Calif. 1971 Honorary Chairman of the Board, The Eimco Corporation, Salt JOSEPH ROSENBLATT Lake City, Utah 1972

Class C: President, Director, Center for Advanced Study in the Behavioral Sciences, Stanford, Calif. 1970 O. MEREDITH WILSON 1 Chairman of the Board, Pacific Vegetable Oil Corporation, San Francisco, Calif. 1971 BERNARD T. ROCCA, JR. Senior Vice President, Carnation Company, Los Angeles, Calif. 1972

S. ALFRED HALGREN 2 1 Chairman 2 Deputy 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 HARRY J. VOLK Chairman of the Board, Chief Executive Officer, Union Bank, Los Angeles, Calif. 1970 CARL E. SCHROEDER President, The First National Bank of Orange County, Orange, Calif. 1970 T. H. SHEARIN President, Community National Bank, Bakersfield, Calif. 1970 SHERMAN HAZELTINE Chairman of the Board, First National Bank of Arizona, Phoe- nix, Ariz. 1971

Appointed by Board of Governors:

NORMAN B. HOUSTON Senior Vice President, Treasurer, Golden State Mutual Life In- surance Company, Los Angeles, Calif. 1970 J. LELAND ATWOOD President, Chief Executive Officer, North American Rockwell Corporation, El Segundo, Calif. 1971 LELAND D. PRATT \ President, Kelco Company, San Diego, Calif. 1972

PORTLAND BRANCH

Appointed by Federal Reserve Bank:

E. W. FIRSTENBURG Chairman of the Board, President, First Independent Bank, Vancouver, Wash. 1970 JAMES H. STANARD Vice President, First National Bank, McMinnville, Oreg. 1970 RALPH J. Voss President, First National Bank of Oregon, Portland, Oreg. 1971

Appointed by Board of Governors:

1 ROBERT F. DWYER Dwyer Forest Products Company, Portland, Oreg. 1970 FRANK ANDERSON Farmer, Heppner, Oreg. 1971

SALT LAKE CITY BRANCH

Appointed by Federal Reserve Bank:

NEWELL B. DAYTON Chairman of the Board, Tracy-Collins Bank and Trust Company, Salt Lake City, Utah 1970 RODERICK H. BROWNING President, Bank of Utah, Ogden, Utah 1970 WILLIAM E. IRVIN Chairman of the Board, The Idaho First National Bank, Boise, Idaho 1971

Appointed by Board of Governors:

1 PETER E. MARBLE Rancher, Deeth, Nev. 1970 ROYDEN G. DERRICK President, General Manager, Western Steel Company, Salt Lake City, Utah 1971

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District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued SEATTLE BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 A. E. SAUNDERS President, Puget Sound National Bank, Tacoma, Wash. 1970 PHILIP H. STANTON President, Washington Trust Bank, Spokane, Wash. 1970 JOSEPH C. BAILLARGEON Chairman of the Board, Seattle Trust & Savings Bank, Seattle, Wash. 1971

Appointed by Board of Governors:

1 C. HENRY BACON, JR. President, Simpson Timber Company, Seattle, Wash. 1970 FRANCIS G. CRANE Owner-Manager, Crane and Crane Orchards and Cold Storage, Brewster, Wash. 1971

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Directors of Federal Reserve Banks and Branches

Following is a list of the directorates of the Federal Reserve Banks and Branches as at present constituted. 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 engaged 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 Re- serve Agent and another as Deputy Chairman. Federal Reserve 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

JOHN SIMMEN Chairman of the Board, Chief Executive Officer, Industrial National Bank of Rhode Island, Providence, R.I. 1971 (Vacancy) 1972 RALPH A. MCININCH President, Merchants National Bank of Manchester, N.H. 1973

Class B:

W. GORDON ROBERTSON General Trustee, Bangor Punta Corporation, Bangor, Maine 1971 F. RAY KEYSER, JR. Vice President, Vermont Marble Company, Proctor, Vt. 1972 G. WILLIAM MILLER President, Chief Executive Officer, Textron, Providence, R.I. 1973

Class C:

JAMES S. DUESENBERRY1 Professor of Economics, Harvard University, Cambridge, Mass. 1971 LOUIS W. CABOT2 Chairman of the Board, Cabot Corporation, Boston, Mass. 1972 JOHN M. FOX President, United Fruit Company, Boston, Mass. 1973

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

C. E. TREMAN, JR. President, Chief Executive Officer, Tompkins County Trust Com- pany, Ithaca, N.Y. 1971 ARTHUR S. HAMLIN President, The Canandaigua National Bank and Trust Company, Canandaigua, N.Y. 1972 WILLIAM S. RENCHARD Chairman, Chemical Bank, New York, N.Y. 1973

Class B: MILTON C. MUMFORD Chairman of the Board, Lever Brothers Company, New York, N.Y. 1971 MAURICE R. FORM AN Chairman of the Board, B. Forman Co., Rochester, N.Y. 1972 WILLIAM D. EBERLE President, Chief Executive Officer, American-Standard Inc., New York, N.Y. 1973

Class C: ROSWELL L. GILPATRIC2 Partner, Cravath, Swaine & Moore, New York, N.Y. 1971 ALBERT L. NICKERSON 1 New York, N.Y. 1972 WHITNEY M. YOUNG, JR. Executive Director, National Urban League, New York, N.Y. 1973

BUFFALO BRANCH

Appointed by Federal Reserve Bank:

JAMES I. WYCKOFF Chairman of the Board, The National Bank of Geneva, N.Y. 1971 DAVID J. LAUB Chairman of the Board, Marine Midland Bank-Western, Buffalo, N.Y. 1972 WILLIAM B. ANDERSON President, The First National Bank of Jamestown, N.Y. 1973 ANGELO A. COSTANZA President, Chief Executive Officer, Central Trust Company Roch- ester, N.Y. 1973

Appointed by Board of Governors.

NORMAN F. BEACH1 Vice President, Eastman Kodak Company, Rochester, N.Y. 1971 MORTON ADAMS General Manager, Pro-Fac Cooperative Inc., Rochester, N.Y. 1972 RUPERT WARREN President, Trico Products Corporation, Buffalo, N.Y. 1973

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA

Class A:

HAROLD F. STILL, JR. President, Central Penn National Bank, Philadelphia, Pa. 1971 WILLIAM R. COSBY Chairman of the Board, Princeton Bank and Trust Company, Princeton, N.J. 1972 RICHARD A. HERBSTER President, Lewistown Trust Company, Lewistown, Pa. 1973

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District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term Expires Class B: Dec. 31 (Vacancy) 1971 EDWARD J. DWYER President, ESB Incorporated, Philadelphia, Pa. 1972 PHILIP H. GLATFELTER, III Chairman of the Board, President, P. H. Glatfelter Co., Spring Grove, Pa. 1973

Class C: 2 D. ROBERT YARNALL, JR. President, Yarway Corporation, Blue Bell, Pa. 1971 BAYARD L. ENGLAND1 Chairman of the Board, Atlantic City Electric Company, Atlantic City, N.J. 1972 JOHN R. COLEMAN President, Haverford College, Haverford, Pa. 1973

District 4—FEDERAL RESERVE BANK OF CLEVELAND

Class A :

GEORGE F. KARCH Chairman of the Board, Chief Executive Officer, The Cleveland Trust Company, Cleveland, Ohio 1971 DAVID L. BRUMBACK, JR. President, Van Wert National Bank, Van Wert, Ohio 1972 EDWARD W. BARKER President, First National Bank of Middletown, Ohio 1973

Class B:

J. WILLIAM HENDERSON, JR. Henderson & Associates, Columbus, Ohio 1971 R. STANLEY LAING President, The National Cash Register Company, Dayton, Ohio 1972 JOHN L. GUSHMAN President, Chief Executive Officer, Anchor Hocking Corporation, Lancaster, Ohio 1973

Class C.- HORACE A. SHEPARD Chairman of the Board, Chief Executive Officer, TRW Inc., Cleve- land, Ohio 1971 ALBERT G. CLAY1 President, Clay Tobacco Company, Mt. Sterling, Ky. 1972 J. WARD KEENER2 Chairman of the Board, Chief Executive Officer, The B. F. Good- rich Company, Akron, Ohio 1973

CINCINNATI BRANCH

Appointed by Federal Reserve Bank:

ROBERT B. JOHNSON President, Pikeville National Bank & Trust Company, Pikeville, Ky. 1971 PAUL W. CHRISTENSEN, JR. President, The Cincinnati Gear Company, Cincinnati, Ohio 1972 ROBERT E. HALL President, The First National Bank and Trust Company, Troy, Ohio 1972 WILLIAM S. ROWE President, The Fifth Third Bank, Cincinnati, Ohio 1973

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District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued CINCINNATI BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 GRAHAM E. MARX1 President, General Manager, The G. A. Gray Company, Cincin- nati, Ohio 1971 PHILLIP R. SHRIVER President, Miami University, Oxford, Ohio 1972 CLAIR F. VOUGH Vice President, IBM Corporation, Lexington, Ky. 1973

PITTSBURGH BRANCH Appointed by Federal Reserve Bank: CHARLES H. BRACKEN President, Chief Executive Officer, Marine National Bank, Erie, Pa. 1971 ROBINSON F. BARKER Chairman, Chief Executive Officer, PPG Industries, Pittsburgh, Pa. 1972 J. W. BINGHAM President, The Merchants and Manufacturers National Bank of Sharon, Pa. 1972 MERLE E.'GILLIAND President, Chief Executive Officer, Pittsburgh National Bank, Pittsburgh, Pa. 1973

Appointed by Board of Governors : RICHARD M. CYERT Dean, Graduate School of Industrial Administration, Carnegie- Mellon University, Pittsburgh, Pa. 1971 LAWRENCE E. WALKLEY1 President, Chief Executive Officer, Westinghouse Air Brake Com- pany, Pittsburgh, Pa. 1972 ROBERT E. KIRBY President, Industry and Defense Products, Westinghouse Electric Corporation, Pittsburgh, Pa. 1973

District 5—FEDERAL RESERVE BANK OF RICHMOND Class A : DOUGLAS D. MONROE, JR. President, Chesapeake National Bank, Kilmarnock, Va. 1971 HUGH A. CURRY President, The Kanawha Valley Bank, Charleston, W. Va. 1972 THOMAS P. MCLACHLEN President, McLachlen National Bank, Washington, D.C. 1973

Class B : CHARLES D. LYON Hagerstown, Md. 1971 ROBERT S. SMALL President, Dan River Mills Incorporated, Greenville, S.C. 1972 H. DAIL HOLDERNESS President, Carolina Telephone and Telegraph Company, Tarboro, N.C. 1973

Class C.- WILSON H. ELKINS1 President, University of Maryland, College Park, Md. 1971 ROBERT W. LAWSON, JR. Managing Partner of Charleston Office, Steptoe & Johnson, Charles- ton, W. Va. 1972 STUART SHUMATE President, Richmond, Fredericksburg and Potomac Railroad Com- pany, Richmond, Va. 1973

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District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued BALTIMORE BRANCH Term Expires A ppointed by Federal Reserve Bank: Dec. 31

TILTON H. DOBBIN President, Chairman of the Executive Committee, Maryland Na- tional Bank, Baltimore, Md. 1971 J. R. CHAFFINCH, JR. Executive Vice President, The Denton National Bank, Denton, Md. 1972 JAMES J. ROBINSON Executive Vice President, Bank of Ripley, W. Va. 1973 J. STEVENSON PECK President, Union Trust Company of Maryland, Baltimore, Md. 1973

Appointed by Board of Governors:

JAMES M. JARVIS Chairman of the Board, Jarvis, Downing & Emch, Inc., Clarksburg, W. Va. 1971 ARNOLD J. KLEFF, JR.1 Manager, Baltimore Refinery, American Smelting and Refining Company, Baltimore, Md. 1972 JOHN H. FETTING, JR. President, A. H. Fetting Company, Baltimore, Md. 1973

CHARLOTTE BRANCH

Appointed by Federal Reserve Bank : L. D. COLTRANE, III President, The Concord National Bank, Concord, N.C. 1971 J. WILLIS CANTEY President, The Citizens and Southern National Bank of South Carolina, Columbia, S.C. 1972 C. C. CAMERON Chairman of the Board, President, First Union National Bank of North Carolina, Charlotte, N.C. 1973 H. PHELPS BROOKS, JR. President, The Peoples National Bank, Chester, S.C. 1973

Appointed by Board of Governors :

1 JOHN L. FRALEY President, Carolina Freight Carriers Corporation, Cherryville, N.C. 1971 E. CRAIG WALL, SR. Chairman of the Board, Canal Industries, Inc., Conway, S.C. 1972 CHARLES W. DEBELL General Manager, North Carolina Works, Western Electric Com- pany, Inc., Winston-Salem, N.C. 1973

District 6—FEDERAL RESERVE BANK OF ATLANTA

Class A :

JOHN W. GAY President, The First National Bank of Scottsboro, Ala. 1971 WILLIAM B. MILLS President, The Florida National Bank, Jacksonville, Fla. 1972 A. L. ELLIS Chairman of the Board, First National Bank, Tarpon Springs, Fla. 1973

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District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued Term Expires Class B.- Dec. 31

Owen COOPER President, Mississippi Chemical Corporation and Coastal Chemical Corporation, Yazoo City, Miss. 1971 PHILIP J. LEE Vice President, Tropicana Products, Inc., Tampa, Fla. 1972 HOSKINS A. SHADOW President, Tennessee Valley Nursery, Inc., Winchester, Tenn. 1973

Class C : EDWIN I. HATCH1 President, Georgia Power Company, Atlanta, Ga. 1971 F. EVANS FARWELL President, Milliken and Farwell, Inc., New Orleans, La. 1972 JOHN C. WILSON 2 President, Horne-Wilson, Inc., Atlanta, Ga. 1973

BIRMINGHAM BRANCH

Appointed by Federal Reserve Bank:

K. M. VARNER, JR. President, The First National Bank of Auburn, Ala. 1971 HARVEY TERRELL Chairman of the Board, The First National Bank of Birmingham, Ala. 1972 WALLACE D. MALONE, JR. President, Chairman of the Board, The First National Bank of Dothan, Ala. 1973 C. LOGAN TAYLOR Chairman of the Board, The First State Bank of Oxford, Ala. 1973

Appointed by Board of Governors :

W. CECIL BAUER1 President, South Central Bell Telephone Company, Birmingham, Ala. 1971 E. STANLEY ROBBINS President, National Floor Products Company, Inc., Florence, Ala. 1972 DAVID MATHEWS President, University of Alabama, University, Ala. 1973

JACKSONVILLE BRANCH

Appointed by Federal Reserve Bank: EDWARD W. LANE, JR. President, The Atlantic National Bank, Jacksonville, Fla. 1971 JAMES G. RICHARDSON Chairman of the Board, President, The Commercial Bank and Trust Company of Ocala, Fla. 1972 MALCOLM C. BROWN President, Chairman, Florida First National Bank at Brent, Pensa- cola, Fla. 1973 A. CLEWIS HOWELL President, Marine Bank & Trust Company, Tampa, Fla. 1973

Appointed by Board of Governors :

CASTLE W. JORDAN 1 President, AO Industries, Inc., Coral Gables, Fla. 1971 HENRY K. STANFORD President, University of Miami, Coral Gables, Fla. 1972 HENRY CRAGG Vice President, The Coca-Cola Company Foods Division, Orlando, Fla. 1973

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District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued NASHVILLE BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 HUGH M. WILLSON President, Citizens National Bank, Athens, Tenn. 1971 EDWARD C. HUFFMAN Chairman of the Board, President, First National Bank, Shelby- ville, Tenn. 1972 DAN B. ANDREWS President, First National Bank, Dickson, Tenn. 1973 KENNETH L. ROBERTS Executive Vice President, Commerce Union Bank, Nashville, Tenn. 1973

Appointed by Board of Governors:

EDWARD J. BOLING1 President, The University of Tennessee, Knoxville, Tenn. 1971 ROY J. FISHER Manager, Tennessee Operations, Aluminum Company of America, Alcoa, Tenn. 1972 JAMES W. LONG President, Robertson County Farm Bureau, Springfield, Tenn. 1973

NEW ORLEANS BRANCH

Appointed by Federal Reserve Bank:

E. W. HAINING President, The First National Bank of Vicksburg, Miss. 1971 H. P. HEIDELBERG, JR. President, Pascagoula-Moss Point Bank, Pascagoula, Miss. 1972 TOM A. FLANAGAN, JR. President, Lakeside National Bank of Lake Charles, La. 1973 LAWRENCE A. MERRIGAN President, The Bank of New Orleans and Trust Co., New Orleans, La. 1973

Appointed by Board of Governors:

FRANK G. SMITH Vice President, Mississippi Power & Light Company, Jackson, Miss. 1971 D. BEN KLEINPETER1 Wholesale Manager, Kleinpeter Farms Dairy, Inc., Baton Rouge, La. 1972 BROADUS N. BUTLER President, Dillard University, New Orleans, La. 1973

District 7—FEDERAL RESERVE BANK OF CHICAGO

Class A:

FLOYD F. WHITMORE President, The Okey-Vernon National Bank, Corning, Iowa 1971 EDWARD B. SMITH Chairman of the Board, The Northern Trust Company, Chicago, 111. 1972 MELVIN C. LOCKARD President, First National Bank, Mattoon, 111. 1973

Class B:

JOSEPH O. WAYMIRE Indianapolis, Ind. 1971 WILLIAM H. DAVIDSON President, Harley-Davidson Motor Co., Inc., Milwaukee, Wis. 1972 HOWARD M. PACKARD Vice Chairman, S. C. Johnson & Son, Inc., Racine, Wis. 1973

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District 7—FEDERAL RESERVE BANK OF CHICAGO—Continued Term Expires Class C: Dec. 31

WILLIAM H. FRANKLIN2 President, Caterpillar Tractor Co., Peoria, 111. 1971 EMERSON G. HIGDON1 President, The Maytag Company, Newton, Iowa 1972 JOHN W. BAIRD President, Baird & Warner, Inc., Chicago, 111. 1973

DETROIT BRANCH

Appointed by Federal Reserve Bank:

B. P. SHERWOOD, JR. President, Security First Bank & Trust Company, Grand Haven, Mich. 1971 GEORGE L. WHYEL President, Genesee Merchants Bank & Trust Company, Flint, Mich. 1972 ROLAND A. MEWHORT Chairman, Manufacturers National Bank of Detroit, Mich. 1972 ELLIS B. MERRY Chairman of the Board, National Bank of Detroit, Mich. 1973

Appointed by Board of Governors:

PETER B. CLARK1 Chairman of the Board, President, The Evening News Association, Detroit, Mich. 1971 W. M. DEFOE Chairman of the Board, Defoe Shipbuilding Company, Bay City, M[ich. 1972 L. WM. SEIDMAN Resident Partner, Seidman & Seidman, Grand Rapids, Mich. 1973

District 8—FEDERAL RESERVE BANK OF ST. LOUIS

Class A : JAMES P. HICKOK Chairman of the Executive Committee, First National Bank in St. Louis, Mo. 1971 CECIL W. CUPP, JR. President, Arkansas Bank & Trust Company, Hot Springs, Ark. 1972 BRADFORD BRETT President, The First National Bank of Mexico, Mo. 1973

Class B:

SHERWOOD J. SMITH Chairman of the Board, President, D/P Computer Services, Inc., Evansville, Ind. 1971 EDWARD J. SCHNUCK Chairman of the Board, Schnuck Markets, Inc., St. Louis, Mo. 1972 FRED I. BROWN, JR. President, Arkansas Foundry Company, Little Rock, Ark. 1973

Class C:

FREDERIC M. PEIRCE1 Chairman of the Board, Chief Executive Officer, General Ameri- can Life Insurance Company, St. Louis, Mo. 1971 SAM COOPER2 President, HumKo Products, Memphis, Tenn. 1972 HARRY M. YOUNG, JR. Melrose Farms, Herndon, Ky. 1973

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District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued LITTLE ROCK BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31

Louis E. HURLEY Chairman of the Board, Chief Executive Officer, The Exchange Bank & Trust Company, El Dorado, Ark. 1971 ELLIS E. SHELTON President, The First National Bank of Fayetteville, Ark. 1972 WAYNE A. STONE Chairman of the Board, Chief Executive Officer, Simmons First National Bank of Pine Bluff, Ark. 1972 EDWARD M. PENICK President, Chief Executive Officer, Worthen Bank & Trust Com- pany, Little Rock, Ark. 1973

Appointed by Board of Governors : AL POLLARD1 President, A1 Pollard & Associates, Little Rock, Ark. 1971 JAKE HARTZ, JR. President, Jacob Hartz Seed Co., Inc., Stuttgart, Ark. 1972 ROLAND R. REMMEL Chairman of the Board, Southland Building Products Co., Little Rock, Ark. 1973

LOUISVILLE BRANCH

A ppointed by Federal Reserve Bank:

HUGH M. SHWAB Chairman of the Board, First National Bank of Louisville, Ky. 1971 PAUL CHASE President, The Bedford National Bank, Bedford, Ind. 1972 HERBERT J. SMITH President, The American National Bank and Trust Company of Bowling Green, Ky. 1972 HAROLD E. JACKSON President, The Scott County State Bank, Scottsburg, Ind. 1973

Appointed by Board of Governors :

RONALD E. REITMEIER1 President, Catalysts and Chemicals Inc., Louisville, Ky. 1971 JOHN G. BEAM President, Thomas Industries, Inc., Louisville, Ky. 1972 WILLIAM H. STROUBE Assistant Dean, College of Science and Technology, Western Ken- tucky University, Bowling Green, Ky. 1973

MEMPHIS BRANCH

Appointed by Federal Reserve Bank:

WADE W. HOLLOWELL President, The First National Bank of Greenville, Miss. 1971 JAMES R. FITZHUGH Executive Vice President, Bank of Ripley, Tenn. 1972 WAYNE W. PYEATT President, National Bank of Commerce, Memphis, Tenn. 1972 J.J.WHITE President, Helena National Bank, Helena, Ark. 1973

Appointed by Board of Governors :

C. WHITNEY BROWN1 President, S. C. Toof & Company, Memphis, Tenn. 1971 WILLIAM L. GILES President, Mississippi State University, State College, Miss. 1972 ALVIN HUFFMAN, JR. President, Huffman Brothers Incorporated, Blytheville, Ark. 1973

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

G. A. DAHLEN President, First National Bank of Ironwood, Mich. 1971 JOHN BOSSHARD Executive Vice President, First National Bank of Bangor, Wis. 1972 PHILIP H. NASON President, The First National Bank of Saint Paul, Minn. 1973

Class B: JOHN H. BAILEY President, The Cretex Companies, Inc., Elk River, Minn. 1971 DAVID M. HESKETT President, Montana-Dakota Utilities Company, Bismark, N.Dak. 1972 DALE V. ANDERSEN President, Mitchell Packing Company, Inc., Mitchell, S.Dak. 1973

Class C: BRUCE B. DAYTON2 Chairman, Dayton Hudson Corporation, Minneapolis, Minn. 1971 DAVID M. LILLY 1 Chairman of the Board, Toro Manufacturing Corporation, Minne- apolis, Minn. 1972 Russ B. HART President, Hart-Albin Company, Billings, Mont. 1973

HELENA BRANCH

Appointed by Federal Reserve Bank:

RICHARD D. RUBIE President, Missoula Bank of Montana, Missoula, Mont. 1971 E. LOWRYKUNKEL President, First National Bank, Butte, Mont. 1972 ROBERT I. PENNER President, Citizens First National Bank, Wolf Point, Mont. 1972

Appointed by Board of Governors :

WILLIAM A. CORDINGLEY1 Publisher, Great Falls Tribune, Great Falls, Mont. 1971 WARREN B. JONES Secretary-Treasurer, Two Dot Land and Livestock Company, Har- lowton, Mont. 1972

District 10—FEDERAL RESERVE BANK OF KANSAS CITY

Class A. JOHN A. O'LEARY Chairman of the Board, The Peoples State Bank, Luray, Kans. 1971 ROGER D. KNIGHT, JR. Chairman of the Board, United Banks of Colorado, Inc., Denver, Colo. 1972 C. MOSE MILLER Chairman of the Board, President, The Farmers and Merchants State Bank, Colby, Kans. 1973

Class B.-

STANLEY LEARNED Phillips Petroleum Company, Bartlesville, Okla. 1971 CECIL O. EMRICH Manager, Norfolk Livestock Market, Inc., Norfolk, Nebr. 1972 ALFRED E. JORDAN Vice President, Trans World Airlines, Inc., Kansas City, Mo. 1973

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

ROBERT W. WAGSTAFF1 Chairman, President, Kansas City Coca-Cola Bottling Company, Kansas City, Mo. 1971 WILLARD DEERE HOSFORD, Vice President, General Manager, John Deere Company, Omaha, JR.2 Nebr. 1972 ROBERT T. PERSON President, Chairman of the Board, Public Service Company of Colorado, Denver, Colo. 1973

DENVER BRANCH A ppointed by Federal Reserve Bank:

ARMIN B. BARNEY Chairman of the Board, The Colorado Springs National Bank, Colorado Springs, Colo. 1971 ROBERT L. TRIPP President, Albuquerque National Bank, Albuquerque, N.M. 1972 DALE R. HINMAN President, The Greeley National Bank, Greeley, Colo. 1972

Appointed by Board of Governors:

CRIS DOBBINS1 Chairman of the Board, Chief Executive, Ideal Basic Industries, Inc., Denver, Colo. 1971 DAVID R. C. BROWN President, The Aspen Skiing Corporation, Aspen, Colo. 1972

OKLAHOMA CITY BRANCH A ppointed by Federal Reserve Bank:

W. H. MCDONALD Chairman of the Executive Committee, The First National Bank and Trust Company of Oklahoma City, Okla. 1971 MARVIN MILLARD Chairman of the Board, National Bank of Tulsa, Okla. 1972 HUGH C. JONES Executive Vice President, The Bank of Woodward, Okla. 1972

Appointed by Board of Governors: C. W. FLINT, JR.1 Chairman of the Board, Flint Steel Corporation, Tulsa, Okla. 1971 FLORIN W. ZALOUDEK Manager, J. I. Case Implements, Kremlin, Okla. 1972

OMAHA BRANCH Appointed by Federal Reserve Bank: JOHN W. HAY, JR. President, Rock Springs National Bank, Rock Springs, Wyo. 1971 S. N. WOLBACH President, The First National Bank of Grand Island, Nebr. 1971 EDWARD W. LYMAN President, The United States National Bank of Omaha, Nebr. 1972

Appointed by Board of Governors:

A. JAMES EBEL Vice President, General Manager, Cornhusker Television Cor- poration, Lincoln, Nebr. 1971 HENRY Y. KLEINKAUF1 President, Natkin & Company, Omaha, Nebr. 1972

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District 11—FEDERAL RESERVE BANK OF DALLAS Term Expires Class A : Dec. 31 A. W. RITER, JR. President, The Peoples National Bank of Tyler, Tex. 1971 MURRAY KYGER Chairman of the Board, The First National Bank of Fort Worth, Tex. 1972 J. V. KELLY President, The Peoples National Bank of Belton, Tex. 1973

Class B : HUGH F. STEEN President, El Paso Natural Gas Company, El Paso, Tex. 1971 C. A. TATUM, JR. President, Chief Executive Officer, Texas Utilities Company, Dallas, Tex. 1972 CARL D. NEWTON Chairman of the Board, Fox-Stanley Photo Products, Inc., San Antonio, Tex. 1973

Class C : CHAS. F. JONES1 Vice Chairman of the Board, Humble Oil & Refining Company, Houston, Tex. 1971 PHILIP G. HOFFMAN 2 President, University of Houston, Tex. 1972 JOHN LAWRENCE Chairman of the Board, Dresser Industries, Inc., Dallas, Tex. 1973

EL PASO BRANCH Appointed by Federal Reserve Bank :

JOE B. SISLER President, The Clovis National Bank, Clovis, N.M. 1971 ARCHIE B. SCOTT President, The Security State Bank of Pecos, Tex. 1972 SAM D. YOUNG, JR. President, El Paso National Bank, El Paso, Tex. 1972 CULLEN J. KELLY President, The First National Bank of Midland, Tex. 1973

Appointed by Board of Governors:

JOSEPH M. RAY1 Benedict Professor of Political Science, The University of Texas at El Paso, Tex. 1971 ALLAN B. BOWMAN President, General Manager, Banner Mining Company, Tucson, Ariz. 1972 HERBERT M. SCHWARTZ President, Popular Dry Goods Co., Inc., El Paso, Tex. 1973

HOUSTON BRANCH Appointed by Federal Reserve Bank:

HENRY B. CLAY President, First Bank & Trust, Bryan, Tex. 1971 W. G. THORNELL President, The First National Bank of Port Arthur, Tex. 1972 JOHN E. WHITMORE Chairman of the Board, Texas Commerce Bank National Associa- tion, Houston, Tex. 1972 KLINE MCGEE Chairman of the Board, Chief Executive Officer, Southern National Bank of Houston, Tex. 1973

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District 11—FEDERAL RESERVE BANK OF DALLAS—Continued HOUSTON BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 R. M. BUCKLEY President, Eastex Incorporated, Silsbee, Tex. 1971 GEO. T. MORSE, JR.1 Vice Chairman of the Board, Chief Operating Officer, Peden In- dustries, Inc., Houston, Tex. 1972 M. STEELE WRIGHT, JR. Chairman of the Board, Texas Farm Products Company, Nacog- doches, Tex. 1973

SAN ANTONIO BRANCH A ppointed by Federal Reserve Bank:

JAMES T. DENTON, JR. Chairman of the Board, Chief Executive Officer, Corpus Christi Bank and Trust, Corpus Christi, Tex. 1971 TOM C. FROST, JR. President, The Frost National Bank of San Antonio, Tex. 1972 W. O. ROBERSON President, First National Bank at Brownsville, Tex. 1972 RAY M. KECK, JR. President, Union National Bank of Laredo, Tex. 1973

Appointed by Board of Governors: FRANCIS B. MAY Professor of Business Statistics, The University of Texas, Austin, Tex. 1971 W. A. BELCHER1 Veterinarian, Rancher, Brackettville, Tex. 1972 IRVING A. MATHEWS President, Frost Bros., Inc., San Antonio, Tex. 1973

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A:

RALPH V. ARNOLD Chairman of the Board, Chief Executive Officer, First National Bank and Trust Company, Ontario, Calif. 1971 CARROLL F. BYRD President, The First National Bank of Willows, Calif. 1972 RALPH J. VOSS President, First National Bank of Oregon, Portland, Oreg. 1973

Class B:

HERBERT D. ARMSTRONG Treasurer, Standard Oil Company of California, San Francisco, Calif. 1971 JOSEPH ROSENBLATT Honorary Chairman of the Board, The Eimco Corporation, Salt Lake City, Utah 1972 MARRON KENDRICK President, Chairman of the Board, Schlage Lock Company, San Francisco, Calif. 1973

Class C.-

BERNARD T. ROCCA, JR. Chairman of the Board, Pacific Vegetable Oil Corporation, San Francisco, Calif. 1971 S. ALFRED HALGREN 2 Senior Vice President, Carnation Company, Los Angeles, Calif. 1972 O. MEREDITH WILSON 1 President, Director, Center for Advanced Study in the Behavioral Sciences, Stanford, Calif. 1973

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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 SHERMAN HAZELTINE Chairman of the Board, Chief Executive Officer, First National Bank of Arizona, Phoenix, Ariz. 1971 CARL E. SCHROEDER President, The First National Bank of Orange County, Orange, Calif. 1972 L. E. SOUTHWICK President, Valley National Bank, Glendale, Calif. 1973 CARL E. HARTNACK President, Security Pacific National Bank, Los Angeles, Calif. 1973 Appointed by Board of Governors: J. LELAND ATWOOD1 Senior Consultant, North American Rockwell Corporation, Los Angeles, Calif. 1971 LELAND D. PRATT President, Kelco Company, San Diego, Calif. 1972 NORMAN B. HOUSTON Golden State Mutual Life Insurance Company, Los Angeles, Calif. 1973

PORTLAND BRANCH Appointed by Federal Reserve Bank: LEROY B. STAVER President, United States National Bank of Oregon, Portland, Oreg. 1971 JAMES H. STANARD Vice President, First National Bank of McMinnville, Oreg. 1972 FRANK L. SERVOSS President, Crater National Bank of Medford, Oreg. 1972 Appointed by Board of Governors: 1 FRANK ANDERSON Farmer, Heppner, Oreg. 1971 JOHN R. HOWARD President, Lewis and Clark College, Portland, Oreg. 1972

SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: WILLIAM E. IRVIN Chairman of the Board, The Idaho First National Bank, Boise, Idaho 1971 RODERICK H. BROWNING President, Bank of Utah, Ogden, Utah 1972 ROY W. SIMMONS President, Zions First National Bank, Salt Lake City, Utah 1972 Appointed by Board of Governors : ROYDEN G. DERRICK1 President, General Manager, Western Steel Company, Salt Lake City, Utah 1971 JOHN H. BRECKENRIDGE President, L. L. Breckenridge Company, Twin Falls, Idaho 1972 SEATTLE BRANCH Appointed by Federal Reserve Bank: JOSEPH C. BAILLARGEON Chairman, Seattle Trust & Savings Bank, Seattle, Wash. 1971 A. E. SAUNDERS President, Puget Sound National Bank, Tacoma, Wash. 1972 PHILIP H. STANTON President, Washington Trust Bank, Spokane, Wash. 1972 Appointed by Board of Governors : FRANCIS G. CRANE1 Manager, Crane and Crane Orchards and Cold Storage, Brewster, Wash. 1971 C. HENRY BACON, JR. Vice Chairman of the Board, Simpson Timber Company, Seattle, Wash. 1972

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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. HONEY President, The Martha's Vineyard National Bank, Vineyard Haven, Mass. 1972 RALPH A. MCININCH President, Merchants National Bank of Manchester, N. H. 1973 MARK C. WHEELER Chairman of the Board, President, New England Merchants National Bank of Boston, Mass. 1974

Class B:

F. RAY KEYSER, JR. Vice President, Vermont Marble Company, Proctor, Vt. 1972 G. WILLIAM MILLER President, Textron, Providence, R. I. 1973 W. GORDON ROBERTSON General Trustee, Bangor Punta Corporation, Bangor, Maine 1974

Class C:

Louis W. CABOT2 Chairman of the Board, Cabot Corporation, Boston, Mass. 1972 JOHN M. FOX President, Chief Executive Officer, H.P. Hood & Sons, Charles- town, Mass. 1973 JAMES S. DUESENBERRY1 Professor of Economics, Harvard University, Cambridge, Mass. 1974 1 Chairman 2 Deputy Chairman

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

ARTHUR S. HAMLIN President, The Canandaigua National Bank and Trust Company, Canandaigua, N. Y. 1972 WILLIAM S. RENCHARD Chairman of the Board, Chemical Bank, New York, N. Y. 1973 NORMAN BRASSLER Chairman of the Board, Chief Executive Officer, New Jersey Bank, N.A., Passaic, N. J. 1974

Class B.-

MAURICE R. FORM AN Chairman of the Board, B. Forman Co., Rochester, N. Y. 1972 (Vacancy) 1973 FRANK R. MILLIKEN President, Kennecott Copper Corporation, New York, N. Y. 1974

Class C:

ELLISON L. HAZARD2 Chairman of the Executive Committee, Continental Can Com- pany, Inc., New York, N. Y. 1972 ALAN J. PIFER President, Carnegie Corporation of New York, N.Y. 1973 ROSWELL L. GILPATRIC1 Partner, Cravath, Swaine & Moore, New York, N.Y. 1974

BUFFALO BRANCH

Appointed by Federal Reserve Bank:

DAVID J. LAUB Chairman of the Board, Marine Midland Bank-Western, Buffalo, N. Y. 1972 WILLIAM B. ANDERSON President, The First National Bank of Jamestown, N.Y. 1973 ANGELO A. COSTANZA President, Chief Executive Officer, Central Trust Company Rochester, N.Y., Rochester, N.Y. 1973 THEODORE M. MCCLURE President, The Citizens National Bank and Trust Company, Wellsville, N.Y. 1974

Appointed by Board of Governors:

MORTON ADAMS1 General Manager, Pro-Fac Cooperative Inc., Rochester, N.Y. 1972 RUPERT WARREN President, Trico Products Corporation, Buffalo, N.Y. 1973 NORMAN F. BEACH Vice President, General Manager, Kodak Park Division, East- man Kodak Company, Rochester, N.Y. 1974

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA

Class A:

WILLIAM R. COSBY Chairman of the Board, Princeton Bank and Trust Company, Princeton, N.J. 1972 RICHARD A. HERBSTER President, Lewistown Trust Company, Lewistown, Pa. 1973 JAMES H. DAWSON Chairman of the Board, President, Bank of Delaware, Wil- mington, Del. 1974 1 Chairman 2 Deputy Chairman

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

EDWARD J. DWYER Chairman, Chief Executive Officer, ESB Incorporated, Phila- delphia, Pa. 1972 PHILIP H. GLATFELTER, III Chairman of the Board, President, P. H. Glatfelter Co., Spring Grove, Pa. 1973 C. GRAHAM BERWIND, JR. President, Chief Executive Officer, Berwind Corporation, Phila- delphia, Pa. 1974

Class C:

BAYARD L. ENGLAND1 Ventnor, N.J. 1972 JOHN R. COLEMAN2 President, Haverford College, Haverford, Pa. 1973 EDWARD W. ROBINSON, JR. President, Chief Executive Officer, Provident Home Industrial Mutual Life Insurance Company, Philadelphia, Pa. 1974

District 4—FEDERAL RESERVE BANK OF CLEVELAND

Class A:

DAVID L. BRUMBACK, JR. President, Van Wert National Bank, Van Wert, Ohio 1972 EDWARD W. BARKER President, First National Bank of Middletown, Ohio 1973 A. BRUCE BOWDEN Vice Chairman of the Board, Mellon National Bank and Trust Company, Pittsburgh, Pa. 1974

Class B:

R. STANLEY LAING President, The National Cash Register Company, Dayton, Ohio 1972 JOHN L. GUSHMAN Chairman of the Board, Chief Executive Officer, Anchor Hock- ing Corporation, Lancaster, Ohio 1973 DONALD E. NOBLE President, Chief Executive Officer, Rubbermaid, Incorporated, Wooster, Ohio 1974

Class C.-

ALBERT G. CLAY1 President, Clay Tobacco Company, Mt. Sterling, Ky. 1972 J. WARD KEENER2 Chairman of the Board, The B. F. Goodrich Company, Akron, Ohio 1973 HORACE A. SHEPARD Chairman of the Board, Chief Executive Officer, TRW Inc., Cleveland, Ohio 1974

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District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued CINCINNATI BRANCH Term Expires Dec. 31 Appointed by Federal Reserve Bank:

PAUL W. CHRISTENSEN, JR. President, The Cincinnati Gear Company, Cincinnati, Ohio 1972 ROBERT E. HALL President, The First National Bank and Trust Company, Troy, Ohio 1972 WILLIAM S. ROWE President, The Fifth Third Bank, Cincinnati, Ohio 1973 E. PAUL WILLIAMS President, The Second National Bank of Ashland, Ky. 1974

Appointed by Board of Governors:

PHILLIP R. SHRIVER President, Miami University, Oxford, Ohio 1972 CLAIR F. VOUGH Vice President, Office Products Division, IBM Corporation, Lex- ington, Ky. 1973 GRAHAM E. MARX1 President, General Manager, The G. A. Gray Company, Cincin- nati, Ohio 1974

PITTSBURGH BRANCH

Appointed by Federal Reserve Bank:

ROBINSON F. BARKER Chairman of the Board, Chief Executive Officer, PPG Industries, Inc., Pittsburgh, Pa. 1972 JOHN W. BINGHAM President, The Merchants and Manufacturers National Bank of Sharon, Pa. 1972 MERLE E. GILLIAND Chairman of the Board, Chief Executive Officer, Pittsburgh Na- tional Bank, Pittsburgh, Pa. 1973 CHARLES F. WARD President, Gallatin National Bank, Uniontown, Pa. 1974

Appointed by Board of Governors:

LAWRENCE E. WALKLEY1 President, Chief Executive Officer, Westinghouse Air Brake Company, Pittsburgh, Pa. 1972 ROBERT E. KIRBY President, Industry and Defense Company, Westinghouse Elec- tric Corporation, Pittsburgh, Pa. 1973 RICHARD M. CYERT Dean, Graduate School of Industrial Administration, Carnegie- Mellon University, Pittsburgh, Pa. 1974

District 5—FEDERAL RESERVE BANK OF RICHMOND

Class A :

HUGH A. CURRY President, Chief Executive Officer, The Kanawha Valley Bank, Charleston, W. Va. 1972 THOMAS P. MCLACHLEN President, McLachlen National Bank, Washington, D.C. 1973 EDWARD N. EVANS President, Farmers & Merchants National Bank of Cambridge, Cambridge, Md. 1974

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District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued

Term Expires Dec. 31 Class B.- ROBERT S. SMALL President, Dan River, Inc., Greenville, S. C. 1972 H. DAIL HOLDERNESS President, Carolina Telephone and Telegraph Company, Tar- boro, N.C. 1973 HENRY C. HOFHEIMER, II Member of the Executive Committee, Southern Materials Co., Inc., Norfolk, Va. 1974

Class C: ROBERT W. LAWSON, JR.1 Managing Partner of Charleston Office, Steptoe & Johnson, Charleston, W. Va. 1972 STUART SHUMATE2 President, Richmond, Fredericksburg and Potomac Railroad Company, Richmond, Va. 1973 E. CRAIG WALL, SR. Chairman of the Board, Canal Industries, Inc., Conway, S.C. 1974

BALTIMORE BRANCH

Appointed by Federal Reserve Bank:

J. R. CHAFFINCH, JR. Executive Vice President, The Denton National Bank, Denton, Md. 1972 JAMES J. ROBINSON Executive Vice President, Bank of Ripley, W. Va. 1973 J. STEVENSON PECK President, Union Trust Company of Maryland, Baltimore, Md. 1973 TILTON H. DOBBIN President, Chairman of the Executive Committee, Maryland Na- tional B ank, B altimore, Md. 1974

Appointed by Board of Governors:

ARNOLD J. KLEFF, JR. Baltimore, Md. 1972 JOHN H. FETTING, JR.1 President, A. H. Fetting Company, Baltimore, Md. 1973 JAMES G. HARLOW, JR. President, West Virginia University, Morgantown, W. Va. 1974

CHARLOTTE BRANCH

Appointed by Federal Reserve Bank:

J. WILLIS CANTEY Chairman, Chief Executive Officer, The Citizens & Southern National Bank of South Carolina, Columbia, S.C. 1972 C. C. CAMERON Chairman of the Board, President, First Union National Bank of North Carolina, Charlotte, N.C. 1973 H. PHELPS BROOKS, JR. President, The Peoples National Bank, Chester, S.C. 1973 L. D. COLTRANE, III President, The Concord National Bank, Concord, N.C. 1974

Chairman 2 Deputy Chairman

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District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued

CHARLOTTE BRANCH—Continued Term Expires Dec. 31

Appointed by Board of Governors:

ROBERT C. EDWARDS President, Clemson University, Clemson, S.C. 1972 CHARLES W. DEBELL1 General Manager, North Carolina Works, Western Electric Com- pany, Inc., Winston-Salem, N.C. 1973 CHARLES F. BENBOW Vice President, R. J. Reynolds Industries, Inc., Winston-Salem, N.C. 1974

District 6—FEDERAL RESERVE BANK OF ATLANTA

Class A: WILLIAM B. MILLS President, The Florida National Bank, Jacksonville, Fla. 1972 A. L. ELLIS Chairman of the Board, First National Bank, Tarpon Springs, Fla. 1973 JACK P. KEITH President, First National Bank of West Point, Ga. 1974

Class B:

PHILIP J. LEE Vice President, TropicanaProducts, Inc., Tampa, Fla. 1972 HOSKINS A. SHADOW President, Tennessee Valley Nursery, Inc., Winchester, Tenn. 1973 OWEN COOPER President, Mississippi Chemical Corporation, Coastal Chemical Corporation, Yazoo City, Miss. 1974

Class C:

F. EVANS FARWELL President, Milliken and Farwell, Inc., New Orleans, La. 1972 JOHN C. WILSON1 President, Horne-Wilson, Inc., Atlanta, Ga. 1973 H. G. PATTILLO2 President, Pattillo Construction Company, Inc., Decatur, Ga. 1974

BIRMINGHAM BRANCH

Appointed by Federal Reserve Bank:

HARVEY TERRELL Chairman of the Board, The First National Bank of Birmingham, Ala. 1972 WALLACE D. MALONE, JR. President, Chairman of the Board, The First National Bank of Dothan, Ala. 1973 C. LOGAN TAYLOR Chairman of the Board, The First State Bank of Oxford, Ala. 1973 W. EUGENE MORGAN President, Chief Executive Officer, The First National Bank of Huntsville, Ala. 1974

Chairman 2 Deputy Chairman

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District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued BIRMINGHAM BRANCH—Continued Term Expires Dec. 31 Appointed by Board of Governors: E. STANLEY ROBBINS1 President, National Floor Products Company, Inc., Florence, Ala. 1972 DAVID MATHEWS President, University of Alabama, University, Ala. 1973 WILLIAM C. BAUER President, South Central Bell, Birmingham, Ala. 1974

JACKSONVILLE BRANCH

Appointed by Federal Reserve Bank:

JAMES G. RICHARDSON Chairman of the Board, President, The Commercial Bank and Trust Company of Ocala, Fla. 1972 MALCOLM C. BROWN President, Chairman of the Board, Florida First National Bank at Brent, Pensacola, Fla. 1973 A. CLEWIS HOWELL President, Marine Bank & Trust Company, Tampa, Fla. 1973 GUY W. BOTTS Vice Chairman of the Board, Barnett Bank of Jacksonville, N. A., Jacksonville, Fla. 1974

Appointed by Board of Governors:

HENRY K. STANFORD1 President, University of Miami, Coral Gables, Fla. 1972 HENRY CRAGG Vice President, The Coca-Cola Company Foods Division, Winter Park, Fla. 1973 GERT H. W. SCHMIDT President, TeLeVision 12 of Jacksonville, Fla. 1974

NASHVILLE BRANCH

Appointed by Federal Reserve Bank:

EDWARD C. HUFFMAN Chairman of the Board, President, First National Bank, Shelby- ville, Tenn. 1972 DAN B. ANDREWS President, First National Bank, Dickson, Tenn. 1973 EDWARD G. NELSON Executive Vice President, Commerce Union Bank, Nashville, Tenn. 1973 THOMAS C. MOTTERN President, Hamilton National B ank of Johnson City, Tenn. 1974

Appointed by Board of Governors:

JOHN C. TUNE, JR. 1 Partner, Butler, McHugh, Butler, Tune & Watts, Nashville, Tenn. 1972 JAMES W. LONG President, Robertson County Farm Bureau, Springfield, Tenn. 1973 EDWARD J. BOLING President, The University of Tennessee, Knoxville, Tenn. 1974

Chairman

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District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued NEW ORLEANS BRANCH Term Expires Dec. 31 Appointed by Federal Reserve Bank:

H. P. HEIDELBERG, JR. President, Pascagoula-Moss Point Bank, Pascagoula, Miss. 1972 TOM A. FLANAGAN, JR. President, Lakeside National Bank of Lake Charles, La. 1973 LAWRENCE A. MERRIGAN President, The Bank of New Orleans and Trust Company, New Orleans, La. 1973 ARCHIE R. MCDONNELL President, Citizens National Bank, Meridian, Miss. 1974

Appointed by Board of Governors:

D. BEN KLEINPETER Wholesale Manager, Kleinpeter Farms Dairy, Inc., Baton Rouge, La. 1972 BROADUS N. BUTLER1 President, Dillard University, New Orleans, La. 1973 FRED ADAMS, JR. President, Cal-Maine Foods, Inc., Jackson, Miss. 1974

District 7—FEDERAL RESERVE BANK OF CHICAGO

Class A : EDWARD BYRON SMITH Chairman of the Board, The Northern Trust Company, Chicago, 111. 1972 MELVIN C. LOCKARD President, First National Bank, Mattoon, 111. 1973 FLOYD F. WHITMORE President, The Okey-Vernon National Bank, Corning, Iowa 1974

Class B.-

WILLIAM H. DAVIDSON President, Harley-Davidson Motor Co., Inc., Milwaukee, Wis. 1972 HOWARD M. PACKARD Vice Chairman, S. C. Johnson & Son, Inc., Racine, Wis. 1973 JOHN T. HACKETT Executive Vice President, Cummins Engine Company, Inc., Columbus, Ind. 1974

Class C:

EMERSON G. HIGDON1 President, The Maytag Company, Newton, Iowa 1972 JOHN W. BAIRD President, Baird & Warner, Inc., Chicago, 111. 1973 WILLIAM H. FRANKLIN2 President, Caterpillar Tractor Co., Peoria, 111. 1974

DETROIT BRANCH

Appointed by Federal Reserve Bank:

GEORGE L. WHYEL President, Genesee Merchants Bank & Trust Company, Flint, Mich. 1972 ROLAND A. MEWHORT Chairman, Manufacturers National Bank of Detroit, Mich. 1972 ELLIS B. MERRY Chairman of the Board, National Bank of Detroit, Mich. 1973 HAROLD A. ELGAS President, Gaylord State Bank, Gaylord, Mich. 1974

Chairman 2 Deputy Chairman

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District 7—FEDERAL RESERVE BANK OF CHICAGO—Continued

DETROIT BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31

W. M. DEFOE Chairman of the Board, Defoe Shipbuilding Company, Bay City, Mich. 1972 L. WM. SEIDMAN Resident Partner, Seidman & Seidman, Grand Rapids, Mich. 1973 PETER B. CLARK1 Chairman of the Board, President, The Evening News Associa- tion , Detroit, Mich. 1974

District 8—FEDERAL RESERVE BANK OF ST. LOUIS

Class A :

CECIL W. CUPP, JR. President, Arkansas Bank & Trust Company, Hot Springs, Ark. 1972 BRADFORD BRETT President, The First National Bank of Mexico, Mo. 1973 EDWIN S. JONES Chairman of the Board, Chief Executive Officer, First National Bank in St. Louis, Mo. 1974

Class B:

EDWARD J. SCHNUCK Chairman of the Board, Schnuck Markets, Inc., Bridgeton, Mo. 1972 FRED I. BROWN, JR. President, Arkansas Foundry Company, Little Rock, Ark. 1973 JAMES M. TUHOLSKI President, Mead Johnson & Company, Evansville, Ind. 1974

Class C.-

SAM COOPER2 President, HumKo Products Division of Kraftco Corporation, Memphis, Tenn. 1972 HARRY M. YOUNG, JR. Farmer, Herndon, Ky. 1973 FREDERIC M. PEIRCE1 Chairman of the Board, Chief Executive Officer, General Ameri- can Life Insurance Company, St. Louis, Mo. 1974 LITTLE ROCK BRANCH

Appointed by Federal Reserve Bank:

ELLIS E. SHELTON President, The First National Bank of Fayetteville, Ark. 1972 WAYNE A. STONE Chairman of the Board, Chief Executive Officer, Simmons First National Bank of Pine Bluff, Ark. 1972 EDWARD M. PENICK President, Chief Executive Officer, Worthen Bank & Trust Com- pany, Little Rock, Ark. 1973 WILL H. KELLEY President, Chief Executive Officer, The State First National Bank of Texarkana, Ark. 1974

Appointed by Board of Governors:

JAKE HARTZ, JR. President, Jacob Hartz Seed Co., Inc., Stuttgart, Ark. 1972 ROLAND R. REMMEL1 Chairman of the Board, Southland Building Products Co., Little Rock, Ark. 1973 AL POLLARD President, Al Pollard & Associates, Little Rock, Ark. 1974

Chairman 2 Deputy Chairman

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District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued

LOUISVILLE BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31

PAUL CHASE President, The Bedford National Bank, Bedford, Ind. 1972 HERBERT J. SMITH President, The American National Bank & Trust Company of Bowling Green, Ky. 1972 HAROLD E. JACKSON President, The Scott County State Bank, Scottsburg, Ind. 1973 HUGH M. SHWAB Chairman of the Boards, First National Bank of Louisville, The Kentucky Trust Company, Louisville, Ky. 1974

Appointed by Board of Governors:

JOHN G. BEAM1 President, Thomas Industries, Inc., Louisville, Ky. 1972 WILLIAM H. STROUBE Associate Dean, College of Science and Technology, Western Kentucky University, Bowling Green, Ky. 1973 (Vacancy) 1974

MEMPHIS BRANCH

Appointed by Federal Reserve Bank:

JAMES R. FITZHUGH Executive Vice President, Bank of Ripley, Tenn. 1972 WAYNE W. PYEATT President, National Bank of Commerce, Memphis, Tenn. 1972 J.J.WHITE President, Helena National Bank, Helena, Ark. 1973 WADE C. BARTON President, First Citizens National Bank, Tupelo, Miss. 1974

Appointed by Board of Governors:

WILLIAM L. GILES1 President, Mississippi State University, State College, Miss. 1972 ALVIN HUFFMAN, JR. President, Huffman Brothers Incorporated, Blytheville, Ark. 1973 C. WHITNEY BROWN President, S.C. Toof & Company, Memphis, Tenn. 1974

District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS

Class A.- JOHN BOSSHARD Executive Vice President, First National Bank of Bangor, Wis. 1972 PHILIP H. NASON President, The First National Bank of Saint Paul, Minn. 1973 ROY H. JOHNSON President, First National Bank of Negaunee, Mich. 1974

Class B:

DAVID M. HESKETT President, Montana-Dakota Utilities Co., Bismarck, N.D. 1972 DALE V. ANDERSEN President, Mitchell Packing Company, Inc., Mitchell, S.D. 1973 JOHN H. BAILEY President, The Cretex Companies, Inc., Elk River, Minn. 1974

Chairman

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District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued Term Expires Dec. 31 Class C.- DAVID M. LILLY1 Chairman of the Board, The Toro Company, Minneapolis, Minn. 1972 Russ B. HART President, Hart-Albin Company, Billings, Mont. 1973 BRUCE B. DAYTON2 Chairman of the Board, Dayton Hudson Corporation, Minneapolis, Minn. 1974 HELENA BRANCH

Appointed by Federal Reserve Bank:

E. LOWRY KUNKEL President, First National Bank, Butte, Mont. 1972 ROBERT I. PENNER President, Citizens First National Bank, Wolf Point, Mont. 1972 RICHARD D. RUBIE President, Missoula Bank of Montana, Missoula, Mont. 1973

Appointed by Board of Governors:

WARREN B. JONES1 Secretary-Treasurer, Two Dot Land and Livestock Company, Harlowton, Mont. 1972 WILLIAM A. CORDINGLEY Publisher, Great Falls Tribune, Great Falls, Mont. 1973

District 10—FEDERAL RESERVE BANK OF KANSAS CITY

Class A.- ROGER D. KNIGHT, JR. Chairman of the Board, United Banks of Colorado, Inc., Denver, Colo. 1972 C. MOSE MILLER Chairman of the Board, President, The Farmers and Merchants State Bank, Colby, Kans. 1973 JOHN A. O'LEARY Chairman of the Board, The Peoples State Bank, Luray, Kans. 1974

Class B.- CECIL O. EMRICH President, C. O. Emrich Enterprises, Norfolk, Nebr. 1972 ALFRED E. JORDAN Vice President, Trans World Airlines, Inc., Kansas City, Mo. 1973 FRANK C. LOVE President, Kerr-McGee Corporation, Oklahoma City, Okla. 1974

Class C: WILLARD DEERE HOSFORD, Vice President, General Manager, John Deere Company, Omaha, JR.2 Nebr. 1972 ROBERT T. PERSON President, Chairman of the Board, Public Service Company of Colorado, Denver, Colo. 1973 ROBERT W. WAGSTAFF1 Chairman of the Board, President, Coca-Cola Bottling Company of Mid-America, Kansas City, Mo. 1974 DENVER BRANCH Appointed by Federal Reserve Bank:

ROBERT L. TRIPP President, Albuquerque National Bank, Albuquerque, N.M. 1972 DALE R. HINMAN Chairman of the Board, The Greeley National Bank, Greeley, Colo. 1972 JOHN W. HAY, JR. President, Rock Springs National Bank, Rock Springs, Wyo. 1973

Chairman 2 Deputy Chairman

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District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued DENVER BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31

DAVID R. C. BROWN1 President, The Aspen Skiing Corporation, Aspen, Colo. 1972 MAURICE B. MITCHELL Chancellor, University of Denver, Colo. 1973

OKLAHOMA CITY BRANCH

Appointed by Federal Reserve Bank:

MARVIN MILLARD Chairman of the Board, National Bank of Tulsa, Okla. 1972 HUGH C. JONES Executive Vice President, The Bank of Woodward, Okla. 1972 W. H. MCDONALD Chairman of the Executive Committee, The First National Bank and Trust Company of Oklahoma City, Okla. 1973

Appointed by Board of Governors:

FLORIN W. ZALOUDEK Manager, J. I. Case Implements, Kremlin, Okla. 1972 JOSEPH H. WILLIAMS1 President, Chief Operating Officer, The Williams Companies, Tulsa, Okla. 1973 OMAHA BRANCH

Appointed by Federal Reserve Bank:

EDWARD W. LYMAN President, The United States National Bank of Omaha; Nebr. 1972 S. N. WOLBACH President, The First National Bank of Grand Island, Nebr. 1973 GLENN YAUSSI Chairman of the Board, National Bank of Commerce Trust & Savings, Lincoln, Nebr. 1973

Appointed by Board of Governors:

HENRY Y. KLEINKAUF1 President, Natkin & Company, Omaha, Nebr. 1972 A. JAMES EBEL Vice President, General Manager, Cornhusker Television Cor- poration, Lincoln, Nebr. 1973

District 11—FEDERAL RESERVE BANK OF DALLAS Class A.- MURRAY KYGER Chairman of the Executive Committee, The First National Bank of Fort Worth, Tex. 1972 J. V. KELLY President, The Peoples National Bank of Belton, Tex. 1973 A. W. RITER, JR. President, The Peoples National Bank of Tyler, Tex. 1974

Class B:

C. A. TATUM, JR. President, Chief Executive Officer, Texas Utilities Company, Dallas, Tex. 1972 CARL D. NEWTON Chairman of the Board, Fox-Stanley Photo Products, Inc., San Antonio, Tex. 1973 HUGH F. STEEN President, El Paso Natural Gas Company, El Paso, Tex. 1974

Chairman

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192 FEDERAL RESERVE BULLETIN • FEBRUARY 1972

District 11—FEDERAL RESERVE BANK OF DALLAS—Continued Term Expires Dec. 31 Class C.-

PHILIP G. HOFFMAN2 President, University of Houston, Tex. 1972 JOHN LAWRENCE Chairman of the Board, Dresser Industries, Inc., Dallas, Tex. 1973 CHAS. F. JONES1 Vice Chairman of the Board, Humble Oil & Refining Company, Houston, Tex. 1974

EL PASO BRANCH

Appointed by Federal Reserve Bank:

ARCHIE B. SCOTT President, The Security State Bank of Pecos, Texas, Pecos, Tex. 1972 SAM D. YOUNG, JR. President, El Paso National Bank, El Paso, Tex. 1972 CULLEN J. KELLY President, The First National Bank of Midland, Tex. 1973 WAYNE STEWART President, First National Bank in Alamogordo, N.M. 1974

Appointed by Board of Governors:

ALLAN B. BOWMAN1 President, General Manager, Banner Mining Company, Tucson, Ariz. 1972 HERBERT M. SCHWARTZ President, Popular Dry Goods Co., Inc., El Paso, Tex. 1973 GAGE HOLLAND Rancher, Marathon, Tex. 1974

HOUSTON BRANCH

Appointed by Federal Reserve Bank:

W. G. THORNELL Chairman of the Board, President, The First National Bank of Port Arthur, Tex. 1972 JOHN E. WHITMORE Chairman of the Board, Chief Executive Officer, Texas Commerce Bank National Association, Houston, Tex. 1972 KLINE MCGEE Chairman of the Board, Southern National Bank of Houston, Tex. 1973 SETH W. DORBANDT Chairman of the Board, President, First National Bank in Conroe, Tex. 1974

Appointed by Board of Governors:

GEO.T. MORSE, JR.1 Vice Chairman of the Board, Chief Operating Officer, Peden In- dustries , Inc., Houston, Tex. 1972 M. STEELE WRIGHT, JR Chairman of the Board, Texas Farm Products Company, Nacog- doches, Tex. 1973 R. M. BUCKLEY President, Eastex Incorporated, Silsbee, Tex. 1974

SAN ANTONIO BRANCH Appointed by Federal Reserve Bank:

TOM C. FROST, JR. Chairman of the Board, The Frost National Bank of San Antonio, Tex. 1972

Chairman 2 Deputy Chairman

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DIRECTORS RESERVE BANKS AND BRANCHES 193

District 11—FEDERAL RESERVE BANK OF DALLAS—Continued SAN ANTONIO BRANCH—Continued Term Expires Dec. 31 Appointed by Federal Branch Bank—Continued

W. O. ROBERSON President, First National Bank at Brownsville, Tex. 1972 RAY M. KECK, JR. Chairman of the Board, President, Union National Bank of Laredo, Tex. 1973 LEON STONE President, The Austin National Bank, Austin, Tex. 1974

Appointed by Board of Governors:

W. A. BELCHER Rancher, Veterinarian, Brackettville, Tex. 1972 IRVING A. MATHEWS1 Chairman of the Board, Chief Executive Officer, Frost Bros., Inc., San Antonio, Tex. 1973 MARSHALL BOYKIN, III Partner, Wood, Boykin & Wolter, Corpus Christi, Tex. 1974

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO LOS ANGELES BRANCH

Class A.- CARROLL F. BYRD Chairman of the Board, President, The First National Bank of Willows, Calif. 1972 RALPH J. Voss President, First National Bank of Oregon, Portland, Oreg. 1973 CARL E. SCHROEDER President, The First National Bank of Orange County, Orange, Calif. 1974

Class B.- JOSEPH ROSENBLATT Honorary Chairman of the Board, The Eimco Corporation, Salt Lake City, Utah 1972 MARRON KENDRICK President, Chairman of the Board, Schlage Lock Company, San Francisco, Calif. 1973 CHARLES R. DAHL President, Chief Executive Officer, Crown Zellerbach, San Fran- cisco, Calif. 1974

Class C: S. ALFRED HALGREN2 Senior Vice President, Carnation Company, Los Angeles, Calif. 1972 O. MEREDITH WILSON1 President, Director, Center for Advanced Study in the Behavioral Sciences, Stanford, Calif. 1973 MAS OJI President, Oji Bros. Farm, Inc., Yuba City, Calif. 1974

Appointed by Federal Reserve Bank:

W. GORDON FERGUSON President, National Bank of Whittier, Calif. 1972 LINUS E. SOUTHWICK President, Valley National Bank, Glendale, Calif. 1973 CARL E. HARTNACK President, Security Pacific National Bank, Los Angeles, Calif. 1973 RAYBURN S. DEZEMBER Chairman of the Board, President, American National Bank, Bakersfield, Calif. 1974

Chairman 2 Deputy Chairman

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District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued

LOS ANGELES BRANCH—Continued Term Expires Dec. 31 Appointed by Board of Governors:

LELAND D. PRATT1 President, Kelco Company, San Diego, Calif. 1972 EDWARD A. SLOAN President, Sloan's Dry Cleaners, Los Angeles, Calif. 1973 RUTH HANDLER President, Mattel, Inc., Hawthorne, Calif. 1974

PORTLAND BRANCH

Appointed by Federal Reserve Bank:

JAMES H. STANARD Vice President, First National Bank of McMinnville, Oreg. 1972 FRANK L. SERVOSS President, Crater National Bank of Medford, Oreg. 1972 LEROY B. STAVER Chairman of the Board, Chief Executive Officer, United States National Bank of Oregon, Portland, Oreg. 1973

Appointed by Board of Governors:

JOHN R. HOWARD1 President, Lewis and Clark College, Portland, Oreg. 1972 FRANK ANDERSON Farmer, Heppner, Oreg. 1973

SALT LAKE CITY BRANCH

Appointed by Federal Reserve Bank:

RODERICK H. BROWNING President, Bank of Utah, Ogden, Utah 1972 ROY W. SIMMONS President, Zions First National Bank, Salt Lake City, Utah 1972 JOSEPH BIANCO Chairman of the Board, President, Bank of Idaho, Boise, Idaho 1973

Appointed by Board of Governors:

JOHN H. BRECKENRIDGE1 President, L. L. Breckenridge Company, Twin Falls, Idaho 1972 THEODORE C. JACOBSEN Chairman of the Board, Jacobsen Construction Company, Inc., Salt Lake City, Utah 1973

SEATTLE BRANCH

Appointed by Federal Reserve Bank: A. E. SAUNDERS Vice Chairman of the Board, Puget Sound National Bank, Tacoma, Wash. 1972 PHILIP H. STANTON President, Washington Trust Bank, Spokane, Wash. 1972 JOSEPH C. BAILLARGEON Chairman of the Board, Chief Executive Officer, Seattle Trust & Savings Bank, Seattle, Wash. 1973

Appointed by Board of Governors: C. HENRY BACON, JR.1 Vice Chairman of the Board, Simpson Timber Company, Seattle, 1972 Wash. THOMAS T. HIRAI President, Quality Growers Company, Inc., Quincy, Wash. 1973

Chairman

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Directors of Federal Reserve Banks and Branches

Following is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. 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 engaged 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 branches have either five or seven directors, of whom a majority are appointed by the Board of Directors of the parent Federal Reserve Bank; 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. Names followed by footnote 1 (*) are Chairmen and those by footnote 2 (2) are Deputy Chairmen.

District 1—FEDERAL RESERVE BANK OF BOSTON

T erm e x p ires C la ss A : D e c . 31

R a l p h A . M c I n i n c h President, Merchants National Bank of Manchester, N.H. 1973 M a r k C . W h e e l e r President, New England Merchants National Bank, Boston, M a s s . 1 9 7 4 W il l ia m M . H o n e y President, The Martha’s Vineyard National Bank, Vineyard Haven, Mass. 1975

C la ss B :

G . W il l ia m M il l e r President, Textron, Providence, R.I. 1973 W . G o r d o n R o b e r t s o n Bangor, Maine 1974 A l f r e d W . V a n S i n d e r e n President, The Southern New England Telephone Co., New Haven, Conn. 1975

C la ss C:

J o h n M . F o x President, Chief Executive Officer, H. P. Hood & Sons, Charlestown, Mass. 1973 J a m e s S . D u e s e n b e r r y 1 Chairman, Department of Economics, Harvard University, Cambridge, Mass. 1974 L o u is W . C a b o t 2 Chairman of the Board, Cabot Corporation, Boston, Mass. 1975

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District 2—FEDERAL RESERVE BANK OF NEW YORK T erm e x p ire s D e c . 31 C la ss A :

D a v id C . R o c k e f e l l e r Chairman of the Board, The Chase Manhattan Bank, New York, N .Y . 1 9 7 3 N o r m a n B r a s s l e r Chairman of the Board, Chief Executive Officer, New Jersey Bank, N.A., Passaic, N.J. 1974 N e w m a n E . W a i t , J r . President, Adirondack Trust Company, Saratoga Springs, N.Y. 1975

C la ss B :

M a u r i c e F . G r a n v i l l e Chairman of the Board, Texaco, Inc., New York, N.Y. 1973 (Vacancy) 1974 J a c k B . J a c k s o n President, J. C. Penney Company, Inc., New York, N.Y. 1975

C la ss C:

A l a n J . P if e r President, Carnegie Corporation of New York, New York, N.Y. 1973 R o s w e l l L . G i l p a t r i c 1 Partner, Cravath, Swaine & Moore, New York, N.Y. 1974 F r a n k R . M i l l i k e n 2 President, Kennecott Copper Corporation, New York, N.Y. 1975

BUFFALO BRANCH

Appointed by Federal Reserve Bank:

W il l ia m B . A n d e r s o n President, The First National Bank of Jamestown, N.Y. 1973 A n g e l o A . C o s t a n z a President, Chief Executive Officer, Central Trust Company, Rochester, N.Y. 1973 T h e o d o r e M . M c C l u r e President, The Citizens National Bank and Trust Company, Wellsville, N.Y. 1974 C l a u d e F . S h u c h t e r President, Chief Executive Officer, Manufacturers and Traders Trust Company, Buffalo, N.Y. 1975

Appointed by Board of Governors:

R u p e r t W a r r e n 1 President, Trico Products Corporation, Buffalo, N.Y. 1973 N o r m a n F . B e a c h Vice President, General Manager, Kodak Park Division, Eastman Kodak Company, Rochester, N.Y. 1974 D o n a l d N e s b i t t Owner-Operator, Silver Creek Farms, Albion, N.Y. 1975

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA

C la ss A :

R ic h a r d A . H e r b s t e r President, Lewistown Trust Company, Lewistown, Pa. 1973 (Vacancy) 1974 J o h n H . H a s s l e r President, The City National Bank and Trust Company of Salem, N .J . 19 7 5

C la ss B:

(Vacancy) 1973 C . G r a h a m B e r w i n d , J r . President, Chief Executive Officer, Berwind Corporation, Philadelphia, Pa. 1974 B e r n a r d D . B r o e k e r Executive Vice President, Bethlehem Steel Corporation, Bethlehem, Pa. 1975

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District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued T erm e x p ires D e c. 31 C la ss C :

J o h n R . C o l e m a n 1 President, Haverford College, Haverford, Pa. 1973 E d w a r d W . R o b i n s o n , J r . President, Provident Home Industrial Mutual Life Insurance Co., Philadelphia, Pa. 1974 E d w a r d J . D w y e r 2 Chairman, Chief Executive Officer, ESB Incorcorporated, Philadelphia, Pa. 1975

District 4—FEDERAL RESERVE BANK OF CLEVELAND

C la ss A :

E d w a r d W . B a r k e r President, First National Bank of Middletown, Ohio 1973 A . B r u c e B o w d e n Vice Chairman of the Board, Mellon National Bank and Trust Company, Pittsburgh, Pa. 1974 D a v id L . B r u m b a c k , J r . President, Van Wert National Bank, Van Wert, Ohio 1975

C la ss B :

J o h n L . G u s h m a n Chairman of the Board, Chief Executive Officer, Anchor Hocking Corporation, Lancaster, Ohio 1973 D o n a l d E . N o b l e President, Chief Executive Officer, Rubbermaid Incorporated, Wooster, Ohio 1974 R e n e C . M c P h e r s o n Chairman, Chief Executive Officer, Dana Corporation, Toledo, O h io 1 975

C la ss C:

J . W a r d K e e n e r 2 Chairman of the Executive Committee, The B. F. Goodrich Company, Akron, Ohio 1973 H o r a c e A . S h e p a r d 1 Chairman of the Board, Chief Executive Officer, TRW Inc., Cleveland, Ohio 1974 O t is A . S i n g l e t a r y President, University of Kentucky, Lexington, Ky. 1975

CINCINNATI BRANCH

Appointed by Federal Reserve Bank:

W il l ia m S . R o w e President, The Fifth Third Bank, Cincinnati, Ohio 1973 E . P a u l W il l ia m s President, Second National Bank, Ashland, Ky. 1974 P a u l W . C h r i s t e n s e n , J r . President, The Cincinnati Gear Company, Cincinnati, Ohio 1975 R o b e r t E . H a l l President, The First National Bank and Trust Company, Troy, Ohio 1975

Appointed by Board of Governors:

C l a ir F . V o u g h Vice President, Office Products Division, IBM Corporation, Lexington, Ky. 1973 G r a h a m E . M a r x 1 President, General Manager, The G. A. Gray Company, Cincinnati, Ohio 1974 P h i l l i p R . S h r iv e r President, Miami University, Oxford, Ohio 1975

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DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 229

District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued T erm

PITTSBURGH BRANCH D e c. 31 Appointed by Federal Reserve Bank:

M e r l e E . G i l l i a n d Chairman of the Board, Chief Executive Officer, Pittsburgh National Bank, Pittsburgh, Pa. 1973 C h a r l e s F . W a r d President, Gallatin National Bank, Uniontown, Pa. 1974 R o b in s o n F . B a r k e r Chairman of the Board, Chief Executive Officer, PPG Industries, Inc., Pittsburgh, Pa. 1975 J e r r y A . H a l v e r s o n President, The First National Bank and Trust Co. of Wheeling, W. Va. 1975

Appointed by Board of Governors:

R o b e r t E . K i r b y 1 President, Industry and Defense Company, Westinghouse Electric Corporation, Pittsburgh, Pa. 1973 R ic h a r d M . C y e r t President, Carnegie-Mellon University, Pittsburgh, Pa. 1974 D o u g l a s G r y m e s President, Koppers Company, Inc., Pittsburgh, Pa. 1975

District 5—FEDERAL RESERVE BANK OF RICHMOND

C la ss A :

T h o m a s P . M c L a c h l e n President, McLachlen National Bank, Washington, D.C. 1973 E d w a r d N . E v a n s President, Farmers & Merchants National Bank of Cambridge, M d . 1 9 7 4 J o h n H . L u m p k in Chairman, Chief Executive Officer, The South Carolina National Bank, Columbia, S.C. 1975

C la ss B :

H . D a il H o l d e r n e s s President, Carolina Telephone and Telegraph Company, Tarboro, N .C . 1973 H e n r y C . H o f h e i m e r , II Chairman, Virginia Real Estate Investment Trust, Norfolk, Va. 1974 O s b y L . W e ir General Manager, Metropolitan W ashington-Baltimore Area Sears, Roebuck and Co., Bethesda, Md. 1975

C la ss C:

S t u a r t S h u m a t e 2 President, Richmond, Fredericksburg and Potomac Railroad Company, Richmond, Va. 1973 E . C r a ig W a l l , S r . Chairman of the Board, Canal Industries, Inc., Conway, S.C. 1974 R o b e r t W . L a w s o n , J r . 1 Senior Partner, Charleston Office, Steptoe & Johnson, Charleston, W. Va. 1975

BALTIMORE BRANCH

Appointed by Federal Reserve Bank:

J . S t e v e n s o n P e c k Chairman of the Board, Union Trust Company of Maryland, Baltimore, Md. 1973 J a m e s J . R o b in s o n Executive Vice President, Bank of Ripley, W. Va. 1973 T il t o n H . D o b b in President, Chairman of the Executive Committee, Maryland National Bank, Baltimore, Md. 1974 J . R . C h a f f i n c h , J r . President, The Denton National Bank, Denton, Md. 1975

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District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued

T erm BALTIMORE BRANCH—Continued e x p ires D e c . 31 Appointed by Board of Governors:

J o h n H . F e t t i n g , J r . 1 President, A. H. Fetting Company, Baltimore, Md. 1973 J a m e s G . H a r l o w President, West Virginia University, Morgantown, W. Va. 1974 D a v id W . B a r t o n , J r . President, Barton-Gillet Company, Baltimore, Md. 1975

CHARLOTTE BRANCH

Appointed by Federal Reserve Bank:

H . P h e l p s B r o o k s , J r . President, The Peoples National Bank, Chester, S.C. 1973 C . C . C a m e r o n Chairman of the Board, President, First Union National Bank of North Carolina, Charlotte, N.C. 1973 L . D . C o l t r a n e , III President, The Concord National Bank, Concord, N.C. 1974 W il l ia m W . B r u n e r Chairman, President, First National Bank of South Carolina, Columbia, S.C. 1975

Appointed by Board of Governors:

C h a r l e s W . D e B e l l 1 General Manager, North Carolina Works, Western Electric Company, Inc., Winston-Salem, N.C. 1973 C h a r l e s F . B e n b o w Vice President, R. J. Reynolds Industries, Inc., Winston-Salem, N .C . 1 9 7 4 R o b e r t C . E d w a r d s President, Clemson University, Clemson, S.C. 1975

District 6—FEDERAL RESERVE BANK OF ATLANTA

C la ss A :

A . L . E l l is Chairman of the Board, First National Bank, Tarpon Springs, F la . 19 7 3 J a c k P . K e i t h President, First National Bank of West Point, Ga. 1974 S a m I. Y a r n e l l Chairman, American National Bank and Trust Co., Chattanooga, T e n n . 1 9 7 5

C la ss B :

H o s k in s A . S h a d o w President, Tennessee Valley Nursery, Inc., W inchester, Tenn. 1973 O w e n C o o p e r President, Mississippi Chemical Corporation, Coastal Chemical Corporation, Yazoo City, Miss. 1974 George W. Jenkins Chairman, Publix Super Markets, Inc., Lakeland, Fla. 1975

C la ss C:

J o h n C . W i l s o n 1 President, Horne-Wilson, Inc., Atlanta, Ga. 1973 H . G . P a t t i l l o 2 President, Pattillo Construction Company, Inc., Decatur, Ga. 1974 F . E v a n s F a r w e l l President, Milliken and Farwell, Inc., New Orleans, La. 1975

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DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 231

District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued

T erm BIRMINGHAM BRANCH ex p ires D e c . 31 Appointed by Federal Reserve Bank:

W a l l a c e D . M a l o n e , J r . President, Chairman of the Board, The First National Bank of Dothan, Ala. 1973 C . L o g a n T a y l o r Chairman of the Board, The First State Bank of Oxford, Ala. 1973 W . E u g e n e M o r g a n President, Chief Executive Officer, The First National Bank of Huntsville, Ala. 1974 J o h n T . O l iv e r President, First National Bank, Jasper, Ala. 1975

Appointed by Board of Governors:

D a v id M a t h e w s 1 President, University of Alabama, University, Ala. 1973 W il l ia m C . B a u e r President, South Central Bell, Birmingham, Ala. 1974 F r e d e r ic k G . K o e n i g , J r . President, Chief Executive Officer, Alabama By-Products Corporation, Birmingham, Ala. 1975

JACKSONVILLE BRANCH

Appointed by Federal Reserve Bank:

M a l c o l m C . B r o w n President, Chairman of the Board, Florida First National Bank at Brent, Pensacola, Fla. 1973 A . C l e w is H o w e l l President, Marine Bank & Trust Company, Tampa, Fla. 1973 G u y W . B o t t s Vice Chairman of the Board, Barnett Bank of Jacksonville, N.A., Jacksonville, Fla. 1974 M ic h a e l J. F r a n c o Chairman of the Board, City National Bank of Miami, Fla. 1975

Appointed by Board of Governors:

H e n r y C r a g g 1 Vice President, The Coca-Cola Company Foods Division, Winter Park, Fla. 1973 G e r t H . W . S c h m id t President, TeLeVision 12 of Jacksonville, Fla. 1974 J a m e s E . L y o n s President, Lyons Industrial Corporation, Winter Haven, Fla. 1975

NASHVILLE BRANCH

Appointed by Federal Reserve Bank:

D a n B . A n d r e w s President, First National Bank, Dickson, Tenn. 1973 E d w a r d G . N e l s o n President, Commerce Union Bank, Nashville, Tenn. 1973 W . B r y a n W o o d a r d President, Kingsport National Bank, Kingsport, Tenn. 1974 R o b e r t E . C u r r y President, First National Bank of Pulaski, Tenn. 1975

Appointed by Board of Governors:

J a m e s W . L o n g 1 President, Robertson County Farm Bureau, Springfield, Tenn. 1973 E d w a r d J . B o l i n g President, The University of Tennessee, Knoxville, Tenn. 1974 J o h n C . T u n e Partner, Butler, McHugh, Butler, Tune & Watts, Nashville, T e n n . 19 7 5

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2 3 2 FEDERAL RESERVE BULLETIN □ MARCH 1973

District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued T e n n

NEW ORLEANS BRANCH e x p ires D e c . 31 Appointed by Federal Reserve Bank:

T o m A . F l a n a g a n , J r . President, Lakeside National Bank of Lake Charles, La. 1973 L a w r e n c e A . M e r r ig a n President, The Bank of New Orleans and Trust Company, New Orleans, La. 1973 A r c h i e R . M c D o n n e l l President, Citizens National Bank, Meridian, Miss. 1974 E r n e s t F . L a d d , J r . Chairman, The Merchants National Bank, Mobile, Ala. 1975

Appointed by Board of Governors:

B r o a d u s N . B u t l e r President, Dillard University, New Orleans, La. 1973 F r e d A d a m s , J r . 1 President, Cal-Maine Foods, Inc., Jackson, Miss. 1974 E d w in J. C a p l a n President, Caplan’s Men’s Shops, Inc., Alexandria, La. 1975

District 7—FEDERAL RESERVE BANK OF CHICAGO

C la ss A :

M e l v in C . L o c k a r d President, First National Bank, Mattoon, 111. 1973 F l o y d F . W h it m o r e President, The Okey-Vernon National Bank, Corning, Iowa 1974 E d w a r d B y r o n S m it h Chairman of the Board, The Northern Trust Company, Chicago, 111. 1 975

C la ss B:

H o w a r d M . P a c k a r d Vice Chairman, S. C. Johnson & Son, Inc., Racine, Wis. 1973 J o h n T . H a c k e t t Executive Vice President, Cummins Engine Company, Inc., Columbus, Ind. 1974 O s c a r G . M a y e r Chairman of the Board, Oscar Mayer & Company, Madison, W is . 1975

C la ss C:

J o h n W . B a ir d President, Baird & Warner, Inc., Chicago, 111. 1973 W il l ia m H . F r a n k l i n 1 Chairman of the Board, Caterpillar Tractor Co., Peoria, 111. 1974 P e t e r B . C l a r k 2 Chairman of the Board, President, Publisher, The Evening News Association, Detroit, Mich. 1975

DETROIT BRANCH

Appointed by Federal Reserve Bank:

E l l is B . M e r r y Chairman of the Board, National Bank of Detroit, M ic h . 1 9 7 3 H a r o l d A . E l g a s President, Gaylord State Bank, Gaylord, Mich. 1 9 7 4 J o s e p h B . F o s t e r President, Chief Executive Officer, Ann Arbor Bank, Ann Arbor, M ic h . 1 9 7 5 Roland A. M ewhort Chairman, Manufacturers National Bank of Detroit, Mich. 1 9 7 5

Appointed by Board of Governors:

L . W m . S e id m a n Resident Partner, Seidman & Seidman, Grand Rapids, Mich. 1 9 7 3 T o m K i l l e f e r Vice President, General Counsel, Chrysler Corporation, Detroit, Mich. 1 9 7 4 W . M . D e f o e 1 Chairman of the Board, Defoe Shipbuilding Company, Bay City, Mich. 19 7 5

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DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 2 3 3

District 8—FEDERAL RESERVE BANK OF ST. LOUIS T erm e x p ires C la ss A : D e c . 31

B r a d f o r d B r e t t President, The First National Bank of Mexico, Mo. 1973 E d w in S . J o n e s Chairman of the Board, First National Bank in St. Louis, Mo. 1974 W m . E . W e i g e l Executive Vice President, 1st National Bank and Trust Company, Centralia, 111. 1975

C la ss B :

F r e d I. B r o w n , J r . President, Arkansas Foundry Company, Little Rock, Ark. 1973 J a m e s M . T u h o l s k i President, Mead Johnson & Company, Evansville, Ind. 1974 E d w a r d J. S c h n u c k Chairman of the Board, Schnuck Markets, Inc., Bridgeton, Mo. 1975

C la ss C:

H a r r y M . Y o u n g , J r . Melrose Farms, Herndon, Ky. 1973 F r e d e r ic M . P e i r c e 1 Chairman of the Board, Chief Executive Officer, General American Life Insurance Company, St. Louis, Mo. 1974 S a m C o o p e r 2 President, HumKo Products, Division of Kraftco Corporation, Memphis, Tenn. 1975

LITTLE ROCK BRANCH

Appointed by Federal Reserve Bank:

Edward M. Penick President, Chief Executive Officer, W orthen Bank & Trust Company, N.A., Little Rock, Ark. 1 973 W il l H . K e l l e y Chairman, The State First National Bank of Texarkana, Ark. 1 9 7 4 T h o m a s G . V in s o n President, First National Bank, Batesville, Ark. 1975 F ie l d W a s s o n President, The First National Bank, Siloam Springs, Ark. 19 7 5

Appointed by Board of Governors:

R o l a n d R . R e m m e l 1 Chairman of the Board, Southland Building Products Co., Little Rock, Ark. 1 9 7 3 A l P o l l a r d President, Al Pollard & Associates, Little Rock, Ark. 1 9 7 4 W . M . P i e r c e President, Arkansas Business Development Corporation, Little Rock, Ark. 1 9 7 5

LOUISVILLE BRANCH

Appointed by Federal Reserve Bank:

H a r o l d E . J a c k s o n President, The Scott County State Bank, Scottsburg, Ind. 1 9 7 3 H u g h M . S h w a b Chairman of the Boards, First National Bank of Louisville, The Kentucky Trust Company, Louisville, Ky. 1974 H e r b e r t J . S m it h President, The American National Bank & Trust Company of Bowling Green, Ky. 1975 Tom G. Voss President, The Seymour National Bank, Seymour, Ind. 1975

Appointed by Board of Governors:

W i l l ia m H . S t r o u b e 1 Associate Dean, College of Science and Technology, Western Kentucky University, Bowling Green, Ky. 1973 J a m e s C . H e n d e r s h o t President, Chief Operating Officer, Reliance Universal Inc., Louisville, Ky. 1974 J a m e s H . D a v is Chairman, Chief Executive Officer, Porter Paint Company, Louisville, Ky. 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis March 1973

2 3 4 FEDERAL RESERVE BULLETIN □ MARCH 1973

District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued T erm

MEMPHIS BRANCH e x p ire s D e c. 31 Appointed by Federal Reserve Bank:

J . J . W h i t e President, Helena National Bank, Helena, Ark. 1973 G a r n e r L . H ic k m a n Chairman, President, The First National Bank of Oxford, Miss. 1974 R id l e y A l e x a n d e r Chairman, The Second National Bank of Jackson, Tenn. 1975 C . B e n n e t t H a r r is o n Chairman of the Board, Union Planters National Bank of Memphis, Tenn. 1975

Appointed by Board of Governors:

A l v in H u f f m a n , J r . 1 President, Huffman Brothers Incorporated, Blytheville, Ark. 1973 C . W h i t n e y B r o w n President, S. C. Toof & Company, Memphis, Tenn. 1974 J e a n n e L . H o l l e y Assistant Professor of Business Education and Office Adminis tration, University of Mississippi, University, Miss. 1975

District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS

C la ss A :

P h i l i p H . N a s o n Chairman of the Board, The First National Bank of Saint Paul, M in n . 1 9 7 3 R o y H . J o h n s o n President, The First National Bank of Negaunee, Mich. 1974 D a v id M . S m it h President, 1st National Bank, River Falls, Wis. 1975

C la ss B:

D a l e V . A n d e r s e n President, Mitchell Packing Company, Inc., Mitchell, S.D. 1973 J o h n H . B a il e y President, The Cretex Companies, Inc., Elk River, Minn. 1974 D a v id M . H e s k e t t President, Montana-Dakota Utilities Co., Bismarck, N.D. 1975

C la ss C:

R u s s B . H a r t President, Hart-Albin Company, Billings, Mont. 1973 B r u c e B . D a y t o n 2 Chairman of the Board, Dayton Hudson Corporation, Minneapolis, Minn. 1974 D a v id M . L i l l y 1 Chairman of the Board, The Toro Company, M inneapolis, Minn. 1975

HELENA BRANCH

Appointed by Federal Reserve Bank:

R ic h a r d D . R u b ie President, Missoula Bank of Montana, Missoula, Mont. 1973 R o b e r t I. P e n n e r President, Citizens First National Bank, Wolf Point, Mont. 1974 J o h n R e i c h e l President, 1st National Bank in Bozeman, Mont. 1974

Appointed by Board of Governors:

W il l ia m A . C o r d i n g l e y 1 Publisher, Great Falls Tribune, Great Falls, Mont. 1973 W a r r e n B . J o n e s 2 Secretary-Treasurer, Two Dot Land and Livestock Company, Harlowton, Mont. 1974

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis March 1973

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 235

District 10—FEDERAL RESERVE BANK OF KANSAS CITY T erm e x p ires D e c . 31 C la ss A :

C. Mose M iller Chairman of the Board, President, The Farmers and Merchants State Bank, Colby, Kans. 1973 J o h n A . O ’L e a r y Chairman of the Board, The Peoples State Bank, Luray, Kans. 1974 R o g e r D . K n i g h t , J r . Chairman of the Board, United Banks of Colorado, Inc., Denver, C o lo . 19 7 5

C la ss B :

A l f r e d E . J o r d a n Vice President, Trans World Airlines, Inc., Kansas City, Mo. 1973 F r a n k C . L o v e President, Kerr-McGee Corporation, Oklahoma City, Okla. 1974 C e c il O . E m r ic h President, C. O. Emrich Enterprises, Norfolk, Nebr. 1975

C la ss C:

R o b e r t T . P e r s o n 2 President, Chairman of the Board, Public Service Company of Colorado, Denver, Colo. 1973 R o b e r t W . W a g s t a f f 1 Chairman of the Board, President, Coca-Cola Bottling Company of Mid-America, Kansas City, Mo. 1974 H a r o l d W . A n d e r s o n President, World Publishing Company, Omaha World Herald, Omaha, Nebr. 1975

DENVER BRANCH

Appointed by Federal Reserve Bank:

J o h n W . H a y , J r . President, Rock Springs National Bank, Rock Springs, Wyo. 1973 D a l e R . H in m a n Chairman of the Board, The Greeley National Bank, Greeley, C o lo . 1 9 7 4 R o b e r t L . T r ip p President, Albuquerque National Bank, Albuquerque, N.M. 1974

Appointed by Board of Governors:

M a u r i c e B . M i t c h e l l 1 Chancellor, University of Denver, Colo. 1973 E d w a r d R . L u c e r o Executive Director, Colorado Economic Development Association, Denver, Colo. 1974

OKLAHOMA CITY BRANCH

Appointed by Federal Reserve Bank:

W . H . M c D o n a l d Chairman of the Executive Committee, The First National Bank and Trust Company of Oklahoma City, Okla. 1973 H u g h C . J o n e s Executive Vice President, The Bank of Woodward, Okla. 1974 M a r v in M il l a r d Chairman of the Board, National Bank of Tulsa, Okla. 1974

Appointed by Board of Governors:

J o s e p h H . W il l i a m s 1 President, Chief Operating Officer, The Williams Companies, Tulsa, Okla. 1973 H a r l e y C u s t e r General Manager, Oklahoma Livestock Marketing Association, Oklahoma City, Okla. 1974

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis March 1973

2 3 6 FEDERAL RESERVE BULLETIN □ MARCH 1973

District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued T erm

OMAHA BRANCH ex p ires D e c . 31 Appointed by Federal Reserve Bank:

S . N . W o l b a c h President, The First National Bank of Grand Island, Nebr. 1973 G l e n n Y a u s s i Chairman of the Board, National Bank of Commerce Trust & Savings, Lincoln, Nebr. 1973 E d w a r d W . L y m a n President, The United States National Bank of Omaha, Nebr. 1974

Appointed by Board of Governors:

A . J a m e s E b e l 1 Vice President, General Manager, Cornhusker Television Corporation, Lincoln, Nebr. 1973 E d w a r d F . O w e n s President, Paxton & Vierling Steel Company, Carter Lake, Nebr. 1974

District 11—FEDERAL RESERVE BANK OF DALLAS

C la ss A :

J. V . K e l l y Chairman of the Board, The Peoples National Bank of Belton, T e x . 19 7 3 A . W . R i t e r , J r . President, The Peoples National Bank of Tyler, Tex. 1974 R o b e r t H . S t e w a r t , III Chairman of the Board, First International Bancshares, Inc., Dallas, Tex. 1975

C la ss B:

C a r l D . N e w t o n Chairman of the Board, Fox-Stanley Photo Products, Inc., San Antonio, Tex. 1973 H u g h F . S t e e n President, El Paso Natural Gas Company, El Paso, Tex. 1974 T h o m a s W . H e r r ic k President, Mesa Agro Inc., Amarillo, Tex. 1975

C la ss C :

J o h n L a w r e n c e 2 Chairman of the Board, Dresser Industries, Inc., Dallas, Tex. 1973 C h a s . F . J o n e s 1 Dean, College of Business Administration, University of Houston, Tex. 1974 C h a r l e s T . B e a ir d Chairman of the Board, Beaird-Poulan, Shreveport, La. 1975

EL PASO BRANCH

Appointed by Federal Reserve Bank:

C u l l e n J. K e l l y President, The First National Bank of Midland, Tex. 1973 W a y n e S t e w a r t President, First National Bank in Alamogordo, N.M. 1974 R e e d H . C h it t im President, Chief Executive Officer, First National Bank of Lea County, Hobbs, N.M. 1975 S a m D . Y o u n g , J r . President, El Paso National Bank, El Paso, Tex. 1975

Appointed by Board of Governors:

H e r b e r t M . S c h w a r t z 1 President, Popular Dry Goods Co., Inc., El Paso, Tex. 1973 G a g e H o l l a n d 2 Gage Holland Ranch, Marathon, Tex. 1974 A l l a n B . B o w m a n President, General Manager, Banner Mining Company, Tucson, A riz . 1 975

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis March 1973

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 2 3 7

District 11—FEDERAL RESERVE BANK OF DALLAS—Continued T erm ex p ire s HOUSTON BRANCH D e c . 31 Appointed by Federal Reserve Bank:

K l i n e M c G e e Chairman of the Board, Southern National Bank of Houston, Tex. 1973 S e t h W . D o r b a n d t Chairman of the Board, President, First National Bank in Conroe, Tex. 1974 B o o k m a n P e t e r s President, The City National Bank of Bryan, Tex. 1975 N a t S . R o g e r s President, First City National Bank of Houston, Tex. 1975

Appointed by Board of Governors:

M . S t e e l e W r i g h t , J r . 1 Chairman of the Board, Texas Farm Products Company, Nacogdoches, Tex. 1973 R . M . B u c k l e y 2 President, Director, Eastex Incorporated, Silsbee, Tex. 1974 A l v in P . T h o m a s President, Prairie View A&M College, Prairie View, Tex. 1975

SAN ANTONIO BRANCH

Appointed by Federal Reserve Bank:

R a y M . K e c k , J r . Chairman of the Board, President, Union National Bank of Laredo, Tex. 1973 L e o n S t o n e President, The Austin National Bank, Austin, Tex. 1974 R ic h a r d W . C a l v e r t President, National Bank of Commerce of San Antonio, Tex. 1975 W . O . R o b e r s o n President, First National Bank at Brownsville, Tex. 1975

Appointed by Board of Governors:

I r v in g A . M a t h e w s 1 Chairman of the Board, Chief Executive Officer, Frost Bros., Inc., San Antonio, Tex. 1973 M a r s h a l l B o y k i n , III2 Partner, Wood, Boykin & Wolter, Corpus Christi, Tex. 1974 P . J . M o r a l e s , J r . Executive Vice President, General Manager, Morales Feedlots, Inc., Devine, Tex. 1975

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO

C la ss A :

A . W . C l a u s e n President, Chief Executive Officer, Bank of America NT&SA, San Francisco, Calif. 1973 C a r l E . S c h r o e d e r President, The First National Bank of Orange County, Orange, Calif. 1974 James E. Phillips President, First National Bank in Port Angeles, Wash. 1975

C la ss B :

M a r r o n K e n d r ic k President, Chairman of the Board, Schlage Lock Company, San Francisco, Calif. 1973 C h a r l e s R . D a h l President, Chief Executive Officer, Crown Zellerbach, San Francisco, Calif. 1974 J o s e p h R o s e n b l a t t Honorary Chairman of the Board, The Eimco Corporation, Salt Lake City, Utah 1975

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis March 1973

2 3 8 FEDERAL RESERVE BULLETIN □ MARCH 1973

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued T erm ex p ires D e c . 31 C la ss C:

O . M e r e d i t h W i l s o n 1 President, Director, Center for Advanced Study in the Behavioral Sciences, Stanford, Calif. 1973 M a s O j i President, Oji Bros. Farm, Inc., Yuba City, Calif. 1974 J o s e p h F . A l i b r a n d i 2 President, Whittaker Corporation, Los Angeles, Calif. 1975

LOS ANGELES BRANCH

Appointed by Federal Reserve Bank:

C a r l E . H a r t n a c k President, Security Pacific National Bank, Los Angeles, Calif. 1973 L in u s E . S o u t h w i c k President, Valley National Bank, Glendale, Calif. 1973 R a y b u r n S . D e z e m b e r Chairman of the Board, President, American National Bank, Bakersfield, Calif. 1974 W . G o r d o n F e r g u s o n President, National Bank of Whittier, Calif. 1975

Appointed by Board of Governors:

E d w a r d A . S l o a n 1 President, Sloan’s Dry Cleaners, Los Angeles, Calif. 1973 R u t h H a n d l e r President, Mattel, Inc., Hawthorne, Calif. 1974 L e l a n d D . P r a t t President, Kelco Company, San Diego, Calif. 1975

PORTLAND BRANCH

Appointed by Federal Reserve Bank:

L e R o y B . S t a v e r Chairman of the Board, Chief Executive Officer, United States National Bank of Oregon, Portland, Oreg. 1973 F r a n k L . S e r v o s s President, Crater National Bank*of Medford, Oreg. 1974 J a m e s H . S t a n a r d Vice President, First National Bank of McMinnville, Oreg. 1974

Appointed by Board of Governors:

F r a n k A n d e r s o n 1 Farmer, Heppner, Oreg. 1973 J o h n R . H o w a r d President, Lewis and Clark College, Portland, Oreg. 1974

SALT LAKE CITY BRANCH

Appointed by Federal Reserve Bank:

J o s e p h B ia n c o Chairman of the Board, President, Bank of Idaho, Boise, Idaho 1973 R o d e r ic k H . B r o w n i n g President, Bank of Utah, Ogden, Utah 1974 R o y W . S im m o n s President, Zions First National Bank, Salt Lake City, Utah 1974

Appointed by Board of Governors:

T h e o d o r e C . J a c o b s e n 1 Chairman of the Board, Jacobsen Construction Company, Inc., Salt Lake City, Utah 1973 S a m H . B e n n i o n Secretary-Treasurer, V-l Oil Company, Inc., and Weathertite Block Co., Idaho Falls, Idaho 1974

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis March 1973

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 239

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued T erm

SEATTLE BRANCH e x p ire s D e c . 31 Appointed by Federal Reserve Bank:

J o s e p h C . B a il l a r g e o n Chairman of the Board, Chief Executive Officer, Seattle Trust & Savings Bank, Seattle, Wash. 1973 H a r r y S . G o o d f e l l o w President, Old National Bank of Washington, Spokane, Wash. 1974 R o b e r t C . W h it w a m President, American National Bank of Edmonds, Wash. 1974

Appointed by Board of Governors:

T h o m a s T . H i r a i 1 President, Quality Growers Company, Inc., Woodinville, Wash. 1973 C . H e n r y B a c o n , J r . Vice Chairman of the Board, Simpson Timber Company, Seattle, W a s h . 1 9 7 4

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis