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SYSTEM RESEARCH COMMITTEES August 1953 SYSTEM RESEARCH ADVISORY COMMITTEE Woodlief Thomasj Chairman Oliver P# Wheeler, Vice Chairman Harold V« Roelse L« Merle Hostetler Earle L# Rauber William J. Abbott Clarence !• Tow Ralph A, Young Guy E . Noyes^ Secretary (Board) (San Francisco) (New York) (Cleveland) (Atlanta) (st* Louis) (Kansas City) (Board) (Board) SUBCOMMITTEE OF THE PRESIDENTS1 CONFERENCE COMMITTEE ON RESEARCH AND STATISTICS Oliver ?• ¥<!heeler, Chairman Clarence Tiu Tow, Vice Chairman George H. Ellis Harold V* Roelse Karl R. Bopp L. Merle Hostetler Charles TPu Vvilliams Earle L # Rauber George V*» Mitchell William J» Abbott J. Marvin Peterson Watrous H» Irons (San Francisco) (Kaasas City) (Boston) (New York) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (Chicago) (St. Louis) (Minneapolis) (Dallas) - 2 - SPECIAL COMMITTEES The Chairman of the System Research Advisory Committee (Mr# Thomas) and the Chairman of the Subcommittee of the Presidents' Conference Committee on Research and Statistics (Mr* Wheeler) are ex-officio members of all of these special committees• The Chairman of each special committee is authorized to invite representatives from Banks not regularly on the committee to attend any meeting of the committee and persons so attending shall be considered as members of the committee for that meeting* COMMITTEE ON BANKING AND CREDIT POLICT Harold V» Roelse, Chairman Karl R, Bopp J» Marvin Peterson Clarence Vu Tow Yiatrous H» Irons Oliver P# Wheeler Ralph A# Young Richard Youngdahl Albert Koch, Secretary (New York) (Philadelphia) (Minneapolis) (Kansas City) (Dallas) (San Francisco) (Board) (Board) (Board) COMMITTEE ON BUSINESS FINANCE Charles W* Williams* Chairman P. B« Willis Robert V. Roosa L» Merle Hostetler George Cloos William H. Kester Oscar Litterer Gault Lynn Vacancy (Richmond) (Boston) (New York) (Cleveland) (Chicago) (St. Louis) (Minneapolis) (San Francisco (Board) - 3 COMMITTEE ON CURRENT BUSINESS DEVELOPMENTS ^•Frederick L« Deming, Chairman George H» Ellis Evan B. Alderfer Fred Kiel B* P# Chambers Charles T. Taylor George Cloos J« Marvin Peterson Robert S» Eckley Jack D. Colclough Harry S* Schwartz #Frank R« Garfield Frank M« Tamagna Kenneth B* Williams ^-George Garvy3 Secretary (St. Louis) (Eoston) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (Chicago) (Minneapolis) (Kansas City) (Dallas) (San Francisco) (Board) (Board) (Board) (New York) ^-Members of the Executive Committee COMMITTEE ON CURRENT REPORTING SERIES -^Morgan H» Rice, Chairman Jarvis M« Thayer Madeline McTiwhinney ^Kenneth M* Snader Addison T. Cutler Elizabeth Angle Basil A. lapensky Raymond H« Lapin -x-lilliam J# Abbott John MacDonald Zenas Bo Smith Harry S# Schwartz Gerald IU Conkling Homer Jones •H-Orville K# Thompson ^-Kenneth Bt Self, Secretary ^•Members of the Executive Committee (Dallas) (Boston) (New York) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (Chicago) (St. Louis) (Minneapolis) (Dallas) (San Francisco) (Board) (Board) (Board) (Kansas City) COMMITTEE ON^AGRICULTURE #F. L. Parsons, Chairman L. A. Zehner Claude I. Hummel Horace G. Porter E. C. Clarke ^-Ernest T. Baughman Donald L. Henry Raymond J. Doll W. M. Pritchett Vvillard F. Williams •fcphilip T. Allen, Secretary (Minneapolis) (Boston) (Cleveland) (Richmond) (Atlanta) (Chicago) (St. Louis) (Kansas City) (Dallas) (San Francisco) (Board) -^Members of the Executive Committee COMMITTEE ON GOVERNMENT FINANCE Richard Youngdahl, Chairman Robert V. Roosa Clay J. Anderson 1/ Dewey Daane George "W. Mitchell D. R. CaiAithorne Gault Lynn Mona Dingle, Secretary (Board) (New York) (Philadelphia) (Riclimond) (Chicago) (Kansas City) (San Francisco) (Board) 1/ Temporarily on leave. COMMITTEE ON EDUCATION AND PUBLICATIONS J» Marvin Peterson, Chairman Robertson Page Thomas 0. laage Evan B. Alderfer L. Merle Hostetler Charles ^. lilliams Earle L. Rauber George \». Mitchell Dale M. Lewis Clarence Hi« Tow Watrous H. Irons Oliver P. Wheeler Clarke L. Fauver Susan S. Burr, Secretary (Minneapolis) (Boston) (New York) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (Chicago) (St. Louis) (Kansas City) (Dallas) (San Frazicisco) (Board (Board) -5 AD HOC COMMITTEE ON REAL ESTATE CREDIT George Garvy, Chairman P* B. Mllis R. P. Lumpkin Thomas R. Atkinson Charles G* Iright Ross U. Robertson Oscar Litterer D» R» Cawthrone Ralph T. Green Eliot J. Swan Ramsay Yiiood, Secretary (New York) (Boston) (Richmond) (Atlanta) (Chicago) (st, Louis) (Minneapolis) (Kansas City) (Dallas) (San Francisco) (Board) SYSTEM RESEARCH COMMITTEES MAY 1954 SYSTEM RESEARCH ADVISORY COMMITTEE Woodlief Thomas, Chairman Clarence ¥• Tow, Vice Chainuan George H« Ellis L. Merle Hostetler Charles ¥• Williams William J» Abbott Morgan H. Rice Ralph A* Young Guy E. Noyes, Secretary (Board) (Kansas City) (Boston) (Cleveland) (Richmond) (St. Louis) (Dallas) (Board) (Board) SUBCOMMITTEE OF THE PRESIDENTS' CONFERENCE COMMITTEE "~ ON RESEARCHED STATISTICS Clarence W« Tow, Chairman Morgan H» Rice, Vice Chairman George H« Ellis Harold V. Roelse Karl R« Bopp L» Merle Hostetler Charles W# Williams Earle L. Rauber George W# Mitchell William J. Abbott Vacant Oliver P. Wheeler Thomas G. Gies, Secretary (Kansas City) (Dallas) (Boston) (New York) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (Chicago) (St, Louis) (Minneapolis) (San Francisco) (Kansas City) -2SPECIAL COMMITTEES The Chainnan of the System Research Advisory Committee (Mr* Thomas) and the Chairman of the Subcommittee of the Presidents1 Conference Committee on Research and Statistics (Mr* Tow) are ex-officio members of all of these special committees. The Chairman of each special committee is authorized to invite representatives from Banks not regularly on the committee to attend any meeting of the committee and persons so attending shall be considered as members of the committee for that meeting* COMMITTEE ON BANKING AND CREDIT POLICY * Karl R. Bopp* Chairman Harold V. Roelse Earle L# Rauber George W# Mitchell Clarence 17• Tow Ralph A* Young Richard loungdahl Albert Koch, Secretary (Philadelphia) (New York) (Atlanta) (Chicago) (Kansas City) (Board) (Board) (Board) #The Committee on Banking and Credit Policy consists of the current Associate Economists of the Federal Open Market Committee, together with selected members of the Board's staff. COMMITTEE ON BUSINESS FINANCE Charles Vti. Williams, Chairman P. B. Willis Robert V. Roosa Clay J* Anderson L« Merle Hostetler George Cloos William H. Kester Oscar Litterer Gault Lynn Paul B. Simpson Eleanor S. Stockwell, Secretary (Richmond) (Boston) (New York) (Philadelphia) (Cleveland) (Chicago) (St. Louis) (Minneapolis) (San Francisco) (Board) (Board) COMMITTEE ON CURRENT BUSINESS DEVELOPMENTS ^George ?[• Mitchell, Chairman George H* Ellis Evan B» Alderfer Fred Kiel B# ?• Chambers Charles T* Taylor William H. Kester Vacant Robert S. Eckley Jack D« Colclough Harry S» Schwartz -x-Frank R. Garfield Frank M» Tamagna Kenneth B. Ytfilliams •x-George Garvy, Secretary (Chicago) (Boston) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (St* Louis) (Minneapolis) (Kansas City) (Dallas) (San Francisco) (Board) (Board) (Board) (New York) ^Members of the Executive Committee COMMITTEE ONCURRENTREPORTING SERIES -Morgan H# Rice, Chairman J a r v i s M# Thayer Madeline McVyhinney •Jc-Kenneth M • Snader Addison T# Cutler Elizabeth Angle Charles T. Taylor Robert E» Ernmer ^William J* Abbott John MacDonald Zenas B« Smith Harry S. Schwartz Gerald M. Conkling Homer Jones #-Orville K. Thompson ^-Kenneth B. Self, Secretary •^Members of the Executive Committee (Dallas) (Boston) (New lork) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (Chicago) (St. Louis) (Minneapolis) (Dallas) (San Francisco) (Board) (Board) (Board) (Kansas City) COMMITTEE ON AGRICULTURE •^Horace G. Porter, Chairman L. A. Zehner Claude I, Hummel Arthur H# Kantner ^Ernest T* Baughman Donald irr-4fenxy/ F, L. Parsons Raymond J« Doll Vv, M. Pritchett Willard F. Williams -xPhilip T« Allen, Secretary (Richmond) (Boston) (Cleveland) (Atlanta) (Chicago) (St. Louis) (Minneapolis) (Kansas City) (Dallas) (San Francisco) (Board) *Members of the Executive Committee COMMITTEE ON GOBVERNMENT FINANCE Richard Youngdahl, Chairman Robert V* Roosa Clay J. Anderson Dewey Daane George w« Mitchell D. R. Cawthorne • Gault Lynn Donald C. Miller, Secretary (Board) (New York) (Philadelphia) (Richmond) (Chicago) (Kansas City) (San Francisco^ (Board) COMMITTEE ON EDUCATION AMD PUBLICATIONS Oliver P« Yifheeler, Chairman Robertson Page Thomas 0. V\»aage Evan B« Alderfer L« Merle Hostetler Charles W« Williams Earle L, Rauber Harold Cheadle Dale M. Lewis Vacant Clarence W« Tow Philip E. Coldwell Clarke L« Fauver Susan S# Burr, Secretary (San Francisco) (Boston) (New York) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (Chicago) (St# Louis) (M inneapolis) (Kansas City) (Dallas) (Board) (Board) COMMITTEE ON REAL ESTATE CREDIT George Garvy, Chairman ?. B. Willis R. P. Lumpkin RossM. Robertson Oscar Litterer Yiiilbur T. Billington Ralph T. Green Ramsay Wood, Secretaiy (New York) (Boston) (Richmond) (St. Louis) (Minneapolis) (Kansas City) (Dallas) (Board) SYSTEM RESEARCH COMMITTEES MAY 1954 SYSTEM RESEARCH ADVISORY COMMITTEE Woodlief Thomas, Chairman Clarence W» Tow, Vice Chairman George H» Ellis !•• Merle Hostetler Charles W. YJilliams William J# Abbott Morgan H* Rice Ralph A. Young Guy E. Noyes, Secretary (Board) (Kansas City) (Boston) (Cleveland) (Richmond) (St, Louis) (Dallas) (Board) (Board) SUBCOMMITTEE OF THE PRESIDENTS^ CONFERENCE COIMITTEE ' ON RESEARCH AND STATISTlUsT Clarence Yv. Tow, Chairman Morgan E. Rice, Vice Chairman George H« Ellis Harold V. Roelse Karl R« Bopp L# Merle Hostetler Charles W. Y^illiams Earle L. Rauber George W» Mitchell William J. Abbott Vacant Oliver P. Wheeler Thomas G. Gies, Secretary (Kansas City) (Dallas) (Boston) (New York) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (Chicago) (St. Louis) (Minneapolis) (San Francisco) (Kansas City) SPECIAL COMMITTEES The Chairman of the System Research Advisory Committee (Mr. Thomas) and the Chairman of the Subcommittee of the Presidents1 Conference Committee on Research and Statistics (Mr. Tow) are ex-officio members of all of these special committees. The Chairman of each special committee is authorized to invite representatives from Banks not regularly on the committee to attend any meeting of the committee and persons so attending shall be considered as members of the committee for that meeting* COMMITTEE ON BANKING AND CREDIT POLICY * Karl R. Bopp, Chairman Harold V. Roelse Earle L* Rauber George W. Mitchell Clarence y« Tow Ralph A* Young Richard Youngdahl Albert Koch, Secretary (Philadelphia) (New York) (Atlanta) (Chicago) (Kansas City) (Board) (Board) (Board) *The Committee on Banking and Credit Policy consists of the current Associate Economists of the Federal Open Market Committee, together Ydth selected members of the Board1s staff. COMMITTEE ON BUSINESS FINANCE Charles TSl. i/i/illiams, Chairman P. B. Willis Robert V. Roosa Clay J. Anderson L. Merle Hostetler George Cloos William H» Kester Oscar Litterer Gault Lynn Paul B« Simpson Eleanor S. Stockwell, Secretary (Richmond) (Boston) (New York) (Philadelphia) (Cleveland) (Chicago) (St. Louis) (Minneapolis) (San Francisco) (Board) (Board) -3- COMMITTEE ON CURRENT BUSINESS DEVELOPMENTS ^George W» Mitchell, Chairman George H» Ellis Evan B% Alderfer Fred Kiel B. P. Chambers Charles T. Taylor William H. Kester Vacant Robert S. Eckley Jack D. Colclough Harry S. Schwartz ---Frank R. Gar field Frank M » Tamagne^/ :/ / • •" : Kenneth &• Williams #George Garvy, Secretary (Chicago) (Boston) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (St# Louis) (Minneapolis) (Kansas City) (Dallas) (San Francisco) (Board) ' ^ (Board) (Board) (New lork) •^Members of the Executive Committee COMMITTEE ON CURRENT REPORTING SERIES H. R i c e , Chairman J a r v i s M. Thayer Madeline McWhinney ^Kenneth M• Snader Addison T. C u t l e r E l i z a b e t h Angle C h a r l e s T. Taylor Robert E» Emmer W i l l i a m J# Abbott John MacDonald Zenas B« Smith Harry S* Schwartz Gerald M. Conkling Homer Jones ^Orville K» Thompson -^Kenneth B. Self, Secretary •^Members of the Executive Committee (Dallas) (Boston) (New York) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (Chicago) (St. Louis) (Minneapolis) (Dallas) (San Francisco) (Board) (Board) (Board) (Kansas City) -uCOMMITTEE ON AGRICULTURE ^Horace G. Porter, Chairman L. A. Zehner Claude I* Hummel Arthur H. Kantner #Ernest T* Baughman F* L* Parsons Raymond J# Doll Vn M. Pritchett Willard F. Williams ^Philip T« Allen, Secretary (Richmond) (Boston) (Cleveland) (Atlanta) (Chicago) (St. Louis) ((Minneapolis) (Kansas City) (Dallas) (San Francisco) (Board) ) *M embers of the Executive Committee COMMITTEE ON GOVERNMENT FINANCE Richard Youngdahl, Chairman Robert V. Roosa Clay J. Anderson Dewey Daane George W# Mitchell D. R# Cawthorne Gault Lynn Donald C* Miller, Secretary (Board) (New York) (Philadelphia) (Richmond) (Chicago) (Kansas City) (San Francisco^ (Board) COMMITTEE ON EDUCATION AND PUBLICATIONS Oliver ?• Wheeler> Chairman Robertson Page Thomas 0» Viiaage Evan B. Alderfer L« Merle Hostetler Charles W. Valliams Earle L. Rauber Harold Cheadle Dale M* Lewis Vaca nb Clarence W« Tow Philip E* Coldwell Clarke L# Fauver Susan S* Burr, Secretary (San Francisco) (Boston) (New York) (Philadelphia) (Cleveland) (Richmond) (Atlanta) (Chicago) (St. Louis) (M inneapolis) (Kansas City) (Dallas) (Board) (Board) -5- COMMITTEE ON REAL ESTATE CREDIT George Garvy* Chairman ?• B ! Willis R* P. Lumpkin RossM* Robertson Oscar Litterer Yiilbur T. Billington Ralph T. Green Ramsay Wood, Secretary (New York) (Boston) (Richmond) (St» Louis) (Minneapolis) (Kansas City) (Dallas) (Board) 1*1 PROFESSIONAL RESEARCH PERSONNEL IN THE FEDERAL RESERVE SYSTEM October 1, 1954 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Winifield R i e f l e r , A s s i s t a n t t o the Chairman woodlief Thomas, Economic Adviser to the Board BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS Title Principal Field of Activity Research Officers: Young, Ralph A. Director Garfield, Frank R. Advisor on Economic Research Burr, Susan S. Assistant Director Publications and Research Services. Assistant Director Regional Research and Administration. Williams, Kenneth B. Assistant Director Business Developments. Youngdahl, C» Richard Assistant Director Financial Developments. Noyes, Guy E. Professional Research Staff: Banking Section Koch, Albert R. Chief Cagle, Caroline H. Economist Banking structure; bank earnings and taxes; bank capital. Dingle, Mona E# Economist General money and banking, particularly theoretical' and analytical problems; general credit control instruments. Eckert, James B. Economist All phases of the Section's work. Harrington, Mary Jane Economist Current developments 5 technical correspondence. Snyder, Edward P. Economist Deposit ownership; bank debits; deposit turnover; money supply; bank loans and investments. Swindler, Edwin J» Economist Currency in circulation; regional flows of funds; reserve projections; interest rates on business loans. -2BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS (Contd.) Principal Field of Activity Title Professional Re search Staff; Government Finance Section Miller, Donald C. Economist. In charge of section. Fiscal policy and taxation. Campbell, Colin D. Economist Debt ownership and daily Treasury estimates. Chapin, Harold F. Economist Government security market. Hellmuth, Yjilliam Economist Taxation and fiscal policy. Keir, Peter M. Economist Government security market. McCloud, Lyndall C. Economist Treasury receipts and expenditures. Business Finance and Capital Markets Section Simpson, Paul B. Anderson, Paul S. Acting Chief Economist Frase, Eleanor Stockwell Economist Business finance - large corporation sources and uses of funds analyses; special projects in business finance• Business finance and capital markets - over-all profits and corporate sources and uses of funds estimates and projections; special business finance and capital markets studies. Moss, Robert R. Economist Capital markets - estimates and projections of institutional investor sources and uses of funds; corporate security financing; special projects in capital markets area. Pickering, Richard C. Economist Capital markets - State and local government long-term financing; pension and trust fund investment activities; individuals' savings. -3BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS (Contd.) Title Professional Research Staff: Principal Field of Activity Business Conditions Section Gehman, Clayton Chief Allen, Philip T. Economist Agriculture, including agricultural credit. Altmann, Murray Economist Commodity prices. Broida, Arthur L« Economist Production index research. Cody, Peter M. Economist Production index research. Freedman, Bernard N. Economist Inventories and trade. Morelle, Wilellyn Economist Agriculture, including agricultural credit. Moss, Milton Economist Consumer goods* Schwartz, Maurice H. Economist Current industrial production. Trueblood, Lorman C. Economist General business and production developments. National Income, Moneyflows, and Labor Section Weiner, Louis Chief In charge of national income and labor research. Brill, Daniel H. Economist In charge of moneyflows research. Culbertson, John M. Economist Gross national product. Moore, A. Jane Economist Labor. Projector, Dorothy S. Economist Moneyflows—consumer sector. Sigel, Stanley J, Economist Moneyflows—Government sector and social accounting developments. Taylor, Stephen P. Economist Moneyflows—business sectors, -uBOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS (Contd.) Title Principal Field of Activity- Professional Research Staff: National Income, Moneyflows, and Labor Section (Contd Yiiernick, Murray S. Economist Labor and manpower research. lager, Charles A. Economist Inccme and consumption. Consumer Credit and Finances Section Jones, Homer Chief Flechsig, Theodore Economist Construction, real estate, and real estate credit. Frechtling, John A. Economist Consumer Finances Survey. Johnson, Alfred P. Economist Retail trade credit. Klaman, Saul B. Economist Construction, real estate, and real estate credit. Nelson, Elsie T. Statistical Assistant Current consumer credit estimates for financial institutions. Pawley, Francis R. Economist Structure of consumer financing industry. Reil, Katharyne P. Economist Consumer credit—special studies. Smith, Paul F. Economist Consumer credit. Smith, Tynan Economist In charge of consumer credit and consumer finances survey. Webster, Philip M. Economist Current retail credit estimates. Wood, Ramsay Economist In charge of construction, real estate, and real estate credit. -5 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS (Contd.) Title Principal Field of Activity Professional Research Staff: Regional Research Thompson, Orville K. Economist In charge of department store statistics. Monthly Reviews, Research Budgets of the Banks, and System Research committee matters• Fry, Edward R. Economist Department store trade statistics. Administration Millea, Gerald F. Adrainis trative Assistant Division administration and personnel. Economic Editing Butler, Marie Economist (Editorial) Coordination of Division's activities in planning, editorial review, and writing for Bulletin (articles, reports"7~etc.), Montnly Current Economic Developments, Annual Report, technical studies, and special publications. Sette, Elizabeth B. Economist Coordination of Division's activities on regular monthly and historical chart books, tabular section of Bulletin, and special statistical publications. Research on Government corporations and credit agencies. Library Sutherland, Alvern H. Chief Librarian Research reference service. Graphic Analysis Grunwell, Helen R. Chief Draftsman Graphic analysis material* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF INTERNATIONAL FINANCE Title Principal Field of Activity Research Officers; Marget, Arthur W. Director Dembitz, Lewis N» Assistant Director Professional Research Staff: Administrative Staff Thorne, Wendell E. Assistant to the Director Liaison, editorial statistical, personnel, administrative and service functions in the international field. Editor, Review of Foreign Developments« Ernst, Rosa Economist (Editorial) Editor, YJeekly Review of Periodicals» Crews, Esther Supervisor International Information Center• Financial Operations and Policy section Tamagna, Frank M. Chief Axilrod, Stephen Economist International Bank for Reconstruction and Development; ExportImport Bank; U. S. policies with regard to foreign assistance and military aid programs problems related to foreign investments and economic development; long-term capital movements. -2BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF INTERNATIONAL FINANCE (Continued) Principal Field of Activity Title Professional Research Staff: Financial Operations and x'olicy Section (Continued) Garber, Margaret R. Statistical Assistant Gold and silver statistics, international gold movements, foreign gold reserves; gold markets; estimates of gold production distribution and uses. Smith, Nancy J. Statistical Assistant Statistics and reports on foreign dollar balances and international short-term capital movements; current reports on foreign operations of Federal Reserve Banks, the Export-Import Bank and the International Bank. Solomon, Robert Economist United States monetary, trade and exchange-policies, with special regard to the International Monetary Fund and GATT, EPU and international payments arrangements; U.S. stabilization operations; Bank for International Settlements. Special Studies Section Hersey, Arthur B« Chief Reynolds, John E. Economist Monetary, fiscal and balanceof-payments studies on foreign countries and currency areas; current developments in commodity markets. -3BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF INTERNATIONAL FINANCE (Contd.) Title Principal Field of Activity Professional Research Staff; Special Studies Section (Contd.) Summers, Thomas Economist U. S. and other countries 1 trade and balance of payments• Filler, Mary F. S t a t i s t i c a l Assistant U. S, foreign trade s t a t i s t i c s Western European and British Commonwealth Section Furth, J. Herbert Chief Dahl, Federick R. Economist Current and long-range studies on Netherlands and the Scandinavian Countries, Australia, and New Zealand. Harris, Elinor R. Economist Current and long-range studies on France, I t a l y , Belgium, Luxembourg, Spain, Portugal, and their overseas t e r r i tories except Indo-China. Katz, Samuel I. Economist C1irrent and long-range studies of the United Kingdom and the British Commonwealth excluding Australia, New Zealand, India, Pakistan, Ceylon, and Malaya. Central and Eastern European Section Heuser, Henry K. Chief Grimwood, Gordon B. Economist Current and long-range studies of Germany, Austria, Finland, Liberia, Lybia, and Ethiopia. Maroney, Mary M Economist Current and long-range studies of Greece, Turkey, and Near Eastern Countries. -uBOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF INTERNATIONAL FINANCE (Contd.) ' Title Principal Field of Activity Professional Research Staff: Far Eastern Section Vvhittington, Floyd Li Chief Irvine, Reed J. Economist Current and long-range studies of Japan, China, the Philippines, Kong Koxig, Formosa, and Korea* Faroni, Yves Economist Current and long-range studies on South Asia. Latin American Section Olson, Ernest C. Economist in charge of Section Current and long-range studies of Argentina, Uruguay, Paraguay, Mexico, Guatemala, and El Salvador. Helprin, Dorothy L. Economist Current and long-range studies of Brazil, Cuba, Haiti, Dominican Republic, Costa Rica, Panama, Honduras, and Nicaragua, FEDERAL RESERVE BANK OF BOSTON Title Principal Field of Activity Research Officers; Ellis, George H. Director of Research In charge of research. "Willis, Parker B. Financial Economist Monetary and fiscal policies and development. Professional Research Staff: Bragg, John H. Agricultural Statistician Agricultural developments. Coughlin, Marguerite I. Industrial Statistician Industrial statistics* Di Giannantonio, Eleanor Librarian In charge of library. Gilmore, Donald R, Industrial Economist, Regional Industrial and business conditi ons—regional• Hall, Franklin P. Industrial Economist, National Industrial and business conditions—national• Pearson, Harold T. Financial Statistician Financial statistics. Shepard, Harold B. Forestry Economist Forestry and wood-using industries. Sherman, John M. Industrial Statistician Industrial statistics. Smith, Howard G. Trade Statistician Retail trade and vacation business statistics. Sullivan, John J. Financial Statistician Financial statistics. Thayer, Jarvis M., Jr, Manager and Trade Econcmist Supervisory, retail trade, editor of Monthly Re view< Thompson, Eleanor Financial Statistical Clerk Financial statistics. Wakefield, Elizabeth Financial Statistical Clerk Editing of Monthly Review and supervision of charting. FEDERAL RESERVE BANK OF NEW YOIK Principal Field of Activity Title Research Officers: Roelse, Harold V* Vice President Coombs, Charles A. Manager, Research Department Bloomfield, Arthur I. Senior Economist Garvy, George Senior Economist Professional Research Staff: Balance of Payments Division Klopstock, Fred Chief Analysis Section Mendershausen, Horst Egan, James Trued, Merlyn Economist A Research Assistant A Economist C Reports Section Church, Sally Collins, Marie Murray, Mae Damon, Frances Balance of Payments Analyst Statistician B Statistician B Statistical Clerk A Broad studies of United States international financial policy and balance-ofpayments problems and trends Collection and processing, as agent for the United States Treasury Dept., of statistics on international capital movements into and out of the Second District. Analysis of financial problems related to the United States balance of payments, foreign aid, and capital movements. Collection, summarizing, and editing of data and reports on capital movements; contacts with banks, commercial concerns, and brokers. Latin American export credit information. Shipments and receipts of U. S. currency to and from abroad. On Leave of Absence McClam, barren Economist B On loan to Bank for International Settlements. -2FEDERAL RESERVE BANK OF K M YORK Professional Research Staff: Principal Field of Activity Title Domestic Research Division All of the broad aspects of the nation's economy, Ydth emphasis on monetary,credit, and fiscal developments,and on general economic developments in the Second District Carr, Hobart C» Chief Gaines, Tilford McWhinney, Madeline Conard, Joseph Auerbach, Irving Volcker, Paul A. Viiojnilower, Albert Economist Economist Economist Economist Economist Economist A A B C C C Money Market Unit. Analysis of factors affecting money market and bank reserves; special studies relating to monetary and credit policies Bloch, Ernest Frane, Lenore Katzen, Mae Economist C Economist C Research Assistant A Treasury Finance Unit* Analysis and estimates of Treasury receipts and expenditures, Federal Budget, public debt, and Government corporation and credit agencies. Schiff, Frank Sternlight, Peter Lindsay, J. Robert Feinn, Norma Schindler, Ralph Economist A Economist B Economist C Research Assistant A Research Assistant A Business Conditions and Capital Markets Unit. National income, production, distribution, prices, and Second District economic data; security markets, corporation finance, and housing finance. Bruce, Mary C. Schoepps, Marjorie Administrative Asst. B Research Assistant A General supervisory and administrative functions, including budget, personnel reports, research files, and publications. Guttentag, Jack Economist Assistant to Mr. Garvy. Financial and Trade Statistics Division Kreps, Clifton H., Jr. Chief Collection, assembly, analysis, and distribution of banking, financial, and trade data for the Second District; preparation of summaries of banking, Federal Reserve, and other data related to member bank reserve positions. -3FEDERAL RESERVE BANK OF NEW YORK Professional Research Staff: Title Principal Field of Activity Financial and Trade Statistics Division (Contd.) Milkiewicz, Victor Hendrickson, John Wagner, Jane Statistician A Statistician B Statistician B Federal Reserve and Member Bank Statistics. Federal Reserve condition statement statistics and reports received from member banks; weekly and monthly reporting banks, monthly condition statement of all member banks, quarterly interest rate survey, bank debits series, velocity of deposits Tweed, Russell Nelson, Sagred Statistician B Statistical Clerk A Money Market and Security Market Statistics* Daily money market repo'rts and reports of capital market transactions; commercial and finance paper outstanding. Weekly analysis of gains and losses in member bank reserve funds. Reports on stock exchange credit. Administrative Asst. Brown, Janet Gandert, Gertrude Statistical Clerk A (on loan from Foreign Research Division) Consumer Credit and Retail Trade Statistics. Coilecation, distribution, and analysis of data on department store, apparel store, and furniture store trade in the Second District^ consumer credit. Kotin, Evangelyn Snipes, Frances Statistical draftsman Statistical draftsman Charting. Charts for all publications and for directors, officers, and economists. Also special lettering ?/ork. Helf, John Statistician A Analysis of financial data, preparation of studies and articles, special projects. Cantwell, Abigail Statistician B Copy editor for all publications prepared in Research Department; alternate for other members of Division. -kFEDEIiAL RESERVE BANK OF NEW YORK Professional Research Staff: Title Principal Field of Activity Financial and Trade Statistics Division (Contd.) Finter, Margaret Administrative Asst, C Administrative duties in the Division. Member bank operating ratios and special surveys. Work on Research Department budget. Lampe, Fred Statistician B Ownership of demand deposits. Alternates for other members of Division* Work on special studies and surveys. Ormond, Virginia Statistician B Studies of department store trade. Indexes of hourly and weekly earnings in nonagricultural indus tries• Special studies and surveys. Foreign Research Division Analysis and interpretation of economic material in the international field - for use in the formulation of bank policy with respect to foreign financial relations and to domestic questions which are closely affected by foreign developments. Kriz, Miroslav Chief Fousek, Peter Hein, John Wright, Kenneth Economist C Economist C Economist C Continental Western Europe Special fields - gold, central banking, BIS, European Payments Union. Dernburg, Hans Holmes, Alan Economist A Economist B Central and Eastern Europe Ehrlich, Edna Economist B Far-East-Pacific special field - IBRD. Schott, Francis Stone, Robert Economist C Economist C Latin America Glaessner, Philip Smith, Arthur J. R, Clarke, Stephen Link, Robert G. Economist A Economist A Economist B Economist B British Commonwealth Sterling areaj MF, -5FEDERAL RESERVE BANK OF NEW IORK Professional Research Staff: principal Field of Activity Title Foreign Research Division (Contd.) Loud, Frederick Reed, John Economist C Economist C Case, winthrop Research Editor Huff, Gladys Administrative Asst. C Certain administrative duties, supervision of clerical personnel and certain stenographic work. Hearle, Marjory Statistical Clerk A Gold statistics. Eastern Mediterranean-Near East Reference Library Division Acquisition, processing, and distribution of published materials and other documents or studies in the field of central banking, general economics, and world affairs. Reference and information service. Bogardus, Janet Chief Librarian Williamson, Emma Senior Librarian Cataloging and supervising. Harvey, Helen Librarian Reference work and requests for books. Foreign bank reports. Kelley, Genevieve Librarian Book orders and periodical renewals• Richey, Dorothy Librarian Reference work and requests for books* FEDERAL RESERVE BANK OF PHILADELPHIA Title Principal Field of Activity Research Officers: Bopp, Karl R. Vice President Alderfer, Evan B. Industrial Economist Industry. Anderson, Clay J. Financial Economist Finance. Professional Research Staff: Bunting, John R., Jr. Assistant Economist Business. Byrnes, James C. Assistant Statistician Statistics. Eastburn, David P. Associate Economist Finance. Hartman, Florence C. Librarian Rehfuss, J. Frank Manager, Research Department % Assistant Federal Reserve Agent General Management« Snader, Kenneth M« Statistician Statistics. Zimmermann, Doris F. Research Librarian FEDERAL RESERVE BANK OF CLEVELAND Title Principal Field of Activity Research Officers Hostetler, L. Merle Director of Research Professional Research Staff: Balles, John J. Senior Economist Finance. Brehm, Carl T. Junior Economist Finance. Brown, Dorothy F. Administrative Research Assistant Publications and industry. Brown, Roger A, Senior Research Assistant Industry. Chambers, Earl Senior Research Assistant Trade• Cutler, Addison T. Senior Economist Trade and publications. Fishbaugh, Charles P. Research Assistant Trade. Hoover, Robert G* Junior Economist Agriculture. Hummel, Claude I. Senior Agricultural Specialist Agriculture. Kiel, Fred 0. Senior Economist Industry and office management. Klahre, Ethel Librarian Nichols, Joan A. Junior Research Assistant Finance. Ormiston, Thomas E. Senior Research Assistant Industry. FEDERAL RESERVE BANK OF RICHMOND Title Principal Field of Activity Research Officers: Williams, Chas. W. Vice President Storrs, Thomas I* Asst. Vice President Professional Research Staff: Chambers, Benjamin P» Business Economist and Statistician Trade and industry; business developments. Hardy, Virginia A# Research Associate Monetary policy; Treasury finance. Lumpkin, R, Pierce Financial Economist Banking and credit; Federal Government finance; income. MacDonald, Edmund F, Industrial Economist Industry; population and resources; state and local finance. Porter, Horace G. Agricultural Economist Agriculture. Statistical Associate Current reporting series* Statistical Section; Angle, Elizabeth W. Stinnett, Frank D», Jr. Administrative Assistant Head of section. Library: INalford, Bess P, Reference Librarian Head of library, FEDERAL RESERVE BANK OF ATLANTA. Title Principal Field of Activity Research Officers: Rauber, Earle L. Vice President and Director of Research General direction and administration of Research Department. Taylor, Charles T, Assistant Vice President Chief administration officer under Director of Research; Research in monetary and credit policy. Professional Research Staff: Atkinson, Thomas R. Econcmist Research in central banking and financial statistics* Brandt, Harry Junior Economist Industrial research* Curtiss,John S. Economic Analyst Trade research. Davis, W. M. Economic Analyst Research in central banking. Harris, John T. Assistant Economist Agricultural research and agricultural relations. Johnston, Linda Librarian In charge of Research library. Kantner, Arthur H. Economist Agricultural research and agricultural relations. Overmiller, Charles S. Associate Economist Research in banking and finance. Trentham, Marion Assistant Librarian Vertical files and bibliographies• FEDERAL RESERVE BANK OF CHICAGO Title Principal Field of Activity Research O f f i c e r s : M i t c h e l l , George W, , Ernest T. Vice President Vice President and Director of Research Assistant Vice Presi dent General. Professional Research Staff: Aufdenkamp, Jo Ann Librarian Research library. Benson, Sherwood Economist General• Cheadle, Harold L. Economist Public relations - Economics and banking. Cloos, George W. Economist Business and finance. Emmer, Robert E. Economist Statistical series. Goldstine, Abner D. Economist Banking and foreign trade. Herr, William Me. Economist Agriculture. Hobby, Elizabeth N. Research Analyst General. Holland, Robert C. Economist Banking and credit. Hughes, Thelma L. Chief Business statistics section. Iwanaka, George M. Economist Banking and credit. Kolz, Clarence Vil. Chief Financial statistics section, Kutish, L. John Economist Agriculture and area analysis• Leiner, Joan G. Research Analyst Business• Leven, Charles L« Economist Regional economics. Partee, Jolin C» Economist Financial institutions and consumer credit. Petty, Mary T. Economist Banking and credit. Rader, Jennette S. Research Analyst General. Rymarowicz, Lillian Economist Public finance. -2FEDERAL RESERVE BANK OF CHICAGO Principal Field of Activity Professional Research Staff: Schneider, Theodore Economist Banking and credit. Siegel, Harriet S. Economist Banking and credit• Stiles, Lynn A. Economist Public finance, Warton, Patricia A* Chief Publications and Reports section. FEDERAL RESERVE BANK OF ST. LOUIS Title Principal Field of Activity- Research Officers: Abbott, Wm. J., Jr. Director of Research Professional Research Staff: Eowsher, Norman N. Economist Finance. Kearschner, Alfred C. Retail Trade Analyst Trade. Kester, Vililliani H« Assistant Manager and Economist Business. Kircher, Harry B. Economist Editorial Assistant, Kreider, Lawrence E, Economist Agriculture. Luttrell, Clifton B. Economist Agriculture. Meigs, Alexander J. Economist Business. Pfaff, Constance Librarian Robertson, Ross M. Economist Finance• FEDEPAL RESERVE BANK OF MINNEAPOLIS Title Principal Field of Activity- Research Officer: Parsons, Franklin L. Director of Research Professional Research Staff: Bender, lilma R. Research Assistant Supervise trade statistics section. Hellweg, Douglas Economist Monetary and banking conditions Hutchison, John E. Actai inis t r a t i ve Assistant Assistant to Business Economist, Litterer, Oscar F. Business Economist Analysis of business conditions. MacDonald, John A. Department Head General administration and supervision; statistical series. Nelson, Clarence W. Economist Business conditions and regional studies. Strand, Mildred Librarian Library. Thomson, Marian S. Research Assistant Supervise banking statistics section. Worcester, Robert W« Agricultural Economist Analysis of agricultural conditions, and editor, Farm News. FEDERAL RESERVE BANK OF KANSAS C U T Title Principal Field of Activity Research Officer: Tow, Clarence IN. Vice President Professional Research Staff: Billington, Wilbur T. Industrial Economist Industry; aggregative analysis; business finance. Cawthorne, D. R. Financial Economist Money and banking; Treasury finance; money markets; business finance. Doll, R. J. Agricultural Economist Agriculture, including agricultural credit. Edwards, John A. Research Assistant Agriculture. Gies, Thomas G. Financial Economist Money and banking; Treasury finance; money markets; business finance. Gish, Norville R. Publications Editor Planning, editing, and distribution of publications; public information. MacDonald, Mary Jane Librarian Research library. Parsons, Carl R. Statistical Assistant Statistical series; statistical surveys; department store trade. Self, Kenneth B. Statistician Statistical series; statistical surveys; department store trade. Sullivan, Timothy J. Research Assistant Industry! FEDERAL RESERVE BANK OF DALLAS Title Principal Field of Activity Research Officers: Rice, Morgan H, Vice President and Secretary of the Board General supervision of Research; Secretary of Board of Directors; and operating management. Coldwell, Philip E. Director of Research Direct supervision of Research, Professional Research Staff: Colclough, Jack D. Petroleum and General Economist Oil and gas; income studies. Green, Ralph T. Financial Economist Commercial and central banking, money markets, and Government securities. McMillan, T. E., Jr. Industrial Economist Large- and small-scale industry; employment; u t i l i t i e s ; and construction, Moore, Carl H. Agricultural Economist Agriculture. Pitt, Roger E. Supervisor of Statistical and Reporting Section Supervises statistical work on current reporting series; handles statistical techniques • Post, Marvina Research Administrative Assistant Administrative duties in Research Department and in activities relating to the office of the Secretary of the Board. Pritchett, William M. Agricultural Economist Agriculture Rogers, Virginia M. Special Assistant Supervision over and editing of bank publications and supervision of department files Smith, Zenas B. Research Administrative Assistant Collection and compilation of statistics, regular reports, and surveys. Walker, Charls E. Financial Economist Commercial and central banking, money markets, and Government securities. Research Librarian Research library. Mabel Digitized forWilkerson, FRASER FEDERAL RESERVE BANK OF SAN FRANCISCO Title Principal Field of Activity Research Officer: Wheeler, Oliver P# Vice President Professional Research Staff: Buma, Harold L« Assistant Economist Industrial economics. Responsible for gross national product, industrial production, and related subjects. Einzig, Robert Associate Economist Monetary and fiscal problems• Glassburner, John Assistant Economist Industrial structure of the District, prices, and special industry studies. Holden, Elizabeth Librarian Hurst, William A. Associate Economist Foreign trade and finance. Lynn, Gault W. Supervisor of Research Supervisor of Monthly Review, related publications, and research. Economist, monetary and fiscal problems. Schwartz, Harry S Head, Research Departme nt Supervisor of department administration, operations, and special projects. Economist, industrial problems• Yyilliams, Willard F. Associate Economist Agricultural economic problems and research. Vyilson, Ruth V. Assistant Economist Special studies and assistant to Mr. Wheeler. RECEIVED APR 1 9 1955 COMMITTEE ON TMEHUNNIV Of THC noun SYSTEM PROFESSIONAL RESEARCH PERSONNEL IN THE FEDERAL RESERVE SYSTEM April 1, 1955 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Winfield W. Riefler, Assistant to the Chairman woodLief Thomas, Economic Adviser to the Board EOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS Title Principal Field of Activity Research Officers: Young, Ralph A. Director Garfield, Frank R. Advisor on Economic Research Assistant Director Publications and Research Services. Assistant Director Regional Research and Administration. Williams, Kenneth B. Assistant Director Business Developments. Koch, Albert R. Assistant Director Financial Developments. Burr, Susan S. Noyes, Guy E. Professional Research Staff: Banking Section Eckert, James B. H. Chief Economist Banking structure; bank earnings and taxesj bank capital. Dingle. Mona E. Economist General money and banking, particularly theoretical and analytical problems; general credit control instruments. Harrington, Mary Jane Economist Current developments; technical correspondence. Snyder, Edward P. Economist Deposit ownership; bank debits; deposit turnover; money supply; bank loans and investments. Swindler, Edwin J. Economist Currency in circulation; regional flows of funds; reserve projections; interest rates on business loans. Cagle, Caroline -2BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS (Contd.) Principal Field of Activity Title Professional Research Staff: Government Finance Section Miller, Donald C. Chief Campbell, Colin D. Economist Treasury estimates. Chapin, Harold F. Economist Government security market. Hellmuth, William Economist Taxation and fiscal policy. Keir, Peter M. Economist Government security market. McCloud, Lyndall C. Economist Treasury receipts and expenditures. Business Finance and Capital Markets Section Simpson, Paul B. Acting Chief Anderson, Paul S. Economist Business finance - large corporation sources and uses of funds analyses; special projects in business finance. Frase, Eleanor Stockwell Economist Business finance and capital markets- over-all profits and corporate sources and uses of funds estimates and projections; special business finance and capital markets studies. Moss, Robert R. Economist Capital markets - estimates and projections of institutional investor sources and uses of funds; corporate security financing; special projects in capital markets area. Pickering, Richard C. Economist Capital markets - State and local government long-term financing; pension and trust fund investment activitie s; individualsf savings. -3BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS Title (Contd.) Principal Field of Activity Professional Research Staff: Business Condition Gehman, Clayton Chief Allen, Philip T. Economist Agriculture, including agricultural credit. Altmann, Murray Economist Commodity prices. Broida, Arthur L. Economist Production index research. Freedman, Bernard N. Economist Inventories and trade. Manookian, Edward A. Economist Production index research. Morelle, Tuilellyn Economist Agriculture, including agricultural credit. Moss, Milton Economist Consumer goods and pro due t i or. index research. Schwartz, Maurice H. Economist Current industrial productior Trueblood, Lorman C. Economist General business and production developments. National Income, Moneyflows, and Labor Section , Louis Chief In charge of national income and labor research. B r i l l , Daniel H»* Economist In charge of research. Culbertson, John M- Economist Gross national product. Hurley, Evelyn H. Economist Flow of funds—foreign sector. Moore, A, Jane Economist Labor, Projector, Dorothy S. Economist Flow of funds—consumer sector. Sigel, Stanley J.*" Economist Flow of funds—Government sectors and social accounting developments. flow-of-funds Mr. Brill i s on official leave for an extended period; Mr. Sigel i s in charge research during Mr. B r i l l ' s absence. of flow-of-funds -INOF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS (Contd.) Title Principal Field of Activity Professional Research Staff: National Income, Moneyflows, and Labor Section (Contd.) Taylor, Stephen P. Economist Flow of funds—business sectors. Wendel, Helmut Economist Flow of funds—financial institutions sectors. Wernick, Murray S. Economist Labor and manpower research- Yager, Charles A. Economist Income and consumption. Consumer Credit and Finances Section Jones, Homer Chief Flechsig, Theodore Economist Construction, real estate, and real estate credit. Frechtling, John A. Economist Consumer Finances Survey* Johnson, Alfred P. Economist Retail trade credit. Klaman, Saul B. Economist Construction, real estate, and real estate credit. Nelson, Elsie T. Statistical Assistant Current consumer credit estimates for financial institutions. Paiwley, Francis R. Economist Structure of consumer financing industry. Reil, Katharyne P. Economist Consumer credit—special studies. Smith, Paul F. Economist Consumer credit. Smith, Tynan Economist In charge of consumer credit and consumer finances survey. -5BQARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS (ContcU) Title Principal Field of Activity 'rofessional Research Staff: Consumer Credit and Finances Section (Contd.) Webster, Philip Economist Current retail credit estimates. Wood, Ramsay Economist In charge of construction, real estate, and real estate credit. Regional Research Thompson, Orville K« Economist In charge of department store statistics. Monthly Reviews, Research Budgets of the Banks, and System Research committee matters. Fry, Edward R. Economist Department store trade statistics. Administration Millea, Gerald F. Administrative Assistant Division administration and personnel. Economic Editing Butler, Marie Economist (Editorial) Coordination of Division's activities in planning, editorial review, and writing for Bulletin (articles, reports, etc.), Monthly Current Economic Developments, Annual Report, technical studies, and special publications. Sette, Elizabeth B. Economist Coordination of Division1s activities on regular monthly and historical chart books, tabular section of Bulletin, and special statistical publications. Research on Government corporations and credit agencies* -6EOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS (Contd.) Principal Field Title of Activity- Professional Research Staff: Library Sutherland, Alvern H. Chief Librarian Research reference service. Graphic Analysis Grunwell, Helen R. Chief Draftsman Graphic analysis material. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF INTERNATIONAL FINANCE Title Principal Field of Activity Research Officers* Marget, Arthur W, Director Dembitz, Lewis N. Assistant Director Professional Research Staffj Administrative Staff Thorne, lendell E. Assistant to the Director Liaison, editorial statistical, personnel, administrative and service functions in the international field. Editor, Review of Foreign Developments* Ernst, Rosa Economist (Editorial) Editor, Weekly Review of Periodicals» Crews, Esther G. Supervisor International Information Center. Financial Operations and Policy section Tamagna, Frank M< Chief Axilrod, Stephen Economist International Bank for Reconstruction and Development^ ExportImport Bank) U. S. policies with regard to foreign assistance and military aid programs problems related to foreign investments and economic development; long-term capital movements. -2BQARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF INTEMATIONAL FINANCE (Continued) Principal Field of Activity Title Professional Research Staff: Financial Operations and Policy Section (Continued) Garber, Margaret R. Statistical Assistant Gold and silver statistics, international gold movements, foreign gold reserves; gold markets; estimates of gold production distribution and uses. Smith, Nancy J, Statistical Assistant Statistics and reports on foreign dollar balances and international short-term capital movements; current reports on foreign operations of Federal Reserve Banks, the Export-Import .dank and the International Bank. Solomon, Robert Economist United States monetary, trade and exchange policies, with special regard to the International Monetary Fund and GATT, EPU and international payments arrangements; U.S. stabilization operations; Bank for International Settlements. Special Studies Section Hersey, Arthur B. Chief Reynolds, John E. Economist Monetary, fiscal and balanceof-payments studies on foreign countries and currency areas; current developments in commodity markets. -3BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF INTERNATIONAL FINANCE (Contd.) Title Professional Research Staff: Principal Field of Activity Special Studies Section (Contd.) S umme r s, Thorn as Economist U. S. and other countries' trade and balance of payments• M i l l e r , Mary F« S t a t i s t i c a l Assistant U# S. foreign trade s t a t i s t i c t Western European and British Commonwealth Section Furth, J. Herbert Chief Dahl, Frederick R. Economist Current and long-range studies on Netherlands and the Scandinavian Countries, Australia, and New Zealand. Harris, Elinor R» Economist Current and long-range studies on France, Italy, Belgium, Luxembourg, Spain, Portugal, and their overseas t e r r i tories except Indo-China. Katz, Samuel Economist Current and long-range studies of the United Kingdom and the British Ccmmonwealth excluding Australia, New Zealand, India, Pakistan, Ceylon, and Malaya, Central and Eastern European Section Heuser, Henry K» Chief Grimwood, Gordon B# Economist Current and long-range studies of Geman;/, Austria, Finland, Liberia, Lybia, and Etui op.1 a • Maroney, Mary M Economist Current and long-range studies of Greece, Turkey, and Near Eastern Countries* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF INTERNATIONAL FINANCE (Contd.) Title Principal Field of Activity Professional Research Staff: Far Eastern Section Whittington, Floyd Chief Irvine, Reed J, Economist Current and long-range studies of Japan, China, the Philippines, Hong Kong, Formosa, and Korea. Maroni, Yves Economist Current and long-range studies of South Asia, Latin American Section Olson, Ernest C» Economist in charge of Section Current and long-range studies of Argentina, Uruguay, Paraguay, Mexico, Guatemala, and El Salvador, Helprin, Dorothy L. Economist Current and long-range studies of Brazil, Cuba,• Haiti, Dominican Republic, Costa Rica, Panama, Honduras, and Nicaragua. Rollins, Charles E» Economist Current and long-range studies of Chile, Peru, Bolivia, Ecuador, Columbia, and Venezuela. FEDERAL RESERVE BANK OF BOSTON Title Principal Field of Activity Research Officers: Ellis, George H. Director of Research In charge of research. Willis, Parker B. Financial Economist Monetary and fiscal policies and developments• Professional Research Staff; Coughlin, Marguerite I, Industrial Statistician Industrial statistics. Di Giannantonio, Eleanor Librarian In charge of library. Gilmore, Donald R. Industrial Economist, Regional Industrial and business conditions—regional• Hall, Franklin P. Industrial Econcmist, National Industrial and business conditions—national. Pearson, Harold T. Financial Statistician Financial statistics. Shea, Fred E., Jr. Special Assistant Financial and industrial studies. Shepard, Harold B. Forestry Economist Forestry and wood-using industries. Sherman, John M. Industrial Statistician Industrial statistics. Smith, Howard G. Trade Statistician Retail trade and vacation business statistics. Thayer, Jarvis M., J r . Manager and Trade Economist Supervisory, retail trade, editor of Monthly Review. Thompson, Eleanor Financial Statis t i cal Clerk Financial s t a t i s t i c s . toakefield, Financial S t a t i s t i c a l Clerk Editing of Monthly Review and supervisioh of charting* Elizabeth FEDERAL RESERVE BANK OF NEW YORK Principal Field of Activity Title Research Officers: Roelse, Harold V» Vice President Coombs, Charles A. Manager, Research Department Blocmfield, Arthur I, Senior Economist Garvy, George Senior Economist Professional Research Staff: Administration Division Gaines, Tilford Special Assistant Studies of reports on various aspects of Federal Reserve credit policy, money and securities market developments, Treasury finance, and related matters. Special studies and analyses of operating practices and problems in collaboration with officers of the Securities Department. Balance of Payments Division Klopstock, Fred H. Chief Studies of U.S. international financial policy and . balance-of-payments problem; for use in the formulation of bank policy in respect to foreign financial r e l a t i o n s . Collection and processing of s t a t i s t i c s on international capital movements • Economist A Broad studies of U»S« financial relations with the rest of the world. International commodity markets, Analysis Section Mendershausen, Horst -2FEDERAL RESERVE BANK OF NEW YORK Principal Field of Activity Title Professional Research Staff: Balance of Payments Division (Contd.) Analysis Section (Contd.) Trued, .Merlyn Economist B Analysis of financial problems related to the U.S. balance of payments, foreign investments, and international capital movements. Egan, James Research Assistant A Foreign aid; foreign trade. Hearle, Marjory Statistical Clerk A Gold statistics. Balance of Payments Collection and editing of data and reports on capital movements; contacts with banks, commercial concerns, and brokers. Latin American export credit information. Shipments and receipts of U.S. currency to and from foreign countries. Reports Section Church, Sally Collins, Marie Murray, Mae Damon, Frances Analyst Statistician B Statistician B Statistical Clerk A On Leave of Absence McClam, Warren Economist B On loan to Bank for International Settlements. Aubrey, Henry Economist B On loan to Pakistan Planning Board Project of Harvard University. Domestic Researen Division Carr, Hobart C. McYjhinney, Madeline Conard, Joseph Auerbach, Irving Volcker, Paul A. Wojnilower, Albert Dinaburg, Harold Pluck, Dolores Chief All of the broad aspects of the nation's economy, -with emphasis on monetary, credit; and fiscal developments, and on general economic developments in the Second District. Economist A Economist B Statistician A Economist C Economist C Research Assistant A Research Assistant A Money Market Unit. Analysis bx factors affecting money market and bank reserves; special studies relating to monetary and credit policies. -3FEDERAL RESERVE BANK OF HEW YORK Professional Research Staff; Title Principal Field of Activity Domestic Research Division (Contd.) Bloch, Ernest Frane, Lenore Gandert, Gertrude Assistant Economist Assistant Economist Statistical Clerk A Treasury Finance Unit. Analysis and estimates of Treasury receipts and expenditures, Federal Budget, public debt, and Government corporation and credit agencies. Schiff, Frank* Sternlight, Peter Lindsay, J. Robert Wright, Kenneth Schindler, Ralph Economist A Economist B Economist C Economist C Research Assistant A Business Conditions and Sapital Markets Unit. National income, production, distribution, prices, and Second District economic data; security markets, corporation finance, and housing finance. Bruce, Mary C. Schoepps, Marjorie Administrative Assistant B General supervisory and adResearch Assistant A ministrative functions, including budget, personnel reports, research files, and publications. Guttentag, Jack Economist C Assistant to Mr. Garvy, Financial and Trade Statistics Division Kreps, Clifton H., Jr. Chief Collection, assembly, analysis, and distribution of banking, financial, and trade data for the Second District; preparation of summaries of banking, Federal Reserve, and other data related to member bank reserve positions. Milkiewicz, Victor Hendrickson, John Statistician A Statistician B Federal Reserve and Member B*ank Statistics. Federal Reserve condition statement statistics and reports received from member banks; weekly and monthly reporting banks; monthly condition statements of all member banks, quarterly interest rate survey, bank debits series, velocity of deposits. On leave of absence to Foreign Operations Administration. FEDERAL RESERVE BANK OF NEW YORK Professional Research Staff: Title Principal Field of Activity- Financial and Trade Statistics Division (Contd.) Money Market and Security """Market Statistics."~H)aTIy money market reports and reports of capital market transactions• Weekly analysis of gains and losses in member bank r e serve funds. Reports on stock exchange credit. McCalley, Jonn Vi/agner, Jane Nelson, Sagred Economist B Statistician B S t a t i s t i c a l Clerk A Brown, Janet Administrative Assistant C Consumer Credit and Retail Trade S t a t i s t i c s . Collection, distribution, and analysis of data on department store, apparel store, and furniture store trade in the Second Dist r i c t ; consumer credit. Kotin, Evangelyn Snipes, Frances Statistical draftsman Statistical draftsman Charting« Charts for all publications and for directors, officers, and economists. Also special lettering work. Helf, John Statistician A Analysis of financial data, preparation of studies and articles, special projects. Cantwell, Abigail Statistician B Copy editor for all publications prepared in Research Department; Alternate for other members of division. Finter, Margaret Administrative Assistant C Administrative duties in the division. Member bank operating ratios and special surveys, Vvork on Research Department budget. Lampe, Fred Statistician B Ownership of demand deposits. Alternate of other members of division, lork on special studies and surveys. -5FEDERAL RESERVE BANK OF NEW YORK Professional Research Staff: Principal Field of Activity- Title Financial and Trade Statistics Division (Contd.) Ormond, Virginia Statistician B Studies of department store trade. Indexes of hourly and weekly earnings in nonagricultural industries. Special studies and surveys. Tweed, Russell Statistician B Commercial and finance paper outstanding. Special studies of financial statistics. Foreign Research Division Kriz, Miroslav Chief Analysis and interpretation of economic material in the international field - for use in the formulation of bank policy with respect to foreign financial relations and to domestic questions which are closely affected by foreign developments. Fousek, Peter Hein, John Economist B Assistant Economist Continental Y/estern Europe. Special fields - gold, central banking, BIS, European Payments Union. Dernburg, Hans Hughes, Jonathan Economist A Economist C Central and Eastern Europe, Ehrlich, Edna Economist B Far East - Pacific. Special field - IBRD. Schott, Francis Sedwitz, l/i/alter Stone, Robert Economist B Economist C Economist C Latin America. Glaessner, Philip Clarke, Stephen Link, Robert G. Economist A Economist B Economist B British Commonwealth. Sterling area; IMF. Holmes, Alan* Reed, John Economist B Assistant Economist Eastern Mediterranean - Near * On leave of absence to Foreign Operations Administration. -6FEDERAL RESERVE BANK OF NEW YORK P r o f e s s i o n a l Research Staff: Title Principal Field of Activity- Foreign Research Division (Contd.) Case, Winthrop Research Editor Huff, Gladys Administrative Assistant C Certain administrative duties, supervision of clerical personnel and certain stenographic work, Reference Library Division Selection, acquisition, processing, and distribution of published materials and other documents or studies in the field of central banking, general economics, and world affairs. Reference and information service. Administration and supervision. Bogardus, Janet Chief Librarian Williamson, Emma Senior Librarian Cataloguing and supervising. Harvey, Helen Librarian Reference work and requests for books. Foreign bank reports. Kelley, Genevieve Librarian Book orders and periodical renewals. Richey, Dorothy Librarian Reference work and requests for books. Selection of reference materials. FEDERAL RESERVE BANK OF PHILADELPHIA Title Principal Field of Activity Research Officers: Bopp, Karl R, Vic 3 President Alderfer, Evan B. Ind istrial Economist Industry. Anderson, Clay J« Fin mcial Economist Finance• Professional Research Staff: Bunting, John R., Jr» Ass ociate Economist Business. Byrnes, James C« Assistant Statistician Statistics. Eastburn, David P. Fin ancial Economist Finance, Hartman, Florence M. Lit rarian Rehfuss, J. Frank MaKager, Research E apartment^ Assistant Federal Reserve Agent General Management, Snader, Kenneth M. Sts tistician Statistics• Zimmermann, Doris F» Res sarch Librarian FEDERAL RESERVE BANK OF CLEVELAND Title Principal Field of Activity Research Officer; Hostetler, L. Merle Director of Research Professional Research Staff: Balles, John J. Senior Economist Finance. Brefam, Carl T. Junior Economist Financ e. Browi, Dorothy F. Administrative Research Assistant Publications and industry, Brown, Roger A. Senior Research Assistant Industry. Chambers, Earl Senior Research Assistant Trade, Cutler, Addison T. Senior Economist Trade and publications. Fishbaugh, Charles P. Senior Research Assistant Trade. Hoover, Robert G. Junior Economist Agriculture. Hummel, Claude I. Senior Agricultural Specialist Agriculture. Kiel, Fred 0« Senior Economist Industry and office management. Klahre, Ethel Librarian Nichols, Joan A. Junior Research Assistant Finance. Ormiston, Thomas E. Senior Research Assistant Industry. FEDERAL RESERVE BANK OF RICHMOND Title Principal Field of Activity Research Officers: Williams, Charles Vice President Daane, J. Dewey Assistant Vice President Money markets and credit. Storrs, Thomas I* Assistant Vice President Supervision of Research Department• Professional Research Staff; Black, Robert P. Research Associate (Temporary employee) Analysis of effects of changes in reserve requirements. Chambers, Benjamin P, Business Economist and Statistician Trade and industry; business developments. Hardy, Virginia A. Research Associate Assistant to Mr. Daane. Lumpkin, R. Pierce Financial Economist Banking and credit; Federal Governnent finance; income. MacDonald, Edmund F. industrial Economist Industry; population and resources; state and local finance• Porter, Horace G. Agricultural Economist Agriculture. Statistical Associate Current reporting series, Statistical Sections Angle, Elizabeth W. Stinnett, Frank D., Jr. Administrative Assistant Head of section. Library: "Walford, Bess P. Reference Librarian Head of library. FEDERAL RESERVE BANK OF ATLANTA Title Principal Field of Activity Research Officersj Rauber, Earle L« Vice President and Director of ice search General direction and administration of Research Department, Taylor, Charles T. Assistant Vice President Chief administration officer under Director of Research; Research in monetary and credit policy. Professional Research Staff: Atkinson, Thomas R# Economist Research in central banking and financial statistics. Brandt, Harry Assistant Economist Industrial research. Davis, W. M. Economic Analyst Research in central banking. Frashier, Anne E. Assistant Librarian Vertical files and bibliographies. Harris, John T. Assistant Economist Agricultural research and agricultural relations* Johnston, Linda Librarian In charge of Research library. Kantner, Arthur H. Economist Agricultural research and agricultural relations. Overmiller, Charles S. Associate Economist Research in banking and finance. FEDERAL RESERVE BANK OF CHICAGO Title Principal Field of Activity Research Officers: Mitchell, George W, Vice President Vice President and Director of Research, Baughman, Ernest T, Assistant Vice President General, Professional Research Staff: Aufdenkamp, Jo Ann Librarian Research library. Benson, Sherwood Staff writer Generalt Cheadle, Harold L, Economist Public relations - Economics and banking* Cloos, George W. Economist Business finance. Emmer, Robert E« Economist Statistical series. Goldstine, Abner D» Economist Banking and foreign trade. Herr, Vnilliam Me. Economist Agriculture, Hobby, Elizabeth N. Research Assistant General and regional economics. Holland, Robert C. Economist Banking and credit. Hughes, Thelma L. Chief Business statistics section. Iwanaka, George M# Economist Banking and credit. Kolz, Clarence W« Chief Financial statistics section. Kutish, L. John Economist Agriculture and regional economics. Leiner, Joan G» Research Assistant business. Leven, Charles L« Economist Regional economics. Partee, John C. Economist Financial institutions and consumer credit. Petty, Mary T. Economist Banking and credit. Rymarowicz, Lillian Economist Public finance. -2FEDERAL RESERVE BANK OB' CHICAGO Title Principal Field of Activity Professional Research Staff: Schneider, Theodore Economist Banking and credit. Siegel, Harriet S. Economist Banking and credit* Stiles, Lynn A. Economist Public finance and public utilities. Warton, Patricia A» Chief PubLications and Reports section. FEDERAL RESERVE BANK OF ST. LOUIS Title Principal Field of Activity- Research Officer: Abbott, William J., Jr. Director of Research Professional Research Staffs Bowsher, Norman N. Economist Finance. Kearschner, Alfred C. Retail Trade Analyst Trade• Kester, yyilliam H. Assistant Manager and Economist Business• Kircher, Harry B. Economist Editorial. Kreider, Lawrence E» Economist Agriculture. Luttrell, Clifton B. Economist Agriculture. Meigs, Alexander J. Economist Business• Pfaff, Constance A. Librarian Research Library, Robertson, Ross M. Economist Finance. FEDERAL RESERVE BAM OF MINNEAPOLIS Title Principal Field of Activity Research Officers: Parsons, Franklin L« Director of Research Litterer, Oscar F» Business Economist Professional Research Staff: Bender, lilma R. Senior Research Assistant Supervise trade statistics section. Hellweg, Douglas Economist Monetary and banking conditions. Hutchison, John E. Administrative Assistant Assistant to Business Economist. MacDonald, John A. Department Head General administration and supervision^ statistical series. Nelson, Clarence W. Economist Business conditions and regional studies. Strand, Mildred Librarian Library, Thomson, Marian S. Senior Research Assistant Supervise banking statistics section. Worcester, Robert W. Agricultural Economist Analysis of agricultural conditions, and editor, Farm News. FEDERAL RESERVE BANK OF KANSAS CITY Title Principal Field of Activity Research Officerj Tow, Clarence W. Vice President Professional Research Staff: Billington, linilbur T. Industrial Economist Industry; aggregative analysis; business finance. Cawthorne, D. R» Assistant Director of Research Administration; money and banking; Treasury finance; money markets; business finance. Doll, R, J. Agricultural Economist Agriculture, including agricultural credit. Edwards, John A. Research Assistant Agriculture• Gies, Thomas G. Financial Economist Money and banking; Treasury finance; money markets; business finance. Gish, Norville R, Publications Editor Planning, editing, and distribution of publications; public information. MacDonald, Mary Jane Librarian Research library. Parsons, Carl R» Statistical Assistant Statistical series; statistical surveys; department store trade. Self, Kenneth B. Statistician Statistical series; statistical surveys; department store trade. Sullivan, Timothy J. Research Assistant Industry. FEDERAL RESERVE BANK OF DALLAS Title Principal Field of Activity- Research Officers: Rice, Morgan H. Vice President and Secretary of the Eoard General supervision of Research; Secretary of Board of Directors; and operating management. Coldwell, Philip £. Director of Research Direct supervision of Research. Professional Research Staff: Colclough, Jack D« Petroleum and General Economist Oil and gas; income studies. Green, Ralph T« Financial Economist Commercial and central banking, money markets, and Government securities. McMillan, T. E., Jr. Industrial Economist Large- and small-scale industry; employment; utilities; and construction. Pitt, Roger E, Supervisor of Statistical and Reporting Section Supervises statistical work on current reporting series; handles statistical techniques. Post, Marvina Research Aduinistrative Assistant Administrative duties in Research Department and in activities relating to the office of the Secretary of the Board. Rogers, Virginia M. Special Assistant Supervision over and editing of bank publications and supervision of department files. Rowe, J. Z. Agricultural Economist Agriculture. Smith, Zenas B. Research Administrative Assistant Collection and compilation of statistics, regular reports, and surveys. Walker, Charls E. Financial Economist Commercial and central banking, money markets, and Government securities. Wilkerson, Mabel Research Librarian Research library. FEDERAL RESERVE BANK OF SAN FRANCISCO Title Principal Field of Activity Research Officer: llliheeler, Oliver P. Vice President Professional Research Staff: Buma, Harold L« Assistant Economist Industrial economics. Responsible for gross national product; industrial production, and related subjects. Einzig, Robert Associate Economist Monetary and fiscal problemso Glassburner, John B. Assistant Economist Industrial structure of the District, prices, and special industry studies. Holden, Elizabeth Librarian Hurst, William A. Associate Economist Foreign trade and finance. Lynn, Gault W. Supervisor of Research Supervisor of Monthly Review, related publical"; Chs, and"" research. Economist, monetary and fiscal problems. Schwartz, Harry S. Head, Research Department Supervisor of department administration, operations, and special projects. Economist, industrial problems• Waldorf, William H» Assistant Economist Personal income, consumer expenditures, and special regional studies* Williams, Willard F. Associate Economist Agricultural economic problems and research* Wilson, Ruth V. Assistant Economist Special studies and assistant to Mr. Wheeler. PROFESSIONAL RESEARCH PERSONNEL IN THE FEDERAL RESERVE SYSTEM July 1, 1955 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Winfield W. Riefler, Assistant to the Chairman Woodlief Thomas, Economic Adviser to the Board BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS Title Principal Field of Activity Research Officers: Young, Ralph A, Director Garfield, Frank R. Adviser on Economic Research Burr, Susan S. Assistant Director Publications and Research Serviceso Noyes, Guy E. Assistant Director Regional Research and Administration• Yifilliams, Kenneth B. Assistant Director Business Developments* Koch, Albert R. Assistant Director Financial Developments. Professional Research Staff: Banking Section Eckert , James B. Chief Cagle, Caroline H. Economist Banking structure; bank earnings and taxes; bank capitalo Dingle , Mona E. Economist General money and banking, particularly theoretical and analytical problems; general credit control instruments. Harrington, Mary Jane Economist Current developments; technical correspondence. Snyder, Edward P, Economist Deposit ownership; bank debits; deposit turnover; money supply; bank loans and investments* Swindler, Edwin J. Economist Currency in circulation; regional flows of funds; reserve projections; interest rates on business leans. -2BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS (Contd.) Title Principal Field of Activity Professional Research Staff; Government Finance Section Miller, Donald C. Chief Campbell, Colin D. Economist Treasury estimates. Chapin, Harold F« Economist Government security market. Hellmuth, William Economist Taxation and fiscal policy. Keir, Peter M. Economist Government security market, McCloud, Lyndall C. Economist Treasury receipts and expenditures• Business Finance and Capital Markets iection Simpson, Paul B. Anderson, Paul S. Chief Economist Business finance - large corporation sources and uses of funds analyses; special projects in . : business finance. Frase, Eleanor Stockwell Economist Business finance and capital markets - overfall profits and corporate sources and uses of funds estimates and projections; special business finance and capital markets studies* Moss, Robert R. Economist Capital markets - estimates and projections of institutional investor sources and uses of funds; corporate security financing] special projects in capital markets area. Pickering, Richard C. Economist Capital markets - State and local government long-term financing; pension and trusi fund investment activities; individuals' savings. -3— BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AMD STATISTICS (Contd.) Title Principal Field of Activity Professional Research Staff: Business Conditions Section Gehman, Clayton Chief Allen, Philip T. Economist Agriculture, including agricultural credit* Altmann, Murray Economist Commodity prices• Broida, Arthur L. Economist Production index research* Freedraan, Bernard N. Economist Inventories and trade. Manookian, Edward A. Economist Production index research. Morelle, luilellyn Economist Moss, Milton Economist Agriculture, including agricultural credit. Consumer goods and production index research, ; Schwartz, Maurice H. Economist Current industrial production Trueblood, Lorman C. Economist General business and production developments. National Income, Moneyflows, and Labor Section Weinor, Louis B r i l l , Daniel H«* Chief Economist In charge of national income and labor research. In charge of flow-of-funds research. Culbertson, John M. Economist Gross national product. Hurley, Evelyn H. Economist Flow of funds—foreign sector. Moore, A. Jane Economist Labor. Projector, Dorothy So Economist Flow of funds—consumer sector. Sigel, Stanley J."* Economist Flow of funds—Government sectors and social accounting developments. * Mr. Brill i s on official leave for an extended period; Mr. Sigel i s in charge http://fraser.stlouisfed.org/ of flow-of-funds research during Mr. B r i l l ' s absence. Federal Reserve Bank of St. Louis BO/.RD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS (Contd.) Title Principal Field of Activity Professional Research Staff: National Income, Moneyflows, and Labor Section (Contd.) Taylor, Stephen P. Economist Flow of funds—business sectors. Wendel, Helmut Economist flow of funds—financial institutions sectors. Wernick, Murray S. Economist Labor and manpower research. Yager, Charles A. Economist Income and consumption. Consumer Credit and Finances Section Jones, Homer Chief Flechsig, Theodore Economist Construction, real estate, and real estate credit. Frechtling, John A. Economist Consumer Finances Survey. Johnson, Alfred P. Economist Retail trade credit. Klaman, Saul B. Economist Construction, real estate, and real estate credit. Nelson, Elsie T. Statistical Assistant Current consumer credit estimates for financial institutions. Parley, Francis R. Economist Structure of consumer financing industry. Reil, Katharyne P. Economist Consumer credit—special studies. Smith, Paul F. Economist Consumer credit. Smith, Tynan Economist In charge of consumer credit and consumer finances survey. -5BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF RESEARCH AND STATISTICS (Contd.) Title Principal Field of Activity Professional Research Staff: Consumer Credit arid Finances Section (Contd.) Vnebster, P h i l i p Economist Current retail credit estimateso Mood, Ramsay Economist In charge of construction, real estate, and real estate credit. Regional Research Thompson, Orville K» Economist In charge of department store statistics. Monttdy Reviews, Research Budgets of the Banks, ar.d System Research committ-3<3 matters. Fry, Edward R. Economist Department store trade statistics. Administration Millea, Gerald F. Administrative Assistant Division administration and personnel, Economic Editing Butler, Marie Economist (Editorial) Coordination of Division's activities in planning, editorial review, and writing for Bulletin (articles, rep or ts, ""eTcTJTll onthly Current Economic Bevelopments, Annual R'eport, technical studies, and special publications. Sette, Elizabeth B. Economist Coordination of Division's activities on regular monthly and historical chart books, tabular section of Bulletin, and special stat'istical publications. Research en Government corporations and credit agencies -6EOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISIOK OF RESEARCH AND STATISTICS (Contd.) Principal Field of Activity Title Professional Research Staff: Library Sutherland, Aivern H. Chief Librarian Research reference service. Graphic Analysis Grunwell, Helen R. Chief Draftsman Graphic analysis materiel. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF INTERNATIONAL FINANCE Title Principal Field of Activity Research Officers: Marget, Arthur 1. Director Dembitz, Lewis N. Assistant Director Professional Research Staff: Administrative Staff Thorne, Wendell E. Assistant to the Director Liaison, editorial, statistical, personnel, administrative and service functions* Editor, Review of Foreign Developmen"EsT"*~ Ernst, Rosa Economist (Editorial) Editor, Weekly Review of Periodicals^ " ' Crews, Esther G. Supervisor International Information Center. Financial Operations and Policy Section Tamagna, Frank Mi Chief Axilrod, Stephen Economist International Bank for Reconstruction and Development5 Export-Import Bank; foreign assistance and military aid programs; foreign investments and economic development; long-term capital movements Garber, Margaret R. Statistical Assistant Foreign gold reserves; gold moverre nts, markets, production and uses; silver. Smith, Nancy J, Statistical Assistant Foreign dollar balances and international short-term capital movements; foreign operations of Federal Reserve Banks, ExportImport Bank and International Bank, -2BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF INTEI^'ATIQIjALjgNMgE Title (Contd.,) Principal Field __of Activity Professional Research Staff: Financial Operations and Policy Section (Contd.) Solomon, Robert Economist United States monetary, trade and exchange policies, with special regard to the International Monetary Fund, EPU and international payments arrangements; U.S. stabilization operations; Bank for International Settlements, Special Studies Section Hersey, Arthur B. Chief Reynolds, John E. Economist Foreign monetary, fiscal and balance-of-payments studies; GATT; commodity markets. Summers, Thomas Economist U. S. and other countries1 trade and balance of payments. Miller, Mary F. Statistical Assistant U. S. foreign trade statistics. Western European and British Commonwealth Section Furth, J. Herbert Dahl, Frederick R» Chief Economist Harris, Elinor R. Economist France, Italy, Belgium, Luxembourg, Spain, Portugal, and their overseas territories except Indo-China« Katz, Samuel I. Economist United Kingdom and the British Commonwealth excluding Australia, New Zealand, India, Pakistan, Ceylon, and Malaya* Netherlands and the Scandinavian Countries, Australia, and New Zealand. -3BOARD OP' GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF INTERNATIONAL FINANCE (Contd.) Title Principal Field of Activity Professional Research Staff: Central and Eastern European Section Heuser, Henry K. Chief Grimwood, Gordon B. Economist Germany, Austria, Yugoslavia, Finland, Liberia, Libya, and Ethiopia. Faroney, Mary M• Economist Greece, Turkey, and Near Eastern Countries, Far Eastern Section Vif hitting ton, Floyd L« Chief Irvine, Reed J« Economist Japan, China, the Philippinest Hong Kong, Formosa, and Korea. Maroni, Yves Economist South Asia* Latin American Section Olson, Ernest C. Economist in charge of Section Argentina, Uruguay, Paraguay, Mexico, Guatemala, and El Salvador. Helprin, Dorothy L» Economist Brazil, Cuba, Haiti, Dominican Republic, Costa Rica, Panama, Honduras, and Nicaragua. Rollins, Charles E. Economist Chile, Peru, Bolivia, Ecuador, Columbia, and Venezuela. FEDERAL RESERVE BANK OF BOSTON Title Principal Field of Activity Research Officers: Ellis, George H« Director of Research In charge of research, Willis, Parker B. Financial Economist Monetary and fiscal policies and developments. Professional Research Staff? . Coughlin, Marguerite I« Industrial Statistician Industrial statistics. Di Giannantonio, Eleanor Librarian In charge of libraryt Eisennenger, Robert W. Resource Economist Forestry and other natural resources. Gilraore, Donald R. Industrial Economist, Regional Industrial and business conditions—regional• Hall, Franklin P, Industrial Economist, National Industrial and business conditi ons—nati onal. Pearson, Harold T. Financial Statistician Financial statistics. Shea, Fred E., Jr» Special Assistant Financial and industrial studies* Sherman, John M. Industrial Statistician Industrial statistics. Smith, Howard G. Trade Statistician Retail trade and vacation business statistics. Thayer, Jarvis M., Jr. Manager and Trade Economist Supervisory, retail trade, editor of Monthly Review. Thompson, Eleanor Financial Statistical Clerk Financial statistics. lakefield, Elizabeth Financial Statistical Clerk Editing of Monthly Review and supervision o£ charting,. FEDERAL RESERVE BANK OF NEW YORK Principal Field of Activity Title Research Officers: Roelse, Harold V, Vice President Coombs, Charles A. Manager, Research Department Bloomfield, Arthur I» Senior Economist Garvy, George Senior Economist Professional Research Staff: Balance of Payments Division Klopstock, Fred H. Chief Studies of U.S. international financial policy and balance-of-payments problems for use in the formulation of bank policy with respect to foreign financial relations. Collection and processing of statistics on international capital movements. Economist A Broad studies of U.S. financial relations with the rest of the world. International commodity markets. Analysis Section Mendershausen, Horst GATT. Trued, Merlyn Aubrey, Henry Beza, Sterie* Economist B Economist B Economist C Analysis of financial problems related to the U.S. balance of payments, foreign investments, and international capital movements. Egan, James Research Assistant A Foreign aid$ foreign trade* Hearle, Marjory Statistical Clerk A Gold statistics. # Summer employee, -2FEDERAL RESERVE BANK OF NEW YORK Title Principal Field of Activity Professional Research Staff: Balance of Payments Division (Contd.) Reports Section Church* •• Sally Collins, Marie Murray, Mae Damon, Frances Balance of Payments Analyst Statistician B Statistician B Statistical Clerk A Collection and editing of " data and reports on capital movements; contacts with banks, commercial concerns, and brokers. Latin American export credit information. Shipments and receipts of U.S. currency to and from foreign countries o Editorial and Charting Section Cantwell, Abigail Statistician B Copy editor for all publications prepared in Research Department including Monthly Review, Annual Report, and Business and Financial Summary;! Finter, Margaret Administrative Assistant C Departmental budget; determining space allotments for Monthly Review articles c oordinating"~3epaFtmen tal reports for the Manager. Supervision of the Chartists Kotin, Evangelyn Snipes, Frances Statistical draftsman Statistical draftsman Charts for all publications and for directors, officers, and economists. Also special lettering work# On Leave of Absence McClam, Yiiarren Economist B On loan to Bank for International Settlements* -3FEDERAL RESERVE BANK OF NEW YORK Principal Field Title of Activity Professional Research Staff: Domestic Research Division Gaines, Tilford C« Chief All of the broad aspects of the nation's economy, with emphasis on monetary, credit, and fiscal developments, and on general economic developments in ".' the Second District. Special studies and reports of System operations in collaboration with officers of the Securities Department McWhinney, Madeline Conard, Joseph Volcker, Paul A. Auerbach, Irving Wojnilower, Albert Novack, David £» Pluck, Dolores Turvey, Rosemary Economist A Economist B Economist B Statistician A Economist C Research Assistant A Research Assistant A Research Assistant A M oney M ark et JJnit. Analys is """oT"£acto*fs~aTTecting money market and bank reserves; special studies relating to monetary and credit policies. Frane, Lenore Bloch, Ernest Gandert, Gertrude Economist C Assistant Economist Statistical Clerk A Treasury Finance Unit, Analysis and estimates of Treasury receipts and expenditures, Federal Budget, public debt, and Government corporation and credit agencies. Schiff, Frank * Sternlight, Peter Lindsay, J. Robert Brimmer, Andrew F. VIIright, Kenneth Schindler, Ralph Economist A Economist B Economist B Economist C Economist C Research Assistant A Business Conditions and Capital Markets Unit. National income, production, distribution, prices, and Second District economic data; security markets, corporation finance, and housing finance. Bruce, Mary C« Administrative Assistant B General supervisory and administrative functions, including budget, personnel reports, research files, and publications. Guttentag, Jack Economist C # Assistant to Mr. Garvy. On leave of absence to Foreign Operations Administration, FEDERAL RESERVE BANK OF NEtoi YORK Title Principal Field of Activity- Professional Research Staff: Financial and Trade Statistics Division Kreps, Clifton H., Jr. Chief Collection, assembly, analysis, and distribution of banking, financial, and trade data for the Second District; preparation of summaries of banking, Federal Reserve, and other data related to member bank reserve positions. Milkiewicz, Victor Hendrickson, John H» Statistician A Statistician B Federal Reserve and Member Bank Statistics. Federal Reserve con"cTiTron statement statistics and reports received from member banks; weekly and monthly reporting banks 5 monthly conditia statements of all member banks, quarterly interest rate survey, bank debits series, velocity of deposits. McCalley, John Vnagner, Jane Nelson, Sagred Economist B Statistician B Statistical Clerk A Money Market and Security Market SiiaTTIstics. Daily money market reports and reports of capital market transactions. Meekly analysis of gains and losses in member bank reserve funds. Reports on stock exchange credit. Brown, Janet Conn, Hilda Administrative Assistant C Consumer Credit and Retail Statistical Clerk A ^ d Statistics. Collection, distribution, and analysis of data on department store, apparel store, and furniture store trade in the Second District; consumer credit. -5FEDERAL RESERVE BANK OF NEIfw YORK Title Principal Field of Activity Professional Research Staff: Financial and Trade Statistics Division (Contd.) Helf, John Lainpe, Fred Economist B Statistician B Member bank operating ratios. Survey of demand deposit ownership. Other analyses of financial data; preparation of special studies and articles; special projects. Alber, Charlotte Statistical Clerk A Studies of department store trade. Indexes of hourly and weekly earnings in nonagricultural industriest Special studies and surveys. Tweed, Russell Statistician B Commercial and finance paper outstanding. Special studies of financial statistics. Foreign Research Division Kriz, Miroslav Chief Analysis and interpretation of economic material in the international fie3.d - for use in the formulation of bank policy with respect to foreign financial relations and to domestic questions which are closely affected by foreign developments. Fousek, Peter Hein, John Economist B Economist C Continental "Western Europe* ""Special fields - gold, central banking, BIS, European Payments Union* Dernburg, Hans Hughes, Jonathan Economist A Economist C Central and Eastern Europe. Ehrlich, Edna Economist B Far East - Pacific* field - IBRD. Schott, Francis Sedwitz, Walter Economist B Economist C Latin America* Special -6FEDERAL RESERVE BANK OF NEW YCRK Title Principal Field of Activity Professional Research Staff: Foreign Research Division (Contd^ Glaessner, Philip Clarke, Stephen Link, Robert G. Economist A Economist B Economist B British Commonwealth. Sterling area; IMF. Holmes, Alan * Reed, John Economist B Economist C Eastern Mediterranean - Near Case, Winthrop Research Editor Huff, Gladys Administrative Assistant C Certain administrative duties* supervision of clerical personnel and certain stenographic work. Dosik, Richard Assistant Economist Summer Employee. Reference Library Division Bogardus, Janet Chief Librarian Selection, acquisition, processing, and distribution of published materials and other documents or studies in the field of central banking, general economics, and world affairs. Reference and information service. Administration and supervision. Williamson, Emma Senior Librarian Cataloging and supervising. Harvey, Helen Librarian Reference work and requests for books; foreign bank reports. Kelley, Gcnevieve Librarian Book orders and periodical renewals• Richey, Dorothy Librarian Reference work and requests for books. Selection and reference materials. # On leave of absence to Foreign Operations Administration. FEDERAL RESERVE BANK OF PHIUDELPHIA Title Principal Field of Activity Research Officers: Bopp, Karl R. Vice President Alderfer, Evan B. Industrial Economist Industry. Anderson, Clay J, Financial Economist Finance• Professional Research Staff: Bunting, John R., Jr. Associate Economist Business. Byrnes, James C. Assistant Statistician Statistics. Eastburn, David P. Financial Economist Financeo Hartman, Florence M. Librarian Rehfuss, J« Frank Manager, Research Department5 Assistant Federal Reserve Agent General Management. Snader, Kenneth M. Statistician Statistics. Zimmermann, Doris F« Research Librarian FEDERAL RESERVE BANK OF CLEVELAND Title Principal Field of Activity Research Officer: Hostetler, L» Merle Director of Research Professional Research Staff: 3alles, John J« Senior Economist Finance. Brehm, Carl T. Junior Econcmist Finance* Brown, Dorothy F. Adninistrative Research Assistant Publications and industry. Brown, Roger A. Senior Research Assistant Industry, Chambers, Earl Senior Research Assistant Trade, Cutler, Addison T. Editor of Research Publications Trade end publications* Fishbaugh, Charles P# Senior Research Assistant Trade Hoover, Robert G. Junior Economist Agriculture, Hummel, Claude I. Senior Agricultural Specialist Agriculture, Kiel, Fred 0. Senior Economist Industry and office management. Klahre, Ethel Librarian Nichols, Joan A. Research Assistant Finance. Ormiston, Thcmas E. Junior Economist Industry, FEDERAL RESERVE BANK OF RICHMOND Title Principal Field of Activity Research Officers? Williams, Charles W. Vice President Daane, J. Dewey Assistant Vice President Money markets and credit. Storrs, Thomas I. Assistant Vice President Supervision of Research Department. Professional Research Staff: Black, Robert P. Research Associate (Temporary employee) Analysis of effects of changes in reserve requirements. Chambers, Benjamin P. Business Economist and Statistician Trade and industry; business developments. Hardy, Virginia A# Research Associate Assistant to Mr. Daane. Lumpkin, R. Pierce Financial Economist Banking arid credit; Federal Government finance; income, MacDonald, Edmund F. Industrial Economist Industry; population and resources; state and local finance. Porter, Horace G. Agricultural Economist Agriculture. Statistical Associate Current reporting series. Statistical Section: Angle, Elizabeth W» Stinnett, Frank D.> Jr. Administrative Assistant Head of section. Library; TAialford, Bess P. Reference Librarian Head of library. FEDERAL RESERVE BANK OF ATLANTA Title Principal Field of Activity Research Officers: Rauber, Earle L« Vice President and Director of icesearch General direction and administration of Research Department, Taylor, Charles T. Assistant Vice President Chief administration officer under Director of Research; Research in monetary and credit policy. Professional Research Staff: Atkinson, Thomas R, Economist Research in central banking and financial statistics. Brandt, Harry Assistant Economist Industrial research. Davis, W. M. Economic Analyst Research in central banking. Frashier, Anne E. Assistant Librarian Vertical files and bibliographies. Harris, John T. Assistant Economist Agricultural research and agricultural relations. Johnston, Linda Librarian In charge of Research library. Kantner, Arthur H. Economist Agricultural research and agricultural relations. Overmiller, Charles S. Associate Economist Research in banking and finance. FEDERAL RESERVE BANK OF CHICAGO Title Principal Field of Activity Research Officers; Mitchell, George 1M# Vice President Vice President and Director of Research, Baughman, Ernest T« Assistant Vice President General. Professional Research Staff: Aufdenkamp, Jo Ann Librarian Research library. Benson, Sherwood Staff writer General. Cheadle, Harold L. Economist Public relations - Economics and banking. Cloos, George W. Economist Business finance. Emmer, Robert E. Economist Statistical series. Goldstine, Abner D. Economist Banking and foreign trade. Herr, William Me. Economist Agriculture. Hobby, Elizabeth N. Research Assistant General and regional economics. Holland, Robert C. Economist Banking and credit• Hughes, Thelma L. Chief Business statistics section. Iwanaka, George UU Economist Eanking and credit. Kolz, Clarence W. Chief Financial statistics section. Kutish, L. John Economist Regional econcanics and; agriculture. Leiner, Joan G. Research Assistant Business. Leven, Charles L. Economist Regional economics. Netzer, Dick Economist Regional economics. Nichols, Dorothy M. Economist Banking and credit. Partee, John C. Economist Financial institutions and consumer credit. -2FEDERAL RESERVE BANK OF CHICAGO Title Principal Field of Activity Professional Research Staff: Petty, Mary T. Economist Banking and credit. Rymarowicz, Lillian Economist Public finance. Schneider, Theodore Economist Banking, and credit. Stiles, Lynn A. Economist Public finance and public utilities. larton, Patricia A. Chief Publications and Reports section* FEDERAL RESERVE BANK OF ST. LOUIS Title Principal Field of Activity- Research Officer; Abbott, William J.., Jr. Director of Research Professional Research Staff: Bowsher, Norman N. Economist Finance, Kearschner, Alfred C. Retail Trade Analyst Trade• Kester, William H« Assistant Manager and Economist Business. Kircher, Harry B. Economist Editorial. Kreider, Lawrence E» Economist Agriculture. Lattrell, Clifton B. Economist Agriculture. Meigs, Alexander J, Economist Business• Pfaff, Constance A, Librarian Research Library, Robertson, Ross M. Economist Finance. FEDERAL RESERVE P M K OF MINNEAPOLIS Title Principal Field of Activity Research Officers: Parsons, Franklin L« Director of Research Litterer, Oscar F. Business Economist Professional Research Staff: Bender, Vdlma R, Senior Research Assistant Supervise trade statistics section. Hellweg, Douglas R. Economist Monetary and banking conditionso Hutchison, John E. Administrative Assistant Assistant to Business Economist, Lehman, Leland C. Temporary Assistant Economist Special studies in business economy. MacDonald, John A» Department Plead General administration and supervision; statistical series. Nelson, Clarence 1, Economist business conditions and regional studies, and editor, Monthly Review. Strand, Mildred R« Librarian Library. Thomson, Marian S. Senior Research Assistant Supervise banking statistics section. Worcester, Robert W. Agricultural Economist Analysis of agricultural conditions, and editor, Farm News. FEDERAL RESERVE BANK OF KANSAS CITY Title Principal Field of Activity- Research Officer: Tow, Clarence W. Vice President Professional Research Staff; Billington, Wilbur T. Industrial Economist Industry; aggregative analysis; business finance. Cawthorne, D. R. Assistant Director of Research Administration; money and banking; Treasury finance; money markets; business finance• Doll, R. J. Agricultural Economist Agriculture, including agricultural credit. Edwards, John A. Research Assistant Agriculture• Gies, Thomas G. Financial Economist Money and bonking; Treasury finance; money markets; business finance. Gish, Norville R. Publications Editor Planning, editing, and distribution of publications; public information. Lewis, Carl B. Research Assistant Agriculture, FacDonald, Mary Jane Librarian Research library. Parsons, Carl R. Statistical Assistant Statistical series; statistical surveys; department store trade. Peterson, G. A. Agricultural Economist Agriculture, including agricultural credit. Self, Kenneth B. Statistician Statistical series; statistical surveys; department store trade. FEDERAL RESERVE BANK OF DALLAS Title Principal Field ox Activity Research Officers; Rice, Morgan H. Vice President and Secretary of the Eoard General supervision of Research; Secretary of Board of Directors; and operating management. Coldwell, Philip E. Director of Research Direct supervision of Research. Professional Research Staff: Colclough, Jack D. Petroleum and General Economist Oil and gas; income studies, Green, Ralph T. Financial Economist Commercial and central banking, money markets, and Government securities. McMillan, T. E., Jr. Industrial Economist Large- and small-scale industry; employment; utilities; and construction* Pitt, Roger E. Supervisor of Statistical and Reporting Section Supervises statistical work on current reporting series; handles statistical techniques. Post, Marvina Research Adninistrative Assistant Administrative duties in Research Department and in activities relating to the office of the Secretary of the Board. Rogers, Virginia M. Special Assistant Supervision over and editing of bank publications and supervision of department files• Rowe, J, Z. Agricultural Economist Agriculture• Smith, Zenas B, Research Administrative Assistant Collection and compilation of statistics, regular reports, and surveys. Walker, CharIs E. Financial Economist Commercial and central banking, money markets, and Governnent securities. Wilkerson, Mabel Research Librarian Research library; FEDERAL RESERVE BAM OF SAN FRANCISCO Title Principal Field of Activity Research Officer! "Wheeler, Oliver P. Vice President Professional Research Staff: Buma, Harold L. Assistant Economist Industrial economics. Responsible for gross national product, industrial production, aid related subjects. Einzig, Robert Associate Economist Monetary and fiscal problems. Glassburner, John B. Assistant Economist Industrial structure of the District, prices, and special industry studies* Holden, Elizabeth Librarian In charge of library. Hurst, 1'yilliam A. Associate Economist Foreign trade and finance. Lynn, Gault W. Supervisor of Research Supervisor of Monthly Reviewj related publications, and research. Economist, monetary and fiscal problems. Peterson, Charles R, Research Assistant and Supervisor of Statistical Reports Supervisor of Statistical Reports Section, Schwartz, Harry S, Head, Research Department Supervisor of department administration, operations, and special projects. Economist, industrial problems* Waldorf, William H. Assistant Economist Personal income, consumer expenditures, and special regional studies. Wilson, Ruth V, Assistant Economist Special studies and assistant to Mr. Wheeler.
@FedFRASER