The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VCR 79 For release in morning papers, Monday, June 18, 1951 June STATEMEHT OF THE VOLUNTARY CREDIT RESTRAINT COMMITTEE The Board of Governors of the Federal Reserve System has appointed Mr, J, Lawrence Pagen, Vice President and Treasurer of Blyth & Co., Inc., New York, New York, an alternate member of the Voluntary Credit Restraint Committee to serve in the absence of Mr. Lee M. Limbert of the same firm, The Voluntary Credit Restraint Committee announces the appointment of Mr. Otto N # Frenzel, President, Merchants National Bank of Indianapolis, Indianapolis, Indiana, as a member of the Seventh District Commercial Banking Voluntary Credit Restraint Committee to fill an existing vacancy. To facilitate the work of the Program in the Seventh and Eighth Federal Reserve Districts, the Voluntary Credit Restraint Committee has approved the establishment of regional committees to serve the State of Iowa, the State of Michigan (excluding that portion of the State which lies within the Ninth Federal Reserve District)* and the Little Rock Branch territory of the Federal Reserve Bank of St, Louis, Under this arrangement the Seventh and Eighth District Commercial Banking Committees will continue to serve all other areas within their respective Districts. The three new regional committees will have equal status with all other regional committees. The names of these Committees and the members thereof follow: - 2 - Michigan Regional Commercial Banking Voluntary Credit Restraint Committee Donald F# Valley, Chairmanj Csneral Vice Presi^en^^National Bank of Detroit, Detroit, Michigan Milton J. Drake, v Lee President, The Detroit Bank, Detroit, Michigan A., b. ur J. Pushman, T U e President, The Manufacturers National Bank of Detroit, Detroit, IMLchigan E. Potter, Executive Vice President, Citizens Commercial and Savings Bank, Flint, Michigan Brher W, Curtis$ Chairman of the Board, Old Kent Bank, Grand Rapids, Michigan C. H. Kleinstuck, President, First National Bank & Trust Co., Kalamazoo, Michigan H# J. Chalfont, Vice President, Federal Reserve Bank of Chicago, Detroit, Michigan Iowa Regional Commercial^ Banking Voluntary Credit Restraint Committee E # F, Buckley, Chairman, President, CenSraT'l^ational Bank and Trust Co., Des Moines, Iowa H, J. Stviilmiller, President, State Savings Bank, Fontanelle, Iowa C. L# Frederickson, President, Live Stock National Bank, Sioux City, Iowa Frank C, Welch, President, Peoples Bank and Trust Company, Cedar Rapids, Iowa W. H, Brenton, President, Brenton State Bank, Dallas Center, Iowa Albert J, Robertson, Senior Vice President, Iowa~Des Moines National Bank, Des Moines, Iowa V. 0 # Figge, President, Davenport Bank and Trust Co., Davenport, Iowa Little Rock[ Regional Commercial Banking Voluntary Credit Restraint Committee James H. Penick, Chairman, President, Worthen Bank and Trust Co,, Little Rock, Arkansas Harvey C, Couch, Jr # , President, Union National Bank, Little Rock, Arkansas A« E, McLean, President, The Commercial National Bank of Little Rock, Little Rock, Arkansas J. V # Satterfield, Jr # , President, Peoples National Bank, Little Rock, Arkansas Henry 0. Topf, President, The Twin City Bank, North Little Rock, Arkansas C. M, Stewart, Vice President, Federal Reserve Bank of St, Louis, Little Rock, Arkansas - 3 - The following appointments and designations affecting the membership of regional committees also are announced: First District Commercial Banking Voluntary Credit Restraint Committee The following have been appointed alternate members of the Committee: George E # Pierce, Senior Vice President, The National Shawmut Bank of Boston, Boston, Massachusetts Roger C. Damon, Vice President, The First National Bank of Boston, Boston, Massachusetts John N # Eaton, Vice President, Merchants national Bank of Boston, Boston, Massachusetts Rupert C# Thompson, Jr., Executive Vice President, Providence Union National Bank and Trust Company, Providence, Rhode Island Samuel S # Rodman, Vice President, The Hartford-Connecticut Trust Company, Hartford, Connecticut Frederick J. Olson, Vice President, First Portland National Bank, Portland, Maine Earle 0, Latham, Vice President, Federal Reserve Bank of Boston, Boston, Massachusetts Third District Commercial Banking Voluntary Credit Restraint Committee The following have been appointed alternate members of the Committee: E. L, Worstall, Vice President, Philadelphia National Bank, Philadelphia, Pennsylvania Donald Horsey, President, First National Bank, Conshohocken, Pennsylvania 0, H. Perry Baldwin, President, Farmers Bank of the State of Delaware, Wilmington, Delaware G, K, Morris, President, National Bank of Germantown & Trust Co f , Philadelphia, Pennsylvania D. S. Davis, Casnier and Executive Vice President, Wilkes-Barre Deposit & Savings Bank, Wilkes-Barre, Pennsylvania E, F, Kirkman, President, Boardwalk National Bank, Atlantic City, New Jersey N# G, Dash, Assistant Vice President, Federal Reserve Bank of Philadelphia, Philadelphia, Pennsylvania - k - Sixth District Commercial Banking Voluntary Credit Restraint Committee D. B. Harris, President, Hamilton National Bank, Chattanooga, Tennessee, has been appointed a member of the Committee. Seventh District Commercial Banking Voluntary Credit Restraint Committee The following have been appointed alternate members of the Committee: Walter M. Keymanri, Vice President, The First National Bank of Chicago, Chicago, Illinois Chris M* Smits Vice President, The Continental Illinois National Bank and Trust Company of Chicago, Chicago, Illinois Richard E. Pritchard, Vice President, Harris Trust and Savings Bank, Chicago, Illinois William M. McKenzie, Executive Vice President, Commercial National Bank of Peoria, Peoria, Illinois Edward R. Droppers, Vice President, First Wisconsin National Bank of Milwaukee, Milwaukee, Wisconsin N. B* Dawes, Vice President, Federal Reserve Bank of Chicago, Chicago, Illinois Eighth District Commercial Banking Voluntary Credit Restraint Committee The following have been appointed alternate members of the Committee: Albert Wagenfuehr, Chairman of the Executive Committee, The Boatmen's National Bank of St* Louis, St. Louis, Missouri George IT. Coleman, Economist, Mississippi Valley Trust Company, St. Louis, Missouri Eleventh District Commercial Banking Voluntary Credit Restraint Committee E. B. Austin, Vice President, Federal Reserve Bank of Dallas, Dallas, Texas, has been appointed an alternate member of the Committee. Portland Regional Commercial Banking Voluntary Credit Restraint Committee Arnold W. Groth, Vice President, The First National Bank of Portland, Portland, Oregon, has been appointed an alternate member of the Committee• Sanjrancd so o Regional Commercial Banking Voluntary Credit Restraint Committee F% A. Ferroggiaro, Senior Vice Chairman of the Board5 Bank of Americ National Trust and Savings Association, San Francisco, California, has been designated as Vice Chairman of the Committee. The following have been appointed alternate members of the Committee William H. Of en, Vice President, The Anglo California National Bank of San Francisco, San Francisco, California Marsden S. Blois, Vice President, Bank of America National Trust and Savings Association, San Francisco, California William M. Hale Executive Vice President, American Trust Company, San Francisco, California F. L. Greiner, Vice President, Wells Fargo Bank & Union Trust Company, San Francisco California F. P. Gallot, Vice President, Crocker First National Bank of San Francisco, San Francisco, California Alfred J. Mayman, Vice President, The Bank of California, N. A., San Francisco, California H. F. Slade, Vice President, Federal Reserve Bank of San Francisco, San Francisco, California Southwestern Insurance Voluntary Credit Restraint Committee K. I. Fosdick, Treasurer, American National Insurance Co., Galveston Texas, has been appointed a member of the Committee and designated as Chairman replacing W. L. Vogler, Executive Vice President of that Company whose resigna tion as a member of this Committee has been accepted. The following have been appointed members of the Committee: F. Burr Betts, Vice President and Treasurer, Security Life and Accident Company, Denver, Colorado Franz Hindermann, Vice President and Treasurer, Pan-American Life Insurance Company, New Orleans, Louisiana
@FedFRASER