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SERVING
CLEVELAND · PITTSBURGH · CINCINNATI
COLUMBUS ·TOLEDO ·AKRON· DAYTON
YOUNGSTOWN · ERIE · CANTON · SPRINGFIELD
COVINGTON · HAMILTON · LEXINGTON · . HEELING · WARREN
LORAIN · LIMA · McKEESPORT · MANSFIELD · NEW CASTLE · ZANESVILLE
CUYAHOGA FALLS • MIDDLETOWN • PORTSMOUTH· STEUBENVILLE • NEWARK
MARION • MASSILLON • NEWPORT • ELYRIA • ASHLAND • BARBERTON • SANDUSKY • LANCASTER
ALLIANCE
o
ALI QUIPPA FINDLAY
o
NEW KENSINGTON
o
PIQUA
FREMONT
o
NILES
o
EIRTO
o
o
o
EAST LIVERPOOL
BUTLER
o
TIFFIN
BEAVE R FALL S
o
ASHTABULA
o
o
OIL CITY
IRONTON
o
0
o
WASHINGTON
MEADVILLE
o
o
PAINESVILLE
CHILLICOTHE
UNIONTOWN
o
MARIETTA
o
o
o
o
o
o
o
Cleveland
Pittsburgh (Pa.)
Cincinnati
Columbus
Toledo
Akron
Dayton
Youngstown
Erie (Pa.)
Canton
Springfield
Covington (Ky.)
Hamilton
Lexington (Ky.)
Wheeling (W. Va.)
Warren
Lorain
Lima
McKeesport (Pa.)
Mansfield
New Castle (Pa.)
Zanesville
Cuyahoga Falls
Middletown
Portsmouth
Steubenville
Newark
Marion
Massillon
Newport (Ky.)
Elyria
Ashland (Ky.)
Barberton
Sandusky
Lancaster
Alliance
Aliquippa (Pa.}
Findlay
East liverpool
Ashtabula
Washington (Pa.}
Chillicothe
New Kensington (Pa.)
Weirton (W. Va.)
Butler (Pa.)
Tiffin
Oil City (Pa.)
Meadville (Pa.)
Uniontown (Pa.)
Piqua
Niles
Fremont
Beaver Falls (Pa.)
Ironton
Painesville
Marietta
Machinery, transportation equipment, primary metals
Steel, machinery, metal products
Machinery, transportation equipment, food and beverages
Airplanes, appliances, auto parts
Auto parts, g lass, oil refining
Rubber products, a ircraft parts, machinery
Machinery, appliances, electric industrial apparatus
Steel, e lectrical machinery, metal products
Machinery, metal products, paper products
Steel, machinery, metal products
Transportation equipment, machinery, metal products
Paper bags, beer, machinery
Auto parts, paper products, machinery
Tobacco processing, electric equipment, paper products
Machinery, glass containers, collapsible tubes
Steel, auto parts, light bulbs
Steel, power shovels, shipbuilding
Electric motors, machinery, ai rcraft parts
Steel
Appliances, tires, metal products
Steel, industria l equipment, ch inaware
Clay-glass products, electric machinery, steel
Dai ry products, machine ry
Steel, machinery, paper products
Steel, shoes
Steel, paper products, dinnerware
G lass fibers, aluminum mill products, truck axles
Machinery, steel, appliances
Steel, machinery, metal products
Steel, men ' s clothing
Electric motors, auto parts, air-brake equipment
Oil refining, steel
Industrial boilers, rubber goods, chemicals
Ball bearings, auto parts, televisions
Glass products, electrical equipment, valves
Steel products, industrial equipment, electric motors
Steel, ferro -alloys
Textile products, rubber tires, machinery
Dinnerware, electrical porcelain, machinery
Chemicals, ferro -alloys, electric motors
Gloss products, steel
Paper, shoes, aluminum products
Aluminum products
Steel, steel products
Steel, freight cars, refractories
Electrical equipment, plumbing fixtures, machinery
Oil refining, steel products, machinery
Fasteners, rayon ya rn, heating equipment
Coal mining, clothing
Textile products, machine ry
Steel, titanium mill products, trailers
Appliances, electric batteries, steel products
Boiler tubing, building materials, chinaware
Chemicals, coke
Chemicals, rayon yarn
Ferro-alloys, plastics, metal furniture
A Note On
CITIES
of the FOURTH DISTRICT
The cities named on the cover design are in
order of population ranging from the largest,
with close to one million, down to some cities in
the 20,000 class. A complete list of Fourth District
cities would include hundreds of additional entries.
The manufacturing strength of each city is
suggested by the list of lea ding industries
(or industry groups) shown on the facing page.
Th e order of listing is d eter mined by the current
population estimates for each co rporat e city.
If th e "standard m e tropolitan area", which
includes one or more co unti es, had been used
to determin e the order of listing, a number
of differences would be noted . Pittsburgh,
for example, would score as larger than Cleveland;
Dayton would move up in rank.
Certain cities which are primarily suburban
or residential have b ee n omitted from the list,
in order to make a clea rer showing of the
industrial pattern. Examples of omitted cities are
Lakewood, Cleveland H eights, Shaker Heights,
e tc., in the Cleveland area, Norwood in the
Cincinnati area, Upper Arlington in the
Columbus area.
COLOR CODE
Colon uted oft cover panel of citiet
.,... ,.ate lho rupocli,. . - .,
Black - Ohio
Red - Pennsylvania
Green -West Virginia
Blue - Kentucky
FEDERAL RESERVE BANK
O :F
CLEVELAND
CLE V ELAND I , OHIO
February 10, 1958
To the Banks in the
Fourth Federal Reserve District:
We are pleased to present this report of the Federal Reserve
Bank of Cleveland for 19 57.
The year was significant in that it brought into production
expanded facilities of many industries within the borders of the
Fourth District. This expansion took place not only in the larger
industrial cities, but in a considerable number of medium-size
and smaller towns . Truly this is an area rich in skills, research
and well-tooled plants catering to the demands of the nation and
of the world .
For most of the year the demands for credit were large and
persistent. The banks of the district have demonstrated an
endeavor to meet the requirements of business , individuals and
agriculture promptly and effectively .
So that we might discharge our responsibilities properly ,
we have called on men of industry, agriculture and finance for
their observations and counsel. Their cooperation and assistance
have been much appreciated .
TABLE of
CONTENTS
Monetary Policy in a Year
of Business Shifts . .. .. . ...
0
••
0
•
•
•
The Year
in Fourth District Banking
4
9
1957 in Review (chart) ............
0.
12
The Volume
of Service OperaUons
14
A Daily Round of Activities
16
Statemen t of Co ndition
20
Earnings and Expenses
21
Directors
22
Officers ... .
0
•
••
0
•••
0
Branch Directors
and Officers . .. . .. .
••
0
••
0
0
•
0
•
••
0
•
•
0
0
•
•
•
•
•
•
•
•
•
•
•
0
•
23
2--1
3
MONETARY
POLICY
tn a year of B usiness Sh tfts
Perhaps the most curious economic
business sentiment was anything but
development during 1957 was the down-
buoyant. If business recessions were trig-
turn in industrial production -
which
gered by psychology alone, the index of
came to an end in April. That downturn
business activity would not have tilted
not only came to a halt, but was suc-
upv,rard last spring.
ceeded by a visible expansion in the face
tion, which had topped out in late 1956,
of widespread misgivings and uncertain-
was slowly ebbing through the winter
ties.
months.
Conditions in the automotive
That strange sequence was subse-
trade were described as spotty. Sales of
quently eclipsed by the more pronounced
the 1957 models admittedly were not liv-
slowdown which emerged sometime
ing up to earlier expectations. The tele-
after Labor Day.
Yet, if it were possi-
vision industry as well as producers of
ble to identify and evaluate correctly
other household durables were in the
the various forces which quietly arrested
throes of curtailing output in conformity
the earlier downturn, some indications
with a reduced level of shipments.
might be derived with respect to the
Basic commodity prices had begun to
probable depth and duration of the pres-
weaken at about the same time. This was
ent phase of reduced industrial activity.
particularly true of such key commodi-
It is neither the intention nor within
ties as steel scrap, non-ferrous metals,
the competence of this review lo conduct
textiles, and lumber. Moreover, by March
a searching probe into the causes of the
the rate at which new housing units were
spring and sununer recovery -
being started was the lowest in eight
mild -
however
but rather to reconsider the ad-
years.
In such a psychological environ-
verse emotional setting out of which it
ment, earlier estimates of future expend-
materialized and to restate the questions
itures on plant and equipment were he-
which it posed for monetary manage-
coming suspect, particularly when a lead-
ment.
ing motor car manufacturer announced
Throughout the first quarter of 1957,
4
Industrial produc-
the postponement of a major expansion
program in no rth ern Ohio, a nd a w e ll-
m e nt ge ne rat ed by th e Suez e m e rge ncy;
kn own electrical equipm e nt co n ce rn re-
in oth ers th e re w as appre he nsion that a
vealed that i l was s uspe ndin g co nstruc-
humiliatin g settleme nt might d evitalize
tion on several p a rtly-co mpl e ted fa ci li-
th e shake n economi es of \\' es te rn Europe.
~f ea nwhil e,
Li es.
th e squ eeze o n profit
Th e Febr u ary c ut in th e bank rate in
THREE YEARS OF HIGH LEVEL EMPLOYMENT
92 % ~---------+----------+----------4----------,_
_________
90% ~---------+----------+---------~----------+----------
0
1954
1955
1956
1957
1958
• Hot adjusted lor seasonal influences.
m a rg ins was th e s ubj ect of mu ch co m-
England was inte rpre ted as presaging
m e nt and \Va ll Stree t was evaluatin g
industrial w ea ke ning a broa d.
th e outlook in fairly g loomy te rm s by
mid-F ebruary .
In som e c ircl es, it was th e threa t of a
prospective F ed era l deficit th at repre-
Individuals of emin e nce did not co n-
se nted a disco uragin g elem ent; in others
t.:eal their concern r ega rdin g th e precari-
it was th e threa t of curtailed F ed e ral ex-
ous s tate of the eco nomy.
penditures that co ntributed to un easiness
One widely
publicized admonition, r egarding the na-
a nd un certainty.
ture of a potential d epression, took th e
As wi ll be well r em embered , the worst
form of a picturesq ue phrase; others
-- or even the worse -- did not occur,
drew a nalogies from th e situation pre-
d esp ite a psycholog ical clim a te co nducive
ceding th e famou s downturn of a gen era -
to further retrenchment.
tion or more ago.
-- whi ch failed to d evelop -- w as fol -
The r ecession
As usual th er e w as no un a nimity as tu
lowed by a four- or five-month r ecov-
th e ca use or ca us es of th e midwinter
e ry in industrial produ ct io n, whi ch simi-
downward slope. In som e quarters it was
la rl y did not quite r egain all of th e lost
ascribed to th e inte rn a ti on a l uns e ttle-
g round. And in that s trange seque n ce li e
5
some of the elements of the dil emma
tary policy. There is a valid basis for the
which confronted the mon e tary authori-
assumption that the nation as a whole
ties during much of 1957.
wish es mon e tary poli cy to be evolved also
Considered in isolation, the gradual
in th e light of what is happ ening to th e
r etraction of industrial activity during
purchasing power of curre nt personal
th e early months of th e yea r , accompa-
incom e as well as of accumulated per-
ni ed by talk of possibly an immin ent r e-
sonal savings.
cession, might have suggested the propri-
The second accompanying chart illus-
e ty of an obvious and unmistakabl e move
trat es the ex tent to which s uch purchas-
in the direction of easier monetary and
ing powe r deteriorated during th e past
credit conditions. As is indicated in th e
two years. Consid eri ng in turn this spe-
first accompanying chart, howev er, at no
cific aspec t -
time during the first nin e or ten months
no loosening of th e credit strings was
of 1957 was th ere in existence and avail-
warranted at any tim e during th e past
able a res ervoir of unused manpower. To
eighteen months or so. During th e past
the contrary throughout most of last year,
year , the prin ciple of "creeping inflation "
despite some shrinkage in industrial ac-
was brought to th e forefront of public
tivity, th er e prevailed an almost continu-
attention. Its advocates suggested that a
ous shortage of human resources, espe-
shrinkage in th e purchasing power of the
cially in the form of skilled labor. (Dur-
dollar at a rat e of two to three p erce nt
ing 1957 the vast agglomeration of service
p er annum might be preferable to con-
industri es for th e firs t tim e surpassed th e
sequences of strict ad herence Lo the targe t
producers of goods in aggregate numb er
of longer-run stability in the price level.
of employees .) To hav e inflated further
Perfect and continuou s stability in the
th e credit base, and the credit-ex tending
internal value of th e dollar obvio usly is
capacity of the econom y, in response to
not achievable, is probably not even d e-
th e record d emand for funds, during a
sirable. Th e n ecessity of h aving lo choose
period of nearly-full employment and
be tw een stability and "creeping infla-
s till rising prices, would hav e served
tion ," how ever, was only of academic a nd
scarcely any other purpos e than to
th eoretical importance during virtually
accentuate the recovery of mid-summer
all of 1957, for th e fact is that, from early
·w hich, if encouraged, would hav e tended
1956, the purch as in g power of an ear ned
to increase the distortions and to prolong
or a saved doll a r had declined even more
th e inevitable phase of industrial read -
rapidly th an th e limit of tol erance sug-
justment and reorientation.
gested b y a dh eren ts of th e "cr eepin g in-
The level of manpower -
6
and factory
and again in isolation -
flation" do c trin e.
The behavior of th e
utilization , moreover, is not the only
consumer pri ce ind ex, as well as of
criterion for making or altering mone-
whol esale prices, during 1957 provid ed
a relatively clear mandate with respect
to the kind of credit poli cy n eed ed.
was accompanied by a n ex traordinary
r es urg e n ce
In a ddition to th e continuing m a n-
of e bulli e n ce,
possibly
abetted b y wid es pread disc ussion of th e
power shorta ge, and the persist e nt rise in
merits - or in ev itability -
average prices, th e ps yc holo g i ca l cli-
inflation.
of chronic
mate also was th e cause of co nsid er-
The unrealisti c ex tremity to which that
able co ncern to monetary m anagem ent,
ebulli ence was carri ed is illustrated on
especially during midsumm er. The state
th e final ch a rt.
of th e economy in term s of r esources
appearance of a mild profit squeeze, and
employed is measurable with at least
th e co ntinuing decline in th e market
some degree of mathematical precision.
value of many competing types of invest-
Similarly, the behavior of prices or, co n-
m ents, notably Triple A corporate bonds,
versely, changes in the purchasing power
th e prices of common s tocks once again
of the mon e tary unit, are readily sus-
rose to a point where the yield th ereon
cep tible to statistical m eas urement. The
was well below four p ercent -
emotional state of th e economy, howeve r,
which admi ltedly did not seem far out of
is not so precisely ascertainable.
lin e w ith precedents es tabli sh ed in both
Notwithstanding th e
a yield
PURCHASING POWER OF THE DOLLAR
in Terms of the Con sumer Price Index
... the purchasing power of the
doUa~ co~tinued <to decline
INOEl
105
100
~
~
-
~ -
95
90
85
~ar
195 5 100
I
-~
-I_
I
0 I
1956
1957
1958
1959
1960
I
during 1957 to a new record
low. The rate
of deterioration,
"<r
measured /from early 1956,
represented not only a marked .
depbrture from ~rice stdbility
but actually exceeded the limit
oftolerance imp~sed by
the controversial "creeping
infl~~ion" doctrin:~·
During th e early months of 1957, when
1955 and 1956. The sig nificant difference
so many misgivings were being ex-
was, how ever, th a t in this lates t case, the
pressed , infl a tionary psychology was on
rate of r e turn on common s tocks cOin-
th e wane. But th e s ubs eq uent improve-
pared q ui te unfavorab ly wi th th at ob-
m ent in produ cti o n and employm e nt
tainable on th e hi gh es t g rade debt in s tru-
7
Apparently inflationary fervor
b ee n describ e d h erei n at some le ngth .
had r each ed a new degree of intensity
T h e re is considerab le justification, how-
durin g th e months of J un e, July and
eve r, in observing th e judicial principle
August.
Under such ci rcumstan ces an
of m aking no comments "whil e th e case
eas ier credit policy might well hav e b ee n
is b e in g tri e d. " In du e co urs e thi s lates t
m e nts .
PRICES OF COMMON STOCKS AND Aaa CORPORATE BONDS
in Terms of Yield
(i lfverted scale)
' \
;
YIELD
<fit: . .
0
•. • during June, July, and
August 1957, the yield on
industrial common $.t ocks
[l®t·· . •
.· " l
. .•.. ."'.
lower than :the return on
gUt-edge corporate bonds. This
unusual r~lationship confl~m
ttie ~resen~e· of a ~ervasiv'
inflationary psychology.
3%
4%
5%
6%
1955
~
----~~--rub~----~-
1956
1957
1958
...............................................
Sou rce: Moody's Investors Service
interpreted by the speculative co mmu-
d evelopm e nt will fall into intelli gible
nity as an act of validatio n of th e infla-
persp ect iY e.
ti onary lt·end. If eco nomi c r ea djustments
served that , as was th e case in lhe spr in g
arc in some degree a function of th e pre-
of Hlfi7, b us in ess recovery seldom, if eve r,
ced ing excesses, th e restraint imposed by
has waited for co nfid e nce to lea d th e way.
th e credit situ ation dur ing mid-1957 was
Accordi ng ly, th e mere preval e nce of p es-
a contribution to longer-run stability.
simi sm at any given time -
The change in eco nomi c climat e which
8
Meanwh ile it may he ob-
at th e present -
perhaps as
is not a barrier to th e
e m e rged in th e closing months of 1957
emergence of an upward movement in
probably deserves more attention in this
production and empl oy ment. \Vh en re-
review than th e peculiar sequence of
covery comes, business co nfidence will
even ts which preceded it and which has
follow in its wake.
The
YEAR
IN FOURTH DISTRICT BANKING
The close relationship between banking trends and business
activity was evident in tl1e changing banking scene
during 1957. Demands for bank credit, principally by business
borrowers, continued strong through the first half of the year.
At the same time, the Federal Reserve System was following
a policy of restraining an inflationary expansion of money
and credit. During the first half of the year, banks in the
Fourth Federal Reserve District, as well as in the nation,
continued to reduce their holdings of Treasury securities
in order to meet the demand for loans.
Thus, an expansion similar to that which marked 1956
seemed to be making a repeat performance. Later,
however, the pace of business activity receded and, consequently, trends in banking contrasted sharply with those
of earlier months.
Loans. By the end of June, business loans outstanding
at the seventeen weekly reporting member banks of the Fourth
District had increased by $173 million, well above the $122
million added in the comparable 1956 period. In the second
half of 1957, however, bnsiness concerns of the District reduced
1955
+200
Jan - June
1956
July - Dec
Jan June
1957
July Dec
Jan -June
July Dec
+150
..
~
+100
r1tl
.i
%k
+50
/
0
i
I
-50
-100
NET CHANGE IN BUSINESS LOANS
Fourth District Weekly
Reportin~
Member Banks
their loans at reporting banks in the amow1t of $56 million,
in contrast to the acceleration in borrowing which had
occurred in the second half of the previous year.
Sample data available from fourteen of the weekly reporting
member banks indicate that the largest reductions were
made by metals producers, sales finance companies, and public
utilities. In part, the slower rate of bank borrowing can be
attributed to a heavier volume of long-term financing through
the capital market. A major factor, however, was the lackluster pace of business that led to a less than seasonal
build-up of inventories.
. ...
FOURTH FEDERAL
RESERVE DISTRICT
Member Banks
and Branches
JUNE 30 ,
• Bank or Head Office
10
1957
• Branch
Securities. Selling of securities by banks in order to meet a
growing demand for bank loans has typified m uch of the
postwar period . Since the end of 1945, loan portfolios of all
Fourth District member banks have more than quadrupled
while security holdings have been red uced by one-third.
During the second half of 1957, however, the shift from
sec uri ties to loans was reversed.
Deposits. Total deposits at all Fourth District member banks
remained relatively stable during the year. Deposits had
increased only slightly in 1956 and the gain in 1957, amounting
to about $159 million, was even smaller. Reflecting in part
the decline in loans, deposits subject to withdrawal on demand
declined $62 million for the year. A part of this decline
probably represents a movement from demand deposits to
time and savings deposits, as the latter increased $221 million,
partly in response to increased interest rates paid. While
demand deposits decreased over the year, the effective
volume of such funds increased as depositors wrote more
checks and the annual rate of turnover rose from 23.3
in 1956 to 24.1 in 1957.
Banking Structure . Trends in banking structure during 1957
continued the postwar movement toward branch banking.
Of the 82 branches added to the Fourth District banking
structure during the year, 73 are newly established branches
and 11 are former main offices of merged or absorbed banks.
Only two branches were discontinued. While the number
of insured commercial branches increased, th e number
of banks declined by eight.
On December 31, there were 971 insured commercial banks
with 733 branch offices serving the banking needs of the
Fourth Federal Reserve District.
NET CHANGE IN LOANS AND INVESTMENTS
NET CHANGE IN DEPOSITS
Fourth District Member Ban ks
Fourth District Member Banks
LOANS
+ 1000
~
~
+ 200
0
1955
1956
l
~
INVESTMENTS
1957
1955
1956
DEMAND
1957
+1000
+ 800
-
--~
~
+ 600
+ 400
~
~
+ 200
0
- 200
-200
- 400
-400
1955
1956
TIME
1957
1955
1956
1957
1st Quarter
2nd Quarter
GHANA becomes
a nation
Wortd
Affairs
BRITAIN has H-bomb
SUEZ adventure being liquidated ............. f................
t
1st BRI T. SHIP
passes thru SUEZ
J
I
KING SAUD visits U.S.
JORDAN'S status threatened
...................... Principle of Creeping Inflation debated vigorously .......
Financial
Developments
&
~e(
.
:
:
j
\
......... t\
~
. es
c:,\oc\1.
, 9 sb
\osse
s..-
(eco
V('G
: \(\0\
o~s
.................... Common Sloe,
:
............ ~ .......................................... New Capital Issues offe
Business
News
..w~
f rom 15-mo. low
Steel Rate at 97%
................... Housing Star ts at 8-yr. low ................ .
Political
Scene
1
Congress in Session
-'U. S. POPULATION
General
;ow 170,000,000
News
Jon 16
May 20
TOSCANI N I at 89
GILBERT MURRAY at 91
3rd Quarter
4th Quarter
MALAYA becomes
a nation
1957 in Review
.
..... . . . ....... . j"'... ......... .................... ..... ~.ussiA h~~ · ~~a~·:~::~~d··;~~~·~h~~··~~~~~ii~~~::::::::::::::::::::::::
SPUTNiK I
. . . . . ..... . . . . . . : : : :.
~~~;AGc
SPUTNIK II
"with dog"
KREMLIN shake-up
I
ZHUKOV ousted
MALENKOV! MOLOTOV, et al. banished
Bank of~England
~
F. R. ups Disc.
ups rat~ to 7%
rate ta 3'h% ··········································~··········································cuts rate to 3%
····················!···········
•••.••• Cost of living at all-time high •••••••
oeks yield less rhan Aaa bonds .........................
~
:
ered at
::
"
0'}
cy
r~cord
~
'l~
volume ....................................... '> ........................... ..
~
~
"nctncallable" feature appearing In new Issues
<'/..
~
/'>~
~
.. ............. new AUTO models .............. .
(production= 6,200,000
in post 12 mos.)
~
~
:
:
-o~
~
:
1
"
Copper at
28 ~
(vs. 46t yr. ago)
1
Steel Rate below 70%
HOUSING ACT OF '57
to 3-yr. low
l
CIVIL RIGHTS BILL
enacted
Trouble ii little Rock
AFL-CIO
sus~ends Teamsters Union
67,000,000 employed
(all -time high)
.......................... ASIAN FLU ..........................
ATOMIC REAC
at Shipping po rt
MACKINAC BRIDGE
se¥ 20
opened
SIBEU4S at 91
11
N .Y. GIANTS lo move
to San Francisco!
13
Th e
VOLUME of
SERVICE OPERATIONS
o
o
o
t hree offices com bined
The y ear 1957 witnessed no letup in
this bank's workload in the provision of
services to the banking and business community- a complex of activities which
bulks larger in manpower requirements
than do the more sensitive functions
which center about credit control and
monetary policy. With few exceptions,
the major operating divisions of the bank
encountered a larger volume of activity
than in the previous year, although the
margins of increase tended to be smaller
than has frequently been the case.
Activity in check collection during 1957
represented a special case, insofar as the
grand total of checks handled at the three
offices declined by one-half percent. (It
was the first decline, on an annual basis,
during the entire postwar period.) The
decline, however, is entirely attributable
to a change in the procedure for clearance of government checks which resulted in a 21 % drop in the number of government checks handled at this bank
during the year. Exclusive of government
checks, the number of checks handled by
the three offices rose 27o from the record
load of 1956. (The check collection department is the largest employing unit of
the bank ; it conducts a three-shift ro undthe-clock series of operations, with an
average daily load in excess of 1 million
checks.)
About $105 million in coin was paid
out to banks during the year, for use in
meeting the demands of the public. That
represented a 5 % rise from the large figure of the previous year. Currency pay-
14
ments, however, incr eased by only one
percent. The charts show month-tomonth variations in comparison with
the previous year.
The fact that coin payments increased
at a greater ra te than currency payments
represents the continuation of a wellmarked trend. A comparison of the two
ac tivi ties in respect to rates of gain between the years 1948 and 1957 brings out
the point: Coin payments rose by 142%
between 1948 and 1957 while currency
payments rose by only 29 %. Among the
factors tha t have been suggested to explain the large increase in public demand
for coin is the increased use of vending
machines and parking meters. The relatively small increase in needs for cur-
NUMBER OF CHECKS HANDLED
Millions
ol ll!m s
30
1956
tc::3lir.
·~
1957
-
'
~
20
10
0
M
A
M
A
S
0
N
D
VOLUME OF TREASURY BILLS SOLD
COIN PAID OUT
·-
Fiscal Aaency Operations
lllliiiS
of loflors
,, hfllll
10
400
8
300
6
200
4
100
2
0
F
M
A
M
A
s
0
N
D
F
CURRENCY PAlO OUT
M
A
M
s
A
0
N
D
0
NUMBER OF SAVINGS BONDS SOLD
Fiscal Aeency Operatioos
-
lhHMft
et Pieces
~
~
~957
IE:
_,
1956
~
-
~
1,250
~
1,000
750
100~------~------~r-------~------_,
500
50~-------+--------,_--------r-------~
250
o~-L--~~~~~~~~~~--~-L--~~
F
M
A
M
A
S
0
N
D
rency, in turn, may be a reflection of
greater preference for use of checking
accounts.
Sales of marketable Treasury issues,
handled by this bank as fiscal agent of
the United States, showed a significant
increase from the volume handled in the
previous year. Treasury bills, as charted,
scored a 7 % increase for the year. Certificates and notes, which are sold at somewhat irregular intervals through the year,
were handled in a volume which was
75% larger than that of 1956. (These are
not shown in the accompanying charts.)
F
M A
M
0
A
S
0
N
D
Savings bond sales handled for the
Treasury by the three offices totaled nearly 14 million pieces during the year. Thal
represented an increase of one percent
from the corresponding figure for the
previous year. Redemptions of savings
bonds were also large during 1957. Relationships of r edemptions and sales on a
district-wide basis should not, however,
be taken as reliable indicators of net
savings trends, insofar as the Federal
Reserve district lines are easily crossed
at either end of the transaction between
citizen and government.
15
J.-
ily Round of Activities
at the
Bank of Cleveland
\ \ \
A. highly abridged "diary" of a sample day at the
Federal Reserve Bank of Cleveland is suggested
on the following three pages. Typical items o{
transactions, selected for their usefulness in
standing for many thousands of similar or related
items, are n.oted in turn {or each of the following:
this bank's relationships with member banks ot
the district; this bank's relationships with the
Board of Governors of the Federal Reserve System; this bank's relationships with the other
eleven Federal Reserve Banks.
A.rlistic license is taken in the selection of the
items which follow. In addition to the fact that
many important phases of the bank's operations
are necessarily left unmentioned, it is also apparent that some o{ the selected items might not
happen to "bunch up" in the form of actual occurrences within one single day. However, the possible exaggerations in the latter respect are o{ far
less significance than the omissions of important
types of transactions.
Among the areas of omitted items is the entire
range of direct dealings between this bank and
the general public; these take the form of numerous transactions in the field of fiscal agency operations of the bank, and also in the general area of
public information and the exchange of opinion
about problems of' credit policy.
A.nother area of relationship which fails to find
a place in the following pages is the large range
of' trwzsactions between this bank and the U. S.
Treasury. In addition to the continuous inflow
and outflow of Treasury deposits, this bank'.~
activities include a multitude of transactions
growing out of its role as fiscal agent o{ the
United Slates.
16
Transactions with
Member Banks
..
What happens at this bank as pertaining to a member bank, e.g ., the
ABC National Bank of Youngstown.
What happens at the ABC National
Bank of Youngstown, for example, as
pertaining to this bank.
2:00 A.M. The night shift of this bank
receives cash letter from ABC National
Bank of Youngstown.
(The cash letter is an itemization of
checks drawn against other banks for
clearan ce and credit to accou nt of ABC
bank; checks accompany the letter.)
8:30 A.M. The day shift of this bank
continues the sorting and listing of checks
received by the night force from ABC
bank, and from other banks, and prepares cash letters for sending checks to
the various drawee banks for collection.
The amount clue the ABC bank will be
cred ited to its balance at this bank (its
reserve account) tomorrow.
9:30 A.M. Shipment of coin and curr ency to ABC bank is prepared in the
amount and denominations previously
requested by telephone. The balance of
ABC bank is debited by a corresponding
amount.
10:05 A.M. This bank sells $1 million
in Treasury bills for ABC bank as requested by telephone. Bills are withdrawn from the safekeeping account of
the ABC bank.
11:05 A.M. Wire transfer of funds between ABC bank and a bank in Illinois
is arranged through the Federal Reserve
Bank of Chicago. The balance of the
ABC bank here is debited by the appropriate amount.
2:30P.M. This bank grants ABC bank's
request by telephone for a 3-day loan and
passes credit to its reserve account. Co llateral in the form of U. S. securities is
withdrawn from the safekeeping account
of the ABC bank with this bank.
6:00 P.M. Daily statement of the day's
activity in the reserve account of the
ABC bank is forwarded to it.
8:00 P.M. Twilight shift of mail department makes delivery of cash letters
and other mail to post office, a irp ort, express company, private carrier, and bus
line.
8:30A.M. RecciYes from this bank for
collection an assor tment of checks dra"·n
against the ABC Na tional Bank of
Youngstown.
9:30 A.M. Officer of ABC bank calls
officer at this bank regarding margin requirements of Regu lation U as applicab le
to a proposed loan by the ABC bank to
be secured by shares of stork.
10 :00 A.M. Telephones lhis hank lo sell
¥1 million in Treasury hills held in safekeeping al this hank .
11:00 A.M. Telephones this hank lo arrange wire transfer of funds to lhe resene account credil of a bank in Illinois
lo be debiled againsl ABC bank's accounl
with the Federal Reserve Bank of Cleveland.
1 :03 P.M. ReceiYes shipment of coin
and currency from lhis bank as requested on the preceding business day.
1:30 P.M. An officer of this bank drops
in, in the course of a bank relations visit.
3:30 P.M. Prepares cash letter and accompanying checks to be sent to this
bank for collection and for crediting to
the account of ABC bank.
17
Transactions with the
Board of Governors
18
What happens at this bank as pertaining to the Board of Governors of
the Federal Reserve System .
What happen s at the Board of Governors of the Federal Reserve System
as pertaining to this bank.
9 :30A.M. Receives telegram from Board
listing total for the previous day of
credits to this bank from other Federal
Reserve banks and branches that participate in the Interdistrict Settlement Fund.
11:10 A.M. Sends reports on business
conditions in the Fourth District.
12 :05 P .M. Receives instructions from
the Board of Governors concerning the
share of this bank's earnings to be paid
over to the U. S. Treasury, after operating expenses and dividends have been
met.
2 :30 P.M. Receives examiners from the
Board of Governors who are to make a
periodic, but unannounced, examination
of this bank's operations.
3 :40 P .M. President Fulton leaves by
plane for Washington to attend one-day
meeting of the Federal Open Market Committee. (The committee includes members
of the Board of Governors and presidents
of Reserve banks; it meets every three
weeks to reappraise main lines of credit
policy.)
3 :45 P.M. Receives statement from
Board of Governors showing this bank's
share of expenses of leased wire system.
3 :50 P.M. Receives letter from Board
of Governors containing itinerary of an
official of Bank of England who will visit
this bank next week.
4:30 P.M. Sends to the Board of Governors the recently completed results of
examination of four state member banks
located in this District. (Each of the 205
state member banks of the District is examined once a year by examiners of this
bank, acting on behalf of the Board of
Governors .)
5:15 P .M. Telegraphs to the Board the
total amount of credits due today from
this bank to each of the other Federal
Reserve banks and branches that participate in the lnterdistrict Settlement
Fund.
9 :15 A.M. Approves appointment of
Mr. Y as a Federal Reserve Agent's Representative at the Pittsburgh Branch of
this bank, to succeed Mr. X.
9 :45 A.M. Notifies this bank that the
Comptroller of the Currency has been requested to place an order with the Bureau
of Engraving and Printing for the printing of Federal Reserve Notes of this bank
in designated denominations and amounts,
lo be delivered during fiscal year 1958.
10 :00 A.M. Asks for list of employees
and other personnel data for this bank,
as of the first of the month .
11:05 A.M. Approves establishment by
this bank, witho ut change, of th e discount
rate. This is the rate of interest paid by
member banks when they borrow from
this bank.
(The discount rate is reviewed by our
directors every two weeks, at which time
t he existing rate either is re-established
or is superseded by a higher or lower
rate. In neither case does the action become effective unlil approved by the
Board of Governors. )
1 :30 P.M. Requests the cooperation of
this bank in a special survey to determine whether small business has been at
a disadvantage in obtaining bank loans.
3 :00 P.M. Approves this bank's budget
for the coming year, including p lanned
expenditures for enlargement of the
Pittsburgh Branch building.
4 :50 P .M. Sends notification to this
bank of its pro rata share of payments
due to cover the operating expenses of
the Board of Governors.
Transactions with
other Reserve Banks
What happens at this bank as pertaining to other Federal Reserve Banks .
What happens at other Federal Reserve Banks as pertaining to this bank.
9:15 A.M. Sends daily code report to
the Federal Reserve Banl;: of New Yor k .
For selected banks in th is District, the
report shows totals of required reserves,
maintained reserves, and borrowings.
Data will be used to estimate daily reserve positions of banks in the large cities
and will contribute to information u sed
daily by the manager of the System's
open market accou nt .
9:05 A.M. Federal Reserve Bank of
Philadelphia notifies this bank that a
meeting of the System Committee on
Banking and Credit Policy will meet at
the Federal Reserve Bank of Philadelphia
next month . ( Representatives of all
Lwelve Federal Reserve banks and of the
Board of Governors will attend.)
10:00 A.M. Federal Reserve Bank of
St. Louis requested by wire to complete
wire transfer of U. S. government securities sold by a member bank of this District. (New certificates will be issued to
the purchasers by the Federal Heserve
Bank of St. Louis.)
10 :20 A.M. Receives bundles of checks
for collection from oth er Federal Heserve
banks. These a re checks drawn against
banks in this District.
11 :05 A.M. Wires Federal Reserve Bank
of Chicago to pay XYZ Bank of Illinois
the sum designated by ABC National
Bank of Youngstown, Ohio. (Federal Reserve Bank of Chicago will credit the reserve balance of the XYZ Bank of Illinois. )
5:00 P .M. Sends bundles of checks for
collection to Federal Reserve Bank of
Atlanta, for example. These are checks
drawn on banks located in the Sixth
( Atianta) Federal Reserve District. Cash
letter accompanies checks. The Feder a l
Reserve Bank of Atlanta will credit this
bank for the appropriate amount on a
deferred availability basis; credit w ill be
effected through t h e l nterdistrict Settlement F und .
9 :40 A.M. The Federal Reserve Bank
of Richmond wires this bank to pay the
L MN Bank of Akron a specified sum.
This will be credited to the reserve account of the LMN bank
11 :00 A.M. Federal Reserve Bank of
New York wires this bank and other Federal Reserve banks a daily report on
factors affecting the New York market
for government securities immediately
after the market opening for the day.
2: 30 P.M. Federal Reserve Bank of St.
Louis telegraphs this bank that wire
transfer of securities has been completed
i n accordance with this bank's request
as of 10 :00 A.M.
4:10 P .M. Head of research at another
Federal Reserve Ba nk seeks information
regarding t h is bank's pr ocedures for machine tabulation of the deposit-ownership
survey.
19
COMPARATIVE
STATEMENT
OF CONDITION
Dec. 31, 19!57
ASSETS
Gold Ce rtificate Account
Redemption Fund for F e der al Reserve Notes . .... . . ... ... ... . . . .
ToTAL Gor"D CERTIFICATE RESERVES . . . . . . . . .. .. . . .. •.
Federal Hese rve Notes of Other Banks ... . . ... . .. . . .. . . . .... . .. .
Other Cash .. .. ....... .. . ..... .. . .. . .. . . ... . . . . . .. . . .. . .. . .. .
TOTAL
CASH
. . . . . . . . . . . . . .. . . . . .. .. . .•. .. . •• . . •• •
Discounts and Adva nces . . ..... .... .... . ......... ... . ... . .... .
U. S. Government Securities :
Bills .. ... . .... ..... .. ....... . .. . ........ . . . . . . .. . . . . .. . .
Certificates .... . . . . . ... ... . .. .. . .. ... ... . . ... .. .... . . .. . .
Notes
Bond s
TOTAL
U.
S . GOVERNMENT SECUIUTIES
TOTAL LOANS AN D SEC URITIES
------------------- ·
$1,943,736,050
79,557,320
2,023,293,370
28,480,370
22,701,267
2,074,475,007
4,200,000
$1,934,798,4 78
77,869,350
2,012,667,828
19,697,070
21,211 ,456
86,395,000
1,750,929,000
-0246,100,000
2,083,424,000
2,087,624,000
490,270,788
9,678,357
19,341,216
148,878,000
945,602,000
791 ,749,000
242,332,000
2,128,561 ,000
.. .. . . . . . . . . . . .
. . . . . . . . . . . . .. .. . . . . . . . .. . . . . . . . .. . .
LIABILITIES
Federal Reserve Notes
Deposits :
Member Ba nk- Heserve Accounts .. . .. ...... . .. . . . . . .. . ... .
U. S. Treasurer- General Account . .. ... . . . . . . . ... ... . . . .. .
Foreign . . . ... ...... . ...... . ..... ... . .. . . .. .. . . . .... .. . . .
Oth er Dep osits . . .. .. . . . . .. .. .. ... .. ... .... . .. . .... . ... . .
TOTAL DEPOSITS
$4,681,389,368
$2,624,652,920
$2,592,653,310
1,486,691,067
45,777,931
30,690,000
5,483,502
1,568,642,500
371,625,'175
1,483,968
4,566,405,163
1,4 70,223,397
31,313,072
26,936,000
10,970,646
1,539,443,115
513,240,182
1,454,292
4,646,790,899
32,514,550
71,550,353
1,005,665
9,913,63'1
$4,681,389,368
31,046,150
66,392,961
1,005,665
9,895,124
$4,755,130,799
. .. .. . .. . .. . . . . . . . . .. . •.. .. . . • . .. .
Deferr e d Availability Cash Items . . . ... . . .... . . .. . .. . ...... . . . .
Othe r Lia bilities ... ....... . ..... . ... .. ........... ... . .. . . ... .
TOTAL LIABILITIES
. . . . . . .. . .. . . . . . . . . . . . . . . . . . . . . .
CAPITAL ACCOUNTS
Capital Paid in ..... . . . .. .. ........ . ....... . .... . . . . . .. . ... . .
Sm·plus (Section 7) . .. . .. .. . . . . . .. .. . ........ . . . . .... .. .. . . . .
Surplus (Section 13b) . ... . ... . ... . ...... ........... . .. . ... . . .
Othe r Capital Ac counts ... .. . . .. . . . . . .. . ... . . .. .. . . . . . . . . . .. . .
TO T AL LIABILITIES A N D CAPITAL AC COU N TS
Con tin gent Liabilit y on Acceptances Purchase d for
Foreign Correspondents .. ... ... . . .. . . . . . . .. . . .... . .. .
Industrial Loan Co mmitme nts . . .... . . .. . .. . . .. .. . . ... . .. . .. . . .
20
2,053,576,354
3,525,000
2,132,086,000
540,172,184
7,805,250
21,491 ,011
$4,755,130,799
. . . . . . . . . . . . . . . . . . .. . .
Unc oll ecte d Cash Items ....... . ...... . .. . ..... . . .. . . . .. . ... .. .
Ba nk P1·emises .. . . . . ... . . . ... ... ... . . ... . .... .. . . . . ... . . ... .
Other Asse ts . ......... . . . . . . . . . . . . . . . . . .. . . .. . .. . . . . . . . . .. . .
TOTAL ASSETS
Dec. 31, 1956
$
$
6,849,000
'17,450
s
$
4,531 ,800
121,111
---
COMPARISON
OF EARNINGS
AND EXPENSE
1957
1956
- - - - - - - - - - ------ --1
'
Total Current Earnings .................... . ...... . ... .. . .... .
Net Expenses ... .... .... . .. . .. .. . . . .. ... . ... . .......... .. ... .
$
CURRENT NET EARNINGS . . . . . • . . . . . . . . . . . . • . . . • . . ••
$
Additions to Current Net Earnings:
Profit on Sales of U. S. Government Securities (Net) ... . . . . . .
Reimbursement for Fiscal Agency Expenses Incurred
in Prior Years ............ . ........................ . .
All Other ............................ . .... .. .... . .. .. . . .
TOTAL ADDITIONS
. . . . . . . . . . . .. . . . . . . . . .. .. .. . . . .. .
Deductions fwm Current Net Earnings:
Reserves for Contingencies ......................... .
Retirement System (Adjustment for Revised Benefits) ...... . .
All Other ...... .. .... ... . .... .... . . .. .......... . ........ .
TOTAL DEDUCTIONS
.............................. .
Net Deductions .. .. .......... . .... ... .. . . ................... .
Net Earnings Before Payments to U. S. Treasury ... ......... . . . .
Paid U. S. Treasury (Interest on F. R. Notes) . . ............ .... .
Dividends ....... . . . ............... . . ..... .......... . . . . .... . '
Transferred to Surplus (Section 7) ... ........................ .
$
66,494.oo591 $
1%,362,162
54,182,429. $
51,157,205
11,043,778
40,113,427
1-4-.874
24,350
114,553
4,625
134,052
-05,925
30,275
18,614
752,928
2.510
774,052
16,896
-021,889
38,785
640,000
53,492,429
46,416,660
1,918,377
5,157,392
8,510
40,104,917
$
34,468,380
1,806,754
3,829,783
-------- ---------
DispositioJZ
of Gross
Earnings
21
DIRECTORS
Federal Reserve Bank of Cleveland
Chai rman
ARTHUR B. VAN BUSKIRK, Vice President and Governor
T. Mellon and Sons, Pittsburgh, Pennsylvania
Deputy Chairman
JOSEPH H. THOMPSON, President
TheM. A. Hanna Company, Cleveland, Ohio
AUBREY J. BHOWN, Professor of Agricultural
Marketing and Head of Department of
Agricultural Economics
University of Kentucky
Lexington, Kentucky
JoHN A. BYERLY, President
Fidelity Tntst Company
Pittsburgh, Pennsylvania
.J osEPH B. HALL, President
The Kroger Company
Cincinnati, Ohio
CHARLES Z. HARDWICK, Executive Vice President
The Ohio Oil Company
Findlay, Ohio
GEORGE P. lVIAcNICHOL, JH., P1·esident
Libbey ·Owens· Ford Glass Company
Toledo, Ohio
KING E. FAUVER, Director
The Savings Deposit Bank and Trust Company
Elyria, Ohio
PAUL A. \VARNER, P1·esident
The Oberlin Savings Bank Company
Oberlin, Ohio
MEMBER, FEDERAL ADVISORY COUNCIL
FRANK R. DENTON, Vice Chairman of the Board
Mellon National Bank and Trust Company, Pittsburgh, Pennsylvania
INDUSTRIAL ADVISORY COMMITTEE
HERBERT P. LADDS (Chairman)
President, The National Screw and Manufacturing Company, Cleveland, Ohio
SAM W. EMERSON (V i ce Chairman)
President and Treasurer, The Sam W. Emerson Company, Cleveland, Ohio
JoHN P. McvVILLIAMS, Chairman of the Board
Youngstown Steel Door Company
Cleveland, Ohio
1958
22
AHTHUR vV. STEUDEL, President
Sherwin-Williams Company
Cleveland, Ohio
OFFICERS
Federal Reserve Bank of Cleveland
................................................................................
l~
1958
President
Vice President and Secretary
GEORGE H. EMDE . . . . . . . . . . . ... . ... . . . . Cashier
CLYDE HARRELL . . . . . . . . . . . . . . . . . Vice President
L. MERLE HosTETLER . . . . . . . . . ... Vice President
RICHARD G. JoHNSON . . . . . . . . . . . . Vice President
JoHN W. RossiN . . . . . . . . . . . .. . .. Vice President
MARTIN MORRISON . . . . . . . . . . . . . . . Vice President
HAROLD E. J. SMITH . . . . . . . . . . . . . Vice President
PAUL C. STETZELBERGER . . . . . . . . . . Vice President
CARL F. EHNINGER . . . . . . . . . . . . . General Auditor
JoHN J. BALLES . . . . . . . . Assistant Vice President
PHILLIP B . DmHAllf . . . . . Assistant Vice Pres ident
DwiGHT
L.
President
First Vice President
WILBUR D. FuLTON,
DONALDS. THOMPSON,
ALLEN . . . . . . . ... . . . . . Vice
RoGER R. CLousE .. .
HARMEN B. FLINI{ERS,
Assistant Vice President
Vice President
FRED 0. KIEL . . . . . . . . . . . . . . Senior EconomistOffice Manager, Research Department
HuGH M. BoYD . . . . . . . . . . . . . . . . . Chief Examiner
GEORGE T. QuAST .. . ... Assistant Chief Examiner
CHARLES J. BoLTHOUSE . . . . . . . . Assistant Cashier
CHARLES E. CRAWFORD . . . . .. .. . Assistant Cashier
ELWOOD V. DENTON . . . . . . . . ... A.ssistant Cashier
ANNE J. ERSTE . . . . . . . . . . . . . . . Assistant Cashier
ELMER F. FHICEK ... .. .. . . . . . . Assistant Cashier
JoHN J. HoY . . . . . . . . . . . . . . . . . Assistant Cashier
JoHN E. ORIN . . . . . . .. . .. . . . . . Assistant Cashier
Assistant Secretary
EDWARD A . FINK . . .. . . ..
JosEPH
M.
MILLER
. . . . . . .'lssistant
ALFRED H. LANING
SERVED the Federal Reserve System from Febmary 1915 through December 1957
RETIRED as Vice President
of the Federal Reserve
Bank of Cleveland, December 31, 1957
Symbolic of the careers of
men of conspicuous ability
who have given their working lives to the Federal
Reserve System
23
BRANCH DIRECTORS
and OFFICERS
CINCINNATI
DIRECTORS-1958
ANTHONY HASWELL (Chairman)
President, The Dayton Malleable Iron Company, Dayton, Ohio
HoGER DRACKETT, President
The Drackett Company
Cincinnati, Ohio
W. BAY IRVINE, President
Marietta College
Marietta, Ohio
IVAN JETT
Farmer
Georgetown, Kentucky
FRANKLIN A. McCRACKEN
Executive Vice President and Trust Officer
The Newport National Bank
Newport, Kentucky
WILLIAM A. MITCHELL, President
The Central Trust Company
Cincinnati, Ohio
THOMAS M. WoLFE, President
The Athens National Bank
Athens, Ohio
OFFICERS
HICHAim G. JoHNSON ............ Vice President
PHIL J. GEERS ..................... . .. Cashier
.JoHN BIERMANN, JR ........... Assistant Cashier
GEORGE W. HURST ... .......... Assistant Cashier
WALTER H. MAcDoNALD ..... . .. Assistant Cashier
PITTSBURGH
DIRECTORS-1958
JOHN C. WARNER (Chairman )
President, Carnegie Institute of Technology, Pittsburgh, Pennsylvania
LA WHENCE 0. HOTCHKISS, President
The First National Bank of Mercer
Mercer, Pennsylvania
BEN MoREELL, Chairman of the Board
.Jones & Laughlin Steel Corporation
Pittsburgh, Pennsylvania
FRANK C. IRVINE, President
First National Bank in Tarentum
Tarentum, Pennsylvania
SuMNER E. NICHOLS, President
Security-Peoples Trust Company
Erie, Pennsylvania
DOUGLAS M. MOORHEAD
Farmer
North East, Pennsylvania
lnviNG \ V. \ VILSON, Chairman of the Boanl
Aluminum Company of Ame!'ica
Pittshm·gh, Pennsylvania
OFFICERS
.foHN W. Kossn; ..... . ....... . .. Vice President
ARTHUR G. FosTER . ... . . . .............. Cashier
CHAHLES E. HOUPT . .. . . . . . . .. Assistant Cashier
JoHN A. ScHMIDT .......... .. . :lssislanl Cashier
RoY J. STEINBRINJ{ . . . .. . . . .... Assistant Cashier
W. HUNTER NoLTE ............ Assistant Cashier
24
@FedFRASER