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5QXid A N N I V E R S A R Y

FEDERAL RESERVE B A N K OF B O S T O N




A N N U A L REPORT 19 6 3




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Federal Reserve Bank of Boston




5 Q

thA

N N |
v

e

R S A R Y

Annual Report

1963

To the Member Banks of the Federal Reserve Bank of Boston:
It is a pleasure to send you the 1963 Annual
Report o f the Federal Reserve Bank of Boston.

affects indirectly every phase of American
enterprise and every person in the United States.

This report is published on the Fiftieth Anni­
versary of the Federal Reserve System. The
Act which created the System was signed into
law by President Wilson on December 23, 1913,
and the twelve Reserve Banks simultaneously
opened their doors for business on November
16, 1914.

The following pages reflect aspects o f the
stewardship exercised by the Federal Reserve
Bank of Boston on behalf of New England’s ten
million inhabitants. They also trace significant
changes which have taken place in the New Eng­
land economy during the Reserve Bank’s lifetime.

Over the subsequent fifty years the Federal
Reserve System has developed into a major
instrument for helping counteract inflation­
ary and deflationary movements, and for
assisting in creating conditions favorable to
national growth, sustained high employment,
stable values, and a rising standard of living.
Through its influence on credit and money, it




For the steadily increasing efficiency of the
Bank’s operations, I extend my own thanks and
those of our directors to our officers and staff.
W e also extend our thanks to New England
bankers and other business leaders for their
generous continuing cooperation.

January 31, 1964
P r e s id e n t

PA G E
C o m p a r a t i v e S t a t e m e n t o f C o n d i t i o n ...........................................
C o m p a r a t iv e S t a t e m e n t o f E a r n in g s a n d E x p e n s e s
V o l u m e F ig u r e s f o r Y e a r s 1962 a n d

1963

.

4

...................................

5

49 Y e a r C o m p a r is o n o f S t a t e m e n t o f C o n d it io n
N e w E n g l a n d ’s 50 Y e a r s o f C h a n g e

and

.

.

3

.

.

G row th

S u m m a r y o f P r i n c i p a l C h a n g e s ............................................................

6
ptfiibi
7

D i r e c t o r s .........................................................................................................................

10

O f f i c e r s .........................................................................................................................

11

tw o

Comparative Statement of Condition
December 31, 1963

December 31, 1962

$ 800,698,707.63

$ 963,845,811.80

Federal Reserve Notes of
Other Federal Reserve
Banks ...............................

37,225,150.00

44,526,775.00

Other C a s h .........................

9,181,862.48

23,865,255.63

Discounts and Advances

1,576,000.00

447,000.00

1,571,172,000.00

1,472,910,000.00

741,814,143.44

721,168,423.78

3,066,269.65

3,205,436.31

Gold Certificate Reserves

Assets

U.S. Government Securities—
System Account
Cash Items in Process of
C o l l e c t i o n .........................
Bank Premises

.

.

.

.

7,325,774.84

3,790,482.01

11,736,347.59

13,363,401.77

$3,183,796,255.63

$3,247,122,586.30

$1,925,992,915.00

$1,796,816,275.00

Member Bank Reserve
A cco u n ts........................

690.566.660.86

828,816,662.81

U.S. Treasurer— Collected
Funds
.........................

36,597,776.13

45,884,215.52

7,680,000.00

1 2 , 2 2 0 ,0 0 0 .0 0

Foreign Currencies
All O t h e r ...............................
Total Assets .

.

.

.

Federal Reserve Notes (net)
Deposits:

Liabilities

Foreign

.........................

4,614,958.49

3,916,694.46

$ 739,459,395.48

$ 890,837,572.79

443.665.162.87

489,029,203.92

3,829,282.28

3,434,384.59

$3,112,946,755.63

$3,180,117,436.30

$

$

O t h e r ...............................
Total Deposits
Deferred Availability Cash
I t e m s ...............................
Other Liabilities .

.

.

.

Total Liabilities .

Capital
Accounts
th r e e




Capital Paid In
Surplus

. . .

Total Capital Accounts.
Total Liabilities and
Capital Accounts

23,616,500.00

$

70,849,500.00

$3,183,796,255.63

22,335,050.00
44,670,100.00

47,233,000.00

...............................

$

67,005,150.00

$3,247,122,586.30

Comparative Statement of Earnings and Expenses




1963

1962

Current Earnings:
Advances to Member B a n k s ...........................................

$

235,128.53

$

165,245.69

Foreign Loans on G o l d .................................................

31,918.96

45,934.04

Invested Foreign Currency B a la n ce...............................

97,018.13

164,611.74

57,691,810.02

53,177,710.10

All O t h e r ..........................................................................

15,031.04

15,310.28

Total Current E a r n i n g s .................................................

58,070,906.68

53,568,811.85

Net Expenses

..............................................................

12,522,759.85

11,852,878.85

Current Net E a r n in g s ..............................................................

45,548,146.83

41,715,933.00

Profit on Sales of Government Securities (net)

15,896.43

102,782.30

All O t h e r ..........................................................................

34,152.63

42,532.98

Total A d d i t i o n s .............................................................

50,049.06

145,315.28

Deductions from Current Net E a r n in g s ...............................

10,821.72

208,816.44

Net Additions (or D e d u c t io n s ) .....................................

39,227.34

(63,501.16)

$45,587,374.17

$41,652,431.84

$ 1,376,442.38

$ 1,296,551.92

41,648,031.79

37,797,779.92

2,562,900.00

2,558,100.00

$45,587,374.17

$41,652,431.84

U.S. Government Securities— System Account

Additions to Current Net Earnings:

Net Earnings before Payment to U.S. Treasury
H
e

*

*

*

Dividends P a i d ..........................................................................
Paid U.S. Treasury (Interest on Federal Reserve Notes)
Transferred to Surplus

.......................................................

fo u r

Volume Figures for Years 1962 and 1963

V o l u m e in P ie c e s o r U n it s

V o l u m e in D o l l a r s

(Daily Average)
T R A N SA C T IO N

1963

Discounts and Advances .

(Annual Total)

1962

1963

1962

$1,206,233,000

3

$702,173,000

Currency Sorted and Counted

1,222,336

1,161,449

2,025,521,547

1,997,297,261

Coin Counted and Wrapped .

3,973,179

4,434,637

98,417,800

109,846,400

Check C o lle c tio n s.........................

1,441,383

1,370,821

91,890,892,192

87,868,946,751

4,870

4,722

466,063,023

469,466,605

1,011
2,134

813
1,958

11,254,073,586
48,462,868

9,639,475,032
44,724,787

12

11

468,996,450

428,372,450

602

541

124,419,468,279

99,406,410,925

1,295
39,250
14

1,276
40,117
19

18,824,399,656
543,468,449
38,518,000

18,859,318,903
558,678,972
42,191,700

U.S. Government Coupons Paid
(Direct Obligations)

2,521

2,581

206,939,841

194,461,683

Federal Taxes: Depositary
Receipts and Direct
Remittances
.........................

3,443

3,255

2,469,036,110

2,276,449,373

Currency Verified and Destroyed

189,829

215,024

63,165,000

73,699,000

Deposits and Withdrawals—
Treasury Tax and Loan
Accounts
...............................

590

537

8,275,390,616

7,705,011,730

Noncash Collection:
Notes, Drafts, and Coupons
(except U.S. Government)

.

Safekeeping of Securities:
Pieces Received and Delivered
Coupons Detached . . . .
Orders to Sell or Buy Securities
Executed for Member Banks
Transfers of Funds

.

.

.

.

Issues, Redemptions and
Exchanges:
U.S. Securities (Direct
O b lig a t io n s ) .........................
U.S. Savings Bonds . . . .
All O th e r.....................................

five




49 Year Comparison Statement of Condition
December 31, 1963

December 31, 1914

Gold Certificate Reserves

$ 800,698,707.63

Federal Reserve Notes of
Other Federal Reserve
Banks .........................

37,225,150.00

17,615.00

9,181,862.48

944,540.48

1,576,000.00

143,527.60

Other Cash

Assets

.

.

.

.

Discounts and Advances
U.S. Government SecuritiesSystem Account

$

13,020,000.00

1,571,172,000.00

Cash Items in Process of
Collection

741,814,143.44

Bank Premises

3,066,269.65

Foreign Currencies

2,149,254.51

7,325,774.84

All Other

11,736,347.59

Total Assets .

$3,183,796,255.63

Federal Reserve Notes (net)

$

16,274,937.59

$1,925,992,915.00

$

99,120.00

Deposits:
Member Bank Reserve
Accounts . . . .

Liabilities

690.566.660.86

U.S. Treasurer— Collected
Funds
. . . .
Foreign

.

.

.

36,597,776.13

.

7,680,000.00

O t h e r ........................
Total Deposits

4,614,958.49
$ 739,459,395.48

Deferred Availability Cash
I t e m s ........................

Capital Paid In

Capital
Accounts




. . .

Total Liabilities and
Capital Accounts

14,211,380.00
394,371.95

3,829,282.28

__________ 775.51

$3,112,946,755.63

$

14,705,647.46

$

$

1,618,924.99

S u r p l u s ..............................
Total Capital Accounts.

789.53
$

443.665.162.87

Other Liabilities .
Total Liabilities .

14,210,590.47

23,616,500.00
47,233,000.00

$

(Loss)

49,634.86

70,849,500.00

$

1,569,290.13

$3,183,796,255.63

$

16,274,937.59

six

New England’s 50 Years of Change and Growth
A Summary by the Federal Reserve Bank of Boston

In the years which have elapsed since the
founding of the Federal Reserve Bank of
Boston in 1914, New England has weath­
ered many economic storms and has on
the whole shown remarkable flexibility.
For the people of the region, the changes
have resulted in a new economic focus and
a vastly higher standard of living.
Within this period New England has
provided more than a million additional
jobs despite the stability in the size of its
manufacturing employment. That this
highly industrial region could absorb the
loss of about 300,000 jobs in its once
most important industry— textiles— is
striking evidence of the strength and
adaptability of its economy. The great
expansion in the region’s employment
has been in the service industries.
T he Ch ang e— T h en

and

NEW ENGLAND POPULATION

N ow

In 1919, with the end of the First World
War, New England industry felt the
impact of the great pent-up demand for
consumer goods. Of that happy period
this Bank’s M onthly Review noted that




in Fall River, Massachusetts “ the mills
report a shortage of help and all who care
to work can find employment.”
In
Pawtucket, Rhode Island, “ practically all
plants either in textiles or metals are
running to capacity. Their books are
crowded with orders.” The period was
not, however, free of worry. In January

Source: Federal Reserve Bonk of Boston ft U.S. Census Bureau

1920, the Bank reported that the Christ­
mas trade had never been so enormous—
“ never was purchasing power, created

New England’s 50 Years of Change and Growth
by high wages and profits, exercised with
such extravagance and apparent dis­
regard for the future.” There was an
“orgy of spending” both for luxuries and
for “ needlessly costly necessities.”
The situation had changed sharply by
the middle of 1920 and the euphoria
vanished. New England was the first
section of the country to feel the con­
traction. The Bank noted “ a widespread
NEW ENGLAND LABOR FORCE 1 9 1 0 -1 9 6 0
W ITH 1970 PROJECTIONS
Millions of Persons
5

3

ance, finance, recreation, education, and
other service industries.
Technological changes that developed
under the impetus of World War II
improved New England’s competitive
position. During the war, the federal
government placed substantial military
contracts with the region’s metal working
plants. While they worked on the new
weapons, these companies became fa­
miliar with entirely new technologies and
new production techniques. This experi­
ence enabled them to compete more
effectively in the post-war period. It
also greatly increased the importance of
the metal-working industries in the re­
gion’s economy.
Their products are
used primarily for space and defense
needs. As a result, variations in governNEW ENGLAND EMPLOYMENT IN

2

in Thousands

10
10

MANUFACTURING INDUSTRIES

1000

900

0
1910
S ource:

1920

1930

1940

1950

I9 6 0

1970

Federal Reserve Bank of Boston based on P erlo ff et al.
R eg ion s , R e s o u rc e s a n d E c o n o m ic Growth ft Census of Population

800
700

600

curtailment in the operation of textile
mills and shoe factories, and what might
almost be called an epidemic of cancella­
tion of orders.”
The decades of the
twenties and the thirties continued to
show a decline in those industries.
The 1919-1939 period was a time of
fundamental readjustment in the region’s
economy. During this time manufac­
turing employment declined by more
than one-fourth.
This loss, however,
was more than offset by a substantial
gain in other jobs— particularly in insur­




500

400

300

200

100

0
1917

1929

1939

1947

1954
f f t
1961
1956-*
H 960

1970

15 -J
99

Source: Federal Reserve Bank of Boston 8 Census of Manufacturers

ment contracts have a severe impact on
them. So far, however, these industries
have continued their growth and now
provide more manufacturing jobs than
any others.

T h e G r o w th — P o p u la tio n

More than 10,500,000 people live in New
England now— almost 4,000,000 more
than 50 years ago. Most of these resi­
dents were born in the region; less than
6 of the 90 percent of native born inhab­
itants came from states outside the
Northeast. The remaining one-tenth of
the region’s people are foreign born— a
higher proportion than any other section
except for New York State.
The latest Census Bureau estimates for
1970 indicate a further increase of about
1,600,000 in the region’s population.
This growing population will require a
further expansion of public and private
facilities and will provide new markets
for many of the region’s producers.

expansion is largely the result of the great
wave of post-war babies who will then be
entering the labor market. Thousands
of new jobs will be necessary to accom­
modate them.
I n d u s t r ie s

Along with the gains in the region’s labor
force, vital changes have also taken
NEW ENGLAND PER CAPITA INCOME IN TERMS
OF 1 9 4 7 - 4 9 DOLLARS

ASSETS OF FINANCIAL INSTITUTIONS
$

Millions

NEW ENGLAND
Source: Federal Reserve Bank of Boston, National Industrial
Conference Board 8 U .S . Dept, of Commerce

L abor F orce

The region’s labor force is made up of
about 4.5 million persons who work out­
side their homes. This represents an
increase of about two-thirds since 1910.
Projections for 1970 indicate a further
growth to 4.8 million workers.
This




place in the ways by which New Eng­
landers earn their living. One of the
most significant changes has been the
vast increase in the number of workers in
service industries, such as finance, insur­
ance, trade, and teaching.
In 1960,
almost 2.5 million people were attached
to such industries, an increase of more
than 125 percent in these past 50 years.
Moreover, by 1970 more than 3 million
New Englanders will be service industry
workers, almost twice as many as in
manufacturing then.
The importance of service industries has
grown similarly in the nation and is
normal for advanced economic commu­
nities. However, while in the nation

N ew E ngland’ s 50 Years o f Change and G row th
these industries could draw from the
farm labor force, New England has so
small a proportion of farm workers that
the increase has come in place of manu­
facturing growth.
Between 1920 and
1960, the proportion of New England’s
work force employed in manufacturing
dropped from 50 to 32 percent.

NEW ENGLAND RETAIL SALES
Billions of Dollars

a third since its peak in 1919, some com ­
ponents— especially the apparel and paper
industries— have shown substantial gains.
F in a n c ia l A

ssets

The assets of New England’s financial
institutions, insurance, and investment
companies have grown enormously in the
last 50 years. From 1910 to 1962 com ­
mercial bank assets alone have increased
by about 850 percent and those of mutual
savings banks have grown almost as
much— 812 percent.
Assets of the re­
gion’s life insurance companies show even
greater growth and now represent a higher
proportion of the nation’s assets in the
industry than they did in 1910.
P e r C a p it a I n c o m e

The other striking development in the
region’s industrial picture has been the
change in the character of its manufac­
turing activity, particularly since the end
of W orld W ar II.
In that period,
durable goods have expanded sharply,
as noted above.
Am ong the latter the
metal-working industries are particularly
important. W hile in 1939 those indus­
tries accounted for only 28 percent of
New England’s manufacturing employ­
ment, by 1961 this proportion had
increased to 44 percent. Projections for
1970 indicate a still further increase to
almost half of all manufacturing jobs.
W hile employment in the soft goods
industries has declined by more than




Individual incomes have also shown an
enormous rise over this period and have
consistently exceeded the United States
average. In terms of 1947-1949 dollars,
per capita income almost doubled in the
years from 1920 to 1960, rising from
$1,009 to $1,949.
On the same base,
1970 projected individual income will
be $2,378.
R e t a il Sa l e s

This steadily rising income has enabled
the N ew Englander to raise his standard
of living through the purchase of more
goods and services. This is reflected in
the tremendous growth in retail sales
over the years. Since 1929, the date of
the earliest comprehensive figures for
N ew England, retail sales have increased
from an annual rate of $3.7 billion to an
estimated high of $15 billion in 1963.

Summary of Principal Changes

Statem ent

of

C o n d it io n

The Bank’s total assets at the end of 1963
amounted to nearly $3.2 billion— down slightly
from a year ago. The principal assets comprised
$801 million of gold certificates and $1.6 billion
o f U.S. government securities. On the liability
side, Federal Reserve notes in circulation
amounted to $1.9 billion and deposits $691
million.
Year end adjustments by New England member
banks involved unusually large commercial and
financial transfers to other Federal Reserve Dis­
tricts, and resulted in reallocation of this bank’s
participation in U.S. securities in the System
Open Market account and in gold certificate
reserves.
Holdings o f U.S. securities increased
about 7.5 percent. In contrast, gold certificate
holdings declined by $163 million, or 17 percent,
as a result o f inter-district settlements and the
continuing gold loss o f the nation. The District
One gold ratio dropped to 30 percent from 36
percent a year ago.
Uncollected cash items showed a relatively
sharp rise as check float set new records in both
the nation and the region for the year end. A
substantial increase in the volume of checks
and processing delays, resulting in part from
bad weather over much o f the nation, disrupted
collection schedules.
Foreign currency holdings stood at $7.3 million,
about double the year ago level, reflecting the
participation of this Bank in a number of foreign
currencies held in the Reserve System’s invest­
se v e n




ment account. Reciprocal currency agreements
were made by the System with a number of
foreign central banks beginning in 1962, and
these mutual credit facilities have been used to
help offset abnormal and temporary pressures on
the dollar.
A rise in Federal Reserve notes, and declines in
member bank reserve accounts and U.S. govern­
ment deposits, accounted for the bulk of the
change in liabilities. Currency circulation has
been increasing at a somewhat faster rate in
recent years, with most of the rise occurring in
bills of large denomination. In addition, the
beginning of changeover from $1 silver cer­
tificates to $1 Federal Reserve notes has served
to increase the Bank’s note liabilities. (Silver
certificates are liabilities of the U.S. Treasury.)
Total capital accounts increased about 6 percent,
or $3.8 million, and reflected both the purchase
of additional Reserve Bank stock by member
banks and the amount transferred to surplus to
maintain the account at twice “ paid in” capital.
At the year end these accounts were a little
more than 2 percent of total resources.

E a r n in g s

and

E

xpen ses

Total current earnings of the Bank rose $4.5
million, owing primarily to the increase in
interest earned on the Bank’s share of U.S. gov­
ernment securities held in the System Open
Market account. Although the Bank’s holdings
were higher throughout most of the year, some




part of the increase is accounted for by a better
rate of return on the portfolio. Most other
earnings sources showed relatively small in­
creases.
Net expenses rose about $670 thousand. A l­
though virtually all expense items were larger,
the major increase— $250 thousand— was in
salary and wage payments to a somewhat larger
average number of employees.
Net earnings after all adjustments totaled $45.6
million, about $4 million above 1962. About
$1.4 million was paid to member banks as their
statutory 6 percent dividend on Federal
Reserve Bank stock. Of the remainder, $2.6
million was transferred to surplus and $41.6
million paid to the Treasury as an interest charge
levied by the Board of Governors under Section
16 o f the Federal Reserve Act on Federal Reserve
notes not secured by gold certificates.

V

olum e of

O p e r a t io n s

During the year 1963 more than 361 million
checks were processed, amounting to $92 bil­
lion— an increase over the previous year of 5
percent in both number and dollar volume.
Amount encoded checks received for processing
on electronic equipment increased from a daily
average o f 300 thousand in January to approx­
imately 450 thousand in December. The total
volume o f checks handled by electronic high­
speed equipment during 1963 was 121 million,
as compared with 31 million items in 1962.
The dollar volume of currency received, counted
and sorted by this Bank also continued its steady
increase. In contrast, the amount and value of
coin counted and wrapped during the year
showed a significant decline, reflecting the con­
tinuing shortage of coin supplies throughout
the nation. Throughout the year, armored car
service provided by this Bank continued to
increase, and such deliveries now include 82
percent of all banking offices outside the city of
Boston.

The activities of the Fiscal Agency Department
during 1963 followed very much the level of
1962 both in number of units handled and in
dollar volume. The cash requirements of the
Treasury Department continued high and vari­
ous measures were taken to extend the maturity
of the outstanding debt including a continuation
of the advance refunding technique and the
experiment of offering bonds at auction to
syndicates of dealers.
Wire transfer of funds for member banks con­
tinued to expand by record-making amounts.
During the year these transfers grew by 11 per­
cent in number and by 25 percent in dollar
volume, largely as a result of the increasingly
active participation of member banks in the
federal funds market.
In 1963, the daily average of member bank bor­
rowing at the discount window was $7,300,000
which was moderately higher than the previous
two years but substantially below the level pre­
vailing throughout most of the 1950’s. The
increase was principally a reflection of strong
loan demand and somewhat less ease in mone­
tary and credit policy during the last eight
months of the year. As in 1962, borrowing in
1963 was concentrated among fewer banks than
in the past, apparently the result of wider use
of the federal funds market by the District’s
country banks.
Over the year as a whole, the larger volume of
work was carried on with only a slight increase
in the number of employees. The staff averaged
1442 during 1963, of which 1280 were full-time
employees and 162 were part-time employees.

D

ir e c t o r s

On September 25, 1963, Dr. John T. Fey,
President of the University of Vermont, Burling­
ton, Vermont, was appointed a Class C Director
for the unexpired portion of the term ending
December 31, 1965.
He succeeds the late
Wilbur H. Norton, President of Gorham Corp­
eig h t

oration, Providence, Rhode Island, who died
April 3, 1963.
In the annual election o f Directors o f the Bank,
Darius M . Kelley, President and Trust Officer
o f The Orange National Bank, Orange, M as­
sachusetts, was elected a Class A Director for
the three-year term ending December 31, 1966.
William R. Robbins, Vice President for Finance,
United Aircraft Corporation, East Hartford,
Connecticut, was re-elected as a Class B
Director for the three-year term ending Decem­
ber 31, 1966.
Erwin D. Canham, Editor o f The Christian
Science Monitor, Boston, Massachusetts, was
redesignated Chairman of the Board o f Directors
of the Bank and Federal Reserve Agent for 1964.
William Webster, Chairman o f the Board, New
England Electric System, Boston, Massachusetts,
was reappointed a Class C Director for a
term of three years ending December 31, 1966,
and redesignated Deputy Chairman of the
Board of the Bank for 1964.

O f f ic e r s

Robert W. Eisenmenger, formerly Industrial
Economist and Acting Director o f Research,
was appointed Director o f Research on August
1, 1963.

Parker B. Willis, formerly Economic Adviser,
was appointed Vice President and Economic
Adviser, effective January 1, 1964.
Laurence H. Stone, formerly Assistant General
Counsel of the Bank, was appointed Associate
General Counsel, effective January 1, 1964.
Charles H. Brady, formerly Assistant Cashier,
was appointed Assistant Vice President, with
primary responsibility for the Bank’s currency
and coin functions, effective January 1, 1964.
Daniel Aquilino, formerly a Senior Examiner,
was appointed Assistant Cashier, effective
January 1, 1964.
John J. Barrett, formerly Supervisor of the
Expense Department, was appointed Assist­
ant Cashier, effective January 1, 1964. Mr.
Barrett becomes responsible for the Accounting,
Expense and Wire Transfer Departments.
Harry R. Mitiguy, formerly Special Assistant to
the First Vice President, was appointed Bank
Relations Officer, effective January 1, 1964.
Weston L. Bonney, formerly Assistant Cashier,
left this Bank on October 31, 1963, to accept a
position with a local commercial bank.

F

Jarvis M. Thayer, Jr., formerly Assistant Vice
President, was appointed Cashier, effective
January 1, 1964. He succeeded John E. Lowe,
who died on January 22, 1964, after nearly 47
years o f service with this Bank. From January
1, 1964 until his death, Mr. Lowe served as
Special Adviser to the Bank.

n in e




ederal

A

d v is o r y

C o u n c il

Lawrence H. Martin, President, The National
Shawmut Bank of Boston, Boston, Massachu­
setts, was reappointed by the Board of Directors
for a second year as the member of the Federal
Advisory Council to represent the First Federal
Reserve District for 1964.




Federal Reserve Bank of Boston
Directors

Elected

J a n u a ry 1, 1964

A ppointed

E

D . C anham ,

r w in

Chairm an o f th e B oard an d F ed eral R eserve A g e n t;

Editor, The Christian Science Monitor, Boston, Massachusetts
W

W

il l ia m

ebster,

.

.

.

.

1959

D ep u ty Chairm an o f th e B oard ; C hairm an o f th e Board,

New England Electric System, Boston, M a ssa ch u setts..................................... 1961
Jam es

O

R.

Carter,

E

strom

nders,

P resid ent, Nashua Corporation, Nashua, New Hampshire

1962

Chairm an o f th e Board, Hartford National Bank and Trust

Company, Hartford, C o n n e c t ic u t .......................................................................... 1963
Jo h n

D

T.

F

ey

M.

a r iu s

P resident, University of Vermont, Burlington, Vermont

,

K

elley,

1963

P resid ent, The Orange National Bank, Orange,

M a s s a c h u s e t t s .........................................................................................................1964
W

il l ia m

M.

L

ockw ood,

P resid en t, The Howard National Bank and Trust

Company of Burlington, Burlington, V e r m o n t ................................................. 1959
John

W

R.

il l ia m

N

ew ell,

R. R

P resid ent, Bath Iron Works Corporation, Bath, Maine

o b b in s ,

1963

Vice P resid en t fo r F in a n ce, United Aircraft Corporation,

East Hartford, Connecticut

................................................................................ 1960

M E M B E R OF FEDERAL ADVISORY COUNCIL
Law rence

H.

M

a r t in

,

P resid ent, The National Shawmut Bank of Boston,

Boston, Massachusetts
te n

J a n u a ry 1, 1964

George H. Ellis, P resid en t

Jarvis M. Thayer, Jr., C ashier

Earle O. Latham, F irst V ice P resid en t

Paul S. Anderson, F in a n cia l E co n o m is t

D. Harry Angney, V ice P resid en t

Lee J. Aubrey, A ssista n t V ice P resid en t

Ansgar R. Berge, V ice P resid en t

Charles H. Brady, A ssista n t V ice
P resid en t

Luther M. Hoyle, Jr., V ice P resid en t
Oscar A. Schlaikjer, V ice P resid en t
and G en era l C ou n sel
Charles E. Turner, V ice P resid en t

Wallace Dickson, A ssista n t V ice
P resid en t
Loring C. Nye, A ssista n t V ice P resid en t
Richard A. Walker, A ssista n t V ice
P resid en t

G. Gordon Watts, V ice P resid en t
Louis A. Zehner, A ssista n t V ice P resid en t
Parker B. Willis, V ice P resid en t
and E co n o m ic A dviser

Harry R. Mitiguy, B ank R ela tion s O fficer

John E. Lowe, S pecia l A dviser

Daniel Aquilino, A ssista n t C ashier

Robert W. Eisenmenger, D irecto r o f
R esearch

John J. Barrett, A ssista n t C ashier
Ripley M. Keating, A ssista n t C ashier

Stanley B. Lacks, G en era l A u d itor
Richard H. Radford, A ssista n t C ashier
Laurence H. Stone, S ecreta ry
and A sso cia te G en era l C ou n sel

e le v e n




Eugene M. Tangney, A ssista n t Cashier










T ED