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ANNUAL
REPORT
Federal Reserve Bank
of
Cleveland
•
Federal
District
'n Manufacturing
about 12% of "value
. e., value of prod uct
"value
1/10%,
infor-
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c
o
.•...
ro
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FEDERAL
RJ<: SEHVE
CLEVELAND
B~\.NT{:
I,OHIO
January
To the Banks in the
Fourth Federal Re serve
18,
1960
District:
We are pleased to present
Bank of Cleveland for 1959.
this report
of Federal
Reserve
This has been a year of economic crosscurrents.
The
industrial
production index reached a new high but was reversed
by an unusually long strike involving producers
of basic steel.
Because industries
in this District are dependent upon substantial
tonnages of steel, the prolonged strike had a considerable
adverse
effect on both production and employment.
A resumption
of steel
production by court order toward the year end relieved the supply
situation and permitted
metal-using
industries
to resume production and rehire most of their working forces.
With the opening of the St. Lawrence Seaway to navigation
of the Great Lakes, many ships of larger tonnage bearing foreign
flags called at the port cities of the District on Lake Erie.
This
traffic bids well to increase
in the years to corne, giving shippers
the opportunity,
at some savings of cost, to receive from and
ship to foreign ports a myriad of products needed or produced in
this District.
Of course,
there is involved in the Seaway commerce
increased
competition from abroad in many lines of American
production.
The volume of operations
at all three office s of this bank
continued to increase
during the year.
The cooperation
of the
Fourth District banking institutions
has been outstanding and is
gratefull y acknowledged.
Leaders in the fields of industry,
have given freely of their counsel,
thereby
meeting our statutory responsibilities.
agriculture,
and finance
assisting
us greatly in
President
Chairman
of the Board
TA S L E
CONTENTS
OF
Potential Problems for Monetary Policy
induced by developments during 1959 . . . . . . . . . . . . ..
3
Chronicles of 1959 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
8
Audit and Examination
of a Federal Reserve Bank ....
10
Statement of Condition . . . . . . . . . . . . . . . . . . . . . . . . . . .. 12
Earnings and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . ..
13
Directors
14
Officers
15
Branch Directors and Officers
16
POTENTIAL.:
PROBLEMS
for
MONEfARY
POLICY
induced b¥ developments during 1959
At least three potentially critical problems for monetary and fiscal policy can be
observed in scanning the economic heavens
at the close of 1959. Their existence can
be detected without the aid of a powerful
radio telescope or a load of electronic gear
circling through space. They are visible to
the naked eye.
Lending Capacity.
The first of the triad
which has some implications for the future
is the protracted growth of bank loans. It
is true that total loans of all commercial
banks combined have been in a strongly
rising trend throughout the entire postwar
period. The expansion began from a relatively low (wartime) level; and the rejuvenation of this major function of commercial banking was looked upon with
satisfaction outside banking circles as well
as within. Deposits were expanding, too,
which meant that with respect to any
individual bank its resources were being
used increasingly to facilitate growth in
local trade, industry, and agriculture.
Moreover, in the beginning of the period
there was unprecedented room for expansion of loans. In 1946, for example, at all
commercial banks total loans were equal
to less than 25 percent of total deposits.
The steady succession of yearly increments
in the subsequent years, however, has
finally altered the situation notably. During the past year, the ratio of loans to
deposits crossed the 50 percent line-the
highest ratio in many years. (See chart.)
Admittedly, there is no inherent or legal
significance in the 50 percent ratio. In
fact, during a stretch of years in the '20s
and early '30s, the commercial banking
system consistently maintained a 60-70
percent ratio of loans to deposit liabilities
- a figure which may be regarded as a
rough measure of capacity operations, so
to speak. If commercial banks in the aggregate still regard that former ratio as
a reasonable and conservative maximum
in today's economic environment and outlook, then several more years of considerable loan expansion are clearly possible,
assuming no sudden turnabout in deposits.
Whatever the implications of this gradual return toward an old pre-depression
criterion, there is considerably less unused
"capacity" now than there was only a few
months or years ago. It should hardly be
assumed, moreover, that the postwar rate
3
of the trio of developments to be considered
here is the change in the liquidity of the
economy during 1959. During much of the
year, the economy was being subjected to
forces tending to generate an unsustainable rate of expansion, or an undesirable
further inflation of prices-or both. Under
such circumstances, it is widely conceded
that monetary policy should be restrictive
will be maintained right up
t when loans reach a certain
ceiling in relation to deposits.
before the maximum ratio is reached,
rious individual banks will have instituted some change in lending policy. The
question nearer at hand is whether in
certain places such changes have already
begun to take place. If so, a new element
RATIO of LOANS to DEPOSITS, all Commercial
Banks
Billions 01 dollars
240
221l
200
180
160
140
~+=
120
100
80
60
40
20
f.--+--
~
~
~
~
~
~
~
~
~
~
~
~
~
Plolted at year end; 1959 partly estimated
is entering the picture, even though only
in trace quantities. Restraint imposed from
without through the medium of monetary
policy may become increasingly supplemented by restraint imposed from within.
This would be a departure from the postwar experience to date and would call for
a new evaluation of the effectiveness of
any given monetary policy. Unfortunately,
there is no laboratory wherein technicians
can experiment to see whether any such
strain is in existence already and to
ascertain at what point the ratio of loans
to deposits tends to "go critical," to borrow
a term from atomic science.
An Embarrassment of Liquidity. The second
4
in some degree, so as to discourage marginal and unsound commitments and to
curb mere cyclical exuberance in the interest of longer-term growth and stability.
An accompanying chart suggests the extent to which monetary policy conformed
to that dictum during 1959, and also the
extent to which the accomplishment of
restraint was complicated, 0'1' even vitiated,
by a unique turn of events in management
of the Federal debt.
The manner in which monetary policy
leaned against prevailing winds is observable in the chart. During the inflationary years of 1956-7, when much of the
expansion in Gross National Product was
merely the result of rising prices, the
secular growth in the money supply was
retarded to a slower rate. Subsequently,
during the recession of 1958, monetary
policy was designed to counteract the contractive forces by increasing the liquidity
of the economy. The money supply-or
working capital of the nation-increased
more rapidly than did the gross national
output of goods and services. But very
soon the recession-minded policy was once
more converted-gradually-into
one of
restraint as inflationary and expansionary
forces were reattaining ascendancy.
It is impossible, however, to evaluate
with any precision the effects of the most
recent contracyclical action because of an
extraordinary concurrent development in
debt management-the
issuance of more
than $14 billion of near-money in the form
of U. S. Treasury bills during the year
ended September 30. The magnitude of
this emission, as against current changes
in the supply of conventional money, is
depicted by the slope of the dashed line in
the chart. (In earlier years, the changes
in outstanding Treasury bills were almost
nominal and are not depicted in the chart.)
Most of the holders of those short-term
bills undoubtedly regard them as an alternative form of cash-----a new species of
interest-bearing money. With that bloc of
purchasing power so regarded by most of
its holders, it follows that the economy
was more liquid by late 1959 than for some
years past - a situation which certainly
was not the aim and objective of monetary
policy during the year.
Fortunately, in the interest of economic
stability and growth, it is not anticipated
that a repeat performance is about to begin. The Federal deficit, which has been
sizable and which has made necessary a
corresponding increase in government obligations outstanding, may be of nominal
dimensions or disappear altogether
in
calendar 1960. Moreover, the Treasury may
be granted more flexibility than present
statutes and market conditions permit as
to the kind of maturities offered. The mere
MONEY SUPPLY and the GROSS NATIONAL PRODUCT
Billions of dollars
Billions of dollars
-- 300
. . . durinl lbe past
year, lbe powtb of the
mone, suppl, was of
moderate proportions.
Meanwhile, however, a
record amount of near·
money - new U. S.
Treasury bills - was
issued.
600
150
o
[--~~--'----l--~"-'~"--'-r--~'-'-----I~---~~-----~--!-"~-~---------l
0
1~
1m
1~
1~
1~
Money supp~ plotted last Wednesday in September; GNP plotted quarterly
5
and private, have managed to accumulate
during the postwar years. Such resources,
chiefly in the form of bank deposits and
short- term government securities, now
total roughly $17 billion as against only
some $6 billion at the close of the war.
An accompanying chart suggests, however,
that the growth of foreign claims on gold
has not been markedly inconsistent with
the concurrent expansion of the American
economy, represented by the Gross National Product. Furthermore, in the light
of the postwar industrial recovery of many
overseas economies, from a condition of
near prostration to one of record-breaking
production and trade, the $11 billion
growth of dollar resources seems most
realistic and justifiable.
The crux of the matter is not that shortterm liabilities to foreigners have grown
to $17 billion, but that the monetary gold
reserves of this country show no net increase since 1946. (See final chart.) In
fact, the margin of headroom has been
greatly reduced from that which existed
prospect, however, that this recent inflation of the currency, so to speak, was a onetime operation does not dispel the basic
problem. The securities are in the hands
of institutions and corporations who may
wish to liquidate substantial quantities
over the coming months or year. It would
be most upsetting if, under conditions of
ebullient prosperity, it should become necessary to expand bank reserves in order to
accommodate a significant liquidation of
bills by nonbank holders. Here again, there
is no laboratory where the probabilities
can be evaluated and the alternative defense measures weighed.
And How About Gold? The third and final
development of 1959 to get special mention
here is the much publicized attrition of the
nation's monetary gold stocks, and the
problems which may derive therefrom,
particularly
with regard to monetary
policy.
The proximate villain is usually identified as the very sizable liquid dollar resources which foreign institutions, public
SHORT-TERM LIABILITIES TO FOREIGNERS
and the GROSS NATIONAL PRODUCT
~
Short·lerm
6
~
~
tiabititi.s plotted .11.ar
~
~
end; GNf.plott.d
~
~
.nnuall ; 959.w!'1
~
~
~
eslimaleUP1!.!r b!!l!!ol!!.,h
~
~
~
~
•••••.• __
...1
as recently as ten years ago, when U. S.
monetary gold stocks had reached their alltime high.
This is not to imply that the nation's
gold reserves are rapidly approaching inadequacy per se. For a century, Great
Britain managed to perform the functions
of a banker for world trade and investment with a much smaller backlog of gold
vis-a-vis outstanding external liabilities.
But an accomplishment of that sort required astute management. The rate of
attrition of this nation's gold reserves
within the past two years suggests that
the problem cannot be parried by leisurely
protestations or procrastination.
Response to the realities of the situation
has already occurred in the political
sphere. Other nations are being importuned officially to revise their trade policies
so as to reduce the pressure against this
country's adverse balance of payments.
But if diplomacy should fall short and,
perhaps more importantly, if foreign manufactured products should become more com-
petitive in world markets, U. S. monetary
policy may have to undergo something approaching a revolutionary transformation.
Priority may have to be given to a program designed to conserve the integrity
of the dollar in external affairs. That
could mean a level of interest rates high
enough to discourage the outflow of gold,
accompanied perhaps by a period of austerity and readjustment; high-level employment and price stability might have
to yield to a more important criterion.
It is to be hoped that such a drastic
shift of monetary policy will not soon become urgent. The United States has had
very little experience in the matter of defending its monetary unit against competitive forces abroad, or against foreign
reaction to unsound financial and fiscal
policies at home. Yet here one may see
the beginning of another challenge to
American technology, quite different in
nature but not in degree from that which
it faces in the realm of military science
and cosmic exploration.
SHORT-TERM LIABILITIES TO FOREIGNERS
and MONETARY GOLD STOCKS
. 6
4
o
'48
Plotted at ye,,·end, except aII·time hilh in 1949, and 1958·1959
7
CHRO
OF
FIRST
QUARTER
CASTRO takes
MIKOYAN
visits
I
I
TlBEIT invaded
over in CUBA
U.S.
Singopol
by Chinese Reds
01
BIG
JOHN
19·week
glass
F0
FOSTER
Dl
s t.ri k e ends
.... I N DUST~IAL
I
I
I
PRODUCTION
Egg prices
at l8·yr.
a.t a.ll-U
low
····INSTALMENT
DEBT growi
exceeds 35 billior
Discount Rate
upped to
3% •••••••••••••••••••••••••••••••••••••••••••••
Gov't bond yield
rising above 4 %
Social Security Tax
goes to 2Y2% (on $4800)
I
I
IN
•••
to :
Treasu
•••• JOINT ECONOMlt
86TH CONGRESS
I
COMMITTEE studying EMPLOYME
I
SESSION
I
~
HAWAII to become
50th State
OIL IMPORTS
put
under control
VANGUARD
II
PIONEER
DISCOVERER
IV
MONKE'
in nose c
II
ST. LAWRENCE SEAWAY
opened
1st JET SERVICE
N.Y.-l.A.
FRANK
LLOYD
WRIGHT
at 89
FOURTH
QUARTER
IKE in
EUROPE
Ie becomes
,ation
if
l
GENEVA
t
I
I BRITISH
Flare-up in LAOS
UR
JLIIES
KH~~!1f~EV
NIXON visits
RUSSIA
at
ELECTION
I
I
RAoCLIHE REPORT
(Eng.)
at 71
IKE flies
to India, etc.
1
S TEE
S T R IKE
l
-
I
Lon
g e s It.
,
n
r- e cor
d
Auto production
curtailed
I
.lYl.e
high.····
I
lst Compact Car
intr duced
1
COnSUITlerprices
J
ngr rapidly····
1
0
ettO
for 1st time
C~·~RIC~S
(3.08%
yield
... but basic commod it ;
index at 10 yr. low
at.\reCOrd high
this year:
at all_t.
Imports hit $15 billion for 1st time
lllle 11
"Magic Fives"
offered by Treas'y.
19-11
= record low)
to 4%
3Y2% •••..••..•....•......••....•..•...•................•..•.....•.•...
Public
Debt. hit.s !:paso EilliO!•.
(up S12 Billion in 12 months)
lryj asks
(on over
removallof
5-year
4~% ceiling
I
NT, GROWTH andlPRICE
JL
VS return
:on8
••••••••••• request
denied •••••••• but Selries E-type return
is upped
to 3%%
matur-it'[es]
I
\
-+
•.• Housing
Vidory lV> 's dip below Bol
I
LEVELS····
I•..•.•.•.......••.•••..•..•••..•..••...
FE Da'mRenEdSe'd
ACT....................................
~
Legislation
Some VAULT CASH
now eligible as reserves
~
deadlocked
•.•••.•.•••••.
•• •••• 3r~ Housing bill signed
LABOR REFORM ~CT
signed
I
fED. GASOLINE TAX upped\I'
(to Did Highway Fundi,
PADDLE
-WHEEL
SATELLITE
Reds photo
REDS hit MOON
••. QUIZ
BERNA~D
in
BACK
PROGRAM
BERENSON
Florence
at 94
Cr-a nb er-rie s
of Moon
EXPOSE
••••
9
AU D IT
and
EXAMINATION
of
a
FEDERAL
RESERVE
There is a general awareness on
the part of member banks and of
the public that extensive measures
are taken to assure the accuracy
and integrity of a Federal Reserve bank's
operations. The nature and scope of the
safeguards, however, may not be so widely
understood.
There is a double system of checks or
review superimposed upon the workaday
precautions which are provided by each of
the operating departments of the bank.
One set of checks is accomplished through
the work of the bank's general auditor and
his staff. The other is provided by an unannounced examination made each year by
the examining staff of the Board of Governors of the Federal Reserve System.
Each of these is explained briefly belowchiefly with reference to the Federal Reserve Bank of Cleveland, although the
basic procedure is common to all twelve
Reserve banks.
The Audit Function.
The General Auditor
of the bank, assisted by a staff of specialists,
is resident at the bank, but is independent
of the official staff. He is responsible directly to the Board of Directors of the bank,
and reports to it each month, as well as to
10
the Board of Governors of the Federal Reserve System in Washington. The General
Auditor provides a copy of his monthly
report for the information of the president
and the first vice president of the bank,
after the report has been reviewed and
approved by the Audit Review Committee
of the Board of Directors.
Each of the two branches of this bank
has an auditor and a resident audit staff.
The branch auditors are responsible to the
General Auditor of the bank and the reports of examinations made by them must
be approved by the General Auditor. After
his approval, copies of the reports are
made available to the chairman of the
Board of Directors of the branch and to
the vice president in charge of the branch.
The various operating departments of
the bank are subject to audit without prior
notice. The minimum number of full-scale
audits of the different departments
is
established by the Conference of General
Auditors of the Federal Reserve System.
Depending on the nature of operations,
the frequency of such audits varies from
a continuous system in the case of some
operations to periodic audits of others.
Continuous audits, for example, apply to
Shadograph
'I'ickometer
current expenses, earnings, and shipments
of securities and cash (both incoming and
outgoing) .
In the case of current expenses, the
transactions are also inspected to determine their conformity with regulations
prescribed by the Board of Governors.
In checking expenses, the audit department
may devote as much time to a small outlay as to a large outlay, in case a matter
of principle is involved.
The work of the audit staff is extensive
as well as intensive. Mechanical aids are
used wherever feasible. Examples are suggested by small photos on this page and
the facing page, viz. a "Tickometer" for
counting paper currency or savings bond
stubs, and "Shadograph" scales, with special calibrations, for the weighing of paper
currency and wrapped coin. One Shadograph scale is designed to weigh paper
currency in strapped packages of one hundred pieces. That scale is calibrated to the
weight of a bill. Another Shadograph scale
is designed for the weighing of rolls of
wrapped coin and is calibrated for the
weights of a dime, a nickel, and a quarter.
Also, "Exact Weight" scales are used for
the weighing of cartons of wrapped coin
and bags of loose coin.
Examination by Board of Governors. Representatives of the Division of Examinations of the Board of Governors of the
Federal Reserve System make an unannounced visit to the bank, once each year,
for an intensive examination of all operations, including the work of the resident
audit staff previously described. The visit
extends over a period of three to four
weeks. The results of the examination are
reported to the Board of Governors of the
Federal Reserve System and to the Board
of Directors of the bank. Copies of the
report are also made available to the senior
officers of the bank.
Such an examination consists in general
of the verification of the assets and liabilities appearing in the balance sheet, verification of earnings and expenses since the
previous examination, verification of the
bank's liability as custodian, verification
of accounts maintained by the bank in its
capacity as fiscal agent of the United
States in the issuance of Government securities, an audit of other Reserve bank
and fiscal agency functions not reflected
in the balance sheet, and verification of unissued Federal Reserve notes held in the
joint custody of the bank and the Federal
Reserve Agent.
In addition to the several verifications
mentioned above, the examination by the
Board of Governors includes a review of
the bank's operating policies and procedures in the light of the bank's responsibilities under law, as well as from the
standpoint of sound business practice.
In all of the above, the Federal Reserve
bank is the subject of audit or examination. The activities, however, are to be
distinguished from those by which member
banks are the subject of examination
this bank. In the latter case (wh
under discussion here) the
department of this bank
bank supervisory auth
nation of the banking
COMPARATIVE
STATEMENT
CONDITION
Dec. 31,1958
ASSETS
Gold Certificate Account
$1,634,684,463
Redemption Fund for Federal Reserve Notes
TOTAL
GOLD CERTIFICATE
.
RESERVES
87,749,785
1,722,391,988
1,531,342,686
.
34,132,800
29,107,120
.
32,179,897
1,788,704,685
1,588,520,407
...............•..•.
Federal Reserve Notes of Other Banks
Other Cash
'"
TOTAL
CASH
$1,443,592,901
87,707,525
.....•..................................
28,070,601
Discounts and Advances
.
750,000
4,368,100
U. S. Government Securities:
Bills
Certificates
Notes
'"
Bonds
TOTAL U. S. GOVERNMENT
.
.
.
.
225,602,000
909,674,000
953,250,000
215,040,000
2,303,566,000
199,221,000
1,650,967,000
253,851,000
219,876,000
2,323,915,000
.
2,304,316,000
2,328,283,100
TOTAL
LOANS
AND
"
SECURITIES
...........•..•...
SECURITIES
Cash Items in Process of Collection
.
565,~03,~08
543,120,998
Bank Premises
.
9,315,267
9,432,144
Other Assets
.
22,453,372
12,769,566
$4,690,192,732
$4,482,126,215
$2,570,371,585
$2,571,637,845
.
.
.
.
1,460,302,533
32,803,569
31,320,000
26,294,895
1,550,720,997
1,344,044,860
4,656,414
20,915,000
5,053,709
1,374,669,983
.
457,026,300
413,145,265
.
2,438,680
1,853,247
4,580,557,562
4,361,306,340
TOT AL ASSETS
.
LIABILITIES
Federal Reserve Notes
Deposits:
Member Bank-Reserve
Accounts
U. S. Treasurer~General
Account
Foreign
:
Other Deposits
TOTAL
DEPOSITS
Deferred Availability
..............•..........•...........
Cash Items
Other Liabilities
TOTAL
CAPITAL
LIABILITIES
.
ACCOUNTS
Capital Paid In
.
Surplus
.
72,530,000
76,642,500
.
840,170
$4,690,192,732
$4,482,126,215
.
s
7,407,000
$
6,034,200
.
$
-0-
$
35,000
Other Capital
Accounts
TOTAL
LIABILITIES
AND CAPITAL
Contingent Liability on Acceptances
for Foreign Correspondents
Industrial
12
Loan Commitments
ACCOUNTS
Purchased
$
36,265,000
$
34,246,150
9,931,225
COMPARISON
of EARNINGS
and
XPENSES
1958
Total Current
Earnings
Net Expenses
CURRENT
NET
EARNINGS
Additions to Current Net Earnings:
Profit on Sales of U. S. Government Securities (Net)
Transferred from Reserves for Contingencies (Net)
All Other
TOTAL
ADDITIONS
DEDUCTIONS
Before Payments
to U. S. Treasury
Dividends
Paid U. S. Treasury
Transferred
(Interest
to Surplus
12,746,585
12,615,784
.
$63,709,370
$53,001,811
.
.
.
.
.
.
Net Additions
Net Earnings
$76,455,955
.
.
Deductions from Current Net Earnings:
Reserves for Contingencies
All Other
TOTAL
.
on F. R. Notes)
$65,617,595
16,502
9,083,117
4,506
9,104,125
13,848
-018,656
32,504
-0-
17,393
558
17,951
178
178
.
9,103,947
14,553
.
72,813,317
53,016,364
.
2,150,830
1,995,760
.
.
74,774,987*
$-4,112,500*
45,918,551
$ 5,102,053
* The 1959 payments to the Treasury reflect a conclusion reached by the Board of Gover-
nors, after consultation with the Federal Reserve Banks, that the maintenance of a
surplus at the level of subscribed capital would be appropriate
in the light of present
circumstances.
13
DIRECTORS
1960
FEDERAL
Chairman
ARTHUR B. VAN BUSKIRK
Vice President and Governor
T. Mellon and Sons
Pittsburgh, Pennsylvania
Depuly Chairman
JOSEPH H. THOMPSON
President
The M. A. Hanna Company
Cleveland, Ohio
RAY H. ADKINS
President
The National Bank of Dovel'
Dovel', Ohio
The National
FRANCIS H. BEAM
Chairman of the Board
City Bank of Cleveland
Cleveland, Ohio
AUBREY J. BROWN
Professor of Agricultural
Marketing and
Head of Department of Agricultural Economics
University of Kentucky
Lexington, Kentucky
JOSEPH B. HALL
President
The Kroger Co.
Cincinnati, Ohio
CHARLES Z. HARDWICK
Executive Vice President
The Ohio Oil Company
Findlay, Ohio
Chairman
W. CORDES SNYDER, JR.
of the Board and President
Blaw-Knox Company
Pittsburgh, Pennsylvania
PAUL A. WARNER
President
The Oberlin Savings Bank Company
Oberlin, Ohio
Member, Fecleral Aclvisory
Council
REUBEN B. HAYS
Chairman of the Board
The First National Bank of Cincinnati
Cincinnati, Ohio
14
RESERVE
OFFICERS
BANK
OF
1960
CLEVELAND
WILBUR
D. FULTON
DONALD S. THOMPSON
President
First Vice President
L. ALLEN
Vice President
and Secretary
GEORGE H. EMDE
Cashier
EDWARD A. FINK
Vice President
CLYDE HARRELL
Vice President
L. MERLE HOSTETLER
Vice President
RICHARD G. JOHNSON
Vice President
JOHN W. KOSSIN
Vice President
MARTIN MORRISON
Vice President
PAUL C. STETZELBERGER
Vice President
CARL F. EHNINGER
General Auditor
PHILLIP B. DIDHAM
Assistant Vice President
JOSEPH M. MILLER
Assistant Vice President
JOHN E. ORIN
Assistant Vice President
PAUL BREIDENBACH
Counsel
ADDISON T. CUTLER
Special Economist
FRED O. KIEL
Senior EconomistOffice Manager, Research Department
GEORGE T. QUAST
Chief Examiner
HAROLD H. RENZ
Assistant Chief Examiner
CHARLES J. BOLTHOUSE
Assistant Cashier·
CHARLES E. CRAWFORD
Assistant Cashier
ANNE J. ERSTE
Assistant Cashier'
ELMER F. FRICEK
Assistant Cashier
ROBERT G. HOOVER
Assistant Cashier
JOHN J. Hoy
Assistant Cashier
HARM EN B. FLINKERS
Assistant Secretary
DWIGHT
ROGER R. CLOUSE
Vice President
15
DIRECTORS
BRANCH
and OFFICERS
PITTSBURGH
DIRECTORS-1960
Chairman
JOHN C. WARNER
President
Carnegie Institute of Technology
Pittsburgh, Pennsylvania
A. BRUCE BOWDEN
Vice President
Mellon National Bank and Trust Company
Pittsburgh, Pennsylvania
WILLIAM A. STEELE
President
Wheeling Steel Corporation
Wheeling, West Virginia
SAMUEL R. EVANS
President and Trust Officer
Windber Trust Company
Windber, Pennsylvania
IRVING W. WILSON
Chairman of the Board
Aluminum Company of America
Pittsburgh, Pennsylvania
LAWRENCE O. HOTCHKISS
President
The First National Bank of Mercer
Mercer, Pennsylvania
OFFICERS
JOHN T. RYAN, JR.
President
Mine Safety Appliances Company
Pittsburgh, Pennsylvania
C/NC/NNA
TI
JOHN W. KOSSIN
ARTHUR G. FOSTER
PAUL H. DORN
CHARLES E. HOUPT
JOHN A. SCHMIDT
Roy J. STEINBRINK
Vice President
Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
DIRECTORS-1960
C"a.i,man
W. BAY IRVINE
Piresident
Marietta College
Marietta, Ohio
ROGER DRACKETT
President
The Drackett Company
Cincinnati, Ohio
HOWARD E. WHITAKER
Chairman of the Board
Mead Corporation
Dayton, Ohio
IVAN JETT
Farmer
Georgetown, Kentucky
THOMAS M. WOLFE
President
The Athens National Bank
Athens, Ohio
LERoy M. MILES
President
First National Bank and Trust Company of Lexington
Lexington, Kentucky
FRANK J. VAN LAHR
President
The Provident Bank
Cincinnati, Ohio
OFFICERS
RICHARD G. JOHNSON
PHIL J. GEERS
JOHN BIERMANN, JR
GEORGE W. HURST
WALTER H. MACDONALD ..
16
Vice President
Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
,
"
@FedFRASER