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Ill
A N N u A L
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Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANK
cJf C L E V E LA N I)
R E P O R T
The rc.·clcr.11 Rc:-.crn.' S :.tcm i.-.
rc:-.ponsiblc for formulating and impkmenting L .s. monetary policy 11
also supeni e:-. hank, and b:rnk
hokhng ompanie . ancl prmid ·s financial scr"iccs 10 depos11011 in:-tituLions :111d the ft!dcral gontmment.
The Feder.1I Resen·c Bank of l<:\"l'•
land b one of 11 regional Rl.!:-.cn ,
[·k inks in the l n11ctl , tates that, lo
gl.'lhcr \'\ ith the Bo:irc.l of on!mors
in \\ a:.hington, n ... comprbe the
fcclL·ml Resen·e ystt:m.
The Federal Re.- .t:rw Bank of I ·n.'land, iLs two branches in incinnati
and P1thburgh. and 1t-. Columbu.,
Offite :.en·e the fourth Fc."()c.:rnl Re,en·e Dhiri L The Fourth District include:. Ohio. Wt'St<:rn Penns} lvania,
the northern panhandle of \\est
Virginia, and eastern Kenwck
II 1s the poliC) f the Fedt!ral Re13ank of Cleveland 10 provide
t•qual employment opportuniucs for
qualified persons r ·gardlcss of r.tn!,
creed. tolor, national origin. age,
gentler. or di,,al ilit}.
Sl'f"\ C
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
_ President ·s Fon:word
'1
1993 l lighlights
11
Officers
1l
Directors
11
Comparative Financial Srarement
111
mall Bank Advi ory Council and
' mall Bu ·iness Advisory Council
-
I PRESIDENT ' S
FOREWORD
Tht.· y~.ir 1993 will no doubt
ht: remembered a:. a turning point.
::t Lime \\.hen major directions -
Thi. is cvidcm in 1he L .~. econom) .
c onomi ~md rolitital. in11:rmnional,
a.s huu.,chokb and businc scs ::tt
mnional, and local -
la.,t M~em ready to makc the neccs-
were changed
and the future wa!'> cmhr.1eed.
sary in\'cstmems 10 ensur<: a more
prospcrou . stllblc future. The imbalances caused h) •xccs. 1ve personal
and corporate debt, b} on!rc;1padt)
in real t.'Slatt:. and by do,;,. n.,izing to
impro,·c proclucth ity and world
competitiveness cominuc LO ht: t·orrcned. Though man} have ~irgued
that the ongoing reco,ery has not
htcn -;crong enough or fast enough.
the growth is real ~md has hl'en :iccomplished without the dc,·astaung
surge in innation that often
pani1:s economic upturns.
I.,umdl111v G \1'011.- Humphrey, .fr..
lf'i //iam Rc:1·110/ds, a11dra Pla11allo
fseated)}<!n)' l.. .forda11
,t
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Federal Reserve Bank of St. Louis
,1
com-
Given Lhal une of 1he fe\, conrrihu-
BANKING
rion,
;1
ccn1r.il bank
Gll1
makL' to a
In foci. our banking mstituriom, .m~
EXCELLENCE
nation·s cconlJmk pmgn.:~ b to m;Iin-
alre::-ady leading the nation. Judgt'd b>
t..Iin price stabiliry, I would have
capitaliz..uion le::-, ds. return on ;JsScts,
wbh1xl to :-.e , .1 much !(mer 111.fla1ion
n.:cum on equity, .md loan to~.., re-
rate th:m t'\en the rdatin:-ly mcxl1N
continut' to fare" di. During the
~I'\ e:,, ou.r b:mk::. arc the stmngesl in
:3
rt'ces-,mn and
the L·ountry and among Ule best
[)l.'r<.:ent
we e.xperienc<.:d m 1993.
Sun·eys and wm.'nt rese-Jtd1 indic:ite
t'arly
in the currenl
expansion , this rt'gion did not suffer
that hou~holds ,md businesses ex-
in
Ule world. I ha\'e had the opportunity
[Cl
meet \Ylth the d1ief t'Xt'Clllhe om-
bc;:en tht! 1radition for th1: so-<.:alk·d
t·ers or m:arly every co111nwrcir1I bank
they arc skcpltc-JI about thc Feueml
RtL~t I.kit. We i:an attribute;,• our sue-
in this OL~uicl mer Lhe lasr 18 month..,
Reser\'t'S resolve m taking lhl' rn:o !s-
<:l' SS ICl
sary i.ceps
decad1.•, we ,mprowd our produui,-
of several of the region 's thrift mshtu-
to banker-., poliL·ymaki::rs . •md
iry and del'elopecl a more balanced
lion..,. and I cannot help hu1 feel frntu-
;t<:auemics last rear. I empha..,izl'd
inc.luslfiaJ mix.
nme to be working with such a
[)l.'t1
1nllmion 10 continue and Lh~u
to
co111:1in it. In my remarks
1he fan Lh:n. mer the last
t11at cl1e cent.rat bank remains commit -
dynamic group.
tetl to rl't:Stablishing trust in the pur-
The region 's sr::ible economy during
chasing plmcr of the dollar. whid1 is
the past two
lTl1Li:.il
prl'sence in foreign m:1rket, atte.sL
10
maximizing and fulfilling
th1: pr<xlLILti\ e c:.tpaciry uf this nation.
}'L'.l~
and our increa.~"ll
to
lkcau,e of Ihe c.:on11tlence I ha,e in
our DistrkI 's banking leadership,
the gains we ha,e made. her dee-
early in 1993 I publid} pmpost'd
ades of ramful ernnrnnil re.,I11.1cturi.ng
that the industry ~•nd its regulator.,
CC"rt.imlr. tht' economy anti the
and <:onser,ath e hanking
hegm a
banking institutions of the Founh
I bdie,·e that
Feder.JI Rcsef\ e Discrkt -
regain our hi.,torit position ,b the
include.., the
stalt'
\\ hich
of Ohio. the
'I\
ill\ estrnent,
e :ire nm, poist'd to
counuy·s economic le:1der.
'I\
hole ne" ,1pproach to
bank regulation. Thb approad,
pline banks. rmher than using the
,,esH:rn thir<l of Pt>nnsyl\'ani:i. tilt'
t·ostly and often coumt'rproducu,·e
norrht'm panhandle or West \lrginia.
regulatory apparnrus nm, in place.
~•n<l the t:astern half of Kemucky -
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Federal Reserve Bank of St. Louis
-
retlect my hclief that markt!l forces
-
are po\,crful and efl1cienr regul:unrs
l}(;!gan to re:ip significant benefits
and that we mu.,t unle-.u,h our iru;ti-
from these efforts by placing firs!
My recommendations include public
tulions· pmential for s-ucce;..,; in onler
among the cweln· Federal RL'st:rve
disclosure of regulatory risk r,llings,
to compete in the world's finanLial
DlstricLs in unit cost cffi il.'ncy.
adoption of market-\'aluc accounting
services marketplace.
systems to provide a more an:urate
Our top ranking i a particularly
pkture of a bank's financial condition,
important milestonl' for this Di.sin t:
COMPETITIVE
and incentives to encournge hanks to
lnCTC'Jsing competition will surely
It is d1e fir.a time in the scwmeen
CHALLENGES
mainrain high levels of capital. fur-
change the fate of tht.· financial serv-
yt::".1rs since the Fedt:ral lkscrvc
thermore, especially well-run. well-
ices industr,·. 'l11c Sl.ratc¢es that were
System began using unit cost as a
capitalized organizatiom, should ,~
succes.sful in a highly regulated envi-
measure of efficiency that we have
given the opportunity to consolidate
ronment will a Imo ·1 ccrtainlr need
hecn ranked number one.
more easily or to d1.:vdop more dfi-
to changi;: as banks compete in more
dent corporate tructurcs, rather
open markets. The Federal Reseive
Last year also marked the first time
than having to react to rt!strictivc
System itself, with its pivotal role in
in our Bank's HO-year history that
rcgulalions and negative incentives
tht: nation 's paymt:nts system. has
wc were revit:wt:J by a team of in-
when making husiness decisions.
l'll!en challengt:d by many of l11t:
dependenr auditor, r.ithcr than by
-.:inll' forces that are c:onfronting dL'--
Peder.ii Rescn·c System offidals.
Regulatioru; imposed with even thi:
pository financial institutions. Sever-JI
~
ix-st of in1entions entail substantial
years ago, the leadership of this Dis•
and our standards and qualitie
cosL-;, many of which art: unintended.
trict recognized the net·e$sity of im-
were deemed to he of rhe samt:
Indeed. the entire economy is ham1ed
proving our efficiency, of providing
high caliber :.ts those found in d1c
the extcnr that regulation lowers
customer-drin::n, prin:-compctitivc
bcM commercial banks.
10
the dficiency of the financial system
services, and of devt.:loping qualit}·
am.I, therefore, the real growth poten-
in everything we do. ln 1993, we
tial of the economy. These proposab
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Federal Reserve Bank of St. Louis
e received a very posi1ivc report,
\\ e arc proud of these accomplishI would also likL· lo c pre"s m>
turning pomL,. The dynamic em·i-
fulfillment of all our publiL n:.,pons1-
g1,1Li1ud • to our Fcderal Adi bory
ronmcm of thl.'. t-..vent}-f1N umtury
bililit:s by the cunsidt.·rablc expcri-
Coun ·ii mcnibcr John B. \I C<,
\\ ill n:quirt' .in cnrm:I> di crcnt p,:r-
ence of our 23 dirt.• 1 rs .ind our
(d1a1m1:m and ·h,ef exccuun:
spenivc on hm, 1ve d busmcs .
Small Bank and . mall 13u:;m , s
olfi er of Ban One Corporation l.
J
p •r,p -111 e that pla es u. lomt.•r
s ·rvi
L'.
d1·isory
1un ils
11
qualit . ~md effi •iem:y al
ha~ ver1 abl> r •pr •scnted rhe
Fourth Discril! on !hi • n.1Lional coun-
Lht.' lt.'f)' ·emer of our mi. s,on. TI1e
I especially 1>.am 10 ret·ognizc th•
·ii smct.' I 991. and \\ ill b • n•rlaletl
managcm nt ot our D1suict h:1s
contnbuuon of tho~e
in 1991 h
lei L'l.md di-
fr.ink Cahoul'l
rector., who cumpl ·1ed thdr term.s
tht: coming five year, that takes .,
of scrYice: \ emJ K.
holder 1ppro;ich
uc:nc,
roles as a p
lt>
our 1rr1diuonal
I idl'r of pa) mcnb
utlo k
1bson <presi-
unsulting lmcrm1-
Clt:arl~, to the.: staf and managemen! of the Fedcral Rc:serve Bank
tion.11. lnl.)andJohn R lludgcs
of .lei cktnd .ind iLs offices in
~crvic • . rcgul.1tor of stau::-cham·red
(reurl:'d presitlt::nt. Ohio AF -CIO).
linna11. Columbus. ,llld Piusburgh.
member b:mk . and decisionmakt.'r
Thanks an: abo dui: lo the outgoing
L9;),3
in tht.· c11ing of monctJlj polic •.
director., of our two branch c ffices
Jack \\. Buchunan ( president, ~phar
s
.1
rt:sult, the Fourth Distrin has
c·
ompan}. Int.) and lar1·in
10
w;is
in-
a significtnl year, on,.: in
open 11L'\\ Yi las. I am gmtdul tu
my collL"agues hen: -
al C\'C:f)
level
ror 1.h1:1r c.:on-
begun 10 realign it.~ re ources. From
Rosenberg tPannl'r, To\1 n • Pruperu '.s
of our organwnion -
introducing progre . ivt.'. cuM mcr-
Ltd.\ of our CindnnatJ board . ..1nd
tribu11ons. anti I look forward to the
fo us d t:mplop::
Frnnk \ Ca.houel I hairman, presi-
} ~Jrs ahead.
training progr.im •
to enhancing etU ien ' 1hrouF,h ,, 1dc-
dem. and chief ex :n1tive I 1ccr,
ranging ut mation proj cts, we :ir
,\lellon Bank
c mmittcd 10 continu u-,1~ impro,mg
Bank,
our efTccu,·en~. \X'e are guided
Jr. (chaimian .ind Lh1ef l'Xl:!U.IU\'C om-
in
th~-.e dfons and are as,iste<l in the
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Federal Reserve Bank of St. Louis
orpo ation ,mt! ,\lt:11 n
. .J and
c:orge A David,;on,
er. Con.-.olidat~>d '\;nural
a-.
pan}) of our PitL~burgh lxmrd.
m-
-
I 1993
HIGHLIGHTS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
participanr~ m the pa} ment:, sy:..te111
is tu dimin;tll' the cxptmsivl' ,incl
T bt' nt'td for L'\'L'r-incr<.:'}1.,in~ elficit'Ol)
drh t:'- tht' Fe lt:ral Rt'servc:
"}'i"tcm tn
1t-,
rolt" a, th,_. Hllardktn ol
the n;1tion', paynwn1:.. 1-y~1em.
inn:
llmit-conswning proccs., or moving
pap,_.r chcxk-.. In rcspon
t:
to d1is
d1.1l"-'11gc. lhl' Fourth District ha:- refined ,t'\er.tl dc:llrnnil· d1i:ck prucl
un:. that promise t<• impr(lvl' the
BUILDING A
MORE EFFICIENT
PAYMENTS
SYSTEM
effk1ene') of till' ched;-de.1ring W!>l<.:in
by taking aclvamag<.: of existing
dcc1ronic: proce-.. ing anti commun1191 :I. the feel ha~ het'n at the fore-
c:n,ons technology
from of p.iymems ")'Stem technology. \\ 'e ha,·e developed n:niunal
l'ur examplL". JII ut the mform:ilion
1rnnsportation and accounting seale-
necessary 10 po ta check 10 a cus-
ment ~--1cm • th:tl l·nablt' in tituLiorn,
10111er\ ,ICl'OUnl is onl.dned m rhe
10 d ·:ir inu:rh:rnk d1L"LI,~ more
\'II H lint:,
effidt"tlll . helped LO ue-;i!,lll anc.1
pn111ed along the bnurnn C1f every
te-,t ,talt:-of-thc:-J rt cht'ck-prm:e ·stni,\
dwck. Yet n11llion.., t>I p;1per check~
:<.y:stt'l11S. led tht: hanking inu,1~try in
are trnnspnrted
setung ,tanuards for encoding
each da). frt)m 1he insutuuon \Yhc:-rt'
d1t'ck!. for more cffkil'nl proces~-
the cl1cLk wm, ,.k:pusiled ln the insu
ing, Jnd implementec.l ·oftware anc.l
llllion on \\ hich it w.1s <lrawn. Wh}
hard'i\'are
not !>impl~ capture the MIC.H infor-
LO
provide value-added
services tu our cu.,tom0rs.
,I
m;u:hint:-re:iuable code
.llTOS~
the counuy
mation and Lrnnsm.it 11 elenronicaUv
Lo the r1.1yor ins1iru1ion?
1\
similar dTun wok rl.1ce in 199.~
when L11e Federal l<est<n e Bani, 111
In l 9lJ3, w1:• were
~Ul'Cl'.,,,ful
in g;1I11-
111g, \\ i<.lcr n1sroml'r :iccq1unce ror
ot11 ch.•t rrunit chct·k produu" -
.1 luumb.uon !or ,ud, t.'ieurun1c·
Clevd:111d hclpctl Fuunh Distril I 111
enhancements. TIie m:w itt:111
~1i1utions conve rt to an all de1..lm11k
a1tlo111;11ell dca ringho11se </\U I J
a
t r11ci:.1l l>l<'fl in reducing relbnn_. on
check, In be .sorted ::ind bal:mn.-d
envimnment J'\ow customers lla,c
papt'r i1t•111 • .md ultima1dy 1mpm,
mol"l' dfkK•n1lv. ha, an im.:n:a,cd
,!l"<.:l'~'
ing the et fid,:ni:1· nf the p.l)'l11t:'lll ..
c..1p.1l'ity lo pnx.:e,.., t°lt"ClWllil" nlc,,
lions nalium~1Jt: , t::ithc::r cJin:clly or
w~t,:m In f:I\ 1, if payor in.,111ut1on,
i., f:t.~ier, .incl b u11 np:itibk- \\ 1th the
tltmugh ~t'.'tYice provic.lt•r~. ancl
(>pt lw 1lw LJ1,trict'.,; trum:nrlon
full ran)'ll' ol •h:llronit c, 1mmunfrn
to l'i.(lOll 1.kpo~i1ory 1ns1itu •
h,11·<.:
\11,11 :11luw ungmator'> quu.:ker turn
IJOfh lntcr1Jl'l'~.
. l((lllnd lllllC"
,n deli\ 1:W1A r,,ymenh
;ill: Tht-) arc simply stored until
needed or destroyed
1ncnt ,1t p:1p1:T
lTt:'~1ting
i:-. inwging -
lu, led the Federal Reserve ~ystem 's
Here in the Foun.h Oi. rr1c1 , we .ire
elfon tu clc::,elop 1J1i;, snfrware, as
taking a.dvamage of rhe pmemial
well :1s soil ware
for using
!Cl
~peed check :.td-
1h.u b.
;111 d1:·c1mm1. picttn<.:· ol ;111
ciently. \'{ e ha\e expanded oua pmto implenwntatio11 ~inu IeMing, ,.1
·, mponcni, nf ., check ;1nd th..:n
le:1111 rJf n tricl progrJmrncrs.
",1c,nng" that ,nformauon ,n <.'lee-
<.:h1..·Lk-prqce~~ing prnh> ~h>nals. and
CllSt(>mer
int rodtHJ..'U -.ofC\\ .ire th~ll provillt:,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CH 1:1en more dli-
,,. , >rkeu
pfflc<.:·s
~ervice specialist~ have
Jtw~-.
tu
JepJnmenr., ,ind
hrm,l\ tht'.' lmc-.t t..:drn1,lng~
tu nur l'LLSLomc:r~.
gr:.1111 to
llclp wtlatit:s JuLUm:.111e.11ly
furtht'.'r dTu11 to prm ide \ u-.wmcf'
wi1h co;.r-dfc1.·rnc. depem.lable paymcnt service.-. :111d to -.1,mulJt,: lht:
-
PilL,,;hurgh offic ', in r:1rt1t"Ular, h:.1~
\'tll'illf!t, .. IJ011tl
(<JIIS< J/i(/tifioll
he\:'n at tlil' loll'l10t1l of slrl.'amlining
l'I It' Piu:;hurgh facilit hJs :ii.so been
many asr,c:th
nain1:c.l a-. 0111: of two h cIllons in
11f
,aving,, honJ is~u-
anu: anu rt:dc:mpti•m
tht.' t·ountrr In ham.lie thl" printing
and m~1iling of :in esrim:ltcd 70 mil-
T111: l .S. Trea,ury, t'"~ciall)
tl11ough
tt:.. ad1vitit:.,
il'l lhl' BUll.':tll Ci
DEVELOPING
WORLD - CLASS SERVICE
FOR THE WORLD ' S
LARGEST CUSTOMER
lion ~aving, hon<l~ annuitlt) . l'lti
matdy. the o fkt' will i.t'rviu~ ahm,t
the Public Deht, i'> tht'. FL-c.lerol lk
l\.h1r~·
lhan rh,u, the..· Burt'au hai. an
11
unpnnam rdalion.~hip wilh r11I1
wtll conlinut·
10
be the nnl) n:i-
htm:il ""Jrehou~c for uni.,.sucu sav-
other cu ·tomer,-: depository limmcial
a · one of fi, c Fec.lcr:11 R ·serve ,ites
ings bond tock ,
inMitultoni. throllghout rhc country
in thi: t·ountrr to lw
nm,ignrncnt to all i~suing agt'nt~
tl
Rt>ginnal De-
\Viii
provic.le ,mck
th:11 parti ·11x11e in marketing anc.l
processing Trea.-.ury securitie and
llu: onl • n:llion.d proct'~sing MW for
,;ewr.11 l>ther n;-.:ordkeepmg Ojkr,l•
l11esc pn>jt'Lb art'. illst
provide a high lcvd nf dfait"ncy ancl
:.t
fe\\ examples
c_u-.1,>mer ,\:'rvJCt' 10th' BllkJU.
l'it~hurgh huilding to accommcx1Hc
l lo\\1.'V<:r. wr.: ha\L"
g mt'
hc:rw1<.l
relalion~lup and h,we 111111:ned
'i<c'V-
01c Jd<lit!nnal opcrJ.hon,. By the Lime
~ulic.i ..He the h:111 Bing nl <;.1ving,; bond~
consolid:mon b rnmrll.:tt'c.l m 19'-X1,
Jnd orht'r government debt u1.'>tru-
staffing wiU ha,e l~en incrca!ie<l
mc:nL~. ln
"-O
drnng, die Fed s:i, cs rax
l'r.d .,uccc.:,sli.JI au1w11atIon .mu con-
p:Ire~ millions of dol!Jrs :mnu:illy ,111d
,nlidJ1ton pn.1fc..:ts with 1he Bure:tu
t.lemomtrntcs that gcx,cJ cu.~tomer St>n·-
1h.H
h<ive rc:\'LllUliDnized the,,:, ·
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
i1.· • 11 can~ taking on 1he ch:illcngt::- •>I
lt-velJnd ha.s reengineerctl its :1pproach
LO :1
l'arier of inf. rnmtion-
,l!.athering and analysis acLi\ ities.
'- ' ith the imroc.lul·tion nt th(;" D..1ylight
O ne of the Federal Res1:r\'e System ·~
Durin,I!. 19~)5, mcerrclatcll oper:1rions
o, t:rdrnlt
mantlmc I roles is Lo m:iilllain the
su h
S) stem ( DORP, ), Federal Reserve
·tahilil) and integrity of lh.: nation·.~
colle tion. ::idminist~tion of co!lat-
p::i) mcnts system. e ·peci:.illr a:, il op•
t:rJI
:is
for
nnan i:JI surveillance, d:11:1
th/.
mmt \Yindow lo:tns. and
13anb -
lkp(lrtin.l( anJ Pricing
.md Jepo~itory financial
in,;titLHiuns thcmsdve, -
arlc" ahh:
111onit~Jri1lg uf intmllay tn:lli t rhk
In rnpture mud, more inf nnmion
in~tituti11ns. In .1dclitinn. a, tlu: en-
, en: COll~l•lidatell undt·r th, '-:11111:'.
.rhuut inMitutioru funding position~
thy that gu:l.l"J.ntc:e., the se11lc:mc:m
managenknt within the l:kinking :-.u-
on a real-time basb. This develop-
ol tdllions o dollars of p:1rmenu,;
pt:nision and Regubtion Department.
1m:nt directly suppuns the Founh
'ratc::, thrt ugh c.k:pm,irt ry rin:1ncial
DistJict"s ~upervision stratc)n': nor to
through wire transfer operation:,,
NEW STRUCTURE
STREAMLINES
CREDIT RISK
MANAGEMENT
.111d that ad \ an..:es loam, to in~titll·
rlons through thl' di~cnum window.
the F.:<lerJl Rcsen1e i • it~df .u rish. .
LO
maintain an dlkicm and
fO
m:rnagc our risk mort: effi icntl)'
through centr.1l ized o C:'r:-ight of in-
10
monitor the: redi [ ri~k exposun:
~lilutions· financial condition, , and
to District insLillltions more effcc-
IO
tivl'lr , rhe Federal Reserve Bank of
hankers about new dayligh1 owr-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
help institulion~ manage ri. k more
dTectivclr in order 10 ensure a mnre
This approach has en:ibled us
In mc.ler
eliminate nsk in hnnking, hw to
rdin:11 our effon:, 10 infom,
dr.ift poli
tt'' .
:stable payment~ 1,ystcm.
lflt' Fc:tl can ht',;\ hdp tht' n:Iunn In
}:,"'(. 0110111 i(
Reset1rclJ
,111tl in1en:"t-r:1t<: olljc:uin:,
During 199:1, tht.' Bank 's r<.'se:in:her
conrributed to puhli( roli y dbcus-
iom b)' 1:1kmg a
dc1M.'r
In pur... uing 1)11,- lino;: uf intjuiry , the
\ooh. a1
B:mk 111 Clt',·ebnd lus dewlored a
how pnce .,t.1h11ity i, ml':i.,urc:u. At
n:1110nal r<:ptll,ttion tor promoting
i,!'>UL'
pric:
munel:tf) polity ue1.:1sion" un ,hort-
1irn1, tit ' C:1 nsumc:r Price lnucx
term thic1w111on1o in rclativt: price:,,.
l Cl'I ). This :1ltcrn.1ti\'t', kn,,-wn
~tahili1y a~ lhc prim.tf)' go;1I of
mnn ·tan poltq· Th • Bank', ctu-
b lhl' poH:nti:1I error of ha,ing
MEDIAN CPI STUDIES
HELP TD FRAME
EFFECTIVE MONETARY
POLICY DECISIONS
the pm:t: len:l b the onl~ goal any
n:.ni1,n':,, C:L'l1lr:1l h:1nh. l:111 rt:ali 1ic:c11ly
l"t';'.11
lk"L' l"\'C' io pursue 111:1ximum
pn pul.1r me:I~urt: of, urrent inllL1-
a:,,
torrclatiun \\ ilh monl'. _ -.uppl)
grm\1h than cln other pricc-len·l
mea.!,ure,, makinA it a hener stan-
rather than on true ignab th t1t an
dcirtl lnr gauging thl" true inllJtionary effect of mnnct:.iry pol it:~ . Based
;1d111.:, t' through mone1~I1") 1 olk v
l . 1:1,, L·urremly requirt' the Feel-
that L'X.tmine ~1 ,·aridnl of Lill' mrn,I
d1angc, Cintl:nionJ h.1s occurred .
011
this dcn1lnpnlt'nl , the l-ou11h l)j-..
tricl ha taken
:i
rublic policy st:.inct'
employment growth, moder:lll' long-
on w,in~ the mcdbn
term imere!.t rates. and pnct• st~1hil -
mark tor monitoring the nation·~
ity. Our 13ank'. position is thut price
M.ibiliry is the me:111~ lhmul!h which
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Pl a., a bcnd1
Jerry L. Jordan
l'll·,11/, II/, C hr,f Ln'l.111/ll' </ffi<c1
Sandra Planallo
I 1r.t \ ", l'll'>ld• Ill C C/>1,'f <)f•·r,,r,11R
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Charles A. Cerino
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John M. Davis
A.~ uj!Jt.'l.l'lllhcr H
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f>rn.\./11ruj /((~·,ui h
Samuel D. Smith
Mark S. Snlderman
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Harold J. Swart
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Joseph C. Thorp
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WIiiiam J. Major
I'll ·t,leill
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Donald G. Vlncel
Robert Van Valkenburg
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Robert F. Ware
Andrew w. wans
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John J, Wlrted . Jr.
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Lois A. Riback
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James W. Rakowsky
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Charles F. Wffffams
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th
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rmv N. BenneU
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David E. Rich
Andrew J. Bazar
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Raymond l . Brinkman
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Jake D. Breland
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Wffffam T. Gavin
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Andrew C. Burkle, Jr
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JIii Goubeaux Clark
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Lawrence Cuy
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William J. Smff.h
r,•r.!i·•m11el
1x,t'ilflUI nt·l Pn"f,1t•111
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Re1,,:. ulotfon
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llmltft"R <..,1 , /1 h,cal Pm1,~1, .. ,,
R. Chris Moore
R,-,;:1.11crnl .\l,nl
l,c Prt~ult.Jnl
cw .. 11111,,1• <Jffec,'
\t1J1,:t1
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tlllil Rt,tul,1tin11
David P. Jager
Robert W. Price
t·,,., l1n"JoJ1/e,,1
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·I ,N,111/ \ ltt ('n'>tcll.'11/
H fl. rr11u/, r ,,111</i·r
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Raylord P. Kalfch
Edward E. Richardson
I rct f'n u/(•Jtl
b1tt:.i-t,u11 , fn• r,,~1den1
\11pc. 1n ,.,Jou ,oul Rt-,:ul,du,,1
r,i,dtt Nt,L· \/,IIW[,1.em,•,11
Pn:~1de1U
c...._
Cn•11t•1ul .i"rll/t4r
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Federal Reserve Bank of St. Louis
F.tf•'II"
Walker F. Todd
l.,<1,1,1111 (,.•,wml (.r,11w,,f r- H""-'"'' I, OfJ•••·•
b,,.,1«,u l ic.t• f n "'"' 1Jt
lul,muUmn
Darell R. Wlllrup
b,.\J,1(1111 \
F11i11,i, ral l'lr11111l11R
John E. Kleinhenz
h-.uuu,1 ,-,.._, f'f\'.-.1tle111
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James 8. Thomson
1
Kevin P. Kelley
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Edward J. Stevens
ls..,;tslanl nc, I'rL~ltlt•nl c- ''"''""''"'
\fow.'ta,,· PtJ"'...r .u,ci /'<1J 111••111,· ,p1c•m
Henry P. Troilo
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Susan G. Schueller
l'lll,b11f)I.I• 0.01<•
Eddie l. Hardy
Barbara H. Hertz
A•nunn,·/
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Elena M. McCall
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Robert B. Schaub
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Robert J. Gorius
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Terrence J. Roth
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Elaine G. Geller
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John P. Robins
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-
I FEDERAL
RESERVE BANK OF CLEVELAND DIRECTORS
Aso/Dece111ber3I, 7993
CLEVELAND
C/Jr,lrmn11 {- frdem/ Resent' t\gl!11t
A. WIiiiam Reynolds
Cht1/mia11 & Chief l:..\Y.'Clltite Officer
G,•11Cr1rp
Fmrlm, •11, OIJIO
John A. Hodges
R ttrecl Pres,dell/
Ohio AFL..C/O
Cuh1111b11s, Ob,o
Ot!p111v Cht1irma,i
G. Watts Humphrey, Jr.
Pn,sidf!lll, G\17 / llo/dlnp_s, /11c
I'll/. h///'/1,b, l'l'IIIJSl'/t-,111ia
Allred C. LelS1
Cbalm1a11. Pnmdu11/ & Cbtef £.n-cullt't! Ojflc<!1'
71,e Apple Crt>ek Bank111P, Co
Apple Creek, Obm
Edward B. Brandon
c,imm11a11 (' Cb1tf E.w,cI111te Officer
,\'at101w/ C1(l' Corprirn/1011
C'lc1't!lt111d, Ohiu
Wlll!am T. McConnell
Cba,mum & Cbref £,•,-c11t11't! O./Jlcer
nw Pru·k .v,111wwt Ba11k
Newark, Obm
Verna K. Gibson
P1t-s1dt111I
O111/ook Cons11/1b1g l111emul/011al, /11c
Co/11mb11s. Oblo
Douglas E. Diesen
P1.-s1deut c- Chief l:..-.:,,,:111/w Officer
/Jallelle ,l/emm1al lnslilllle
Co/11111h1~•. OIJ,o
I. N. Rendall Harper, Jr.
Preslde111 c- Chte/ Ex<-c11ll1~• Officer
,1111enca11 .l/1croampbic..~ Co, /11c
,\lrmro,,1•11/t•, Pe1111svh'll11111
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CINCINNATI
O>nm111111
Marvin Rosenberg
Pot111er
Tu11·11c• Pt'Pf'(!rt•i" Ud
C11IcI1111111I, Ohm
PITTSBURGH
01alm1a11
Robert P. Bouone
l'n>suli•111 <· Cbicf li\·e,:1//11t• Offin•r
.-lll,71bt•11y l.11,1111111 COl]JiJ1¥1/1011
Pm buf'Jlh, Pe1111s1•/m11w
Raymond A. Bradbury
Retln,I Cbmnn,m
l/arl111 Cmlll/1' ,,a/ Corpora/Ion
l11e::. 1~:e11t11cJ..-,,
Frank V. Cahouel
Cbmm1m,, l'n'>ltle111 ('. Chuf E.x,>culllY! OJ)tcer
,lle/1011 8t111k Cnrp<>ntl/011 c- lfellu11 Ba11k, \ A
PilblWr'Rh, PL.tnll~~l lt'f1111a
1
Jack W. Buchanan
l'n'<ltf<•III
'ip/J(lr(- Com/X/111'. /11c
1r11u:l>L><ll!f', Ke!lllllcl,I)•
David S. Dahlmann
Pn-.,de11/ C- C/11ef E:.~t.'Clllll 'Officer
fo11th11x . 1 Sttllmwl Corpurot1u11
Gnv11.<h11rp, 1'<•1111.,;·/1·,111ft1
Jerry W. Carey
l'rn,ul<'11I (. CJ11e/ li.1•,-c;1<//11' OjJlcc•r
I nlm1 ,\'(lllo11a/ Bt111k mid Tni I Co
IJurlxmn'ille. /\t!IIIIICkl'
George A. Davidson, Jr.
C/1t1m11t111 (. Cb11f f.wxmm• Officer
0111. u/1dm,,,J S11l1<ml Gt1., Cumpa,~J
Pl11sht1f'Rh. l',•111i,,rh'<ll11n
Eleanor Hicks
•11/ur Partner C- rln<.'f £x 11111 e Oj]iwr
I he/..~ c- l<l,i/1!)•
C1n,·111,w11, <Jh,o
Sandra L. Phillips
F.\·ec:1111t't! n,m.:tr,r
Pi11.,l111rgh l't1rt11,•"l11pji1r \i.'1ghlx,rl1wd /Jt,1 e/uflt111!1tl
P11tsb11rp,b, l'c,111~1lt,1111a
Marvin J. Stammen
l'n.-s,tli•m (', rliuf fa'l'C1.IIILY! Officer
'i«1111d Sm/011a/ &111/.i
Gm•11u/le, Obu,
Jack B. Platt
c.h11,mia110/11,,, 8ot1rd
,llfll<mfl ll1d11.1·I1-/l'S. Ille:
lft,sb/11;111111 l'e1111.~•l,·1111/11
John N. Taylor, Jr.
C/•11/n11a11 c- Ch1<fE.wcllll1
K11r.::-A'a5<:b, Inc
Da1l1m. Ohto
Officer
Randall L. C. Russell
Pn. 1,l,•111 c- 011,f li\'i>e11l1<~' Officer
RLmbar 1i'i.·/111nlr>R1". hie
Glen~bt111•, l't.1111L\)'ft rania
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DII
-
! COMPARATIVE
FINANCIAL STATEMENT
.S'l'ATE.\11:i 'T OF(.() ' DI
no.
For
, SET,
1w11i.
e11dc•d Deum1/Jer 11
1993
199.J
Gokl cenificate account
,o 1,000,000
6-8,000,000
Spec1.il drawing righl'> e111ficaLe a count
'i56.000,000
-56,000.00
oin
21,131.l 10
25.99'i, 3-1
Loans and ,;ecunties:
-0-
Loans to dt>p05ilOl) in ·Litution.,;
Federal agemy obligmion bought ourright
-0-
311.5- .-0 1
3 10,680,""'l
~
L'.S. go\'ernmem securicies:
IO,T'2, 133.990
8. 92•¾...,96,•183
'\/otes
s.s-2.000, 11
""', -138. 116,-101
Bonds
2.6-8,l 'i6,-106
2,205.30 J,96
Bill.
Total l ' ... gmemmenl :-.e :uritie:-.
Total loans and .-;ecurities
22,302,590.80'
: 11.611,169,511
Ca.-,h Jlcms in proce:-.s of collec11on
2 4,831,436
3 ,373597
35.939.9:P
l, 00.816,531
1,682.967,)22
Bank premises
Otht:r assets
lnll.:rdistrict settlement account
- 3,321,20'i, 21
TOT L SSET.
LIABILJTIES
18.909.198.561
I 12. 106,029
l ,•120, l
➔ .348
22.68--1.222., 19 I
F't:deral Re ·erve notes
. -0.161 .201,280
21,6-9,962.7:~3
J, - 56, l 06,868
1.3•10, 703,323
Deposits:
Depository in tituticJns
8,020.300
8. 151.200
l 1.20-1.' 12
1•1,900,693
1, -73.331 ,910
U6-1.055,216
339.713.652
15""'.918.0-2
220,326, - 4
Foreign
Other deposit
Total depos1
Deferred availability rnsh items
Lhcr liabilitie-;
TOTAL UABILITIE,
CAPITAL
ACCO ' ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
l 13,8 9,63
" 23,378,211,.331
apical paid in
223,528,800
17 6.2] .550
urplus
223. 528,800
176,218,550
TOTAL
APITAl
CCOL i
TOTAL LIABJLITIE:
ND
'>
PITAL ACCO l\'T,
➔
7,057,600
22,6 4,222,'-19'-I
S
352, J:3°'.100
• 23, 30,65 I , ➔ 31
l;\;C0\11~,\, ' I) EXPE. ~L."
s
CLRRENT
fnterest on loans
I\CO\lE
I meresl on govemmt:nt securities
Earnings on foreign currency
Income from ser\'iccs
All other income
1993
1992
181
:; I, 17"'
1.105,592. ➔ 00
1.083,681,615
"'2.38➔ ,13 1
lT.851.215
11.16➔ .87➔
➔ 3.tfi6,16t
229,592
28-1, 196
7-i,895. l 19
Total currem income
C 'RRE'\T
Current operacing exp nses
"'9.232, 190
E.XPE'\SE,
Cosl of earnings creuib
10,756,H➔ 0
CL REI\T i\TI I CO~IE
PROFIT
,
1,132.681,85➔
7 , 166,""
~
i9
1 , 173,661.➔ 99
Additions 10 current net income
A'.\:"D LO. S
Profit on foreign exchange transaction.
s
15,319.310
-0-
Profil on ale.-, of government '>ecurities
2,556.00...,
"".605,686
All other additions
2,""76,3
$
Total addition ·
·I
1,203
20.651,701
7,609.889
D<.:ductions from current net income
Loss on foreign exchange transactions
s
-0-
6'i585.5<t2
All other deductions
33,032.393
10,279
Total deductions
33.032,.39.3
65,59'i,821
Net addition:- or dc.xluctions
Cost of
L1nreimhursahle
s
Treasury . el"\ ices
12.3 0,692
5,
57.9R'i.9.32
1,685, l0.3
1.751.906
8.215,500
.... 795.200
A::ises:-ments by Board of Governors
Expenditure.
Federal Resel"\'e currency costs
Total a sessmen~ by Board of Go,emor:NET fNCOME A \'AILABLE FOR DL TRIBUTfON
DI TRIBl,-110'-i
Di,·idend.!, paid
OF '\-1ET
Payments to
$
6
23.192,101
18, 181.8
33.093,00➔
28,032.992
1,087,208.158
12,010,618
,
s
1,087.615,575
10,100.·117
.S. Trea-..ury
(interest on Federal Reserve notes)
1.027,887,290
1,062.-182.358
Transferred to surplu
-¾7,310.250
15,062,800
Total distributed
1,08 .20 ,158
l'JCO!\IE
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S
l.08"7 .615.'11 5
n
I SMALL
BANK ADVISORY COUNCIL , 1993-94
Edward M. George
l'tt'>ld,·111
c, CliO
SMALL BUSINESS ADVISORY COUNCIL , 1992 - 93
\! ,.,IK111 o Ilic
1111w11,1.11. 11 ,.,.,
\'11)!111w
Jack A. Hartlngs
f>n.~1d,•111 t• Ui0
11,,, f'rople, 1Jw1!~"R C.m1prm1 •
Cnld11t11t••· Ohio
James E. Bushman
Peter N. Stephans
Pn.,st,le,11
l'rt•,ml1m1
Dynam,•1, Inc
0.lSl•Fnb T«ln111/r)1lif'S, /11c
Cl11c11111a11. 0bifJ
\t-a.,b,11,.:ton. Pti11n.19·/t·a11u1
E. Eugene Lehman
J'n,,;1dt•11I o:o
171t' ( 'lllul/ &111/t' (<J//lf>llll)
Ct,lr1mbm c;m,., oh,o
Dale C. Phillip
John N. Taylor, Jr.
t>,,.,,d,•111
Cle,vlwul, O/Jio
Cbam11,m & Cf.0
Kur::•Kflscb. ,,,,
1Jay1m1. Ohio
James A. Poure
Lee T. Todd, Jr.
C/Ja1mw11 & C/.:'O
Ge,,.,n,/ .-1/11111 & cJ,.,11111:0/ Corpmwrrm
Hollmul 0lw,
Cbmr111r111 & C/I0
U?-',1/IJl,lmo. Ke11111cky
H. Edward Rigel
Richard D. Zande
01111er• Operotur
f(1gl'/ Fan11< /11c
1.,.•ipslc, 0bw
Chmnmm
f( n 7,1111de&,1 ,"ueIat,,,,, {Id
Kiffer l11d11vr1,-s Jiu
Norma J. Llnvllle
Pn'Sldt:111 (:. CEO
Famwrs ,-. Trc1,ll•r, &11
\Ii U/11 •/, K1•111r,dt1
•if 111
r,/r,,•I
Da1r1&'t1111 Cmpormum
Richard C. Mizer
/'re;rd,•111
r. Cl:O
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