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Federal

Reserve

Bank of Cleveland

ANNUAL

REPORT

To the Banks in the Fourth Federal Reserve District
We are pleased to present the Annual Report of the Federal Reserve Bank
of Cleveland for 1963.
The year just passed was in most respects a highly successful one. The
economy continued to expand at a moderate but sustainable pace. Although
some individual prices have risen, the major price indexes showed little change.
Production activity expanded, with both autos and steel leading the way much
of the year. This was particularly significant for the economic life of the Fourth
Federal Reserve District. A section of this Report discusses developments in
autos and steel in 1963.
Monetary policy in 1963 demonstrated once again its resiliency and adaptability to economic change. The Federal Reserve System continued to provide
the financial reserves needed to support growth. At the same time the System
was able to take steps to help improve our international balance of payments.
An increase in the discount rate at midyear helped bring the level of short-term
interest rates in this country into better alignment with rates overseas, thereby
discouraging the outflow of short-term funds from the United States.
We greatly appreciate the contributions made to our thinking and to our
work by the industrial, financial, and agricultural leaders of the District.

Chairman

President

Steel, Autos and Business in '63
Deposit-Type

Financial

Institutions

Log of '63......

.

Comparative
Comparison

Statement

12
19

Wilbur D. Fulton

CONTENTS

8

of Condition

of Earnings and Expenses

.20
21

Directors

22

Officers

.23

Cincinnati Branch Directors and Officers

24

Pittsburgh

25

Branch Directors and Officers

Steel · Autos and Business In '63

THE

YEAR 1963 was a fluctuating

industry; it was a triumphant
and subsequent

feature

inventory liquidation

possible strike in mid-summer.

of the year was the inventory
associated with the threat

of a

During the early months of the year, the ques-

tion was how fast and how large the inventory buildup
the settlement

one for the steel

year for the auto industry.

Steel. For steel, the overshadowing
buildup

and adventuresome

in June, the questions

would be. Following

were how sharp and how fast the cuts

in steel stocks and in steel output would be, and, more importantly,

whether

or not the downdrag from steel would seriously affect business activity in general.
There was a "this is where we came in" atmosphere
roller coaster. It was, indeed, no new phenomenon;
acterized
turned

2

the industry

when contracts

out, the amplitude

about the entire steel

a similar pattern had char-

ended in 1959 and in 1962. As events

of the downswing

was, if anything,

somewhat

less

drastic than had been anticipated.
output

was cushioned

That was so because

by an unexpectedly

high

rate

the decline

of steel

in steel

consumption.

Partly on that account and partly because of strength elsewhere in the economy,
the cutback
negligible,

in steel output

in the summer and early fall, although

was not severe enough to restrict the pace of general

measured, for example, by the Index of Industrial

Production.

far from

business as

(See accompany-

ing chart.)
By late fall, after most of the steel inventory liquidation

phase had passed,

it became obvious that steel output for the year would amount

to something

like 109 million ingot tons, which made it the best year for the steel industry
since 1957. In fact, from the spring on, as the year progressed,

there was a

persistent tendency for sights to be raised in the game of forecasting
total output.

Such a development

year (1962) when a persistent

was in marked

contrast

the year's

with the previous

lowering of sights was the order of the day. (In

the auto industry, by contrast, both years witnessed progressively

rising expecta-

tions.)

INDUSTRIAL

PRODUCTION

It was the auto industry, nat the steel
industry, which lent support to the
index of industrial production in 1963.

3

STEEL AND

AUTO

OUTPUT

Steel output was largest of the past
6 years; auto output was largest af
the past 8 years.

110
100
90

7

80

6

70

5

60
5.0

4

40

3

30

2

20
10

O~~~~--~--------~~----~~
·'63 estimated

The steel industry's

comeback

in the autumn
Starting

months

accompanied

by some price adjustment.

few product

lines, the price increase

three-fourths

of the total industry coverage and amounted

of the year was

in a tentative

by early October

fashion on a

had spread

to about

to about 3% of total

shipments. The steel industry closed the year on a note of optimism with plans
for further
contract

modernization

of facilities

and with the prospect

issue would be at rest throughout

Autos. For the auto industry,

that the labor-

1964.

practically

all the 1963 surprises were of a

pleasant sort. In the early months of the year, the '63 models sold so well that
auto output was maintained

at a rate between

mark for month after month. The questions
Will the new '64 models be well received?
questions

were answered

the 7 million and 8 million car
were: Will the good news last?

As events unfolded,

both of these

in the affirmative. The final score for the year was

sales of about 7.3 million domestically

produced

cars and total car sales of

7.7 million, including imports. Production, including output for export, amounted

4

to 7.6 million cars. It was a phenomenal
it surpassed

even the celebrated

One of the noteworthy
trend of consumer

preference

than usual. Production

year, indeed. In some measurements

auto year of 1955.

developments

during

the '63 auto year was the

toward larger cars, with even more accessories

and sales of the smaller domestic

they might have been as a result of this development.

cars were less than
Sales of the smaller,

foreign cars, however, enjoyed an increase in their share of the market. Foreign
car sales increased

from 339,000 in 1962 to an estimated

The year for autos ended with a question

380,000 in 1963.

about the 1964 prospect.

Con-

sidering that both 1962 and 1963 were strong years for autos, could it be reasonably expected

that a third

7-million car year would

temper that prevailed in business forecasting
opinion in the direction
year. Enhanced

prospect

of a favorable

follow? The optimistic

toward the close of '63 influenced

view of the prospect

of a tax cut was no barrier

to such a view.

STEEL OUTPUT
AND

for the '64 auto

IN PITTSBURGH

CLEVElAND

During much of the yeor, steel output
in Clevelond wos running oheod of
the notiono I rote.

5

General

Business. While optimism was the characteristic

tone of general

business at the end of the year, that was certainly not true of the entire year.
In fact, 1963 opened with a "standard

forecast" which envisaged

the onset of

a mild recession some time in the first half of the year. Such a commonly held
view turned

out to be a false alarm;

the Row of business news throughout

the first half was all on the side of business expansion. A slight note of hesitation did appear
Production

in August and September.

In August the Index of Industrial

dipped one point, due to the combined

effect of the steel cutback

and the model changeover

in the auto industry.

average

index, for Gross National

for the production

important

business

series showed

scores. The economy regained

appreciable

some upward

Even so, the third quarter

SALES IN PITTSBURGH

AND

CLEVELAND

The gain in Pittsburgh's auto sales
for the year matched the national rate.
Cleveland's
gain exceeded the
national rate.

6

and for most

gains over the second-quarter
momentum

steel output and auto output were on the plus side.

AUTO

Product

in the fall; this time,

The tragic death of President
emotional

Kennedy

on November

shock of historic significance, but feelings

business uncertainty.

22 constituted

did not spill over into

On the contrary, the lack of unfavorable

repercussions

on

and strength

of

the business and financial fronts was a mark of the stability
the country's basic institutions

as well as a tribute

an

to President

Johnson's firm

handling of the reins in the early days of the transition. And so the year 1963
closed with business expansion in full course and with optimism stemming in
part from the prospects

of a tax cut, which appeared

The economy of the Fourth

Federal

reasonably

Reserve District, which encompasses

a large share of the steel and auto industries

of the nation, participated

in the events of '63 as identified above. One of the accompanying
with steel output

in Pittsburgh

imminent.

and Cleveland

against

charts deals

the backdrop

national total; another chart shows how auto sales in Pittsburgh
the national pace, while auto deliveries in Cleveland bettered

fully
of the

kept up with

the U. S. rate.

7

Deposit

-Type

Fourth

T

Financial

Institutions

District

OTAL ASSETS of deposit-type

financial institutions

in the Fourth Federal

Reserve District passed the $33 billion mark last year, an increase of some

$19 billion from the end of 1947. Thus, over a span of 16 years, deposit-type
financial institutions in the District more than doubled their total assets.
Such considerable

growth

in resources

has been accompanied

scale expansion in the facilities of District financial institutions.
new organizations
offices have

established,

with

the latter

development

especially rapid pace. A total of 4,741 offices of deposit-type
was being maintained

in 1963 - 72 percent

growth in facilities has been concentrated
ties in the District have expanded
offices has increased

8

Not only have

been formed and main offices opened, but additional

been

way, the marked

by large-

more than

occurring

branch
at an

financial institutions

16 years earlier. This

in branch offices; branch office facili-

nearly six times, while the number of main

by only about one-third.

increase in the number

(See Table I.) Putting it another

of branch

offices represented

about

three-fifths of the total increase in the facilities of deposit-type

financial institu-

tions in the Fourth District during the 1947-63 period. That development
really surprising,

particularly

in light of both population

movements

is not

and com-

petitive pressures facing financial institutions.
While Fourth
siderably,

District

patterns

of institutions

deposit-type

financial institutions

have grown con-

of growth have not been uniform for the individual

or for individual

states in the District.

types

Let us take a look at

some of these patterns.

Commercial
Total
percent,

Banks
assets

of commercial

banks

in the

Fourth

from $12.1 billion to $22.2 billion, during

increase represented

I

AND

Deposit-Type

Fourth

83

1947-63. The $lO.l-billion

FACILITIES
Financial

Federal

DECEMBER

Reserve
31

Institutions*

District

1947

FACILITIES

State or Portion
Assets
in Fourth District ,(millions) Total
Ohio

expanded

about one-half of the total increase in assets of all deposit-

ASSETS
Table

District

FACILITIES

Main
Assets
Main
Offices Branches (millions) Total Offices Branches
1,494
731
232

201

$21,951

3,179

* Deposit-type institutions include: Commercial banks, insured savings and loan associations, mutual savings banks,
and credit unions.
SOURCES OF DATA:

Board of Governors of the Federal Reserve System
Federal Home Loan Banks of Cincinnati and Pittsburgh
Credit Union Leagues in Kentucky, Ohio, Pennsylvania and West Virginia

9

type financial institutions

in the District during the 16-year span. At the same

time, the number of commercial banking offices expanded by nearly 50 percent
with all of the growth taking place in branch
offices actually

declined,

while branch

offices. The number

offices multiplied

of main

nearly fivefold. (See

Table II.)
Although both the resources and the facilities of commercial banks have increased by larger absolute
institutions,
continue

amounts than those of other deposit-type

financial

the rates of increase have lagged. Thus, while commercial

banks

to hold the largest volume of assets and to account for the largest

number of offices in the District, their share of both total assets and total facilities has declined.

To illustrate,

at the end of 1947, commercial banks held 87

percent of the assets and accounted for 51 percent of the offices of all deposittype financial institutions
sponding

in the Fourth

shares were 67 percent

Table

II

ASSETS

District;

and 43 percent,

AND

respectively.

FACILITIES

Com mere ia I Ban k s

SOURCE OF DATA: Board of Governors of the Federal Reserve System

10

at midyear

1963, the corre-

Savings and Loan Associations

and Mutual

Savings Banks

Total combined assets of insured savings and loan associations and mutual
savings banks in the Fourth
period.

(1)

resources

Growth
of mutual

District

was centered

multiplied

nearly sixfold in the 1947-63

in the savings and loan associations.

savings banks located in the Fourth

Total

District actually de-

clined during the period. (There were only three mutual savings banks in the
District as of June 30, 1963, with assets of $263 million; there had been four
in 1947, with assets of $338 million.) Savings and loan associations contributed
44 percent of the asset growth in the District between

1947 and mid-1963, with

assets held at savings and loan associations increasing from $1.5 billion to $10.1
billion.

(Continued

on Page 14)

(1) Data used here apply only to the savings and loan associations in the Fourth District that
are insured by the Federal Savings and Loan Insurance Corporation. Such associations account
for over 90 percent of the assets of all savings and loan associations in the District, but a some-

what lesser percentage of total facilities.

ASSETS
Table

III

Insured
and

AND
Savings

Mutual

FACILITIES
and

Savings

Loan

Associations

Banks

SOURCES OF DATA: Board of Governors of the Federal Reserve System
Federal Home Loan Banks of Cincinnati and Pittsburgh

11

Log of

Second

Qu ar

APPREHENSIONS
ABOUTs STEEL
LABOR CONTRACT

End 01
N.Y. news
strike

ATLANTIC COAST
DOCK STRIKE
LONG

COLD

WINTER

suaar Prices
Soar

Birmingham
race

crisis

End of Cleveland
news stri ke

WHEAT FARMERS
REJECT CONTRO

CORPORATE PROFITS RE(

2QIda
$5k

Third

.......--.,*
STEEL WAGE

Fourth

Quarter

Quarter

AUT0 PLANTS
DOWN FOR MODEL CHANGE

near record year for autos apparent

agreement

Oxygen

furnace
building

CONGRESS AVERTS
RAIL STRIKE

LS

STEEL PRICE
INCREi,\SE
40-YEAR HIGH
SILVER PRICES

Dow-Jones
to historic high

:OVER

109 million tons
steel for yr.

LONG

DRY FALL

industrial production
at new record
Hurricane

cars for yr.

PRESIDENT
ASSASSINATED
LBJ

Flora

FEDERAL RESERVE
INCREASES MARGIN

$11 BILLION TAX CUT
~ASSED BY HOUSEPres. requests
interest equalization tax

TAKES

OVER

Assassin murdered

REQUIREMENTS

Economy drive
for Fed. Gov't

(Continued

[rom

Total
percent

Page

11)

facilities

of insured

in the 1947-63 period, as the number

percent,

while

upswing

in activities

institutions
District,

savings and loan associations

the number

of branch

expanded

by 88

of main offices increased

by 26

offices multiplied

of savings and loan associations

now accounting

nearly one-third

19 fold. The sharp
has resulted

for a much larger share of the total assets in the

at midyear

1963 as compared

with about one-tenth

in 1947. On the other hand, the share of total facilities accounted
savings

and loan associations

Table

IV

in these

has advanced

ASSETS
Credit

AND

for by the

only moderately.

FACILITIES

Unions

*

Latest available data for credit unions are as of December 31, 1962. Figures for June 30,1963 are estimated
SOURCES OF DATA: Credit Union Leagues in Kentucky, Ohio, Pennsylvania and West Virginia

Credit Unions
Although
resources

of deposit-type

of growth

experienced

phenomenal.
midyear

the assets of credit unions represent
financial institutions

by these institutions

in the Fourth

of the total

District,

the rate

in recent years is nothing short of

Thus, the $564 million of total assets held by credit unions at

1963 represented

the product

1947 - by far the most rapid

14

only 2 percent

of a twelvefold

rate of expansion

multiplication

from

for any of the deposit-type

institutions.
3 percent

Even this much of a relative gain, however, was equivalent
of the total resource

growth of all deposit-type

institutions

to only
in the

District.
Credit union facilities also have expanded markedly, rising from 913 offices
in 1947 to 1,840 in 1963. In line with this growth, credit union offices accounted
for 39 percent

of total facilities in the District at midyear

about one-third

1963, in contrast to

16 years earlier.

Table

V

BALANCE

SHEET

Commercial
DEC

(millions
of dollars)

3/.

<

Banks

/947

Percent
of Total

$ 2,887
6,348
2,898
$12,133

Investments
Other Assets
Total

ITEMS

23.8
52.3
23.9
100.0

$ 7,401
3,7&5

(millions
II·. Percent
of dollars)
of Total
47.1

6hQ
31.0

Liabilities
Deposits:
Demand
Time
Other Liabilities
and Capital Accounts
Total

8.0
100.0

SOURCE OF DATA: Board of Governors of the Federal Reserve System

State Patterns
The growth patterns

of the different types of institutions

have varied con-

siderably from state to state in the Fourth District. As would be expected, and
as can be seen from Tables II-IV, the aggregate statistics for each type of institution are dominated

by the figures for Ohio.

15

At midyear

1963, Ohio's share of both total assets and total facilities in

the District was roughly two-thirds,

a slight increase over 1947. Since the end

of 1947, Ohio's share of both total assets and total facilities of commercial banks
in the District has increased. Ohio's share of the combined assets of the savings
and loan associations

and mutual savings banks has declined,

their facilities has increased.
been maintained

but its share of

Ohio's share of total assets of credit unions has

while its share of credit union facilities through

the District

has increased.
Deposit-type

financial institutions

for most of the remaining

located in western Pennsylvania

assets and facilities in the District. That area's share

of both total assets and total facilities has declined
1963 the institutions
and accounted

in western Pennsylvania

somewhat;

still held 28 percent of the assets

BALANCE
VI

SHEET

ITEMS

Insured Savings and Loan
Associations
and
Mutual Savings
Banks

143
$1,842

64.4
27.8
7.8
100.0

SOURCES OF DATA: Board of Governors of the Federa! Reserve System
Federal Home Loan Banks of Cincinnati and Pittsburqh

16

but at midyear

for 26 percent of the facilities of the District.

Table

account

Despite Ohio's and Pennsylvania's
financial institutions

located

domination

in the Fourth

West Virginia have also experienced

of the figures, deposit-type

District

substantial

portions

growth.

growth rates, the figures for both of these areas compare

of Kentucky

and

In fact, in terms of
favorably

with the

larger states. (See Table I.)

Asset Patterns
The asset structures
Fourth

of the various deposit-type

District have undergone

is summarized

as of yearend

Typical of experience

elsewhere

District co~mercial

Table

VII

in the

marked changes. The nature of these changes

in Tables V-VII, which present comparative

each type of institution
assets of Fourth

financial institutions

balance sheets for

1947 and as of June 30, 1963.
in the nation, the composition
banks has been considerably

E3ALANCE
Credit

SHEET

of earning
altered.

Re-

ITEMS

Unions

Loans
Other Assets
Total

Other Liabilities
Total

* Latest available data for credit unions are as of December 31,1962. Figures for June 30,1963
are estimated
SOURCES OF DATA: Credit Union Leagues in Kentucky, Ohio, Pennsylvania and West Virginia

17

fleeting commercial
investments

banks' participation

(primarily U.S. Government

half of total assets at yearend
reduced

investment

Conversely,
one-fourth

holdings

a substantial

securities) constituted

to about

one-third

banks, which had amounted

of total assets in 1947, accounted
other assets (including

accumulation

cash items) declined

of loans, commercial

to about

from nearly
1963. Despite

banks held the lowest propordeposit-type

institutions

at

1963.

banks in both

about nine-tenths

of total deposits;

54 percent

of the funds available

1947 and 1963, a substantial

deposit mix. (See Table V.) At yearend
thirds

banks

for nearly one-half of total assets

of total assets in 1947 to about one-sixth at midyear

While deposits provided
mercial

more than one-

of total assets by mid-1963.

tion of loans to total assets of any of the District's
midyear

to finance World War II,

1947. In response to rising loan demand,

loan volume of commercial

in 1963. In addition,
one-fourth

in helping

at midyear

change

occurred

in the

1947, demand deposits represented
1963, demand

deposits

of total deposits. The rise in time deposits

factors, principally

to com-

the higher rates of interest

represented

twoonly

is the result of many

paid by many banks on such

deposits.
Savings and loan associations
composition
real estate

of their asset portfolios. At midyear
loans) represented

Comparative

savings banks also altered

of total assets compared

at the end of 1947.

data for credit unions indicate

that a similar degree of asset

has taken place over the past 16 years. Asset composition

heavily oriented toward loans (primarily personal instalment
(See Table VII.)

18

the

1963, loan volume (principally

more than four-fifths

with slightly less than two-thirds
reallocation

and mutual

has been

loans to members).

WILBUR
President,

Federal

o.

FULTON

Reserve

May 15, 1953

to April

Prior to his ten years as president,

Bank of Cleveland
30, 1963

Mr. Fulton's career in banking

had included 20 years of service with this bank. Subsequent
retirement

to his

from the bank on April 30, 1963, Mr. Fulton has been

active in a wide range of financial, civic and governmental

affairs.

19

Comparative

Statement

ASSETS

of Condition

Dec. 31, 1963

TOTAL

343,270,000
585,699,000
1,469,507,000
385,044,000
2,783,520,000

TOTAL

Discounts and Advances
U.S. Government Securities:
Bills
Certificates
Notes
Bonds
TOTAL

U.S.

GOVERNMENT

TOTAL

LOANS AND SECURITIES

2,451,015,000
721,013,659
7,275,098
29,726,416
$4,623,838,194

$2,679,742,230
1,201,043,442
38,220,731
24,440,000
13,848,557
1,277,552,730
530,832,841
5,257,793
4,493,385,594
43,484,200
86,968,400

4,577,784,824

CASH

2,792,221,000
509,071,091
6,427,573
34,414,996

1,158,351,902
43,915,293
14,880,000
7,910,939
1,225,058,134
399,373,828
6,738,252
4,443,101,774

RESERVES

Federal Reserve Notes of Other Banks
Other Cash

196,364,000
1,059,973,000
861,788,000
3.32,641,000
2,450,766,000

44,894,350
89,788,700

GOLD CERTIFICATE

Notes

$1,254,874,381
112,001,545
1,366,875,926
27,690,620
20,241,475

$2,811,931,560

Reserve

$1,072,428,053
120,891,715
1,193,319,768
31,391,715
10,938,681
1,235,650,164
8,701,000

$4,577,784,824

Gold Certificate Account
Redemption Fund for Federal

Dec. 31,1962

$4,623,838,194

SECURITIES.

Cash Items in Process of Collection
Bank Premises
Other Assets

.

.

TOTAL ASSETS .

1,414,808,021
249,000

LIABILITIES
Federal

Reserve Notes.

Deposits:
Member Bank - Reserve Accounts
U.S. Treasurer - General Account
Foreign
Other Deposits
TOTAL DEPOSITS

Deferred Availability
Other Liabilities
TOTAL

CAPITAL

Cash Items

LIABILITIES

ACCOUNTS

Capital Paid In
Surplus
TOTAL

LIABILITIES

AND CAPITAL

ACCOUNTS

Contingent Liability on Acceptances
for Foreign Correspondents

20

Purchased
.

$

8,.546,700

$

7,905,400

Comparison of Earnings and Expenses

1963

Total Current
Net Expenses
Current

$94,972,347
15,652,180
79,320,167

Earnings
Net Earnings

Additions to Current Net Earnings:
Profit on Sales of u.S. Government Securities
(Net)
Profit on Foreign Exchange Transactions (Net)
All Other
TOTAL

ADDITIONS

Deductions from Current Net Earnings:
Proportionate
Share of Losses Under Federal
Reserve System Loss Sharing Agreement
(Net)
All Other
TOTAL

Net Additions
Net Earnings

.

Dividends
Paid U.S. Treasury
Transferred

DEDUCTIO:\TS

Before Payments
(Interest

to Surplus

1962

to U.S. Treasury
on F.R. Notes)

$88,180,787
15,143,856
73,036,931

26,166
27,303
18,646
72,115

167,498
27,030
23,005
217,533

-01,415
1,415

177,558
418
177,976

70,700
79,390,867
2,653,643
73,916,924
$ 2,820,300

39,557
73,076,488

-_._-

2,547,615
66,832,373
$ 3,696,500

21

Directors

for 1964

(AS OF JAN. 1)

Chairman

JOSEPH B. HALL
Chairman of the Board
The Kroger Co., Cincinnati, Ohio
Deputy

Chairman

LOGAN T. JOHNSTON
President
Armco Steel Corporation
Middletown, Ohio
FRANK E. AGNEW, JR.
Chairman of the Board and
Chief Executive Officer
Pittsburgh National Bank
Pittsburgh, Pennsylvania
W AL TER K. BAILEY
Chairman of the Board
The Warner & Swasey Company
Cleveland, Ohio
ALBERT G. CLAY
President
Clay Tobacco Company
Mt. Sterling, Kentucky

22

RICHARD R. HOLLINGTON
President
The Ohio Bank and Savings Company
Findlay, Ohio
DAVID A. MEEKER
Chairman of the Board and
Chief Executive Officer
The Hobart Manufacturing Company
Troy, Ohio
C. N. SUTTON
President
The Richland Trust Company
Mansfield, Ohio
EDWIN J. THOMAS
Chairman of the Board and
Chief Executive Officer
The Goodyear Tire & Rubber Company
Akron, Ohio
Member, Federal

Advisory

Council

LELAND A. STONER
President
The Ohio National Bank of Columbus
Columbus, Ohio

Officers

for 1964

(AS OF JAN. 1)

W. BRADDOCK HICKMAN
.President
DONALD S. THOMPSON .... First Vice President
ROGER R. CLOUSE .Vice President and Secretary
EDWARD A. FINK
Vice President
ELMER F. FRICEK ....................
Vice President
CLYDE HARRELL.
.Vice President
FRED S. KELLY
Vice President and Cashier
FRED O. KIEL .
. ..Vice President
MAURICE MANN
........ Vice President
CLIFFORD G. MILLER
...Vice President
MARTIN MORRISON
Vice President
PAUL C. STETZELBERGER
.. Vice President
ELFER B. MILLER
General Auditor
PAUL BREIDENBACH
.. Counsel

PHILLIP B. DIDHAM
Assistant Vice President
ROBERT G. HOOVER.
Assistant Vice President
JOHN J. HOY
Assistant Vice President
HARRY W. HUNING
Assistant Vice President
GEORGE E. BOOTH, JR. .
Assistant Counsel
ADDISON T. CUTLER
Special Economist
GEORGE T. QUAST
Chief Examiner
DONALD G. BENJAMIN
Assistant Cashier
ANNE J. ERSTE .
... Assistant Cashier
R. JOSEPH GINNANE
Assistant Cashier
WILLIAM H. HENDRICKS
Assistant Cashier
THOMAS E. ORMISTON, JR..
Assistant Cashier
JAMES H. CAMPBELL .. Assistant General Auditor
LESTER M. SELBY
Assistant Secretary

23

Branch Directors

CINCINNATI
DIRECTORS

Chairman

HOWARD E. WHITAKER
Chairman of the Board, The Mead Corporation, Dayton, Ohio
G. CARLTON HILL
Chairman of the Board
The Fifth Third Union Trust Company
Cincinnati, Ohio
JOHN W. HUMPHREY
President
The Philip Carey Manufacturing
Company
Cincinnati, Ohio
W AL TER C. LANGSAM
President
University of Cincinnati
Cincinnati, Ohio

JAMES B. PUGH
President
The Security Central National Bank
of Portsmouth
Portsmouth, Ohio
BARNEY A. TUCKER
President
Burley-Belt Fertilizer .Company
Lexington, Kentucky
JOHN W. WOODS, JR.
President
The Third National Bank of Ashland
Ashland, Kentucky
OFFICERS

FRED O. KIEL, Vice President
JOHN BIERMANN, JR., Assistant Cashier
PHIL J. GEERS, Cashier
GEORGE W. HURST, Assistant Cashier
WALTER H. MacDONALD, Assistant Cashier

24

and

Officers

for 1964

(AS OF JAN. 1)

PITTSBURGH
DIRECTORS

Chairman

WILLIAM A. STEELE, Chairman of the Board and President
Wheeling Steel Corporation, Wheeling, West Virginia
S. L. DRUMM
President
West Penn Power Company
Greensburg, Pennsylvania

J. S. ARMSTRONG
President and Trust Officer
The Grove City National Bank
Grove City, Pennsylvania

JAMES B. GRIEVES
President
Commonwealth Bank and Trust Company
Pittsburgh, Pennsylvania

G. L. BACH, Maurice Falk Professor
of Economics and Social Science
Carnegie Institute of Technology
Pittsburgh, Pennsylvania

ALFRED H. OWENS
President
The Citizens National Bank of
New Castle
New Castle, Pennsylvania

F. L. BYROM
President
Koppers Company, Inc.
Pittsburgh, Pennsylvania
OFFICERS

CLYDE HARRELL, Vice President
JOHN A. SCHMIDT, Cashier
J. ROBERT AUFDERHEIDE
Assistant Cashier

PAUL H. DORN, Assistant Cashier
CHARLES E. HOUPT, Assistant Cashier
ROY J. STEINBRINK
Assistant Cashier

25

The Fourth

Federal

Reserve

District


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102