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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