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Federal Reserve Bank of St. Louis

From the Boardroom
looking Forward
looking Backward
Highlights of 1998
Directors

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The Federnl Reserve l?)ank of Jan

District, which includes the nine western

Francisco is one of 12 regional Reserve

states -- Alaska, Arizona, California, Hawaii,

l?)anks which, together with the l?)oard of

Idaho, tievada, Oregon, Utah, and

Governors in \Jashington, DC., comprise the

\Jashington -- Guam, American Jamoa, and

nation's centrnl bank.

the tiorthern Mariana Islands.

As the nation's centrnl bank, the

To serve this expansive region, the

Federnl Reserve is responsible for making and

Jan Frnncisco Reserve l?)ank has five offices:

rnrr~ing out our nation's monetar~ polic~. It

our head~uarters in Jan Frnncisco and

also is a bank regulator~ agenc~, a provider

offices in Los Angeles, Portland, Jalt Lake

of wholesale priced banking services, and the

Cit~, and Jeattle. E.ach office provides

fiscal agent for the United Jtates Treasur~.

financial services to the banking institutions

The Federnl Reserve l?)ank of Jan
Frnncisco serves the Twelfth Federnl Reserve


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Federal Reserve Bank of St. Louis

in its locale.

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From left, Nelson C. Rising, Deputy Chairman (1999); Cynthia A. Parker, Deputy Chairman (1998); Robert T Parry, President; John
F Moore, First Vice President; and Gary G. Michael, Chairman.

Last ~ear was an important one for

"to provide for the establishment of

the Federal Reserve P-:>ank of Jan Francisco

Federal reserve banks, to furnish an elastic

in that we both celebrated our histor~

currenc~, to afford means of rediscounting

and looked toward our future. The ~ear

commercial paper, to establish a more

1998 marked the 85th anniversar~ of

effective supervision of banking in the

the establishment of the Federal Reserve

United Jtates, and for other purposes."

J~stem. It was December 23, 1913, when

Further legislation has clarified and

President \Joodrow \Jilson signed into

supplemented these original purposes

law the Federal Reserve Act. The Federal

through the ~ears, but our underl~ing

Reserve Act stated that its purposes were

goals remain.


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Federal Reserve Bank of St. Louis

This bank has a long histor~ of

[Retired], Pacific Gas and E:.lectric Co.,

outstanding accomrlishments. During 1998

Jan Francisco, CA); on the Los Angeles

we once again reached imrortant milestones

branch board, its Chairman, Anne L.

that ~ou will read about in this Rerort, and

E:.uans (Chairman, E:.uans Hotels, Jan Diego,

we assured our orerntional readiness to

CA), and Jterhen G. Carrenter (Director,

enter the next centur~.

California United bank, E:.ncino, CA); on

Our directors rrouided us with

the Portland branch board, its Chairman,

inualuable information and leadershir

Carol A. Vhirrle (Prorrietor, Rocking C

throughout the ~ear. Their inderendent

Ranch, E:.lkton, OR), and Thomas C.

assessment and knowledge of economic

Young (Chairman, tiorthwest tiational

and financial conditions throughout our

bank, Vancouuer, VA); on the Jalt Lake

District are essential to the formulation

Cit~ branch board, its Chairman,

of monetar~ rolic~. Ve thank them all

Richard E:.. Dauis (President and CE:.O,

for their contributions.
In rartiwlar, we want to exrress

Jalt Lake Conuention and Visitors bureau,
Jalt Lake Cit~. UT), and Ro~ C. tielson

our sincere thanks and arrreciation to

(President [Retired]. bank of Utah, Ogden,

those directors and aduisor~ council

Utah); on the Jeattle branch board,

members who retired from Federal Reserue

Constance L. Proctor (Partner, Alston,

seruice at 1998 ~ear end: on the Head

Courtnage, Proctor & bassetti, LLP,

Office board, its Derut~ Chairman,

Jeattle, VA); and the Twelfth District

C~nthia A. Parker (E:.xecutiue Director,

Member of the Federal Aduisor~ Council,

Anchorage tieighborhood Housing

Dauid A. Coulter (Chairman and CE:.O

Jeruices, Inc., Anchorage, Alaska), and

[Retired]. bankAmerirn Corroration,

Jtanle~ T. Jkinner (Chairman and CE:.O

Jan Francisco, CA).


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Federal Reserve Bank of St. Louis

Gar~ G. Michael

Robert T. Parr~

Chairman

President

3

L *Year 2000 Read,ness Dlsclosure
0
The countdown is on for 01/01/
0
K 2000 -- the start of the new centur~.
l On the last da~ of 1999 celebrants
N around the world will wait for the stroke
G

of midnight with a mixture of excitement,

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curiosit~. and treridation. Jome will
greet the new ~ear at rarties rlanned

Un-ited. States ~gal cod.e
doe:9 not SP, ec-i an off-ic-ip.l
abonal ca1en ar -- yse ot
t e Gregonan ~alendar -in
t e U.S. stel]ls tr~m an Act
o the Br-itjsh. Par -iarent -i1>
1 51 wh.-ich. spec-i -ie use ot
t e Gre2ono.t1 ca elJ. ar -in
Engfanct and h.er colonies.
For the Federal Reserue the concern

~ears in aduance, while others will be

is not onl~ to be certain that our internal

A

sitting in their offices wondering whether

R
D

s~stems are Y2K comrliant, but also that we

the~ started rlanning for enough in

fulfill our charter as a regulator of financial

aduance. \Jill the much-ball~hooed

institutions and as the nation's mone~

Y2K comruter meltdown occur?

manager. Jome critical tasks spelled out in
the Federal Resen;e's charter are to ensure

2000AD

4
Y2K Computer Glitch

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What was the country like the

First Transatlantic Wireless Message, 1901

Prosperity had returned to the country

last time people were waiting for the

after the election of President William

calendar to turn to a new century?

McKinley of Ohio in 1896. Even the

What was it like to live in America on

government was prosperous with the

New Year's eve 1899, and what was on

Treasury showing a $46 million surplus

the minds of people as they waited to

of income over expenditures. Thus, the

welcome 1900?

period came to be referred to variously as

December 31, 1899, was a snowy
Sunday night in New York City,
but that couldn't put a chill on the
optimism and eagerness many
residents felt as they anticipated
the new century. Times were good.


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Jh.e word. "calend.ar" comes
t~EOlfl th.e Ro11J.an terl)l
a1$nd.a-:," wh.i' ch. reters to
t e tJ std yo each
mfontki Ka.fen ae li; d.erlved.
rom tn.e Lat-in "calare" -0 1-nnounce solemnly, to
call
1 out.

safet~ ar1d smmdr1ess iYl the orerntior1 of
fir1ar1cial ir1stitutior1s, to rrouide stabilit~
iYl fir1ar1cial markets, ar1d to mair1tair1 the
smooth fur1ctior1ir1g of the r1ation's ra~mer1ts
s~stem. It's hard to imagir1e that back
ir, 1913, wher1 members of Congress
emrowered the Federnl Reserue J~stem
with these resronsibilities, the~ could haue
enuisior1ed a da~ wher, the fir1ar1cial s~stem
would be threater1ed more b~ outdated
comruter code than b~ baYlking rar1ics.
P-:>asirnll~. it's just that -- outdated
comruter code -- that sits at the root of the
1800AD

1900AD

5

the Age of Opt1m1sm, the Age of

90,400. Seattle and Salt Lake C,ty

Conf,dence, and the Age of Innocence.

boasted popul at,ons of 80.700 and

There were 45 states, and the populatfon

53,500, resped1vely.

of the nat,on was 76 mm10n and grow,ng
rap1dly. Amenca was already becom1ng
the "melt,ng pot" w,th one-thfrd of Hs
res1dents fore1gn born or ch,ldren of
fore1gn born. The center of the country
was st,11 def1n1tely eastward wlth nearly

3,500,000 people l1v1ng 1n New York.
San Franc1sco had only 342,700
res1dents and Los Angeles had 102,000.
Portland was not far beh,nd wlth

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Federal Reserve Bank of St. Louis

Ther~is spme d.ebate
whet r he 21st centu

adua fy teglns lJL 2008'or

2001. Heca:q.se there is no
yej1.r "O" in tile Gregorian
_s:alendar, th.e 1st century
b]iegan i?tA.D.1. Foll~~ing
t e mat emahcs, eJJ.cn
century e2.ins with '01
(1801J 190D and. end.s with
'00 (1900, 200~,
indicating that t e 2,lst
1 eg1ns
century actually
January 1, 2001.

e th.}'nk of calend.J!TS as
ct11a and. sc1entitlc. In
uth. they art: merely a
soc1any,agreed uponf.y~tem
of kee111ng ,-ccouni o . b;,ne.
C'J1.lendars torm~ basJs tor
plan~1ng agr1cu_ltur'!-I,
h.u1J..bng, a11d m1itrabon
cycles; for dfy1ni1:lot1rnd.
progno~b.cabon~and or
mJ1nta1n1n2..cY.c•~s o
reHg1ous and c1v1I events.

~ears -- "98" for 1998 instead of "1998" -to ortimize srace on uer~ exrensiue
mainframe rrocessors. Thus, 2000 ma~
be misrnlwlated b~ the electronic brnin

as

1900. In that rnse the software would not be
able to rerform certain functions or would
rroduce erroneous results. This has the
rotential to affect not onl~ mainframe and

Y2K rroblem which, derending on the
newsrarer ~OU read, ma~ cost

<AS

much

rersonal comruters, but also machiner~,
<AS

$860 billion worldwide to fix. Until recent!~,
comruters haue trnditionall~ used two-digit
numbers, rnther than four-digit, to rerresent

arrliances, sewrit~ s~stems, and other
deuices with embedded microchirs.
The fix is not simrle, obuious, or
inexrensiue but wn be done successfull~.
1700AD

6
Rosetta Stone found, 1799

An edHor,al 1n the January 1.

San Francisco Chronicle, ,n ,ts December

1900, New York Times procla,med,

31.1899, ,ssue, reported, "The f,nanc1al

"The year 1899 was a year of

strength and stab,l,ty of San Franc,sco, the

wonders ... ,n bus1ness and produdfon.

money center of the Pac,f,c Coast, are seen

It would be easy to speak of the 12
months iust passed as the banner year
were we not already conf,dent that the
d1st1nd1on of h,ghest records must
presently pass to the year 1900 .... The
outlook on the threshold of the new
year 1s extremely br,ght."
The v,ew ,nto the 20th century from
the West Coast was equally hopeful. The

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Most calend.ars count fro111 a
"zero" yefr assoc1ated w1th. an
h.jstonca or lege1.1d.atY ev,,ent.
Th.e Gregor1an calenp.a.r, or
e~atJlp1~. mea1ures bme rom
th.e b1rth. of Ch.r1st. However,
.
1·t cont a1ls
np ,,yejlT zero,, -Ch.nst' s e~th. 1s dated. A.D. 1,
d1rectly ol ow1ng 1 B.C. A
time per10 fro~ 10 J3.C. to
A.D. IO would, th.eretore, span
19, not 20, years.

It re~uires tedious se<Arching through

resources needed to re<Ach comrli<Ance,

comruter code, much of it written in

modif~ing rrogrnm code, testing <All s~stems

outd<Ated lcmgu<Ages b~ rrogmmmers who

(including contingenc~ rl<Ans), <And, fin<AII~,

m<A~ h<Ave long since retired.

imrlementing the urd<Ated s~stems. A

Pl<Anning for the ~e<Ar 2000 beg<An

critiwl rh<Ase of the rroject is testing --

throughout the Federnl Resen;e J~stem in

intern<AII~ <And extern<AII~ with customers,

1995, when t<Asks were defined <And <A

vendors, <And other seruice surrliers such

timeline w<As est<Ablished to ensure th<At

<AS utilities, trnnsrort<Ation rroviders, <And

<An~ necess<Ar~ modifiwtions would be

environment<AI s~stems. The Reserue

m<Ade to our intern<AI s~stems to en<Able

P-)<Anks now h<Ave comrleted the renov<Ation

them to function norm<AII~ over the centur~

<And testing of our intern<AI s~stems, <And

d<Ate ch<Ange. Ke~ sters in the rrocess

we <Are s<Atisfied th<At <All fin<Anci<AI service

include <Assessing the score of ch<Anges <And

<Arrliwtions of the Federnl Reserue <Are Y2K

7
Bank of England established, 1695

to be be Her than ever before. The banks
have 1ncreased the,r resources wonderfully,
the ga,n ,n the 1ast four months be,ng over

$8,800,000."

Th.is [oma.ly stems from th.e
fa.ct t a.t R~otqa.n ,n-ymera.ls (-in
use w en t e ~a.s1s tor our
mod.eJ:n ca. ela.a.T wa.s
~sta.litjsh.e ) o not -includ.ef
zero. Th.e w ,'!1e concept o
zero a.s 4 nuE.oeT wa.~o
p.nRopul~r .t a.t -intro ucti~n
1n th.e M1ddl e Age-, p Arf.b1c
.JlUm~ra.ls met w1tlt l_png- -iv~d.
hP-sHlify, p-a;,-ima.r-ily due to the
a.lien zero.

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First Welfare Program, 1601

e

e~sur-in2 tjme is compl-icatea
y thf fac'f that the exp.ct
ngt of the "tro -ical ye r,"
ase 9ntth.e Ea.rtf::•, 1,!vofution
around t e Sun and tne
-intervjll ,,t}Veen succe,:;s-ive
arrivals ot the Sun at the
vernal equinox, -is unknown.

J~stem has srearheaded an extensiue
awareness and edurntional rrocess.
Communirntion is a ke~ element
of the Federnl Reserue effort to ensure
YJanking industr~ readiness for Y2K. Fed

read~. Testing arrlirntions with derositor~

rerresentatiues meet regular!~ with other

institutions will continue throughout 1999.

regulators and trnde associations to assess

In addition to read~ing its own

rrogress, share information, and focilitate

s~stems, the Federnl Reserue J~stem is

information dissemination. A Centur~ Date

working close!~ with other regulators and

Change (CDC) weYJ site at www.frhsforgl

derositor~ institutions to ouersee the

fiserviceslcdcl rrouides immediate, ur-to-

rrerarntions of the twnking industr~ as

date communirntion regarding the rroject.

a whole. To focilitate this rrocess, the

The Fed regular!~ communirntes with
lSOOAD

1600AD

8

Most people -- more than 60

There were vast differences in

percent -- lived on farms or in rural

lifestyle between those on the farm and

areas. But the move both to the cities

those in the city. And it wasn't easy

and westward was underway. Although

to travel between the two. Few were

most workers were still employed

adventuresome or wealthy enough to

in agriculture, manufacturing

spend about $1,500 for an automobile.

employment was increasing quickly.

The bus and truck were not yet

In 1898, for the first time the U.S.

invented. The railroad and the horse

exported more manufactured goods

and wagon were still the main forms of

than it imported. "Big business" was

transportation. Some 193,000 miles of

beginning as smaller companies were

railroad track crisscrossed the country

being acquired by industry giants such

while there were only about 150 miles

as Amalgamated Copper, and U.S. Steel.

of paved highway. A town not on the


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fincrncial institutions in the United
Jtates via newsletters designed to guide
constituents through a maze of data on
the subject and provides updates and
information about resources, problems,
and solutions. A booklet, :fmall P-:>usiness
and the Year 2000," was produced for
depositor~ institutions to distribute to
their customers. Institutions which have
electronic relationships with the Fed
receive regular bulletins alerting them to
information such as timelines, details of
testing, and information resources.

9
Columbus' Voyage, 1492

Public Banking, 1407

railroad was virtually remote. City

If you wanted to ride a subway, you

dwellers could take the electric trolley,

would have to go to Boston, while New

which expanded the radius of the city

York and Chicago offered elevated

to outlying residential areas and made

railroads. Once you got to the city, you

its center somewhat more accessible.

might see some incandescent lights,

The "tropjcal year" £onsi,ts
of a fr,-.c'bona num er o
d.1-Y,s,. the ex~ct nutn er o
wti1c11 rema1ns unknown
!~»P.roximately 365.24219).
Wlille most other
measurements allow larger
unit1 to cortain $?Xact
lJ.U;tnbers o smaller units Ca
d,ollar is exactly toq c.ents{)
bme measur±ew,ent1 1s1;,base
uppn a pre- ~.tinea.,
t oug
indetermina
le,
num
er.

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but, most likely, gas street lights, and
city homes of only the most weal thy
were electrified. The tallest building
in the country was the Ivins Syndicate
Building in New York, rising 29 stories.
New York, Chicago, and Philadelphia
each had more than a million residents.

Tht; Inte.rnat-igp.al Date Ljne -is

1-n 1mag1nary hn-: loc,-t~d

more than 1,200 rarticirants attended 16

halfway around.clthe globe fro:qi
th.e Pr-ime Mi• -ian. East of the
line -it -is one ay earHer th.an to
the west, so t af a person
cross-ing tlie -ine east to wes.J:
ga-ins, OT repeats, one aay. wh-ile
,- person cross!~.2 }Vest to east
loses one day. Wlthou~ th-is d.ate
change, ReTSQni trave11ng
c1:roun~ the glo el,-inifc_pnslstent
d1rectlon wo~I
e o local
t-ime by ex1ctly one ay upon
return to the-ir starting po-int.

seminars in 10 locations to recei1Je urdates

Outreach efforts reached a reak in
mid-1998 with a series of seminars offered

and ask questions regarding regulator~ and
readiness issues. Later in the ~ear, the
Federal Reser1Je scheduled a national satellite
teleconference, which reached 1Jiewers
gathered in more than 200 locations
nationwide to learn more arJout testing,
liquidit~ issues, and contingenc~ rlanning
and to ha1Je their questions answered.
As rart of our regulator~ role, the

throughout the countr~ for derositor~

Federal Reser1Je is concerned with making

institutions. In the Twelfth District alone

sure that Y2K rrorJlems don't ad1Jersel~

1400AD

10
First Mariners Compass, 1302

In addHion to the disparity

Medical problems were a great

between rural and city life, there were

concern. Influenza, pneumonia,

vast differences between the wealthy

tuberculosis, diphtheria, and typhoid

and the poor, and social problems such
as child labor, slums, and disease were
emerging as industry and immigration
boomed. The average American worker
earned 22 cents an hour -- less than

"L1apJ1ear:' -is a d.evice ~o1force
calendcfTs 1,?1-to sync;J:a. w1tn the
n1-tuta or trop1cp.l Y.ear,
wh-ic conJ~·ns a tT.jlft-ional
nu
er ot ys and 1s not a
easWy a1v1~1 ~e uri-u. :rJt.ef;ttJ.f
curr~ntly 1n use 1s st-ill o ·t by
one day every 3,000 v.ear.:;:
E~ery. year exactly d.-iv-is-ible by
41s a lec1:p ):e!\T e~cep_t..}'e4rs
exactly.dJv1s-ib1e by l\JU: these
ce1J.t~~I ye~Ts ~T~ l~t-p ;years
only 1 xact y d.1v1s1ble Hy
400.
ere ore, 1600 and.
2000 are lea]! years: 1700,
1800, and.19UO are not.
fe1

$500 a year. But you could buy eggs for
12 cents a dozen, a sirloin steak for 24
cents a pound, and stop by the soda
fountain for a 5-cent root beer Aoat, 10cent sundae, or 5-cent lemon phosphate.

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Whil~ theTe are approx1Jt1ately,1a
40 calep.daTs 1n use 1n th.e WOT
tpd.ay, th.e GTegona' ara-lcalenaf.T lf
th.e cu-rrent woTl w1a.e .=;tandaTd
Cl~lC calenap.T. Most oth.eTS~Te
Te ig-ious alendaT , ex pt t e

Is amic, ~hick ls t~e oficfa 1dy-ic

ca endaT 1n sountnes aTouna. th.e
PeTsian Gult.

institutions' rroject rlans and rrogress as
rart of our examination of risk management
and sound l1usiness rrnctices.
Contingenc~ rlanning is a crucial
rart of our Y2K readiness rlan. This
contingenc~ rlanning inuolues looking

affect the safet~ and soundness of the

l1e~ond automated s~stems and deueloring

countr~·s financial s~stem. In conjunction

a wa~ to keer orernting without wstomar~

with interngenc~ guidelines, we reuiew Y2K

resources. It requires testing, more testing,

readiness of l1anks, l1ank holding comranies,

and refining uarious scenarios. The Fed's

and other financial institutions. \Je

contingenc~ and euent management rlans are

haue estal11ished testing and readiness

dedicated to l1eing al11e to resrond quick!~ to

requirements and regular!~ reuiew

unforeseen circumstances.

1300AD

11
Magna Carta Signed, 1215

were among the 1ead,ng causes of
death. The average l,fe expectancy for
men was 46.3 years and for women,

48.3 years. Wealthy people 1n the
heart of a c,ty m1ght have runn,ng
water, but those outs,de probably d,d
not. The Amer1can d,et suffered s1nce
transportat,on of fresh food was h,ghly
1mprad1cal. Most people were w,thout
fresh fru,t and vegetables dur1ng
the w,nter months. Ra,lroads had
refr,gerator cars, but the home elech1c
refr,gerator was yet to be 1nvented.

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Th.e c5·nese ca.lend.a.T v-a.mes
yea.Ts
pa.-i -in ne 1{ 10
s-igns T~ a.t:el t:o\k~ ctme_:;e
cor.a-ste a.tjop.s wit!t one ot 12
a.n1ma. s gt th.e Ch.1nese
zod-ia.c. Th.1s pa.1T1ng cTea.tes a.
1t: Ja.npa.~1,
60::_yea.T
20l10, wil ta.ll 111 th.e
-inese
Y ea.T of th.e Ea.Tth. Ra.b -it.

~rs

coin and wrrenc~ are rlaced into circulation
and then euentuall~ returned to derositor~
institutions b~ merchants. Derositor~
institutions, in turn, shir the excess to their
regional Reserue P-:>ank, where it is credited to
their accounts.

Another ke~ resronsibilit~ of the

It is exrected that the holida~ season,

Fedeml Reserue is ensuring that enough

courled with the turn of the centur~, will

wrrenc~ and coin are in circulation to meet

cause the demand for coin and wrrenc~ to

the rublic's demand. This demand t~ricall~

increase at the end of 1999. Jome indiuiduals

changes with the leuel of economic actiuit~

ma~ choose to hold extm cash during the

and with the seasons of the ~ear. For

centur~ rollouer in case orernting rroblems

examrle, during holida~ seasons additional

should affect an~ retail ra~ment s~stem.

1200AD

llOOAD

12

Public educat1on was becoming

Communication was difficult. The

more available, especially through the high

telephone was not yet in widespread use,

school level. Nearly all states outside the

typewriters were scarce, and there was

South had compulsory educat1on laws by

no such thing as a radio. Magazines and

1900, and the na8onal rate of illiteracy

newspapers comprised what then served

had declined from 20 percent in 1870

as mass communication. There were

to 10. 7 percent in 1900. Wages for the

about 5,000 magazines, most with small

average teacher were $325 per year.

circulation. But the daily circulation
of Joseph Pulitzer's New York World
newspaper regularly exceeded one

T-ime -is th.e most va.lua.ble th.-ing
a. ma.n ca.n spend.
Th.eoph.Ta.stus Cd.. 278 B.CJ
FTom D1Q_2enes La.e.rtjus,
L-ives of .hm-inent Ph.-ilosoph.eTs

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Federal Reserve Bank of St. Louis

million. Traveling lecturers and
Chaurauquas -- camp-like centers for
education and entertainment -- were

Wh.etheT the 21st crntury
actually 9egi1J.!'l in th.e Y,f!aT 2000
OT 2O011s a d1 J?mtna th.at
Tt;-ptains unTesolved.. Histaozy
.PtteTs Io answeT to the elJate:
lrgencl as it that, at tlie close of
tlie 19t century, no consc:nsµs
!!fl thef issue was eveaT Tea~hed.
Th.eTe oTe, century ate c An2r
paTties Tc\2_ea on the eve O ' bdth.
1900 ancr.I.9O1.

01Jer the 1998 le1Jel. This increClsed Clmount
of wrrenc~ either in circulCltion or in 1/Clults
Clt the Fedeml Reserve Clnd the P-:>ureClu will
enClble us to fill our customers' wrrenc~
orders quick!~.
As 1999 continues, the Fed will
continue to test, ClnticipClte, plCln, Clnd do

Also, since Clbout two-thirds of UJ. wrrenc~

ever~thing possible to pro1Jide for the smooth

is held outside the United JtCltes, there mCl~

operntion of the pCl~ments sector Clnd the

be increClsed foreign demClnd. To meet this

SClfet~ Clnd soundness of the nCltion's bClnking

demClnd, the Fedeml Reserve hCls increClsed

s~stem. Ve helve tClken prudent Clctions to

substClntiClll~ its fiswl ~eClr 1999 print order

mClke sure thClt 01/01/2000 is trul~ the first

from the P-:>ureClu of E.ngrn1Jing & Printing

dCl~ of Cl hClpp~ new ~eClr Clnd new centur~.
lO00AD

13
Worlds First Novel, 1008

Crusades Begin, 1095

popular sources of 1earning, as were

feel 400 percent bigger in 1900 than he

libraries. By 1900 there were more than

did in 1896, bigger intellectually, bigger

1.700 libraries in the United States with

hopefully, bigger patriotically."

collections

of more than 5,000 volumes.

At the dawn of the 20th century,
most Americans were filled with
optimism, delight, and fascination with
the

new

inventions that opened worlds

Tlt.etiTst clay of the yeaT 2000
o~ t e GTegoTia;n cale11d.a1; as it
w1 1l ook on vanous calena.aTs:

and made tasks easier, and confidence

Mayan:

that opportunities for success would

Islimic:
H,:bTew:
Tulic1;n:
Pers1an:
Eth.iopic:
Cpptic:
Ch.1nese:

continue to be offered. In the words of
New York Senator Chauncey Depew,
"There is not a man here who does not

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

12.19.6.15.0, 9 Alt.au
8 Kankin
24 Ram~4an 1420
23 Teveth. 5760
19 DecemheT 1999
11 DevJ378
23 Tak1t-.5j1.s 1993
22 Kiy_ah.k 1716
Cycle 78, yraT lfi.
month 11, day 2:,

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From left, John E Moore, First Vice President; Jack H. Beebe, Senior Vice President and Director of Research; (seated) Robert T
Parry, President; Terry S. Schwakopf, Senior Vice President; and Gordon R G. Werkema, Executive Vice President.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

H
l
G
th, s Report, prepar,ng for the century

1998 was ensur,ng that banks wHh

H
L
l

date change 1s a top pr1orHy wh,ch

,nterstate branch networks could

G

all of our operat,ng departments

manage thefr reserve account and

addressed 1n add,t,on to condud1ng

f,nanc,al serv,ces relat1onsh1ps wHh

thefr normal bus1ness 1n 1998. The

the Reserve Banks on a coord,nated,

mod1f1cat10ns and test,ng of our

nat1onw1de bas,s through the new

,nternal systems are complete, and

Interstate Branch Bank,ng account

l

we are now focused on test,ng and

structure. Also 1n an effort to

retest,ng both our cont,ngency and

enhance the access1b1lHy and

9
9

event management plans.

fund,onalHy of Hs serv,ces, the Bank

As you have read elsewhere 1n

An 1mportant 1nH1at1ve 1n

H
T

s

OF

8

p1l oted two "web-based" serv,ces

Financial Services
Prov1d1ng cost-effed,ve and

dur,ng the year: Check Image, wh,ch
enables f,nanc,al 1nstHut1ons to v1ew

1nnovat1ve serv,ces to the f,nanc,al

d,gHfaed 1mages of the,r cleared

serv,ces ,ndustry, the publ,c, and the

Hems onl,ne, and Cash Order and

U.S. Treasury 1s a key element of

DeposH Not,f,cat,on.

the San Frandsco Reserve Bank's

One of the Bank's ongo,ng

m1ss1on. From paper-based payment

obied,ves 1s to promote the

serv,ces l,ke cash d1str1but1on

growth of eledron,c payments

and check colled1on to eledron,c

and eledron,c colled1on of checks.

payment systems l,ke the Automated

In 1998 the Bank expanded Hs

Clear,ng House CACH) and the

1nnovat1ve Automat,c B,11 Payment

large-dollar Funds Transfer and

Program that ,nvolves maior ut,lHy

Book-Entry SecurH,es Systems, the

compan,es and the,r banks 1n

Bank plays a key role 1n ensur,ng

encourag1ng thefr customers to s1gn

that the nat,on' s payment systems

up for ACH debH as a means of b,11

are re l,abl e, eff,c,ent, and respons1ve

payment. On the Check s,de, the

to chang1ng needs.

Bank ,ntroduced Front-End MICR, a


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

15

He mf.ke.=- the n1Rh.t ~eP.
• t:o the c!,av, al}d'm_a. es the
y se~p 11J.to the n12 t: He
s subord1natecline sun
a.nfd.th.e va-oon, ma.k1ng ea.ch.
o th.e111- JOUpl~ towards a.
preorda.1ned time.

The Koran 35:13

is to develop an automated system
to enable creditor agencies to locate
delinquent debtors and assist those
agencies in withholding offsetting
government payments to those
debtors. The potential financial
benefit of this initiative

family of electronic products that

is substantial; in limited

enables depository institutions to

implementation, the debt collected

take advantage of the full benefits

by TOP is already $5 million.

of electronic check collection and

16

All offices of this Bank played a

eliminate physical item processing,

key role in informing and educating

thus improving overall efficiency in

the public about the redesigned

the payments system.

Series 19 9 6 $20 bill for several

The Twelfth District is also

months prior to its September

leading a Systemwide effort to improve

unveiling. Media events, school

error resolution and customer service

programs, speeches, and community

by implementing a common check

partnerships served to promote the

adiustment processing system

redesigned bill, which incorporates

nationwide. Among other features,

the latest anti-counterfeiting and

Enterprise-Wide Adiustments will

1ow-vision features.

facilitate consistent service levels
across the System and streamline
cross-district adiustments
processing. When this proiect
is fully implemented, it will be the
largest distributed application in
place in the Federal Reserve System.
The Bank also spearheaded the

Dp.rjn2. the 20 yea.rs wh.1ch.
R1p ha.a. ,sle~ a.way on the
ounta.1 1 e, eat
!t'!~.Res
t4Ven place.
Wh1re R1p a.db~.en
sleev1n.2JJea.ceful 1-y, a. fierce
)Va.r·na.a &~en fought. Now
he w ~s,!'-o lotJ.ger an
Eng11snma.n 6ut an
Amerlca.n.

'J:!

Treasury Offset Program (TOP) for
the U.S. Treasury. The goal of TOP

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

~a.sh.1n!l}- l.fYlng
Jyp Vpn 1nklt
11ie Sketc Book

1820

In another milestone involving
currency -- in this case historical -- the
Bank's premiere collection of American

and functions of the Federal Reserve
to the public.
A maior challenge of the year

Currency, which was put on view in an

was to respond to the currency

exhibit in the lobby of the San Francisco

crisis in Asia with research, policy

office in 1997, was made available to

briefings, speeches, and publications.

visitors worldwide on the Bank's web

Research analyzed the determinants

site at www}rbsforglcurrencyl. The

of the crisis and its severity as well

audience for this magnificent collection

as the spread of the crisis through

can now include currency experts,

financial market linkages. In

historians, students, and the general

addition, a staff member provided

public, regardless of location; they can

technical assistance to the Asia

take a virtual tour of the exhibit -- 24

Development Bank Institute on

hours a day, seven days a week -- and

site in Tokyo for a month.

explore the U.S. history which forms
the context for the displays.

The department, along with
the Stanford Institute for Economic

17

Policy Research, presented a

Economic Research
Formulating and implementing

conference on "Central Bank
Inflation Targeting," bringing

monetary and bank regulatory

together some 100 eminent

policies in a manner that keeps

economists from academia, the

the economy healthy are primary

Federal Reserve, and foreign central

functions of the Federal Reserve.

banks to discuss the advisability and

The Bank's Research area contributes

methodology of explicit inflation

to this process by continually
studying and analyzing current
economic and financial information
which affects policy decisions. In
addition, its outreach efforts play a
key role in interpreting monetary
policy and explaining the purposes

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Tim~ p-.;~sent and. time past
A._Te ~otn~Th.aps pTesent
1n me htTe,
time ture conb:inea
in time past.

Anf

T.S. Eliot
Four Oua.rtets,
Burnt~orlon

1935

The Mayan cale11d.a.r -is ad:ua.lly

based 0~ several calendars tha.1:,
meshed tl~:h~T, ma.rkJhe
movemen o the Su the
l\1o~n, a.n '~nus1~~ M~ya.n
d.1V1ne cale..nda.r, tne Tzolk1J1.,
pa-irs nu1J1bers one through 13
w-ittt 20 da.y ~mes to cr~ate
!tl-ixtur~s s1tp.11ar t~ q~d.T da.ys, of
the wrek ~a1n~ W1tn afes 1n a
mon!h.: 1-lm-ix, -lk.etc., be-ing
s-im-ilir to Sun y tTte 1st,
Monday tlie 2n

companies and their nonbank and
foreign subsidiaries; state member
banks and their foreign branches
and subsidiaries; Edge Act and
agreement corporations through
which U.S. banking organizations
conduct operations abroad; and
U.S. activities of foreign banking
organizations.

targeting. Another conference, co-

18

The San Francisco Federal

sponsored with the Federal Reserve

Reserve Bank has implemented a

Bank of Atlanta, addressed

strategy that focuses resources in

"Financial Modernization and

areas of greatest need, investing in

Regulation." It brought together

new technology to increase overall

Federal Reserve policymakers and

effectiveness. The strategy al so

staff as well as academic economists

helps to retain and develop high

to discuss the implications of

performing staff, and strengthen

modernization for the design of

communication and outreach

financial regulatory policy.

with the banking community.
At the end of 1998 there

Banking Supervision
and Regulation
The Federal Reserve, along with

were 70 state member banks in the
District. There were also 201 holding
companies with assets of $3 7 4.9

several state and federal agencies,

billion, 106 agencies and branches

supervises and regulates the nation's

of foreign banks, 15 Edge and

financial institutions to ensure their

agreement corporation offices,

financial soundness and compliance

and 29 representative offices.

with banking, consumer, and other

Applications activity increased

applicable laws. Specifically, the

somewhat with 244 filings received

Federal Reserve is responsible for

in 1998, compared to 234 in 1997.

supervising all bank holding

Two maior cases last year which


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1nvolved cons,derable analys,s and
staff aHent,on were the megamergers of Bank of Amer,ca wHh
Nat,onsBank and Wells Fargo wHh
Norwest. Appl1cat1ons to form bank
hold,ng compan,es decreased by 8
from 35 to 27.
Superv1s1on and regulat,on staff

Tlte Mayan c-iv·ilf alend.ar, tlte
Haab. conf-ists o 18 2O-claf
on~hs, p y.s a s C\!i montl of
ve ays. Th. co .01 ed
,.zol i11--H..aa.h cydeJnown a.s
th.e Calendar Rouna., cover_:;
a~prfo~-imately 52 years bJ?tore
a o th.e cycles come back tfl
t e~4me al-i211ment. It -is st-i l
J.L~e ]by -peo__R~lee -in tlte Mex-ican
h.1g ands. Tl e Maya.Jl Long
Countrecor s penods longer
than 52 years.

lt

also made s1gn1f1cant conh,butfons to
the Bank's outreach efforts on behalf

The program has 1ncreased lend,ng,

of Y2K by part1c1pat1ng ,n numerous

spurred the creat,on of small

educat,onal sem,nars throughout

bus,ness centers on several

the D,str,ct.

reservat,ons, 1mproved relat1onsh1ps

Important fund10ns of the

between bankers and tr,bal

CommunHy Aff afrs unH are to

representat,ves, and led to the

encourage banks to work wHh

adopt1on of un,form commere1al

communHy organ1zat1ons to help

codes by several tr,bes.

meet the credH needs of the,r

Other workshops presented

communH,es and to monHor

dur,ng the year encouraged banks'

compl1ance wHh consumer

,nvolvement wHh nonprofH small

proted,on laws relat,ng to cred,t.

bus,ness ass1stance prov,ders and

In keep1ng wHh th,s, they created

,nhoduced a new concept to prov,de

and f ac,lHated a ser,es of Sovere1gn

funds to match deposHs low-,ncome

Lend,ng meet,ngs to address access

customers place ,n spec,al sav,ngs

to credH 1ssues for Nat,ve Amer,can

accounts, help1ng them to reach

tr,bes ,n W ash,ngton, Oregon, Idaho,

spec,f,c f,nanc,al goals.

and Utah. These sem,nars brought
together tr,bal representat,ves,
local bankers, and government
and nonprofH representat,ves.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

19

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From left, Raymond H. Laurence, Senior Vice President-in-Charge, Portland; Andrea P. Wolcott, Vice President-in-Charge, Salt
Lake City; Gordon R G. Werkema, Executive Vice President, Northern Region; and Mark Mullinix, Senior Vice President-in-Charge,
Los Angeles.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

s

u

Volume (in thousands)

Custod.y Services

M
M
A
R
y

Cash Services

OF

1996

Currency notes paid into circulation

1997

4,317.704 4,626,649

1998

4,739,673

748,535

654,068

483,942

Other Treasury original issues

125

105

76

Book-entry securities processed

829

751

673

2,188,856

2,313,792

2,312,860

61,741

54,466

52,103

32,767

35,251

34,591

22,113

24,058

26,622

404,974

428,564

499,527

461

478

463

83

86

77

Food stamp coupons processed

Securities Services

Payments Services
Check Services
Commercial checks collected
Government checks processed
Return items processed

Electronic Payments Services
Wire transfers processed
Automated clearinghouse
transactions processed

Discounts & Aavances
Total discounts & transactions*
Number of financial
institutions accommodated*

*Whole numbers Cnot in thousands)

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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Robert T Pc,m~
President and
Chief E..xewti1Je Officer
John F. Moore
First Vice President and
Chief Orernting Officer

Debornh J Jm~th
Vice President
Michael J. Jtan
Vice President

Jusan A. Jutherland
Vice President

Jack M. P-:>eebe
Jenior Vice President
and Director of Research

Jarn K. Garrison
Jenior Vice President
Michael J. Ml,ffrn~
Jenior Vice President
Terr~ J Jchwakorf
Jenior Vice President
D Kerr~ \Jebb
Jenior Vice President
John M. Parrish
Genernl Auditor
Robert D Mulford
Vice President,
General Counsel,
and E..thics Officer

22

E..lizabeth R. Masten
Vice President and
Jecretar~ of the P-:>oard
P-:>arbarn Contini
Vice President
Frederick T Furlong
Vice President
\Jilliam K. Ginter
Vice President
Reu1Jen Glick
Vice President

Jallie M. \Jeissinger
Vice President and Director
of Public Information
Patricia A. \Jelch
Vice President
Jet Auer de Jarnm
Director and Derut~ Genernl Counsel
James M. P-:>arnes
Director
Kenneth R. P-:>inning
Director
Marold M. P-:>lum
Director
E..liot E... Giuili
Director
Andreas Mauer
Director
John J Hsiao
Director
Ann Marie Kohlligian
Director
E..lizabeth M. OJhea
Director
Da1Jid \J. \Jalker
Director
Kenneth M. Kinoshita
Associate General Counsel

John P. Judd
Vice President and
Associate Director of Research

P-:>onnie R Allen
Assistant Vice President

Donald R. Lieb
Vice President

P-:>arbara J. P-:>eckman
Assistant Vice President

Ronald E... Mitchell, Jr.
Vice President

Armen P-:>e~lerian
Assistant Vice President

(As of December 31, 1998)


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Jc;imes J. Cc;illc;ivwn
Assistc;int Vice President

Jc;imes J. Tenge
Assistc;int Vice President

Teresc;i M. ClArrnn
Assistc;int Vice President

E.liwbeth L. \.Jood
Assistc;int Vice President

Gc;iil A. Gc;in;e~
Assistc;int Vice President

Keuin C. Alecw
Check Processing Officer

E.lc;iine G. Geller
Assistc;int Vice President

Angelc;i J. D'Alessc;indro*
E.xc;imining Officer
* On loc;in to the f:>oc;ird

LolAiS ::/Kir" George
Assistc;int Vice President
Todd A. Glissmc;in
Assistc;int Vice President
E.llen M. rfomilton
Assistc;int Vice President
l:>euerle~-Ann t=fowkins
Assistc;int Vice President

l:>c;irbc;irn A. l:>ennett
Corrornte Jtrnteg~ c;ind
Deuelorment Officer
Thomc;is R. l:>lArke
AccolAnting Officer
Richc;ird K. Cc;ibrnl
Cc;ish Officer

Peter K. C. Hsieh
Assistc;int Vice President

Lee C. Dw~er
E.lectronic Pc;i~ments c;ind
Fiswl Jeruices Officer

Michc;iel E.. Johnson
Assistc;int Vice President

Alice Fc;irrell
AlAtomc;ition ResolArces Officer

Crnig I:>. KnlAdsen
Assistc;int Vice President

Joserh P. Mc;itte~
Resec;irch Officer

Mc;irk E.. Leuonic;in
Assistc;int Vice President

l:>ric;in Motle~
Resec;irch Officer

E.llsworth E.. LlAnd, Jr.
Assistc;int Vice President

Gc;ir~ P. Pc;ilmer
lnformc;ition c;ind
Technolog~ Officer

Jo~ Moffmc;inn Mollo~
Assistc;int Vice President
Dc;irren J Post
Assistc;int Vice President
Philir M. R~Gln
Assistc;int Vice President
\.J. Jtc;irr Jeegmiller
Assistc;int Vice President
Dc;iniel K. Jhc;iw
Assistc;int Vice President
Gordon J Tc;innlArn
Assistc;int Vice President

Glenn D RlAdeblAsch
Resec;irch Officer
Mc;irk M. Jriegel
Resec;irch Officer
l:>hc;irnt Trehc;in
Resec;irch Officer
Roxc;inc;i C. TsolAgc;irnkis
Finc;incic;il Plc;inning c;ind
Control Officer
Mc;ir~ E.. \.JlAjek
lnformc;ition c;ind
Technolog~ Officer

23

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los Angeles Branch
Mcirk L. MtAllil"lix
Jel"lior Vice Presidel"lt

Jimm~ F. Kcimcidci
Assistcil"lt Vice Presidel"lt

H

Jecil"l J. RodrigtAez
Vice Presidel"lt

Mcirk E... Koegel
Assistcil"lt Vice Presidel"lt

0

Robert G. \.Jile~
Vice Presidel"lt

Dcile L. VciiAghcil"l
Assistcil"lt Vice Presidel"lt

Robert \.J. Re~logle
Director

Lil"ldci J. \.JesterschtAlte
Assistcil"lt Vice Presidel"lt

Mcirlci E... ~orowski
Assistcil"lt Vice Presidel"lt

Al"lthol"l~ P. Dcizzo
Ccish Officer

Robert C. Johl"lSOl"l
Assistcil"lt Vice Presidel"lt

Jtel/el"l E... JiAl"lg
Check Processil"lg Officer

N
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Jhernl"ll"l L. Mcick
~tASil"less Dellelo~mel"lt Officer

Northern Region
Gordol"l R. G. \.Jerkemci
E..xewtille Vice Presidel"lt

24
Portlana e>rnnd1

Jeattle e>rnnd1

Rci~mol"ld M. LcitArel"lce
Jel"lior Vice Presidel"lt

Gcile P. Al"lsell
Assistcil"lt Vice Presidel"lt

Mcir~ E... Lee
Assistcil"lt Vice Presidel"lt

Mcirk A. GotAld
Assistcil"lt Vice Presidel"lt

Robert D Lol"lg
Assistcil"lt Vice Presidel"lt

L~l"ll"l M.Jorgel"lsel"l
Assistcil"lt Vice Presidel"lt

Robil"l A. Rockwood
Assistcil"lt Vice Presidel"lt

Kel"ll"leth L. Petersol"l
Assistcil"lt Vice Presidel"lt

Jalt Lake Cit~ e>rnncn
Al"ldreci P. \.Jolcott
Vice Presidel"lt

Richcird ~- Mornsb~
Assistcil"lt Vice Presidel"lt

Jed \.J. ~odil~
Assistcil"lt Vice Presidel"lt

Thomcis P. McGrnth
Assistcil"lt Vice Presidel"lt

Gercild R. Dcillil"lg
Assistcil"lt Vice Presidel"lt

(As of December 31, 1998)

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

B

Federal Reserve Bank of San Francisco

0

A
Cnairman and
Federal Reserve Agent
Gar~ G. Michael
Chairman and CE:_O
Albertson's Inc.
P-)oise, Idaho

Jheila D. Harris
Consultant
Harris Consulting
Litchfield Park, Arizona

R
D
OF

D

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R

Deput~ Cnairman
/'ielson C. Rising
President and CE:_O
Catellus Development Corp.
Jan Francisco, California

Robert J. Atti~eh
Jenior Vice President and
CE_ 0 (Retired)
Consultant
Amgen, Inc.
Thousand Oaks, California

c.

L~nn Caswell
Chairman and CE:_O
Pacific Communit~ P-)anking
Group
Laguna Hills, California

Krestine Corbin
President and CE:_O
_./ierra Machiner~, Inc.
Jparks, /'ievada

\Jarren K. K. Luke
Vice Chairman, President,
and CE:_O
Hawaii /'iational P-)ank
Honolulu, Hawaii

P-)~ron I. Mallott
executive Director
Alaska Permanent Fund
Corporation
Juneau, Alaska

E

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l
John V. Rindlaub
President, /'iorthwest Region
P-)ank of America
Jeattle, \Jashington

Federal Advisor~
Council Member
\Jalter A. Dads, Jr.
Chairman and CE:_O
P-)anc\Jest Corp.
Honolulu, Hawaii

9
9
9

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los Angeles Branch
Cnairman of tne e:>oar<J
Lonnie Kerne
President
Karen Kane, Inc.
Los Angeles, California

Russell Goldsmith
Chairman and CE.O
Cit~ /fational P-)ank
P-)everl~ Hills, California

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l
9
9
9


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Lori R. Ga~
President
Los Angeles tieighborhood
Housing Jervices, Inc.
Los Angeles, California

John H. Gleason
Jenior Vice President
Del \Jebb Corrorntion
Phoenix, Arizona

\Jilliam D Jones
Chairman, President,
and CE.O
Cit~Link Investment Corr.
Jan Diego, California

Liam E.. McGee
President, Jouthern California
P-)ank of Amerirn
Los Angeles, California

Linda Griego
Managing Genernl Partner
E.ngine Co. tio. 28
Los Angeles, California


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Federal Reserve Bank of St. Louis

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Portland Branch
Cnairman of tne e,oard
tianc~ \Jilgenbusch
President
Mar~lhurst Universit~
Mar~lhurst, Oregon

Karla J Chambers
Vice President and
Co-Owner
Jtahlbush Island Farms, Inc.
Corvallis, Oregon

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Ph~llis A. P->ell
President
Oregon Coast A~uarium
tiewrort, Oregon

Gar~ T. Duim
Vice Chairman
UJ P->ancorr
Portland, Oregon

Patrick P->orunda
E.xewtive Director
OtiAP->E..ti -- A tiative
American P->usiness tietwork
Portland, Oregon

Gu~ L. \,Jilliams

Martin P->rnntle~
President and General Manager
Oregon's 12-KPTV
Portland, Oregon

President and CE.O
Jewrit~ P->ank
Coos P->a~, Oregon

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Salt lake City Branch
CnCAirmCAn of tne e>oCArd
P-:wrbarn L. \Jilsori
Idaho arid Regiorial
Vice Presiderit
UJ\JE._/T
P-)oise, Idaho

Curtis D Marris
Chairmari, Presiderit arid CE.O
P-)arries P-)arikirig Co.
Ka~sville, Utah

R. D Cash
Chairmari, Presiderit arid
CE.O
Questar Corporntiori
Jalt Lake Cit~, Utah

Jori M. Muritsmari, Jr.
Vice Chairmari
Muritsmari Corporntiori
Jalt Lake Cit~, Utah

Maria Garciaz
E.xewtive Director
Jalt Lake /ieighborhood
Mousirig Jervices, Irie.
Jalt Lake Cit~, Utah

J. Pat McMurrn~

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Presiderit
First Jewrit~ P-)arik, Ii.A.
P-)oise, Idaho

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

liaric~ J Morteriseri
Vice Presiderit, Marketirig
Zioris Cooperative Merrnritile
Iristituti ori
Ja It Lake Cit~, Utah


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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Seattle Branch
Cn<Airm<An of tne e,o<Ard
Richard R. Jonstelie
Chairman of the board
Puget Jound E.nerg~, Inc.
belleuue, Washington

Tomio Moriguchi
Chairman and CE.O
Uwajima~a, Inc.
Jeattle, Washington

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bo~d E.. Giuan
Jenior Vice President and
CFO (Retired)
The boeing Comran~
Jeattle, Washington

Melen M. Rocke~
President and CE.O
brooks Jrorts, Inc.
bothell, Washington

James C. Mawkanson
Managing Director and CE.O
The Commerce bank of
Washington, /lA.
Jeattle, Washington

Peter M. Van Orren
Chairman and CE.O
Aduanced Digital Information
Corroration
Redmond, Washington

bets~ Lawer
Vice Chair and COO
First /fational bank of
Anchorage
Anchorage, Alaska

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Cnairman
P-:>aile~ "P-:>iff" J P-:>anwrd
Jenior Vice President
Allied Carita! Corrorntion
Jan Francisco, California

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Members
P-:>arbarn P-:>r~
Director
ATCOM/1/'iFO
Jan Diego, California

Paula R. Collins
Chief E:_xewtive Officer
\JDG Ventures, Inc.
Jan Francisco, California

Thomas t. Cleveland
Chairman and CE:_O
Access P-:>usiness Finance
P-:>ellevue, \Jashington

Paul E:_cke Ill
Chairman and CE:_O
Paul E:_cke Ranch
E:_ncinitas, California

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Federal Reserve Bank of St. Louis

E:_d P. Ma~ne
President
Utah AFL-CIO
\Jest Valle~ Cit~, Utah
Laura t. /'iaumes
Vice President
l'iaumes, Inc.
Medford, Oregon

Vice Cnairman
Valter F. Pa~ne, Jr.
President and CE.O
P-)lue Diamond Growers
Jacrnmento, California

Members
Lawrence J Okinaga
Partner
Ca rlsm ith P-)a 11
Honolulu, Hawaii

Don M. "Duff' Ville~
President
Ville~ Motors, Inc.
P-)ountiful, Utah

Peter H. Parm
Chairman
P-)oard of JurertJisors
Fifth District, Count~ of Kern
P-)akersfield, California

Denice A. Young, CPA.
President
Young Real E.state Grour
Torrance, California

P-)ob L. Vice
President
P-)LV, Agribusiness Consultants
Fallbrook, California
Richard J Vaiden
President
Farmers lntJestment Comran~
Jahuarita, Arizona


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

31

San Francisco Office
P.O. Box 7702

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San Francisco, California 94120

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Los Angeles Branch
P.O. Box 2077, Terminal Annex
Los Angeles, California 90051

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Portland Branch
P.O. Box 3436
Portland, Oregon 97208
Salt Lake City Branch
P.O. Box 30780
Salt Lake City, Utah 84130

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Twelfth District web site:

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www.frbsf.org

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This Rerort was rroduced and written b0
Karen Flamme. Design and illustrations were
created b0 Mark Hendricks. _/idebars and
la0out were comrleted b0 D0lan Frederick.
Color rnotogrnrh0 b0 Paul Jchulz.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis