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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/
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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
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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 $46 million surplus
the minds of people as they waited to
of income over expenditures. Thus, the
welcome 1900?
period came to be referred to variously as
December 31, 1899, was a snowy
Sunday night in New York City,
but that couldn't put a chill on the
optimism and eagerness many
residents felt as they anticipated
the new century. Times were good.
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Federal Reserve Bank of St. Louis
Jh.e word. "calend.ar" comes
t~EOlfl th.e Ro11J.an terl)l
a1$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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Federal Reserve Bank of St. Louis
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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Federal Reserve Bank of St. Louis
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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Federal Reserve Bank of St. Louis
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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Federal Reserve Bank of St. Louis
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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Federal Reserve Bank of St. Louis
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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Federal Reserve Bank of St. Louis
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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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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0
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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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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
https://fraser.stlouisfed.org
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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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
B
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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https://fraser.stlouisfed.org
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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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