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The Role of a Federal Reserve Bank:
AN ANNUAL REVIEW
I n THE UNITED STATES the function of managing the nation’s money supply has been delegated by
Congress to a central bank, called the Federal Reserve
System. In addition to its primary responsibility, the
Federal Reserve System, in order to make the mon­
etary mechanism work more smoothly, is required to
perform many services for the Federal Government
and the public. The central bank also assumes re­
sponsibility in supervising some commercial banks.
For purposes of administration the country is divid­
ed into twelve districts with each one serviced by a
Federal Reserve Bank.

Role of an Individual Reserve Bank in
Monetary Policy: In the Past
This "decentralization” of central banking operations
among twelve regional banks is a unique feature of
the American monetary system. Most other nations
have a single institution acting as a central banking
unit. A brief glance into the history of the Federal
Reserve System beginning in 1913 reveals that the
regional structure reflected a longstanding American
tradition against centralization. It was also felt that
control of the money supply was largely mechanical
within the framework of an operating gold standard
and prescribed banking rules. The central bank did
not give explicit attention to the objective of contrib­
uting to national economic growth and stabilization,
as it does today. Its chief objective was to provide a
flexible currency to meet the needs of agriculture,
commerce, and industry which, it was felt, could bet­
ter be dealt with on a regional basis. The primary
instrument of credit policy was the establishment of
the re-discount rate by each Federal Reserve Bank on
its loans to member banks. In the opinion of most
people at that time, such rates were to reflect condi­
tions in the various districts of the country, and, as
such, might vary from district to district.
In the twenties and thirties there was a shift from
Page 6




a regional to a national concept of monetary policy.
This evolution reflected the development of a national
money market, and the Banking Acts of 1933 and 1935
which centralized to some extent authority within the
System. The individual Reserve Banks were retained
and their functions continued, but responsibility for
establishing a more unified policy became more clearly
centered in the Board of Governors and the Federal
Open Market Committee. Reflecting this shift, open
market operations (purchase and sale of securities),
conducted in the main money market of the country
(New York City), became the major tool of monetary
policy. Even the setting of discount rates became
primarily a national function because of the more
highly developed national money market. The im­
portance of this shift increased when member banks
began borrowing in the fifties.

The Role of a Reserve Bank in Monetary
Policy: Today
With the current emphasis on the national scope of
monetary policy, the role of an individual Federal
Reserve Bank warrants examination. Through partici­
pation on the Federal Open Market Committee the
Federal Reserve Banks bring an independent judgment
and channel information and attitudes from the many
parts of the nation into the System as a whole. More­
over, the Federal Reserve Banks in establishing dis­
count rates subject to the review and determination
by the Board of Governors must continue to inquire
into local conditions although rates have usually been
uniform throughout the nation. The present regional
system provides an established channel of contact be­
tween the monetary authorities and the banks, busi­
nesses, and public, both for obtaining information and
for adapting national credit policies to regional condi­
tions. The individual Reserve Banks, for instance,
must administer the discounting function.

System Monetary Actions During 1959
The major credit control functions of the Federal
Reserve System are reflected in the combined balance
sheet of the twelve Federal Reserve Banks.
STATEMENT OF CONDITION
THE TWELVE FEDERAL RESERVE BANKS
(In thousands of dollars)
Assets
December 31,
1959
Gold certificate account .................................. $18,185,642
Redemption fund for F. R. notes ................
978,083
Total Gold Certificate Reserves ........... 19,163,725
F. R. notes of other F. R. Banks ................
Other cash .........................................................

December 31,
1958
$19,012,893
937,919
19,950,812

524,450
359,396

476,993
336,474

Discounts and advances ..................................
457,726
Industrial loans ................................................
—
Acceptances:
Bought outright ............................................
44,168
Held under repurchase agreement .........
31,173
U. S. Govt, securities:
Bought outright:
Bills ..............................................................
2,605,765
—
Certificates: Special ................................
Certificates: Other .................................. 10,506,993
Notes ............................................................ 11,010,298
Bonds .........................................................
2,483,771
Total bought outright ............................. 26,606,827
Held under repurchase agreem ent............................41,500
Total U. S. Govt. Securities ................ 26,648,327
Total Loans and Securities .................. 27,181,394

63,963
336

2,250,450
—
18,649,726
2,867,565
2,483,771
26,251,512
_____ 95,000
26,346,512
26,459,900

Due from foreign banks ................................
15
Cash items in process of collection ...........
6,437,306
99,575
Bank premises ..................................................
Other assets .......................................................
261,740
Total Assets ..............................................$54,027,601

15
5,630,684
93,636
146,641
$53,095,155

43,290
5,799

Liabilities and Capital Accounts
Liabilities
December 31,
1959
Federal Reserve notes .....................................$28,261,967
Deposits:
Member bank— reserve accounts ..............
U. S. Treasurer— general account .........
Foreign ...........................................................
Other deposits ................................................
Total Deposits .........................................

18,173,970
503,778
344,788
693,735
19,716,271

Defered availability cash items ....................
4,847,216
Other liabilities and accrued dividends . . .
28,620
Total Liabilities ....................................... 52,854,074

December 31,
1958
$27,872,023
18,503,991
358,364
272,485
390,851
19,525,691
4,335,126
21,683
51,754,523

During 1959 the Federal Reserve System in its open
market operations (i.e., net buying of Government
securities) provided reserves to member banks. These
reserves were used primarily to offset a large gold
outflow and to increase the money supply of the coun­
try about X of 1 per cent.
A strong demand for credit by governments, busi­
nesses, and individuals during 1959 tended to exceed
the amount of the nation’s saving plus the modest in­
crease in the money supply, and as a result interest
rates moved up almost steadily. The Federal Reserve
System, in part to make its open market actions more
effective and to keep the discount rates in line with
other money market rates, marked discount rates up
three times during 1959, from a level of 2% per cent
at the beginning of the year to 4 per cent at the end
of the year. At the Federal Reserve Bank of St. Louis
the discount rate adjustments were made effective
March 13, May 29, and September 11.
There were no changes in reserve requirements dur­
ing 1959. However, in early December Regulation D
was amended by the Board of Governors so that mem­
ber banks having relatively large holdings of vault
cash could count a part of this cash in meeting their
reserve requirements. This action had the effect of
freeing about $230 million of reserves for all member
banks and about $5 million for member banks in the
district.1
Although the major central banking functions relat­
ing to credit policy are better reflected in the com­
bined balance sheet of the twelve Federal Reserve
Banks, the balance sheet of the Federal Reserve Bank
of St. Louis is presented on page 8 for those interested
in a picture of the St. Louis Bank’s share of the
System’s assets and liabilities.

Capital Accounts
Capital paid in ................................................
387,404
Surplus ................................................................
774,808
Other capital accounts ................................................. 11,316
Total Liabilities and Capital Accounts. $54,027,601
Ratio of gold certificate reserves to deposit
and F. R. note liabilities combined
(percent) .........................................................
Contingent liability on acceptances pur­
chased for foreign corespondents ...........

363,098
868,410
109,124
$53,095,155

39.9

42.1

82,006

67,799

The above statement of condition of the twelve
Federal Reserve Banks shows the assets and liabilities
of the Federal Reserve System as of December 31,
1959, and the assets and liabilities at the end of
1958. The Federal Reserve condition statement is
necessarily complex because its purpose is to provide
a summary of the many factors which enter into the
nation’s reserve banking position. A detailed review
and analysis of System actions during 1959 will be
published in the Annual Report of the Board of Gov­
ernors.



Service Functions of a Reserve Bank
In order to provide for a more smoothly functioning
monetary system, to establish a fiscal agent for the
Federal Government, to promote sound banking prac­
tices, and for other purposes, the Federal Reserve
System has the responsibility of providing a wide
variety of services. The officers and employees of a
Federal Reserve Bank, directly or indirectly, devote
most of their efforts to performing such services. These
services cover a wide range of activities including:
check collecting, supplying currency and coin, issuing
and redeeming Government securities, lending to
member banks, safekeeping securities, examining state
member banks, and collecting and publishing statistics.
1 See "Vault Cash as Bank Reserves” in Monthly Review of this Bank for
December, 1959.

Page 7

Just as in the case of monetary policy, the service
functions of the Reserve Banks were largely local in
nature in the early years of the System. But as the
population, commerce, and industry of the country
have grown, as the marketing of many products has
broadened to a national scope, as transportation, com­
munications, and general mobility have improved
there has been a coordination of the service activities
of the various Reserve Banks. Today there is a systemwide approach to these functions with more responsi­
bility placed in the Board of Governors and the Con­
ference of Presidents. Nevertheless, the individual Re­
serve Banks play a major role in policy formation by
advising and by acting as a liaison between the region­
al “grass roots” and the Board in Washington, and in
STATEMENT OF CONDITION
FEDERAL RESERVE BANK OF ST. LOUIS
(In thousands of dollars)
Assets
December 31,
1959
Gold Certificate Reserves
Gold Certificate Account ....................
Redemption fund for F. R. notes . . .
Total Gold Certificate Reserves . .

December 31,
1958

$ 723,963
46,241
770,204

$ 753,490
44,661
798,151

Federal Reserve Notes of Other Banks.
Other Cash ..................................................

20,751
23,922

23,286
26,514

Discounts and Advances .........................
Industrial Loans .........................................
Acceptances ................................................

14,785

2,262

U. S. Government Securities
Bills .........................................................
Certificates ....................................
Notes ..........................................................
Bonds .......................................................
Total U. S. Government Securities.
Total Loans and Securities ...........

105,977
427 319
447,789
101,015
1,082,100
1,096,885

Due From Foreign Banks ......................................1
Cash Items in Process of Collection . .
270,271
Bank Premises (Net) ................................ ...........7,036
Other Assets ................................................
10,528
Total Assets .......................................

$2,199,598

91,805
760,797
116,979
101,323
1,070,904
1,073,166

1

232,400
6,862
5,917
$2,166,297

Liabilities and Capital Accounts

adapting and applying the Regulations of the Board
to local conditions.

Service Functions During 1959
Since a Reserve Bank performs duties for the Fed­
eral Government and the community at large, the
volume of activities of a Reserve Bank generally rise
and fall with the overall level of business conditions.
During 1959 there was a marked improvement in most
lines of business with total activity reaching a new
record. Similarly, the total volume of operations
performed at the Reserve Banks increased substantial­
ly over the 1958 level.
One should refer to the Board of Governors’ forth­
coming Annual Report for 1959, if an overall picture
of the service activities of the Federal Reserve Sys­
tem is to be obtained. Even though the volume of
operations is better analyzed in the aggregate, Table
1 presents, for those interested in regional activity,
many statistics on the volume of operations at the
St. Louis Bank and its Louisville, Memphis, and Little
Rock Branches in 1959 and 1958. In addition to those
activities listed the Bank performed many other serv­
ices which are not so easily quantified such as, exam­
ining member banks, collecting statistics, visiting
member banks, publishing a Monthly Review, and
analyzing economic conditions.
In any large organization many employees perform
duties which aid others in their work. In this line,
it should be pointed out that the operations of the
Reserve Bank and its branches ran more smoothly
because of the efficient work of those in the Per­
sonnel, Audit, Planning, Machine Tabulation, and
Purchasing Departments, the legal counsel, librarians,
Number of City and Country Checks Handled

Liabilities

Federal Reserve Bank of St. Louis
December 31,
1959
Federal Reserve Notes (Net) ..................
$1,245,164
Deposits
Member banks— reserve accounts . .
620,895
U. S. Treasurer— general account . . .
41,413
Foreign .....................................................
12,876
Other deposits .......................................
20,532
Total Deposits ..................................
695,716
Deferred Availability Items .....................
Other Liabilities and Accrued Dividends
Total Liabilities ................................

December 31,
1958
$1,238,270
669,057
19,283
8,695
3,140
700,175

218,371
_____ 1,084
$2,160,335

174,787
793
$2,114,025

12,931
25,862
............. 470
39,263

12,348
33,746
6,178
52,272

$2,199,598

$2,166,297

Capital Accounts
Capital Paid in ...........................................
Surplus ..........................................................
Other Capital Accounts ............................
Total Capital Accounts ..................
Total Liabilities and
Capital Accounts .......................

MEMORANDA:
Contingent liabilities on acceptances purchased for
foreign correspondents increased from $2,509,000 on December 31, 1958
to $3,045,000 on December 31, 1959. The ratio of gold certificate re­
serves to deposit and F. R. Note liabilities combined was 41.2% on
December 31, 1958 and 39.7% on December 31, 1959.

Page 8




Millions

1947— 1959
Millions

Table 1
C O M B IN E D

VO LU M E

OF

Banks in the Eighth District

O P E R A T IO N S 1

AT THE ST. L O U IS B A N K A N D THE LOUISVILLE, M EM PH IS,
A N D LITTLE RO C K BR A N C H ES IN 1959 A N D 1958

NUMBER OF PIECES HANDLED
CHECK COLLECTIONS AND RELATED
OPERATIONS
Checks (Total).........................
City C hecks.......................
Country C he cks...................
Government Checks..............
Postal Money O rd e rs............
Transfer of Funds....................
Non-cash Collections...............
OPERATIONS AS FISCAL AGENT OF
THE GOVERNMENT
U. S. Savings Bonds Issued,
Exchanged and Redeemed .. . .
Other Government Issues...........
Withheld Tax Depository
Receipts Processed2 ..............
Treasury Tax and Loan
Account Transactions............
U. S. Gov’t. Interest Coupons Paid. .

Percentage
1958 Change

1959

195,121,000
186,360,000 + 5
32,685,000
31,141,000 + 5
129,203,000
121,259,000 + 7
21,009,00021,019,000
-0 12,224,000
12,940,000 — 6
148,000
139,000 + 6
566,000
507,000 + 1 2

There were 488 member banks in the Eighth Fed­
eral Reserve District as of December 31, 1959, of
which 320 were National banks and 168 were state
member banks. Two new National banks joined the
System in the district during the year:
The American National Bank of Granite City,
Granite City, Illinois
The Fulton National Bank, Fulton, Missouri

7,186,000
437,000

7,224,000
396,000

— 1
+10

690,354

717,000

— 4

177,503
757,000

175,000
715,000

+
+

1
6

MONEY HANDLING
Currency ..............................
Coin3 ..................................

205,025,000
395,759,000

196,441,000
373,168,000

+
+

4

SAFEKEEPING SERVICES
Securities Received and Released. .
Coupons Detached .................

171,000
363,000

179,000
343,000

— 4
+ 6

1,293

769

Two district banks left the System during the year.
One consolidated with another member bank, and the
other withdrew from membership and became a
state nonmember bank. Nonmember banks in the
district at years end totaled 988, making a total of
1,476 banks within the district.

+68

DISCOUNTING OPERATIONS
Discounts and A dvances...........

Table 3
Banks in Eighth Federal Reserve District
December 31, 1959

DOLLAR VOLUME
CHECK COLLECTIONS AND
RELATED OPERATIONS
,959
1958 c Z g V
Checks Handled (Total)...... $70,388,402,000 $63,711,653,000 + 1 0
City Checks................. 44,939,071,000 40,967,866,000 + 1 0
18,472,164,000 + 1 1
Country Checks............ 20,565,886,000
4,663,851,000
4,042,023,000 + 1 5
Government Checks ......
219,594,000
229,601,000 — 4
Postal Money O rd e rs___
Transfer of Fu nd s............ 51,446,854,000 46,113,194,000 + 1 2
379,683,000
369,297,000 + 3
Non-cash Collections.........
OPERATIONS AS FISCAL AGENT
OF THE GOVERNMENT
U. S. Savings Bonds Issued,
Exchanged and Redeemed.
710,147,000
Other Government Issues .. . 11,540,833,000
U. S. Gov’t. Interest Coupons
P a id .........................
105,267,000
MONEY HANDLING
Currency.......................
1,198,275,000
Coin3 ............................
38,446,000
SAFEKEEPING SERVICES
Coupons Detached
45,367,000
DISCOUNTING OPERATIONS
Discounts and Advances .. . .

691,288,000
11,161,259,000

+ 3
+ 3

91,859,000

Nonmember
Par
Non Par

........

237

55

20

55

........

271

119

30

121

1

........

107

37

23

47

0

........

205

39

12

154

0

107

101

11

2

13

75

........

459

49

79

276

55

...... ........

96

10

2

32

52

320

168

698

290

+15

3,770,982,000

+
+

39,464,000

+15

1,974,193,000

+91

Dec. 31,
1959
707
99
171
121

................................................... 1,098

...... ........ 1,476

2
9

Table 2
Employment

St. Louis O ffic e .............................................
Little Rock B ra n c h .........................................
Louisville Branch .........................................
Memphis Branch ...........................................

Tennessee
Total

1,169,222,000
35,364,000

cafeteria workers, guards, maintenance men, porters,
cleaning force, and telephone operators.
Despite the larger volume of operations conducted
by the Federal Reserve Bank of St. Louis, total em­
ployment at the end of 1959 was virtually the same
as a year earlier. (Table 2)




Member
National State

Mississippi ...... ........

1Figures are rounded to nearest thousand except for number of discounts and advances.
2Includes validated receipts received from Directors of Internal Revenue which were
previously received as deposits of taxes.
3Does not include 81 millian unverified coins proved in connection with wrapping.

Total

Total

Dec. 31,
1958
707
95
170
128
1,100

Directors
Structure of the Board—
Each Federal Reserve Bank
has a board of directors consisting of nine members,
divided into three classes, designated as Classes A, B,
and C. The six Class A and B directors are elected
by the member banks, and the three Class C direc­
tors are appointed by the Board of Governors of the
Federal Reserve System. One of the three Class C
directors is designated Chairman of the Board and
Federal Reserve Agent by the Board of Governors,
and another is named Deputy Chairman. The terms
of two of the elected directors and one of the ap­
pointed directors expire at the end of each year. Each
branch of the Federal Reserve Bank of St. Louis has
a board of directors of seven members, four of whom
are appointed by the directors of the bank and three
by the Board of Governors. The names of all direc­
tors as of February 1, I960, their classifications, and
their occupational affiliations are shown on page 11.
Page 9

St. Louis—
Mr. Pierre B. McBride was again des­
ignated as Chairman of the Board and Federal Re­
serve Agent at the Federal Reserve Bank of St. Louis
for the year 1960 by the Board of Governors of the
Federal Reserve System. Mr. McBride has served in
these offices since his appointment as Class C director
in January 1957. During the six years immediately
preceding his appointment to the St. Louis Board, he
served as a director of the Louisville Branch.
Mr. J. H. Longwell was reappointed by the Board
of Governors as Deputy Chairman of the Board of
Directors for 1960. He has been a Class C director of
the Bank since January 1957 and has served as Deputy
Chairman of the Board since January 1958.
Mr. Norfleet Turner, President, The First National
Bank of Memphis, Memphis, Tennessee, was selected
by the Board of Directors of the Federal Reserve Bank
of St. Louis to serve as a member of the Federal
Advisory Council of the Federal Reserve System for
the year 1960. He succeeded Mr. William A. Me*
Donnell.
There has been no change in the personnel of the
directors of the St. Louis bank since last year’s report,
because the three directors whose terms of office
expired, Mr. Kenton R. Cravens, Mr. Harold O. McCutchan, and Mr. McBride, were re-elected or re­
appointed to new terms of office.
Branches—
There were four new appointments in­
cluding new chairmen for all three branch boards:
Mr. H. C. Adams, Executive Vice President, The
First National Bank of De Witt, De Witt, Ar­
kansas, was appointed as a member of the Little
Rock Branch Board for a three-year term begin­
ning January 1, 1960. He succeeded Mr. Donald
Barger.
Mr. William K. Harrison, President, T. P. Taylor
& Co., Inc., Louisville, Kentucky, was appointed
as a member of the Louisville Branch Board for
a three-year term beginning January 1, 1960. He
succeeded Mr. David F. Cocks.
Dr. Clay Lyle, Dean and Director, Division of
Agriculture, Mississippi State University, State
College, Mississippi, was appointed as a member
of the Memphis Branch Board for a three-year
term beginning January 1, 1960. He succeeded
Mr. John D. Williams.
Page 10



Mr. C. R. Caviness, President, National Bank of
Commerce of Corinth, Corinth, Mississippi, was
appointed as a member of the Memphis Branch
Board for a three-year term beginning January 1,
1960. He succeeded Mr. John K. Wilson.
Mr. T. Winfred Bell, and Mr. Merle E. Robertson
were reappointed on the Little Rock and Louisville
Branch Boards, respectively, for a three-year term
beginning January 1, 1960.

Officers
During the year, Mr. Darryl R. Francis was pro­
moted from Vice President and Manager of the
Memphis Branch to First Vice President of the Fed­
eral Reserve Bank of St. Louis. Mr. E. Francis DeVos
was promoted from the position of Cashier of the
Memphis Branch to Vice President of the Bank and
designated Manager of the Memphis Branch, and Mr.
Benjamin B. Monaghan was promoted from the posi­
tion of Assistant Cashier to Cashier of the Memphis
Branch.
Mr. Marvin L. Bennett was promoted from Assistant
Vice President to Vice President of the Bank at
St. Louis.
Five new officers were appointed during the year:
Mr. Carl T. Arlt was appointed as an Assistant
Vice President. He assumed responsibilities in the
Research Department under the direction of the
Vice President in charge of that function.
Mr. Paul I. Black, Jr. was appointed an Assistant
Cashier of the Memphis Branch.
Mr. John F. Breen, Jr. was appointed an Assistant
Cashier of the Memphis Branch.
Mr. George W. Dennison, formerly Assistant
Manager of the Fiscal Agency Department, was
appointed an Assistant Vice President.
Mr. Richard O. Kaley, formerly Manager of the
Planning Department, was appointed an Assistant
Vice President.
A list of officers as of February 1, 1960 is given on
page 12.

DIRECTORS
February 1, 1960

LITTLE ROCK BRANCH DIRECTORS

BOARD OF DIRECTORS

Term
Expires

Pierre B . M cBride

Appointed by the Board of Governors
Dec. 31
W aldo E . Tiller, Chairman , President, T iller T ie and

Chairman of the Board and Federal Reserve Agent
J. H. Longwell

Deputy Chairman of the Board

CLASS A DIRECTORS
Elected by M ember Banks
(May be bankers)

Elected
by
Group*

H. L ee Cooper, President, Ohio Valley National
Bank of Henderson, (140-42 No. Main St.),
P. O. Drawer 5, Henderson, Kentucky

2

Term
Expires
Dec. 31

1960

Arthur W erre, Jr., Executive Vice President,
First National Bank of Steeleville, Steeleville, Illinois

3

1961

Kenton R. Cravens, President, M ercantile Trust
Company, (721 Locust St.) Drawer 5 2 4 Main P. O., St. Louis 66, Mo.

1

1962

CLASS B DIRECTORS

Harold O. M cCutchan, Executive Vice Presi­
dent, Mead Johnson & Company, Evans­
ville 21, Ind.

1

2

3

1960

1961

1962

CLASS C DIRECTORS
Appointed by the Board of Governors
(Must not be officers, directors, employees, or stockholders
of any bank)
Jesse D . W ooten, Executive V ice President, MidSouth Chem ical Corporation, (1222 River­
side Blvd.), P. O. Box 346, Memphis 1,
Tenn.
J. H. Longwell, Director, Division of Agricultur­
al Sciences, University of Missouri, Colum­
bia, Mo.
Pierre B . M cBride, President, Porcelain Metals
Corporation, 1400 South Thirteenth St.,
Louisville 10, Ky.

1960

1961

1962

Member, Federal Advisory Council
Norfleet Turner, Chairman of the Board, T he First National
Bank of Memphis, P. O. Box 84, Memphis 3, Tennessee.

t Group 1— Consists of banks with combined capital and surplus of
$1,500,000 and over.
Group 2— Consists of banks with combined capital and surplus of
$300,000 and over, but under $1,500,000.
Group 3— Consists of banks with combined capital and surplus under
$300,000.
Group classifications are subject to change by the Board of Governors
of the Federal Reserve System.




1962

Appointed by the Directors of F ederal Reserve Bank
J. W . Bellamy, Jr., President, National Bank of Com­
merce of Pine Bluff, (424 Main St.), P. O. Box
2052, Pine Bluff, Ark.
E. C. Benton, President, Fordyce Bank and Trust
Company, P. O. Box 352, Fordyce, Ark.
J. V. Satterfield, Jr., Chairman of the Board and Presi­
dent, The First National Bank in L ittle Rock, (3rd
and Louisiana Sts.), P. O. Box 1471, Little Rock,
Ark.
H. C. Adams, Executive Vice President, T he First
National Bank of D e W itt, Box 511, D e W itt, Ark.

1960
1960

1961
1962

Appointed by the Board of Governors

(Must be actively engaged in the district in business, agriculture, or
some other commercial pursuit, and must not be officers, directors,
or employees of any bank)

S. J. Beaucham p, Jr., President, Term inal W are­
house Co., 500 Block E ast Markham, L ittle
Rock, Ark.

1961
1960

LOUISVILLE BRANCH DIRECTORS

Elected by Member Banks

Leo J. W ieck, V ice President and Treasurer,
The May Departm ent Stores Co., 6th and
Olive Sts., St. Louis 1, Mo.

Lum ber Company, Inc. (901 Union L ife Bldg.),
P. O. Box 586, L ittle Rock, Ark.
V acan cy ..............................................................................................
T. W infred Bell, President, Bush-Caldwell Company
and Arkansas E lectric Company, 123 Main St.,
Little Rock, Ark.

J, D. Monin, Jr., Chairman , Farm er, R .F .D . 1, Oak­
land, Ky.
Philip Davidson, President, University of Louisville,
2301 South 3rd St., Louisville 8, Ky.
W illiam H. Harrison, President, T . P. Taylor & Co.,
(4010 Crittenden), P. O. Box 1884, Louisville 1,
Ky.

1961
1960
1962

Appointed by the Directors of Federal Reserve Bank
W . Scott M cIntosh, President, State Bank of Hardinsburg, Hardinsburg, Ind.
John G. Russell, President, T h e Peoples First National
Bank & Trust Company of Paducah, 300 Broad­
way, Paducah, Ky.

1960

1960

John R. Stroud, Executive V ice President, The First
National Bank of M itchell, (628 Main St.), Box 37,
M itchell, Ind.
Merle E . Robertson, Chairman of the Board and Pres­
ident, Liberty National Bank and Trust Company
of Louisville, (201 W . Market St.), P. O. Box 1499,
Louisville 1, Ky.

1961

1962

MEMPHIS BRANCH DIRECTORS
Appointed by the Board of Governors
S. L . Kopald, Jr., Chairman, Executive Vice President,
Humko Division, National Dairy Products Cor­
poration, (1702 Thomas St.), P. O. Box 398, M em­
phis 1, Tenn.
Frank L ee W esson, President, W esson Farm s, Inc.,
Victoria, Ark.
Clay Lyle, Dean and D irector, Division of Agriculture,
Mississippi State University, Box 1564, State Col­
lege, Miss.

1960
1961

1962

Appointed by the Directors of F ederal Reserve Bank
John E . Brown, President, Union Planters National
Bank of Memphis (Madison Ave. at Front St.),
P. O. Box 387, Memphis 1, Tenn.
Simpson Russell, President, T he National Bank of Com­
m erce of Jackson, Jackson, Tenn.
J. H. Harris, Chairman of the Board, T h e First National
Bank of W ynne, P. O. Box 111, W ynne, Ark.
Charles R. Caviness, President, National Bank of Com­
merce of Corinth, P. O. Box 869, Corinth, Miss.

1960
1960
1961
1962

Page 11

OFFICERS
February 1, 1960

Delos C. Johns, President
Darryl R. Francis, First Vice President

Dale M. Lew is, Vice President

Howard H. W eigel, Vice President and Secretary

C
B u ild in g

D e p a rtm e n t, P u r c h a s in g

-D is c

r e d it

D

o u n t

epa r t m en t

Stephen Koptis, Assistant Vice President

D e p a rtm e n t

J. M. Geiger, Assistant Vice President

F

ie l d

S

e r v ic e

D

epa r t m en t

W . E . W alker, Assistant Vice President
P e r s o n n e l D e p a rtm e n t, P r o te c tio n

M o n e y D e p a r tm e n t, S a fe k e e p in g D e p a r tm e n t

D e p a rtm e n t

John J. H ofer, Assistant Vice President

W illis L . Johns, Assistant Vice President

George E . Kroner, Vice President
E

x a m in a t io n

D

epa r t m en t

Orville O. W yrick, Chief Examiner
W ilbur H. Isbell. Assistant Chief Examiner

Joseph C. W otawa, Vice President

Homer Jones, Vice President
A

c c o u n t in g

D

R

epa r t m en t

C

D

o l l e c t io n

D

esea r c h

epa r t m en t

W illiam J. Abbott, Adviser
Carl T . Arlt, Assistant Vice President

Paul Salzman, Assistant Vice President

Marvin L . Bennett, Vice President

epa r t m en t

E arl R. Billen, Assistant Vice President

F

is c a l

A

g en c y

D

epa r t m en t

George W . Dennison, Assistant Vice President
D

ata

P

r o c e s s in g

D

epa r t m en t

Richard O. Kaley, Assistant Vice President

L

eg a l

D

epa r t m en t

Gerald T . Dunne, Counsel and Assistant Secretary
P

l a n n in g

D

A u d it

epa r t m en t

D e p a rtm e n t

George W . Hirshman, General Auditor

W oodrow W . Gilmore, Assistant Vice President

LITTLE ROCK BRANCH
Fred Burton, Vice President and Manager
S. C. Davis, Cashier
W . J . Bryan, Assistant Cashier

Clifford W ood, Assistant Cashier

LOUISVILLE BRANCH
Donald L . Henry, Vice President and Manager
John W . Menges, Cashier
Louis A. Nelson, Assistant Cashier

C larence J. W oertz, Assistant Cashier

MEMPHIS BRANCH
E . Francis DeVos, Vice President and Manager
Benjamin B . Monaghan, Cashier
John F . Breen, Jr., Assistant Cashier

Page 12




Paul I. Black, Jr., Assistant Cashier

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