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No 75 Jan. 19, 1955
Insert at Operating Bulletin No. 20
«
n 11
FEDERAL RESERVE BANK OF NEW YORK
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NO 74 JULY 1 1954
Insert at operating bulletin no 20
<J
DIRECTORS - N.Y. F . :. Bk.
I n f o r m a t i o n a v a i l a b l e in S e c r e t a r y ' s Office, p e r phone c a l l t o
Miss McManus, 1 2 / 1 / 5 4 , by M. B u r n e t t .
DUTIES of DIRECTORS
11/19A3
Letter to Sloan Colt re directors1 duties, from W. F. Treiber, Nov.19,
19h3, File lOlw
Miss McManus says similar letters have been sent to alldirectors.
Nowadays 2 statements are sent out to each director upon appointment i
1, Duties and responsibilities of directors•
This is brought up to date each time*
The Board of Governors also sends out a similar letter (Z series),
2, Work of the Board of Directors.
If we wish to see copies of the above statements Miss Adams
should apply to LIr, Arthur H. Willis, Secretary, who would want to
know what use is to be made of them.
PHOTOGRAPHS
12/1O/U3
According to a letter from Mr. Treiber, 12/lO/ii3, File 10h, photographs of directors, past and present, are being maintained by the New
York B^nk. The Board of Governors also planned to maintain a similar file
with a view to publishing later in the Bulletin sketches & photographs.
The Board of Governors discontinued its collection
years ago and returned the photographs to the respect3%£e
Banks* Those of the N,Y. Bank directors are now in a box
Office storare. Some New York officers' photographs are
some h or 5
Federal Reserve
in the Secretary!s
also there.
Photographs of the New -ork Bank's directors are hung in the
Northwest Conference Room, 10th. floor.
OFFICERS - FEDERAL RESEff/E BANK OF N.Y.
I n f o r m a t i o n o b t a i n e d from Miss FcManus, S e c r e t a r y ' s O f f i c e ,
by M, B u r n e t t *
12/1/5U
PHOTOGRAPHS
Miss McMan^is says t h a t P r e s i d e n t Sproul i n i t i a t e d a few y e a r s
an official album of photographs of current officers• In Secretary ! s Office•
If an officer leaves the Panic or retires his photograph i s transferred to his folder in the Officers1 Personnel File, in Secretary's
Office.
Public Information Department carries a pool of pictures of
present officers of the Bank* The Secretary!s Office initiates the
negative and has a cc>j.<y made for Public Information*
COMSUTTSSS - FEDiv.ftL RES'^t, RANK OF N.Y.
Nov.f51i
NOTES by M. Burnett
Memo, from Mr> Rounds to Mr, Harrison, IO/13/38. File 110•
"Generally speaking, the Bank does not operate under a committee
plan of organization, but rather by executive action •"
P # 2*
2££i£erl 2°jinj?9!i* "Its purpose would be, as is that of the Officers1
Council, to afford a free discussion, prior to an executive action,as
to action to be taken#t!
Personnel of Coionittees
Officers Bulletins giving personnel of committees at various
times can be found on File 110. Miss Dillistin says that 3D far as
she knows these bulletins are filed as they ars iscusd. Hovever, -he
cannot say how far back this is so*
STANDING COMMITTEES OF THE HOARD OF DIRECTORS
FrB NY
A u d i t i n g Committee
MINUTES o r PROCEEDINGS FILED:
HISTOHT
(Memo of Nov. 17, 19*43, by W. F. Treiber, to Files.) File lOiw
May 1, 1918.
Bosrd of Directors voted that review fk control of the auditing iz
general accounting system of the Bank be under the supervision of
a committee of 3 members,- one, chairman of the Board, and the
other 2 selected in rotation every 3 months•
May 22 5 19l85 Jaru6, 1927
Scope of duties of Committee reviewed*
Jan .7, 19li3
Voted by BdU of Directors to appoint committee members for a year
until Jan. 19Uw
STANDING COMMITTEES OF THE BOARD OF DIRECTORS
Executive Committee
MINUTES or PROCEEDINGS FILED:
HISTCHT
(Memo of Nov. 17, 19ii3, by W.F. Trsiber to F i l e s . ) File lOiu
Provided for in Article I I of the by-laws of the Bank.
FRB N.Y.
STANDING COMMITTEES OF THE BOAHL OF DIRECTORS
FRB N.Y.
Committee on Foreign Relations
MINUTES or PROCEEDINGS FILiX:
HISTORY
(Memo of Nov. 17, 19I13, by W. F. Treiber, t o F i l e s . ) File 10ii.
Dec, 23, 1926
Bd. of Directors tooted that the chairman should designate two
or three of the d i r e c t o r s v/hom the Governor or Deputy Governor
in charge of such niatt9rs mipht consult concerning our r e l a t i o n s
with f o r e i m banks of i s s u e .
Dec.30, 1926
Three d i r e c t o r s designated.
STANDING COMITTSES OF THE BOAHD OF DIRECTORS FRB N.Y.
Committee on Supervision of Member Banks
lIIKUTr.S or PROCEEDINGS FILED:
HISTOiff
(Memo of Nov. 17, 1913, by Y. F. Treiber, to F i l e s . ) File 1OU.
Dec, 18 3 1930
Bd. of Directors
Review suggested, by o f f i c e r s , of r e s p o n s i b i l i t i e s *: powers
of Federal Reserve Banks re supervision of member banks.
Dec «23 5 1930
8d# cf Directors
Voted to appoint a committee of three t o work with the Governor
in consideration of problem of supervision of member banks*
STANDING CO!KITTENS OF THE BOARD OF DIRECTORS
FRB NY
Committee on Welfare of S t a f f
HBIUT3S or PROCEEDINGS FILED:
HISTORY
(Memo of Nov.!?, 19l*3, by V*. F. Treiber, to Files.) File 10lu
Nov.73 1917
Bd. of Directors
Voted that the Chairman appoint a committee of 3> of which he shall
act as a member, to considsr subject of promotions i: salaries of
the official staff of the Bank.
June k9 lgl£ 3d. of directors
/oted that the Chaiiaan appoint:
1. Committee on salaries of the official staff of the Bank.
2. Committee on salaries of the clerical staff of the Bank.
Oct. Ig, 1919 -d. of Directors.
Voted that the Chairman appoint a committee of 3* to formulate a
program on minimum wage, participation of employees in matters
of their welfare, development of Personnel Dept. to promote
employees1 pcogress.
Oct. 27, 1919 Joint meeting of Committee of Officers, and of Committee
of Directors, on Relations with Employses.
Voter1 that the officers committee be authorized to cooperate with
a committee of six selected by employees to outline a plan of organising an employees association.
Nov. 12, 1919 Bd. of Directors.
such other
Voted to authorize a committee of the governor^ ^officers as he
may designate, to discuss v/ith responsible officers of the Federal Reserve Club, matters affecting interests cfthe otaff.
Nov. 19, 1919
3d. of Directors.
Appointment of k members to Committee announced.
STANDING OKfiTITTSSS OF OFFICERS - F . R . B . N.Y.
Budget and Expense Committee
MINUTES or PROCEEDINGS FILED:
HISTORY
(Memo of Nov.22, 19k3, by W.F. Treiber to Files.) File 110.
Jan.11, 1921
Managing Committee voted a proposal to operate the expense account
of the Bank on a budget plan* Chairman requested to appoint a
committee of three to formulate a budgetary program •
Dec ,23, 1932
Governor appointed a Committee on Miscellaneous Expenditures,
Dec,?5 1938
Budget Committee and Committee on Miscellaneous Expenditures
replaced by a single committee designated as Budget and Exgense
Committee,
Memo from President Harrison (12/9/38) outlines powers and duties.
1. Supervise preparation of,and approve^ a budget for the Bank*
2, Review at least twice a year 3ank!s expenses for the year
in compax~ison with budget for same period.
3# During each year shall pass on:
a # Expenditures not contained in current budget for membership
dues and donations for associations or societies and participation in meetings or conventions•
b. Expenditures over ^100. not included in current budget.
km Chairman may approve:
a. Ifix^enditures not exceeding #100#
b # Expenditures over #100 to be approved by not less than
3 members of committee,
$• Adopt its own rules of procedure.
STANDING COMMITTEES OF THL OFFICERS - FRB N.Y.
Confidential Loans to Employees
MINUTES or PROCEEDINGS FILED:
No minutes kept. Applications made by employees on file in Personnel
Dept. These are approved by Manager of Department ?- then by Committee •
HISTORY
(Memo of nov.22^ 19U3, by W. F. Treiber to F i l e s . )
File 110.
FebJi, 19.21±
Governor Strong appoints connittee of 3 officers to serve as a
committee to consider provisions for taking care of employees who
need financial assistance•
Mar.93 1921
Bd. of Directors voted an imprest fund of $10,000 to be created for
the purpose of making advances t o needy employees, to be subject to
audit by General Auditor personally•
SgJSLi ?3^1931,
Oct. 7, 1937, Nov.lt, 1937.
Executive Committee regulatory a c t i o n .
Oct. 26, 1937
Memo by President t o Committee (ERBNY File no. C 10£ # 6)
Contains r u l e s t o be followed by Committee.
STANDING COTriTTESS Ob THE OFFICERS -,F.S.B. N.T.
Discount Committee
MINUTES or PROCESDINOS FILED:
Discount Dept.
HISTORY
(Memo of Nov«22, 191*3, by W. F. Treibar t o F i l e s . )
File 110.
Oct>l s
Secretary report; to Bd. of Directors that he had mailed to each director
a memo setting forth revision of procedure for passing on loans • It
included, and was approved that:
Discount Committee be appointed by Governor, composed of at least U
officers, one of whom shall be the Deputy Governor in charge of loans,
who shall serve a s chairman ex officio.
3, 1939 ,
Procedure of Oct.l, 1925 revoked & President is requested to prescribe the powers and duties of the officers discount oomnittee ...
(Memo signed by Bresident in Secretary's office and copy in FRBNY Fife#110)
STAND-ING
OFFICERS^ COMMITTEES - F.RJ3. N.Y.
Officers Council
MINUTES or PROCEEDINGS FILSD:
Secretaryfs Office,
HISTORY
(Memo of Nov,22, 19^3
by V/.F. Treiber to Files*) File 110.
Managing Committee, Dec .9, 1921
Abolished , and succeeded on Dec. 12 by:
Officers Council, Dec. 12, 1921 Consists of Governor, Deputy Governor and Chairman of Board of Directors
(Same as Managing Committee)
Gov. Harrison suggested, IO/31/3U, that meetings should deal chiefly
with matters of policy relating to particular departments of the
Bank, concerning which the officer in charge w:ushedto obtain the
benefit of the vierrs of other members of the Officers Council •
STAND DIG COMMITTEES OF THE OFFICERS - FHB N.Y.
Committee on Personnel
MINUTES or PROCEEDINGS FILiSD:
Minutes in Personnel, with Mr. Smedley, Secretary,
HISTORY
(Memo of Nov#22, 191*3, by W. F. Treiber, t o Files*) File 110•
Nov.12, 1919
approved
Bd« of Directors appeinfeed a standing committee of 3 members of the
Board, t o be appointed by the Chairman t o consider a l l matters r e l a t i n g to t h e welfare of the s t a f f .
Nov.l8, 1919
Managing Committee Action. A committee of 3 officers was appointed
by Gov. Strong, on matters affecting the i n t e r e s t s of t h e s t a f f .
Also a committee of 6 officers appointed t o consider salary a d j u s t ments and additional compensation, and t o report back recommendations.
Feb.2 5 1920
Voted to continue the second of above committees for 1920.
Dec.93 1938
(Memo from Pres. G.L. Harrison, to Salary & Promotion Committee. )
Outline of powers & duties.
!#Salary Adjustments. Salary payments to employees upon dismissal.
Retirement of employees. Leaves of absence.
2^Decisions. Changes in salary standarization plan. Transfer of employees. Leaves of absence without pay.
3 .Advisory recommendations. Changes in bank policy re employee welfare,
Personnel matters submitted by Personnel Dept. officers*
U.Incidental duties,assigned by Bresident, etc.
?. Committee may adopt its own trules of procedure.
June 12, 19hi Officers Council.
Salary & Promotion Committee renamed Committee on Personnel^ inasmuch
as the scope of matters handled has been wider than implied by the
former designation.
STANDING COMMUTES OF TH£ OFFICERS
FRB NT
Committee on Welfare of S t a f f
MINUTES o r PROG 11EDINGS FU£D:
HISTCKZ
(Memo of Nov. 22, I9U3, by W.F. Treiber, to Fttes.) File 110•
Nov,12, 1919. Bd. of Directors
Managing Committee presented to the Bd# of Directors recommendations
on the welfare of the staff. Resolved that the Governor & such other
officers as he may designate be directed to discuss with responsible
officers of the Federal Reserve Club, means by which matters affectinp the interests of the staff may be considered by representatives
of both the official and the clerical staff•
Nov»l85 1919» Managing Committee
3 officers appointed members of the committee on matters a ffeeting
the interests of the staff#
April 285 1922
Committee asked to formulate a method of procedure for dealing with
the welfare of the organization in view of recent allocation of
duties among the deputy governors.
Dec«9s 1938«
Memo from Pres, Harrison.
Powers & Duties:
Salaries, Retirement, Employment & dismissal,
Educational, recreational & social activities, Vacations,
Hours of work, etc., General welfare of staff. On these
subjects the Committee will act in an advisory capacity to
the President re policy.
FEDERAL RESERVE BANK
OF NEW YORK
Revised July 1, 1954
OPERATING BULLETIN NO* 3
Subject:
Assignments of officers
Head Office
1.
The assignments of Vice Presidents, Assistant Vice Presidents, and
Managers are as followsi
VICE PRESIDENTS
Mr. Treiber, First Vice President
(a)
General Administration
(in the absence or disability of
the President, serves as chief
executive officer of Bank)
(b)
Buffalo Branch
(c)
Public Information
Mr. Bilby
In the absence of Mr. Treiber,
MTO Wiltse shall be his alternate
as to (b); and Mr. Roelse as
to (c).
In the absence of Mr. Bilby,
Mr o Kimball shall be his alternatec
Personnel
Mr. Kimball
(a)
(b)
(c)
(d)
Accounting
Planning
Building Operating
Service
In the absence of Mr. Knoke,
Mr. Rouse shall be his alternater.
Mr o Knoke
(a)
(b)
(c)
International Banking
Gold and Silver Operations
Foreign Assets Control
Mr. Phelan
(a)
(b)
(c)
(d)
In the absence of Mr. Kimball,
Mr. Phelan shall be his alternate
as to (a) and (b); and Mr o Bilby
as to (c) and (&).
Loans and Credits
Government Bond
Safekeeping of Securities
Currency Destruction
In the absence of Mr. Phelan,
Mr. Wiltse shall be his alternate
as to (a); and Mr. Wurts as to
(b), (c) and (d).
Operating Bulletin No. 3, Revised July 1, 1954
Page 2
Mr 0 Roelse
Research and Statistical
Mr. Rouse
(a)
(b)
(c)
In the absence of Mr. Rouse,
Mr. Treiber shall be his alternate.
Open Market Operations in
Government Securities and
Acceptances
Treasury Issues
Administration of
Regulations T and U
Mr. Tiebout
Legal
Mr, Willis
(a)
(b)
In the absence of Mr o Willis,
Mr o Wurts shall be his alternatec
Cash
Collections
In the absence of Mro Wiltse,
Mr o Phelan shall be his alternate.
Mr. Wiltse
(a)
(b)
Bank Examinations and
Supervision
Bank Relations
Mr. Wurts
(a)
(b)
Collections - Supervisory responsibility for operations of Check,
Collection, and Government Check
Departments under Mr. Willis
Collections - Study of collection
and check procedures of this
Bank and of Federal Reserve
System
ASSISTANT VICE PRESIDENTS
Mr. Crosse
Bank Examinations and Supervision; Bank Relations
Mr, F. T. Davis
Government Bond, Safekeeping of Securities, and
Currency Destruction
Mr.
International Banking Operations; Gold and Silver
Operations; Relations with International Bank
for Reconstruction and Development, International
Monetary Fund and Export-Import Bank of Washington;
Administration of Regulations T and U; Foreign
Assets Control
P. Davis
Operating Bulletin No. 3> Revised July 1, 1954
Page 3
ASSISTANT VICE PRESIDENTS (continued)
Mr. Fitchen
Cash and Collections
(Cash and Cash Custody Departments)
Mr. Harris
Accounting, Planning, Building Operating and Service
Mr. Roosa
Open Market Operations in Government Securities
and Acceptances; Treasury Issues
Mr. Sanford
International Banking Operations; Gold and Silver
Operations
MANAGERS
(Managers are assigned to departments, and have titles as indicated below.)
Mr. Coombs
Mr. Heinl
Manager, Research Department
"
Savings Bond Department and
Currency Destruction Department
Mr. Lang
11
Foreign Department
11
Securities Department
TT
Check Department
"
Credit Department and Discount Department
11
Securities Department
u
Cash Custody Department
fl
Building Operating Department
"
Planning Department
?I
Service Department
ff
Accounting Department
fr
Cash Department
11
Bank Examinations Department
11
Security Custody Department
Government Bond Department and
Safekeeping Department
Mr. Larkin
Mr. Maclnnes
Mr. Marple
Mr. Marsh
Mr. Mclaughlin
Mr. Muether
Mr o Niles
Mr. Noa
Mr. Palmer
Mr. Peterson
Mr. Quackenbush
Mr. Rushmore
Mr. Scheffer
"
Mr. Small
"
Personnel Department
(Employees Records and Payroll Division,
Job Evaluation and Classification
Division, and Medical Division)
Operating Bulletin No. 3, Revised July 1, 1954
Page 4
MANAGERS (continued)
Mr o Smedley
Mr. G. Co Smith
Manager, Personnel Department
(Personnel Relations Division, and Club Office)
"
Collection Department and
Government Check Department
Mr. Waage
"
Public Information Department
Mr. Walton
"
Bank Relations Department
Buffalo Branch
2.
The assignments of the Vice President, the Assistant Vice President, the
Cashier and the Assistant Cashiers are as follows;
Mr. I. B o Smith, Vice President
General administration of the Branch
Mr. Wessel, Assistant Vice President
General supervision of operations of
the Branch
Divisions
Mro Doll, Cashier
Mro Greene, Assistant Cashier
Mr, Myers, Assistant Cashier
Accounting, Check, Collection,
Office Service, and Protection
Building Operating, Cash, Credit
and Discount, and Securities
Bank Relations
Effect of this bulletin on previous bulletin
3.
This bulletin supersedes Operating Bulletin No. 3, Revised effective
January 11, 1954, and the First and Second Supplements thereto dated April 15, 1954
and May 27, 1954, respectively.
FEDERAL RESERVE B A M
OF NEW YORK
August 12, 1954
First Supplement to
OPERATING BULLETIN NO. 3
Revised July 1, 1954
Subject:
Assignments of Officers
To fill the vacancies caused by the death of Mr* Scheffer,
Kenneth E. Small, now Manager of the Personnel Department, has been
temporarily assigned as Manager, Government Bond Department, and
Manager, Safekeeping Department, effective immediately.
Paragraph 1 of Operating Bulletin No, 3, Revised July 1,
1954, is hereby amended accordingly.
FEDERAL RESERVE BANK
OF NEW YORK
September 1, 1954
Second Supplement to
OPERATING BULLETIN NO, 3
Revised July 1, 1954
Subject:
Assignments of Officers
As announced in Bulletin #8354, June 29, 1954, John Exter,
Vice President, has "been assigned to International Banking, Gold and
Silver Operations, and Foreign Assets Control, succeeding L« Werner Knoke,
Vice President, retired.
FEDERAL RESERVE B A M
OF NEW YORK
September 23, 1954,
Third Supplement to
OPERATING BULLETIN NOo 3
Revised July 1, 1954
Subject:
Assignments of officers
Gerald H, Greene, at present Assistant Cashier at the Buffalo
Branch, will "be transferred temporarily to the Head Office where he will
assist in the work of various departments.
Effective October 4, 1954,
he has been appointed an officer of the Bank (instead of the Buffalo
Branch) with the title of Acting Manager, and has been assigned initially
as Acting Manager, Personnel Department.
FEDERAL RESERVE BANK
OF NEW YORK
Revised September 1, 1954
First Supplement to
OPERATING BULLETIN NO. 4
Revised June 27, 1951
Subject:
Standing committees of officers
The members of the standing committees of officers of the Bank are
designated as follows:
OFFICERS COUNCIL
Mro Sproul, Chairman
Mr. Treiber
Mr. Bilby
Mr. Exter
Mr. Kimball
Mr. Phelan
Mr. Roelse
Mr o Rouse
Mr. Tiebout
Mr. Willis
Mr. Wiltse
Mr. Wurts
BUDGET AND EXPENSE COMMITTEE
Mr.
Mr.
Mr.
Mr.
Mr.
Kimball, Chairman
F. T. Davis
Fitchen
Harris
Treiber (ex officio)
DISCOUNT
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Phelan, Chairman
Rouse
Tiebout
Wiltse
Marple
Treiber (ex officio)
COMMITTEE ON INSURANCE
Mr. Kimball, Chairman
Mr. Tiebout
Mr. F. T. Davis
COMMITTEE ON PERSONNEL
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Bilby, Chairman
Kimball
Wurts
Crosse
Marsh
Treiber (ex officio)
COMMITTEE ON BUFFALO BRANCH BUILDING
WELFARE OF STAFF
Mr. Treiber, Chairman
Mr. Kimball
Mr. I. B. Smith
COMMITTEE ON
CONFIDENTIAL LOANS TO EMPLOYEES
Mr. Willis, Chairman
Mro Heinl
Mr. Muether
(Corr. 9/1/54)
Mr.
Mr.
Mr.
Mr.
Mr.
Sproul, Chairman
Treiber
Bilby
Kimball
Willis
FEDERAL RESERVE BANK
OF NEW YORK
January 11, 1954
Second Supplement to
OPERATING BULLETIN NO. 4
Revised June 27, 1951
Subject:
Standing committees of officers
A committee of officers, designated as the Committee on Buffalo
Branch Building, having been appointed on September 4, 1953 > Operating
Bulletin No. 4, Revised June 27 > 1951* i s hereby amended in the following
respects:
1,
Paragraph 2 is amended by adding the Committee on Buffalo
Branch Building to the standing committees of officers at the Head Office
listed in that paragraph.
2.
The following is inserted immediately after paragraph 13.
Committee on Buffalo Branch Building
14.
The Committee on Buffalo Branch Building advises
the President on the development and execution of the program
for the construction of a new building in Buffalo for the
Buffalo Branch.
Within the authority conferred by the directors
and under the general supervision of the President, the committee is responsible for the administration and implementation
of the building program.
FEDERAL RESERVE BANK
OF NEW YORK
Revised June 2 7 , 1951
OPERATING BULLETIN NO, 4
Subject:
Standing committees of officers
Source of authority
1.
Section 4 of Article III of the by-laws of the Bank provides that
the President "shall have power to appoint such committees of officers of the
Bank and others as he may from time to time deem advisable, and to prescribe the
powers and duties of such committees where such powers and duties are not specifically prescribed by the board of directors or by the executive committee."
Standing committees
2.
The following standing committees of the officers at the head
office are appointed by the Presidents
Officers Council
Budget and Expense Committee
Committee on Confidential Loans
to Employees
Discount Committee
Committee on Insurance
Committee on Personnel
Committee on Welfare of Staff
Appointments are customarily made in January of each year, but changes may be
made at any time during the year.
The members of such committees are desig-
nated in a supplement to this bulletin,,
Changes in committees
3.
The President may appoint other committees and. prescribe their
powers and duties; and he may abolish any committee or prescribe such changes
in its powers and duties as he may deem appropriate.
Operating Bulletin No. 4, Revised June 27, 1951
Page 2
Responsibilities of committees) procedures
4.
bulletin.
The powers and duties of each committee are prescribed in this
Each committee may adopt such rules and procedures not inconsistent
with such powers and duties as may seem to it to be desirable.
Each committee
should meet as often as may be appropriate.
5-
An appropriate record should be kept of the proceedings of each
committee, including action taken and decisions reached by the committee on
items of business not considered at meetings.
The Secretary of the Bank keeps
a record of the proceedings of the Officers Council and the Committee on Welfare
of Staff.
Each other committee may appoint its own secretary, who need not be
a member of the committee.
Officers Council
6.
The Officers Council is an advisory rather than an executive body.
The meetings of the Officers Council deal chiefly with matters relating to the
general policy of the Bank, or matters of policy relating to particular departments of the Bank, concerning which the officer in charge wishes to obtain the
benefit of the views of other members of the council.
Thus the meetings afford
opportunity to the members to keep informed regarding important operations and
problems outside their own functions, and opportunity for discussion of questions
of Bank policy.*
*
It is essential that all matters of Bank policy should have as thorough consideration as possible by the officers before presentation to the directors,
and that the directors should be able to look to the chief executive officer
of the Bank for final determination in each case. With this objective in
mind, and to avoid the possibility that important matters will be presented
to the director without the knowledge and approval of the President, or, in
his absence, the First Vice President, matters involving questions of Bank
policy (including credit policy and operating or administrative policies)
should be discussed at a meeting of the Officers Council before being presented to the directors. In exceptional cases, where there is insufficient
time to follow this procedure, such matters should be presented to, and
discussed with, the President or, in his absence, the First Vice President.
Matters not involving questions of Bank policy which, nevertheless, are not
routine in character should be discussed with the President or, in his
absence, with the First Vice President, before being presented to the directors, but need not be presented for discussion at a meeting of the Officers
Council.
Operating Bulletin No, 4, Revised June 27, 1951
Fage 3
Budget and Expense Committee
7°
The Budget and Expense Committee supervises the preparation of,
and recommends for approval, the budget for the head office; reviews expenditures; and approves certain expenditures at the head office not provided for
in the budget.
The powers and duties of the committee are prescribed below:
(a)
The committee shall supervise annually the preparation of
the budget for the head office of the Bank and shall be responsible
for the filing of the budget in the light of the instructions of
the Board of Governors of the Federal Reserve System;* and, upon
completion of the budget, shall submit a report to the President
with respect thereto, in contemplation of the submission of the
budget to the directors„
(b)
The committee shall review at least twice each year the
actual expenses at the head office in comparison with the budget;
shall obtain information explaining substantial differences between
the actual expenses and budget; and shall make such recommendations
to appropriate officers of the Bank as shall seem proper in the
light of such information,,
(c)
During each year the committee shall pass upon, with
respect to the head office:
(1) Any expenditure which is not contained in the current
year's budget, for membership dues in, or donations to, associations or societies, for participation in meetings or conventions,
and for official entertainment of Bank visitorso
(2) Any expenditure exceeding $100 in amount in an expense
classification not provided in the current budget of the department concerned•
See the Board's letter of February 4, 1947 (S-958) at #3186 of the Federal
Loose-Leaf Service,
Reserve
Operating Bulletin No* 4, Revised June 27, 1951
Page 4
Requests for the advance approval of specific expenditures, together
with a full statement of the circumstances, should be sent to the
chairman of the committee by the department concerned*
(d) Any three members of the committee may act in its behalf
and shall constitute a quorum for the transaction of business,
except that the chairman of the committee may approve expenditures
not exceeding $100*
Committee on Confidential Loans to Employees
8* The Committee on Confidential Loans to Employees administers,
under rules prescribed by the President^ a fund created by the board of
directors for the purpose of making advances to employees (including officers)
of the head office and Buffalo Branch in cases of special need.* The following rules are prescribed for the administration of the funds
(a) The fund is to be used for the sole purpose of making
advances to employees (including officers) of the Bank who find
themselves temporarily pressed for money because of illness, death
in their families^ or other circumstances creating a special need.
(b) Applications for loans shall be submitted to the committee
through such person as may be designated by the committee for such
purpose, and each such application shall be in such form and contain
such particulars as may be specified by the committee**&
(c) In acting upon an application, the committee shall consider
whether the purpose of the loan is an appropriate onej and in the
*
Fund created by action of the board of directors on March 9> 1921; extended
to officers by action of the executive committee on November 4, 1937»
** A E indicated in Operating Bulletin No. 24, applicants for loans may obtain
from the Personnel Department the name of the person who has been designated by the committee to act as its accountant and interviewer, and
applicants should consult such person„
Operating Bulletin No. 4, Revised June 27, 1951
Page 5
event of the approval of the application, shall fix all details in
connection with the making and repayment of the loan. Each loan
shall bear interest at the rate fixed by the directors for such
purpose o*
(d) The total loans outstanding shall not.exceed $25,000, the
principal of the fund.
(e) The committee shall submit to the President promptly after
the close of each calendar year a report of the administration of
the fund during that year.
(f) Any two members of the committee may act in its behalf and
shall constitute a quorum for the transaction of business, except
that loans not in excess of $100 may be approved by one member of
the committee.
9.
In accordance with the terms of a resolution adopted by the
board of directors on May 19, 1938, the fund is audited by the General Auditor
personally, or by such representative of the General Auditor as the General
Auditor may, with the approval of the President, select.
Discount Committee
10o
The Discount Committee considers and acts upon applications for
advances and discounts received at the head office; administers advances, discounts, and other credit accommodation; and makes recommendations in respect of
applications for credit accommodation for industrial purposes, new national bank
charters, applications for membership, capital adjustments, and other similar
matters. The powers and duties of the committee are prescribed below:
(a) The committee shall consider and act upon all applications
received at the head office for
*
The currently effective rate of interest, 3 per cent per annum, was fixed
by the directors on February 11, 1935-
Operating Bulletin No« 4, Revised June 27, 1951
(1)
Page 6
Discounts for, and advances to, member banks, under
Sections 13 and 13a of the Federal Reserve Act;
(2)
Advances to member banks under Section 10(b) of the
Federal Reserve Act; and.
(3)
Advances to individuals, partnerships, and corporations
(other than member banks) secured by direct obligations of the
United States, under the last paragraph of Section 13 of the
Federal Reserve Act,
and, as an incident to the exercise of such powers, shall consider
and pass upon the eligibility and acceptability of collateral offered
as security for advances, and of paper offered for discount, in any
case in which there is a doubt as to such eligibility, or acceptability, or botho
In the intervals between meetings of the committee,
any application for a discount for, or advance to, a member bank may
be considered and acted upon (i) by any two members of the committee,
or (li) in the event only one member of the committee shall be present
and exigent circumstances shall exist, by that member; provided that
any advance or discount so made shall be reported to the committee
for ratification at its next succeeding meetingo
Advances and
discounts made or ratified by the committee shall be submitted to the
directors for ratification and approval.
(b)
The committee shall review, and make recommendations to the
directors with respect to, all applications for credit accommodation
under Section 13'b of the Federal Reserve Act o
(c)
The committee shall consider and pass upon all matters as to
which authority is conferred upon the officers by any general resolution heretofore or hereafter adopted by the directors with respect
to the administration or liquidation, including the making of
Operating Bulletin Bb* 4, Revised June 27, 1951
Page 7
renewals, extensions, compromises, settlements* and releases, of or
affecting advances* discounts, and other credit accommodation (or
the collateral security for any thereof) made or granted by this
Bank,*
(d) The committee shall make recommendations^
(1) Upon the request of an officer of the Loans and
Credits function, as to any matters relating to the making,,
administration? and collection of advances, discounts, and
other credit accommodation} and
(2) Upon the request of an officer of the Bank Supervision
and Bank Relations function, as to applications for membership
in the Federal Reserve System, or for capital adjustments, or
for fiduciary powers, or for new national bank charters, or for
approval of the establishment of out-of-town branches of State
member banks, or as to any matter relating to the general credit
standing of member banks.
(e) The committee shall review the advances and discounts made
by the Buffalo Branch of this Bank, prior to the submission of such
advances and discounts to the directors of the Bank for ratification •
(f) The committee may specify the number of its members, not
legs than three, which shall constitute a quorum for the transaction
of business*
By resolution adopted January 30> 1936, the board of directors granted
authority to the officers with respect to the making of certain compromises,
settlements, and releases affecting obligations or claims representing,
evidencing or securing indebtedness to this Bank, the collateral therefor,
and actions, suits, and judgments arising therefrom*
By resolution adopted Jute 27, 1935* the board of directors granted authority to the officers with respect to the extension, renewal, liquidation,
or other dealing with loans, advances, or commitments made by this B&ok
under Section 13b of the Federal Reserve Act*
Operating Bulletin Koo 4, Revised June 27, 1951
Page 8
Committee on Insurance
11*
The Committee on Insurance; has general responsibility for the main-
tenance of appropriate insurance protection of the Bank* The powers and duties
of the committee are prescribed belows
(a) The committee shall administer all policies established or
approved by the directors or by the President regarding insurance of
the Banko
(b) The committee shall review at least annually all types of
insurance purchased by the Bank, giving careful consideration to the
amount and other terms of coverage„
(c) Within the policies established or approved by the directors
or by the President, the committee shall determine the nature, amount
and other terms of all forms of insurance coverage appropriate for
the Bank) and, in its discretion, it may change the nature, amount
and other terms of insurance coveragea
(d) The committee may delegate its powers and duties hereunder^
in so far as they relate to insurance covering or affecting the
Buffalo Branch, to the officers of the Branch, or any of them, to
such extent and upon such conditions as the committee, in its discretion^ may from time to time deem appropriate <>
(e) On its own initiative, or upon request of the member, or
alternate to the member, designated by this Bank to serve on The
Insurance Committee of the Federal Reserve Banks established under
the Loss Sharing Agreement of the Federal Reserve Banks, the committee
shall consult with such member or alternate member regarding any
matters that may appropriately come before The Insurance Committee
of the Federal Reserve Banks.
Operating Bulletin No*. 4, Revised June ZJ? 1951
Page 9
(f) The committee shall report to the President and the First
Vice President at least annually regarding its work.
(g) The committee shall not have any responsibility regarding
(i) group life insurance^ or (ii) workmen9s compensation or employer's
liability insuraaace^ or similar types of insurance, which,by their
nature, come within the province of the Personnel function,
(h) Any two members of the committee may act in its behalf and
shall constitute a quorum for the transaction of business*
Committee on Personnel
12* The Committee on Personnel administers certain policies established or approved by the directors or by the President with respect to personnel at the head officej and makes recommendations as to personnel policies*
The powers and duties of the committee are prescribed belows
(a) Within the policies established or approved by the directors
or by the Presidents and with respect to the head office> the
committees
(l) In its discretion* may
(a) change the duties and responsibilities of existing
jobs and create new jobs under the personnel classification
plan; prescribe the qualifications for such jobSj and
Classify such jobs within the respective salary grades under
the planj
(b) establishj and terminate the establishment of/ a
particular job in any organizational unit of the
*
Furthermore, group life insurance does not Insure the Bank*
** Whenever a change shall be proposed in departmental organization* involving
the creation of a new job or jobSj, the officers concerned shall submit the
proposal to the committee for its recommendationo
Operating Bulletin Noo 4* Revised June 27, 1951
Page 10
(c) transfer employees from one job to another and
from one organizational unit to another, and* whenever
appropriate in this connection, increase the salaries of
employees transferred to the respective minimum salaries
of the salary grades of the jobs to which they are transferred; and
(d) authorize supplemental payments to provide additional benefits for employees retiring on special service
retirement or disability retirement)
(2) shall consider and pass upon recommendations as to
salary increases under any automatic salary and salary progression
programs; and
(3) shall consider and pass upon matters with respect to
medical and other leaves of absence for employees (other than
leaves of absence without pay for foreign missions or for
special Governmental or other work related to the foreign fields
which are granted by the President or First Tice President)•
The committee is primarily concerned with matters of policy rather
than with details of operation; and accordingly, in its discretion*
the committee may delegate to one or more officers of the Personnel
function (including the alternate of the officer having general
supervision of the function) the carrying out of any of the powers
and duties set forth in this sub-paragraph (a) to the extent to which
such delegation appears to the committee to be in the interest of
efficient operations.
(b) In its discretion, the committee may make adjustments in
the salaries of employees at the head office in individual cases to
the extent of the funds that the directors have authorized to be
used
for such purpose *
Operating Bulletin No. 4, Revised June 27, 1951
Page 11
(c) Within the policies established or approved by the directors
or "by the President, the committee shall review as often as it deems
appropriate, and in any event annually, the salaries of all employees
at the head office not subject to any automatic salary adjustment
program, and shall make such recommendations in connection therewith
as it deems appropriate.
(d) Acting in an advisory capacity, the committee may make recommendations with respect to personnel policies at the request of an
officer of the Personnel function or at the suggestion of any member
of the committee.
(e) The committee shall advise with the officers of the Buffalo
Branch regarding personnel policies and practices, with a view to
the coordination of personnel work at the head office and the Branch.
(f) Any three members of the committee may act in its "behalf
and shall constitute a quorum for the transaction of "business.
Committee on Welfare of Staff
13.
The Committee on Welfare of Staff advises the President on
matters of policy relating to salaries; retirement; employment and dismissal;
educational, recreational and social activities; vacations; hours of work;
working conditions; and other matters affecting the general welfare of the
staff.
NOTE:
The foregoing "bulletin supersedes Operating Bulletin No. 5; and the
following memoranda:
(l) President's memorandum, dated December 9? 193$* to the Budget
and Expense Committee, regarding its powers and duties.
Operating Bulletin No. 4, Revised June 27, 1951
Page 12
(2) President's memorandum, dated October 26, 1937* to the Committee
on Confidential Loans to Employees, regarding its powers and duties*
(3) Presidents memorandum, dated February 23, 1939, to the Discount
Committee, regarding its powers and duties.
(4) President's memorandum, dated January 24, 1951 > to the Committee
on Insurance, regarding its powers and duties.
(5) President's memorandum, dated December 9> 1938> to the Salary
and Promotion Committee (name changed to Committee on Personnel,
June 12, 1941), regarding its powers and duties.
(6) President's memorandum, dated December 9> 1938> to the Committee
on Welfare of Staff, regarding its powers and duties*
ACTIVITIES OF THE RESEARCH DEPARTMENT
OF THE FEDERAL RESERVE BANK OF NEW YORK
March 8, 1954
( , ^w.'<-' f; , i >; V
THE RESEARCH DEPARTMENT OF THE
FEDERAL RESERVE BANK OF NEW YORK
The Research Department serves the Federal Reserve Bauk of New York
in three capacities. First, officers and staff members of the Department
participate within the Bank in the formulation of official policy relating
to monetary and credit control in the United States and to international
financial relations. Second, the Department prepares and analyzes a wide
variety of information on economic and financial developments and practices
in the United States and foreign countries for use within the Bank and the
Federal Reserve System; much of this material is made available to bankers,
businessmen, and others in order to increase the public understanding of monetary and credit problems,, Third, the Department gathers, tabulates, and
distributes statistical data on banking operations and other financial activ^ities within the Second Federal Reserve District and cooperates with the
Research Departments of the other Reserve Banks and of the Board of Governors
in System-wide research projects.
The Department is organized into five divisions: Domestic Research,
Financial Statistics, Foreign Research, Balance of Payments, and Reference
Library.
The number of employees ranges from approximately 10 in the Reference
Library to approximately 30 in both the Domestic Research and Foreign Research
Divisions; altogether, the Department has about 115 employees, about two thirds
of whom are on a professional level. Outside the divisions, and in addition to
the administrative officers assigned to the Department, there are two nonadministrative officers—Senior Economists—who perform special assignments in both
the foreign and domestic fields.
Each division is headed by a chief, who is responsible for all
activities within the division under the direction of the officers of the
Research Department.
In the Domestic Research, Foreign Research, and Balance
of Payments Divisions,, the chiefs and most of the economists are assisted by
2
one or several research assistants who, in addition to collecting background
material and preparing statistical tabulations, also write memoranda and reports under the guidance of the senior research personnel.
The analytical work of the various economists and their assistants
customarily takes the form of confidential memoranda which receive only internal circulation.
In some cases, however, studies prepared by economists
in the various divisions are used in the Bank's publications; others are
considered suitable for publication in academic journals or other outside
periodicals, and the Bank generally encourages this use of materials prepared
at the Bank.
Much of the work of these three divisions is routine and con-
sists of maintaining complete information files and statistical data on all
phases of domestic and international economic developments in which the
officers and directors of this institution have an interest.
The analytical
work is oriented mainly toward problems of current interest, but may often
take the form of lengthy studies which develop the historical background and
possible future significance of these problems.
Analytical and policy memo-
randa are also prepared in connection with the issues confronting the Federal
Reserve System in adapting the methods and techniques of monetary and credit
control to changing conditions.
Frequently, the effects of alternative
policies are evaluated and specific measures and actions being considered by
the policy making groups of the System and by various Government agencies are
discussed.
Other memoranda provide background material on major policy issues
in the fields of domestic credit and foreign economic policy.
Still others
review recent developments in specific fields and summarize for the interested
officers the salient features of recent events in the respective areas covered
by the research divisions of the Department.
The Department participates in various aspects of System policy
formulation in several ways.
Several senior officers of the Bank, including
3
the Vice President in charge of the research function and the Bank 9 s Economic
Consultant, draw extensively upon the work of members of the Department in
their participation in the Officers1 Council, meetings of the Board of Directors,
and in conferences with the President of this Bank.
In addition, the President
of the Bank calls informal meetings from time to time, on an ad hoc "basis, to
discuss current questions of credit policy or international financial policy.
Several officers and senior staff members in the Research Department are
usually asked to participate in these meetings.
In addition, members of the
Department directly assist the Manager of the System Open Market Account through
frequent conferences and "by regularly providing data concerning current and
prospective developments in the money market.
On the foreign side, the Foreign and Research Departments of this
Bank participate with members of the Division of International Finance of
the Board of Governors of the Federal Reserve System in what is called "The
Staff Group on Foreign Interests".
This group meets several times each year
to review those questions of a policy nature arising in foreign financial
relations in which the Federal Reserve System has an interest.
The staff
group reports, in turn, to a special policy group on foreign interests composed of senior officials of the Federal Reserve System*
Members of the
Foreign Research Division and the Balance of Payments Division are also called
upon frequently "by officers of the Foreign Department of this Bank to prepare
studies, and to advise, concerning problems that arise in the day-to-day implementation of this Bank ! s policies and operations in the foreign field.
Similarly, members of the Domestic Research Division occasionally assist
officers of operating departments in special studies of specific operating
problemso
4
Members of the Research Department also participate in the work
of several System-wide research committeeso
These committees, consisting
of members of the research staffs of the various Reserve Banks and the Board
of Governors, cover major areas of the System1 s interests in financial and
economic developments.
Some of these committees are permanent, others are
formed from time to time on an ad hoc basis to deal with policy, operating,
research, statistical, and other problems as they arise.
Senior members of the Research Department endeavor to maintain
close touch with leading research organizations, business and bank economists,
and with university teachers of money and banking.
As part of the Federal
Reserve System7s public information program, members of the Research Department
also frequently appear as speakers before various groups of bankers, economists,
students, and meetings of other groups.
The staff of the Research Department
frequently assists economists and officials of foreign central banks and other
Federal Reserve Banks who visit this Bank to familiarize themselves with its
operations and policies0
The Bank publishes a Monthly Review of Credit and Business Conditions
and an Annual Report, which are prepared in the Research Department0
Twice
each month, the Department also prepares for restricted circulation within the
Bank and the Federal Reserve System a Business and Financial Summary„
Members
of the various divisions of the Research Department prepare the material for
use in these publications.
In addition to these periodic publications, the Department publishes
from time to time special collections of articles.
phlet entitled "Bank Reserves —
In 1951* ^ o r example^ a pam-
Some Major Factors Affecting Them" was published
(this was revised in 1953); in 1952, "Money Market Essays" and a booklet on
Pattern of United States Import Trade Since 1923" appearedo
Typical topics
"The
5
of the memoranda and studies prepared in the Department, principally for internal use, appear in the descriptions of the individual divisions which
follow this introductory outline of the scope of the activities of the entire Research Department.
The other principal function of the Department is the collection,
tabulation, and distribution of a number of statistical series, along with
conducting special surveys. These, too, are described further in the following sections devoted to the work of the individual divisions.
In addition to these activities, the Department is occasionally
called upon to make members of its staff available to government agencies,
international agencies, and foreign central banks as financial consultants on
problems in the international field. Requests for the services of members of
the Department have been particularly heavy since the end of the war, during
which time various senior members of the staff have been granted leaves of
absence of varying lengths to participate in foreign missions for the State
Department, the Economic Cooperation Administration (EGA), the United Nations,
the International Monetary Fund, and the International Bank for Reconstruction
and Development.
Other members of the staff have been "loaned" to foreign
governments or central banks to conduct special studies on monetary and fiscal
problems; in recent years, these have included missions to the Dominican
Republic, Guatemala, El Salvador, and Cuba. Others have visited (often jointly
with officers of the Foreign Department) foreign central banks to maintain
contacts with the latterfs executives and their research departments. On
several occasions staff members have served as part-time consultants to the
State Department, the ECA (now dissolved into the Mutual Security Agency),
or other agencies concerned with foreign problems.
6
SENIOR ECONOMISTS
In order to meet the heavy demands made upon the Department, especially for studies "bearing directly upon current monetary policy and for
unusual foreign assignments, the Department includes two additional officers,
Senior Economists, who work closely with the administrative officers of the
Department*
The Senior Economists are men who have already served as economists
and division chiefs within the Department, and whose extensive academic and
practical experience enables them to conduct special studies of developments
affecting the banking system, the American economy, or international financial
relations.
They direct and at times initiate some of the broader, more wide-
ranging research projects, especially those cutting across divisional lines.
In general, they are available to undertake assignments which require an extensive knowledge of the policies and operations of the Federal Reserve System,
of the monetary institutions of this country, and^of international economic
problems.
The Senior Economists draw from time to time upon the assistance of
members of the various divisions, but they are relieved of all routine administrative duties (apart from serving occasionally as alternates to the Manager or
Assistant Vice President, for some administrative functions, during the absence
of these officers).
They represent the Department on several of the System re-
search committees, serve on special foreign missions from time to time, and
perform many other functions of an especially responsible nature. Recently
their duties have included on-the-spot surveys and advice to the governments
of Panama and Nicaragua on assignment for the International Bank for Reconstruction and Development, a similar mission of extended duration under United
Nations auspices in Korea, participation in a brief fact-finding and policy
assignment for the Mutual Security Agency in Indochina, and informal visits
7
to a number of central "banks in other countries. They have also directed research projects within the Bank, in which several other staff members participated under their general direction, relating to such varied matters as
the prospects for convertibility of certain currencies, the appropriate levels
of primary reserve requirements in this country, and the factors affecting
postwar consumer demand for durable goodso
As chairman of subcommittees of
System research personnel, one of the Senior Economists has also been instrumental in "bringing about fundamental revisions in the System's regular reports
of data on bank debits, and in undertaking a special survey of critical problems
in the real estate credit fieldo
In addition, both Senior Economists work with
the other officers of the Department in many of the day-to-day matters that call
for brief, general analysis, quickly and succinctly.
8
DOMESTIC RESEARCH DIVISION
The Domestic Research Division assembles and analyzes information
relating to the domestic economy of the United States. While the emphasis of
the division's work is on monetary, credit, and fiscal developments, its scope
also encompasses all of the broad aspects of the nation*s economy.
Particular
attention is given to credit policy and the Government security markets and to
developments in the Second Federal Reserve District.
A large part of the work of the division is devoted to providing
materials for the officers of the Bank who are concerned with the formulation
of monetary and credit policies. One important function is that of assisting
the Manager of the System Open Market Account in analyzing money market developments and current needs for Federal Reserve credit. Occasionally, the
division supplies officers of operating departments with economic data and
prepares or reviews statistical analyses relating to various operating or administrative problems.
Another large part of the work done by the staff is pointed toward
informing the general public concerning monetary and credit matters and other
aspects of the domestic economy, especially through the Monthly Review* most
of which is prepared by this division., Many of the articles on monetary and
credit matters are oriented for the definite purpose of public information,
and have been reprinted in pamphlet form*
These articles usually discuss
specific aspects of the money and security markets or of Treasury operations.
A review of business conditions generally, appearing monthly in the Business
and Financial Summary, is also made available to all interested officers and
directors of member banks in the Districts
The division also handles a large
volume of inquiries from banks and other financial institutions, as well as
the general public, including high school and college students and teachers of
money and banking.
9
While the division keeps extensive records of statistical data and
of other pertinent material, its main work is analytical.
It involves review
and analysis of recent economic and monetary developments and making projections of factors affecting the money market.
This work in turn necessi-
tates forecasting of expected changes in national income, Treasury operations,
and the over-all supply of and demand for funds0
These projections, which
are continually reviewed in the light of recent developments, are used "by
executives of the Bank in formulating general policy and in the day-to-day
implementation
of that policy.
Inasmuch as most important decisions in the field of monetary and
credit control are made "by the System as a whole, the division is frequently
called upon to analyze policy memoranda prepared "by the staff of the Board
of Governors (or other Reserve Banks) and various legislative proposals or
Government reports*
It also participates (frequently with the Financial
Statistics Division and the Discount Department) in the preparation and carrying out of special surveys which are conducted from time to time by the System
to gather statistical and other information needed for formulating credit
policy, or, when appropriate, for administering selective credit controls.
With the exception of the retail trade data mentioned "below, the
division does not directly collect economic statistics, but rather relies on
the data of various government and private agencies and other divisions of
the Research Department.
A large number of periodicals and statistical re-
leases, received either directly or through the Reference Library, are culled
by the staff for statistical data or other information.
The division main-
tains numerous personal contacts with statisticians, economists, and businessmen in various fields in order to obtain information and judgments on current
developments and the business outlook.
10
The division's staff, numbering about thirty-five, is organized
along functional lines.
The various units, each headed by an economist or a
statistician, may include one or more economists as well as one or more research assistants and clerical assistants.
lo
The Money Market unit studies day-to-day developments in the
money market and prepares the daily, weekly, monthly, and longer-run forecasts of factors affecting bank reserves which are used by the President of
the Bank and the Manager of the System Open Market Account; senior members of
this unit participate actively with the Securities Department in discussions
and written analyses of various aspects of credit policy.
It maintains ex-
tensive records and prepares a weekly analytical review of the money market
which is included in a weekly report from the manager of the System Account
to the Federal Open Market Committee.
2.
The Treasury unit follows closely the financial transactions
of "the Government, including receipts, expenditures, and debt operations.
It forecasts Treasury requirements for funds and follows developments in the
field of tax legislation and fiscal policyo
3.
The Business Conditions unit analyzes available information on
prices, employment, production, and national income, and prepares current reviews of business developments.
It occasionally conducts surveys of developments
in special fields, such as construction and inventories or prices for selected
groups of goods.
It also prepares, from data gathered by other agencies,
national indexes of hourly and weekly earnings which have been maintained by
this division for over twenty-five years.
4.
The Capital Market unit analyzes the demand for and supply of
long-term funds and developments in security markets.
It keeps in touch with
investment policies and practices of various types of financial institutions.
5.
The Trade unit collects monthly data on the dollar volume of
sales and inventories of a large number of department, apparel, and furniture
11
stores throughout this District as well as weekly sales and end-of-month
orders data from department and apparel stores (as part of the nation-wide
statistical reporting service of the Federal Reserve System).
Composite data
are made available to respondents and to the general public through regular
releases to the press.
The unit endeavors to keep in close contact with the
cooperating stores which are a valuable source of information on current retail trade and related developments.
Several senior and junior staff members, some of whom are not
attached to the above units, devote their time to special projects.
The
projects range from long-run aspects of monetary policy to technical studies
of financial institutions or financing practices*
Some projects originate
with members of the staff, others arise from problems brought to the division
by Bank officers.
All units, however, handle a certain number of "special
jobs" falling into their respective spheres, and prepare articles for Bank
publications.
They also collaborate in preparing a weekly air mail letter,
sent to the central banks of several foreign countries, which reviews economic
and monetary developments in the United StateSo
Members of the staff of the Domestic Research Division (and of the
other divisions as well) maintain continuing close relations with their
"opposite numbers" and other members of the research staffs of the Board of
Governors, the other Reserve Banks, and various research institutions.
The following are typical for the memoranda completed in the
Domestic Research Division:
Department Store Trade and Disposable Income in the Second
Federal Reserve District, I929-I95O
Measuring the "Neutrality" of Federal Reserve Open Market
Operations
Problems Related to Treasury Operations in March
Credit Needs in a Growing Economy
Forecasts of Economic Activity in 1954
12
FINANCIAL STATISTICS DIVISION
The Financial Statistics Division is responsible for collecting,
assembling, and distributing data concerning the operations of member banks
in the Second Federal Reserve District.
Other Federal Reserve Banks also
prepare many statistical tabulations corresponding to those carried out by
this division.
The results obtained through most of these reports in each
district are eventually consolidated by the staff of the Board of Governors
into nationwide totals which are published periodically in the Federal Reserve
Bulletin.
Customarily, each Federal Reserve Bank releases such data from
its own district directly to the press serving its own region.
The division also prepares a confidential daily report which summarizes developments in the money market, the securities markets, the foreign
exchange market, and Federal Reserve market
activity.
It also prepares de-
tailed daily and weekly tabular summaries of the factors increasing or reducing member bank reserves in New York City.
Many of these reports are, in
burn, used by members of the Domestic Research Division in preparing the
special analyses and projections of money market factors which are submitted
to the Manager of the System Open Market Account.
The work of the Financial Statistics Division consists of seven
principal areas:
tabulation of reports of (l) weekly reporting member banks;
(2) monthly reporting member banks; (3) banking data received from other
Federal Reserve Districts; (4) preparation of other periodic reports;
(5) special surveys; (6) analyses of financial markets and bank reserve positions; and (7) drafting of charts for all divisions of the Research Department
and other departments of the Bank.
In addition, the division has charge of
copy editing and proof reading for all publications prepared in the Research
Department.
The division also coordinates for the officers of the Department
many aspects of general administration, including employee records and the
monthly
and yearly budget accounting.
13
(1) Weekly reports of condition from a selected list of leading
banks in this District are tabulated and the composite totals forwarded to the
Board of Governors where they are consolidated into a statistical series for
all weekly reporting member banks in the United States. The detailed balance
sheet items received from the weekly reporting member banks in this District
are closely checked for accuracy, and then processed in a variety of ways in
the form of special reports to the officers of the Bank who are particularly
concerned with, for example, commercial loans, security loans, and bank investments in Government securities. The division also collects daily reports
from the New York City banks on deposits and Government security holdings.
The deposit data are the basis for a daily calculation of reserve requirements,
and the data on Government securities permit close observance of fluctuations
in the City bank holdings.
Because of long established informal relationships between members
of this division and the staffs of the respondent banks, it is frequently
possible to obtain additional information concerning the nature or causes of
changes occurring in asset and liability accounts of the weekly reporting
banks. For many years, the division has obtained highly useful informationconcerning the nature of those commercial loans which account for principal
changes in the over-all amount outstanding from week to week.
(2) Although data gathered from the weekly reporting banks represent more than three quarters of the total commercial banking activity in
this District, it is also necessary for the conduct of credit policy to prepare monthly estimates of the principal asset and liability items for all
banks.
The Financial Statistics Division gathers additional monthly reports
from banks in this District which serve as a basis for estimating principal
balance sheet items for all commercial banks in this District, and which are
in turn used by the Board of Governors in preparing estimates for the entire
United States.
14
(3)
Because activities in the New York financial markets exert
an important influence upon banking developments throughout the country, it
is also necessary to maintain in this Bank continuous up-to-date records
assembled from data gathered by the eleven other Federal Reserve Banks.
These
include daily and weekly tabulations of the principal factors affecting bank
reserve positions for the nation as a whole; tabulations of major asset and
liability items for weekly reporting banks, and of the monthly estimates for
all banks, in other districts; and records of changes in the assets and liabilities of other Federal Reserve Banks and of the twelve Federal Reserve Banks
as a group.
Such data are assembled in the Financial Statistics Division, on
the basis of material supplied by the staff of the Board of Governors.
(4)
Four times a year, the division collects data from leading
banks in New York City and Buffalo for the preparation of estimates of prevailing interest rates charged by commercial banks on short and long-term
customer loans.
Other periodic reports prepared in the division range over
a wide variety of banking data.
The division collects and tabulates detailed
statistics on consumer credit from all leading types of financial institutions
engaged in extending credit to consumers.
The division collects from member
firms of the Stock Exchange data on customers1 debit balances, money borrowed,
and other important balance sheet items of the Stock Exchange firms which
carry margin accounts.
All new issues of corporate securities, both for new
capital and refunding purposes, are regularly tabulated from published sources
and distributed to the officers of the Bank, the Federal Open Market Committee,
and the Secretary of the Treasury.
A monthly report is compiled from data
submitted to the division by the principal dealers in commercial paper; it
serves as a basis for a monthly press release on the volume of commercial
paper outstanding.
Monthly data are collected on debits to deposit accounts
in a number of cities in this District.
The division also compiles an index
15
of the velocity of deposit accounts in New York City and a combined index for
all other reporting cities in the United States.
On the- basis of information
supplied by selected banks and banking agencies in New York City and in Buffalo,
a report is prepared on receipts of United States paper currency from foreign
countries and on shipments of paper currency to those countries.
The division prepares two annual reports which have proved of considerable usefulness in assisting member banks to appraise their position
in relation to other banks in the District„
veys.
Both are part of nation-wide sur-
One is the survey of ownership of business and personal demand deposits
at commercial banks, by type of depositor„
The data for this report are col-
lected directly from respondent banks by the division.
The other annual
tabulation is an analysis in ratio form of the principal earnings and expense
and balance sheet items of all member banks in this District.
Data for the
preparation of this report on "Operating Ratios" are assembled from condition
statements and reports of earnings submitted periodically by the member banks
to this Bank's Division of Bank Examinations, and published (when compiled
on a nation-wide basis) as the familiar "Member Bank Call Report^1 and "Reports
of Earnings and Dividends".
The results are summarized in a circular which
is sent to each member bank, together with its own figures^, so that it can
compare its own operations with the average of banks having similar
characteristiese
(5)
In addition to periodic statistical taulations, the division
conducts special surveys from time to time, usually within the framework of
a nation-wide project; occasionally members of the division also assist respondents in filling out survey questionnaires.
years included"
Typical assignments in recent
(a) checking and editing registration statements filed in
the Second District by institutions extending consumer and real estate credit
which provided^ for the first time, significant data on the characteristics
16
of institutions engaged in extending these two types of credit; (b) surveys
of the salaries paid to officers and employees by Second District member banks
outside New York City; (c) studies of the allocation of new currency to member
banks by this Bank made in cooperation with operating departments of the Bank;
and (d) surveys of commercial loans and agricultural loans.
In laying the
groundwork for such surveys, the division frequently conducts npre-testsM to
ascertain the practicability of the proposed forms*
(6)
The collection and distribution of data concerning the finan-
cial markets and the volume of bank reserves are focused principally upon the
preparation of a daily confidential "Board Letter", a report of six to eight
pages which is completed immediately after the close of each working day and
sent that evening to the Board of Governors, to other Reserve Banks, and to
certain officers and employees of this Banko
In order to prepare this re-
port, the division is in continuous touch with several operating divisions
of this Bank, with outside statistical agencies, and with numerous institutions
in the financial markets*
Three times or more each day, the division circu-
lates to officers of the Bank spot reports on selected aspects of these
markets.
(7)
Charts for all publications originating in this Department are
drawn in this division*
Charts are also drawn for directors, officers, econ-
omists, and for other departments of the Bank,
There are also frequent calls
for special lettering work in connection with various Bank activities,,
17
FOREIGN RESEARCH DIVISION
The primary function of the Foreign Research Division is the analysis and interpretation of monetary, credit, and general economic developments
abroad*
The division's activities include specialized analysis not only of
economic and financial conditions in all countries outside the United States,
but also of most international economic organizations.
The division thus
provides the Bank f s officers and directors with materials for use in the formulation of Bank policy with respect both to foreign financial relations and to
those domestic questions which are closely affected by foreign developments.
The division works in close cooperation with the Foreign Department
of this Banko
Many of its reports and studies are prepared in connection with
problems which arise in the handling of accounts that foreign central banks
and governments maintain at this Bank, in executing the investments that they
make through the Bank, or in connection with loans made by the Bank to foreign
central banks•
The division is also responsible for keeping the Foreign
Department informed as to developments bearing on the certification of foreign
exchange rates for import valuation purposes which that Department prepares
daily*
Routine duties include the handling of correspondence with foreign
central banks relating to research and other matters, and the answering of
mail and telephone inquiries from the general public on foreign monetary and
banking conditionso
The division is organized mainly on a geographical basis.
various units follow and report upon each of the following areas:
Its
(l) the
United Kingdom, Canada, and South Africa; (2) Western Europe and its dependencies; (3) Central and Eastern Europe; (4) the Eastern Mediterranean and Near
East; (5) the Far East and Australasia; and (6) Latin America*
In addition,
each area unit handles some topical assignments, such as the International
Bank, International Monetary Fund, European Payments Union, gold, or central
banking legislation
18
Each area unit consists typically of an economist,, normally of
Ph o D. qualification; one or more research assistants, who,, if they lack advanced degrees., are normally working toward them; and a secretary, who also
maintains the unit's files.
Each area unit maintains its own files or
statistical and other source material.
A division statistician collects
and records the figures of United States gold movements, world gold stocks
and production, central bank discount rates, and a variety of other data
that are continually used in the division's work and are of interest to the
officers of the Bank ? s foreign function,,
An editor is assigned to the
division to edit the written work prepared in the various units0
As part of its daily routine,, the Foreign Research Division regularly scans for relevant information several hundred economic and financial
bulletins, reviews, journals, and annual reports published in nearly all
countries of the world, some of them in English but many in French, Spanish,
German, Italian, Portuguese, Russian, and other languages.
Documents and
reports are also regularly received from various Government agencies in
Washington,,
The division has a clipping desk at which thirteen American and
foreign newspapers, as well as various government documents and materials
supplied by foreign central banks, are clipped for the divisions files.
From this source material, the division prepares reports and analyses of foreign financial developments as requested by the Bank's officers
and operating personnel0
While such information and analyses are often
supplied informally over the telephone or by direct personal contact, they
usually take the form of research memoranda.
All such studies have a
"restricted" status—that is, they are for use within the Federal Reserve
System—and as such are not sent out of the Bank without specific clearance
by the division chief or officers of the Research Department,
Such clearance
is often given for studies of a general, nonconfidential character.
The
19
members of the division staff also make frequent contributions to economic
journals or periodicals concerned with foreign developments.
The following
titles, chosen from among papers written during the twelve months ended
February 1954, are representative of the studies prepared in the division for
Bank uses
The International Gold and Dollar Movement, 1945-1953
Gold in 1953
Changes in the Character of Private Foreign Investment
Three Years of the EPU
Prospects for East-West Trade
Recent Changes in Great Britain's Trade and Payments
Controls
The Blocked Mark Problem
The German Capital Shortage Re-examined
Developments in the Brazilian Free Foreign Exchange
Market
Some Economic Problems of Pakistan
The division is also responsible for preparing the international
section of the Business and Financial Summary«
This consists of brief
accounts of the more important economic and financial developments abroad
during the period covered*
20
BALANCE OF
The Balance of Payments Division performs two major functions,,
One
is the collection and processing, as fiscal agent for the United States
Treasury Department^ of statistics on international capital movements into and
out of the Second Federal Reserve Districto
This function is discharged by
the Reports Section of the division, which also interprets and analyzes these
statistics.
It is headed by a Balance-of-Payments Analyst whose main duty is
to supervise the work of the statisticians and statistical clerks engaged in
collecting, processing, and analyzing the data collected.
The other major function is the preparation of
memoranda interpret-
ing and analyzing current United States balance-of-payments developments and
problems.
This part of the division's work is performed in its Analysis
Section, which also prepares broader research studies on international financial and economic problems and on the relations of the United States with the
rest of the worlds
It consists of several economists with extensive graduate
training in the field of international economics0
This section maintains up-
to-date files pertaining to the United States balance of payments, foreign
trade, foreign lending, and other matters of significance to the financial
relations of the United States with the rest of the worldo
Reports Section
The Reports Section collects and analyzes various reports on foreign
exchange transactions which under existing legislation must be filed with the
Federal Reserve Banks.
At the present time all banks--even those which are
not members of the Federal Reserve System-~and agencies of foreign banks in
the United States and its territories are required to submit reports on their
foreign liabilities and assets if the outstanding amount of such items
averages over $500*000 during six consecutive months.
Brokers and dealers
21
must report each month on securities transactions for the account of foreigners
and an exemption limit of $100,000 applies to them.
Exporters, importers, and
industrial and commercial concerns are required to report quarterly if their
outstanding liabilities to, and/or claims on, foreigners exceed the $100,000
average^
Brokers report semiannually if their outstanding debit and credit bal-
ances in accounts with foreigners exceed the $100,000 level*
These data are
submitted to various Federal Reserve Banks on report forms prescribed by the
Treasury Department; the Balance of Payments Division collects the reports not
only from banks and institutions in the Second District but from reporting
banks in Puerto Rico, the Panama Canal Zone, and the Virgin Islands.
The con-
solidated statistics for the twelve Federal Reserve Districts are published
by the Treasury Department and the Board of Governors of the Federal Reserve
System in their respective monthly publicationso
Most of the final processing
of data collected by the Reports Section is done with punch cards in the Bank f s
Tabulating Division,
On the basis of the monthly reports and of information obtained from
the ledgers of the Foreign Department, the Reports Section prepares monthly
letters analyzing the international movements of capital, as well as the related balance-of-payments items, for submission to the Secretary of the
Treasury*
Copies of these letters are sent to the Board of Governors of the
Federal Reserve System and the Department of Commerce and are circulated among
the officers of this Bank,
In conjunction with representatives of the Treasury
and Commerce Departments and the Board of Governors, the Reports Section
periodically reviews the report forms from a practical and technical viewpoint,
in order to clarify the instructions to the reporting institutions and to make
the coverage of balance-of-payments data as complete, or as representative, as
possible*
The Reports Section also acts as fiscal agent for the Treasury
Department in the collection of special reports which are filed by the banks
22
annually, as of April 30j to furnish data for the annual monetary reserve report
of the United States Government to the International Monetary Fund.
In addition to the reports which the division collects as fiscal agent
for the Treasury, the Reports Section receives reports from 15 leading United
States "banks that collect drafts on Latin American banks and firms for United
States exporters,
A monthly press release on the collection experience of these
banks is prepared, together with a consolidated report showing, for individual
Latin American countries, the degree of promptness of draft payments, the dollar
amount of collections paid and outstanding, and the dollar amount of
letters of credit outstanding.
confirmed
Supplementary background information provided by
the Foreign Research Division is also incorporated in the press release.
Close liaison is maintained with representatives of all the larger reporting banks who inform the section of current developments in foreign accounts,
and who occasionally advise it of the technical aspects of accounting procedures
in their foreign departmentso
In connection with the work of analyzing and in-
terpreting the reported data and the significance of the indicated capital movements, the section obtains a great deal of collateral information from a wide
number of sources, including the reporting banks, the stock exchange, brokerage
firms, commercial concerns, and foreign consulates•
Among the other duties of the section are the handling of special inquiries, both from within and outside the Bank (including requests from the
Treasury, the Board of Governors, the International Fund and Bank, and the
Department of Commerce), relating to capital and gold movements, foreign assets
and liabilities, and balance-of-payments data generally,,
Analysis Section
The primary purpose of the Analysis Section is to meet the requests
of officers and directors of the Bank for information on current developments
affecting the United States balance of payments.
In addition, members of the
section undertake intensive analytical projects in five important areas of
23
research:
(l) major current developments in the United States "balance of
payments; (2) estimates of the future behavior of the United States "balance
of payments; (3) current foreign economic policies and problems of the United
States; (4) factors determining United States imports and exports; and
(5) technical interpretation of "balance-of-payments data,,
The collection of "balance-of-payments statistics and their analysis
as well as "broader studies of balance-of-payments trends and problems are for
a variety of reasons of considerable interest to the officers connected with
the foreign functiono
Many foreign governments and central banks keep the
bulk of their dollar reserves and substantial portions of their gold reserves
at this Bank.
As fiscal agent of the United States Treasury this Bank, more-
over, continually makes payments to foreign governments and banks; many of
these payments are made in connection with various military and economic aid
programs.
Close study of changes and trends in the major components of the
United States balance of payments and especially of United States foreign
aid programs is thus a prerequisite for the understanding of many of the
transactions passing through the books of this Banko
In order to keep the officers of this Bank currently informed on
various factors influencing the movements of funds from and into the United
States, the division keeps up to date a book of charts and graphs, which illustrate different aspects of the United States balance of payments*
The following presents a selected list of studies completed in
recent years:
Clandestine Capital Movements in Balance of Payments
Estimates
Foreign Dollar Bonds: Present Status and Possibility
of Future Financing
The Dollar Gap and American Economic Policy Objectives
Foreign Dollar Gains, "Dollar Shortage", and International
Economic Policy
Balance of Payments Outlook: 1954
Offshore Procurement and Foreign Dollar Earnings
United States Foreign Investment and Dollar Shortage
24
REFERENCE LIBRARY DIVISION
The activities of the Reference Library Division are centered around
the acquisition, processing, and distribution of published materials in the
fields of central banking, general economics, domestic business developments,
and world affairs.
The division supplies a wide range of information in re-
sponse to inquiries both from within and outside the Bank.
Although the
division's principal function is that of supplying factual information of
particular relevance to the work of the Research Department, its facilities
and services are also used extensively by officers of the Bank and other
departments.
The staff answers requests from member banks and others con-
cerning such matters as the functions and operations of the Federal Reserve
System and the Treasuryo
The Library1 s present collection of approximately 49,000 books and
pamphlets is currently being supplemented by a flow of about 3*100 new pieces
each year.
In addition, roughly 1,300 different domestic and foreign period-
icals, government bulletins, and other periodic reports received during the
year provide up-to-date information and statistics on current developments
in many fields.
Supplementing the books and pamphlets in the Library's
stacks (alphabetically arranged by author), a collection of releases and other
minor publications (arranged topically in files) offers readily available information on important subjects.
A card catalog is maintained so that
requested publications, data, and general information may be speedily located.
The Library also has many close contacts with large libraries both in New
York City and other cities, and on the basis of interlibrary loan courtesies
is usually able to fill requests for books and other publications not in its
own collection.
Desks are provided for the convenience of those who prefer
to work in the Library, and a microfilm reader has been installed for use
25
in reading microfilm records of back numbers of the New York Times and interlibrary loan material in microfilm form.
Among the active information-dispensing services of the Library's
staff, the most important are"
the preparation (with assistance from the
Domestic Research Division) and circulation of mimeographed daily and weekly
summaries of business and financial news items, the maintenance of files of
clippings from leading New York daily newspapers, the regular routing of
various journals and reports to members of the Bank's staff, and the issue
of a fortnightly summary of new additions to the Library's collection of
published materials.
While there are no formally designated sections or units, this
division's operations may be divided as follows:
Information and Reference;
Newspaper Reviews and Clippings; Periodical Routing; Ordering; and Cataloging
and Indexing.
Information and Reference.
This work is performed by two refer-
ence librarians whom users of the Library usually consulto
Their duties
include the responsibility for circulating books and pamphlets (about 14,000
of these items are circulated annually among the Bank's staff), answering
inquiries for factual information, assembling material and information on
specific subjects, compiling requested bibliographies on "special topics, and
familiarizing new users of the Library with its facilities and how these may
be used most effectively.
Newspaper Reviews and Clippingso
The Newspaper Review, a mimeo-
graphed summary of important financial and other economic news, has been
prepared and circulated daily since 1919 not only within the Bank but also
to other units in the Federal Reserve System, some Government agencies, and
later to foreign central banks and all member banks in the Second Federal
26
Reserve Districto
To meet a further demand for this type of service, a
similar form of circular, the Weekly News Review, was inaugurated in January
1951.
This Review stresses business rather than financial and monetary
developments, and since it is intended primarily for distribution through
member banks to the latterss customers, final editing and distribution is in
the hands of the Public Information Department*
This free service to member
banks has already proved to be very popular; many member banks order bulk
quantities of the circular and then distribute them to selected mailing lists
under their own mastheadso
Daily clippings from the major New York newspapers are placed in
two loose-leaf binders for circulation among the Bank ? s senior officers,,
Current clipping files on various financial and economic topics, as well as
permanent scrapbooks of clippings on the Federal Reserve System, Treasury
financing, and topics related to the money market, are also maintained*
Periodical Routingo
Of the large number of periodicals, bulletins,
government releases, and other periodic reports received daily, weekly,
monthly, or quarterly, approximately 6,500 are circulated each month among
Bank personnel either in response to special requests for specific items,
or as a part of a general program for routing all current issues of designated publications to those who have asked to receive them regularly.
This
service provides an effective means of keeping members of the research staff,
Bank officers, and operating department personnel constantly in touch with
current developments in special fields of business and economics.
It also
permits many departments to maintain regular routine compilation of statistical data of various types and to obtain current data as soon as these
become availableo
27
Ordering.
The order desk procures new books and periodicals.
Suggestions for the substantial volume of new orders placed annually through
this desk come from members of the Research Department and officers in other
departments, as well as from Library staff members who carefully check book
listings, advertisements in professional journals, book catalogs, and newspapers for material that may be helpful in improving the Libraryfs facilities
and services.
Some books are obtained on an approval basis for considera-
tion by senior members of the Research and other departments. A special
file is kept on rejected titles and the reasons for rejection.
The order
desk also places a large number of annual subscriptions for periodicals and
periodic reports and documents*
Control cards are maintained for all of
these to insure periodic follow-ups, although renewals are made only after
consultations with users concerning the publication's usefulness. Free items
are ordered directly 'cry the Library; all others through the Bank's Purchasing
Department. Finally, as a courtesy, a sizable number of books and periodicals are ordered for the account of foreign central banks.
Cataloging and Indexing.
After new material has been received by
the order desk it must be prepared for most efficient use and preservation.
Index cards describing new acquisitions are filed by author, title, and subject in the Library's book and periodical catalogs. On the basis of lists
of subjects in which various members of the staff are especially interested,
much of the new material is ordinarily routed through the Bank immediately
after indexing and cataloging.
In addition, a mimeographed list of all new
items, the Library News, is circulated every two weeks to keep users of the
Library's facilities abreast of all the current acquisitions.
ECONOMIC RESEARCH
VICE PRESIDENT
HAROLD V. ROELSE
ASSISTANT VICE PRESIDENT
ROBERT V. ROOSA
RESEARCH
DEPARTMENT
SENIOR ECONOMISTS
ARTHUR I . BLOOMFIELD
GEORGE GARVY
DOMESTIC RESEARCH
DIVISION
CHIEF
HOBART C.
CARR
Studies and memoranda concerned with credit
policy and the Government security
markets, and with banking, credit, business, and other economic developments,
U. S. and Second District.
Studies relative to Treasury financing
and the public debt
Estimates of changes in the reserve position of member banks for the manager of
the System Open Market Account
Statistical records on business conditions,
public finance, national income, and
savings
Compilation and release of department store
and furniture store s t a t i s t i c s
Participation in the activities of various
System research committees, banking
groups, and academic conferences
Preparation of material for Annual Report,
Monthly Review, and Business and
Financial bummary
Special long-range studies relative to
various operating or administrative
problems requested by officers of operating departments
Handling of correspondence involving
special information on domestic economic
matters
Federal Reserve Bank of New York
March 8,
1954
MANAGER
CHARLES A.
COOMBS
FINANCIAL STATISTICS
DIVISION
REFERENCE LIBRARY
DIVISION
CHIEF
CHIEF LIBRARIAN
MARGUERITE BURNETT
CLIFTON H.
KREPS,
JR.
Collection, maintenance, and analysis of
Reserve Bank and member bank s t a t i s t i c s
concerning earnings, balance sheet figures,
i n t e r e s t rates, shipments and r e c e i p t s of
U. S. paper currency to and from foreign
countries
Daily l e t t e r to Board of Governors
Current and special tabulations and analyses of money market, new security issues,
and other financial statistics
Compilation of member bank operating ratios
Survey of ownership of deposits in commercial banks and special surveys relating
to bank operations
Market reports for officers
Collection and compilation of reports from
stock exchange firms and from selected
lenders in the consumer credit field
Preparation of charts, and occasionally
articles, for publication and for directors and officers
Checking and proofreading Annual Report,
mthly Review, and Business and
Financial Summary
Igetary records of the Research Department
Handling reference work and answering requests for information from
published sources; preparing
bibliographies
Preparing daily Newspaper Review
and semimonthlyTibrary News which
l i s t s new accessions
Circulating books, pamphlets,
periodicals, government press releases and reports, newspapers,
and clippings
Maintaining clipping files and
scrapbooks, and clipping for
special subject requests
Checking book l i s t s and bibliographies for material to be ordered
Ordering books, reports, documents,
etc., and borrowing from other
libraries
Cataloging books and other material
and preparing them for shelves and
vertical files
Binding and mending for Library and
other departments
FOREIGN RESEARCH
DIVISION
CHIEF
MIROSLAV A.
BALANCE OF PAYMENTS
DIVISION
CHIEF
KRIZ
Studies relating to foreign and international monetary, financial, and economic
problems, policies, and trends
Memoranda to keep officers informed concerning banking, monetary, and other
economic developments and conditions
abroad
Financial and economic s t a t i s t i c s of
foreign countries
Gold, silver, and foreign exchange statistics and reports
Preparation of material for Annual Report,
Business and Financial Summary, and
Monthly Review
Handling of correspondence and inquiries
involving special information on foreign
and international topics
FRED H.
KLOPSTOCK
Studies relating to international financial
and economic problems and policies, with
special reference to their impact upon the
American balance of payments
Memoranda for officers relating to current
American balance-of-payments problems,
trends, and policies
Collection and analysis of statistics of
international capital movements and foreign
exchange transactions
Maintenance of records of American balanceof-payments data generally
Maintenance of detailed statistical records
of foreign lending and financial aid by
the United States Government and international agencies
Collection and analysis of data on credit
experience of exporters to Latin America
Preparation of material for Annual Report,
Business and Financial summary, and
occasionally for Montnly Review
Handling of correspondence and inquiries
relating to capital movements and balanceof-payments data generally
Appendix to
ACTIVITIES OF THE RESEARCH DEPARTMENT
OF THE FEDERAL RESERVE BANK OF NEW YORK
Principal assignments and
personnel of the five divisions
March 8, 1954
Assignments in the Domestic Research Division
(Hobart C o Carr^ Chief)
Section or group
Assignments
General
responsibility
assigned to
Alternate
Personnel
in section
or group
mmmm mm
y
Money market
section
Money market
Bank credit
Gaines
McWhinney
Auerbach
Open Market Coirmiittee m>rk
Projections; Member bank
excess reserves
Report of open market
operations and money
market conditions
Gaines
McWhinney
Auerbach
Wojnilower
Dinaburg
Pluck
Member bc3nk credit records
Weekly letter to foreign
central banks (money
market and Treasury
operations section)
Banking and monetary economics
Gaines and
McWhinney
Gaines
McWhinney
Banking legislation
Currency circulation
McWhinney
McWhinney
Treasury finance
section
Treasury finance (including
projections of receipts
and expenditures)
Federal Budget
Public debt - o^jnership.
maturities, interest
Government corporations
and credit agencies
Cooke
McWhinney
Cooke
Frane
Katzen
Business conditions section
National income
Production and distribution
Cons traction
Agriculture
Inventories
Labor statistics
Wholesale and retail prices
Wage indexes
Second District data
Weekly letter to foreign
central banks (business
section)
Schiff
Ormond
Schiff
Ormond
Vblcker
Cokely
Schindler
Gandert (temp,)
Capital market
section
Security markets
Corporation finance
Miller
Trade section
Weekly and monthly department and furniture store
trade releases
Brown
Miller
Feinn
KLadivko
KLadivko
Levin
Cohn
McCullough
Ifyan
General
responsibility
assigned to
Alternate
Personnel
in section
or group
Consumer credit
McWhinney
Schoepps
Secretary to
Mr* Carr
Carr
Zika
Secretary to
Miss McWhinney and Mr o Gaines
Gaines and
McWhinney
Carbone
Secretary to
Mr. Schiff
Schiff
Section or group
Assignments
Not assigned to sections
Stenographic
section
Stenograph and typing
Crandall
McWhinney
Lally
Oddone
Administration
Coordination of records
and activities of the
Division
Assignments and training
of intermediate and
junior personnel
Assignment and clearance
of correspondence
Research files
Lunch and vacation schedules
Bequisitions and supplies
Messenger and clerical work
CrandaU
McWhinney
Crandall
Schoepps
McKhight
Turvey
Griffin
BePerna
McGinnity
Clearance of Beview and
Stammary
Scheduling and clearance
of special reports
March 8, 1954
Schoepps
Assignments in the Financial Statistics Division
(Clifton Ho Kreps, Jr 0 , Chief)
Section
Assignments
General
responsibility
assigned to
Alternate
Personnel
in section
Daily letter to Board of
Governors
Money market reports to officers
Open market money rates
Commercial paper outstanding
Stock and bond prices, and bond
yields
Tweed
Helf
Wagner
Nelson
Nilsen
Weekly analysis of gains and
losses in member banks 1
reserve funds - Second
District
Wagner
Helf
Lampe
Federal Reserve
Bank condition
and related
statistics
Assets and liabilities of
Federal Reserve Banks
Member bank reserves and related items, daily and
weekly
Federal Reserve Bank discount
rates
Bank debits and deposit turnover
Kayser
Hendrickson
Lampe
Member bank
statistics
Weekly and monthly bank
condition reports
Reserves of New York City banks
(daily)
Milkiewicz
Hendrickson
Barney
Lampe
Assets and liabilities of all
member banks in Second
District for Board
Loans and investments and
deposits of member banks in
New York State
Kayser
Hendrickson
Hunter
Interest rates charged by
New York City banks
Milkiewicz
Helf
Lampe
Consumer and
retail credit
statistics
Monthly reports on consumer
lending activities of:
Commercial and industrial
banks
State and Federal credit
unions
Consumer finance companies
Monthly reports on retail credit
activity of household
appliance stores
Wagner
Finter
Lampe
Foreign shipments of U o S.
paper currency
Monthly reports on U. S. paper
currency shipped to or received from foreign countries
by 25 selected New York City
banks and 3 banks in Buffalo
Nelson
Cantwe11
Finter
Money market and
security market
statistics
Section
Assignments
General
responsibility
assigned to
Alternate
Personnel
in section
New York Stock
Exchange
statistics
Monthly and semiannual reports
of member firms of the New
York Stock Exchange
Wagner
Finter
New security
issues
statistics
Weekly reports on corporate and
Hunter
municipal securities to
officers, Open Market Committee,
and Securities and Exchange
Commission
Wagner
Helf
Tabulation of monthly sales
and redemptions of U, S o
Savings bonds
Kayser
Hendrickson
Lampe
Books of tabulations
For Mr, Roelse
For Mr o Roosa
Cantwe11
Finter
Finter
Cantwell
Statistical
drafting
Statistical charts - directors
and officers
Monthly Review, Annual Report,
and Business and Financial
Summary charts
Special lettering jobs
Snipe s
Kotin
Lagois
Stenographic
and printing
Proofreading Annual Report,
Monthly Review, Business
Summary, and special articles
Cantwell
Finter
Lagois
Annual surveys
Operating ratios of member
banks and earnings studies
Hendrickson
Helf
Nelson
Wagner
Barney
Kayser
Lampe
Milkiewicz
Finter
Hunter
Ownership of demand deposits
Helf
Finter
Lampe
Special surveys
Typical:
Salary survey for Bank
Relations Department
New currency requirements of
member banks for Cash Dept 0
Loan surveys for Board
Helf
Finter
Field operations
Contacting respondents in
connection with reporting
series and surveys
Helf
Milkiewicz
Lampe
Punchcard
tabulating
Divisional representative
Hendrickson
Helf
Lampe
Section
Assignments
Alternate
Kreps
Secretary to
Mr. Kreps
Administration
General
responsibility
assigned to
Personnel
in section
Doherty
Attendance records of Dept o
Vacation schedules
Requisitions and supplies
Doherty
Kreps
Finter
Budgetary records of Division
Kreps
Finter
Budgetary records of Dept.
Finter
Messenger and clerical
Donohue
Reports Submitted to Financial Statistics Division
Budget
Bureau
Daily
Rep.l
55-RO47
Daily Report on Deposits, Balances of Out-of-town Banks, and
U. S« Government Securities
4l6a
55~Rl83
Rep. 3
Rep „ 4
55-RO14
55-RO14
Principal Changes in Commercial and Industrial Loans, "by
Industry
Weekly Condition Report of Member Banks--New York City Banks
Weekly Condition Report of Member Banks--Outside New York City
Monthly
573
55-RO22
55-RO13
585a
585b
585c
55-RO17
55-RO18
55-RO19
619
644
55-RI63
571
Rep.12a
Rep,42
55-R171
55-RO48
55-RO14
55-RI85
Commercial and Industrial Bank Report of Consumer Credit
Debits to Demand Deposit Accounts of Individuals, Partnerships,
and Corporations and of States and Political Subdivisions
Consumer Finance Company Report
Federal Credit Union Report
State Credit Union Report
Retail Household Appliance Store Report
Loans and Securities of Member Banks
Commercial Paper Outstanding Report
Monthly Condition Report of Member Banks
Shipments and Receipts of U o So Paper Currency to and from
Foreign Countries
Quarterly
Interest Rates Charged on Commercial and Industrial Loans
467
Semiannually
240
55-ROQ3
Report of Member Firm of a National Securities Exchange
Annually
Survey of Demand Deposits of Individuals, Partnerships, and
Corporations
March 8, 1954
Assignments in the Foreign Research Division -- Geographical and Topical
(Miroslav A. Kriz, Chief)
Unit
Topical
assignment*
Geographical
assignment*
British
" Smith
Clarke
Sternlight
United Kingdom; Eire5 Canada;
Australia; New Zealand; Union
of South Africa; British Africa
Sterling area; European
Payments Union
Western European
Glaessner
Fousek
Belgium; France; Italy; Luxembourg; Netherlands; Portugal;
Spainj Switzerland; all dependencies (including Indo-China)
except in Latin America
Gold; central banking
legislation; BIS;
International Monetary
Fund
Central and Eastern
Europe
Dernburg
Germany; Austria; Scandinavia;
USSR; other Eastern Europe
International commodity
markets; FOA(MSA)**;
OEEC; ECE; NATO
Eastern MediterraneanNear East
Loud
Reed
Greece; Turkey; North Africa
(except French); Near East
GATT; reciprocal trade
agreements
Far East-Pacific
Ehrlich
Philippines; Japan; China;
India; Pakistan; Ceylon; Burma;
other Southeast Asia (except
Indo-China)
International Bank
Latin American
Schott
Stone
Latin America
Silver
Editorial
Case
Administrative-Statistical
Huff
Hearle
Admini strative
Gold statistics
* Detailed list of country assignments is shown in page 2. The geographical assignments are mutually exclusive; each topical assignment, however, indicates merely who
in the division specializes on it, is responsible for maintaining the division files
on it, and would normally be called upon for any information or research work that
the division may have occasion to supply on it.
•** Foreign aspects of Mutual Security Program only; United States aspects are handled by
the Balance of Payments Division.
Foreign Research Division
Detailed List of Countries, with Person Responsible for Each Country
Afghanistan
Albania
Algeria
Angola
Arabian peninsula
Argentina
Australia
Austria
Belgian Congo
Belgium
Bolivia
Brazil
British African
dependencies
Bulgaria
Burma
Canada
Ceylon
Chile
China
Colombia
Costa Rica
Cuba
Cze cho Slovakia
Denmark
Dominican Rep.
Ecuador
Egypt
Eire
Ethiopia
Finland
Formosa
France
French Equatorial
and West Africa
March 8, 1954
-
Reed
Dernburg
Fousek
Glaessner
Reed
Stone
Clarke
Dernburg
Fousek
Fousek
Schott
Schott
-
Clarke
Dernburg .
Ehrlich
Smith
Ehrlich
Stone
Ehrlich
Schott
Schott
Schott
Dernburg
Dernburg
Stone
Stone
Loud
Clarke
Clarke
Dernburg
Ehrlich
Glaessner
- Glaessner
Germany
Greece
Greenland
Guatemala
Guianas, The
Haiti
Hawaii
Honduras
Hong Kong
Hungary
Iceland
India
Indochina
Indonesia
Iran
Iraq
Israel
Italy
Jamaica
Japan
Jordan
Korea
Lebanon
Liberia
Libya
Liechtenstein
Luxembourg
Madagascar
Malaya
Mexico
Monaco
Morocco
Mozambique
Netherlands
New Zealand
-
Dernburg
Reed
Dernburg
Schott
Schott
Stone
Ehrlich
Schott
Ehrlich
Dernburg
Dernburg
Ehrlich
Fousek
Ehrlich
Reed
Loud
Loud
Glaessner
Schott
Ehrlich
Loud
Ehrlich
Loud
Clarke
Reed
Fousek
Fousek
Glaessner
Ehrlich
Schott
Fousek
Fousek
Glaessner
Fousek
Clarke
Nicaragua
Norway
Paki stan
Panama
Paraguay
Peru
Philippines
Poland
Portugal
Puerto Rico
Rumania
Salvador, El
Saudi Arabia
Singapore
So. Rhodesia
Spain
Sudan
Sweden
Switzerland
Syria
Tangier
Thailand
Tibet
Trieste
Trinidad
Tunisia
Turkey
Union S.Africa
United Kingdom
Uruguay
USSR
Vatican City
Venezuela
West Indies
Yugoslavia
-
Stone
Dernburg
Ehrlich
Stone
Schott
Stone
Ehrlich
Dernburg
Glaessner
Stone
Dernburg
Schott
Reed
Ehrlich
Clarke
Glaessner
Loud
Dernburg
Fousek
Loud
Reed
Ehrlich
Ehrlich
Dernburg
Stone
Fousek
Reed
Clarke
Smith
Stone
Dernburg
Glaessner
Schott
Stone
Dernburg
Assignments in the Balance of Payments Division
(Fred H. Klopstock, Chief)
Assignments
Section
Report§ section
Analysis section
Admini stration
unit
General
responsibility
assigned to
Preparation of monthly letter to Secretary of Treasury
analyzing international capital movements through
this District
Preparation of general correspondence relating to
foreign assets in the United States and United
States assets abroad
Supplementary Reports and Voluntary Reports
General supervision of section
Church
Quarterly reports from commercial concerns (C-l/2)
Annual reports from "banks for International Monetary
Fund (IMF-C, Revised)
Compilation of list of "Foreign Official Institutions"
Monthly reports from brokers and dealers (S-l/3 and
semiannual reports from brokers (S-4)
Gold movements
Collins
Monthly reports from banking institutions and brokers
(B and S reports)
Analysis of movements of funds through Foreign
Operations Division accounts
Damon
Monthly reports and press release on Latin American
Export Credit Survey
He in
Damon
Dini
Supervision of collection, processing, and consolidation of reports from all institutions—liaison
with Tabulating Division and Stenographic Division
Supervision of division files
Murray
Filing of reports )
Compilation of data)
Davis
Jedrisko
Dini
Long-range studies of United States balance-of-payments
problems and foreign economic and financial policies
of the United States
Mendershausen
Mi shan
Link
Assistant to Mr. Mendershausen
Records of U. S. merchandise .trade
Daily clippings from newspapers on international news
Egan
Studies on short-term balance-of-payments trends with
particular emphasis on United States private foreign
investment and service items
Bloch
Studies on short-term balance-of-payments trends with
particular emphasis on government lending and aid
programs, MSA, Export-Import Bank, International
Bank—trade and tariff policies
Hein
Personnel and attendance records )
Budgetary records
)
Klopstock
Church
Reports Submitted to the Balance of Payments Division
Treasury
designation
Budget
Bureau No,
Monthly
B-l
48-R092.2
"Liabilities to 'Foreignersf" - report by banks
on outstanding liabilities to foreign official
institutions, foreign banks, and all other
foreigners
B-2
48-R094.2
"Claims on Foreigners" - report by banks showing loans to, and other claims on, foreigners
S-l/3
48-R090.2
"Purchases and Sales of 'Long-Term' Securities
by 'Foreigners!" - report filed by brokers,
dealers, and banks engaging in securities transactions with foreigners
Voluntary report of twelve New York City banks
showing liabilities to, and claims on,
foreigners
55-R17O.3
Voluntary report by twelve New York City banks
and a bank in Boston, one in Chicago, and one
in San Francisco showing collections paid, collections outstanding, and confirmed letters of
credit against Latin American countries
Quarterly
C-l/2
48-RO95.3
"Liabilities to, and Claims on, 'Foreigners1" •report by exporters, importers, industrial and
commercial concerns
Semiannual
S-4
48-R088.2
"Foreign Debit and Credit Balances" - report by
brokers and dealers on liabilities to, and
claims on, foreigners
Annual
IMF-C, Revised
48-R223.3
"Dollar Liabilities to 'Foreigners'" Supplement to Form B-l on April 30 showing
liabilities to member countries of International
Monetary Fund which are not listed separately on
Form B-l, and showing liabilities to ftnoncentral
foreign official institutions", including
embassies, legations, and purchasing commissions
of member countries of the Fund
"Supplement to Foreign Exchange Form B-l" report on December 31 ^y banks showing
liabilities to small countries not shown
separately on Form B-l
Assignments in the Reference Library Division
(Marguerite Burnett., Chief Librarian)
General
responsibility
assigned to
Personnel
in section
Unit
Assignments
Administration
Requests for new books and periodicals
Supervise Newspaper Review and Weekly
News Review
Coordinate and supervise section
activities
Correspondence
Sign requisitions
Library budget
Vacation schedules
Plan projects
Burnett
Williamson
Richey
Reference &
Information
Inquiries - information and data
Borrow books from other libraries
Compile bibliographies
Requests for new books in Library News
Instruct in use of library
Foreign bank reports
Legislation file
Check book lists for new acquisitions
Index periodicals
Overdue book notices
Supervise shelving of books
Richey
Harvey
Venier
Cataloging
Catalog new books, pamphlets, and
periodicals
Maintain file of interim uncataloged
material
Locate new material in process
Bind pamphlet & flimsy material
Prepare material for files
Re-arrange & discard vault storage
collections
Coordinate periodical, order, binding,
and storage records
Assemble completed volumes of periodicals for inside and outside binding
Mending and repair work
Index some periodicals
Reference work alternate
Edit bi-weekly Library News
Williamson
Trillo
Daly
Storage
Back files of periodicals in storage
vaults and Annex
Paterno
Kessler
Unit
Assignments
General
responsibility
assigned to
Personnel
in section
Orders and
Binding
Order requested books, pamphlets, and
periodicals
Re-order annuals and serials through
tickler index
Maintain order records
Check bills and purchase records
Order books, e t c , for foreign central
banks
Order & distribute Federal Reserve
publications
Maintain duplicate file of documents,
speeches, reports
Personal book orders
Supervise binding of periodicals,
Federal Reserve reports, documents
Kelley
Buchcosky
Venier
Periodicals &
Messenger
Service
Open & sort incoming mail
Route periodicals, letters, and miscellaneous material
Check receipt of periodicals on index
cards and record routing
Supply and trace requested periodicals
Shelve and file periodicals, reports,
and releases
Request return of overdue items
Messenger delivery service
Search periodicals for information
Purvis
Kessler
Messenger
Newspaper Review
and Clippings
Read and mark newspapers for items for
Newspaper Review and for circulation
Prepare Newspaper Review for
mimeographing
Prepare digests for Weekly News Review
Search newspapers and clipping files
for requested items
Maintain clipping file and indexes
Maintain scrapbooks on Federal Reserve &
related topics
Back files of newspapers stored
Library supplies ordered and maintained
Paterno
Buchcosky
Venier
Kessler
March 8, 1954
Special Fields
Domestic Research Division
Special field
Agriculture .
•..
Assigned
to
Special field
Schiff
Housing finance
Banking - general••••......Gaines,
McWhinney
Banking legislation • . •
McWhinney
Business conditions.*...•..Schiff
Department, apparel,
and furniture store
statistics.••«•.....•••••Brown
Employment
Schiff
Inventories •......•..
.Schiff
•••••• • *Schiff
Money market
# Gaines,
McWhinney
National income and
product statistics •
Open market operations. •
Schiff
Gaines,
McWhinney
Prices, wholesale and
retail.
.........;....*.Schiff
Public debt - ownership^
maturities, interest.
Cooke
Beserve position of
member banks
.McWhinney
Second District data**.*
.Schiff
Security markets•
* .Miller
Social security.
•••....fJooke
Statistical techniques
•.Schiff
Trade,"retail and wholesale.
Treasury financing
Wages
Gross national prodact#**##Sd*i££
Miller
• *Schiff
Federal Budgets
Cooke
Federal Deposit
Insurance Corporation. # # .Mcl^hinney
February 2£, 195U.
•
Industrial production. *
Labor force*
Construction
.. • • •.Schiff
Consumer credit, including consumer
financing agencies *»»•*«.McWhinney
Consumer finances,
Board surveys,* «•*•»•»••• .Schiff
Consumersf prices•*••••••«.Schiff
Corporation f inance*
• *Miller
Credit agencies
(Federal)
.*........ • Cooke
Credit policy. •••...
Gaines,
McWhinney
Curren qy circulation.
McWhinney
Current reporting
series (System-wide
cooperation) ••••.•••••«• tMcTShinney
Assigned
to
.Schiff
.Cooke
#
.Schiff
Assignments in the Domestic Research Division
(Hobart C« Carr, Chief)
Section or group
Money market
section
Assignments
General
responsibility
assigned to
Money market
Gaines
Bank credit
McWhinney
Open Market Committee work
Projections: Member bank
excess reserves
Beport of open market
operations and money
market conditions
Member bank credit records
Weekly letter to foreign
central banks (money
market and Treasury
operations section)
Banking and monetary economics Gaines and
McWhinney
Alternate
Auerbach
Personnel
in section
or group
Gaines
McWhinney
Auerbach
Wojnilower
Dinaburg
Pluck
Gaines
McWhinney
Banking legislation
Currency circulation
Treasury finance (including
projections of receipts
and expenditures)
Federal Budget
Public debt maturities5 interest
Government corporations
and credit agencies
McWhinney
Cooke
McWhinney
Cooke
Frane
Katzen
Business conditions section
National income
Production and distribution
Constraction
Agriculture
Inventories
Labor statistics
Wholesale and retail prices
Wage indexes
Second District data
Weekly letter to foreign
central banks (business
section)
Schiff
Ormond
ScMff
Ormond
Vblcker
Cokely
Schindler
Gandert (temp,)
Capital market
section
Security markets
Corporation finance
Miller
Trade section
Weekly and monthly department and furniture store
trade releases
Brorai
Treasury finance
section
McWhinney
Miller
Feinn
KLadivko
Brown
KLadlivko
Levin
Cohn
McCullough
Kyan
General
responsibility
assigned to
Alternate
Personnel
in section
or group
Consumer credit
McWhinney
Schoepps
Secretary to
Mr* Carr
Carr
Zika
Secretaiy to
Miss McWhinney and Mr o Gaines
Gaines and
McWhinney
Carbone
Secretary to
Mr, Schiff
Schiff
Riley
Section or group
Assignments
Not assigned to sections
Stenographic
section
Stenography and typing
Crandall
McWhinney
Lally
Oddone
Administration
Coordination of records
and activities of the
Division
Assignments and training
of intermediate and
junior personnel
Assignment and clearance
of correspondence
Research files
Lunch and vacation schedules
ftequisitions and supplies
Messenger and clerical work
Crandall
McWhinney
Crandall
Schoepps
McKhight
Turvey
Griffin
BePerna
McGinnity
Clearance of Beview and
Stammary
Scheduling and clearance
of special reports
February 17,
1954
Schoepps
i
FEDERAL RESERVE BANK
OF
NEW YORK
CLASSIFICATION
FIRST SUMMARY:
0
Federal Reserve Act.
1
Organization of F, R, Bank.
2
Operation of F# R. Bank.
3
4
Loans & Investments,
& Statements 6c Reports.
6
Offices & Office Equipment.
7
Miscellaneous,
8
Legislation.
9
SECOND SUMMARY
000
Fed. Res. A c t .
010
260
F e d , R e s . A c t & Amend,
Foreign Exchange
270
020
280
F.R,Bk. Fiscal Agent of U* S.
030
290
Transit Operation
040
050
300
060
310
070
320
080
330
090
100
110
Federal Reserve Board
Organization
350
Official
360
Organization
370
120
130
340
Departmental
"
11
140
Gen'l*
380
Specific
390
150
400
Loans k Investments
160
410
Government Bonds
170
420
Warrants
180
430
Commercial Paper
190
440
Acceptances
200
Operation
450
210
Capital Stock
460
220
Bond Secured Currency
470
£30
Federal Reserve Notes
480
240
Deposits
490
250
Reserves
500 '
Statements and Reports
500
otatonents ard Reports
770
Statistical Bureaus
510
Uarnings ard Expanses
780
Associations
520
Galls for Reports of Condition
790
neutrality & War Issues
530
Examiners* Reports
800
540
810
550
820
560
8 30
570
840
580
8 50
590
600
Reports of F.R.Agent to F.R.B,
Officers & Office Equipment
860
870
610
Safes and Vaults
880
620
Elevators
890
630
Office Furniture & Equipment
640
Office Machines
910
650
Stationery & Printing
920
900
660
930
670
940
680
950
690
960
700
Insurance
970
710
Taxation
980
720
Post Office
990
730
express
740
Addresses & Articles by Officers
750
Law Memo * & Opinions
760
Forms
Legislation, General
000
FEDERAL RESERVE ACT AND BOARD
010
F e d e r a l Reserve Act and Amendments
010.1
010.2
010.3
010.4
010.5
010.6
010.7
010.8 Congressional I n v e s t i g a t i o n
010.8.1
• "
"
Requests for t e s t i m o n y .
010.9 F e d e r a l Reserve System; Operation of t h e Act.
011
011.1
011.2
011.3
011.4
011.5
011.6
011.7
Oil.-8
011.9
012
012.1
012.2
012.3
012.4
012.5
012.6
012.7
012.8
012.9
013
F i d u c i a r y Powers
Banks applying for Fiduciary Powers
Federal Reserve D i s t r i c t s and changes t h e r e i n
New Jersey
Connecticut
Reserve c i t i e s — 250
Admission of State Banks and Trust Companies
013.1
Applications of State Banks and Trust Companies
013.2
Admission of State Banks and Trust Companies - Conference
013.3 Relation of F. R. B. with Member and non-member banks.
013.4 Member Bank Conference
013.5
013.6
013.7
013.8
013,9
014
Branch Banks
Domestic
Foreign
Foreign Banks engaged in
International & Foreign 3ankinf
014.2.2
Applications of national banks to subscribe
for stock of corporations under the Edge Act,
014-.3
U. S. Branches of Foreign banks
014.4
014,5
014,6
014.7
014.8
014.9
014,11
Buffalo 3ranch
014.11-2
"
"
Weekly exchange of l e t t e r s
014,1
014-2
014.2.1
015
015.1 •
Withdrawal of Member banks
Conversions, consolidations, mergers, liquidations
e t c . of banks
016
Application for new national banks
017
018
019
020
030
040
050
060
070
080
090
General F i l e - Federal Reserve Board - Policies - Alphabetized by
members of Board
090.1
Absorption by F.R.Bd. of Duties of Comptroller's Office
091
Federal Reserve Board Rulings
092
tf
092.1
"
"
Bulletin, Requests, Subs. e t c .
093
M
*'
Board Committees & Reports
094
lf
fl
Division of Foreign Exchange
095
lf
"
Circulars
Research Department, Federal Reserve 3oard
096
097
098
099
Federal Reserve 3oard - Annual Report
099.1
099,2
099.3
099.4
099.5
099.6
099.7
099.8
099.9
Federal Reserve Board - Annual Report - Requests for
100
ORGANIZATION
100
Preliminary Organization
101
Seal
102
By-laws
103
Opening
103*1
103,2
103.3
103.4
103.5
103.6
103-7
103.8
103.9
104
•104.1
104.2
104.3
104,4
104.5
104.6
104.7
104.8
C 104.&
105
105.1
105*5
105,6
106
Employee borrowed and loaned
Meetings, elections^ e t c . ,
(Resignations in Vault.)
Directors* Meetings; reports charts, e t c ,
especially prepared for
Signatures
Resignations
Salaries
Conf. Officers
fl
Minimum wage, pension ft c o l l a t e r a l subject
u
Loans to employees
Directors' fees
107
108
109
Circulars of Federal Reserve Bank of New York (including
requests.)
Officers, officers 1 Conference,
110
110 .1
111
112
etc.
Managing Committee
I1I.1
Governors
111.1
Governors1 Conference
111.11
Auditors 1 & Accountants1 Committee
111.12
Transit Managers1 Committee
111.13
111 14
111.15
111.16
H I .IS
111.18
111,19
Conferences, Expenses of a l l - (And a l l pro r a t a expenses
111.2
of d i s t r i c t s ) ,
111.3
111.4
111,5
111.6
111.7
111.8
111.9
•
Federal Reserve Agent
112.1
Federal Reserve Agents* Conferences
112.11 Federal Reserve Agents1 Assistants' Conferences
112.12
112.13
112.14
113
114
115
112.15 Federal Reserve Agents Department Organization
112.15.1
Reports from Commercial Paper Houses
112.16
112.17
112.18
112.19
112.2
112,3
112.4
112.5
112.6
112,7
112.8
112.9
Counsel
113.6
Special Counsel - White k Case
Deputy Governor
Federal Advisory Council
115,1 to 115.9 inclusive.
(See next page).
115.1
115.2
115.3
115.4
115.5
115.6
115.7
115.8
115.9
116
116.1
Federal Advisory Council - Conferences
Junior Officers
If
"
meeting
117
Cashier
118
Assistant Cashiers
119
Secretary
120
Changes in officers of d i s t r i c t & member bajsks
121
Auditor. F. R. B. N. Y, City.
122
123
124
125
126
127
128
129
130
Departmental Organization - General - Personnel - Liberty
131
Loan Applications - A - Z
132
Employment Agencies - High Schools, Bureaus, e t c .
133
Incentive t o employes.
134
Jury Duty
Merit system, e t c .
135
136
137
C. 138
139
Cases for discipline
General I n s t r u c t i o n s for various departments.
139,1 t o 139,9 inclusive (See next page).
139.1
139-2
139,3
139,4
139.5
139.6
139.7
139.8
139.9
Organization
140
Inter department reports
Auditing
Bookkeeping
Credit
Mercantile Agencies
140 .3.1
140.4
Crediting
140.5
Debiting
140 .5.1
Stop payments
140 .5.2
Advices of drafts drawn
140.6
Discount
140.7
Foreign Exchange
140*8
General Bookkeeper
140-9
Information
Telegraph
140 .9,1
140 .9.2
Codes
140.9.;i .1
Misc. Code
Telephone
140 .9.3
Private Wire System (Telegraph)
140 ,9.4
.9.5
(Telephone)
140
140 .9.6
Cable service
140 .9.7
140 .9.8
140 .9.9
Filing Department
140 .10
140 .10.1
Books and Magazines, Subscriptions, e t c .
140 .10-2
Books - Supt. of Documentr,
140 .10-3
Books and cards *- Library of Congress
Controversial l i t e r a t u r e and correspondence
140 .10.4
140 .10.5
Clippings
1*1 aps
140 • 10.6
140 .10.7
Photographs
140 .10.8
Binding
140 .10.9
Records - Keeping of
Mail Department
140.11
140.12
Mail Outgoing
. . tfp.iling l i s t
140 .12.1
140.13
Money Department
140 .14
Note Teller, Collection Dept . and Coupon Dept .
140.15
Paying Teller
140.16
Receiving Teller
140.17
Securities Dept.
140.18
Statement
140.19
Stationery
140-1
140-2
140.3
141.
140.20
Statistical
140.21
Stenographic
140.22
Transit
140.23
Watchmen
140.24
U. S- Gov't. Dapt*
140.25
Express
140.26
Vacations
140.27
Housekeeping
140.28
Wire Transfer
140-29
Accounting and Complaint (Adjustment)
140.30
140.31
Comptroller *• Expense
140.32
Circular
140.33
Legal
140-34
Scientific Organization
140.35
Welfare
140-35.1
Cafeteria
140.36
Purchasing Agent
Medical Dept •
140.37
140 .38
Bank Examinations
140.39
Architects
140-40
Warehouse
140.41
Custody
140.42
Pages
140.43
Supply140.44
Signature
140.45
Library
140 .46
Distributing
140.47
Member Bank Relations
140 .46
Planning
140 • 49
Note issues
v'iTeeKiy Departmental Reports
145
Departmental Examinations
146
Bank Clerk Organization
147
Relations of employer and employee
150
Offices and employees expenses (Traveling)
160
Destruction of bank records
170
180
190
200
OPERATION
200
Operation
210
Capital Stock (Stock Certificates)
211
Increases and Decreases ( in vault )
212
Dividends
213
214
215
216
217
218
219
220
Currency Bond secured & Currency General
5% Redemption Fund; redemption of currency
National Bank Notes
F. R, Bank Notes
220*2 Shipments of new currency against cancelled notes forwarded
for redemption*
220.1
221
221.1
National Bank Notes
f<
ff
"
Form l e t t e r s re-shipments
222.1
222.2
222.3
Federal Reserve Bank Notes
"
"
"
"
redemption of
Ml
!f
"
requisition for delivery
Tax on Circulation of F. R. Bank Notes
222
223
224
Coin
224*1 Coin Shipments
224.2 Counterfeit coin
225
226
227
230
228
Losses of Currency
229
Shipments of currency and securities
Federal Reserve Notes - General
230.1
Federal Reserve Notes - Requisitions, Delivery, etc.
230.2
Counterfeits
230.3
230.4
230.5
230.6
230,7
230.8
230.9
231
231.1
231.2
232
Redemption Fund
Advices of Redemption (An Agent File F.R.B.,N.Y.
(Agents and banks
Redemption by banks other than banks of issue
Gash £ Securities in F. R. Agents1 Vaults
file.
Custody of s e c u r i t i e s agent*
233
234
235
236
2.37
238
239
240
Deposits
-
240.1
Savings Banks
Overdrafts (See also 140,4)
241
242
243
244
245
246
247
248
249
250
Reserves
251
252
C 252
-
Reserve c i t i e s
250.1
Depreciation Reserve Account
250.2
Reserve Deficiencies
Vault Control- (For access to vaults in F.R.A. name see 232)
Gold Conservation. Purchase & Deposits of Gold
Gold purchase
252.1
C 252.1
252.2
252.3
253
Gold certificates - to order of F.R.Bk. or F.R.Agt.
South African Gold
Assay Office Receipts
War Industries Board - Control of gold & silver
Silver (Conservation)
254
255
256
257
253
259
260
Foreign Exchange
260.1
C 261
Jboreign Exchange Rates - s
General - Foreign Agencies
A-Z (Foreign by Country)
262
Gold Exports - Conf,
C 263
Silver Export
C 264
Sliver
~
Applications
265
266
267
268
269
280.1
280.2
280.3
280.4
280.5
280.6
280.7
280.8
280,9
F. R, Bank as depositary and fiscal agent IK S.
Deposits
Currency shipments to Treas. of U, S. (Transfer of funds)
Transfer of funds to restore bank balances
Differences in deposits
Deposits - Panama Canal Tolls
Disbursements of cash
2S1
Transfer of Sub-Treasury Functions to F. R* Bks.
282
Fiscal Agent of U. S. Treas. to designate certain banks
as depositaries of public moneys
Depositaries
Deposits - Gov't. Deposit as security for replacement funds.
282.1
282.2
28 3
284
285
286
287
288
289
290
290.2
290,2.1
290.3
290.4
290.5
290.6
291
Transit
"Float"
Payment of acceptances at maturity
Non-clearing House Banks & Bankers
Telegraphic transfers to soldiers at embarkation carps
Exchange Charges on Bankers Acceptances
Collection of Tra.de acceptances
Intra District
291 «1
291»2
Charges on Small Accounts
New York Clearing House Contracts
291.3
291.4
291.5
291.6
291.7
291.8
291.9
Notary Public
Coupon Clearing House
292
292.1
292.2
292.3
292,4
292.5
292,6
292.7
292.8
292.9
I n t e r - D i s t r i c t - Gold Fund
Gold Fund. F. R. Agent's a c c t .
"
"
Audits
Gold Fund Statement
F. R. Money Orders
294
Fed. Res, Silver & Legal Fund
29 5
Inter City Clearing arrangement - General
295.1
295.2
295.3
295.3.1
295.3.2
296
297
298
299
Metropolitan Clearing arrangement
New York State Clearing arrangements - alpha.
Northern New Jersey Clearing House Assn.
Monmouth County
Middlesex County
300
300
310
320
330
340
350
360
370
380
390
LOANS AND INVESTMENTS
400
Investments - General
400.1
Brokers (Alph. by firm name)
400*5
Member banks - Custody of S e c u r i t i e s
401
Allotments for other F • R * Banks
402
Market Information - A t o Z
403
Miscellaneous Securities Offered,
404
I n t e r e s t and Money Rates
404.1
etc*
Acceptance r a t e s
405
406
407
408
409
Lost checks, bonds,
securities
Government Bonds
410a
"
410*1
410.2
410.3
410.4
"
Form l e t t e r s
Treasury three year notes
Government Bonds purchased from member banks
3ond Committee handling sales of 3%.
Sale of l i b e r t y bonds and purchase of c e r t i f i c a t e s
of indebtedness for account of Alien Property
Custodian.
410.5
410-6
410,7
410.8
410*9
411
412
413
Government Bonds.
Transfer k Registration (other regional Bks.)
U. S. Postal Savings Coupon 3onds
Government Loans-U.S X e r t .of Ind.-Alphabetized according to issues*
413.1
413.2
413.3
413.4
413.5
Offers of cooperation
2% Cert, of Ind.
Cert, of Ind. in payment of taxes
"
" ff
short time loans
lf
lf
lf
backing new Fed- Res. Bank notes
LIBERTY LOAN
414*
General file
.1
Washington correspondence
•If
Form letters
•2
Bonds advertised for business purposes
•3
Baby Bonds
•4
Bonds security for floor taxes
•5
N, Y* Stock Exchange Market
.6
Bonds sold - other than through Stock Exchange
•7
Methods suggested for handling Liberty Loan
•8
Conversions
•9
Registered Bonds
,10
Champ Clark
•11
Bankers Loan and Investment Co*
.12
Dwiggins case
• 13
$10 Participation
.14
Plattsburgh
Cert#
• 15
• 16
L, L* Franking Privilege
.17
Union of L* L* and War Savings Organizations
17.1
L. L« Re-organization.
• 18
L. L. War Memos - Opinions
.19
National Thrift
.20
L* L«, Co mm.
.21
L» L» Bonds deposited as s e c u r i t y by Enemy Aliens
.22
.23
.24
.25
.25
.27
.28
charged with r-ico
prajudice.
LIBERTY LOAN
• 29
.30
Army file
• 31
Complaints
• 32
Lost Bonds
,33
O b s t r u c t i v e and D i s l o y a l Banks
% 34
Safe Deposit of L i b e r t y Bonds for s u b s c r i b e r s
.35
Delayed Payments
.36
L i b e r t y Bond S c a l p e r s
• 37
Purchase o f L i b e r t y Bonds through War Finance Corporation
37.1
S a l e of Treas* Notes and purchase of L i b e r t y bonds for account
of C i v i l S e r v i c e Retirement and D i s a b i l i t y Fund*
.38
P a r t i a l Payment D i v i s i o n
.39
L i b e r t y Loan A s s l n - General F i l e
• 40
L i b e r t y Bonds i n payment o f s t a t e & i n h e r i t a n c e t a x e s
,41
Foreign O b l i g a t i o n Fund
414a
General f i l e
.1
.2
»3
Washington correspondence
"
"
Form l e t t e r s
Committees - General and County
•4
Bond Issue and Exchange
•5
Exec., Dist,,
,6
Government Deposit (Soe 282}
»7
Money Committee
.8
Publicity Committee
*9
Woman1 s Committee
• 10
Liberty Loan Association
•11
P a r t i a l Payments
md Bond Selling
(Trenches)
415
Expense - Liberty Loan
416
U, S. Railroad Administration - C e r t i f i c a t e s of Indebtedness &
R. R* Bonds
417
Note payments due (Secretary of Interior
(Secretary of Navy
418
419
420
Government Bonds of Foreign Countries - A-Z Foreign Loans
Warrant 9
421
422
423
424
425
426
427
428
429
430
Commercial Paper
431
Discounts and Rediscounts
431*1
431,2
431*3
Rediscounts between F. R* Bks.
Rediscounts secured by L. L, bonds or Treas* Cert* Sec.5200
10$ Limit
Eligibility
432
Commodity Paper
433
Rural Credits
434
Trade Acceptances (discounted);
434*1
435
Trade Acceptances, forms, requests, etc*
Federal Farm Loan Bonds & Bureau
435.1
436
437
438
439
Form l e t t e r s
Joint Stock Land Banks
440
Acceptances
440,1
Applications of member banks to accept to
440»2
Acceptances offered and purchased
440*3
Member banks inquiries re-acceptances
440*4
Renewal c r e d i t s - Reports - Revolving credit
440.5
Right of s t a t e banks t o accept b i l l of exchange
C440*6
Brokers 1 weekly statements of acceptances
440*7
440.8
440*9
441
Foreign acceptances - A to Z
442
Domestic (Trade Acceptances purchased in market)
Bankers* Domestic Acceptances (authorized purchases)
442^1
443
Dollar Exchange
443.1
444
445
446
447
448
449
450
460
470
480
490
Application Finance B i l l s
STATEMENTS AND SPORTS
500
Statements - to Federal Reserve Board
500.1
500-2
500.3
500.4
"
"
"
Reports, statements, e t c . , re annual report
re Liberty Loan
War Savings
Audits of F i s c a l Agency Dept.
501
Statements received - General
502
Statements exchanged between Fed. Re?, Bke.-Synchronization
503
Statements from member banks - weekly - nine banks
504
Statements for Press
505
Weekly r e p o r t s from Clearing Houses
506
Requests for forms (Treasury & misc.)
507
508
509
Uniform Accounting
510
Earnings and Expenses
510.1
Depreciation F>jnd ~ see 250*1
510.2
Budget for bank
511
Assessment for expenses of Federal Reserve Board
511.1
Payments to F. R. Board (Other than acsess & Tr. Tax)
511.2
Payments from F, R. Board
512
Transit Department - Expense
513
514
515
516
517
513
519
520
Call for Reports of Condition to U. S. Comp. of Currency
521
http://fraser.stlouisfed.org/
521.1
Federal Reserve Bank of St. Louis
Calls for Reports of Condition to N/y\ Stato Supt. of Bke.
522
Earnings and dividends to member banks ( r e p t , to U. S. Cornp.)
523
524
525
526
527
528
529
530
530.1
Examiners 1 Report
Examinations of F, R, Bk* of N. Y.
531
National Bank Examiners
532
State Banks and Trust Companies
533
Examinations of member banks
534
Clearing House Examination
535
536
Examinations of Federal Reserve Examiners
537
538
539
540
5 50
560
570
530
Reports of Federal Reserve Agent
1
2
591*3
592.1
Monthly Condition Report to Federal Reserve Board
Monthly Condition Report, Request for
Weekly Business Summary
Newspaper re vie"/
Weekly Discount L e t t e r to Federal Reserve Board(money
rates)
Special reports on interest and discount rates
from N. Y, banks (monthly)
593
594
595
596
597
598
599
Annual Report to Federal Reserve Board
599*1
Reauest for Annual Report
600
OFFICE FURNITURE AMD EQUIPMENT
600
Offices - General
601
62 Cedar Street
601.1
601.2
601.3
602
50 Wall Street - Temporary Offices
15 Wall Street
Berkeley Arcade
Equitable Building
602.1
602.3
Equipment for Equitable building - A to Z
Passes t o Equitable Bldg.
603
Pioneer Warehouse
604
Real Estate for permanent Bldg.
604.1
604.2
Special f i l e - 35 Liberty Street
51 Liberty St. - 1 4 2 T 1 4 4 Liberty St.
605
Buildings leased for Liberty Loan Committee
606
Buffalo Bank Building
607
Permanent Building
C607.1
607.2
607.3
607.4
608
Building Committee
York and Sawyer
Board's Authorities for work on new building
Concessions for space in new building
Annex Building
608.1
609
610
f1
ff
Moving
Safe and Vaults
611
612
613
614
615
616
617
618
619
620
621
622
623
Service contracts.
Elevators
251 - Bank
See also Vault Control - 232 - Agent
624
625
626
627
628
629
630
Office
631
Furniture and Equipment
Miscellaneous Supplies
632
Equipment - Buffalo Branch
633
634
635
636
637
638
639
640
Office Machines
641
Montague
642
Addressograph
643
Typewriters
644
645
646
647
648
649
650
Stationery and P r i n t i n g
650.1
651
652
http://fraser.stlouisfed.org/
653
Federal Reserve Bank of St. Louis
Colish and Etheridge
American Bank Note Company
654
655
656
657
658
659
660
661
662
663
664
665
666
667
668
669
670
671
672
673
674
675
676
677
678
679
680
681
682
683
684
685
686
687
688
689
690
691
692
693
694
695
696
697
698
699
700 - 999
MISCELLANEOUS
700
I n s u r a n c e - General
701
R e g i s t e r e d Mail (DeLanoy 6c DeLanoy)
701.1
Incoming Mail
701.2
Outgoing Mail
701.3
I n s . on Government Loans
702
3 u r g l a r y and Hold-up
70 3
Fire
704
General L i a b i l i t y - Elevator-Workmenf s Compensation
705
F i d e l i t y and Excess Blanket
705.1
Employees
705.2
Federal Reserve Agent and Staff
7o5*3
Liberty Loan
705.4
Buffalo Employers
706
Lloyd's
707
Life
of Employees
'Insurance, including group insurance
707.1
Examinations, etc*
707.2
Insurance claims of dependents of e n l i s t e d men k i l l e d in
war
708
Self
Insurance
709
»71O
Taxation
711
Stamp Tax on Promissory Notes
712
Franchise Tax
713
714
715
Christmas Fund
716
F e d e r a l Reserve Club of New York
716.1
F e d e r a l Reserve Club Llapazine
716.2
F e d e r a l Resorvu Club C o - o p e r a t i v e Sales and Purchasing Conur..
716.3
F e d e r a l Reserve Club Savings
Association.
717
718
719
720
U. S. Post
':* 720.1
Franking p r i v i l e g e s
721
S p e c i a l Mail S e r v i c e between Washington and t h i s bank
722
U, S. T r e a s . Dept* - Changes in o f f i c i a l
723
724
725
726
727
72B
729
730
731
732
733
734735
736
737
738
739
Express
office
staff
740
Addresses and Articles vritten ''oy officers
741
Addresses, Miscellaneous
743
744
745
746
747
748
749
750
Law Memo. - Opinions
751
Notary Fees.
752
753
754
755
756
757
758
759
760
Forms
761
762
763
7 64
765
Advertising
765.1
Bank Publicity
.65,2
Unauthorized use of Federal Reserve Bank of New York';
name in advertising
7 65.3
http://fraser.stlouisfed.org/
765.4
Federal Reserve Bank of St. Louis
F . R* 3k, in r e l a t i o n to the public
Bank entertaining
766
767
768
769
770
S t a t i s t i c a l Bureaus (A - 2) Pratt Service
771
Statistics
772
Statistics for publication and information given upon
request•
773
Federal Reserve 3ank, Donations, subscriptions, etc.
774
Industrial and business information
775
Unemployment
776
Foreign Reportinf Service
777
778
779
780
Associations (A - Z)
American Bankers Association
New York Clearing House
New York Credit Men's
New York Stock Exchange
Pan-American Association and Latin-^American Return
Visit
781
782
783
784
785
786
787
788
789
790
Neutrality (Financial Situation)
fl
790«1
Export trade - Trading with the enemy
790.2
Capital Issues - Government control of
790.3
V/ar Finance Corporation
790,3,1
ff
"
lf
790-3.2
"
fl
"
Bills
790.3.3
. . i «
M
Bonds
790.3.4
l!
790.3,4.1
lf
"
Form l e t t e r s
Loans
Fiscal Agency with regard to export credits
791
Foreign held securities
792
Foreign trade and Federal Trade Commission
793
National Preparedness
793.1?
Employees entering service
793.2
Disbursement of money by Army Officers.
Exports A - Z
793.3
Thrift
793.4
793.5
Red Cross
yv'ar Savings Organization Certificates
793.6
Discharged from Military Service
794
Foreign Treasury B i l l s
795
796
Federal Budget
797
Reparation Commission
797.1
798
799
»
»
Transactions
Banking System of the U. S.
See also - Gold
800
Lop*is? a t ion f
801
General
Clayton Act and Kern Amendments, Rulings of Board
and correspondence
801 #1
802
A p p l i c a t i o n s for foras> e t c , , t r a n s m i t t i n g app<,
sent t o Board - only Board correspondence
goes h e r e .
N a t i o n a l Bank Act and S t a t e Bank Laws
802.1
802.2
8O2>3
Establishment of Foreign Bank Agencies In U« S«
N. Y# S t a t e L e g i s l a t i o n Service
National Bank Act' - Requests for
803
Federal Farm Loan Act & Banks
804
A, 5, P r a t t
805
Corporation T r u s t Co«
806
807
808
809
810
811
812
813
814
815
816
817
818
819
820
830
840
850
855
860
870
880
890
Special Cases A - Z
Garnishee of ^>g3s
Service
900
900
910
920
930
940
950
960
970
980
990
COPY OF MSir.lrHDULI FROM Z3l» 3 . IT. SHAV T^ MR. SKYDER.
DATED I4ARCH 13, 1 S . ^ . IN COI^ISGTIOI? WITH THE
INSCRIPTION FOR ffAL J J ;,-F :HW FEDERAL
RESERVE BAKE BUILJI..CVarious e f f o r t s have been made- by a t l e a s t four members of the S t a t i s t i c s Deportment d u r i n g the p a s t month to d i s c o v e r some q u o t a t i o n which
might prove a c c e p t a b l e as an i n s c r i p t i o n around t h r e e s i d e s of the new I n d e r a l Reserve Bank b u i l d i n g .
The r e s u l t s h a v e , on the whole, been extremely d i s couraging.
The c e n t r a l thought i n the minds of the people who hunted through
v a r i o u s l i b r a r i e s for a p t q u o t a t i o n s h a s been to seek a paragraph which should
d e s c r i b e t e r s e l y but e l o q u e n t l y the purpose and d u t i e s of t h e Federal Reserve
System.
As t h e r e was l i t t l e m a t e r i a l d i r e c t l y r e f e r r i n g t o the Federal Reserve System which seemed t o o f f e r p o s s i b i l i t i e s a l o n g t h i s l i n e the search has
been pursued, p a r t i c u l a r l y among e a r l y American f i n a n c i a l w r i t i n g s .
The thought
i n looking through such volumes was t h a t the e l o q u e n t Revolutionary Period
b a n k e r s and s t a t e s m e n might have niade some a p p l i c a b l e statement w i t h r e f e r e n c e
t o the proposed systems of b a n k i n g / t h e United S t a t e s , d u r i n g t h e p e r i o d when the
n a t i o n a l government was s t i l l i n formative s t a t e .
The following books have been thoroughly searched for m a t e r i a l which
might be s e l e c t e d f o r t h i s p u r p o s e :
Works of Benjamin F r a n k l i n ( P a r t i c u l a r l y the Autobiography and the
Essay on Paper Limey)
The F e d e r a l i s t
O r a t i o n s of Alexander Hamilton
O r a t i o n s of A l b e r t G a l l a t i n
O r a t i o n s of Daniel Webster
The Bible
Bartlettfs Familiar quotations
W r i t i n g s of G a l l a t i n . V o l . 1 .
Economics G l a s s i e s S e r i e s - U a l t h u s , R i c a r d o , S m i t h , e t c .
Famous D e b a t e s . Volumes on Currency, Money, Finance, e t c .
Pamphlets of 1 8 2 9 . ( L e t t e r s on f i n a n c i a l a f f a i r s )
C o n s i d e r a t i o n s on the Currency and Banking System of t h e United S t a t e s
by A l b e r t G a l l a t i n
Reports of Alexander Hamilton as S e c r e t a r y of the Treasury
Reports of Albert G a l l a t i n a s S e c r e t a r y of the T r e a s u r y .
Wilson-"The Sew Freedom"
Chief J u s t i c e M a r s h a l l ' s D e c i s i o n on the case of lieCullock vs ?,mryland
E a r l y Pamphlets on money and b a n k i n g . ( P u b l i c L i b r a r y C o l l e c t i o n )
Various German a u t h o r s on H i s t o r y of European Banking
Books of Q u o t a t i o n s , about five i n a l l , i n c l u d i i ^ ; L a t i n & Greek
P r i n c i p l e s of Economics by W.S.Jevons
Congressional Record d u r i n g d e b a t e on F.R.System. 1913
Mam Smith "Wealth of N a t i o n s "
E.G. Moult on " P r i n c i p l e s of Jfcnsy and Banking"
Daniel Webster-"Bank of the United S t a t e s " .
C a p i t a l & Income by I r v i n g F i s h e r
Meaning of Lloney by H a r t l e y Withers
P r i n c i p l e s of Money by Laughlin
P u b l i c Debts by H.C.Adams
I n v e s t i g a t i o n s i n Currency and f i n a n c e by W.S.Jevons
" P r i n c i p l e s of Economics" by P r o f . Seligraan
Life of Henry Clay by Carl Schurs
Copy of ifemoranduin from
Mr. S.K.SBum t o Hr. S n y d e r , . . .
3/13/22...inscription for...
building.
- 2
History of Bending: in All ilaticns
Pelatiah Webster Edited by Hannis Taylor
American otate Papers-Vo1.1,finance.
Attached to this memorandum is a list of the quotations which members 0
the Department have thought of sufficient value to be considered. Very few of
those listed are considered particularly appropriate.
End.
Copy of Memorandum from Mr. S.K.Shaw
to Mr. Snyder, dated 3/13/22...inscription for..•building.
- 3 -
"A common enterprise where silent partners, active partners, all work for the
purpose of service and help." 1.0. Miller Feb. 15, 1917 speech at Bankers
Club, Cleveland.
"The monies of the people of the United States administered for the weal and
welfare of the people and of the government of the united States." Senator
Helson.
"Currency is the life blood, the banks the heart, of the physical system
pouring vigor and life into the enterprises of commerce, the profits of trade
and the wages of labor." Quotation from Congressional Record during P.R.B.
debate, Dec. 2, 1913.
"Banks utilize the capital of the country. They make the hopes of today the
realities of tomorrow and bridge the chasm between unpromised beginnings of
enterprise and their final fruition." Senator Weeks, Report of Dec. 13, 1913.
"The credit system is that which connects labor and capital by giving to labor
the use of capital. Intelligence, good character, and good morals bestow on
those who have not capital, a power, a trust, a confidence which enables them
to obtain it and to employ it usefully for themselves and others'." Daniel
Webster. Second Speech on the Treasury Bill 1838.
"This mode of banking is founded on the inimitable laws of circulation and
commerce, certain ir their operation as the laws of attraction and gravitation. ..explained and demonstrated by the ablest writers on national economy,
supported by the experience of every age...and conformed by the defeat end
disgrace of every former attempt in opposition to them." Joshua Forman to
Martin Van Buren 1829.
"First, I hold the opinion that a mixed currency, composed partly of gold and
silver and partly of gtod paper, redeemable on demand, is most useful and
convenient... I hold that the regulation of the currency is one of the necessary
and indispensable prerogatives of government." Daniel Webster. Speech at
Merchants' Meeting. Ntw York 1840.
"Capitals are increased by parsimony, and diminished by prodigality and misconduct." Adam Smith in "Wealth of Nations".
"1 wider theatre of useful activity is under their feet, and around them than
was ever spread before."
"(jold and silver when they are employed merely as the instruments of exchange
and alienation, have been not improperly denominated dead stock; but when deposited in banks, to become the basis of a paper circulation, which takes their
character and place, as signs or representatives of value, they then acquire
life, or in other words, an active and productive quality." American State
Papers, Vol. 1. Finance. Page 67.
"The nation, possessing credit...as a medium of commercial exchange, has that,
which can only be of service in affording facilities to domestic exertion; and
the more it abounds, the more are these facilities augmented." Robert Hare,
Proofs that Credit as Money is Preferable to Coin. Page 8.
Copy of Memorandum from Mr. S.N.Shaw
to Mr. Snyder, dated 3/13/22...inscription for...building.
- 4
"The prosperity of commerce is now perceived and acknowledged by all enlightened statesmen to be the most useful as well as the most productive source of
national wealth, and has accordingly become a primary object of their political cares. By multiplying the means of gratification, by promoting the introduction and circulation of the precious metals, - those darling objects of human avarice and enterprise, - it serves to vivify and invigorate the channels
of industry, and to make them flow with greater activity and copiousness."
ifederalist Ko. 12 second par.
"Money is with propriety considered as the vital principle of the body politic;
as that which sustains its life and motion, and enables it to perform its most
essential functions. A complete power, therefore, to procure a regular and adequate supply of it, as far as the resources of the community will permit may
be regarded as the indispensable ingredient in every constitution.
From a deficiency in this particular, one of two evils mast ensue; either the people
must be subjected to continual plunder as a substitute for a more eligible mode
of supplying the public wants, or the government must sink into fatal atrophy,
and, in a short course of time, perish." federalist 30(29) 2nd par.
"The supreme authority must have of•power...of making contracts, of emitting,
coining and borrowing money, of regulating trade." Pelatiah Y/ebster, P.22
"The institution of a bank has also a national relation to the regulation of
trade between the States, in so far as it is conducive to the creation of a
convenient medium of exchange between them, and to the keeping of a full circulation by preventing the frequent displacement of the metals in reciprocal
remittances. Money is the very hinge upon which commerce turns, And this does
not mean merely gold and silver; many other things have served the purpose with
different degrees of utility. Paper has been extensively employed."
The itederalist Page 672. Alexander Hamilton on the Constitutionality of the Bank of
the United States, 1791.
Karnes of prominent Americans suggested for inscription: Robert Morris, Alexander
Hamilton, Albert Gallatin, Gouvenour Morris, Stephen Girard, Alexander Dallas,
W. H. Crawford, Salmon P. Chase, Daniel webster, John Marshall, Jay Cooke, Hagh
: cCulloch, John Sherman.
-ttorsan abest misero signata pecunia civi
Atque ilium interea tempora save premunt
Ivummorum huic operi ingentes cumulamus acervas
Pignore deposito, quod petit inde daunt.
Si quid amat previous cante persolvere chartis
Aut timet insidias furis et anna domi
Congerite hue aurum, placidas et carpite somnos
Per me sicuros civibus esset licet
Distich inscribed beneath two statues by Bernino adorning the front of
the Monte di Piete at Naples (Bank of Naples). Quotation found in
History of Banking in All Nations, Vol. Ill, Page 155.
dopy of Ifomorandum from Ltr. S.R.Shaw
t o Kr« Snyder, d a t e d 3 / 1 3 / 2 2 . . .
insoription for...building,
- 5 -
SUGGESTIONS AHO:; M r
m
(Inarch 14, 1922)
S e n a t o r i a l Record 1877 - p.170
Senator Bayard:
Delaware)
Government means the h o n e s t e x e c u t i o n of t h e g r e a t t r u s t of p u b l i c power; and
when by one form of government i t was sought "to s e c u r e the b l e s s i n g s of
l i b e r t y " for our f o r e f a t h e r s and t h e i r p o s t e r i t y i t meant l i b e r t y i n the
h a r n e s s of t h e law and i t meant law founded upon morals and j u s t i c e .
When the s o v e r e i g n power of c o i n i n g t h e money of a people and r e g u l a t i n g
i t s value comes t o be e x e r c i s e d i t i s i n t e n d e d t o s e c u r e f a i r d e a l i n g
and honesty between man and man.
C o n g r e s s i o n a l Record House - p»4643,
G l a s s , quoted from W i l s o n .
1913.
We must have a c u r r e n c y , n o t r i g i d as now, b u t r e a d i l y , e l a s t i c a l l y r e s p o n s i v e
to sound c r e d i t , the expanding and c o n t r a c t i n g c r e d i t s of everyday t r a n s a c t i o n s , the normal ebb and flow of porsonal and c o r p o r a t e d e a l i n g s .
Our banking laws must m o b i l i z e r e v e n u e s ; must not permit the c o n c e n t r a t i o n anywhere i n a few hands of the monetary r e s o u r c e s of the c o u n t r y or
t h e i r use for s p e c u l a t i v e p u r p o s e s i n such volume as to h i n d e r o r impede
or s t a n d i n the way of o t h e r more l e g i t i m a t e , more f r u i t f u l u s e s .
And
the c o n t r o l of the system of banking and of i s s u e which our new laws a r e
to s e t up must be p u b l i c , n o t p r i v a t e , mast be v e s t e d i n the government
i t s e l f , so t h a t the banks may be i n s t r u m e n t s , n o t the m a s t e r s , of b u s i n e s s and of i n d i v i d u a l e n t e r p r i s e and i n i t i a t i v e .
SUGGSaTIOirs FRO;.! IF,. BIZOEXARI
(Lterch 14, 1922)
The W o r l d ' s Best O r a t i o n s .
.Villiam H. Jrawford.
a r y 1 1 , 1812.
V o l . 3 , p . 1462 on t h e Bank of the United S t a t e s ,
Febru-
The i n t e r e s t of the R a t i o n r e q u i r e s t h a t the c u r r e n t c o i n of the R a t i o n should
be uniform b o t h as to i t s s p e c i e s and v a l u e . . .
Does not the r i g h t to
c r e a t e a b a n k , which s h a l l i s s u e t h i s r e p r e s e n t a t i v e of money, come w i t h i n
the same r e a s o n .
D. V/ebster, V o l . 10, p . 3778.
In war and peace we a r e o n e , i n commerce o n e .
p.3872.
I s h a l l do j u s t i c e to t h e whole c o u n t r y , a c c o r d i n g t o the b e s t of my a b i l i t y ,
i n a l l I s a y , and a c t f o r the good of the whole c o u n t r y i n a l l I d o .
EGF
Reference L i b r a r y , S t a t i s t i c s
jtf&roh 1 5 , 1922.
Department,
MISC.1.1-200M-g-20
FEDERAL. R E S E R V E B A N K
OF N E W YORK
I!r« 3nyder'.
>jU£-fr9Rt:9d g r i p t r U r n s f o r Baric
Miss B u r n e t t .
Jouroa:
April 1 5 , 19,??.
DATK
OFFICE CORRESPONDENCE
frullflirgt
!
.
"A J r i t i c a ]
LOB of the F i n a n c i a l Policy dtfring t h e Southern Reb a l l i o n " , by Jimon Kewcomb. 1 8 6 5 .
f t h i s mass of thought and o p i n i o n none i s more I n t r a c t a b l e
when we seek: to c o n t r o l i t , none more manageable when we adopt trie
p r o p e r means to u s e i t , than t h a t which r e l a t e s «tc money, p r i c e s ,
ana c r e d i t . "
"To jud^e the e f f e c t s
of a new measure adapted t o new c i r c u m s t a n c e s ,
r e q u i r e s e x p e r i e n c e of old measures much l e s s than sound judgment, in
c l e a r comprehension of human n a t u r e , and a c l e a r u n d e r s t a n d i n g of P o l i t i c a l Economy.*
MISC. 3.1-2OOM-0-S0
FEDERAL RESERVE BANK
OF N E W YORK
OFFICE
PAT
C O R R E S P O N D E N C E
*—April 10, 1922,
suBjBtT:—Suggested quotations foi
Miss 3 u m e t t .
r
building.
Speech of Roaco Conkling, in the House of ^Representatives on February 4,
1862, on b i l l "to authorize the issue of treasury notes payable on demand";
i . e . le*al tender A*ti
"Public c r e d i t alone cannot confer r a t i o n a l Immortality or national longevity, but the loss of jmblic c r e d i t
w i l l be inevitably and swiftly followed by n a t i o n a l d e c r e p i tude and nr;tional d e a t h .
This i s true in peace, when wars
and rumors of wars are hushed throughout the e a r t h ; i t i s true
in uneventful times, lr. periods barren of action p.rd p r o l i f i c
of repose; but. whrt s h t l l be said of i t s urg-ent, warning
t r u t h , as applicable to us in t h i s dark hour of t r i n l and of
danger?
Immediate and adequate f i n a n c i a l ^ a o l l i t i e - s c o n s t i -
t u t e , beyond a l l question, the overtopping, overmastering subj e c t s with which we Jiavo the power to d e a l . "
- (From "Financial
History of the Way - Ler?al Tender",by Spsuldinrr.)
-
"Good banking i s produced not by ^ood laws, but by
good bankers."
(fro* v.'ithers, "M
of -fcney", p . 7 9 . )
BGF
/
"Ho
lade J e o r e t a r y of t
a u t i s s of such i- OIL o e ,
fit
' : s u r y ; and how he
t i m e , t h e whole c o u n t r y
With do l i g h t and tha whole world saw w i t h a d m i r a t i o n *
rock oi" tijJ n a t i o n a l r y s o u r c o o ,
forth.*
' uleu "birt"'
was hardl;
m o r mora
United S t a t e s , i.a i t buret
Jcurce:
ebster'a
v
-or
,
perceived
He smote the
bnndant streams of revenue t;ushed
juO. corpse of the.
upon i t s foot*
fulfil]
T>
ubl ic
Credit, ; d i t
Lnerv* , from the br. I
t than I
f o r t h fro:.: LVJ ••.
' In: i 1, pp. 199-200.
1 sysl
i
@FedFRASER