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FE D E R A L R E SE R V E BANK O F N E W Y O R K
I" Circular No. 3339 ~
|
L
May 25, 1948 J

Fiscal Agent of the United States

Public Notice o f Offering of $1,100,000,000, or thereabouts, o f 91-Day Treasury Bills
Dated June 3, 1948

Maturing September 2, 1948

To all Incorporated Banks and Trust Companies in the
Second Federal Reserve District and Others Concerned:

Following is the text of a notice today made public by the Treasury Department with respect to a new offering of Treas­
ury bills payable at maturity without interest to be sold on a discount basis under competitive and non-competitive bidding.
FOR RELEASE, M ORNING NEW SPAPERS,
Tuesday, May 25, 1948.

TREASU RY D EPARTM EN T
Washington

The Secretary of the Treasury, by this public notice, invites tenders for $1,100,000,000, or thereabouts, of 91-day Treasury
bills, for cash and in exchange for Treasury bills maturing June 3, 1948, to be issued on a discount basis under competi­
tive and non-competitive bidding as hereinafter provided. The bills of this series will be dated June 3, 1948, and will mature
September 2, 1948, when the face amount will be payable without interest. They will be issued in bearer form only, and
in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o’clock p.m., Eastern Day­
light Saving time, Friday, May 28, 1948. Tenders will not be received at the Treasury Department, Washington. Each
tender must be for an even multiple of $1,000, and in the case of competitive tenders the price offered must be expressed on
the basis of 100, with not more than three decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders be
made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust companies and from responsible and
recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the
face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an
incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which
public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those
submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject
to these reservations, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted
in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank on June 3, 1948, in cash or other immediately
available funds or in a like face amount of Treasury bills maturing June 3, 1948. Cash and exchange tenders will receive
equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange
and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall
not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special
treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The bills shall be
subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation
now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States,
or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest. Under Sections 42 and 117 (a)(1 ) of the Internal Revenue
Code, as amended by Section 115 of the Revenue Act of 1941, the amount of discount at which bills issued hereunder are
sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance com­
panies) issued hereunder need include in his income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at
maturity during the taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, prescribe the terms of the Treasury bills and
govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

In accordance with the above announcement tenders will be received at the Securities Department of this bank
(9th floor, 33 Liberty Street) New York 45, N. Y., or at the Buffalo Branch of this bank (270 Main Street) Buffalo 5,
N. Y., up to two o’clock p.m., Eastern Daylight Saving time, on Friday, May 28, 1948. It is requested that tenders be
submitted on special form printed on reverse side and returned in special envelope enclosed herewith. Payment for the
Treasury bills cannot be made by credit through the War Loan Deposit Account. Settlement must be made in cash or other
immediately available funds or in maturing Treasury bills.
A

llan

S proul,

President.

(PLEASE NOTE CHANGE IN THE CLOSING DAY ON THIS OFFERING.)



(o v e r )

PLEASE NOTE CHANGE IN THE CLOSING DAY ON THIS OFFERING.

m r

Tenders for this issue must reach the Federal Reserve Bank of New York or its Buffalo Branch
not later than 2 p.m., Eastern Daylight Saving time, Friday, May 28, 1948.
IMPORTANT— If it is desired to hid on a competitive basis, fill in rate per 100 and
maturity value in paragraph headed “Competitive m d”. If it is desired to bid on a non­
competitive hasis, fill in only the maturity value in paragraph headed “Non-competitive
Bid”. DO NOT fill in both paragraphs on one form. A separate tender must be used for
each bid.
No........................................

TENDER FOR 91-DAY TREASURY BILLS
Dated June 3, 1948.

Maturing September 2, 1948.

T o F e d eral R eserve B a n k of N e w Y o r k ,
Fiscal Agent of the United States.

Dated a t .....................................................
1948

COMPETITIVE BID

NON-COMPETITIVE BID

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and
to the provisions of the public notice on
May 25, 1948, as issued by the Secretary
of the Treasury, the undersigned offers

Pursuant to the provisions of Treasury De­
partment Circular No. 418, as amended, and to
the provisions of the public notice on May 25,
1948, as issued by the Secretary of the Treasury,
the undersigned offers a non-competitive tender
for a total amount of $ .............................................

...........................................* for a total amount of

(Not to exceed $200,000)

(Rate per 100)

$ ..................................................... (maturity value)
of the Treasury bills therein described, or for
any less amount that may be awarded, settlement
therefor to be made at your bank, on the date
stated in the public notice, as follows:

(maturity value) of the Treasury bills therein
described, at the average price (in three deci­
mals) of accepted competitive bids, settlement
therefor to be made at your bank, on the date
stated in the public notice, as follows:
By surrender of the maturing issue of

By surrender of the maturing issue of
Treasury b ills............

$----------------------------------

Treasury bills............

By cash or other immediately available

By cash or other immediately available
funds................ , ..........

$----------------------------------

$----------------------------------

funds............................

$----------------------------------

The Treasury bills for which tender is hereby made are to be dated June 3, 1948, and are to mature
on September 2, 1948.
This tender w ill be inserted in special envelope entitled “ Tender for Treasury bills” .
Name of Bidder ................................... ................................................. .....................................
(Please print)

By.

(Title)

(Official signature required)

Street Address .................................
(City, Town or Village, P. O. No., and State)

If this tender is submitted for the account of a customer, indicate the customer’s name on line below:
(Name of Customer)

(City, Town or Village, P.O. No., and State)

Use a separate tender for each customer’s bid.

IMPORTANT INSTRUCTIONS:
1. N o tender for less than $1,000 will be considered, and each tender must be for an even multiple of
$1,000 (maturity value). A separate tender must be executed for each bid.
2. If the person making the tender is a corporation, the tender should be signed by an officer o f the corporation
authorized to make the tender, and the signing of the tender by an officer of the corporation will be construed as a rep­
resentation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a mem­
ber of the firm, who should sign in the form “ .................................................................................................. . a copartnership, by
...................................................................................................... . a member of the firm” .
3. Tenders will be received without deposit from incorporated banks and trust companies and from respon­
sible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of
2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty
of payment by an incorporated bank or trust company.
4. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the
Treasury, is material, the tender may be disregarded.

Payment by credit through War Loan Deposit Account will not be permitted.
TENTB—935-a
FRASER

Digitized for


* Price must be expressed on the bc&is of 100, with not more than
three decimal places. Fractions may not be used.

*

(o v e r )




Directory
OF THE

Federal Reserve Bank
of New York

Second Federal Reserve District
(May 1948)




FEDERAL RESERVE BANK
OF NEW YORK

'k

Head Office, 33 Liberty Street, New York, N. Y.
Mailing Address
F ederal R eserve
N ew Y

ork

P. 0 . S t a t io n
45, N . Y .

Telephone REctor 2-5700

★

Buffalo Branch, 270-276 Main Street, Buffalo, N. Y.
Mailing Address
B u f f a l o 5, N . Y .

Telephone WAshington 7562




FEDERAL RESERVE BANK
OF NEW YORK

May 25, 1948.

To Banks and Trust Companies
in the Second Federal Reserve District:

This is the second edition of the directory of this bank,
supplanting the directory sent you on May 1, 1947. This
edition continues the scheme of the earlier directory, and
shows the names and titles of our officers, the functions and
departments to which they are presently assigned and the
principal operations with which each is concerned. Further
revisions of the directory will be issued from time to time,
as appropriate. Any changes in the titles of our officers,
which occur between issues, will be described in our circu­
lars showing changes in authorized signatures.
We hope this directory will be of assistance to bank
officers and others having occasion to communicate with
the officers of this bank and the departments under their
supervision.
Additional copies of this directory may be obtained
upon request.
A

llan

S pkoul,

P r es id e n t.

CONTENTS

H EA D OFFICE
Page

Functions, Departments and Principal Operations, and
Officers Assigned
Accounting, Planning and S e r v ic e .....................................5
A u d i t ......................................................................................6
Bank Supervision and Bank R elation s...............................6
Cash and C o llection s............................................................. 7
Foreign

............................................................................... 8

Government Bond, Safekeeping and R. F. C. Custody

.

9

L e g a l ......................................................................................10
Loans and C redits................................................................... 10
Open Market Operations, Treasury Issues, and Margin
R e g u la tio n s......................................................................... 11
P e r s o n n e l................................................................................12
Research and S ta tistica l....................................................... 12
Secretary’s O ffic e ................................................................... 12
D i r e c t o r s ............................................................................................ 14
Member of Federal Advisory C o u n c il........................................... 15
Industrial Advisory Com m ittee....................................................... 15

★

BUFFALO BRANCH
Officers and their Operating D iv is io n s ........................................... 13
D i r e c t o r s ............................................................................................ 15

(The lettered Regulations referred to in this directory are Regula­
tions of the Board of Governors of the Federal Reserve System)







Federal Reserve Bank of New York
HEAD OFFICE

★

PRE SID E N T
A

llan

S proul

FIRST VICE PRE SID E N T
L

e s l ie

R. R

ounds

★

Function, D epartm ent and Principal Operations

Officer in Charge

Title

( arranged alphabetically)

ACCOUNTING, PLANNING AND S E R V IC E . . . H e r b e r t H . K i m b a l l ............ Vice President
A

c c o u n t in g

D e p a r t m e n t ...............................

H a r o ld

M. W e s s e l . .. Manager

Accounts, deposits in, except foreign accounts
Adjustments affecting accounts
Deposits, except foreign accounts
Member bank reserve accounts
Nonmember bank clearing accounts
Regulation D— Reserves of member banks
Remittances for cash letters
Reserve accounts of member banks
Reserve requirements of member banks
Treasurer’s account, United States
Withheld taxes
P l a n n i n g D e p a r t m e n t ..................................

J am es J. C a rro ll.

. . . Manager

Planning
Purchase of supplies
S e r v ic e D e p a r t m

ent

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

Post office, Federal Reserve P. 0 . Station
Protection, fire and safety
Telephone service




O tto

W . T e n E y c k .......... Assistant Vice President

Function, Departm ent and Principal Operations

Officer in Charge

Title

(arranged alphabetically)

AUD IT

......................................................................... W

A u d it in g D e p a r t m e n t ......................................

il l ia m

H . D i l l i s t i n ........... General

Auditor

D o n a l d J . C a m e r o n ........ Assistant

General Auditor

Audits and examinations of asset, liability, and
custody accounts
Information reflected on the bank’s records
furnished to bank examiners and others
Reconciliation of accounts of member banks and
others

BAN K SU PERVISION AND BANK
RELATIO NS ....................................................... R e g i n a l d B.
B a n k E x a m i n a t i o n s D e p a r t m e n t ..............

Branches, applications for
Condition reports, State member banks
Earnings and dividends reports, State member
banks
Examination
affiliates

of

State

member banks

and

Regulations, administration of
C

Acceptance by member banks of drafts
or bills of exchange

F

Trust powers of national banks

II

Membership of State banking institu­
tions in the Federal Reserve System

I

Increase or decrease of capital stock of
Federal Reserve Banks and cancela­
tion of old and issue of new stock
certificates

K

Banking corporations authorized to do
foreign banking business under the
terms of section 25(a) of the Federal
Reserve Act

L

Interlocking bank directorates under the
Clayton Act

M

Foreign branches of national banks and
of corporations organized under the
provisions of section 25(a) of the
Federal Reserve Act

0

Loans to executive officers of member
banks

P

Holding company affiliates— voting per­
mits

Q

Payment of interest on deposits

R

Relationships with dealers in securities
under section 32 of the Banking Act
of 1933




W illia m

W i l t s e ............... Vice

F.

Sheehan.

President

. . . Chief Examiner

Function, Departm ent and Principal Operations

Officer in Charge

Title

( arranged alphabetically)

B

R

an k

D

e l a t io n s

e p a r t m e n t ............................

F r a n k lin

E.

P e te rso n . .

.Manager

Applications for membership in Federal Re­
serve System
Bank and public relations activities
Check routing symbol, information concerning
Farm credit file, information concerning
Investigations, new bank charters, new branch
offices
Visitors at Federal Reserve Bank
Visits to district banks
CASH AND C O LLECTION S...................................V a l e n t i n e
F e l ix

C ash D

e p a r t m e n t ............................................................

W i l l i s .........................

T.

Vice President

D a v i s ................................ Assistant

C h a r le s

N.

V a n I I o u t e n . Manager

Checks (both Government checks and checks on
this bank in large amounts), acceptance over
the counter for immediate credit
Coin, receipt, verification,
counter payments of

shipment,

and

Currency, receipt, verification, shipment and
counter payments of
C ash

C ustody D

e p a r t m e n t ...................................

P a u l R . F i t c i i e n ................... Manager

Coin, custody of reserve supplies of
Currency, custody of reserve supplies of
Currency, reports of unusual transactions on
Treasury Department Form TCR-1, han­
dling of
C

heck

D

e p a r t m e n t

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

R alph
R oy

Checks and other cash items (except Govern­
ment checks), collection of
City clearings arrangements of banks out­
side New York City, settlements of bal­
ances due to or from participants in
County clearings arrangements, exchanges
between participants in
Direct routing of by member and non­
member clearing banks
Manhattan, Bronx, and Brooklyn collec­
tion arrangement
Regulation J— Check clearing and collection
Return items




W . S c h e f f e r .......... Manager

E.

W e n d e l l ................... Manager

Vice President

Function, D epartm ent and Principal Operations

Officer in Charge

Title

( arranged alphabetically)

C o l l e c t io n

D

e p a r t m e n t

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

H ow ard D . C rosse.

.. Manager

Collection of notes, drafts, corporate bonds and
coupons, and other noncash items
City clearings arrangements of banks out­
side New York City, settlements of bal­
ances due to or from participants in
Payment of
Coupons of International Bank for Recon­
struction and Development
Government coupons
Regulation G— Collection of noncash items
Transfers of funds
G

overnm ent

C

heck

D

epartm ent

M ic h a e l

J. M

cL a u g h l in

. Manager

Government checks, payment or collection of
FOREIGN
F

o r e ig n

................................................................... L .
D

e p a r t m e n t

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

W e r n e r K n o k e .................
H a r o ld

A.

B ilb y

Vice President

............ Assistant Vice President

H orace L . S a n fo r d .

. .. .Assistant Vice President

P e t e r P . L a n g ............ Manager
W alter

II. R o z e l l , .Tr. Manager

Export-Import Bank, information regarding
specific credits
Federal Reserve System accounts maintained
abroad, operation of
Foi'eign central bank and government dollar
and custody accounts, operation of
Foreign exchange
Rates, certification of, under Tariff Act of
1930
Transactions
Fiscal agency
Foreign depositors and out-of-town mem­
ber banks, on behalf of
International Bank for Reconstruction and
Development accounts, operation of
International Monetary Fund accounts, opera­
tion of
Silver Purchase Act, purchases thereunder
United States Stabilization Fund, operations
of, as fiscal agent
*

*

#

i;
N orman

International Bank for Reconstruction and
Development, International Monetary Fund
and Export-Import Bank
Relations with




P . D a v i s ............ Assistant

Vice President

Function. Department and Principal Operations

Officer in Charge

Title

(arranged alphabetically)

F

o r e ig n

F

unds

C

ontrol

D

epartm ent

N orman

P.

D a v is ..

Assistant Vice President

Applications for licenses under Foreign Funds
Control
Foreign Funds Control, administration of
Public relations concerning Foreign Funds
Control
GOVERNM ENT BOND, SA FE K E E PIN G AND
R.F.C. C U S T O D Y ............................................... A r t h u r
J ohn

G

overnm ent

B

ond

D

epartm en t

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

, Vice President

P helan.
H . W u r t s ...........

M arcu s A . H a r r is .

Assistant Vice President
Manager

United States Treasury Bills, Certificates of
Indebtedness, Notes and Bonds
Cash and exchange subscriptions
Denominational exchange
Exchange of bearer for registered bonds
Exchange of registered for bearer bonds
Exchange subscriptions; and delivery and
payment of allotments on cash subscrip­
tions
Lost, stolen, mutilated or destroyed securities
Payment or redemption
Transfer of bearer securities from New York
by wire
Transfer of registered bonds
Various Securities of the Philippine Govern­
ment, the Puerto Bican Government and
Agencies of the United States Government
Certain transactions in connection with issu­
ance, exchange and redemption
Bonds of International Bank for Reconstruc­
tion and Development
Certain transactions in connection with issu­
ance, exchange and redemption
War Loan Deposit Accounts
Record of accounts
Record of collateral
R . F. C. C ustody D

epartm ent

Disbursements for Reconstruction Finance
Corporation and Commodity Credit Corpora­
tion by checks on U. S. Treasurer
Drafts paid, Commodity Credit Corporation
Loans by Reconstruction Finance Corporation
and certain subsidiaries, servicing of
Receipts and payments for
Commodity Credit Corporation
Rubber Development Corporation
U. S. Commercial Company
Reconstruction Finance Corporation
Office of Defense Supplies, Metals Reserve,
and Rubber Reserve




M arcus

A.

H a r r i s ................ Manager

Function, Departm ent and Principal Operations

Officer in Charge

Title

(arra nged alphabetically)

S a v in g s B o n d D e p a r t m e n t ......................................

W . B u r t ------- Manager

W e s le y

Armed Forces Leave Bonds, redemption of
Savings Bonds
Accounts of issuing agents
Accounts of paying agents
Consignment of Series E bond stock
Lost, stolen, mutilated or destroyed bonds
Redemptions
Reissues and corrections
Sales of bonds of Series E, F and G
M.

H arry

Sa f e k e e p in g D e p a r t m e n t

B o y d .......... Manager

Delivery of bearer securities of the United
States transferred to New York by wire
Receipt of securities for safekeeping accounts
or for re-delivery
Safekeeping accounts for member banks
Safekeeping accounts for owners of Savings
Bonds

Se c u r it y C u s t o d y D e p a r t m e n t

W il l ia m

F. A

brah am s.

Manager

(See Safekeeping Department)

LEGAL

W alter

S.

President and
General Counsel

T i e b o u t ........................

Assistant General
Counsel

R u f u s J . T r i m b l e ......................

Assistant General
Counsel

T odd

G.

L o g a n .............................Vice

R obert H . B r o m e

.............. Assistant Counsel

J o h n J . C l a r k e ..................

LOANS AND C R E D IT S ............................................. A r t h u r
C r e d it D e p a r t m e n t ...........................................

Acceptability of paper for discount or as co l­
lateral for advances to member banks
Farm credit file forms
Financial statement forms
Loans, industrial, processing applications for
Regulations :
A

Discounts for and advances to member
banks

S

Industrial loans




P h elan

C u r tis

R.

Assistant Counsel

................................ Vice President
B ow m an

.............. Manager

11
Officer in Charge

Function, Departm ent and Principal Operations

Title

(arranged alphabetically)

D

is c o u n t

D

e p a r t m e n t

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

C u r t i s R . B o w m a n .............. Manager

Discounts for and advances to member banks
Eligibility of paper
Industrial loans
Balances, collateral, and servicing of
Other advances
Regulations:
A Discounts for and advances to member
banks
S Industrial loans

OPEN M A R K E T OPERATIONS, TREASU RY
ISSUES, AND MARGIN R E G U L A T IO N S .. R o b e r t G.
S e c u r it ie s D

e p a r t m e n t

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

S ila s

R o u s e .................... Vice

A.

M ille r

................ Assistant Vice President

S p e n c e r S . M a r s h , Jr.

Acceptance by member banks of drafts or bills
of exchange, inquiries regarding
Bankers’ acceptances, open market purchases
and sales of
Bills of exchange, trade acceptances and
bankers’ acceptances, open market purchases
of
Capital stock of Federal Reserve Bank, regis­
tration, issuance and cancelation of
Dividends on Federal Reserve Bank stock
Federal Open Market Committee, regulation
relating to open market operations of Federal
Reserve Banks
Government issues,
tenders to new

cash subscriptions

and

Government securities, open market purchases
and sales of
Open market operations in U. S. Government
securities
Regulations :
B

Open market purchases of bills of
exchange, trade acceptances and
bankers’ acceptances under section 14
of the Federal Reserve Act

C

Acceptance by member banks of drafts
or bills of exchange

E

Purchase of Warrants

Treasury issues, cash offerings of
Warrants, purchase of




President

.Manager

12
Function, D epartm ent and Principal Operations

Officer in Charge

Title

( arranged alphabetically)

S e c u r i t y L o a n s D e p a r t m e n t ........................

N orman

P. D a v i s ............ Assistant Vice President

Margin regulations, administration of
Regulations:
T

Extension and maintenance of credit by
brokers, dealers, and members of na­
tional securities exchanges

U

Loans by banks for the purpose of pur­
chasing or carrying stocks registered
on a national securities exchange

PERSONNEL

............................................................. E d w a r d 0 . D o u g l a s ................Vice President
W

P e r s o n n e l D e p a r t m e n t ..................................

il l ia m

W

F. T r e ib e r ........ Assistant Vice President

il l ia m

A. H e i n l . .. Manager

Personnel, hiring and assignment of
Personnel records
Programs, administration of employee health,
education and training

RE SEA R C H AND S T A T IS T IC A L ........................ H arold V. R o e l s e ....................Vice President
R e s e a r c h D e p a r t m e n t ....................................

0 . E rn est M o o r e . . . . Manager

Financial statistics
Reference library
Research, domestic and foreign

S E C R E T A R Y ’S O F F IC E .........................................

W

il l ia m

F. T r e ib e r ........ Secretary

J o h n J . C l a r k e .......... Assistant

Circulars and Federal Reserve publications
(Inquiries should be addressed to Press and Circulars
Division.)




Secretary

Buffalo Branch
OFFICERS

Insley

B. S m i t h , General Manager

IIalsey W . S n o w ,

G eorge

J. D o l l , Assistant Cashier

Cashier
M . M onroe M y e r s ,

Operating D ivisions

Assistant Cashier

Officer in Charge

Accounting, Office Service, Securities .

I I a ls e y W . S n o w

Bank R e l a t i o n s .................................................

M . M onroe M yer s

Cash, Check, Collection, Credit and Discount .

G eorge J. D oll




14

Federal Reserve Bank of New York
DIRECTORS
B obert T . S t e v e n s ,

Chairman o f the Board, J. P. Stevens & Co., Inc., New York, N. Y.

Chairman
W il l ia m

I. M yers,

Dean, New York State College o f Agriculture, Cornell University, Ithaca, N. Y.

Deputy Chairman
Ch arles E . A d a m s,

D. C a l k i n s ,
Director and Vice President,
General Education Board,
New York, N. Y.

R obert

Chairman o f the Board, Air Reduction Company, Inc.,
New York, N. Y.
W in t h r o p W . A l d r ic h ,

Chairman o f the Board,
The Chase National Bank o f the City o f New York,
New York, N. Y.
L e w is H . B r o w n ,

C a r l e C. C o n w a y ,

Chairman of the Board,
Continental Can Company, Inc.,
New York, N. Y.

*

H o w a r d A . W il s o n ,

Chairman o f the Board,
Jolins-Manville Corporation,
New York, N. Y.

President, Citizens National Bank and Trust
Company of Fulton,
Fulton, N. Y.
F r e d e r ic E . W o rd e n ,

Chairman o f the Board, and President,
The National Bank o f Auburn,
Auburn, N. Y.

OFFICERS
President
First Vice President
E d w a r d O . D o u g l a s , Vice President
H e r b e r t H . K i m b a l l , Vice President
L . W e r n e r K n o k e , Vice President
W a l t e r S . L o g a n , Vice President and General Counsel
A lla n

S p r o u l,

J o h n H . W illia m s ,

L e s lie R . R ou n ds,

Todd

G.

T ie b o u t,

Assistant General Counsel

R u f u s J . T r im b le ,

H a r o l d A . B i l b y , Assistant Vice President
F e l i x T . D a v i s , Assistant Vice President
N o r m a n P . D a v i s , Assistant Vice President
S i l a s A. M i l l e r , Assistant Vice President
H o r a c e L . S a n f o r d , Assistant Vice President

W illia m

F . A b rah am s,

W illia m
O tto W .
W illia m
John H .

Manager, Security Custody

Department
R. B o w m a n , Manager, Credit Department, and
Manager, Discount Department
H a r r y M . B o y d , Manager, Safekeeping Department
R o b e r t H . B r o m e , Assistant Counsel
W e s l e y W . B u r t , Manager, Savings Bond Department
J a m e s J . C a r r o l l , Manager, Planning Department
J o h n J . C l a r k e , Assistant Counsel, and Assistant Secretary
H o w a r d D. C r o s s e , Manager, Collection Department
P a u l R. F i t c h e n , Manager, Cash Custody Department
M a r c u s A . H a r r i s , Manager, Government Bond Department,
and Manager, R.F.C. Custody Department
C u r tis




W illia m

Assistant General Counsel

F . S h e e h a n , Chief Examiner
T e n E y c k , Assistant Vice President
F . T r e i b e r , Assistant Vice President,
W u r t s , Assistant Vice President

and Secretary

W i l l i a m A . H e i n l , Manager, Personnel Department
P e t e r P . L a n g , Manager, F'oreign Department
S p e n c e r S . M a r s h , Jr., Manager, Securities Department
M i c h a e l J. M c L a u g h l i n , Manager, Government Chech

Department
O . E r n e s t M o o r e , Manager, Research Department
F r a n k l i n E . P e t e r s o n , Manager, Bank Relations Department
W a l t e r H . R o z e l l , Jr., Manager, Foreign Department
R a l p h W . S c h e f f e r , Manager, 'Check Department
C h a r l e s N . V a n H o u t e n , Manager, Cash Department
R o y E . W e n d e l l , Manager, Check Department
H a r o l d M . W e s s e l , Manager, Accounting Department

General Auditor
Assistant General Auditor

H . D illis tin ,

D o n a ld J . C a m ero n ,

Economic Adviser

A r t h u r P h e l a n , Vice President
H a r o l d Y. R o e l s e , Vice President
R o b e r t G. R o u s e , Vice President
V a l e n t i n e W i l l i s , Vice President
R e g i n a l d B . W i l t s e , Vice President

Federal Reserve Bank of New York
MEMBER OF FEDERAL ADVISORY COUNCIL
W . K ando lph B urgess,

Chairman o f the Executive Committee, The National City Bank o f New York,
New York, N. Y.

INDUSTRIAL ADVISORY COMMITTEE
W illia m

H . Pouch,

Chairman

President, Concrete Steel Company,
New York, N. Y.
G. N e l s o n , Vice Chairman
President, A. G. Nelson Paper Company, Inc.,
New York, N. Y.

J. N o b l e ,
Chairman of the Board,
American Broadcasting Company, Inc.,
New York, N. Y.

E dw ard

A r th u k

Buffalo Branch of Federal Reserve Bank of New York
DIRECTORS
C arl

G.

W o o ste r,

Chairman

Farmer,
Union Hill, N. Y.
C ly d e

C.

C. B r o w n ,
President, The Cuba National Bank,
Cuba, N. Y.

G e o r g e N ie b a n k ,

President, Bank o f Jamestown,
Jamestown, N. Y.

C h a r l e s H . D ie f e n d o r f ,

Jr.,
President, Hewitt-Robins, Incorporated,
Buffalo, N. Y.

T h o m a s R o b in s,

President, The Marine Trust Company of Buffalo,
Buffalo, N. Y.
F. L e i n e n ,
Executive Vice President,
Lincoln Rochester Trust Company,
Rochester, N. Y.

R aym ond

L e w is

B. S w i f t ,
President, Taylor Instrument Companies,
Rochester, N. Y.

OFFICERS
I n s l e y B . S m ith ,




General Manager

H a ls e y W . Snow ,
G eorge

J.

M . M onroe

Assistant Cashier
M y e r s , Assistant Cashier
D o ll,

Cashier

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