View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FED ERAL RESER VE BANK O F N EW YO RK
F isca l A g e n t o f the U nited States

£

C ircular No. 3 8 6 2 "1
June 5, 1952
J

O fferin g o f $ 1 ,2 0 0 ,0 0 0 ,0 0 0 o f 9 1 -D a y T rea su ry B ills
Dated June 12, 1952

Maturing September 11, 1952

To all Incorporated Banks and Trust Companies, and Others
Concerned, in the Second Federal Reserve D istrict:

F ollow in g is the text of a notice published to d a y :
F O R R E L E A S E , M O R N IN G N E W S P A P E R S ,
Thursday, June 5, 1952.

TREASU RY D EPARTM ENT
Washington

The Secretary o f the Treasury, by this public notice, invites tenders for $1,200,000,000, or thereabouts, o f 91-day Treasury
bills, for cash and in exchange for Treasury bills maturing June 12, 1952, in the amount o f $1,200,138,000, to be issued on
a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills o f this series w ill be dated
June 12, 1952, and will mature September 11, 1952, when the face amount w ill be payable without interest. They w ill
be issued in bearer form only, and in denominations o f $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders w ill be received at Federal Reserve Banks and Branches up to the closing hour, tw o o ’clock p.m., Eastern
Daylight Saving time, Monday, June 9, 1952. Tenders w ill not be received at the Treasury Department, Washington. Each
tender must be for an even multiple of $1,000, and in the case o f competitive tenders the price offered must be expressed on
the basis o f 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 w ill be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions w ill not be permitted to submit tenders except for their own account. Tenders w ill be
received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in in­
vestment securities. Tenders from others must be accompanied by payment of 2 percent o f the face amount o f Treasury bills
applied for, unless the tenders are accompanied by an express guaranty o f payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders w ill be opened at the Federal Reserve Banks and Branches, follow ing which
public announcement w ill be made by the Secretary o f the Treasury of the amount and price range o f accepted bids. Those
submitting tenders w ill be advised of the acceptance or rejection thereof. The Secretary o f 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 w ill be accepted
in full at the average price (in three decimals) o f accepted competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank on June 12, 1952, in cash or other immediately
available funds or in a like face amount of Treasury bills maturing June 12, 1952. Cash and exchange tenders w ill receive
equal treatment. Cash adjustments w ill be made for differences between the par value o f maturing bills accepted in exchange
and the issue price o f the new bills.
The income derived from Treasury bills, whether interest or gain from the sale or other disposition o f the bills, shall
not have any exemption, as such, and loss from the sale or other disposition o f 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 o f the possessions o f the United States,
or by any local taxing authority. For purposes o f taxation the amount o f 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) o f the Internal Revenue
Code, as amended by Section 115 o f the Revenue A ct o f 1941, the amount o f 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 o f 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 o r 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 o f the Treasury bills and
govern the conditions of their issue. Copies o f the circular may be obtained from any Federal Reserve Bank o r Branch.

This Bank will receive tenders up to 2 p.m., Eastern D aylight Saving time, Monday, June 9, 1952, at the Securi­
ties Department o f its Head Office and at its Buffalo Branch. Please use the form on the reverse side o f this circular
to submit a tender, and return it in an envelope marked “ Tender for Treasury Bills.” Tenders may be submitted
by telegraph, subject to written confirmation; they may not be submitted by telephone. Payment for the Treasury bills
cannot be made by credit through the Treasury T ax and Loan Account. Settlement must be made in cash or other
immediately available funds or in maturing Treasury bills.
A l l a n S p r o u l , President.
Results of last offering of Treasury bills (91-day bills dated June 5, 1952, maturing September 4, 1952)
Total applied f o r ........ $1,928,927,000
Total accepted ............$1,300,127,000 (includes $139,522,000
entered on a non-competitive basis
and accepted in full at the aver­
age price shown below)
Average p rice..........

99.561

Equivalent rate of discount
approx. 1.737% per annum

Federal Reserve
District

Total
Applied for
.

$

.

$1,928,927,000

New Y ork ..................
Philadelphia ..............
Cleveland ....................
Richmond ...................

Range o f accepted competitive b id s :
H i g h .........................

99.588

Equivalent rate o f discount
approx. 1.630% per annum

L o w ...........................

99.558

Equivalent rate o f discount
approx. 1.749% per annum

(80 percent o f the amount bid for at the low
price was accepted)




St. L o u i s .....................
Minneapolis ................
Kansas C i t y ................
San F r a n cis c o ............
T otal

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

19,464,000
1,402,357,000
39,565,000
53,310,000
10,300,000
23,168,000
222,446,000
24,035,000
6,827,000
34,198,000
35,961,000
57,296,000

Total
Accepted
$

16,264,000
811,357,000
33,365,000
53,310,000
9,700,000
22,968,000
209,146,000
22,535,000
6,627,000
33,538,000
33,861,000
47,456,000

$1,300,127,000
( over)

IMPORTANT— If you desire to bid on a com petitive basis, fill in rate per 100 and maturity
value in paragraph headed “ Competitive Bid.” If you desire to bid on a n on-com petitive
basis, fill in only the maturity value in paragraph headed “ Non-competitive Bid.” DO
N O T fill in b oth paragraphs on on e form . A separate tender must be used for each bid,
except that banks submitting bids on a competitive basis for their own and their customers’
accounts may submit one tender for the total amount bid at each price, provided a list is
attached showing the name of each bidder, the amount bid for his account, and method
of payment. Forms for this purpose will be furnished upon request.

No...........................

T E N D E R FOR 91-D A Y T R E A S U R Y BILLS
Dated June 12, 1952

Maturing September 11, 1952
Dated a t .........................

To F e d e r a l R e s e r v e B a n k o f N e w Y o r k ,
Fiscal Agent of the United States.

1952

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
June 5, 1952, 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 June 5,
1952, 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 $.
( N o t t o e x c e e d $200,000)

( R a t e p e r 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 indicated below:

(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 indicated below:

□

□

By surrender of maturing Treasury bills

By surrender of maturing Treasury bills

amounting t o ................... $-----------------------------------

amounting t o ................... $_______________________

□

□

By cash or other immediately available funds

By cash or other immediately available funds

* P rice must be expressed on the basis of 100, with not
more than three decimal places, for example, 99.925.

The Treasury bills for which tender is hereby made are to be dated June 12, 1952, and are to mature
on September 11, 1952.
This tender will be inserted in special envelope marked “ Tender for Treasury Bills."
Name o f Bidder
( P l e a s e p r in t )

By ----(O ffic ia l s ig n a t u r e r e q u ir e d )

(T itle )

Street Address .........................................
( C i t y , T o w n o r V i l la g e , P . O . N o ., a n d S ta te )

If this tender is submitted by a bank for the account o f a customer, indicate the customer’s name on line below:
(N a m e o f C u sto m e r)

( C i t y , T o w n o r V i l la g e , P . O . N o ., a n d S ta te )

IMPORTANT INSTRUCTIONS:
1. N o tender for less than $1,000 will be considered, and each tender must be for an even multiple o f
$1,000 (maturity value).
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 o f the tender by an officer o f 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 o f the firm, who should sign in the form “ ....................................................................................................... . a copartnership, by
.......... ................................................................................................. . a member o f the firm.”
3. Tenders w ill 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 o f the face amount o f Treasury bills applied for, unless the tenders are accompanied by an express guaranty
o f payment by an incorporated bank or trust company.
4. If the language o f this tender is changed in any respect, which, in the opinion o f the Secretary o f the
Treasury, is material, the tender may be disregarded.


Payment b y credit through Treasury Tax and Loan Account will not be permitted.
http://fraser.stlouisfed.org/
rB — 1145-a
Federal Reserve Bank of St. Louis

( over)

FEDERAL RE SE R V E BANK
OF NEW YORK

D IR E C T O R Y
JUNE 1952

SECOND




FEDERAL

RESERVE

DISTRICT

Directory
OF THE

FEDERAL RESERVE BANK
OF NEW YORK

★

Head Office, 33 Liberty Street, New York, N. Y .
Mailing Address
F

R

ederal

ese r v e

P. 0 . S t a t i o n

New Y o r k 45, N. Y .
Telephone REctor 2-5700

★

Buffalo Branch, 270-276 Main Street, Buffalo, N. Y.




Mailing Address
B

uffalo

5, N. Y .

Telephone WAshington 7562

FEDERAL RESERVE BANK
OF NEW YORK

June 2, 1952.

To Banks and Trust Companies in the
Second Federal Reserve D istrict:

This edition of the directory of this Bank follows the design of
the directory we sent you in April 1951, which is now superseded.
The directory shows the functions, the departments and divisions
within them, the officers and chiefs in charge, and the principal opera­
tions performed by each division. New appointments of officers and
changes in their titles occuring between this and the next edition will
be shown in supplements to, or revisions of, our Operating Circular
No. 1, entitled “ Authorized Signatures.”
The index appearing at the end of the directory will help you
direct your communications to the proper officers of this Bank and to
the departments and divisions under their supervision. Regular use
of this directory will enable you to obtain speedier and more effective
service from us; we suggest you keep it handy for that purpose.
W e will be pleased to furnish additional copies upon request.




A llan

S proul,

President.

CONTENTS
Page

Head Office functions, departments, divisions and principal
operations, and persons in charge
Accounting, Planning, Building Operating, and Service.

.

1

A u d i t ................................................................................................. 2
Bank Supervision and Bank R elation s....................................... 2
Cash and C ollections........................................................................3
F o r e ig n ............................................................................. ......
Government Bond and Safekeeping of Securities .

5

.

.

.

6

L e g a l ................................................................................................. 7
Loans and C re d its..............................................................................8
Open Market Operations, Treasury Issues, and Margin
R e g u la tio n s.................................................................................... 9
P e r s o n n e l ...........................................................................................10
Research and S ta tis tic a l................................................................. 10
Secretary’s O f f i c e ..............................................................................11
Buffalo Branch functions, divisions and principal operations,
and persons in c h a r g e .............................................................................. 12
D i r e c t o r s ........................................................................................................14
Member of Federal Advisory Council

.

....................................... 16

Industrial Advisory Committee................................................... ......
Real Estate Credit Advisory Committee (Regulation X )

.

.1 6
.

.1 6

Buffalo Branch Directors.............................................................................. 16
Index (Head O ffic e )....................................................................................17

(N O T E : The lettered Regulations referred to
in this directory are Regulations of the Board
of Governors of the Federal Reserve System.)




Federal Reserve Bank of N ew York
★
PRESIDENT
A llan

S proul

F IR ST VICE PRESID ENT

F.

W il l ia m

T r e ib e r

★

H E A D O FFICE
ACCOUNTING, PLANNING, BUILDING OPERATING, AND SERVICE
H

A

erbert

c c o u n t in g

D

e pa r tm e n t

A

D

iv is io n ,

c c o u n t in g

H

H. K

, H

arvey

im b a l l ,

arold

V ice President.

M. W

essel,

Manager

C. D r e w , C hief

Accounts, deposits in, except foreign accounts
Deposits of Federal taxes
Member bank reserve accounts
Nonmember bank clearing accounts
Regulation D— Reserves of member banks
Treasurer’s account, United States
P

D

l a n n in g

P

l a n n in g

D

, D

e pa r tm e n t
iv is io n ,

J

onald

C. N i l e s , Manager

P. J e n s e n , C hief

ohn

Planning
P

u r c h a s in g

D

iv is io n ,

W

il l ia m

C. M o r g a n , Purchasing A gen t

Purchase of supplies
B

u il d in g

S e r v ic e D
P

ost

O

p e r a t in g

e par tm e n t

O f f ic e D

iv is io n ,

D

e pa r tm e n t

, A
R

rthur

aphael

H. N

A.

, H
oa,

erbert

A. M u e t h e r , Manager

M anager

deL e o n ,

Chief

Federal Reserve P. 0 . Station
Mail, incoming and outgoing
P

r o t e c t io n

D

iv is io n ,

G eorge H . T u sv e ld ,

C h ief

Protection, fire and safety
T

elephone

S e c t io n , M

rs.

M

il d r e d

C arew ,

Telephone service




l

C hief Operator

DIRECTORY

2

AU DIT
A

u d it in g

A

D

u d it in g

e pa r tm e n t

D iv is io n , W

, C u r t is R . B

alter

S. R

ow man,

ushm ore,

General A u ditor

C h ief

Information reflected on the Bank’s records furnished to those entitled thereto
Reconciliation of accounts of member banks and others

B A N K SUPERVISION AN D B A N K RELATIONS
R
H
B

a n k

E

e g in a l d

ow ard

x a m in a t io n s

D

B. W

e pa r tm e n t

L
A

n a l y s is

D

iv is io n ,

W

il t s e ,

V ice President

D. C r o s s e , Assistant V ice President

alter

,

aw rence

E. J

ones,

E.

Q uackenbush ,

A ctin g Manager

C hief

Analysis of reports of examination
Regulations, administration of
L Interlocking bank directorates under the Clayton Act
0 Loans to executive officers of member banks
R Relationships with dealers in securities under section 32 of the Banking
Act of 1933
A

p p l ic a t io n a n d

R

ecords

D

iv is io n ,

J ere

V . D . S t r y k e r , Chief

Branches, applications for
Condition reports, State member banks
Earnings and dividends reports, State member banks
Regulations, administration of
F Trust powers of national banks
H Membership of State banking institutions in the Federal Reserve System
1 Increase or decrease of capital stock of Federal Reserve Banks and can­
celation 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
M Foreign branches of national banks and of corporations organized under
the provisions of section 25(a) of the Federal Reserve Act
P Holding company affiliates— voting permits
Q Payment of interest on deposits
E x a m in in g D

iv is io n ,

Under direct supervision of Acting Manager

Examination of State member banks and affiliates




3

FEDERAL RESERVE BANK OF NEW YORK

B

R e l a t i o n s D e p a r t m e n t , A . C h e s t e r W a l t o n , Manager
(Senior R ep resen tative: J a m e s H . B u c h a n )
( Special R epresentatives: R o b e r t W . B u l l o c k , A d a m It. D i c k , L a u r e n c e E.

a n k

D

ig n a n ,

A. H

erbert

G raue, T

homas

P. H

ow ard,

J. R

aym ond

M

urray)

Applications for membership in Federal Reserve System
Audit surveys
Bank relations activities
Check operations surveys
Credit file installations
Visits to district banks

CASH AND COLLECTIONS
V

a l e n t in e

J
D

onald

F

C

ash

D

e par tm e n t

C o in D

iv is io n ,

J

e l ix

, F

ohn

ohn

W

H. W

il l is ,

urts,

J. Cam eron,

V ice President

V ice President

Assistant V ice President

T. D a v i s , Assistant V ice President

r a n k l in

E. P e t e r s o n , Manager

C. L e n z , Chief

Counting, verifying and wrapping of coin
Exchange of uncurrent United States coin presented for redemption
Payment of coin
Receipt of coin
Segregation of unfit, uncurrent, foreign and counterfeit coin
P

a y in g

D

iv is io n ,

J

ohn

H

eem sath,

C hief

Allotment of new currency to banks
Certification of checks drawn on this Bank
Payment of currency
R

e c e iv i n g

D

iv is io n ,

P

eter

P. M

alcolm ,

Chief

Receipt, for immediate credit, of Government checks and checks on member
banks’ reserve accounts drawn for amounts of $1,000 and over
Receipt of currency
S o r t in g

and

C o u n t in g D iv is io n , C h a r l e s F . B e is l e r ,

Chief

Sorting of currency for fitness, kind and genuineness
Verification by piece count of all deposits of paper currency




4

DIRECTORY

Check R
R

Sy m b o l

o u t in g

eport

S e c t io n , T

and

hom as

T

reasu ry

C urrency

F. E g a n

Check Routing Symbol Program
Reports of unusual currency transactions on Form TCR-1 pursuant to instruc­
tions from the Treasury Department

C

ash

C

D

ustody

e pa r tm e n t

C a sh C ustody D

iv is io n ,

, H arry

F ran k

M. B o y d , Manager

M. W a k e j i a n , Chief

(See Cash Department)

C

h e c k

D

e pa r tm e n t

Check D

iv is io n

, A n g u s A . M a c I n n e s , J r .,

(D a y ), J osep h
F

Manager

C. A u c h t e r , Chief
L . S m e d l e y , Chief

r e d e r ic k

Checks and other cash items collectible through
Manhattan, Bronx and Brooklyn collection arrangement
New York Clearing House Association, and
Northern New Jersey Clearing House Association
Checks and other cash items (except Government checks), collection of, pay­
able in Second Federal Reserve District and other Federal Reserve districts
Regulation J— Check clearing and collection
Check D

iv is io n

(Night), E d w a r d J. M c G u i r e , Chief

(Performs same operations as Check Division (D ay))
R

eturn

Item s

and

A

d ju stm e n t

D

iv is io n ,

C h a r le s E . D ir in g e r ,

Chief

Adjustments relative to the presentment and collection of cheeks
City and county clearing arrangements, exchanges between participants in
Direct routing of checks and other cash items to Federal Reserve Banks and
Branches by member and nonmember clearing banks through the Consoli­
dated Air Transportation Program or other methods
Remittances for Second District cash letters
Return items

C

o l l e c t io n

D

e par tm e n t

C o u n t r y C o l l e c t io n D

, P eter P. Lang,

iv is io n ,

W illia m

Manager

J. L e o n a r d , Chief

Collection of notes, drafts and other noncash items
Commodity Credit Corporation, disbursements for
Reclamation of United States Government checks
Reconstruction Finance Corporation, disbursements for
Regulation G— Collection of noncash items




FEDERAL RESERVE BANK OF NEW YORK

5

i v i s i o n , R o b e r t J. S t e p h e n s , C hief
Collection of bonds and coupons payable in continental United States
Payment of coupons on bonds of United States, its agencies or instrumentalities,
and of International Bank for Reconstruction and Development
Regulation G— Collection of noncash items

C o u p o n C o l l e c t io n D

W

ir e

T

ransfer

D

iv is io n ,

O tto S u s e n , C hief

Check books, orders for
Mail transfers of funds
Officers Checks
Issuance of Federal Reserve checks in payment of gold purchased from Assaj
Office by gold dealers
Settlements of balances due to and due from participants in city clearing
arrangements of banks outside New York City
Signature authorities
Stop payment orders
Telegrams
Coding, decoding and authenticating by testword of, involving payments of
funds, shipments of currency, coin and securities, or deliveries of securities
Receipt and transmittal of
Testwords for, furnishing of
Telegraphic transfers of funds
G

o v e r n m e n t

C

h eck

D

e par tm e n t

, M

ic h a e l

J. M

cL a u g h l in ,

Manager

o v e r n m e n t C h e c k D i v i s i o n , H a r r y G. T a p p e n , Chief
Government checks, payment or collection of
Postal money orders, payment of

G

FOREIGN
L. W
F

o r e ig n

A

ssets

C

erner

o n tro l

D

K

noke,

V ice President

e par tm e n t

,

N orm an P . D

a v is ,

Assistant V ice President

s s e t s C o n t r o l D i v i s i o n , P a r k e R . E l m e r , Chief
Applications, inquiries and licenses pertaining to Treasury Department freez­
ing control, as fiscal agent

F o r e ig n A

F

o r e ig n

D

e pa r tm e n t

a v i s , Assistant V ice President
L. S a n f o r d , Assistant V ice President
W a l t e r H . R o z e l l , Jr., Manager

, N orm an P . D
H

orace

i v i s i o n , N i c h o l a s A b e l , Chief
Cablegrams, radiograms and telegrams relating to foreign business, sending
receiving, coding, decoding, testing and otherwise processing of

Cable D




DIRECTORY

6

F

o r e ig n

O p e r a t io n s D

iv is io n ,

B ertra n d

H. W e b b e r , Chief

Federal Reserve System accounts maintained abroad
Foreign central bank and government dollar, gold and security custody
accounts
Foreign exchange
Rates, certification of, under Tariff Act of 1930
Transactions on behalf of United States Treasury and foreign depositors
Gold Reserve Act of 1934
Applications, licenses, inquiries, purchases and sales thereunder,as fiscal agent
International Bank for Reconstruction and Development accounts
International Monetary Fund accounts
Silver Purchase Act of 1934, purchases thereunder, as fiscal agent
United States Stabilization Fund, as fiscal agent

GOVERNMENT BOND AND SA F E K E E P IN G OF SECURITIES
A
M

G

o v e r n m e n t

B

G

B

overnm ent

rthur

arcus

ond
ond

D

D

A. H

P

helan

a r r is ,

e par tm e n t

iv is io n ,

,

V ice President

Assistant V ice President
,

R oy

E. W e n d e l l , Manager

Chief
M. O ’ B r i e n , C hief

W a lt o n B ru sh ,
J oseph

United States Securities (oth er than A rm ed F orces Leave Bonds and Savings
B onds)
Denominational exchange
Exchanges of bearer for registered bonds
Exchanges of registered for bearer bonds
Exchange subscriptions
Forms for subscriptions, exchanges, transfers, etc.
Lost, stolen, destroyed or mutilated securities
Payment or redemption
Receipt of delivery instructions and of payment regarding cash subscriptions
Telegraphic transfer of bearer securities from New York to certain other
cities
Transfer of registered bonds
Various Securities o f the Philippine Governm ent, the P u erto Rican Government
and A gencies o f the United States Government
Issuance, exchange and redemption
Bonds o f International Bank fo r R econstruction and Developm ent
Issuance, exchange and redemption




7

FEDERAL RESERVE BANK OF NEW YORK

Treasury Tax and Loan A ccounts
Calls on
Qualification of depositaries
Record of accounts
Record of collateral
S a v in g s B
I ssu es D

ond

D

e pa r tm e n t

iv is io n , P e m b e r t o n

, W e s le y W . B

A.

Manager

urt,

Chief

H a r r is ,

Accounts of issuing agents
Consignment of unissued Series E bonds
Lost, stolen, mutilated or destroyed savings bonds
Safekeeping of savings bonds for owners
Sales of bonds of Series E, II, J and IC
R

e d e m p t io n

D

iv is io n , B u r t h a l A . R o e b u c k ,

Chief

Accounts of paying agents
Armed Forces Leave Bonds, redemption of
Reissues and corrections
Savings bonds, redemption of
Sa

f e k e e p in g

D

S a f e k e e p in g D

e pa r tm e n t
iv is io n ,

, W illia m

A . I I e in l,

J am es H . B a k e r ,

Manager

Chief

Delivery of bearer Government securities pursuant to telegraphic transfer from
other Federal Reserve Banks
Delivery of Government securities on original issue over the counter, or by
mail, or by telegraphic transfer to other Federal Reserve districts
Delivery over the counter, or by mail, of securities of International Bank for
Reconstruction and Development and various Government agencies
Receipt and delivery of securities purchased or sold for account of member
banks
Safekeeping of securities for account of member banks
Se c u

r it y

C

ustody

D

S e c u r it y C u s t o d y D

e pa r tm e n t

, W illia m

iv is io n , C h a r l e s

F.

O ls s o n ,

A brah am s,

Manager

C hief

(See Safekeeping Department)
LEGAL
S.

V ice President and General Counsel
T o d d G . 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
J o h n J . C l a r k e , Assistant Counsel
H a r d i n g C o w a n , Assistant Counsel
C l i f t o n R . G o r d o n , Assistant Counsel
E d w a r d G . G u y , Assistant Counsel
A l f r e d L . P i t t s , Assistant Counsel

W alter




L ogan,

DIRECTORY

8

LOANS AND CREDITS
A rthur P h elan ,

C

r e d it

D

e pa r tm e n t

C r e d it D

, W a lte r

iv is io n , W i l l i a m

C.

V ice President

W arn er,

E . M a r p le ,

Manager

Chief

Commercial Credit File and relative forms, distribution of
Credit data, collection and analysis of
Farm Credit File and relative forms, distribution of
Financial statement forms, distribution of
Regulation A — Discounts for and advances to member banks
Eligibility and acceptability of paper offered for discount or as collateral to
advances, determination of
Regulation S— Industrial loans
Processing of applications
Servicing of loans or commitments made
Regulation Y — Loan guarantees for defense production
Processing of applications and issuing guarantees in behalf of the guarantors
Servicing of guarantees

D

is c o u n t

D

D

is c o u n t

e pa r tm e n t

D

, W a lte r C. W a rn e r,

iv is io n , C l i f f o r d

H . H a w k in s ,

Manager

C hief

Regulation A — Discounts for and advances to member banks
Processing of applications
Servicing of discounts and advances
Regulation S— Industrial loans
Servicing of loans and collateral
Regulation V— Loan guarantees for defense production
Billing and collection of guarantee fees
Maintaining records of guarantees issued

R

eal

R

E

eal

state

C

r e d it

D

E s t a t e C r e d it D

e pa r tm e n t

, R a lp h W . S c h e ffe r ,

iv is io n , R o b e r t

R . T o m p k in s ,

Manager

Chief

Regulation X — Real estate credit
Administration and enforcement
Group meetings and panel discussions with registrants, lenders and others
on applicability of regulation
Surveys of real estate credit




FEDERAL RESERVE BANK OF NEW YORK

9

OPEN M ARKET OPERATIONS, TR EASU R Y ISSUES,
AND MARGIN REGULATIONS
R obert

S e c u r it ie s D

e pa r tm e n t

G.

, S ila s

R ou se,

A.

V ice President
Assistant V ice President
Jr., Manager
o u n g d a h l , A cting Manager

M ille r ,

S p e n ce r S. M a rsh ,
C. R ic h a r d Y

B

il l

D

iv is io n , W i l l i a m

F r a n k lin

A.

B ill B u yer

K eep ers,

Chief

S. D e u e l,

Acceptance by member banks of drafts or bills of exchange, inquiries regarding
Bankers’ acceptances, open market purchases and sales of
Bills of exchange and trade acceptances, open market purchases of
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
S e c u r it ie s D

iv is io n , R o l a n d H . B e h r e n s ,

Chief

Dividends on Federal Reserve Bank stock
Federal Open Market Committee, regulation relating to open market operations
of Federal Reserve Banks
Government securities (other than savings bonds and savings notes), cash
subscriptions and tenders to new
Government securities, purchases and sales for account of member banks
Open market operations in United States Government securities
Regulation E— Purchase of warrants
Warrants, purchase of
#

*

Margin Regulations,

N orm an

P.

F r a n k lin

#

D a v is ,

S.

#

Assistant V ice President
Chief, Bill Division

D e u e l,

Regulations, administration of
T— Extension and maintenance of credit by brokers, dealers, and members
of national securities exchanges
U— Loans by banks for the purpose of purchasing or carrying stocks regis­
tered on a national securities exchange




DIRECTORY

10

PERSONNEL
H
P

D

e rso n n el

E

e pa r tm e n t

R

m ployees

arold

ayroll

V ice President

il b y ,

E.

, K en n eth

P

ecords an d

A. B

S m a ll,

Manager

D iv is io n , J o h n J . F l e m i n g ,

Chief

Payroll data
Personnel records
J ob E

v a l u a t io n a n d

C l a s s if ic a t io n D

iv is io n , E v e r e t t B . P o s t ,

Chief

Job analysis and evaluation
Wage and salary surveys
M

e d ic a l

D

iv is io n ,

P erson n el R

D

r . A d e la id e R o m a in e ,

e l a t io n s

D iv is io n , C h a r l e s

Medical D irector
T.

C ush m an,

Chief

Employee assignment, counseling, and training
Employment
S o c ia l

and

R

e c r e a t io n a l

A

d m in is t r a t io n ,

H arold A . C r a n e ,

F.

D irector
Jr., D irector

S anford M cC a r t h y ,

R ESEARCH AN D STATISTICAL
H arold

R

esearch

D

e pa r tm e n t

V.

R oelse,

, R obert

V.

V ice President

R oosa,

Manager

Senior E conom ists: A r t h u r I. B l o o m f i e l d and G e o r g e G a r v y
General assistance to officers on policy problems and long range studies
B

alance of

P

aym en ts

D

iv is io n , F r e d

H . Iv lo p s to c k ,

C hief

Collection and analysis of data on United States balance of payments
Foreign exchange reports on United States Treasury and International
Monetary Fund forms
D

o m e s t ic

R

esearch

D

iv is io n , H o b a r t

C. C arr,

Chief

Collection and analysis of data on money market and United States Govern­
ment finance
Collection and analysis of data on United States economic conditions
Special studies on monetary and credit policy problems




FEDERAL RESERVE BANK OF NEW YORK

F in a n c ia l S t a t is t ic s D

iv is io n ,

A

lfred

I nge,

11

C hief

Current and special tabulations and analyses of domestic banking and other
financial statistics
F o r e ig n R

esearch

D

iv is io n ,

C harles

A . C o o m b s , Chief

Collection and analysis of data on foreign monetary and economic conditions
R

eference

L ib r a r y , M

a r g u e r it e

B

urnett,

C hief

Collection, classification, and circulation of periodicals and publications
Preparation of daily Newspaper Review

SE C R E T A R Y ’S OFFICE
JonN J. Clarke, Secretary
Edward G. Guy, Assistant Secretary
P

u b l ic

P

In

f o r m a t io n

u b l ic a t io n s

D

D

iv is io n ,

e par tm e n t

J

oseph

W

, T

homas

is n o v s k y ,

O. W

aage,

Manager

Chief

Bank circulars and other Federal Reserve publications
P

u b l ic

I n f o r m a t io n D

iv is io n ,

C l if t o n

H. K

reps,

Jr., C hief

Dissemination of information about activities of this Bank, operations of the
Federal Reserve System, and current developments in fields of money and
banking
Guided tours of the Bank
Preparation of Weekly News Review
Press and public relations




12

DIRECTORY

BUFFALO BRANCH
VICE PRESIDENT
I

nsley

B. S

m it h

'k

ACCOUNTING, CHECK, COLLECTION, OFFICE SERVICE,
AND PROTECTION
G eorge
A

c c o u n t in g

D

J. D o l l , Cashier

J. F r a n k l i n T h o m a s , Jr., C hief

iv is io n ,

Member bank reserve accounts
Nonmember bank clearing accounts
Regulation D— Reserves of member banks
Remittances for cash letters
Check D

iv is io n ,

K

enneth

P. M e a d , C hief

Collection of checks payable in Second Federal Reserve District and other
Federal Reserve districts
Collection of Government checks
Postal money orders
Mail, incoming and outgoing
Return items
C o l l e c t io n D

iv is io n ,

K

enneth

P. M e a d , C hief

Collection of corporate bonds and coupons and payment of United States
Government coupons
Collection of notes, drafts, and other noncash items
Reclamation of United States Government checks
O f f i c e S e r v ic e D

iv is io n ,

H

a r r is o n

E. M a r t i n , Chief

Employees’ records
Employment
Job analysis and evaluation
Purchasing
Telephone and teletype service
P

r o t e c t io n

D

iv is io n ,

Protection




R

ic h a r d

M. K r e l l n e r , Captain

FEDERAL RESERVE BANK OF NEW YORK

13

BUILDING OPERATING, CASH, CREDIT AN D DISCOUNT,
AN D SECURITIES
G erald

H.

Greene,

Assistant Cashier

B u il d in g O p e r a t in g D iv is io n , G e o r g e R . B o s s ,
C a s h D iv is io n , A r t h u r A . R a n d a l l ,

Building Superintendent

C hief

Receipt and payment of currency and coin
Signature authorities
Sorting and counting of currency and coin
Telegraphic and mail transfers of funds
C r e d it a n d D is c o u n t D iv is io n , F r a n k H e n d e r s o n ,

C hief

Condition reports and earnings and dividends reports of State member banks
Discounts for and advances to member banks
Financial statement forms, Farm Credit File and Commercial Credit File
Regulation Y — Loan guarantees for defense production
Regulation X — Real estate credit
S e c u r it ie s D iv i s i o n , M il f o r d A . G r o t e ,

Chief

Payment or redemption of United States Government securities
Safekeeping of securities for account of member banks
Sales of bonds of Series E, H , J and K, and savings notes

B A N K RELATIONS
M . M onroe M yers,

Assistant Cashier

Bank and public relations activities
Visitors at Buffalo Branch
Visits to banks

A d m in is t r a t iv e A s s is t a n t , H e r b e r t W . W e b e r

Adjustments affecting accounts

II. V a n v i c k
Information reflected on the Buffalo Branch’s records furnished to those
entitled thereto
Reconciliation of accounts of member banks and others

B r a n c h A u d it o r , C a r l




Federal Reserve Bank of N ew York

D IR E C T O R S

R obert T . S te v e n s,

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

W

il l ia m :

I. M

yers

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

F . P alm er A

rm stron g,

M

President, The Keyport Banking Company,
Kevport, N. J.

a r io n

B . F olsom ,

Treasurer and Director,
Eastman Kodak Company,
Rochester, N. Y.

P. C l e v e l a n d ,
President, First National Bank o f Cortland,
Cortland, N. Y.

C l a r e n c e F r a n c is ,

E. C r a n e ,
Vice President,
Standard Oil Company (New Jersey),
New York, N. Y.

John

B u rr

Chairman o f the Board,
General Foods Corporation,
New York, N. Y.

C. T r a p h a g e n ,
Chairman o f the Board,
The Bank o f New York,
New York, N. Y.

Jay




P

h il ip

Y

oung,

Dean, Graduate School o f Business,
Columbia University, New York, N. Y.

14

OFFICERS
A lla n

S p r o u l,

W illia m F . T r e ib e r ,

President
J o h n H . W illia m s ,

First Vice President

Vice President
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
J o h n H . W u r t s , Vice President
H a r o ld

Vice President
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 r t h u r P h e l a n , Vice President
H a r o ld A . B ilb y ,

G.

Assistant General Counsel

T ie b o u t,

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

H ow a rd D . C rosse,

F . A brah am s,

Manager, Security

Manager, Building
Operating Department
D o n a l d C . N i l e s , Manager, Planning
Department
A r t h u r H . N o a , Manager, Service Department
F r a n k l i n E. P e t e r s o n , Manager, Cash
Department
A l f r e d L . P i t t s , Assistant Counsel
L a w r e n c e E. Q u a c k e n b u s h , Acting Manager,
Bank Examinations Department
R o b e r t V . R o o s a , Manager, Research
Department
W a l t e r H . R o z e l l , J r ., Manager, Foreign
Department
R a l p h W . S c h e f f e r , Manager, Real Estate
Credit Department
K e n n e t h E. S m a l l , Manager, Personnel
Department
T h o m a s O . W a a g e , Manager, Public Informa­
tion Department
A . C h e s t e r W a l t o n , Manager, Bank Relations
Department
W a l t e r C . W a r n e r , Manager, Credit Depart­
ment, and Manager, Discount Department
R o y E. W e n d e l l , Manager, Government Bond
Department
H a r o l d M . W e s s e l , Manager, Accounting
Department
C . R i c h a r d Y o u n g d a h l , Acting Manager,
Securities Department

Manager, Savings Bond

Department
Secretary, and
Assistant Counsel

J o h n J . C la r k e ,

Assistant Counsel

Manager
(On leave o f absence)

P a u l R . F itc h e n ,

C lift o n R . G ordon ,

Assistant Counsel

Assistant Counsel, and
Assistant Secretary

E d w a rd G. G uy,

W illia m

A . H e in l,

Manager, Safekeeping

Department
P eter P. Lang,

Manager, Collection

Department
A n g u s A . M a c I n n e s , J r .,

Manager, Check

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

Manager, Securities

Department
Manager,
Government Check Department

M ic h a e l J . M c L a u g h lin ,

Manager
(On leave o f absence)

O. E rn e s t M oore,




C u r tis

Assistant Vice President

H e rb e rt A . M u e th e r,

Manager, Cash Custody

H a r d in g C o w a n ,

Assistant Vice President

H o r a c e L . S a n fo r d ,

Department
W e s le y W . B u rt,

Assistant Vice President

S ila s A . M ille r ,

Custody Department
H a rry M . B oyd,

Assistant General Counsel

M a r c u s A . H a r r is ,

Assistant Vice President
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
D o n a ld J . C am eron ,

W illia m

V . R o e ls e ,

R obert G. R ouse,

H e r b e r t H . K im b a ll,

Todd

Economic Adviser

R. B ow m an,

13

General Auditor

Federal Reserve Bank of N ew York
MEMBER OF FEDERAL ADVISORY COUNCIL
N. B

axter

J ackson,

Chairman o f the Board o f Directors, Chemical Bank & Trust Company,
New York, N. Y.

INDUSTRIAL ADVISORY COMMITTEE

A

W i l l i a m H . P o u c h , Chairman
President, Concrete Steel Company,
New York, N. Y.
r t h u r G. N e l s o n , Vice Chairman
E d w a r d J . N o b le ,
Chairman o f the Board,
Chairman o f the Board,
A. G. Nelson Paper Company, Inc.,
American Broadcasting Company, Inc.,
New York, N. Y.
New York, N. Y.

REAL ESTATE CREDIT ADVISORY COMMITTEE
(Regulation X )
A r t h u r P h e l a n , Chairman
Vice President, Federal Reserve Bank o f New York,
New York, N. Y.

C. J o h n s o n ,
President,
The Dime Savings Bank o f Brooklyn,
Brooklyn, N. Y.

H a r r y H e ld ,

G eorge

Vice President, The Bowery Savings Bank,
New York, N. Y .
M

il f o r d

A. V

ie s e r ,

Vice President, The Mutual Benefit L ife Insurance Company,
Newark, N. J .

Buffalo Branch of Federal Reserve Bank
of New York
DIRECTORS
F. W e n d t , Chairman
President, Buffalo Forge Company,
Buffalo, N. Y.
E dgar

G eorge F . B

C.

ates,

Vice President, The Marine Trust Company
o f Western New York,
Buffalo, N. Y.
(In charge o f the Power City Trust
offices, Niagara Falls, N. Y .)

E lm e r O ls o n ,

President, The First National Bank
o f Falconer,
Falconer, N. Y.
R ober t C. T

E. F i n u c a n e ,
President, Security Trust Company
o f Rochester,
Rochester, N. Y.

B ern ard

a it ,

President, Stromberg-Carls on Company,
Rochester, N. Y.
Clayto n G . W

G. H a r r i m a n ,
President, Manufacturers and Traders
Trust Company,
Buffalo, N. Y.

L e w is

h it e ,

Dairy farmer,
Stow, N. Y.

OFFICERS
Vice President

I n s l e y B . S m ith ,
G eorge J. D o ll,

Cashier




G e r a ld II. G r e e n e ,
M . M on roe M yers,

16

Assistant Cashier

Assistant Cashier

INDEX
HEAD OFFICE
Page

Page
Acceptances, open market purchases o f
Account o f Treasurer o f the United
States ....................................................
Accounts
Member bank reserve.........................
Nonmember bank c le a r in g ...............
Reconciliation o f member banks’
and others’ .....................................
Advances to member banks .................
Armed Forces Leave B o n d s...................
Audit surveys for member b a n k s ........
Bank relations a c tiv itie s.......................
Bills o f exchange, acceptance by mem­
ber banks o f, inquiries regarding..
Bonds and coupons, collection of, pay­
able in continental United States. . .
Branches, applications for ...................
Cablegrams, radiograms, and telegrams
relating to foreign transactions----Cash letters, remittances for Second
District ................................................
Check clearing and collection...............
Check operations su rveys.......................
Check Routing Symbol Program ...........
Checks
Drawn on Government or on member
banks in amounts o f $1,000 and
over, immediate credit receipts for
Drawn on this Bank, certification o f
Government, payment or collection o f
Officers, issuance o f Federal Reserve,
in payment o f gold purchased from
Assay Office by gold dealers...........
United States Government, reclama­
tion o f ..............................................
Checks and other cash items, collection
o f (except Government Checks)----Circulars, Federal Reserve Bank...........
Coin, receipt and payment o f ...............
Commodity Credit Corporation, dis­
bursements for ....................................
Coupons, payment of, on bonds o f the
United States Government, its agen­
cies or instrumentalities, and o f the
International Bank for Reconstruc­
tion and D evelopm ent.......................
Credit data, collection and analysis o f
Credit file fo r m s ......................................
Credit file installations...........................




9

Currency, receipt and payment o f . . . .
Discounts for member banks.................
Drafts, acceptance by member banks,
inquiries o n ..........................................
Examination o f State member banks
and affiliates ........................................
Federal Reserve Bank stock...................
Dividends o n ........................................
Federal Reserve System membership. .
Foreign accounts ...................................
Foreign assets control.............................
Foreign exchange
Certification o f rates under Tariff
A ct o f 1930.......................................
Transactions on behalf o f United
States Treasury and foreign de­
positors ............................................
Gold Reserve A ct o f 1934.......................
Information about this Bank and
Federal Reserve System.....................
Information reflected on Bank’s rec­
ords, furnishing o f .............................
International Bank for Reconstruction
and Development ...............................
International Monetary Fund, accounts
o f ............................................................
Loan guarantees for defense produc­
tion ........................................................
Mail, incoming and outgoing...............
Margin regulations ...............................
Membership in Federal Reserve System,
applications for .................................
Money orders, postal, payment o f ___
Newspaper Review, daily and w eekly..
Notes, drafts, and other noncash items,
collection o f ..........................................
Open market operations in United
States securities .................................
Personnel m a tters....................................
Philippine Government securities........
Press relations ........................................
Protection, fire and safety.....................
Publications, Federal Reserve...............
Public relations .....................................

1
1
1
2
8
7
3
3
9
5
2
5
4
4
3
4

3
3
5
5
4
4
11
3
4

5
8
8
3

Puerto Rican Government securities..
Purchase o f supplies...............................
Real estate credit.....................................
17

3
8
9
2
2
9
3
6
5

6

6
6
11
2
6
6
8
1
9
2
5
11
4

9
10
6
11
1
11

11
6
1
8

18

INDEX (HEAD OFFICE)

Page
Keconstruction Finance Corporation,
disbursements f o r ...............................
4
Regulation
A — Discounts for and advances to
member b a n k s .........................
8
B— Open market purchases o f bills
o f exchange, trade acecptances and bankers’ accept­
ances under section 14 o f the
9
Federal Reserve A c t...............
C— Acceptance by member banks o f
drafts or bills o f exchange. .
9
1
D— Reserves o f member banks........
E— Purchase o f warrants...................
9
F— Trust powers o f national banks
2
G— Collection o f noncash items____ 4 ,5
H— Membership o f State banking
institutions in the Federal Re­
serve System ...........................
2
I— Increase or decrease o f capital
stock o f Federal Reserve Banks
and cancelation o f old and
issue o f new stock certificates
2
J— Check clearing and collection. . .
4
K — Banking corporations authorized
to do foreign banking business
under the terms o f section
2 5 (a ) o f the Federal Reserve
A ct ............................................
2
L— Interlocking bank directorates
under the Clayton A c t...........
2
M— Foreign branches o f national
banks and o f corporations or­
ganized under the provisions
o f section 25 (a ) o f the Fed­
eral Reserve A c t .......................
2
O— Loans to executive officers o f
member b a n k s .........................
2
P — Holding company affiliates— vot­
ing permits .............................
2
Q— Payment o f interest on deposits
2
R— Relationships with dealers in se­
curities under section 32 o f
the Banking A ct o f 1 9 3 3 ....
2




Page
S— Industrial loans ...........................
T— Extension and maintenance o f
credit by brokers, dealers, and
members o f national securities
exchanges ..................................

8

9

U— Loans by banks for the purpose
o f purchasing or carrying
stocks registered on a national
securities exch an ge.................
9
V— Loan guarantees for defense pro­
duction ......................................
8
X — Real estate credit.........................
8
Reports o f condition and earnings of
State member banks...........................
2
Reports o f unusual currency transac­
4
tions ......................................................
Reserves o f member banks.....................
1
Safekeeping o f securities.......................
7
Savings b o n d s ..........................................
7
Signature au th orities.............................
5
Silver Purchase A ct o f 1934.................
6
Statistics, domestic and fo r e ig n .... 10,11
Stop payment orders...............................
5
Taxes, Federal, deposits o f ...................
1
5
Telegrams, sending and receiving........
Tours o f Federal Reserve Bank...........
11
Transfers o f funds, mail and telegraph
5
Treasury Tax and Loan Accounts____
7
United States securities (other than
Armed Forces Leave bonds and Sav­
ings bonds) .......................................... 6, 7
Cash subscriptions and tenders (not
Savings notes) ...............................
9
Purchases and sales for account o f
member b a n k s .................................
9
United States Stabilization Fund, as
fiscal agent ..........................................
6
Visits to district banks...........................
3
Warrants, purchase o f ...........................
9

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