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CIRCULAR N O .

216

FEDERAL RESERVE BANK
OF NEW YORK

October

31, 1919

T o ALL B A N K S , T R U S T C O M P A N I E S AND SAVINGS B A N K S
I N THE SECOND F E D E R A L R E S E R V E D I S T R I C T ,

DEAR SIRS:

W e regret to have to advise you of the retirement from active service of Mr. Robert H .
T r e m a n , senior d e p u t y governor of the Federal Reserve Bank of New York.
M r . T r e m a n has long desired to be relieved of his active service in the bank, which was
undertaken in 1916 only to meet the exigency caused by the prolonged absence of Governor
Strong, and later by the problems of war finance arising out of America's participation in the war.
On October 2, M r . T r e m a n renewed his request to the directors of the b a n k to be relieved
of his duties as soon as convenient and on October 15 they voted to consent to his retirement
from active service on November 1, 1919, and adopted the following m i n u t e :
"When, in J u n e 1916, the health of Governor Strong necessitated his
taking a long rest, the directors of the bank unanimously requested and
urged one of their number, Mr. Robert H. Treman, President of the T o m p kins County National Bank of Ithaca, New York, and a resident of t h a t
city, to serve also as the deputy governor of the bank during the absence
of Governor Strong. T o this call to service Mr. Treman responded loyally,
a t much personal inconvenience and sacrifice, and on July 1, 1916, entered
upon his duties as the senior executive officer of the bank, devoting his
entire time to the discharge of the duties of t h a t office.
" W h e n America entered the war against Germany, although
Governor Strong's health then permitted him to return to the bank, its
business had increased so rapidly and to such great volume t h a t he and
the directors urgently requested Mr. T r e m a n to continue for the war period
his active service as an executive officer. Again putting aside personal
convenience and desire, M r . T r e m a n consented, and has now, for more than
three years, discharged the duties of the office of senior d e p u t y governor,
with marked fidelity and distinction. In addition to the general duties of
his office he has, from the outset and during the entire period of war financing, directed the distribution of United States Certificates of Indebtedness
in the Second Federal Reserve District, which led all others, both in
volume subscribed and in the wide distribution obtained among member
and nonmember banks alike. His written and other contributions to t h e
development of the more general use of trade acceptances, also have
been notable.




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"During these years of active service, his character, his qualities of
fairness and patience, his good judgment and great ability in dealing with
the many important and complex questions which have arisen, have gained
for him the complete confidence and high esteem of the bankers of this
district, and have been largely instrumental in developing the better understanding t h a t now prevails among member banks of their relation to
this bank, and of its policies and operations.
" T h e directors of the Federal Reserve Bank wish to express their
affection and profound respect for him, sentiments which have grown and
developed in these years of close association with him, and to record their
acknowledgement and grateful appreciation of the distinguished, unselfish
and patriotic service which he has rendered to the bank and to the
country."
Although Mr. T r e m a n now resumes his residence in Ithaca he will continue to act as a
director of the Federal Reserve Bank during the remainder of his term.




Yours very truly,
PIERRE JAY,

CJiairman of the Board of Directors.

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