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Fiscal Agent of the United States r Circular No. 2 4 6 1 "1 L July 9, 1942 J EXECUTIVE ORDER Amending Executive Order No. 9095 Establishing the Office of Alien Property Custodian and Defining Its Functions and Duties and Related Matters To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: For your information we quote below the text of Executive Order No. 9095 as amended July 6, 1942, by the President, and the text of a statement issued by the White House at the time the Executive Order was issued. EXECUTIVE ORDER A M E N D I N G E X E C U T I V E O R D E R NO. 9095 E S T A B L I S H I N G T H E O F F I C E O F A L I E N P R O P E R T Y CUSTODIAN A N D D E F I N I N G I T S F U N C T I O N S A N D DUTIES AND RELATED MATTERS. By virtue of the authority vested in me by the Constitution, by the First W a r Powers Act, 1941, by the Trading with the enemy Act of October 6, 1917, as amended, and as President of the United States, it is hereby ordered as follows: Executive Order No. 9095 of March 11, 1942, is amended to read as follows: 1. There is hereby established in the Office for Emergency Management of the Executive Office of the President the Office of Alien Property Custodian, at the head of which shall be an Alien Property Custodian appointed by the President. The Alien Property Custodian shall receive compensation at such rate as the President shall approve and in addition shall be entitled to actual and necessary transportation, subsistence, and other expenses incidental to the performance of his duties. Within the limitation of such funds as may be made available for that purpose, the Alien Property Custodian may appoint assistants and other personnel and delegate to them such functions as he may deem necessary to carry out the provisions of this Executive Order. 2. The Alien Property Custodian is authorized and empowered to take such action as he deems necessary in the national interest, including, but not limited to, the power to direct, manage, supervise, control or vest, with respect t o : (a) any business enterprise within the United States which is a national of a designated enemy country and any property of any nature whatsoever owned or controlled by, payable or deliverable to, held on behalf of or on account of or owing to or which is evidence of ownership or control of any such business enterprise, and any interest of any nature Avhatsoever in such business enterprise held by an enemy country or national thereof; (b) any other business enterprise within the United States which is a national of a foreign country and any property of any nature whatsoever owned or controlled by, payable or deliverable to, held on behalf of or on account of or owing to or which is evidence of ownership or control of any such business enterprise, and any interest of any nature whatsoever in such business enterprise held by a foreign country or national thereof, when it is determined by the Custodian and he has certified to the Secretary of the Treasury that it is necessary in the national interest, with respect to such business enterprise, either (i) to provide for the protection of the property, (ii) to change personnel or supervise the employment policies, (iii) to liquidate, reorganize, or sell, (iv) to direct the management in respect to operations, or (v) to vest; (c) any other property within the United States owned or controlled by a designated enemy country or national thereof, not including in such other property, however, cash, bullion, moneys, currencies, deposits, credits, credit instruments, foreign exchange and securities except to the extent that the Alien Property Custodian determines that such cash, bullion, moneys, currencies, deposits, credits, credit instruments, foreign exchange and securities are necessary for the maintenance or safeguarding of other property belonging to the same designated enemy country or the same national thereof and subject to vesting pursuant to section 2 hereof; (d) any patent, patent application, design patent, design patent application, copyright, copyright application, trademark or trademark application or right related thereto in which any foreign country or national thereof has any interest and any property of any nature whatsoever (including, without limitation, royalties and license fees) payable or held with respect thereto, and any interest of any nature whatsoever held therein by any foreign country or national thereof; (e) any ship or vessel or interest therein, in which any foreign country or national thereof has an interest; and (f) any property of any nature whatsoever which is in the process of administration by any person acting under judicial supervision or which is in partition, libel, condemnation or other similar proceedings and which is payable or deliverable to, or claimed by, a designated enemy country or national thereof. When the Alien Property Custodian determines to exercise any power and authority conferred upon him by this section with respect to any of the foregoing property over which the Secretary of the Treasury is exercising any control and so notifies the Secretary of the Treasury in writing, the Secretary of the Treasury shall release all control of such property, except as authorized or directed by the Alien Property Custodian. 3. Subject to the provisions of this Executive Order, all powers and authority conferred upon me by sections 3(a) and 5(b) of the Trading with the enemy Act, as amended, are hereby delegated to the Secretary of the Treasury or any person, agency, or instrumentality designated by him; provided, hozuez'er, that when any property or interest, not belonging to a foreign government or central bank, shall be vested by the Secretary of the Treasury, such property or interest shall be vested in, and dealt with by, the Alien Property Custodian upon the terms directed by the Secretary of the Treasury. Except as otherwise provided herein, this Executive Order shall not be deemed to modify or amend Executive Order No. 8389, as amended, or the President's Proclamation of July 17, 1941, or Executive Order No. 8839, as amended, or the regulations, rulings, licenses and other action taken thereunder, or in connection therewith. 4. Without limitation as to any other powers or authority of the Secretary of the Treasury or the Alien Property Custodian under any other provision of this Executive Order, the Secretary of the Treasury and the Alien Property Custodian are authorized and empowered, either jointly or severally, to prescribe from time to time, regulations, rulings, and instructions to carry out the purposes of this Executive Order. The Secretary of the Treasury and the Alien Property Custodian each shall make available to the other all information in his files to enable the other to discharge his functions, and shall keep each other currently informed as to investigations being conducted with respect to enemy ownership or control of business enterprises within the United States. 5. The Alien Property Custodian is authorized to issue appropriate regulations governing the service of process or notice upon any person within any designated enemy country or any enemyoccupied territory in connection with any court or administrative action or proceeding within the United States. The Alien Property Custodian also is authorized to take such other and further measures in connection with representing any such person in any such action or proceeding as in his judgment and discretion is or may be in the interest of the United States. If, as a result of any such action or proceeding, any such person obtains, or is determined to have, an interest in any property (including money judgments), such property, less an amount equal to the costs and expenses incurred by the Alien Property Custodian in such action or proceeding, shall be subject to the provisions of Executive Order No. 8389, as amended, provided, however, that this shall not be deemed to limit the powers of the Alien Property Custodian under section 2 of this Order; and provided further, that the Alien Property Custodian may vest an amount of such property equal to the costs and expenses incurred by the Alien Property Custodian in such action or proceeding. 6. To enable the Alien Property Custodian to carry out his functions under this Executive Order, there are hereby delegated to the Alien Property Custodian or any person, agency, or instrumentality designated by him all powers and authority conferred upon me by section 5(b) of the Trading with the enemy Act, as amended, including, but not limited to, the power to make such investigations and require such reports as he deems necessary or appropriate to determine whether any enterprise or property should be subject to his jurisdiction and control under this Executive Order. The powers and authority conferred upon the Alien Property Custodian by Executive Order No. 9142 shall be administered by him in conformity with the provisions of this Executive Order. 7. In the exercise of the authority herein delegated, the Alien Property Custodian shall be subject to the provisions of Executive Order No. 8839 of July 30, 1941, and shall designate a representative to the Board of Economic Warfare in accordance with section 6 thereof. 8. All records and other property (including office equipment) of the Treasury Department which are used primarily in the administration of powers and duties to be exercised by the Alien Property Custodian, and such personnel as is used primarily in the administration of such powers and duties and which was hired by the Treasury Department after September 1, 1941 (including officers whose chief duties relate to the administration of such powers and duties), as the Secretary of the Treasury and the Alien Property Custodian shall jointly certify for transfer, shall be transferred to the Office of the Alien Property Custodian. In the event of disagreement concerning the transfer of any personnel, records, or property, the determination shall be made by the Director of the Bureau of the Budget, pursuant to the formula here prescribed. Any personnel transferred pursuant to this Executive Order shall be transferred without loss of such Civil Service status or eligibility therefor as they may have. 9. This Executive Order shall not be deemed to modify or amend Executive Order No. 8843 of August 9, 1941, and the regulations, rulings, licenses and other action taken thereunder. Any and all action heretofore taken by the Secretary of the Treasury or the Alien Property Custodian, or by any person, agency, or instrumentality designated by either of them, pursuant to sections 3(a) and 5(b) of the Trading with the enemy Act, as amended, or pursuant to prior Executive Orders, and any and all action heretofore taken by the Board of Governors of the Federal Reserve System pursuant to Executive Order No. 8843 of August 9, 1941, are hereby confirmed and ratified. 10. For the purpose of this Executive Order: (a) The term "designated enemy country" shall mean any foreign country against which the United States has declared the existence of a state of war (Germany, Italy, Japan, Bulgaria, Hungary and Rumania) and any other country with which the United States is at war in the future. The term "national" shall have the meaning prescribed in section 5 of Executive Order No. 8389, as amended, provided, however, that persons not within designated enemy countries (even though they may be within enemy-occupied countries or areas) shall not be deemed to be nationals of a designated enemy country unless the Alien Property Custodian determines: (i) that such person is controlled by or acting for or on behalf of (including cloaks for) a designated enemy country or a person within such country; or (ii) that such person is a citizen or subject of a designated enemy country and within an enemy-occupied country or area; or (iii) that the national interest of the United States requires that such person be treated as a national of a designated enemy country. For the purpose of this Executive Order any determination by the Alien Property Custodian that any property or interest of any foreign country or national thereof is the property or interest of a designated enemy country or national thereof shall be final and conclusive as to the power of the Alien Property Custodian to exercise any of the power or authority conferred upon me by section 5(b) of the Trading with the enemy Act, as amended. (b) The term "business enterprise within the United States" shall mean any individual proprietorship, partnership, corporation or other organization primarily engaged in the conduct of a business within the United States, and any other individual proprietorship, partnership, corporation or other organization to the extent that it has an established office within the United States engaged in the conduct of business within the United States. 11. The Secretary of the Treasury or the Alien Property Custodian, as the case may be, shall, except as otherwise agreed to by the Secretary of State, consult with the Secretary of State before vesting any property or interest pursuant to this Executive Order, and the Secretary of the Treasury shall consult with the Secretary of State before issuing any Order adding any additional foreign countries to section 3 of Executive Order No. 8389, as amended. 12. Any orders, regulations, rulings, instructions, licenses or other actions issued or taken by any person, agency or instrumentality referred to in this Executive Order, shall be final and conclusive as to the power of such person, agency or instrumentality to exercise any of the power or authority conferred upon me by sections 3(a) and 5(b) of the Trading with the enemy Act, as amended; and to the extent necessary and appropriate to enable them to perform their duties and functions hereunder^the Secretary of the Treasury and the Alien Property Custodian shall be deemed to be authorized to exercise severally any and all authority, rights, privileges and powers conferred on the President by sections 3(a) and 5(b) of the Trading with the enemy Act of October 6, 1917, as amended, and by sections 301 and 302 of Title III of the First W a r Powers Act, 1941, approved December 18, 1941. No person affected by any order, regulation, ruling, instruction, license or other action issued or taken by either the Secretary of the Treasury or the Alien Property Custodian shall be entitled to challenge the validity thereof or otherwise excuse his actions, or failure to act, on the ground that pursuant to the provisions of this Executive Order, such order, regulation, ruling, instruction, license or other action was within the jurisdiction of the Alien Property Custodian rather than the Secretary of the Treasury or vice versa. 13. Any regulations, rulings, instructions, licenses, determinations or other actions issued, made or taken by any agency or person referred to in this Executive Order, purporting to be under the provisions of this Executive Order or any other proclamation, order or regulation, issued under sections 3(a) or 5(b) of the Trading with the enemy Act, as amended, shall be conclusively presumed to have been issued, made or taken after appropriate consultation as herein required and after appropriate certification in any case in which a certification is required pursuant to the provisions of this Executive Order. ^ „T F R A N K L I N D. R O O S E V E L T T H E W H I T E HOUSE, July 6, 1942. The following statement was issued by the White House at the time the Executive Order was issued: "The following statement is offered in explanation of the above order: The President has signed an executive order allocating powers and functions between the Alien Property Custodian and the Secretary of the Treasury with respect to property of enemy, neutral, and occupied countries and their nationals. The Executive Order provides for the following division: 1. The Alien Property Custodian will handle: (a) Enemy-owned or controlled businesses (including dummies) operating in the United States and the dollar balances and other assets of such businesses. (b) Businesses owned or controlled by nationals of neutral or occupied countries and which are now under Treasury regulation where the Alien Property Custodian certifies that it is necessary in the national interest for him to assume control in order (i) to protect the property; (ii) to remove personnel or supervise employment policies; (iii) to liquidate, reorganize or sell the business; (iv) to manage the business; or (v) to vest the business. (c) All other enemy property except dollar balances, bullion and securities unless the dollars, bullion or securities of an enemy are needed by the Alien Property Custodian in the management of other property taken from the same enemy. (d) All foreign-owned patents, copyrights, and trade-marks. (e) Foreign ships (particularly that group of enemy-owned ships which the United States has libeled and are now involved in judicial forfeiture proceedings). (f) All forms of property and claims of enemy nationals involved in estates, trusts, receivership proceedings, etc. The Alien Property Custodian would also handle the representation of the interest of enemy nationals and persons in occupied countries in judicial and administrative proceedings in the United States and the Alien Property Custodian will issue regulations governing the service of process on such persons. 2. The Treasury will continue to handle: (a) The dollar balances, bullion and securities of governments or nationals except those which belong to an enemy business. (b) All property of the occupied and neutral countries and their nationals except those particular business enterprises where the Alien Property Custodian determines that it is necessary in the national interest for him to assume control. (c) All transactions or business dealings with countries frozen under the freezing orders including the control of all trade and commercial communications with the enemy and enemy-controlled countries. (d) All other phases of freezing control which it has handled in the past or which may hereafter arise. 3. Both the Alien Property Custodian and the Treasury will be given full powers under section 5(b) of the Trading with the enemy Act, as amended by the First W a r Powers Act, to enable them to discharge their respective functions with the further stipulation that should the Secretary of the Treasury have occasion to vest any property (other than the assets of foreign governments and central banks), such property will be vested in and dealt with by the Alien Property Custodian upon the terms directed by the Secretary of the Treasury. Appropriate provision is made for consultation with the State Department before either the Treasury or the Alien Property Custodian does any vesting. 4. The Secretary of the Treasury also retains the powers under section 3(a) of the Trading with the enemy Act, as amended, in order to enable the Treasury to continue its present control over transactions involving trade and communication with the enemy." Additional copies of this circular will be furnished upon request. ALLAN- SPROUL, President. July 10, 1942. To all Banking Institutions in the Second Federal Reserve District: We are pleased to announce that Poughkeepsie Trust Company, Poughkeepsie, New York, has become a member of the Federal Reserve System effective July 10, 1942. ALLAN SPROUL, President. July 10, 1942 VICTORY FUND COMMITTEE To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: Supplementing my letters of May 20 and May 28, 1942, I am pleased to advise that the organization of the Regional Victory Fund Committees for the Second Federal Reserve District is now complete. The membership is shown on the enclosed organization chart. ALLAN - SPROTTL, President, Federal Reserve Bank of New York, Chairman, Victory Fund Committee. Chart Showing Membership of United States Treasury Victory Fund Committees and Regional Committees Second Federal Reserve District July 9, 1942 ) VICTORY FUND yiCTORY COMMITTEES FQpyiCTORY BUY UNITED UNITED STATES STATES WAR WAR BONDS AND STAMPS BONDS AND STAMPS VICTORY FUND COMMITTEE CHAIRMAN — Secretary of the Treasury LIAISON — Chairman, Board of Governors of the Federal Reserve System MEMBERS — Presidents, Federal Reserve Banks VICTORY FUND COMMITTEE FOR THE SECOND FEDERAL RESERVE DISTRICT CHAIRMAN •ALLAN SPROUL, President, Federal Reserve Bank of New York MEMBERS • H . M . A D D I N S E L L , Chairman, Executive Committee, The First Boston Corporation, New W I N T H R O P W . A L D R I C H , Chairman, The Chase National Bank of the City of New York, H . K . CORBIN, President, Fidelity Union Trust Company, Newark, N. J . " A L B E R T H . GORDON, Partner, Kidder, Peabody & Co., New York, N. Y. GEORGE L . H A R R I S O N , President, New York Life Insurance Company, New York, N. Y. A U G U S T I H L E F E L D , President, Savings Banks Trust Company, New York, N. Y. R O B E R T L E H M A N , Partner, Lehman Brothers, New York, N. Y. York, N. Y. New York, N. Y. W A L T E R J . M O N R O , Vice President, Schoellkopf, Hutton & Pomeroy, Inc., Buffalo, N . Y . • W I L L I A M C. P O T T E R , Chairman, Executive Committee, Guaranty Trust Company of New York, GEORGE F . R A N D , President, The Marine Trust Company of Buffalo, Buffalo, N. Y. ( L E W I S G . HARRIMAN, President, Manufacturers and Traders Trust Company, Buffalo, N . Y . , alternate GORDON S. R E N T S C H L E R , Chairman, The National City Bank of New York, New York, N. Y. J O S E P H P . R I P L E Y , Chairman of Board, Harriman Ripley & Co., Inc., New York, N. Y. E M I L S C H R A M , President, New York Stock Exchange, New York, N. Y. * J . C. T R A P H A G E N , President, Bank of New York, New York, N. Y. New York, N. Y. to Mr. Rand). • Executive Committee EXECUTIVE MANAGER PERRY E. HALL, 33 Liberty Street, New York, N. Y. REGIONAL VICTORY FUND COMMITTEES REGION 1 New York State—Counties of Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Niagara, Orleans, Wyoming. REGION 8 New York State—Counties of Bronx and New York. Chairman: Vice Chairman: GEORGE F. BAND, President, The Marine Trust Company of L E W I S G . HARRIMAN, President, Manufacturers and Buffalo Traders Trust Company, Buffalo Louis G . MEURER, JR., Assistant Treasurer, The Marine Trust Company of Buffalo GEORGE F. BATES, Executive Vice President, Power City Trust Company, Niagara Falls SAMUEL P. CAPEN, Chancellor, University of Buffalo ROBERT C. COMMON, Vietor, Common, Dann & Co., Buffalo C. A. GRAHAM, President, The Bank of Le Roy MARK M . HOLMES, President, The Exchange National Bank of Olean CLAYTON A . HOUSEL, Vice President, Citizens State Bank, Lyndonville GEORGE G . KLEINDINST, President, Liberty Bank of Buffalo T. G. LINDSTROM, President, Wyoming County Bank and Trust Company, Warsaw W. H. MACKENZIE, Vice President, The State* Bank of Belmont, N. Y. WALTER J . MONRO, Vice President, Schoellkopf, Hutton & Pomeroy, Inc., Buffalo STANLEY A . NEILSON, President, Bank of Gowanda C. GEORGE NIEBANK, President, Bank of Jamestown Secretary: REGION 2 New York State—Counties of Livingston, Monroe, Ontario, Seneca, Wayne, Yates. Chairman: BERNARD E . FINUCANE, President, Security Trust Company THOMAS P. BEVINS, President, The Seneca County Trust Company of of Rochester Seneca Falls, N. Y. JOHN D. HAMILTON, President, Ontario County Trust Company, Canandaigua J O H N W . HICKEY, Cashier, State Bank of Ontario H. M. PUTNAM, President, The Citizens Bank of Penn Yan ROBERT C. TAIT, Vice President, Genesee Valley Trust Company, Rochester J A M E S E. W E L C H , Vice President, Genesee Valley National Bank and Trust Company of Geneseo REGION 3 Chairman: New York State—Counties of Broome, Chemung, Chenango, Cortland, Delaware, Schuyler, Steuben, Tioga, Tompkins. THOMAS A . W I L S O N , President, Marine Midland Trust Company of Bingliamton JOHN C. CLARK, B i n g h a m t o n B. P. CLEVELAND, President, First National Bank of Cortland EDMUND E . DAY, President, Cornell University, Ithaca ALEXANDER D . FALCK, Honorary Chairman of Board, Corning Glass Works, Corning R. M. GAFFNEY, Vice President, The First National Bank of Binghamton E. B. GUILD, President, The First National Bank and Trust Company of Walton GEORGE H . HALE, President, The City National Bank of Binghamton FREDERICK D . RUSSELL, President, Security Mutual Life Insurance Company, Binghamton FREDERICK W . S W A N , President, Chemung Canal Trust Company, Elmira O T I S A. THOMPSON, President, The National Bank and Trust Company of Norwich S. G. H. TURNER, Chairman of Board, Elmira Bank & Trust Company DAVID C. WARNER, Chairman of Board, Endicott Trust Company A. F. WILLIAMS, President, First National Bank and Trust Company of Corning REGION A New York State—Counties of Cayuga, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga. Oswego, St. Lawrence. Chairman: ALBERT B . MERRILL, President, First Trust & Deposit Company, Syracuse G. H. P. GOULD, Chairman, The Lyons Falls National Bank B. A. GRAY, President, The Northern New York Trust Company, Watertown FRANCIS P. M C G I N T Y , President, First Bank & Trust Company of Utica R A L P H H. MICHAELS, President, The First National Bank of Canton J. K. O'CONNOR, President, First and Second National Bank and Trust Company of Oswego A. M. ROBERTS, Vice President, The Herkimer County Trust Company, Little Falls W. F. SANTRY, President, Madison County Trust and Deposit Co., Oneida FREDERIC E . WORDEN, President, The National Bank of Auburn REGION 5 New York State—Counties of Albany, Clinton, Columbia, Essex, Franklin, Pulton, Greene, Hamilton, Montgomery, Otsego, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, Washington. Chairman: FREDERICK MCDONALD, President, State Bank of Albany W . MCEACHRON BOWDEN, Director, Glens Falls Insurance Co., Glens Falls EVERETT E . KARG, Vice President, The Peoples Bank of Johnstown, N . Y . R. OAKLEY KENNEDY, Vice President, Cluett, Peabody & Co., Inc., Troy REGION 6 New York State—Counties of Duchess, Orange, Putnam, Rockland, Sullivan, Ulster, Westchester. Chairman: J O S E P H E. H U G H E S , President, Washington Irving Trust Company, Port Chester E R N E S T ACKER, President, Central Hudson Gas & Electric Corporation, Poughkeepsie OLIVER W. BIRCKHEAD, President, The Peoples National Bank and Trust Company of White Plains of Pearl River New York State—Counties of Kings, Nassau, Queens, Richmond, Suffolk. Chairman: E D W I N P. MAYNARD, Chairman of Board, Brooklyn Trust Company H E N R Y A . ALKER, President, The Port Washington National Bank and Trust P H I L I P A. BENSON, President, Dime Savings Bank of Brooklyn Company JOHN O. BERGEN, President, Nassau County Trust Company, Mineola RICHARD H . CROWE, Assistant Manager, The National City Bank of New York, Stapleton Branch, S. L C. E D W I N DIMON, President, The First National Bank of Southampton LOUIS C. GOSDORFICR, President, United National Bank of Long Island in New York, Forest Hills . , , ROBERT P. GRIFFING, Vice President, The Suffolk County National Bank of Riverhead JARVIS S. H I C K S , President, Long Island City Savings Bank JUDGE LEONE D. HOWELL, S u r r o g a t e of N a s s a u County V. MCLAUGHLIN, President, Brooklyn Trust Company G. C. MEYER, President, Boulevard Bank, Forest Hills WILLIAM F. PLOCH, President, The National City Bank of Long Beach W I L L I A M H. ROBBINS, Vice President, South Side Bank of Bay Shore, N. ADDISON SAMMIS, President, Bank of Huntington and Trust Company W . J . WASON, JR., President, Kings County Trust Company, Brooklyn GEORGE L Y FRASER », 1942 DigitizedJ Ufor Chairman: New Jersey—County of Hudson. J. FIELD, President, Commercial Trust Company of New Jersey, Jersey City GEORGE R . BEACH, President, The Provident Institution for Savings in Jersey City FRED A. BERENBROICK, President, Weehawken Trust Company, Union City W. G. CHAPMAN, President, National Bank of West New York WALTER M. DEAR, Treasurer, Evening Journal Association, Jersey City FRANK C. FERGUSON, President, Hudson County National Bank, Jersey City KELLEY GRAHAM, President, The First National Bank of Jersey City CARL LAMBELET, President, New Jersey Machine Corporation, Hoboken CLARENCE G . M E E K S , President, Hudson Trust Company, Union City J O S E P H G . PARR, President, The Trust Company of New Jersey, Jersey City FRANK C. REED, President, Westinghouse Electric Elevator Co., Jersey City J O H N J . ROE, Vice President, Hudson City Savings Bank, Jersey City WILLIAM REGION I I Chairman: New Jersey—Counties of Bergen and Passaic. E. BLACKFORD, JR., President, Peoples Trust Company of Bergen County, Hackensack F. Z. BOARD, President, Citizens First National Bank and Trust Company of Ridgewood JOHN BORG, President, Bergen Evening Record Corp., Hackensack R. G. BUSER, President, R. G. Buser Silk Corporation, Paterson SAMUEL S. EVANS, President, The Second National Bank of Paterson J U L I U S G . FORSTMANN, Treasurer, Forstmann Woolen Co., Passaic DONALD V. LOWE, President, Lowe Paper Co., Ridgefield F. R. PETERSON, President, The First National Bank of Paterson EDWARD S . RUDLOFF, President, The Citizens National Bank and Trust Company of Englewood VINCENT VANDERVOORT, President, Watson Machine Co., Paterson GEORGE YOUNG, JR., President, Passaic National Bank and Trust Company CHARLES R E G I O N 12 New Jersey—Counties of Middlesex, Monmouth, Somerset, Union. Chairman: LAWRENCE J . MACGREGOR, President, The Summit Trust Company WILLIAM M . BACKER, Cashier, The First National Bank of Bound Brook LOUIS H. BURFEIND, President, Asbury Park and Ocean Grove Bank, Asbury Park H. DOUGLAS DAVIS, Vice President, The Plainfield Trust Company GARRET A. DENISE, President, The Central National Bank of Freehold J O H N K E A N , President, The National State Bank of Elizabeth K E N N E T H H. MCQUEEN, President, The Merchants Trust Company of Red Bank, N . R. STUYVESANT PIERREPONT, Far Hills J. REGION 13 New Jersey—Counties of Hunterdon. Sussex, Warren. Chairman: Secretary: GEORGE K . LARGE, President, The Hunterdon County National Bank of WILLIAM J . K I N N AMON, Cashier, The Hunterdon County Nat '1 Bank of WALTER S . BROWN, President, Sussex County Trust Company, Franklin Flemington Flemington F. M. COOGAN, President, The Second National Bank of Phillipsburg THEO. B. DAWES, President, The First National Bank of Blairstown GEORGE R. H A N K S , President, The First National Bank of High Bridge HENRY T. K A Y S , President, The Sussex and Merchants National Bank of Newton D. L. B. SMITH, President, Selected Risks Indemnity Company, Branchville NEDWILL SUTPHIN, President, The Flemington National Bank and Trust Company J . MILLER W E L S H , President, The Peoples National Bank of Hackettstown REGION 14 Connecticut—Fairfield County—Stamford and vicinity. Chairman: CLARENCE W . BELL, President, The First-Stamford Nat '1 Bank and Trust Company OGDEN BIGELOW, President, First National Bank in Greenwich EUGENE G. BLACKFORD, President, Greenwich Trust Co. DONALD M C K . BLODGET, D a r i e n CHARLES F. EDDY, Trust Officer, The MALCOLM J . EDGERTON, S t a m f o r d First-Stamford National Bank and Trust Company J . TAYLOR FOSTER, G r e e n w i c h JOHN S. SAMMIS, President, Orange County Trust Company, Middletown W. H. VAN ETTEN, President, Kingston Trust Company REGION 7 REGION lO J. C. WILSON, President, First Bank and Trust Company, Perth Amboy H. J . KNEIP, President, The National Commercial Bank and Trust Company of Albany B. C. LAUREN, President, The Citizens National Bank and Trust Company of Oneonta J . W. LEWIS, Treasurer, General Electric Company, Schenectady ROGER B. PRESCOTT, President, The Keeseville National Bank EDWARD W . S H I N E M A N , Vice President & Treasurer, Beech-Nut Packing Co., Inc., Canajoharie C. A. VAN DEUSEN, President, Hudson City Savings Institution, Hudson J A M E S E. VOORHEES, President, The Farmers National Bank of Amsterdam J O H N R . EVANS, President, The First National Bank of Poughkeepsie J O H N F. K R E P P S , President, Home Savings Bank, White Plains MONTGOMERY M . MAZE, President, First National Bank and Trust Company WALLACE O ' D E L L , Westchester County Publishers, Yonkers Chairman: ALLAN SPROUL, President, Federal Reserve Bank of New York H. M. ADDINSELL, Chairman of Executive Committee, The First Boston Corporation W I N T H R O P W . ALDRICH, Chairman, The Chase National Bank of the City of New York ALBERT H. GORDON, Partner, Kidder, Peabody & Co. GEORGE L. HARRISON, President, New York Life Insurance Company AUGUST IHLEFELD, President, Savings Banks Trust Company ROBERT LEHMAN, Partner, Lehman Brothers WILLIAM C. POTTER, Chairman of Executive Committee, Guaranty Trust Company of New York GORDON S. RENTSCHLER, Chairman, The National City Bank of New York JOSEPH P. RIPLEY, Chairman of Board, Harriman Ripley & Co., Inc. E M I L SCHRAM, President, New York Stock Exchange J. C. TRAPHAGEN, President, Bank of New York REGION 9 New Jersey—Counties of Essex and Morris. Chairman: HORACE K. CORBIN, President, Fidelity Union Trust Company, Newark F R A N K D. ABELL, President, The First National Bank of Morristown R. G. COWAN, President, The National Newark and Essex Banking Company of Newark CARL EGNER, Partner, Clark, Dodge & Company, Newark I. B. GRAINGER, President, Montclair Trust Company M. RAYMOND RILEY, President, The Orange First National Bank J U L I U S S. RIPPEL, Chairman of Board and President, Merchants' and Newark Trust Company of Newark, N. J . W . P A U L STILLMAN, President, The National State Bank of Newark W. D. VANDERPOOL, President, Howard Savings Institution, Newark Y. RUSSELL FROST, J R . , N o r w a l k H . MONROE HUMASON, N e w C a n a a n HAROLD E. RIDER, Trust Officer, Stamford Trust Co. DAVID S . ROCKWELL, President, The First National Bank & Trust Company GEORGE L. WOODWARD, President, The National Bank of Norwalk R E G I O N 15 Chairman: of New Canaan Connecticut—Fairfield County—Bridgeport and vicinity. B. LASHAR, Chairman-President, The First National Bank and Trust Company of Bridgeport LAWRENCE CRAUFURD, Greens Farms C. D. CROUCHLEY, Chairman of the Board and President, Ridgefield Savings Bank K E N N E T H M . HOOPER, President, City National Bank & Trust Company of Danbury CHARLES JOST, President, The Danbury National Bank FRANK H. L E E , President, Frank H. Lee Co., Danbury; President, Connecticut Chamber of Commerce F. D. MARTIN, President, The First National Bank and Trust Company of Ridgefield HORACE B. MERWIN, President, Bridgeport-City Trust Co. A. T. NETTLETON, President, Newtown Savings Bank HAROLD P . SPLAIN, President, Savings Bank of Danbury HERMAN W. STEINKRAUS, President, Bridgeport Brass Company GEORGE WALDO, Editor, Post Publishing Company, Bridgeport GEORGE H. WOODS, President, Bridgeport-People's Savings Bank WALTER PREPARED AT FEDERAL RESERVE B A N K OF NEW YORK
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