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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

DigitizedJ U L Y FRASER
for » , 1 9 4 2


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

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