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FE D E R A L R E SE R V E BANK O F N E W Y O R K I" Circular No. 3339 ~| L May 25, 1948 J Fiscal Agent of the United States Public Notice o f Offering of $1,100,000,000, or thereabouts, o f 91-Day Treasury Bills Dated June 3, 1948 Maturing September 2, 1948 To all Incorporated Banks and Trust Companies in the Second Federal Reserve District and Others Concerned: Following is the text of a notice today made public by the Treasury Department with respect to a new offering of Treas ury bills payable at maturity without interest to be sold on a discount basis under competitive and non-competitive bidding. FOR RELEASE, M ORNING NEW SPAPERS, Tuesday, May 25, 1948. TREASU RY D EPARTM EN T Washington The Secretary of the Treasury, by this public notice, invites tenders for $1,100,000,000, or thereabouts, of 91-day Treasury bills, for cash and in exchange for Treasury bills maturing June 3, 1948, to be issued on a discount basis under competi tive and non-competitive bidding as hereinafter provided. The bills of this series will be dated June 3, 1948, and will mature September 2, 1948, when the face amount will be payable without interest. They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o’clock p.m., Eastern Day light Saving time, Friday, May 28, 1948. Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competitive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on June 3, 1948, in cash or other immediately available funds or in a like face amount of Treasury bills maturing June 3, 1948. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The bills shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 42 and 117 (a)(1 ) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance com panies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. 418, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. In accordance with the above announcement tenders will be received at the Securities Department of this bank (9th floor, 33 Liberty Street) New York 45, N. Y., or at the Buffalo Branch of this bank (270 Main Street) Buffalo 5, N. Y., up to two o’clock p.m., Eastern Daylight Saving time, on Friday, May 28, 1948. It is requested that tenders be submitted on special form printed on reverse side and returned in special envelope enclosed herewith. Payment for the Treasury bills cannot be made by credit through the War Loan Deposit Account. Settlement must be made in cash or other immediately available funds or in maturing Treasury bills. A llan S proul, President. (PLEASE NOTE CHANGE IN THE CLOSING DAY ON THIS OFFERING.) (o v e r ) PLEASE NOTE CHANGE IN THE CLOSING DAY ON THIS OFFERING. m r Tenders for this issue must reach the Federal Reserve Bank of New York or its Buffalo Branch not later than 2 p.m., Eastern Daylight Saving time, Friday, May 28, 1948. IMPORTANT— If it is desired to hid on a competitive basis, fill in rate per 100 and maturity value in paragraph headed “Competitive m d”. If it is desired to bid on a non competitive hasis, fill in only the maturity value in paragraph headed “Non-competitive Bid”. DO NOT fill in both paragraphs on one form. A separate tender must be used for each bid. No........................................ TENDER FOR 91-DAY TREASURY BILLS Dated June 3, 1948. Maturing September 2, 1948. T o F e d eral R eserve B a n k of N e w Y o r k , Fiscal Agent of the United States. Dated a t ..................................................... 1948 COMPETITIVE BID NON-COMPETITIVE BID Pursuant to the provisions of Treasury Department Circular No. 418, as amended, and to the provisions of the public notice on May 25, 1948, as issued by the Secretary of the Treasury, the undersigned offers Pursuant to the provisions of Treasury De partment Circular No. 418, as amended, and to the provisions of the public notice on May 25, 1948, as issued by the Secretary of the Treasury, the undersigned offers a non-competitive tender for a total amount of $ ............................................. ...........................................* for a total amount of (Not to exceed $200,000) (Rate per 100) $ ..................................................... (maturity value) of the Treasury bills therein described, or for any less amount that may be awarded, settlement therefor to be made at your bank, on the date stated in the public notice, as follows: (maturity value) of the Treasury bills therein described, at the average price (in three deci mals) of accepted competitive bids, settlement therefor to be made at your bank, on the date stated in the public notice, as follows: By surrender of the maturing issue of By surrender of the maturing issue of Treasury b ills............ $---------------------------------- Treasury bills............ By cash or other immediately available By cash or other immediately available funds................ , .......... $---------------------------------- $---------------------------------- funds............................ $---------------------------------- The Treasury bills for which tender is hereby made are to be dated June 3, 1948, and are to mature on September 2, 1948. This tender w ill be inserted in special envelope entitled “ Tender for Treasury bills” . Name of Bidder ................................... ................................................. ..................................... (Please print) By. (Title) (Official signature required) Street Address ................................. (City, Town or Village, P. O. No., and State) If this tender is submitted for the account of a customer, indicate the customer’s name on line below: (Name of Customer) (City, Town or Village, P.O. No., and State) Use a separate tender for each customer’s bid. IMPORTANT INSTRUCTIONS: 1. N o tender for less than $1,000 will be considered, and each tender must be for an even multiple of $1,000 (maturity value). A separate tender must be executed for each bid. 2. If the person making the tender is a corporation, the tender should be signed by an officer o f the corporation authorized to make the tender, and the signing of the tender by an officer of the corporation will be construed as a rep resentation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a mem ber of the firm, who should sign in the form “ .................................................................................................. . a copartnership, by ...................................................................................................... . a member of the firm” . 3. Tenders will be received without deposit from incorporated banks and trust companies and from respon sible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. 4. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the Treasury, is material, the tender may be disregarded. Payment by credit through War Loan Deposit Account will not be permitted. TENTB—935-a FRASER Digitized for * Price must be expressed on the bc&is of 100, with not more than three decimal places. Fractions may not be used. * (o v e r ) Directory OF THE Federal Reserve Bank of New York Second Federal Reserve District (May 1948) FEDERAL RESERVE BANK OF NEW YORK 'k Head Office, 33 Liberty Street, New York, N. Y. Mailing Address F ederal R eserve N ew Y ork P. 0 . S t a t io n 45, N . Y . Telephone REctor 2-5700 ★ Buffalo Branch, 270-276 Main Street, Buffalo, N. Y. Mailing Address B u f f a l o 5, N . Y . Telephone WAshington 7562 FEDERAL RESERVE BANK OF NEW YORK May 25, 1948. To Banks and Trust Companies in the Second Federal Reserve District: This is the second edition of the directory of this bank, supplanting the directory sent you on May 1, 1947. This edition continues the scheme of the earlier directory, and shows the names and titles of our officers, the functions and departments to which they are presently assigned and the principal operations with which each is concerned. Further revisions of the directory will be issued from time to time, as appropriate. Any changes in the titles of our officers, which occur between issues, will be described in our circu lars showing changes in authorized signatures. We hope this directory will be of assistance to bank officers and others having occasion to communicate with the officers of this bank and the departments under their supervision. Additional copies of this directory may be obtained upon request. A llan S pkoul, P r es id e n t. CONTENTS H EA D OFFICE Page Functions, Departments and Principal Operations, and Officers Assigned Accounting, Planning and S e r v ic e .....................................5 A u d i t ......................................................................................6 Bank Supervision and Bank R elation s...............................6 Cash and C o llection s............................................................. 7 Foreign ............................................................................... 8 Government Bond, Safekeeping and R. F. C. Custody . 9 L e g a l ......................................................................................10 Loans and C redits................................................................... 10 Open Market Operations, Treasury Issues, and Margin R e g u la tio n s......................................................................... 11 P e r s o n n e l................................................................................12 Research and S ta tistica l....................................................... 12 Secretary’s O ffic e ................................................................... 12 D i r e c t o r s ............................................................................................ 14 Member of Federal Advisory C o u n c il........................................... 15 Industrial Advisory Com m ittee....................................................... 15 ★ BUFFALO BRANCH Officers and their Operating D iv is io n s ........................................... 13 D i r e c t o r s ............................................................................................ 15 (The lettered Regulations referred to in this directory are Regula tions of the Board of Governors of the Federal Reserve System) Federal Reserve Bank of New York HEAD OFFICE ★ PRE SID E N T A llan S proul FIRST VICE PRE SID E N T L e s l ie R. R ounds ★ Function, D epartm ent and Principal Operations Officer in Charge Title ( arranged alphabetically) ACCOUNTING, PLANNING AND S E R V IC E . . . H e r b e r t H . K i m b a l l ............ Vice President A c c o u n t in g D e p a r t m e n t ............................... H a r o ld M. W e s s e l . .. Manager Accounts, deposits in, except foreign accounts Adjustments affecting accounts Deposits, except foreign accounts Member bank reserve accounts Nonmember bank clearing accounts Regulation D— Reserves of member banks Remittances for cash letters Reserve accounts of member banks Reserve requirements of member banks Treasurer’s account, United States Withheld taxes P l a n n i n g D e p a r t m e n t .................................. J am es J. C a rro ll. . . . Manager Planning Purchase of supplies S e r v ic e D e p a r t m ent ......................................... Post office, Federal Reserve P. 0 . Station Protection, fire and safety Telephone service O tto W . T e n E y c k .......... Assistant Vice President Function, Departm ent and Principal Operations Officer in Charge Title (arranged alphabetically) AUD IT ......................................................................... W A u d it in g D e p a r t m e n t ...................................... il l ia m H . D i l l i s t i n ........... General Auditor D o n a l d J . C a m e r o n ........ Assistant General Auditor Audits and examinations of asset, liability, and custody accounts Information reflected on the bank’s records furnished to bank examiners and others Reconciliation of accounts of member banks and others BAN K SU PERVISION AND BANK RELATIO NS ....................................................... R e g i n a l d B. B a n k E x a m i n a t i o n s D e p a r t m e n t .............. Branches, applications for Condition reports, State member banks Earnings and dividends reports, State member banks Examination affiliates of State member banks and Regulations, administration of C Acceptance by member banks of drafts or bills of exchange F Trust powers of national banks II Membership of State banking institu tions in the Federal Reserve System I Increase or decrease of capital stock of Federal Reserve Banks and cancela tion of old and issue of new stock certificates K Banking corporations authorized to do foreign banking business under the terms of section 25(a) of the Federal Reserve Act L Interlocking bank directorates under the Clayton Act M Foreign branches of national banks and of corporations organized under the provisions of section 25(a) of the Federal Reserve Act 0 Loans to executive officers of member banks P Holding company affiliates— voting per mits Q Payment of interest on deposits R Relationships with dealers in securities under section 32 of the Banking Act of 1933 W illia m W i l t s e ............... Vice F. Sheehan. President . . . Chief Examiner Function, Departm ent and Principal Operations Officer in Charge Title ( arranged alphabetically) B R an k D e l a t io n s e p a r t m e n t ............................ F r a n k lin E. P e te rso n . . .Manager Applications for membership in Federal Re serve System Bank and public relations activities Check routing symbol, information concerning Farm credit file, information concerning Investigations, new bank charters, new branch offices Visitors at Federal Reserve Bank Visits to district banks CASH AND C O LLECTION S...................................V a l e n t i n e F e l ix C ash D e p a r t m e n t ............................................................ W i l l i s ......................... T. Vice President D a v i s ................................ Assistant C h a r le s N. V a n I I o u t e n . Manager Checks (both Government checks and checks on this bank in large amounts), acceptance over the counter for immediate credit Coin, receipt, verification, counter payments of shipment, and Currency, receipt, verification, shipment and counter payments of C ash C ustody D e p a r t m e n t ................................... P a u l R . F i t c i i e n ................... Manager Coin, custody of reserve supplies of Currency, custody of reserve supplies of Currency, reports of unusual transactions on Treasury Department Form TCR-1, han dling of C heck D e p a r t m e n t ......................................... R alph R oy Checks and other cash items (except Govern ment checks), collection of City clearings arrangements of banks out side New York City, settlements of bal ances due to or from participants in County clearings arrangements, exchanges between participants in Direct routing of by member and non member clearing banks Manhattan, Bronx, and Brooklyn collec tion arrangement Regulation J— Check clearing and collection Return items W . S c h e f f e r .......... Manager E. W e n d e l l ................... Manager Vice President Function, D epartm ent and Principal Operations Officer in Charge Title ( arranged alphabetically) C o l l e c t io n D e p a r t m e n t ....................................... H ow ard D . C rosse. .. Manager Collection of notes, drafts, corporate bonds and coupons, and other noncash items City clearings arrangements of banks out side New York City, settlements of bal ances due to or from participants in Payment of Coupons of International Bank for Recon struction and Development Government coupons Regulation G— Collection of noncash items Transfers of funds G overnm ent C heck D epartm ent M ic h a e l J. M cL a u g h l in . Manager Government checks, payment or collection of FOREIGN F o r e ig n ................................................................... L . D e p a r t m e n t ...................................... W e r n e r K n o k e ................. H a r o ld A. B ilb y Vice President ............ Assistant Vice President H orace L . S a n fo r d . . .. .Assistant Vice President P e t e r P . L a n g ............ Manager W alter II. R o z e l l , .Tr. Manager Export-Import Bank, information regarding specific credits Federal Reserve System accounts maintained abroad, operation of Foi'eign central bank and government dollar and custody accounts, operation of Foreign exchange Rates, certification of, under Tariff Act of 1930 Transactions Fiscal agency Foreign depositors and out-of-town mem ber banks, on behalf of International Bank for Reconstruction and Development accounts, operation of International Monetary Fund accounts, opera tion of Silver Purchase Act, purchases thereunder United States Stabilization Fund, operations of, as fiscal agent * * # i; N orman International Bank for Reconstruction and Development, International Monetary Fund and Export-Import Bank Relations with P . D a v i s ............ Assistant Vice President Function. Department and Principal Operations Officer in Charge Title (arranged alphabetically) F o r e ig n F unds C ontrol D epartm ent N orman P. D a v is .. Assistant Vice President Applications for licenses under Foreign Funds Control Foreign Funds Control, administration of Public relations concerning Foreign Funds Control GOVERNM ENT BOND, SA FE K E E PIN G AND R.F.C. C U S T O D Y ............................................... A r t h u r J ohn G overnm ent B ond D epartm en t ..................... , Vice President P helan. H . W u r t s ........... M arcu s A . H a r r is . Assistant Vice President Manager United States Treasury Bills, Certificates of Indebtedness, Notes and Bonds Cash and exchange subscriptions Denominational exchange Exchange of bearer for registered bonds Exchange of registered for bearer bonds Exchange subscriptions; and delivery and payment of allotments on cash subscrip tions Lost, stolen, mutilated or destroyed securities Payment or redemption Transfer of bearer securities from New York by wire Transfer of registered bonds Various Securities of the Philippine Govern ment, the Puerto Bican Government and Agencies of the United States Government Certain transactions in connection with issu ance, exchange and redemption Bonds of International Bank for Reconstruc tion and Development Certain transactions in connection with issu ance, exchange and redemption War Loan Deposit Accounts Record of accounts Record of collateral R . F. C. C ustody D epartm ent Disbursements for Reconstruction Finance Corporation and Commodity Credit Corpora tion by checks on U. S. Treasurer Drafts paid, Commodity Credit Corporation Loans by Reconstruction Finance Corporation and certain subsidiaries, servicing of Receipts and payments for Commodity Credit Corporation Rubber Development Corporation U. S. Commercial Company Reconstruction Finance Corporation Office of Defense Supplies, Metals Reserve, and Rubber Reserve M arcus A. H a r r i s ................ Manager Function, Departm ent and Principal Operations Officer in Charge Title (arra nged alphabetically) S a v in g s B o n d D e p a r t m e n t ...................................... W . B u r t ------- Manager W e s le y Armed Forces Leave Bonds, redemption of Savings Bonds Accounts of issuing agents Accounts of paying agents Consignment of Series E bond stock Lost, stolen, mutilated or destroyed bonds Redemptions Reissues and corrections Sales of bonds of Series E, F and G M. H arry Sa f e k e e p in g D e p a r t m e n t B o y d .......... Manager Delivery of bearer securities of the United States transferred to New York by wire Receipt of securities for safekeeping accounts or for re-delivery Safekeeping accounts for member banks Safekeeping accounts for owners of Savings Bonds Se c u r it y C u s t o d y D e p a r t m e n t W il l ia m F. A brah am s. Manager (See Safekeeping Department) LEGAL W alter S. President and General Counsel T i e b o u t ........................ Assistant General Counsel R u f u s J . T r i m b l e ...................... Assistant General Counsel T odd G. L o g a n .............................Vice R obert H . B r o m e .............. Assistant Counsel J o h n J . C l a r k e .................. LOANS AND C R E D IT S ............................................. A r t h u r C r e d it D e p a r t m e n t ........................................... Acceptability of paper for discount or as co l lateral for advances to member banks Farm credit file forms Financial statement forms Loans, industrial, processing applications for Regulations : A Discounts for and advances to member banks S Industrial loans P h elan C u r tis R. Assistant Counsel ................................ Vice President B ow m an .............. Manager 11 Officer in Charge Function, Departm ent and Principal Operations Title (arranged alphabetically) D is c o u n t D e p a r t m e n t ............................................. C u r t i s R . B o w m a n .............. Manager Discounts for and advances to member banks Eligibility of paper Industrial loans Balances, collateral, and servicing of Other advances Regulations: A Discounts for and advances to member banks S Industrial loans OPEN M A R K E T OPERATIONS, TREASU RY ISSUES, AND MARGIN R E G U L A T IO N S .. R o b e r t G. S e c u r it ie s D e p a r t m e n t .................................. S ila s R o u s e .................... Vice A. M ille r ................ Assistant Vice President S p e n c e r S . M a r s h , Jr. Acceptance by member banks of drafts or bills of exchange, inquiries regarding Bankers’ acceptances, open market purchases and sales of Bills of exchange, trade acceptances and bankers’ acceptances, open market purchases of Capital stock of Federal Reserve Bank, regis tration, issuance and cancelation of Dividends on Federal Reserve Bank stock Federal Open Market Committee, regulation relating to open market operations of Federal Reserve Banks Government issues, tenders to new cash subscriptions and Government securities, open market purchases and sales of Open market operations in U. S. Government securities Regulations : B Open market purchases of bills of exchange, trade acceptances and bankers’ acceptances under section 14 of the Federal Reserve Act C Acceptance by member banks of drafts or bills of exchange E Purchase of Warrants Treasury issues, cash offerings of Warrants, purchase of President .Manager 12 Function, D epartm ent and Principal Operations Officer in Charge Title ( arranged alphabetically) S e c u r i t y L o a n s D e p a r t m e n t ........................ N orman P. D a v i s ............ Assistant Vice President Margin regulations, administration of Regulations: T Extension and maintenance of credit by brokers, dealers, and members of na tional securities exchanges U Loans by banks for the purpose of pur chasing or carrying stocks registered on a national securities exchange PERSONNEL ............................................................. E d w a r d 0 . D o u g l a s ................Vice President W P e r s o n n e l D e p a r t m e n t .................................. il l ia m W F. T r e ib e r ........ Assistant Vice President il l ia m A. H e i n l . .. Manager Personnel, hiring and assignment of Personnel records Programs, administration of employee health, education and training RE SEA R C H AND S T A T IS T IC A L ........................ H arold V. R o e l s e ....................Vice President R e s e a r c h D e p a r t m e n t .................................... 0 . E rn est M o o r e . . . . Manager Financial statistics Reference library Research, domestic and foreign S E C R E T A R Y ’S O F F IC E ......................................... W il l ia m F. T r e ib e r ........ Secretary J o h n J . C l a r k e .......... Assistant Circulars and Federal Reserve publications (Inquiries should be addressed to Press and Circulars Division.) Secretary Buffalo Branch OFFICERS Insley B. S m i t h , General Manager IIalsey W . S n o w , G eorge J. D o l l , Assistant Cashier Cashier M . M onroe M y e r s , Operating D ivisions Assistant Cashier Officer in Charge Accounting, Office Service, Securities . I I a ls e y W . S n o w Bank R e l a t i o n s ................................................. M . M onroe M yer s Cash, Check, Collection, Credit and Discount . G eorge J. D oll 14 Federal Reserve Bank of New York DIRECTORS B obert T . S t e v e n s , Chairman o f the Board, J. P. Stevens & Co., Inc., New York, N. Y. Chairman W il l ia m I. M yers, Dean, New York State College o f Agriculture, Cornell University, Ithaca, N. Y. Deputy Chairman Ch arles E . A d a m s, D. C a l k i n s , Director and Vice President, General Education Board, New York, N. Y. R obert Chairman o f the Board, Air Reduction Company, Inc., New York, N. Y. W in t h r o p W . A l d r ic h , Chairman o f the Board, The Chase National Bank o f the City o f New York, New York, N. Y. L e w is H . B r o w n , C a r l e C. C o n w a y , Chairman of the Board, Continental Can Company, Inc., New York, N. Y. * H o w a r d A . W il s o n , Chairman o f the Board, Jolins-Manville Corporation, New York, N. Y. President, Citizens National Bank and Trust Company of Fulton, Fulton, N. Y. F r e d e r ic E . W o rd e n , Chairman o f the Board, and President, The National Bank o f Auburn, Auburn, N. Y. OFFICERS President First Vice President E d w a r d O . D o u g l a s , Vice President H e r b e r t H . K i m b a l l , Vice President L . W e r n e r K n o k e , Vice President W a l t e r S . L o g a n , Vice President and General Counsel A lla n S p r o u l, J o h n H . W illia m s , L e s lie R . R ou n ds, Todd G. T ie b o u t, Assistant General Counsel R u f u s J . T r im b le , H a r o l d A . B i l b y , Assistant Vice President F e l i x T . D a v i s , Assistant Vice President N o r m a n P . D a v i s , Assistant Vice President S i l a s A. M i l l e r , Assistant Vice President H o r a c e L . S a n f o r d , Assistant Vice President W illia m F . A b rah am s, W illia m O tto W . W illia m John H . Manager, Security Custody Department R. B o w m a n , Manager, Credit Department, and Manager, Discount Department H a r r y M . B o y d , Manager, Safekeeping Department R o b e r t H . B r o m e , Assistant Counsel W e s l e y W . B u r t , Manager, Savings Bond Department J a m e s J . C a r r o l l , Manager, Planning Department J o h n J . C l a r k e , Assistant Counsel, and Assistant Secretary H o w a r d D. C r o s s e , Manager, Collection Department P a u l R. F i t c h e n , Manager, Cash Custody Department M a r c u s A . H a r r i s , Manager, Government Bond Department, and Manager, R.F.C. Custody Department C u r tis W illia m Assistant General Counsel F . S h e e h a n , Chief Examiner T e n E y c k , Assistant Vice President F . T r e i b e r , Assistant Vice President, W u r t s , Assistant Vice President and Secretary W i l l i a m A . H e i n l , Manager, Personnel Department P e t e r P . L a n g , Manager, F'oreign Department S p e n c e r S . M a r s h , Jr., Manager, Securities Department M i c h a e l J. M c L a u g h l i n , Manager, Government Chech Department O . E r n e s t M o o r e , Manager, Research Department F r a n k l i n E . P e t e r s o n , Manager, Bank Relations Department W a l t e r H . R o z e l l , Jr., Manager, Foreign Department R a l p h W . S c h e f f e r , Manager, 'Check Department C h a r l e s N . V a n H o u t e n , Manager, Cash Department R o y E . W e n d e l l , Manager, Check Department H a r o l d M . W e s s e l , Manager, Accounting Department General Auditor Assistant General Auditor H . D illis tin , D o n a ld J . C a m ero n , Economic Adviser A r t h u r P h e l a n , Vice President H a r o l d Y. R o e l s e , Vice President R o b e r t G. R o u s e , Vice President V a l e n t i n e W i l l i s , Vice President R e g i n a l d B . W i l t s e , Vice President Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL W . K ando lph B urgess, Chairman o f the Executive Committee, The National City Bank o f New York, New York, N. Y. INDUSTRIAL ADVISORY COMMITTEE W illia m H . Pouch, Chairman President, Concrete Steel Company, New York, N. Y. G. N e l s o n , Vice Chairman President, A. G. Nelson Paper Company, Inc., New York, N. Y. J. N o b l e , Chairman of the Board, American Broadcasting Company, Inc., New York, N. Y. E dw ard A r th u k Buffalo Branch of Federal Reserve Bank of New York DIRECTORS C arl G. W o o ste r, Chairman Farmer, Union Hill, N. Y. C ly d e C. C. B r o w n , President, The Cuba National Bank, Cuba, N. Y. G e o r g e N ie b a n k , President, Bank o f Jamestown, Jamestown, N. Y. C h a r l e s H . D ie f e n d o r f , Jr., President, Hewitt-Robins, Incorporated, Buffalo, N. Y. T h o m a s R o b in s, President, The Marine Trust Company of Buffalo, Buffalo, N. Y. F. L e i n e n , Executive Vice President, Lincoln Rochester Trust Company, Rochester, N. Y. R aym ond L e w is B. S w i f t , President, Taylor Instrument Companies, Rochester, N. Y. OFFICERS I n s l e y B . S m ith , General Manager H a ls e y W . Snow , G eorge J. M . M onroe Assistant Cashier M y e r s , Assistant Cashier D o ll, Cashier
@FedFRASER