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FEDERAL RESERVE BANK OF NEW Fiscal A gent o f the United States YORK [ February^' mo ] P ublic Notice o f Offering o f $1,000,000,000, or thereabouts, o f 91-Day Treasury Bills D a t e d F e b r u a r y 2 3 , 1 95 0 M a t u r in g M a y 2 5 , 1950 T o dll Incorporated Banks and Trust Companies in the Second Federal R eserve 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. F O R R E L E A S E , M O R N IN G N E W S P A P E R S , F riday, February 17, 1950. TREASURY DEPARTM ENT W ashington T h e Secretary of the Treasury, by this public notice, invites tenders for $1,000,000,000, or thereabouts, of 91-day Treasury bills, for cash and in exchange for Treasury bills maturing February 23, 1950, to be issued on a discount basis under competi tive and non-competitive bidding as hereinafter provided. T h e bills of this series will be dated February 23, 1950, and will mature M a y 25, 1950, when the face amount will be payable without interest. T h ey w ill be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (m aturity value). T enders w ill be received at Federal Reserve Banks and Branches up to the closing hour, tw o o ’clock p.m., Eastern Standard tim e, M onday, February 20, 1950. Tenders w ill not be received at the Treasury Department, W ash in g ton . E ach 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 m ay not be used. It is urged that tenders be m ade on the printed form s and forw arded in the special envelopes which w ill be supplied by Federal Reserve Banks or Branches on application therefor. T enders w ill be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others m ust be accompanied by payment of 2 percent of the face am ount o f T reasu ry bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank o r trust company. Im m ediately after the closing hour, tenders w ill be opened at the Federal Reserve Banks and Branches, follow ing which public announcement w ill be made by the Secretary o f the Treasury o f the am ount and price range of accepted bids. Those submitting tenders w ill be advised of the acceptance or rejection thereof. T h e 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 fo r $200,000 or less without stated price from any one bidder w ill be accepted in full at the average price (in three decim als) of accepted competitive bids. Settlem ent for accepted tenders in accordance with the bids m ust be made or completed at the Federal Reserve Bank on February 23, 1950, in cash or other immediately available funds or in a like face amount of Treasury bills m aturing February 23, 1950. Cash and exchange tenders w ill receive equal treatment. Cash adjustments w ill be made for differences between the par value of m aturing bills accepted in exchange and the issue price of the new bills. T h e income derived from Treasury bills, whether interest or gain from the sale or other disposition o f the bills, shall not have any exem ption, as such, and loss from the sale or other disposition •o f T reasury bills shall not have any special treatment, as such, under the Internal Revenue Code, o r laws am endatory or supplementary thereto. T he bills shall be subject to estate, inheritance, g ift or other excise taxes, whether Federal or State, but shall be exem pt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any o f the possessions o f the United States, or by any local taxin g authority. F or purposes of taxation the am ount of discount at which T reasury bills are originally sold by the United States shall be considered to be interest. U nder Sections 42 and 117 ( a ) ( 1 ) of the Internal Revenue Code, as amended by Section 115 of the Revenue A c t 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. A ccordingly, the owner of T reasury bills (other than life insurance com panies) issued hereunder need include in his income ta x 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 m aturity during the taxable year for which the return is m ade, as ordinary gain or loss. T reasu ry Department Circular N o . 418, as amended, and this notice, prescribe the terms of the T reasury bills and govern the conditions o f their issue. Copies of the circular m ay be obtained from any Federal Reserve Bank or Branch. In accordance with the above announcement tenders will be received at the Securities Department o f this bank (9th floor, 33 Liberty Street) New Y ork 45, N. Y ., o r at the Buffalo Branch o f this bank (270 Main Street) Buffalo 5, N. Y ., up to two o ’clock p.m., Eastern Standard time, on Monday, February 20, 1950. It is requested that tenders be submitted on special form printed on reverse side and returned in special envelope enclosed herewith. Paym ent for the Treasury bills cannot be made by credit through the Treasury T ax and Loan Account. Settlement must be made in cash or other immediately available funds or in maturing Treasury bills. A llan S proul, President. (E xtract from Treasury Department statement released for publication February 11, 1950, announcing results after tenders w ere opened for 91-day Treasury bills dated February 16, 1950 maturing M ay 18, 1950) T o ta l applied f o r ......... $1,551,109,000 T otal a c c e p te d .............. $1,003,214,000 (includes $85,106,000 entered on a non-competitive basis and accepted in full at the average price shown below ) A vera ge p rice____ 99.714 Equivalent rate of discount approx. 1.131 percent per annum Range o f accepted competitive b id s: H i g h . . . . ................ 99.730 Equivalent rate o f discount approx. 1.068 percent per annum L o w ........................... 99.713 Equivalent rate of discount approx. 1.135 percent per annum (90 percent o f the amount bid for at the low price was accepted) Federal R eserve District ---------------------------* Boston ............................... N ew Y o r k ...................... Philadelphia .................. Cleveland ......................... R ic h m o n d ......................... A tlan ta ............................. C h ic a g o ............................. St. L o u i s ........................... M inneapolis .................... K ansas City .................. D allas ........................... San F r a n c is c o ................ T o t a l ......................... Total Applied for --------------------$ 10,963,000 1,258,703,000 34,960,000 13,740,000 7,277,000 17,887,000 115,790,000 9,285,000 4,170,000 24,677,000 26,030,000 27,627,000 ----------------------$1,551,109,000 Total Accepted 9,963,000 787,078,000 17,910,000 13,280,000 7,077,000 17,837,000 64,290,000 9,075,000 4,170,000 24,677,000 20,730,000 27,127,000 — —— - , $1,003,214,000 $ ( over) 22 V IM P O R T A N T — I f it is desired to bid on a com petitive basis, fill in rate per 100 and maturity value in paragraph headed “ Com petitive B id ” . I f it is desired to bid on a non com petitive basis, fill in on ly the maturity value in paragraph headed “ N on-com petitive B id ” . D O N O T fill in b oth paragraphs on o n e form . A separate ten d er must b e used for each bid. No. T E N D E R FO R 91-D A Y T R E A S U R Y BILLS Dated February 23, 1950. To F e d e ra l R eserve B a n k o f N e w M aturing M ay 25, 1950. Dated a t ....................... Y ork, Fiscal A gen t o f the United States. 1950 C O M P E T IT IV E B ID N O N -C O M P E TIT IV E BID Pursuant to the provisions o f Treasury Department Circular N o. 418, as amended, and to the provisions o f the public notice on February 17, 1950, as issued by the Secretary o f the Treasury, the undersigned offers Pursuant to the provisions o f Treasury De partment Circular N o. 418, as amended, and to the provisions o f the public notice on February 17, 1950, as issued by the Secretary o f the Treasury, the undersigned offers a non-com petitive tender . . . * fo r a total amount o f for a total amount o f $ ............................................... (maturity value) $ ................................................ .. o f the Treasury bills therein described, or for any less amount that may be awarded, settlement therefor to be made at your bank, on the date stated in the public notice, as indicated b e lo w : (maturity value) o f the Treasury bills therein described, at the average price (in three deci mals) o f accepted com petitive bids, settlement therefor to be made at your bank, on the date stated in the public notice, as indicated b e lo w : □ □ (R a te per 100) By (N o t to ex ce e d $200,000) surrender o f the maturing issue o f Treasury b ills............... $ .................................... By surrender of the Treasury bills ............... maturing issue $ .................................... (A m ou nt surrendered) □ B y cash or other immediately available funds of (A m ou nt surrendered) □ B y cash or other immediately available funds The Treasury bills fo r which tender is hereby made are to be dated February 23, 1950, and are to mature on M ay 25, 1950. This tender will be inserted in special envelope entitled “ Tender for Treasury bills” . N am e of Bidder. (P lea se print) B y ... (Official signature required) Street A dd ress (Title) ...................................... (C ity , T ow n or V illa g e , P . O. N o., and S tate) If this tender is submitted for the account o f a customer, indicate the customer’s name on line below: (N am e o f C ustom er) (C ity , T ow n o r V illa g e , P. O. N o., and State) Use a separate tender for each customer’s bid. IM P O R T A N T IN STR U C T IO N S: 1. N o tender fo r less than $1,000 w ill be considered, and each tender must be $1,000 (m aturity va lu e). A separate tender m ust be executed for each bid. for an even multiple of 2. I f the person m aking 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 o f the corporation w ill be construed as a rep resentation by him that he has been so authorized. I f the tender is made by a partnership, it should be signed by a m em ber o f the firm, w ho should sign in the form “ ....................................................................................................................... a copartnership, by ............................................................................................................. a member o f the firm”. 3. T enders w ill be received without deposit from incorporated banks and trust companies and from respon sible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face am ount of T reasu ry bills applied for, unless the tenders are accompanied by an express guaranty o f payment by an incorporated bank or trust company. 4. I f the language of this tender is changed in any respect, which, in the opinion o f the Secretary o f the T reasury, is material, the tender m ay be disregarded. P aym ent b y cred it through Treasury T ax and Loan A ccou n t w ill n ot b e perm itted. T E N T B —1025-a * Price m ust be expressed on the basis of 100, with not m ore than three decimal places. Fractions may not be used. ( over) Cumulative Supplement N o. 3 F ebruary 1, 1950 D IRECTO RY OF NEW JE R S E Y BANKS Compiled, by W illiam H. D il l is t in F E D E R A L RESERVE B A N K OF N E W 1950 YORK D IRECTO RY OF NEW JE R S E Y BANKS By arrangement with William H. Dillistin and the New Jersey Bankers Association, there is presented herewith Cumulative Supple ment N o. 3 to the Directory o f New Jersey Banks 1804— 1942, which was compiled by M r. Dillistin and published by the Association in 1942. This supplement covers the period from March 31, 1942 to February 1, 1950, and sets forth a brief statement of each addition or change affecting the material in the directory, which has come to our notice since its publication. Following the plan o f the directory, the new material is set forth with respect to the banks in the various cities and towns (Part I ), arranged in alphabetical order by location. Part I o f this supplement also includes the name and location o f each bank that now operates a branch or branches outside of its head office city, together with the location of each such branch. There is also included in this supplement a list of additions to Part II o f the direc tory, which is an alphabetical index o f all banks regardless of location. An asterisk (* ) preceding the bank name in Part I, as heretofore, indicates an active bank or a branch o f an active bank. This supplement has been prepared by the Federal Reserve Bank o f New York in cooperation with the Federal Reserve Bank o f Philadelphia, from information derived from sources believed to be reliable. Copies are being distributed to all banking institutions in the State o f New Jersey, and will be furnished to others upon request, only upon the understanding that the Federal Reserve Bank of New Y ork does not warrant the completeness and accuracy of the information, and is not responsible for any errors or omissions. February 1, 1950 2 Cumulative Supplement N o. 3 D IR EC TO R Y OF NEW JE R S E Y BANKS Part I ASBU R Y PARK *A s b u r y P ark and O cean G rov e B ank— 1889 O perates o u t-o f-to w n branches at N ep tu ne and O cean G rove. A T L A N T IC C IT Y E quitable T r u s t C o m p a n y Charter surrendered D ecem ber 1946. B A S K IN G R ID G E ♦Som erset H ills N ational B ank o f Bernardsville (B ra n ch ) BAYONNE B ayon n e T ru st C o m p a n y A b sorb e d Septem ber 1948 by N e w Jersey, Jersey City. Com m ercial T ru st C om pany of ♦Com m ercial T r u s t C o m p a n y of N e w Jersey, Jersey C ity (B ran ch es, 3) B E R N A R D S V IL L E Bernardsville N ation al B ank, T h e N a m e changed M arch 1949 to Som erset H ills N ational B ank of Bernardsville. ♦ Som erset H ills N ation al Bank o f Bernardsville (6 9 6 0 )— 1903 O rigin ally T h e Bernardsville National Bank. O perates an o u t-o ftow n branch at B a skin g R idge. CAMDEN ♦Cam den T ru st C om pany— 1873 O perates o u t-o f-to w n and H addonfield. branches at B lackw ood, G loucester City, ♦F irst C am den N ation al B ank and T r u s t C o m p a n y (1 2 0 9 )— 1812 O perates an o u t-o f-to w n branch at H a d d on H e ig h ts ; and also at Philadelphia, Pennsylvania. C L IF T O N ♦Bank o f A llw o o d — 1949 Chartered D ecem ber 1949. 3 Clifton National Bank, The Consolidated A u g u s t 1949 with Passaic N ational B ank and T ru st C o m p a n y w hich thereupon changed its nam e to P assaicClifton N ational B ank and T ru st C om pany. Clifton T ru st C o m p a n y A b sorb e d June 1949 b y First National B ank and T ru st C om pany o f Paterson. ♦First National Bank and T ru st Com pany o f Paterson (Branches, 2) First National Bank o f Clifton, T h e A b sorb e d June 1949 by F irst N ational B ank and T ru st C o m p a n y o f Paterson. ♦Passaic-Clifton National Bank and T rust Com pany, Passaic (B ran ch ) D E N V IL L E ♦M orristown T rust Com pany, T h e (B ranch) EAST ORANGE ♦Savings Investment & Trust Com pany— 1892 O perates o u t-o f-to w n branches at O ran ge and South O ran g e. E L IZ A B E T H ♦Elizabeth Savings Bank— 1900 A conversion o f Germ ania M utual Savin gs A ssociation. E lizabeth T ru st C o m p a n y M erged D ecem ber 1947 into U n io n C ounty T ru st C om pany. Germania Mutual Savings Association Converted Septem ber 1947 into Elizabeth Savings Bank. ♦Harmonia Savings Bank— 1851 A conversion o f M utual Savings F u nd H arm onia. Mutual Savings Fund H armonia Converted July 1947 into H a rm o n ia Savings Bank. ♦Union County T rust Com pany— 1902 O perates an o u t-o f-to w n branch at Cranford. ELM ER E lm er Bank O p eratin g in O c to b e r 1889. Period o f existence not ascertained. ENGLEW OOD Palisades T rust and Guaranty Com pany N a m e changed January 1946 to Palisades T ru st C om pany. ♦Palisades Trust Com pany— 1902 O rigin a lly Palisades T ru st and Guaranty C om pany. F L E M IN G T O N ♦Hunterdon County National Bank o f Flem ington, T h e (892)— 1854 O perates o u t-o f-to w n branches at H ig h Bridge, L am bertville, and W h ite H o u se Station. 4 GARWOOD F irst N a tio n al B ank of G arw ood, T h e A b sorb e d A p ril 1942 b y T h e W e stfie ld T ru st C om pany. ♦ W estfield T r u s t C o m p a n y, T h e (B ra n ch ) GUTTENBERG ♦H ud son C ou n ty N ation al B ank, Jersey C ity (B ra n ch ) L iberty N ation al B an k in G uttenberg A b so rb e d July 1948 b y H u d so n C ounty N ation al B ank, Jersey City. H ACKENSACK ♦P eoples T r u s t C o m p a n y o f Bergen C ounty— 1916 O perates o u t-o f tow n branches T eaneck, and W e s tw o o d . at H asbrou ck H e igh ts, L od i, H A R R IS O N ♦First N ation al B ank o f Jersey C ity, T h e (B ra n ch ) H a rrison N a tio n al B ank, T h e A bsorbed A u g u s t 1945 by T h e First N ational B ank o f Jersey City. ♦ W e s t H u d so n N a tio n al B ank of H arrison O perates an o u t-o f-to w n branch at K earn y. H IG H B R ID G E F irst N a tio n al B ank of H ig h B ridge, T h e A b sorb e d S eptem ber 1947 by T h e B an k of F lem ington. H u n terdon C ou n ty National ♦H unterdon C ou n ty N ation al Bank of F lem in gton , T h e (B ra n ch ). IR V IN G T O N ♦Fidelity U n io n T r u s t C o m p a n y, N ew ark (B ra n ch ) Irv in gton N ation al B ank, T h e A b so r b e d O ctob er 1949 by F idelity U n io n T ru st C om pany, N ew ark. JE R S E Y C IT Y ♦Com m ercial T r u s t C om pany of N e w Jersey— 1900 O perates three o u t-o f-to w n branches at Bayonne. ♦First N a tio n al B an k o f Jersey C ity, T h e (3 7 4 )— 1864 O perates o u t-o f-to w n branches at H arrison, H o b ok en , and W e s t N ew Y ork. ♦ H u d so n C o u n ty N ation al B ank (1 1 8 2 )— 1851 O perates o u t-o f-to w n branches at B ayon n e and G uttenberg. International T r u s t C o m p a n y D ate established not ascertained. Suspended February 1878. ♦T rust C o m p a n y o f N e w Jersey, T h e — 1899 O perates o u t-o f-to w n branches at H o b o k e n , U n io n haw ken, and W e s t N e w Y ork . 5 City, W e e - LAKEH U RST First National Bank o f Lakehurst, T he A b sorb e d O cto b er R iver, N . J. 1947 by The F irst N ational B ank o f T o m s ♦First National Bank o f T om s River, N . J., T he (B ranch) L A M B E R T V IL L E A m w ell National Bank o f Lam bertville, The A b so rb e d O ctob er 1948 by T h e H unterdon C ou n ty National Bank o f F lem ington. ♦Hunterdon County National Bank o f Flem ington, T h e (B ran ch ) M A PLE SH ADE ♦Burlington County T rust Com pany, M oorestow n (B ran ch ) E stablish ed A u g u s t 1945. M OORESTOW N ♦Burlington County T rust Com pany— 1890 O perates an o u t-o f-to w n branch at M ap le Shade. M O R R IS T O W N Am erican T rust Com pany M erged S eptem ber 1946 into T h e M orristow n T ru st C om pany. First National Bank o f M orristown, The C onsolidated July 1944 with T h e National Iron Bank of M orris tow n which thereupon changed its nam e to T h e F irst National Iron B ank of M orristow n. ♦First National Iron Bank o f M orristown, T he (1133)— 1865 F orm erly T h e N ational Iron B ank o f M orristow n. o u t-o f-to w n branch at R ockaw ay. O perates an ♦M orristown T rust Com pany, The— 1892 O perates an o u t-o f-to w n branch at D enville. National Iron Bank o f M orristow n, T he N a m e changed July 1944 to T h e First N ational Iron B ank of M orristow n w hen T h e First N ational B ank o f M orristow n was consolidated with this bank. NEW ARK Clinton Trust Com pany A b sorb e d D ecem ber 1947 by Fidelity U n io n T ru st C om pany. Colum bus T rust Com pany A b sorb e d July 1948 by U nited States T ru st C o m p a n y of N ew ark. Dim e Savings Institution, The M erge d M arch 1949 into U n ited States Savings B a n k of N ew ark, N . J. ♦Fidelity Union T rust Com pany— 1875 O perates o u t-o f-to w n branches at E ast O ran g e ( 2 ) and Irvington. M erchants and N ew ark T r u s t C o m p a n y o f N ew ark , N . J. Consolidated June 1949 with T h e N ational State B ank o f New ark. ♦U nited States T ru st C o m p a n y of N ew ark O perates an ou t-o f-to w n branch at Irvington . NEW TON ♦Sussex and M erch an ts N ation al B an k o f N e w to n , T h e (9 2 5 )— 1818 O perates an o u t-o f-to w n branch at Sparta. NORTH M E R C H A N T V IL L E ♦Pennsauken T ow n sh ip N ation al B ank (1 2 9 0 3 )— 1926 O rigin ally T h e Pennsauken T ow n sh ip National M erchantville. B ank o f North Pennsauken T o w n sh ip N ation al B an k of N o rth M erchantville, T h e N a m e changed A p ril 1945 to Pennsauken T ow n sh ip National Bank. PALM YRA ♦Cinnaminson B an k and T ru st C om pany, R iverton (B ra n ch ) Established June 1948. P A S S A IC ♦P assaic-C lifton N ation al B an k and T r u s t C o m p a n y (1 2 2 0 5 )— 1887 F orm e rly Passaic N ational Bank and T ru st C om pany. O perates an o u t-o f-to w n branch at Clifton. P assaic N ation al B an k and T ru st C om pan y N a m e changed A u g u s t 1949 to P assaic-C lifton National Bank and T ru st C om pany w hen T h e Clifton N ational B ank w as consoli dated with this bank. PATERSO N C om m ercial N ational B an k o f P aterson F orm erly N ational U n ion B ank of A m erica in Paterson. C onsoli dated N o v e m b e r 1945 w ith T h e Second N ational Bank of Paterson. ♦First N ational B an k and T ru st C o m p a n y o f P aterson ( 3 2 9 ) — 1864 F orm erly F irst Paterson National B ank and T ru st C om pany. O perates o u t-o f-to w n branches at Clifton ( 2 ) . F irst N ation al B an k o f P aterson, T h e N a m e changed M a y 1946 to F irst Paterson N ational Bank and T ru st C o m p a n y w hen T h e P aterson N ational B ank was consolidated with this bank. F irst P aterson N ation al B an k and T ru st C o m p a n y O rigin ally T h e First N ational B ank of Paterson. N a m e changed O ctob er 1948 to First N ational Bank and T ru st C om pany of P aterson when T h e Second N ational B ank of Paterson was consolidated w ith this bank. N ational U n io n B an k o f A m erica in Paterson N a m e changed Paterson. January 1944 to Com m ercial 7 N ational B ank of Paterson National Bank, The Consolidated M a y 1946 with T h e First National B ank o f Paterson w hich thereupon changed its nam e to F irst P aterson National Bank and T ru st C om pany. ♦Paterson Savings and T rust Com pany, T h e— 1869 A conversion of T h e Paterson Savings Institution. Paterson Savings Institution, T he Converted S eptem ber 1947 into T h e Paterson Savings and T ru st C om pany. Second National Bank o f Paterson, The Consolidated O ctob er 1948 with First Paterson N ational B ank and T r u s t C o m p a n y w hich thereupon changed its nam e to First N ational B ank and T ru st C om pan y o f Paterson. P O R T N O R R IS ♦People’s Bank o f P ort Norris, The— 1944 E stablish ed M a y 1944. R IV E R T O N *Cinnaminson Bank and T rust Com pany O perates an o u t-o f-to w n branch at P alm yra. RUTHERFORD ♦Rutherford National Bank, T he (5005)— 1895 O perates o u t-o f-to w n branches at Carlstadt, E a st Rutherford, and L yn dhu rst, ( 2 ) . S E A S ID E H E IG H T S *First National Bank o f T om s River, N. J., T he (B ran ch ) E stablish ed originally in June 1944 as a branch of O cean County T ru st C om pany, T o m s River. SPARTA ♦Sussex and M erchants National Bank o f New ton, T h e (B ranch) TEANECK ♦Garden State National Bank o f Teaneck, T h e (12402)— 1923 F orm erly T h e W e s t E n g le w o o d N ation al Bank. W est E n glew ood National Bank, The N a m e changed June 1948 to T h e o f T eaneck. Garden State N ational Bank T O M S R IV E R ♦First National Bank o f T om s River, N. J., T h e (2509)— 1881 O perates o u t-o f-to w n branches at Lakehurst and Seaside H eigh ts. O cean County Trust Com pany Consolidated S eptem ber T o m s R iver, N . J. 1944 with T h e First N ational Bank of U N IO N C IT Y C o m m on w ealth -M erch a n ts T ru st C om pany N a m e changed January 1946 to Com m onw ealth T ru st C om pany. ♦C om m on w ealth T r u s t C o m p a n y— 1905 F orm e rly C o m m on w ealth -M erch a n ts T ru st C om pany. O perates o u t-o f-to w n branches at N o rth B ergen and W eeh aw k en . F irst N ation al B ank o f U nion C ity , T h e A bsorbed D ecem ber 1946 by H u d son T ru st C om pany. ♦H ud son T ru st C o m p a n y— 1890 O perates tw o o u t-o f-to w n branches at H obok en . W EEHAW KEN ♦C om m on w ealth T r u s t C o m p a n y, U n io n C ity (B ra n ch ) H a m ilto n N ation al B ank of W ee h a w k en , T h e A bsorbed D ecem ber 1942 C om pany, U n io n City. W EST ENGLEW OOD W EST NEW by C om m on w ealth -M erch an ts T ru st (S e e T ean eck ) YORK ♦F irst N ation al B ank o f Jersey C ity , T h e (B ra n ch ) N ational B ank o f W e s t N e w Y o rk A b sorb e d D ecem b er 1944 by T h e F irst N ational B ank of Jersey City. W E S T F IE L D ♦W estfield T r u s t C o m p a n y, T h e — 1903 O perates o u t-o f-to w n branches at G arw ood and Scotch Plains. W H IT E H O U S E S T A T IO N ♦H unterdon C o u n ty N a tio n al B ank o f F lem in gto n , T h e (B ra n ch ) 9 P a r t II B AN K S OF N E W J E R S E Y A R R A N G E D B Y N A M E (Additions to original list published March 31, 1942) N am e B ank of A llw o o d Location .......................................................................................................... Clifton C om m ercial N ational B ank of Paterson ...................................................... Paterson Elizabeth Savings E lm er Bank B ank ..................................................................................... Elizabeth .........................................................................................................................E lm er First National B ank and T ru st Com pany o f P a t e r s o n ........................Paterson F irst Paterson N ational Bank and T ru s t C o m p a n y ............................ Paterson First N ational Iron B an k o f M orristow n , T h e ................................. M orristow n Garden State N ational B ank o f T eaneck, T h e ........................................ Teaneck H arm on ia Savin gs Bank ..................................................................................... E lizabeth International T ru st C o m p a n y .......................................................................Jersey City P alisades T ru st C o m p a n y ................................................................................ E n glew o od P assaic-C lifton N ational B ank and T ru st Com pany ............................ Passaic P aterson Savings and T ru st C om pan y, T h e ............................................. Paterson Pennsauken T ow n sh ip National B a n k ................................. N o rth M erchantville P eople’s Bank o f P ort N orris, T h e ........................................................... P ort N orris Som erset H ills National B ank of B e r n a r d s v ille ...............................Bernardsville 10 Cumulative Supplement No. 2 February 1, 1 9 5 0 Historical Directory o f the BANKS of the STATE o] NEW YORK Compiled by W illia m H. D illis tin FEDERAL RESERVE BANK OF N EW YORK 1950 H ISTORICAL D IR EC TO R Y OF TH E BANKS OF TH E STATE OF N EW YO RK By arrangement with William H . Dillistin and the New Bankers Association, there is presented herewith Cumulative No. 2 to the Historical Directory o f the Banks o f the State o f which was compiled by Mr. Dillistin and published by the in October, 1946. York State Supplement New York, Association This supplement covers the period from October 1, 1946 to February 1, 1950, and sets forth a brief statement o f each addition or change affect ing the material in the directory, which has come to our notice since the directory was published. Following the plan o f the directory, the new material is presented first with respect to banks in the City o f New York (Part I ) , and then with respect to banks in other cities and towns (Part II), arranged in alphabetical order by location. There is also included in this supplement a list o f additions to Part HI o f the directory, which is an alphabetical index o f all bank names regardless o f location. The superior letters preceding bank names in Parts I and II have the same meanings as in the original directory, as follows: ABank in a ctive operation. BO u t-o f-to w n branch o f an active bank. This supplement has been prepared by the Federal Reserve Bank o f New York, from information derived from sources believed to be reliable. Copies are being distributed to all banking institutions in the State o f New York, and will be furnished to others upon request, only upon the understanding that this Bank does not warrant the completeness and accuracy o f the information, and is not responsible for any errors or omissions. February 1, 1950 2 Cum ulative Supplement N o. 2 H ISTORICAL D IR EC TO R Y OF TH E BANKS OF TH E STATE OF N EW YORK P art CITY OF I NEW YORK AAmerican Trust Company (Second)— 1929. can Trust Company. Form erly Pan A m eri Bank o f New York— Name changed A pril 1948 to Bank o f New Y ork and F ifth Avenue Bank when The F ifth Avenue Bank o f New Y ork w as m erged into this bank. ABank o f New Y ork and F ifth Avenue Bank— 1784. Bank o f New York. Form erly Bank o f Yorktown. M erged N ovem ber 1949 into The Marine Midland Trust Company o f New York. Boulevard Bank— F orest H ills, Queens. A bsorbed May 1948 by Sterling National Bank & Trust Company o f New York. AChemical Bank & Trust Company— 1929. A cquired The Con tinental Bank & Trust Company o f New Y ork in addition to those previously listed. Continental Bank & Trust Company o f N ew York, The. A bsorbed A pril 1948 by Chemical Bank & T ru st Company. D ry D ock Savings Institution. D ry Dock Savings Bank. Name changed D ecem ber 1949 to AD ry D ock Savings Bank— 1848. Institution. Form erly Dry D ock Savings F idelity N ational Bank in New York, The— Elmhurst, Queens. A bsorbed May 1947 by M anufacturers Trust Company. F ifth Avenue Bank o f New York, The. M erged A pril 1948 into Bank o f New Y ork w hich thereupon changed its name to Bank o f New Y ork and F ifth Avenue Bank. Fulton Trust Company o f New York. into The N ew Y ork Trust Company. M erged September 1949 AM anufacturers Trust Company— 1905. A cquired The National Bronx Bank o f New Y ork in addition to those previously listed. 3 AM arine Midland Trust Company o f New York, The— 1907. A c quired Bank o f Yorktow n in addition to those previously listed. AM etropolitan Industrial Bank— Brooklyn— 1929. trose Industrial Bank. Form erly M on M ontrose Industrial Bank— Brooklyn. Name changed January 1950 to M etropolitan Industrial Bank. Nassau Banking Company, The— 1878. Reported in M arch 1882 as being in liquidation. N ational B ronx Bank o f New York, The. 1949 b y M anufacturers Trust Company. A bsorbed N ovem ber AN ew Y ork Trust Company, The— 1889. A cquired Fulton Trust Company o f N ew Y ork in addition to those previously listed. N orth R iver Savings Bank. B ow ery Savings Bank. M erged Febru ary 1949 into The Pan A m erican Trust Company. to A m erican Trust Company. P art STATE OF Name changed February 1950 II NEW YORK (Except City o f New York) ADAMS Citizens and Farm ers Trust Company, Adams, New Y ork. M erged M arch 1947 into The N orthern N ew Y ork Trust Company, W atertown. BN orth em N ew Y ork Trust Company, The, W atertown. ALBANY AA lbany Savings Bank— 1820. Should read as stated and not “ The A lban y Savings Bank.” AF irst Trust Company o f A lbany— 1926. branch at Colonie. Operates an out-of-tow n i n d u s t r ia l Bank o f Commerce o f A lbany— 1915. F orm erly M orris Plan Industrial Bank o f Albany. M orris Plan Industrial Bank o f A lbany. Name changed N ovem ber 1946 to Industrial Bank o f Commerce o f A lbany. 4 AN ational Commercial Bank and Trust Company o f A lbany, The (1301)— 1865. Operates out-of-tow n branches at Colonie, Menands and Rensselaer (2) in addition to those previously listed. AState Bank o f A lbany— 1937. Operates ou t-of-tow n branches at Menands and W atervliet in addition to those previously listed. A R L IN G T O N BF irst N ational Bank o f Poughkeepsie, The. V assar Bank. Consolidated February N ational Bank o f Poughkeepsie. 1947 w ith The F irst A T T IC A Bank o f A ttica, The. M erged N ovem ber 1946 into The Marine Trust Company o f Buffalo. BM arine Trust Company o f Buffalo, The. BARKER BN iagara County N ational Bank and Trust Company, Lockport. Somerset National Bank o f Barker, The. A bsorbed January 1950 by N iagara County N ational Bank and Trust Company, Lock port. I B IN G H A M T O N AF irst N ational Bank o f Binghamton, N. Y. (20 2)— 1864. Originally F irst N ational Bank o f Binghamton. Name changed January 1947. AM arine M idland Trust Company o f Binghamton— 1910. Operates an ou t-of-tow n branch at Endicott. B O O N V IL L E Bank o f B oonville. Private bank established M arch 1866 with Joseph R. Tharratt as president and Clark Dodge as cashier. Succeeded 1876 by The F irst N ational Bank o f Boonville. D odge & Sharratt (T h arra tt). Delete. (See Bank o f B oonville.) AF irst N ational Bank o f Boonville, The (2320)— 1876. Succeeded Bank o f Boonville. BUFFALO ALiberty Bank o f B uffalo— 1882. at W illiam sville. Operates an out-of-tow n branch 5 ^M anufacturers and Traders Trust Company— 1893. Operates out-of-tow n branches at Ebenezer, E ggertsville and Lockport in addition to those previously listed. AMarine Trust Company o f Buffalo, The— 1919. Operates ou t-oftow n branches at A ttica and Tonawanda in addition to those previously listed. Szczukowski, V ictor B. Private banker established 1921. A b sorbed D ecem ber 1930 by The East Side N ational Bank o f Buffalo. C A N A N D A IG U A BLin coln Rochester Trust Company, Rochester. Ontario County Trust Company. Merged February 1948 into Lincoln R ochester Trust Company. C E N T E R M O R IC H E S Center M oriches Bank. Name changed June 1949 to South Bay Bank when The E astport N ational Bank w as merged into this bank. ASouth B ay Bank— 1902. O riginally Center M oriches Operates an out-of-tow n branch at Eastport. Bank. C IC E R O AC icero State Bank— 1926. N orth Syracuse. Operates an out-of-tow n branch at COHOES M anufacturers Bank o f Cohoes, The. A bsorbed A u gust 1948 by The N ational City Bank o f Troy. ^National City Bank o f Troy, The. C O L O N IE BF irst Trust Company o f Albany. BN ational Com m ercial Bank and Trust Company o f A lbany, The. COPENHAGEN Copenhagen N ational Bank, The. A bsorbed O ctober 1947 by The N orthern New Y ork Trust Company, W atertown. BN orth em New Y ork Trust Company, The, W atertown. 6 C O R N IN G C om in g Trust Company. A bsorbed January 1948 by Lincoln R ochester Trust Company. BL in coln R ochester Trust Company, (2 ) Rochester. C R O W N P O IN T W yman, J. W . V oluntary liquidation January 1948. D A N S V IL L E Citizens Bank & Trust Company. M erged September 1947 into Security T ru st Company o f Rochester. BSecurity Trust Company o f Rochester. EASTCH ESTER BF irst N ational Bank & Trust Company o f Tuckahoe, The. EASTPORT Eastport N ational Bank, The. M erged June 1949 into Center M oriches Bank w hich thereupon changed its name to South Bay Bank. BSouth Bay Bank, Center M oriches. E A S T W ORCESTER M itchell & Co., P . H. P rivate bankers at Schenevus 1876-84; were also actin g as such at E ast W orcester in 1875. EBENEZER Ebenezer State Bank, The. M erged May 1948 into M anufacturers and Traders Trust Company, Buffalo. BM anufacturers and Traders Trust Company, Buffalo. E G G E R T S V IL L E BM anufacturers and Traders Trust Company, Buffalo. E N D IC O T T AE ndicott Trust Company— 1919. at V estal. Operates an out-of-tow n branch BM arine M idland Trust Company o f Binghamton. U nion Trust Company o f E ndicott. M erged Decem ber 1946 into M arine M idland Trust Company o f Binghamton. 7 F A Y E T T E V IL L E BM erchants National Bank & Trust Company o f Syracuse, The. F R A N K L IN S Q U A R E AFranklin National Bank o f Franklin Square, The (12997)— 1926. O riginally The Franklin Square National Bank. Franklin Square N ational Bank, The. Name changed A u gust 1949 to The Franklin N ational Bank o f Franklin Square. FREEPORT F irst N ational Bank and Trust Company o f Freeport, The. Name changed N ovem ber 1949 to The Island N ational Bank o f Free port when The F irst National Bank o f M errick, N. Y. was consolidated with this bank. Island N ational Bank o f Freeport, The. Name changed November 1949 to The M eadowbrook N ational Bank o f Freeport. M eadowbrook N ational Bank o f Freeport, The. Form erly The Island N ational Bank o f Freeport. Name changed January 1950 to The M eadow B rook N ational Bank o f Freeport. AMeadow Brook N ational Bank o f Freeport, The (7703)— 1905. Form erly The M eadowbrook National Bank o f Freeport. Operates an out-of-tow n branch at M errick. H A M IL T O N N ational Hamilton Bank, The. A bsorbed D ecem ber 1949 by The Oneida V alley N ational Bank o f Oneida. BOneida V alley N ational Bank o f Oneida, The. HEM PSTEAD AHempstead Bank— 1887. Levittown. Operates an out-of-tow n branch at HORNELL B arnes & Co., C. Private Bankers in 1864. IR O N D E Q U O IT BGenesee V alley Trust Company, Rochester. LARCHM ONT Bank o f W estchester, The, Y onkers (Branches, 2 ). M erged July 1947 into The County Trust Company, W hite Plains. 8 BCounty Trust Company, The, (2) W hite Plains. branches o f The Bank o f W estchester, Yonkers. Form erly L E V IT T O W N BHempstead Bank. L IM A BGenesee V alley Trust Company, Rochester. LOCKPORT Lockport E xchange Trust Company. M erged N ovem ber 1949 into M anufacturers and Traders Trust Company, Buffalo. BM anufacturers and Traders Trust Company, Buffalo. ANiagara County National Bank and Trust Company (639)— 1864. Operates an out-of-tow n branch at Barker in addition to those previously listed. LYNBROOK APeoples N ational Bank o f Lynbrook, T h e (11603)— 1920. F or m erly The Peoples National Bank and Trust Company o f Lynbrook. Name changed January 1947. M ANH ASSET BP ort W ashington-M anhasset N ational Bank. Form erly a branch o f The P ort W ashington N ational Bank and Trust Company. P ort W ashington N ational Bank and Trust Company, The (B ran ch ). Name changed June 1949 to P ort W ashingtonM anhasset National Bank. M ENANDS BN ational Commercial Bank and Trust Company o f Albany, The. BState Bank o f Albany. M E R R IC K F irst N ational Bank o f M errick, N. Y., The. Consolidated Novem ber 1949 with The F irst National Bank and Trust Company o f Freeport under new name o f The Island N ational Bank o f Freeport (changed to The M eadow Brook N ational Bank o f F reeport). BM eadow B rook N ational Bank o f Freeport, The. M IN E O L A ANassau County Trust Company— 1899. Operates an out-of-town branch at Sea Cliff. 9 M O U N T K IS C O Bank o f W estchester, The, Y onkers (B ran ch ). M erged July 1947 into The County Trust Company, W hite Plains. BCounty Trust Company, The, W hite Plains. F orm erly a branch o f The Bank o f W estchester, Yonkers. NEW B E R L IN BNational Bank and Trust Company o f N orw ich, The. N ational Bank o f New Berlin, The. Consolidated Decem ber 1946 with The N ational Bank and Trust Company o f N orwich. NORTH SYR ACU SE BC icero State Bank. N O R W IC H ANational Bank and Trust Company o f N orw ich, The (1354)— 1865. Operates an out-of-tow n branch at New B erlin in addition to those previously listed. O N E ID A AOneida V alley N ational Bank o f Oneida, The Operates an out-of-tow n branch at Hamilton. (1090)— 1865. PORT CH ESTER BCounty Trust Company, The, (2 ), W hite Plains. W ashington Irving Trust Company. M erged July 1947 into The County Trust Company, W hite Plains. PORT JEFFER SO N ABank o f N orthern Brookhaven, The— 1889. O riginally The Bank o f P ort Jefferson. Operates an out-of-tow n branch at P ort Jefferson Station. Bank o f Port Jefferson, The. Name changed to The Bank o f N orthern Brookhaven when The F irst National Bank o f P ort Jefferson was m erged into this bank. F irst N ational Bank o f P ort Jefferson, The. M erged A pril 1948 into The Bank o f P ort Jefferson w hich thereupon changed its name to The Bank o f N orthern Brookhaven. P O R T J E F F E R S O N S T A T IO N BBank o f N orthern Brookhaven, The, P ort Jefferson. 10 P O R T W A S H IN G T O N P ort W ashington N ational Bank and Trust Company, The. Name changed June 1949 to P ort W ashington-M anhasset National Bank. AP ort W ashington-M anhasset N ational Bank (11292)— 1919. F or m erly The P ort W ashington N ational Bank and Trust Company. Operates an out-of-tow n branch at Manhasset. P O U G H K E E P S IE AFirst National Bank o f Poughkeepsie, The (46 5)— 1864. Operates an out-of-tow n branch at A rlington. REN SSELAER BNational Commercial Bank and Trust Company o f A lbany, The ( 2). Rensselaer County Bank and Trust Company. A bsorbed Decem ber 1947 by The N ational Commercial Bank and T ru st Company o f A lbany. ROCHESTER AGenesee V alley Trust Company— 1901. Operates out-of-tow n branches at Irondequoit and Lima in addition to one previously listed. ALin coln R ochester Trust Company— 1893. Operates out-of-tow n branches at Canandaigua and Corning in addition to those previously listed. ASecurity Trust Company o f Rochester— 1892. Operates an outof-tow n branch at D ansville in addition to those previously listed. SCHENECTADY Union N ational Bank o f Schenectady, The. A bsorbed May 1947 by The Schenectady Trust Company. S E A C L IF F BNassau County Trust Company, Mineola. State Bank o f Sea Cliff, N. Y., The. Merged D ecem ber 1949 into Nassau County Trust Company, Mineola. SYRACU SE ASyracuse Trust Company, The— 1903. Operates an out-of-tow n branch at Tu lly in addition to one previously listed. 11 ^M erchants N ational Bank & Trust Company o f Syracuse, The (1342)— 1865. Operates an out-of-tow n branch at Fayetteville in addition to one previously listed. TARRYTOW N BCounty Trust Company, The, W hite Plains. Form erly a branch o f W ashington Irving Trust Company, P ort Chester. W ashington Irving Trust Company (B ran ch ). M erged July 1947 into The County Trust Company, W hite Plains. TONAW ANDA BM arine Trust Company o f Buffalo, The. TROY ^National City Bank o f T roy, The (7612)— 1905. Operates an outof-tow n branch at Cohoes. T roy Prudential A ssociation, Inc. 1947. V oluntary liquidation A pril TUCKAHOE AF irst National Bank & Trust Company o f Tuckahoe, T h e (10525) — 1914. Operates an out-of-tow n branch at Eastchester. TULLY F irst N ational Bank o f Tully, The. A bsorbed June 1948 by The Syracuse Trust Company. BSyracuse Trust Company, The. VESTAL BE ndicott Trust Company. W ATERTOW N AN orthem New Y ork Trust Company, The— 1910. Operates ou t-oftow n branches at Adams and Copenhagen in addition to those p reviously listed. W A T E R V L IE T N ational Bank o f W atervliet, The. A bsorbed A pril 1948 by State Bank o f Albany. BState Bank o f Albany. 12 W H IT E P L A IN S ACounty Trust Company, The— 1903. Operates out-of-tow n branches at Larchm ont (2 ), M ount K isco, P ort Chester (2 ), Tarrytow n, and Y onkers (2) in addition to those previously listed. W IL L IA M S V IL L E BLiberty Bank o f Buffalo. YONKERS Bank o f W estchester, The. M erged July 1947 into The County Trust Company, W hite Plains. BCounty Trust Company, The, (2 ), W hite Plains. 13 P art INDEX III OF A L L B A N K S (Additions to original list published October 1, 1946) Name Location Bank o f New Y ork and F ifth Avenue B a n k ..................... Manhattan Bank o f N orthern Brookhaven, T h e ..............................P ort Jefferson Barnes & Co., C................................................................................. Hornell D ry Dock Savings B a n k ......................................................... Manhattan Franklin National Bank o f Franklin Square, T h e . . Franklin Square Industrial Bank o f Commerce o f A l b a n y ................................Albany Island National Bank o f Freeport, T h e ................................Freeport M eadowbrook National Bank o f Freeport, T h e ................... Freeport M eadow Brook National Bank o f Freeport, T h e ...............Freeport M etropolitan Industrial B a n k ...................................................Brooklyn Nassau Banking Company, The .......................................... Manhattan Peoples National Bank o f Lynbrook, T h e ............................Lynbrook P ort W ashington-M anhasset N ational B a n k .........P ort W ashington South Bay B a n k ............................................................... Center M oriches 14
@FedFRASER