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FED ERAL RESER VE BANK O F N EW YO RK F isca l A g e n t o f the U nited States £ C ircular No. 3 8 6 2 "1 June 5, 1952 J O fferin g o f $ 1 ,2 0 0 ,0 0 0 ,0 0 0 o f 9 1 -D a y T rea su ry B ills Dated June 12, 1952 Maturing September 11, 1952 To all Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: F ollow in g is the text of a notice published to d a y : 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 , Thursday, June 5, 1952. TREASU RY D EPARTM ENT Washington The Secretary o f the Treasury, by this public notice, invites tenders for $1,200,000,000, or thereabouts, o f 91-day Treasury bills, for cash and in exchange for Treasury bills maturing June 12, 1952, in the amount o f $1,200,138,000, to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills o f this series w ill be dated June 12, 1952, and will mature September 11, 1952, when the face amount w ill be payable without interest. They w ill be issued in bearer form only, and in denominations o f $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). Tenders w ill be received at Federal Reserve Banks and Branches up to the closing hour, tw o o ’clock p.m., Eastern Daylight Saving time, Monday, June 9, 1952. Tenders w ill not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case o f competitive tenders the price offered must be expressed on the basis o f 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 w ill be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions w ill not be permitted to submit tenders except for their own account. Tenders w ill be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in in vestment securities. Tenders from others must be accompanied by payment of 2 percent o f the face amount o f Treasury bills applied for, unless the tenders are accompanied by an express guaranty o f payment by an incorporated bank or trust company. Immediately 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 of the amount and price range o f accepted bids. Those submitting tenders w ill be advised of the acceptance or rejection thereof. The Secretary o f 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 w ill be accepted in full at the average price (in three decimals) o f accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on June 12, 1952, in cash or other immediately available funds or in a like face amount of Treasury bills maturing June 12, 1952. Cash and exchange tenders w ill receive equal treatment. Cash adjustments w ill be made for differences between the par value o f maturing bills accepted in exchange and the issue price o f the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition o f the bills, shall not have any exemption, as such, and loss from the sale or other disposition o f 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 o f the possessions o f the United States, or by any local taxing authority. For purposes o f taxation the amount o f 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) o f the Internal Revenue Code, as amended by Section 115 o f the Revenue A ct o f 1941, the amount o f 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 o f 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 o r 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 o f the Treasury bills and govern the conditions of their issue. Copies o f the circular may be obtained from any Federal Reserve Bank o r Branch. This Bank will receive tenders up to 2 p.m., Eastern D aylight Saving time, Monday, June 9, 1952, at the Securi ties Department o f its Head Office and at its Buffalo Branch. Please use the form on the reverse side o f this circular to submit a tender, and return it in an envelope marked “ Tender for Treasury Bills.” Tenders may be submitted by telegraph, subject to written confirmation; they may not be submitted by telephone. Payment 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 l l a n S p r o u l , President. Results of last offering of Treasury bills (91-day bills dated June 5, 1952, maturing September 4, 1952) Total applied f o r ........ $1,928,927,000 Total accepted ............$1,300,127,000 (includes $139,522,000 entered on a non-competitive basis and accepted in full at the aver age price shown below) Average p rice.......... 99.561 Equivalent rate of discount approx. 1.737% per annum Federal Reserve District Total Applied for . $ . $1,928,927,000 New Y ork .................. Philadelphia .............. Cleveland .................... Richmond ................... Range o f accepted competitive b id s : H i g h ......................... 99.588 Equivalent rate o f discount approx. 1.630% per annum L o w ........................... 99.558 Equivalent rate o f discount approx. 1.749% per annum (80 percent o f the amount bid for at the low price was accepted) St. L o u i s ..................... Minneapolis ................ Kansas C i t y ................ San F r a n cis c o ............ T otal ........................... 19,464,000 1,402,357,000 39,565,000 53,310,000 10,300,000 23,168,000 222,446,000 24,035,000 6,827,000 34,198,000 35,961,000 57,296,000 Total Accepted $ 16,264,000 811,357,000 33,365,000 53,310,000 9,700,000 22,968,000 209,146,000 22,535,000 6,627,000 33,538,000 33,861,000 47,456,000 $1,300,127,000 ( over) IMPORTANT— If you desire to bid on a com petitive basis, fill in rate per 100 and maturity value in paragraph headed “ Competitive Bid.” If you desire to bid on a n on-com petitive basis, fill in only the maturity value in paragraph headed “ Non-competitive Bid.” DO N O T fill in b oth paragraphs on on e form . A separate tender must be used for each bid, except that banks submitting bids on a competitive basis for their own and their customers’ accounts may submit one tender for the total amount bid at each price, provided a list is attached showing the name of each bidder, the amount bid for his account, and method of payment. Forms for this purpose will be furnished upon request. No........................... T E N D E R FOR 91-D A Y T R E A S U R Y BILLS Dated June 12, 1952 Maturing September 11, 1952 Dated a t ......................... To F e d e r a l R e s e r v e B a n k o f N e w Y o r k , Fiscal Agent of the United States. 1952 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 June 5, 1952, 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 June 5, 1952, 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 $. ( N o t t o e x c e e d $200,000) ( R a t e p e r 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 indicated below: (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 indicated below: □ □ By surrender of maturing Treasury bills By surrender of maturing Treasury bills amounting t o ................... $----------------------------------- amounting t o ................... $_______________________ □ □ By cash or other immediately available funds By cash or other immediately available funds * P rice must be expressed on the basis of 100, with not more than three decimal places, for example, 99.925. The Treasury bills for which tender is hereby made are to be dated June 12, 1952, and are to mature on September 11, 1952. This tender will be inserted in special envelope marked “ Tender for Treasury Bills." Name o f Bidder ( P l e a s e p r in t ) By ----(O ffic ia l s ig n a t u r e r e q u ir e d ) (T itle ) Street Address ......................................... ( C i t y , T o w n o r V i l la g e , P . O . N o ., a n d S ta te ) If this tender is submitted by a bank for the account o f a customer, indicate the customer’s name on line below: (N a m e o f C u sto m e r) ( C i t y , T o w n o r V i l la g e , P . O . N o ., a n d S ta te ) IMPORTANT INSTRUCTIONS: 1. N o tender for less than $1,000 will be considered, and each tender must be for an even multiple o f $1,000 (maturity value). 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 o f the tender by an officer o f 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 o f the firm, who should sign in the form “ ....................................................................................................... . a copartnership, by .......... ................................................................................................. . a member o f the firm.” 3. Tenders 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 o f the face amount o f Treasury bills applied for, unless the tenders are accompanied by an express guaranty o f payment by an incorporated bank or trust company. 4. If the language o f this tender is changed in any respect, which, in the opinion o f the Secretary o f the Treasury, is material, the tender may be disregarded. Payment b y credit through Treasury Tax and Loan Account will not be permitted. http://fraser.stlouisfed.org/ rB — 1145-a Federal Reserve Bank of St. Louis ( over) FEDERAL RE SE R V E BANK OF NEW YORK D IR E C T O R Y JUNE 1952 SECOND FEDERAL RESERVE DISTRICT Directory OF THE FEDERAL RESERVE BANK OF NEW YORK ★ Head Office, 33 Liberty Street, New York, N. Y . Mailing Address F R ederal ese r v e P. 0 . S t a t i o n New Y o r k 45, N. Y . Telephone REctor 2-5700 ★ Buffalo Branch, 270-276 Main Street, Buffalo, N. Y. Mailing Address B uffalo 5, N. Y . Telephone WAshington 7562 FEDERAL RESERVE BANK OF NEW YORK June 2, 1952. To Banks and Trust Companies in the Second Federal Reserve D istrict: This edition of the directory of this Bank follows the design of the directory we sent you in April 1951, which is now superseded. The directory shows the functions, the departments and divisions within them, the officers and chiefs in charge, and the principal opera tions performed by each division. New appointments of officers and changes in their titles occuring between this and the next edition will be shown in supplements to, or revisions of, our Operating Circular No. 1, entitled “ Authorized Signatures.” The index appearing at the end of the directory will help you direct your communications to the proper officers of this Bank and to the departments and divisions under their supervision. Regular use of this directory will enable you to obtain speedier and more effective service from us; we suggest you keep it handy for that purpose. W e will be pleased to furnish additional copies upon request. A llan S proul, President. CONTENTS Page Head Office functions, departments, divisions and principal operations, and persons in charge Accounting, Planning, Building Operating, and Service. . 1 A u d i t ................................................................................................. 2 Bank Supervision and Bank R elation s....................................... 2 Cash and C ollections........................................................................3 F o r e ig n ............................................................................. ...... Government Bond and Safekeeping of Securities . 5 . . . 6 L e g a l ................................................................................................. 7 Loans and C re d its..............................................................................8 Open Market Operations, Treasury Issues, and Margin R e g u la tio n s.................................................................................... 9 P e r s o n n e l ...........................................................................................10 Research and S ta tis tic a l................................................................. 10 Secretary’s O f f i c e ..............................................................................11 Buffalo Branch functions, divisions and principal operations, and persons in c h a r g e .............................................................................. 12 D i r e c t o r s ........................................................................................................14 Member of Federal Advisory Council . ....................................... 16 Industrial Advisory Committee................................................... ...... Real Estate Credit Advisory Committee (Regulation X ) . .1 6 . .1 6 Buffalo Branch Directors.............................................................................. 16 Index (Head O ffic e )....................................................................................17 (N O T E : The lettered Regulations referred to in this directory are Regulations of the Board of Governors of the Federal Reserve System.) Federal Reserve Bank of N ew York ★ PRESIDENT A llan S proul F IR ST VICE PRESID ENT F. W il l ia m T r e ib e r ★ H E A D O FFICE ACCOUNTING, PLANNING, BUILDING OPERATING, AND SERVICE H A erbert c c o u n t in g D e pa r tm e n t A D iv is io n , c c o u n t in g H H. K , H arvey im b a l l , arold V ice President. M. W essel, Manager C. D r e w , C hief Accounts, deposits in, except foreign accounts Deposits of Federal taxes Member bank reserve accounts Nonmember bank clearing accounts Regulation D— Reserves of member banks Treasurer’s account, United States P D l a n n in g P l a n n in g D , D e pa r tm e n t iv is io n , J onald C. N i l e s , Manager P. J e n s e n , C hief ohn Planning P u r c h a s in g D iv is io n , W il l ia m C. M o r g a n , Purchasing A gen t Purchase of supplies B u il d in g S e r v ic e D P ost O p e r a t in g e par tm e n t O f f ic e D iv is io n , D e pa r tm e n t , A R rthur aphael H. N A. , H oa, erbert A. M u e t h e r , Manager M anager deL e o n , Chief Federal Reserve P. 0 . Station Mail, incoming and outgoing P r o t e c t io n D iv is io n , G eorge H . T u sv e ld , C h ief Protection, fire and safety T elephone S e c t io n , M rs. M il d r e d C arew , Telephone service l C hief Operator DIRECTORY 2 AU DIT A u d it in g A D u d it in g e pa r tm e n t D iv is io n , W , C u r t is R . B alter S. R ow man, ushm ore, General A u ditor C h ief Information reflected on the Bank’s records furnished to those entitled thereto Reconciliation of accounts of member banks and others B A N K SUPERVISION AN D B A N K RELATIONS R H B a n k E e g in a l d ow ard x a m in a t io n s D B. W e pa r tm e n t L A n a l y s is D iv is io n , W il t s e , V ice President D. C r o s s e , Assistant V ice President alter , aw rence E. J ones, E. Q uackenbush , A ctin g Manager C hief Analysis of reports of examination Regulations, administration of L Interlocking bank directorates under the Clayton Act 0 Loans to executive officers of member banks R Relationships with dealers in securities under section 32 of the Banking Act of 1933 A p p l ic a t io n a n d R ecords D iv is io n , J ere V . D . S t r y k e r , Chief Branches, applications for Condition reports, State member banks Earnings and dividends reports, State member banks Regulations, administration of F Trust powers of national banks H Membership of State banking institutions in the Federal Reserve System 1 Increase or decrease of capital stock of Federal Reserve Banks and can celation 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 M Foreign branches of national banks and of corporations organized under the provisions of section 25(a) of the Federal Reserve Act P Holding company affiliates— voting permits Q Payment of interest on deposits E x a m in in g D iv is io n , Under direct supervision of Acting Manager Examination of State member banks and affiliates 3 FEDERAL RESERVE BANK OF NEW YORK B R e l a t i o n s D e p a r t m e n t , A . C h e s t e r W a l t o n , Manager (Senior R ep resen tative: J a m e s H . B u c h a n ) ( Special R epresentatives: R o b e r t W . B u l l o c k , A d a m It. D i c k , L a u r e n c e E. a n k D ig n a n , A. H erbert G raue, T homas P. H ow ard, J. R aym ond M urray) Applications for membership in Federal Reserve System Audit surveys Bank relations activities Check operations surveys Credit file installations Visits to district banks CASH AND COLLECTIONS V a l e n t in e J D onald F C ash D e par tm e n t C o in D iv is io n , J e l ix , F ohn ohn W H. W il l is , urts, J. Cam eron, V ice President V ice President Assistant V ice President T. D a v i s , Assistant V ice President r a n k l in E. P e t e r s o n , Manager C. L e n z , Chief Counting, verifying and wrapping of coin Exchange of uncurrent United States coin presented for redemption Payment of coin Receipt of coin Segregation of unfit, uncurrent, foreign and counterfeit coin P a y in g D iv is io n , J ohn H eem sath, C hief Allotment of new currency to banks Certification of checks drawn on this Bank Payment of currency R e c e iv i n g D iv is io n , P eter P. M alcolm , Chief Receipt, for immediate credit, of Government checks and checks on member banks’ reserve accounts drawn for amounts of $1,000 and over Receipt of currency S o r t in g and C o u n t in g D iv is io n , C h a r l e s F . B e is l e r , Chief Sorting of currency for fitness, kind and genuineness Verification by piece count of all deposits of paper currency 4 DIRECTORY Check R R Sy m b o l o u t in g eport S e c t io n , T and hom as T reasu ry C urrency F. E g a n Check Routing Symbol Program Reports of unusual currency transactions on Form TCR-1 pursuant to instruc tions from the Treasury Department C ash C D ustody e pa r tm e n t C a sh C ustody D iv is io n , , H arry F ran k M. B o y d , Manager M. W a k e j i a n , Chief (See Cash Department) C h e c k D e pa r tm e n t Check D iv is io n , A n g u s A . M a c I n n e s , J r ., (D a y ), J osep h F Manager C. A u c h t e r , Chief L . S m e d l e y , Chief r e d e r ic k Checks and other cash items collectible through Manhattan, Bronx and Brooklyn collection arrangement New York Clearing House Association, and Northern New Jersey Clearing House Association Checks and other cash items (except Government checks), collection of, pay able in Second Federal Reserve District and other Federal Reserve districts Regulation J— Check clearing and collection Check D iv is io n (Night), E d w a r d J. M c G u i r e , Chief (Performs same operations as Check Division (D ay)) R eturn Item s and A d ju stm e n t D iv is io n , C h a r le s E . D ir in g e r , Chief Adjustments relative to the presentment and collection of cheeks City and county clearing arrangements, exchanges between participants in Direct routing of checks and other cash items to Federal Reserve Banks and Branches by member and nonmember clearing banks through the Consoli dated Air Transportation Program or other methods Remittances for Second District cash letters Return items C o l l e c t io n D e par tm e n t C o u n t r y C o l l e c t io n D , P eter P. Lang, iv is io n , W illia m Manager J. L e o n a r d , Chief Collection of notes, drafts and other noncash items Commodity Credit Corporation, disbursements for Reclamation of United States Government checks Reconstruction Finance Corporation, disbursements for Regulation G— Collection of noncash items FEDERAL RESERVE BANK OF NEW YORK 5 i v i s i o n , R o b e r t J. S t e p h e n s , C hief Collection of bonds and coupons payable in continental United States Payment of coupons on bonds of United States, its agencies or instrumentalities, and of International Bank for Reconstruction and Development Regulation G— Collection of noncash items C o u p o n C o l l e c t io n D W ir e T ransfer D iv is io n , O tto S u s e n , C hief Check books, orders for Mail transfers of funds Officers Checks Issuance of Federal Reserve checks in payment of gold purchased from Assaj Office by gold dealers Settlements of balances due to and due from participants in city clearing arrangements of banks outside New York City Signature authorities Stop payment orders Telegrams Coding, decoding and authenticating by testword of, involving payments of funds, shipments of currency, coin and securities, or deliveries of securities Receipt and transmittal of Testwords for, furnishing of Telegraphic transfers of funds G o v e r n m e n t C h eck D e par tm e n t , M ic h a e l J. M cL a u g h l in , Manager o v e r n m e n t C h e c k D i v i s i o n , H a r r y G. T a p p e n , Chief Government checks, payment or collection of Postal money orders, payment of G FOREIGN L. W F o r e ig n A ssets C erner o n tro l D K noke, V ice President e par tm e n t , N orm an P . D a v is , Assistant V ice President s s e t s C o n t r o l D i v i s i o n , P a r k e R . E l m e r , Chief Applications, inquiries and licenses pertaining to Treasury Department freez ing control, as fiscal agent F o r e ig n A F o r e ig n D e pa r tm e n t a v i s , Assistant V ice President L. S a n f o r d , Assistant V ice President W a l t e r H . R o z e l l , Jr., Manager , N orm an P . D H orace i v i s i o n , N i c h o l a s A b e l , Chief Cablegrams, radiograms and telegrams relating to foreign business, sending receiving, coding, decoding, testing and otherwise processing of Cable D DIRECTORY 6 F o r e ig n O p e r a t io n s D iv is io n , B ertra n d H. W e b b e r , Chief Federal Reserve System accounts maintained abroad Foreign central bank and government dollar, gold and security custody accounts Foreign exchange Rates, certification of, under Tariff Act of 1930 Transactions on behalf of United States Treasury and foreign depositors Gold Reserve Act of 1934 Applications, licenses, inquiries, purchases and sales thereunder,as fiscal agent International Bank for Reconstruction and Development accounts International Monetary Fund accounts Silver Purchase Act of 1934, purchases thereunder, as fiscal agent United States Stabilization Fund, as fiscal agent GOVERNMENT BOND AND SA F E K E E P IN G OF SECURITIES A M G o v e r n m e n t B G B overnm ent rthur arcus ond ond D D A. H P helan a r r is , e par tm e n t iv is io n , , V ice President Assistant V ice President , R oy E. W e n d e l l , Manager Chief M. O ’ B r i e n , C hief W a lt o n B ru sh , J oseph United States Securities (oth er than A rm ed F orces Leave Bonds and Savings B onds) Denominational exchange Exchanges of bearer for registered bonds Exchanges of registered for bearer bonds Exchange subscriptions Forms for subscriptions, exchanges, transfers, etc. Lost, stolen, destroyed or mutilated securities Payment or redemption Receipt of delivery instructions and of payment regarding cash subscriptions Telegraphic transfer of bearer securities from New York to certain other cities Transfer of registered bonds Various Securities o f the Philippine Governm ent, the P u erto Rican Government and A gencies o f the United States Government Issuance, exchange and redemption Bonds o f International Bank fo r R econstruction and Developm ent Issuance, exchange and redemption 7 FEDERAL RESERVE BANK OF NEW YORK Treasury Tax and Loan A ccounts Calls on Qualification of depositaries Record of accounts Record of collateral S a v in g s B I ssu es D ond D e pa r tm e n t iv is io n , P e m b e r t o n , W e s le y W . B A. Manager urt, Chief H a r r is , Accounts of issuing agents Consignment of unissued Series E bonds Lost, stolen, mutilated or destroyed savings bonds Safekeeping of savings bonds for owners Sales of bonds of Series E, II, J and IC R e d e m p t io n D iv is io n , B u r t h a l A . R o e b u c k , Chief Accounts of paying agents Armed Forces Leave Bonds, redemption of Reissues and corrections Savings bonds, redemption of Sa f e k e e p in g D S a f e k e e p in g D e pa r tm e n t iv is io n , , W illia m A . I I e in l, J am es H . B a k e r , Manager Chief Delivery of bearer Government securities pursuant to telegraphic transfer from other Federal Reserve Banks Delivery of Government securities on original issue over the counter, or by mail, or by telegraphic transfer to other Federal Reserve districts Delivery over the counter, or by mail, of securities of International Bank for Reconstruction and Development and various Government agencies Receipt and delivery of securities purchased or sold for account of member banks Safekeeping of securities for account of member banks Se c u r it y C ustody D S e c u r it y C u s t o d y D e pa r tm e n t , W illia m iv is io n , C h a r l e s F. O ls s o n , A brah am s, Manager C hief (See Safekeeping Department) LEGAL S. V ice President and General Counsel T o d d G . 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 J o h n J . C l a r k e , Assistant Counsel H a r d i n g C o w a n , Assistant Counsel C l i f t o n R . G o r d o n , Assistant Counsel E d w a r d G . G u y , Assistant Counsel A l f r e d L . P i t t s , Assistant Counsel W alter L ogan, DIRECTORY 8 LOANS AND CREDITS A rthur P h elan , C r e d it D e pa r tm e n t C r e d it D , W a lte r iv is io n , W i l l i a m C. V ice President W arn er, E . M a r p le , Manager Chief Commercial Credit File and relative forms, distribution of Credit data, collection and analysis of Farm Credit File and relative forms, distribution of Financial statement forms, distribution of Regulation A — Discounts for and advances to member banks Eligibility and acceptability of paper offered for discount or as collateral to advances, determination of Regulation S— Industrial loans Processing of applications Servicing of loans or commitments made Regulation Y — Loan guarantees for defense production Processing of applications and issuing guarantees in behalf of the guarantors Servicing of guarantees D is c o u n t D D is c o u n t e pa r tm e n t D , W a lte r C. W a rn e r, iv is io n , C l i f f o r d H . H a w k in s , Manager C hief Regulation A — Discounts for and advances to member banks Processing of applications Servicing of discounts and advances Regulation S— Industrial loans Servicing of loans and collateral Regulation V— Loan guarantees for defense production Billing and collection of guarantee fees Maintaining records of guarantees issued R eal R E eal state C r e d it D E s t a t e C r e d it D e pa r tm e n t , R a lp h W . S c h e ffe r , iv is io n , R o b e r t R . T o m p k in s , Manager Chief Regulation X — Real estate credit Administration and enforcement Group meetings and panel discussions with registrants, lenders and others on applicability of regulation Surveys of real estate credit FEDERAL RESERVE BANK OF NEW YORK 9 OPEN M ARKET OPERATIONS, TR EASU R Y ISSUES, AND MARGIN REGULATIONS R obert S e c u r it ie s D e pa r tm e n t G. , S ila s R ou se, A. V ice President Assistant V ice President Jr., Manager o u n g d a h l , A cting Manager M ille r , S p e n ce r S. M a rsh , C. R ic h a r d Y B il l D iv is io n , W i l l i a m F r a n k lin A. B ill B u yer K eep ers, Chief S. D e u e l, Acceptance by member banks of drafts or bills of exchange, inquiries regarding Bankers’ acceptances, open market purchases and sales of Bills of exchange and trade acceptances, open market purchases of 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 S e c u r it ie s D iv is io n , R o l a n d H . B e h r e n s , Chief Dividends on Federal Reserve Bank stock Federal Open Market Committee, regulation relating to open market operations of Federal Reserve Banks Government securities (other than savings bonds and savings notes), cash subscriptions and tenders to new Government securities, purchases and sales for account of member banks Open market operations in United States Government securities Regulation E— Purchase of warrants Warrants, purchase of # * Margin Regulations, N orm an P. F r a n k lin # D a v is , S. # Assistant V ice President Chief, Bill Division D e u e l, Regulations, administration of T— Extension and maintenance of credit by brokers, dealers, and members of national securities exchanges U— Loans by banks for the purpose of purchasing or carrying stocks regis tered on a national securities exchange DIRECTORY 10 PERSONNEL H P D e rso n n el E e pa r tm e n t R m ployees arold ayroll V ice President il b y , E. , K en n eth P ecords an d A. B S m a ll, Manager D iv is io n , J o h n J . F l e m i n g , Chief Payroll data Personnel records J ob E v a l u a t io n a n d C l a s s if ic a t io n D iv is io n , E v e r e t t B . P o s t , Chief Job analysis and evaluation Wage and salary surveys M e d ic a l D iv is io n , P erson n el R D r . A d e la id e R o m a in e , e l a t io n s D iv is io n , C h a r l e s Medical D irector T. C ush m an, Chief Employee assignment, counseling, and training Employment S o c ia l and R e c r e a t io n a l A d m in is t r a t io n , H arold A . C r a n e , F. D irector Jr., D irector S anford M cC a r t h y , R ESEARCH AN D STATISTICAL H arold R esearch D e pa r tm e n t V. R oelse, , R obert V. V ice President R oosa, Manager Senior E conom ists: A r t h u r I. B l o o m f i e l d and G e o r g e G a r v y General assistance to officers on policy problems and long range studies B alance of P aym en ts D iv is io n , F r e d H . Iv lo p s to c k , C hief Collection and analysis of data on United States balance of payments Foreign exchange reports on United States Treasury and International Monetary Fund forms D o m e s t ic R esearch D iv is io n , H o b a r t C. C arr, Chief Collection and analysis of data on money market and United States Govern ment finance Collection and analysis of data on United States economic conditions Special studies on monetary and credit policy problems FEDERAL RESERVE BANK OF NEW YORK F in a n c ia l S t a t is t ic s D iv is io n , A lfred I nge, 11 C hief Current and special tabulations and analyses of domestic banking and other financial statistics F o r e ig n R esearch D iv is io n , C harles A . C o o m b s , Chief Collection and analysis of data on foreign monetary and economic conditions R eference L ib r a r y , M a r g u e r it e B urnett, C hief Collection, classification, and circulation of periodicals and publications Preparation of daily Newspaper Review SE C R E T A R Y ’S OFFICE JonN J. Clarke, Secretary Edward G. Guy, Assistant Secretary P u b l ic P In f o r m a t io n u b l ic a t io n s D D iv is io n , e par tm e n t J oseph W , T homas is n o v s k y , O. W aage, Manager Chief Bank circulars and other Federal Reserve publications P u b l ic I n f o r m a t io n D iv is io n , C l if t o n H. K reps, Jr., C hief Dissemination of information about activities of this Bank, operations of the Federal Reserve System, and current developments in fields of money and banking Guided tours of the Bank Preparation of Weekly News Review Press and public relations 12 DIRECTORY BUFFALO BRANCH VICE PRESIDENT I nsley B. S m it h 'k ACCOUNTING, CHECK, COLLECTION, OFFICE SERVICE, AND PROTECTION G eorge A c c o u n t in g D J. D o l l , Cashier J. F r a n k l i n T h o m a s , Jr., C hief iv is io n , Member bank reserve accounts Nonmember bank clearing accounts Regulation D— Reserves of member banks Remittances for cash letters Check D iv is io n , K enneth P. M e a d , C hief Collection of checks payable in Second Federal Reserve District and other Federal Reserve districts Collection of Government checks Postal money orders Mail, incoming and outgoing Return items C o l l e c t io n D iv is io n , K enneth P. M e a d , C hief Collection of corporate bonds and coupons and payment of United States Government coupons Collection of notes, drafts, and other noncash items Reclamation of United States Government checks O f f i c e S e r v ic e D iv is io n , H a r r is o n E. M a r t i n , Chief Employees’ records Employment Job analysis and evaluation Purchasing Telephone and teletype service P r o t e c t io n D iv is io n , Protection R ic h a r d M. K r e l l n e r , Captain FEDERAL RESERVE BANK OF NEW YORK 13 BUILDING OPERATING, CASH, CREDIT AN D DISCOUNT, AN D SECURITIES G erald H. Greene, Assistant Cashier B u il d in g O p e r a t in g D iv is io n , G e o r g e R . B o s s , C a s h D iv is io n , A r t h u r A . R a n d a l l , Building Superintendent C hief Receipt and payment of currency and coin Signature authorities Sorting and counting of currency and coin Telegraphic and mail transfers of funds C r e d it a n d D is c o u n t D iv is io n , F r a n k H e n d e r s o n , C hief Condition reports and earnings and dividends reports of State member banks Discounts for and advances to member banks Financial statement forms, Farm Credit File and Commercial Credit File Regulation Y — Loan guarantees for defense production Regulation X — Real estate credit S e c u r it ie s D iv i s i o n , M il f o r d A . G r o t e , Chief Payment or redemption of United States Government securities Safekeeping of securities for account of member banks Sales of bonds of Series E, H , J and K, and savings notes B A N K RELATIONS M . M onroe M yers, Assistant Cashier Bank and public relations activities Visitors at Buffalo Branch Visits to banks A d m in is t r a t iv e A s s is t a n t , H e r b e r t W . W e b e r Adjustments affecting accounts II. V a n v i c k Information reflected on the Buffalo Branch’s records furnished to those entitled thereto Reconciliation of accounts of member banks and others B r a n c h A u d it o r , C a r l Federal Reserve Bank of N ew York D IR E C T O R S R obert T . S te v e n s, Chairman o f the Board, J. P. Stevens & Co., Inc., New York, N . Y. Chairman, and Federal Reserve Agent W il l ia m : I. M yers Dean, New York State College o f Agriculture, Cornell University, Ithaca, N. Y. Deputy Chairman F . P alm er A rm stron g, M President, The Keyport Banking Company, Kevport, N. J. a r io n B . F olsom , Treasurer and Director, Eastman Kodak Company, Rochester, N. Y. P. C l e v e l a n d , President, First National Bank o f Cortland, Cortland, N. Y. C l a r e n c e F r a n c is , E. C r a n e , Vice President, Standard Oil Company (New Jersey), New York, N. Y. John B u rr Chairman o f the Board, General Foods Corporation, New York, N. Y. C. T r a p h a g e n , Chairman o f the Board, The Bank o f New York, New York, N. Y. Jay P h il ip Y oung, Dean, Graduate School o f Business, Columbia University, New York, N. Y. 14 OFFICERS A lla n S p r o u l, W illia m F . T r e ib e r , President J o h n H . W illia m s , First Vice President Vice President 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 J o h n H . W u r t s , Vice President H a r o ld Vice President 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 r t h u r P h e l a n , Vice President H a r o ld A . B ilb y , G. Assistant General Counsel T ie b o u t, Assistant Vice President 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 D o n a ld J . C am eron , H ow a rd D . C rosse, W illia m F . A brah am s, Manager, Security Manager, Savings Bond Secretary, and Assistant Counsel J o h n J . C la r k e , Assistant Counsel Manager (On leave o f absence) P a u l R . F itc h e n , Assistant Counsel Assistant Counsel, and Assistant Secretary E d w a rd G. G uy, W illia m A . H e in l, Manager, Safekeeping Department P eter P. Lang, Manager, Collection Department A n g u s A . M a c I n n e s , J r ., Manager, Check Department S p e n c e r S. M a r s h , J r ., Manager, Securities Department Manager, Government Check Department M ic h a e l J . M c L a u g h lin , Manager (On leave o f absence) O. E rn e s t M oore, C u r tis Assistant Vice President Assistant Vice President Assistant Vice President Manager, Building Operating Department D o n a l d C . N i l e s , Manager, Planning Department A r t h u r H . N o a , Manager, Service Department F r a n k l i n E. P e t e r s o n , Manager, Cash Department A l f r e d L . P i t t s , Assistant Counsel L a w r e n c e E. Q u a c k e n b u s h , Acting Manager, Bank Examinations Department R o b e r t V . R o o s a , Manager, Research Department W a l t e r H . R o z e l l , J r ., Manager, Foreign Department R a l p h W . S c h e f f e r , Manager, Real Estate Credit Department K e n n e t h E. S m a l l , Manager, Personnel Department T h o m a s O . W a a g e , Manager, Public Informa tion Department A . C h e s t e r W a l t o n , Manager, Bank Relations Department W a l t e r C . W a r n e r , Manager, Credit Depart ment, and Manager, Discount Department R o y E. W e n d e l l , Manager, Government Bond Department H a r o l d M . W e s s e l , Manager, Accounting Department C . R i c h a r d Y o u n g d a h l , Acting Manager, Securities Department Department C lift o n R . G ordon , M a r c u s A . H a r r is , H e rb e rt A . M u e th e r, Manager, Cash Custody H a r d in g C o w a n , Assistant General Counsel H o r a c e L . S a n fo r d , Department W e s le y W . B u rt, R u f u s J . T r im b le , S ila s A . M ille r , Custody Department H a rry M . B oyd, V . R o e ls e , R obert G. R ouse, H e r b e r t H . K im b a ll, Todd Economic Adviser R. B ow m an, 13 General Auditor Federal Reserve Bank of N ew York MEMBER OF FEDERAL ADVISORY COUNCIL N. B axter J ackson, Chairman o f the Board o f Directors, Chemical Bank & Trust Company, New York, N. Y. INDUSTRIAL ADVISORY COMMITTEE A W i l l i a m H . P o u c h , Chairman President, Concrete Steel Company, New York, N. Y. r t h u r G. N e l s o n , Vice Chairman E d w a r d J . N o b le , Chairman o f the Board, Chairman o f the Board, A. G. Nelson Paper Company, Inc., American Broadcasting Company, Inc., New York, N. Y. New York, N. Y. REAL ESTATE CREDIT ADVISORY COMMITTEE (Regulation X ) A r t h u r P h e l a n , Chairman Vice President, Federal Reserve Bank o f New York, New York, N. Y. C. J o h n s o n , President, The Dime Savings Bank o f Brooklyn, Brooklyn, N. Y. H a r r y H e ld , G eorge Vice President, The Bowery Savings Bank, New York, N. Y . M il f o r d A. V ie s e r , Vice President, The Mutual Benefit L ife Insurance Company, Newark, N. J . Buffalo Branch of Federal Reserve Bank of New York DIRECTORS F. W e n d t , Chairman President, Buffalo Forge Company, Buffalo, N. Y. E dgar G eorge F . B C. ates, Vice President, The Marine Trust Company o f Western New York, Buffalo, N. Y. (In charge o f the Power City Trust offices, Niagara Falls, N. Y .) E lm e r O ls o n , President, The First National Bank o f Falconer, Falconer, N. Y. R ober t C. T E. F i n u c a n e , President, Security Trust Company o f Rochester, Rochester, N. Y. B ern ard a it , President, Stromberg-Carls on Company, Rochester, N. Y. Clayto n G . W G. H a r r i m a n , President, Manufacturers and Traders Trust Company, Buffalo, N. Y. L e w is h it e , Dairy farmer, Stow, N. Y. OFFICERS Vice President I n s l e y B . S m ith , G eorge J. D o ll, Cashier G e r a ld II. G r e e n e , M . M on roe M yers, 16 Assistant Cashier Assistant Cashier INDEX HEAD OFFICE Page Page Acceptances, open market purchases o f Account o f Treasurer o f the United States .................................................... Accounts Member bank reserve......................... Nonmember bank c le a r in g ............... Reconciliation o f member banks’ and others’ ..................................... Advances to member banks ................. Armed Forces Leave B o n d s................... Audit surveys for member b a n k s ........ Bank relations a c tiv itie s....................... Bills o f exchange, acceptance by mem ber banks o f, inquiries regarding.. Bonds and coupons, collection of, pay able in continental United States. . . Branches, applications for ................... Cablegrams, radiograms, and telegrams relating to foreign transactions----Cash letters, remittances for Second District ................................................ Check clearing and collection............... Check operations su rveys....................... Check Routing Symbol Program ........... Checks Drawn on Government or on member banks in amounts o f $1,000 and over, immediate credit receipts for Drawn on this Bank, certification o f Government, payment or collection o f Officers, issuance o f Federal Reserve, in payment o f gold purchased from Assay Office by gold dealers........... United States Government, reclama tion o f .............................................. Checks and other cash items, collection o f (except Government Checks)----Circulars, Federal Reserve Bank........... Coin, receipt and payment o f ............... Commodity Credit Corporation, dis bursements for .................................... Coupons, payment of, on bonds o f the United States Government, its agen cies or instrumentalities, and o f the International Bank for Reconstruc tion and D evelopm ent....................... Credit data, collection and analysis o f Credit file fo r m s ...................................... Credit file installations........................... 9 Currency, receipt and payment o f . . . . Discounts for member banks................. Drafts, acceptance by member banks, inquiries o n .......................................... Examination o f State member banks and affiliates ........................................ Federal Reserve Bank stock................... Dividends o n ........................................ Federal Reserve System membership. . Foreign accounts ................................... Foreign assets control............................. Foreign exchange Certification o f rates under Tariff A ct o f 1930....................................... Transactions on behalf o f United States Treasury and foreign de positors ............................................ Gold Reserve A ct o f 1934....................... Information about this Bank and Federal Reserve System..................... Information reflected on Bank’s rec ords, furnishing o f ............................. International Bank for Reconstruction and Development ............................... International Monetary Fund, accounts o f ............................................................ Loan guarantees for defense produc tion ........................................................ Mail, incoming and outgoing............... Margin regulations ............................... Membership in Federal Reserve System, applications for ................................. Money orders, postal, payment o f ___ Newspaper Review, daily and w eekly.. Notes, drafts, and other noncash items, collection o f .......................................... Open market operations in United States securities ................................. Personnel m a tters.................................... Philippine Government securities........ Press relations ........................................ Protection, fire and safety..................... Publications, Federal Reserve............... Public relations ..................................... 1 1 1 2 8 7 3 3 9 5 2 5 4 4 3 4 3 3 5 5 4 4 11 3 4 5 8 8 3 Puerto Rican Government securities.. Purchase o f supplies............................... Real estate credit..................................... 17 3 8 9 2 2 9 3 6 5 6 6 6 11 2 6 6 8 1 9 2 5 11 4 9 10 6 11 1 11 11 6 1 8 18 INDEX (HEAD OFFICE) Page Keconstruction Finance Corporation, disbursements f o r ............................... 4 Regulation A — Discounts for and advances to member b a n k s ......................... 8 B— Open market purchases o f bills o f exchange, trade acecptances and bankers’ accept ances under section 14 o f the 9 Federal Reserve A c t............... C— Acceptance by member banks o f drafts or bills o f exchange. . 9 1 D— Reserves o f member banks........ E— Purchase o f warrants................... 9 F— Trust powers o f national banks 2 G— Collection o f noncash items____ 4 ,5 H— Membership o f State banking institutions in the Federal Re serve System ........................... 2 I— Increase or decrease o f capital stock o f Federal Reserve Banks and cancelation o f old and issue o f new stock certificates 2 J— Check clearing and collection. . . 4 K — Banking corporations authorized to do foreign banking business under the terms o f section 2 5 (a ) o f the Federal Reserve A ct ............................................ 2 L— Interlocking bank directorates under the Clayton A c t........... 2 M— Foreign branches o f national banks and o f corporations or ganized under the provisions o f section 25 (a ) o f the Fed eral Reserve A c t ....................... 2 O— Loans to executive officers o f member b a n k s ......................... 2 P — Holding company affiliates— vot ing permits ............................. 2 Q— Payment o f interest on deposits 2 R— Relationships with dealers in se curities under section 32 o f the Banking A ct o f 1 9 3 3 .... 2 Page S— Industrial loans ........................... T— Extension and maintenance o f credit by brokers, dealers, and members o f national securities exchanges .................................. 8 9 U— Loans by banks for the purpose o f purchasing or carrying stocks registered on a national securities exch an ge................. 9 V— Loan guarantees for defense pro duction ...................................... 8 X — Real estate credit......................... 8 Reports o f condition and earnings of State member banks........................... 2 Reports o f unusual currency transac 4 tions ...................................................... Reserves o f member banks..................... 1 Safekeeping o f securities....................... 7 Savings b o n d s .......................................... 7 Signature au th orities............................. 5 Silver Purchase A ct o f 1934................. 6 Statistics, domestic and fo r e ig n .... 10,11 Stop payment orders............................... 5 Taxes, Federal, deposits o f ................... 1 5 Telegrams, sending and receiving........ Tours o f Federal Reserve Bank........... 11 Transfers o f funds, mail and telegraph 5 Treasury Tax and Loan Accounts____ 7 United States securities (other than Armed Forces Leave bonds and Sav ings bonds) .......................................... 6, 7 Cash subscriptions and tenders (not Savings notes) ............................... 9 Purchases and sales for account o f member b a n k s ................................. 9 United States Stabilization Fund, as fiscal agent .......................................... 6 Visits to district banks........................... 3 Warrants, purchase o f ........................... 9
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