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FEDERAL RESERVE BANK OF NEW YORK Circular No. 3 9 59 April 2, 1953 Fiscal A gent o f the United States Offering o f $1,400,000,000 of 91-Day Treasury Bills Maturing July 9, 1953 Dated April 9, 1953 To all Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: F ollow in g is the text o f 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, April 2, 1953. TREASURY DEPARTM ENT Washington The Secretary o f the Treasury, by this public notice, invites tenders for $1,400,000,000, or thereabouts, o f 91-day Treasury bills, for cash and in exchange for Treasury bills maturing April 9, 1953, in the amount o f $1,399,431,000, 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 A pril 9, 1953, and w ill mature July 9, 1953, when the face amount w ill be payable without interest. They will 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 will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday, April 6, 1953. Tenders w ill not be received at the Treasury Department, Washington. Each tender must be for an even multiple o f $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 will 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 o f 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 o f the amount and price range o f accepted bids. Those submitting tenders w ill be advised o f 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 April 9, 1953, in cash or other immediately available funds or in a like face amount o f Treasury bills maturing April 9, 1953. Cash and exchange tenders w ill receive equal treatment. Cash adjustments will 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. F or 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 or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. 418, as amended, and this notice, prescribe the terms o f the Treasury bills and govern the conditions o f their issue. Copies o f the circular may be obtained from any Federal Reserve Bank or Branch. This Bank will receive tenders up to 2 p.m., Eastern Standard time, M onday, A pril 6 , 1953, 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 confirm ation; they may not be submitted by telephone. Payment for the Treasury bills cannot be made by credit through the Treasury T a x and Loan Account. Settlement must be made in cash or other immediately available futids or in maturing Treasury bills. A l l a n S p r o u l , President. Results o f last offering o f Treasury bills (91-day bills dated A pril 2, 1953, maturing July 2, 1953) Total applied f o r ........ $1,942,856,000 Total a c c e p te d ............ $1,200,447,000 (includes $201,247,000 entered on a non-competitive basis and accepted in full at the aver age price shown below) Average price.......... 99.487+Equivalent rate o f discount approx. 2.029% per annum Range o f accepted competitive b id s : H igh ......................... 99.494 Equivalent rate o f discount approx. 2.002% per annum L o w ........................... 99.485 Equivalent rate o f discount approx. 2.037% per annum Federal Reserve District Total Applied for .. $ .. $1,942,856,000 New Y ork ................ Philadelphia ............ Cleveland .................. Richmond ................. Atlanta ..................... Chicago ...................... St. L o u i s .................... Minneapolis .............. Kansas C i t y .............. Dallas ....................... San Francisco ........ 16,244,000 1,367,073,000 44,046,000 38,852,000 12,870,000 24,950,000 213,988,000 48,537,000 10,212,000 36,618,000 64,737,000 64,729,000 Total Accepted $ 15,674,000 811,262,000 18,028,000 29,042,000 11,148,000 23,576,000 116,632,000 45,349,000 8,954,000 33,751,000 27,583,000 59,448,000 (63 percent o f the amount bid for at the low price was accepted) T otal ...................... $1,200,447,000 ( over ) 29 C IM P O R T A N T — I f you desire to b id on a com petitive basis, fill in rate per 100 and maturity value in paragraph headed “ Com petitive B id .” I f you desire to b id on a n on -com petitive basis, fill in on ly the maturity value in paragraph headed “ N on-com petitive B id .” DO N O T fill in b oth paragraphs on o n e form . A separate tender must be used fo r each bid, except that banks submitting bids on a com petitive basis fo r their ow n and their customers’ accounts m ay subm it one tender fo r the total amount b id at each price, provided a list is attached showing the nam e o f each bidder, the amount b id fo r his account, and m ethod o f payment. Forms fo r this purpose w ill be furnished u pon request. N o ............................. TENDER FOR 91-DAY TREASURY BILLS Dated A p ril 9, 1953 Maturing July 9, 1953 Dated a t ......................... T o F ederal R eserve B a n k of N e w Y o r k , Fiscal A gent o f the United States. 1953 N O N -C O M P E TIT IV E BID C O M P E T IT IV E BID Pursuant to the provisions o f Treasury Department Circular No. 418, as amended, and to the provisions o f the public notice on A pril 2, 1953, as issued by the Secretary of the Treasury, the undersigned offers Pursuant to the provisions o f Treasury De partment Circular No. 418, as amended, and to the provisions o f the public notice on A pril 2, 1953, as issued by the Secretary o f the Treasury, the undersigned offers a non-competitive tender .............................................* for 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 competitive bids, settlement therefor to be made at your Bank, on the date stated in the public notice, as indicated b e lo w : (Rate per 100) □ By surrender (Not to exceed $200,000) o f maturing Treasury bills amounting t o ................... $_______________________ □ B y cash or other immediately available funds □ By surrender o f maturing Treasury bills amounting t o ................... $_______________________ □ By cash or other immediately available funds * P rice must be expressed on the basis o f 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 A pril 9, 1953, and are to mature on July 9, 1953. This tender will be inserted in special envelope marked “ Tender for Treasury Bills.” Name o f Bidder .............................................................. (Please print) By (Official signature required) (Title) Street Address ......................................... (City, Town or Village, P. O. No., and State) If this tender is submitted by a bank for the account of a customer, indicate the customer’s name on line below: (Name of Customer) (City, Town or Village! P. O. No.Vmnd State")’ IM P O R T A N T IN STR U CTIO N S: 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. I f 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. I f 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. P aym ent b y cred it through Treasury Tax and Loan A ccou n t w ill n ot b e perm itted. TENTB 1188-a ^ (q v er) FEDERAL RESERVE BANK O F NEW YORK D IRECTO RY APRIL 1953 SECOND FEDERAL RESERVE D ISTRICT D irectory O F THE FEDERAL RESERVE BANK OF NEW YORK H ead Office, 33 L iberty Street, N ew Y ork , N. Y . Mailing Address F e d e r a l R e s e rv e P. 0 . S t a t io n N e w Y o rk 45, N . Y . Telephone R E ctor 2-5700 ★ B uffalo Branch, 270-276 M ain Street, B uffalo, N. Y . Mailing Address B u f f a l o 5, N. Y . Telephone W A shington 7562 FEDERAL RESERVE BANK OF NEW YORK A p ril 6, 1953 To Banks and Trust Companies in the Second Federal Reserve D istrict: This edition o f the directory o f this Bank follow s the design o f the directory we sent you in June 1952, 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 perform ed b y each division. New appointments o f officers and changes in their titles occurring between this and the next edition will be shown in supplements to, o r revisions of, our Operating Circular No. 1, entitled “ A uthorized Signatures.” Regular use o f this directory will enable you to direct you r com munications to the proper officers o f this Bank and to the departments and divisions under their supervision. W e suggest you keep it handy fo r that purpose. W e will be pleased to furnish additional copies upon request. A llan S prou l, President. CONTENTS ta g t H ead Office functions, departments, divisions and principal operations, and persons in charge Accounting, Planning, B uilding Operating, and Service. . 1 A u d i t ................................................................................................. 2 Bank Supervision and Bank R e la t i o n s ....................................... 2 Cash and C o lle c t io n s ........................................................................3 F o r e i g n ................................................................................................. 5 Government B ond and Safekeeping o f Securities . . . . L e g a l .................................................................................... 6 . 8 Loans and C r e d i t s .............................................................................. 8 Open Market Operations, Treasury Issues, and M argin R e g u l a t i o n s ....................................................................................9 P e r s o n n e l .......................................................................................... 10 Research and Statistical . . . . .................................10 Secretary’s O f f i c e .............................................................................. 11 B uffalo 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 O f f i c e r s ............................................................................................................. 15 Member o f Federal A dvisory C o u n c i l ....................................... .1 6 Industrial A dvisory C o m m itte e ................................................................. 16 Real Estate Credit A dvisory Committee (Regulation X ) . . . Buffalo Branch Directors and O f f i c e r s ....................................................16 Index (H ead O f f i c e ) ....................................................................................17 (N O T E : The lettered Regulations referred to in this directory are Regulations o f the Board o f Governors o f the Federal Reserve System.) 16 Federal Reserve Bank of New York ★ PRESIDENT A S llan proul FIRST VICE PRESIDENT F . T r e ib e r W illia m ★ HEAD OFFICE A C C O U N TIN G , PL A N N IN G , B U IL D IN G O P E R A T IN G , A N D S E R V IC E V ice President Assistant V ice President H e r b e r t H . K im b a ll, M a r c u s A . H a r r is , F . P a l m e r , Manager A c c o u n t i n g D e p a r t m e n t , W illia m c c o u n t i n g D i v i s i o n , H a r v e y C. D r e w , Chief Accounts, deposits in, except foreign accounts Deposits o f Federal taxes Member bank reserve accounts Nonmember bank clearing accounts Regulation D — Reserves o f member banks Remittance accounts Treasurer’s account, United States A P l a n n in g D e pa r tm e n t , D o n a ld C. N i l e s , Manager Chief P la n n in g D iv is io n , J o h n P . J e n s e n , Planning P u r c h a s in g D iv is io n , H a r o ld W illia m W . L e w i s , Purchasing A gen t C. M o r g a n , Purchasing A gen t Purchase o f supplies B u ild in g O p e r a t in g D e p a r t m e n t , H e rb e rt A . M u e th e r, S e r v ic e D e p a r t m e n t , A r t h u r H . N oa, P ost M anager O f f ic e D iv is io n , R a p h a e l A . d e L e o n , C hief Federal Reserve P . 0 . Station Mail, incom ing and outgoing P r o t e c t io n D iv is io n , G e o r g e H . T u s v e l d , Chief Protection, fire and safety T elephone S e c t io n , M r s . M ild r e d C a r e w , Telephone service l C hief Operator Manager DIRECTORY 2 A U D IT A u d it in g A D u d it in g e pa r tm e n t , C u r tis R. B o w m a n , General A u ditor D iv is io n , W a l t e r S . R u s h m o r e , C hief Inform ation reflected on the B an k ’s records furnished to those entitled thereto Reconciliation o f accounts o f member banks and others B A N K S U P E R V IS IO N A N D B A N K R E L A T IO N S R e g in a ld H ow ard B a n k A E x a m in a t io n s n a l y s is D iv is io n , D B . W i l t s e , V ice President D. C r o s s e , A ssistant V ice President e pa r tm e n t W a lte r , L a w ren ce E. Q u ack en bu sh , Manager E . J o n e s , C hief Analysis o f reports o f examination Regulations, administration o f L Interlocking bank directorates under the Clayton A ct 0 Loans to executive officers o f member banks R Relationships with dealers in securities under section 32 o f the Banking A ct o f 1933 A p p l ic a t io n a n d R ecords D iv is io n , Jere 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 o f F Trust powers o f national banks H Membership o f State banking institutions in the Federal Reserve System 1 Increase or decrease o f capital stock o f Federal Reserve Banks and can celation o f old and issue o f new stock certificates 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 M Foreign branches o f national banks and o f corporations organized under the provisions o f section 2 5 (a ) o f the Federal Reserve A ct P H olding com pany affiliates— voting permits Q Paym ent o f interest on deposits E x a m in in g D iv is io n , Under direct supervision o f Manager Exam ination o f State member banks and affiliates FEDERAL RESERVE BANK OF NEW YORK B R a n k B ank e l a t io n s R e l a t io n s D D e pa r tm e n t iv is io n , , 3 M anager Senior R epresentative A . C h esteb W a lto n , Jam es H . B u ch a n , (Special R epresentatives: R o b e r t W . B u l l o c k , A d a m R . D i c k , L a u r e n c e E. D ig n a n , A . H e r b e r t G r a u e , T h o m a s P . H o w a r d , J . R a y m o n d M u r r a y ) A pplications fo r membership in Federal Reserve System Bank relations activities Visits to D istrict banks e c h n i c a l A s s i s t a n c e D i v i s i o n , J o h n J . K n o x , Chief A u dit surveys Check operations surveys Credit file installations and loan operations surveys T C A S H A N D C O LL E C T IO N S V a le n tin e W illis , John H . W u r t s , V ice President D o n a ld J . C a m eron , Paul C ash D epar tm e n t C o in D iv is io n , Assistant V ice President R. F i t c h e n , Assistant V ice President , F r a n k lin John V ice President E . P e t e r s o n , Manager C. L e n z , Chief Counting, verifyin g and w rapping o f coin Exchange o f uncurrent United States coin presented fo r redemption Paym ent o f coin Receipt o f coin Segregation o f unfit, foreign and counterfeit coin P a y in g D iv is io n , P e t e r P . M a lc o lm , Chief A llotm ent o f new currency to banks Certification o f checks drawn on this Bank Payment o f currency R e c e iv in g D iv is io n , W il l i a m J. L eon ard, C hief Receipt, fo r immediate credit, o f Government checks and checks on member banks’ reserve accounts drawn for amounts o f $1,000 and over Receipt o f currency S o r t in g a n d C o u n t in g D iv is io n , G e o r g e C. S m i t h , Chief Sorting o f currency fo r fitness, kind and genuineness Verification by piece count o f all deposits o f paper currency DIRECTORY 4 C h e c k R o u tin g S y m b o l a n d T r e a s u r y C u r r e n c y R e p o r t S e c tio n , T h o m a s F. E g a n Check R outing Sym bol program Reports o f unusual currency transactions on Form TCR-1 pursuant to instruc tions from the Treasury Department C ash C ustody D e pa r tm e n t , H a rry M . B oyd, C a s h C u s t o d y D iv is io n , F r a n k M . W a k e m a n , Manager C hief (See Cash Department) C h e c k D e pa r tm e n t , A n g u s A . M a cIn n es, Jr., Manager Chief F . B e i s l e r , Chief C h e c k D iv is io n ( D a y ), J o s e p h C . A u c h t e r , C h a r le s Checks and other cash items collectible through Manhattan, B ron x and B rooklyn collection arrangement New Y ork Clearing House Association, and N orthern New Jersey Clearing House Association Checks and other cash items (except Government checks), collection of, pay able in Second Federal Reserve D istrict and other Federal Reserve districts Regulation J— Check clearing and collection C h e c k D iv is io n (N ig h t), E d w a r d J . M c G u i r e , Chief (P erform s same operations as Check Division ( D a y ) ) R e t u r n I te m s a n d A d ju s t m e n t D iv is io n , C h a r l e s E . D ir in g e r , C hief Adjustm ents relative to the presentment and collection o f checks City and county clearing arrangements, exchanges between participants in D irect routing o f checks and other cash items to Federal Reserve Banks and Branches b y member and nonmember clearing banks through the Consoli dated A ir Transportation Program or other methods Remittances fo r Second D istrict cash letters Return items C o lle c t io n D e p a r tm e n t, P e te r P. Lang, C o u n t r y C o l l e c t i o n D iv is io n , W a l t e r Manager R. N o e , Chief Collection o f notes, drafts and other noncash items Com m odity Credit Corporation, disbursements fo r Reclam ation o f United States Government checks Reconstruction Finance Corporation, disbursements fo r Regulation G— Collection o f noncash items FEDERAL RESERVE BANK OF NEW YORK 5 J. S t e p h e n s , C h ief Collection o f bonds and coupons payable in continental United States Paym ent o f coupons on bonds o f United States, its agencies or instrumentalities, and o f International Bank fo r Reconstruction and Development Regulation G— Collection o f noncash items C o u p o n C o l l e c t i o n D iv is io n , R o b e r t W ir e T r a n s f e r D iv is io n , O t t o S u s e n , C hief Check books, orders for Mail transfers o f funds Officers checks Issuance o f Federal Reserve checks in payment o f gold purchased from Assay Office by gold dealers Settlements o f balances due to and due from participants in city clearing arrangements o f banks outside New Y ork C ity Signature authorities Stop payment orders Telegrams Coding, decoding and authenticating by testword of, involving payments of funds, shipments o f currency, coin and securities, or deliveries o f securities R eceipt and transmittal o f Testwords for, furnishing o f Telegraphic transfers o f funds G o v e r n m e n t C h e c k D e p a r t m e n t , M ic h a e l J . M c L a u g h lin , Manager G. T a p p e n , Chief Government checks, payment or collection of Postal money orders, payment of G o v e r n m e n t C h e c k D iv is io n , H a r r y F O R E IG N L. W e r n e r K n o k e , V ice President F o r e ig n A ssets C o n tro l D e par tm e n t N orm an , P. D a v i s , Assistant V ice President C hief A pplications, inquiries and licenses pertaining to Treasury Department freez ing control, as fiscal agent F o r e ig n A s s e t s C o n t r o l D iv is io n , R o b e r t R . T o m p k in s , F o r e ig n D e p a r t m e n t, P . D a v i s , A ssistant V ice President L . S a n f o r d , A ssistant V ice President W a l t e r H . R o z e l l , J r . , Manager N orm an H orace Chief Cablegrams, radiograms and telegrams relating to foreign business, sending, receiving, coding, decoding, testing and otherwise processing o f C a b le D iv is io n , N ic h o la s A b e l , 6 DIRECTORY F o r e ig n O p e r a t io n s D iv is io n , B e r t r a n d H . W e b b e r , C hief Federal Reserve System accounts maintained abroad Foreign central bank and government dollar, gold and security custody accounts Foreign exchange Rates, certification of, under Tariff A ct o f 1930 Transactions on behalf o f U nited States Treasury and foreign depositors Gold Reserve A ct o f 1934 Applications, licenses, inquiries, purchases and sales thereunder, as fiscal agent International Bank fo r Reconstruction and Developm ent accounts International Monetary F u n d accounts Silver Purchase A ct o f 1934, purchases thereunder, as fiscal agent United States Stabilization Fund, as fiscal agent G O V E R N M E N T B O N D A N D S A F E K E E P IN G O F S E C U R IT IE S A r t h u r P h e la n . F e lix G o v e r n m e n t B ond D V ice President T. D a v i s , Assistant V ice President e pa r tm e n t , R a lp h W . S c h e ffe r , Manager C hief M . O ’ B r i e n , Chief G o v e r n m e n t B o n d D iv is io n , W a l t o n B r u s h , Joseph United States Securities (oth er than A rm ed Forces Leave Bonds and Savings B onds) Denominational exchange Exchanges o f bearer fo r registered bonds Exchanges o f registered fo r bearer bonds Exchange subscriptions Form s fo r subscriptions, exchanges, transfers, etc. Lost, stolen, destroyed or mutilated securities Paym ent or redemption R eceipt o f delivery instructions and o f payment regarding cash subscriptions Telegraphic transfer o f bearer securities from New Y ork to certain other cities Transfer o f registered bonds Bonds o f International Bank fo r R econstruction and D evelopm ent Issuance, exchange and redemption FEDERAL RESERVE BANK OF NEW YORK 7 Various Securities o f the Philippine Governm ent, the Puerto Rican Government and A gencies o f the United States Government Issuance, exchange and redemption Treasury Tax and Loan A ccounts Calls on Qualification o f depositaries Record o f accounts R ecord o f collateral S a v in g s B o n d D e p a r t m e n t , W illia m I s s u e s D iv is io n , P e m b e r t o n A . H e i n l , Manager A . H a r r i s , C hief A ccounts o f issuing agents Consignment o f unissued Series E bonds Lost, stolen, mutilated or destroyed Savings bonds Safekeeping o f Savings bonds fo r owners Sales o f bonds o f Series E , H , J and K R e d e m p tio n D iv is io n , B u r t h a l A . R o e b u c k , Chief A ccounts o f paying agents A rm ed Forces Leave Bonds, redemption of Reissues and corrections Savings bonds, redemption o f S a fe k e e p in g D e p a r tm e n t, R oy S a fe k e e p in g D iv is io n , C h a r le s E . W e n d e l l , Manager J. K u c h l e r , Chief D elivery o f bearer Government securities pursuant to telegraphic transfer from other Federal Reserve Banks Delivery o f Government securities on original issue over the counter, or by mail, o r by telegraphic transfer to other Federal Reserve districts D elivery over the counter, or by mail, o f securities o f International Bank for Reconstruction and Development and various Government agencies R eceipt and delivery o f securities purchased or sold fo r account o f member banks Safekeeping o f securities for account o f member banks S e c u r ity C u sto d y D e p a r tm e n t, W illia m S e c u r it y C u s t o d y D iv is io n , C h a r le s (See Safekeeping Department) F . A b r a h a m s , Manager H. O l s s o n , C hief 8 DIRECTORY LEGAL S. L o g a n , V ice President and General Counsel Assistant General Counsel R u f u s J . T r i m b l e , A ssistant 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 , A ssistant Counsel W a lte r T o d d G . T ie b o u t, L O A N S A N D C R E D IT S A r t h u r P h e la n , C r e d it D e pa r tm e n t C r e d it D iv is io n , , W W illia m alter V ice President C. W a r n e r , Manager E. M a r p l e , C hief Commercial Credit F ile and relative forms, distribution of Credit data, collection and analysis o f Farm Credit F ile and relative forms, distribution of Financial statement form s, distribution o f Regulation A — Discounts fo r and advances to member banks E ligibility and acceptability o f paper offered fo r discount or as collateral to advances, determination o f Regulation S— Industrial loans Processing o f applications Servicing o f loans or commitments made Regulation V — Loan guarantees fo r defense production Processing o f applications and issuing guarantees in behalf o f the guarantors Servicing o f guarantees D is c o u n t D e pa r tm e n t , W a lte r C. W a rn er, D is c o u n t D iv is io n , C l i f f o r d H . H a w k i n s , Manager C hief Regulation A — Discounts fo r and advances to member banks Processing o f applications Servicing o f discounts and advances Regulation S— Industrial loans Servicing o f loans and collateral Regulation V — Loan guarantees fo r defense production B illin g and collection o f guarantee fees M aintaining records o f guarantees issued FEDERAL RESERVE BANK OF NEW YORK 9 O P E N M A R K E T O P E R A T IO N S , T R E A S U R Y ISSU E S, A N D M A R G IN R E G U L A T IO N S R obert G. R o u s e , V ice President S e c u r it ie s D e p a r t m e n t , S ila s A . M ille r , Assistant V ice President Jr., Manager S p e n c e r S. M a rs h , B i l l D iv is io n , W il lia m A . K e e p e r s , B ill B u yer C hief F r a n k lin S. D e u e l, Acceptance by member banks o f drafts or bills o f exchange, inquiries regarding Bankers' acceptances, open market purchases and sales o f B ills o f exchange and trade acceptances, open market purchases o f Regulations B— Open market purchases o f bills o f exchange, trade acceptances and bankers ’ acceptances under section 14 o f the Federal Reserve A ct C— Acceptance by member banks o f drafts or bills o f exchange S e c u r it ie s D iv is io n , C h a r le s K . M o u n t , Chief Dividends on Federal Reserve Bank stock Federal Open Market Committee, regulation relating to open market operations o f Federal Reserve Banks Government securities (other than Savings bonds and Savings notes), cash subscriptions and tenders to new Government securities, purchases and sales fo r account o f member banks Open market operations in United States Government securities Regulation E — Purchase o f warrants W arrants, purchase o f * * * * Margin Regulations, N o r m a n P. D a v i s , Assistant V ice President F r a n k l i n S . D e u e l , C hief, B ill Division Regulations, administration o f T— Extension and maintenance o f credit b y brokers, dealers, and members o f national securities exchanges U— Loans by banks fo r the purpose o f purchasing or carrying stocks regis tered on a national securities exchange DIRECTORY 10 PERSONNEL H a r o ld A . B ilb y , P e rso n n el D e pa r tm e n t V ice President , K e n n e t h E . S m a ll, Manager M anager F r e d e r ic k L . S m e d le y , E m p lo y e e s R e c o r d s a n d P a y r o l l D iv is io n , J o h n J . F le m in g , Chief P ayroll data Personnel records J o b E v a lu a t io n a n d C l a s s i f i c a t i o n D iv is io n , E v e r e t t B . P o s t , Chief Job analysis and evaluation W age and salary surveys M e d ic a l D iv is io n , D r . A d e la id e R o m a in e , Medical D irector P e r s o n n e l R e l a t i o n s D iv is io n , F r a n c is H . R o h r b a c h , Chief Em ployee assignment, rating, counseling, and training Em ploym ent S o c ia l a n d R e c r e a t io n a l A d m in is tr a tio n , H a r o ld A . C ra n e , D irector R E S E A R C H A N D S A T IS T IC A L H a r o ld V . R o e ls e , R o b e rt V . R oosa, R esearch D e pa r tm e n t , V ice President Assistant V ice President 0 . E r n e s t M o o r e , 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 p olicy problems and long range studies B a la n c e o f P a y m e n t s D iv is io n , F r e d H . K lo p s t o c k , Chief Collection and analysis o f data on United States balance o f payments Foreign exchange reports on United States Treasury and International M onetary F u n d forms D o m e s t ic R e s e a r c h D iv is io n , H o b a r t C . C a r r , C hief Collection and analysis o f data on money market and United States Govern ment finance Collection and analysis o f data on United States economic conditions Special studies on m onetary and credit p olicy 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 l f r e d I n g e , 11 Chief Current and special tabulations and analyses o f domestic banking and other financial statistics F o r e ig n R e s e a r c h D iv is io n , C h a r le s A . C o o m b s , Chief Collection and analysis o f data on foreign monetary and economic conditions and on activities o f international economic organizations R e f e r e n c e L ib r a r y , M a r g u e r it e B u r n e t t , C hief Collection, classification, and circulation o f periodicals and publications Preparation o f daily Newspaper Review S E C R E T A R Y ’ S O F F IC E J o h n J . C la r k e , A r th u r H . W illis , Secretary Assistant Secretary P u b lic I n fo r m a t io n D e p a r t m e n t , Thom as 0 . W aage, P u b lic a t io n s D iv is io n , J o s e p h W is n o v s k y , Manager Chief Bank circulars and other Federal Reserve publications P u b lic I n f o r m a t io n D iv is io n , C l i f t o n H . K r e p s , J r ., Chief Dissemination o f inform ation about activities o f this Bank, operations o f the Federal Reserve System, and current developments in fields o f money and banking Guided tours o f the Bank Preparation o f W eekly News Review Press and public relations DIRECTORY 12 B U F FA LO B RAN C H VICE PRESIDENT I nsley a s s is ta n t H a r o ld B. S m v ic e it h p r e s id e n t M. W e s s e l ★ A C C O U N TIN G , C H E C K , C O L L E C T IO N , O F F IC E S E R V IC E , A N D P R O T E C T IO N G eorge A c c o u n t i n g D iv is io n , J. D o l l , Cashier J. F r a n k l i n T h o m a s , Jr., Chief Member bank reserve accounts Nonmember bank clearing accounts Regulation D — Reserves o f member banks Remittances fo r cash letters C h e c k D iv is io n , K e n n e t h P . M e a d , C h ief Collection o f checks payable in Second Federal Reserve D istrict and other Federal Reserve districts Collection o f Government checks Postal money orders Mail, incoming and outgoing R eturn items C o l l e c t i o n D iv is io n , K e n n e t h P. M e a d , Chief Collection o f corporate bonds and coupons and paym ent o f United States Government coupons Collection o f notes, drafts, and other noncash items Reclamation o f 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 , C hief E m ployees’ records Em ploym ent J ob analysis and evaluation Purchasing Telephone and teletype service P r o t e c t i o n D iv is io n , R ic h a r d M . K r e l l n e r , Protection Captain FEDERAL RESERVE BANK OF NEW Y O R K 13 B U IL D IN G O P E R A T IN G , C A SH , C R E D IT A N D D IS C O U N T, A N D S E C U R IT IE S G e r a ld H . G r e e n e , Assistant Cashier B u ild 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 , B uilding Superintendent Maintenance o f building and equipment C a s h D iv is io n , A r t h u r A . R a n d a l l , C hief R eceipt and paym ent o f currency and coin Signature authorities Sorting and counting o f currency and coin Telegraphic and mail transfers o f 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 o f State member banks Discounts fo r and advances to member banks Financial statement form s, Farm Credit F ile and Commercial Credit File Regulation V — Loan guarantees fo r defense production S e c u r it ie s D iv is io n , M i l f o r d A . G r o t e , Chief Paym ent or redemption o f United States Government securities Safekeeping o f securities fo r account o f member banks Sales o f bonds o f Series E , H , J and K , and Savings notes B A N K R E L A T IO N S M . M on roe M yers, Assistant Cashier Bank and public relations activities Visitors at Buffalo Branch Visits to banks A d m in is tr a tiv e A s s is t a n t , H e r b e r t W . W e b e r Adjustm ents affecting accounts Planning B ranch A u d it o r , Carl H . V a n v ic k Inform ation reflected on the Buffalo B ra n ch ’s records furnished to those entitled thereto Reconciliation o f accounts o f member banks and others Federal Reserve Bank of New York D IR E C TO R S J a y E . Cr a n e , Vice President, Standard Oil Company (New Jersey), New York, N. Y. Chairman, and Federal Reserve Agent W il l ia m I. M yer s, Dean, New York State College of Agriculture, Cornell University, Ithaca, N . Y . Deputy Chairman F . P alm e r A rm strong, President, The Keyport Banking Company, Keyport, N . J. C l a r e n c e F r a n c is , Chairman o f the Board, General Foods Corporation, New York, N. Y . N. B a x t e r J a c k s o n , Chairman of the Board, Chemical Bank & Trust Company, New York, N . Y . J o h n E . B ie r w ir t h , President, National Distillers Products Corporation, New York, N . Y . B u r r P. C l e v e l a n d , L a n s i n g P. S h ie l d , President, First National Bank of Cortland, Cortland, N . Y . President, The Grand Union Company, East Paterson, N. J. 14 OFFICERS A llan W il l ia m Vice President H aro ld A . B il b y , H erb er t H . K im b a l l , L . W erner K n ok e, W alter S. L ogan, T odd G. T ie b o u t , Vice President Vice President J oh n H . W urts, Assistant General Counsel R u f u s J . T r im b l e , Assistant Vice President Assistant Vice President Assistant Vice President N o r m a n P . D a v is , Assistant Vice President H orace L . S anford, F . A brah am s, Manager, Security Custody Department M arcus S il a s A rth ur H. N oa, Manager, Service Department Manager, Accounting Department E. P Department eterson , Manager, Cash E. Q u a c k e n b u s h , Manager, Bank Examinations Department L aw rence Assistant Counsel Assistant Counsel H. R o z e l l , Department W alter Assistant Counsel W il l i a m A . I I e in l , Assistant Vice President F. P alm er, F r a n k l in E dw ard G. G u y, Assistant Vice President Assistant Vice President R obert V . R oo sa, Secretary, and Assistant Counsel C l if t o n R . G o r d o n , Assistant Vice President H a r r is , M il l e r , W il l ia m Department Manager, Savings Bond J r ., R alph W . Scheffer, Department P eter P . L a n g, A. A. Assistant General Counsel Assistant Vice President J o h n J . Cl ar k e, H a r d in g C o w a n , Vice President Vice President P a u l R . F it c h e n , Manager, Cash Custody H a r r y M . B oyd, Vice President V a l e n t in e W il l is , R e g in a l d B . W il t s e , H o w ard D . Crosse, W il l ia m Vice President Vice President R obert G . E odse, Vice President Vice President and D onald J . Cam eron, F e l ix T . D a v is , First Vice President H arold V . R o else, General Counsel A rth ur P h elan , President S proul, F . T k e ib e r , Manager, Foreign Manager, Government Bond Department Manager, Collection E. S m a l l , Manager, Personnel Department K enneth Department A n g u s A . M a c I n n e s , J r ., Manager, Check F r e d e r ic k L . S m e d l e y , Department S p e n c e r S . M a r s h , J r ., Manager, Securities Manager, Public Information Department T h o m as O. W aage, Department Manager, Government Check Department M ic h a e l J . M cL a u g h l in , O . E r n e s t M oore, Manager, Personnel Department A . Ch e ste r W a lto n , Manager, Bank Relations Department Manager, Research Manager, Credit Depart ment, and Manager, Discount Department W alter C. W arner, Department A . M u e t h e r , Manager, Building Operating Department H erbert D o n a ld C . N il e s , E. W e n d e l l , Manager, Safekeeping Department R oy Manager, Planning A rth ur Department C u r t is R. B ow m an, 15 H. W il l is , General Auditor Assistant Secretary Federal Reserve Bank of New York M E M B E R O F F E D E R A L A D V IS O R Y COUNCIL H e n r y C. A l e x a n d e r , President, J. P. Morgan & Co. Incorporated, New York, N. Y. IN D U ST R IA L A D V IS O R Y C O M M ITTEE W i l l i a m H . P o u c h , Chairman Chairman o f the Board, Concrete Steel Company, New York, N. Y. e l s o n , Vice Chairman Chairman o f the Board, A. G. Nelson Paper Company, Inc., New York, N. Y. A rth u r G. N E dward J. N oble, Chairman o f the Board, American Broadcasting Company, Inc., New York, N. Y. Buffalo Branch of F ed eral R eserve Bank of N ew York DIRECTORS R ob er t C. T a i t , Chairman President, Stromberg-Carlson Company, Rochester, N . Y . B ernard E . F P. V r e e l a n d , President, Salamanca Trust Company, Salamanca, N. Y. E dward in u c a n e , President, Security Trust Company o f Rochester, Rochester, N. Y. L e w is G. H F. W e n d t , President, Buffalo Forge Company, Buffalo, N. Y. E dgar a r r im a n , President, Manufacturers and Traders Trust Company, Buffalo, N. Y. C. E lm er O lson , C layton G. W h it e , Dairy Farmer, Stow, N. Y. President, The First National Bank o f Falconer, Falconer, N. Y. OFFICERS I n s l e y B . S m it h , H a r o ld M . W e s s e l, G eorge J. D o l l , Cashier Vice President Assistant Vice President G e r a ld H . G re e n e , M . M onroe M yers, 16 Assistant Cashier Assistant Cashier INDEX HEAD OFFICE Acceptances, opeu 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’ ...................................... R em ittance............................................ Advances to member b a n k s ................. 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 S tates.. . Branches, applications f o r ................... 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 o f, 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 f o r m s ..................................... Credit file installations........................... Page 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 Act 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 ............................................................ Legal m a tte rs.......................................... Loan guarantees for defense produc tion ........................................................ Loan operations surveys......................... 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 ..................................... Puerto Rican Government securities.. Purchase o f supplies............................... 1 1 1 2 1 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 17 Page 3 8 9 2 2 9 3 6 5 G 6 6 11 2 6 6 8 8 3 1 9 2 5 11 4 9 10 7 11 1 11 11 7 1 18 INDEX (HEAD OFFICE) Page Reconstruction 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 accept ances and bankers ’ accept ances under section 14 o f the Federal Reserve A c t............... 9 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 S y s te m ........................... 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 co llection ... 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 2 5 (a ) o f the Fed 2 eral Reserve A c t....................... O—Loans to executive officers of member b a n k s ......................... 2 P— Holding company affiliates— vot ing permits ............................. 2 Q— Fayment o f interest on deposits 2 Page R— Relationships with dealers in se curities under section 32 o f the Banking A ct o f 1 9 3 3 .... 2 S— Industrial loans ........................... 8 T— Extension and maintenance o f credit by brokers, dealers, and members o f national securities exch an ges.................................. 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 Reports o f condition and earnings o f 2 State member banks........................... Reports o f unusual currency transac tions ...................................................... 4 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 1 Taxes, Federal, deposits o f ................... Telegrams, sending and receiving........ 5 Tours o f Federal Reserve Bank........... 11 Transfers o f funds, mail and telegraph 5 Treasury Tax and Loan A c c o u n ts .... 7 United States securities......................... 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........ 6 Visits to District banks........................... 3 Warrants, purchase o f ........................... 9
@FedFRASER