View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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 ie b o u t ,

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

R obert G . E odse,

Vice President
Vice President and

D onald J . Cam eron,

F e l ix T . D a v is ,

Vice President

Vice President

A rth ur P h elan ,

G.

First Vice President
H arold V . R o else,

General Counsel

T odd

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

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