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FED ERAL RE SE R V E BANK OF NEW YORK Fiscal Agent of the United States J" C ircu la r N o . 4 1 6 5 “1 L N o v e m b e r 18, 1954 J Vx V T R E A SU R Y FIN AN CIN G 4 To .v ‘ all Banking In stitution s, and Others Concerned, in th e Second Federal R eserve D is tr ic t: The following statement was made public today: The Treasury Department announced today that the subscription books will open on Monday, November 22, for an optional exchange of its December maturities into 2y2 percent 8-year and 8-month Treasury bonds maturing August 15, 1963, 114 percent one-year certificates of indebtedness, and an additional amount of the 1% percent certificates of indebtedness maturing August 15, 1955. These securities will be offered in exchange for $17,347 million of securities which become due on December 15. These maturities consist of $8,175 million of 1% percent Treasury notes and $9,172 million of 2 percent Treasury bonds. Holders of the maturing securities will have the option of exchanging for any or all of the three issues now offered. The new bonds and the new certificates will be dated December 15, 1954, and exchanges will be made par for par. Holders should detach the December 15, 1954, coupons from the securities they exchange for these issues and cash them when due. In the case of exchanges for the additional issue of August certificates, holders should submit the securities to be exchanged with the December 15, 1954, coupons attached. The full six months’ interest on the securities sur rendered will be credited and accrued interest from August 15 to Decem ber 15 on the certificates will be charged, and subscribers will be paid the difference. The subscription books will be open for three days only for this exchange. They will close at the close of business November 24, and any subscription addressed to a Federal Reserve Bank or Branch or to the Treasurer of the United States and placed in the mail before midnight November 24 will be considered as timely. Copies o f the official exchange offering circulars and subscription form s will be mailed to reach you on November 22,1954. A llan S proul, President. Directory ★ Federal Reserve Bank of New York Second Federal Reserve District November 1954 D irectory OF THE FEDERAL RESERVE BANK O F NEW YORK Head Office, 33 Liberty Street, New York, N. Y. Mailing Address F e d e r a l R e s e rv e P . 0 . S t a tio n N ew Y ork 45, N. Y. Telephone REctor 2-5700 Buffalo Branch, 270-276 Main Street, Buffalo, N. Y. Mailing Address B uffalo 5, N. Y. Telephone WAshington 7562 FEDERAL RESERVE BANK OF NEW YORK November 15, 1954 T o B anks and Trust Companies in the Second Federal R eserve D istrict: This edition of the directory of this Bank follows the design of the directory we sent you in April 1953, which is now superseded. The directory shows the functions, the departments and divisions within them, the officers and chiefs in charge, and the principal opera tions performed by each division. New appointments of officers and changes in their titles occurring between this and the next edition will be shown in supplements to, or revisions of, our Operating Circular No. 1, entitled “ Authorized Signatures.” Regular use of this directory will enable you to direct your com munications to the proper officers of this Bank and to the departments and divisions under their supervision. We suggest you keep it handy for that purpose. We will be pleased to furnish additional copies upon request. A lla n S proul, President. CONTENTS P age Head Office functions, departments, divisions and principal operations, and persons in charge Accounting, Planning, Building Operating, and Service . . 1 A u d i t ........................................................................................2 Bank Supervision and Bank Relations................................... 2 Cash and C ollections................................................................ 3 F o r e ig n ........................................................................................5 Government Bond, Safekeeping of Securities, and Currency D estru ction ........................................................... 6 L e g a l ........................................................................................8 Loans and C redits...................................................................... 8 Open Market Operations, Treasury Issues, and Margin R e g u la tion s............................................................................ 9 P e r s o n n e l..................................................................................10 Public I n f o r m a t io n ................................................................ 10 Research and Statistical...........................................................10 Secretary’s O ffic e ...................................................................... 11 Buffalo Branch functions, divisions and principal operations, and persons in c h a r g e ...................................................................... 12 D i r e c t o r s ............................................................................................. 14 O ffic e r s ................................................................................................... 15 Member of Federal Advisory C o u n c il............................................... 16 Industrial Advisory Committee............................................................ 16 Buffalo Branch Directors and Officers............................................... 16 Index (Head O f f i c e ) ............................................................................ 17 (NOTE: The lettered Regulations referred to in this directory are Regulations of the Board of Governors of the Federal Reserve System.) Federal Reserve Bank of New York ★ PRESIDENT A llan S p r o tjl FIRST VICE PRESIDENT W F. il l ia m T r e ib e r ★ HEAD OFFICE ACCOUNTING, PLANNING, BUILDING OPERATING, AND SERVICE Vice President Assistant Vice 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 , A c c o u n t i n g D e p a r t m e n t , W illia m A c c o u n t in g D iv is io n , F. P a lm e r , Manager Chief H a rv ey C. D rew , Accounts, deposits in, except foreign accounts Member bank reserve accounts Nonmember bank clearing accounts Regulation D—Reserves of member banks Remittance accounts Treasurer’s account, United States D i s b u r s in g a n d T a b u l a t in g D iv is io n , A lo y s iu s J. S ta n to n , Chief Deposits of Federal taxes E x p e n d itu r e s P l a n n i n g D e p a r t m e n t , D o n a ld C. N ile s , P l a n n in g D iv is io n , J o h n P . J e n s e n , P u r c h a s in g D iv is io n , H a r o ld W. Matiager Chief L e w is , Purchasing Agent 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 eth er, 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 O f f ic e D iv is io n , R a p h a e l A. Manager Manager deL eon, Chief Federal Reserve P. O. Station Mail, incoming and outgoing iv is io n , T u s v e ld , Chief r o t e c t io n D T elephone S e c t io n , M r s . M i l d r e d M . C a r e w , G eorge II. P 1 Chief Operator DIRECTORY 2 AUDIT A u d i t i n g D e p a r t m e n t , D o n a ld J. C a m eron , A u d it in g D iv is io n , J o h n J . Q u in n , General Auditor Chief Information reflected on the Bank’s records furnished to those entitled thereto Reconciliation of accounts of member banks and others BANK SUPERVISION AND BANK RELATIONS R e g in a ld H ow ard D. B. Vice President Assistant Vice President W ilts e , C rosse, B a n k E x a m in a tio n s D e p a r t m e n t , L a w re n ce E . Q u a ck en b u sh , R eports a n d A n a l y s is D iv is io n , John F. P ie r c e , Manager Chief Analysis of reports of examination Branches, applications for Condition reports, State member banks Earnings and dividends reports, State member banks Regulations, administration of F Trust powers of national banks II Membership of State banking institutions in the Federal Reserve System I Increase or decrease of capital stock of Federal Reserve Banks and can celation of old and issue of new stock certificates K Banking corporations authorized to do foreign banking business under the terms of section 25(a) of the Federal Reserve Act L Interlocking bank directorates under the Clayton Act M Foreign branches of national banks and of corporations organized under the provisions of section 25(a) of the Federal Reserve Act 0 P Q R Loans to executive officers of member banks Holding company affiliates—voting permits Payment of interest on deposits Relationships with dealers in securities under section 32 of the Banking Act of 1933 i v i s i o n , Under direct supervision of Manager Examination of State member banks and affiliates E x a m in in g D FEDERAL RESERVE BANK OF NEW YORK 3 Manager Senior Representative B a n k R e l a t i o n s D e p a r t m e n t , A . C h e ste r W a lto n , B a n k R e la t io n s D iv is io n , J a m e s H . B u c h a n , (Special Representatives: R o b e r t W . B u l l o c k , A d a m R . D ic k , L a u r e n c 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 ) E. Applications for membership in Federal Reserve System Bank relations activities Visits to District banks T e c h n i c a l A s s is t a n c e D iv is io n , J o h n J . K n o x , Chief Audit surveys Check operations surveys Credit file installations and loan operations surveys CASH AND COLLECTIONS Vice President V a le n tin e W illis , John Paul R. H. W u rts, F itc h e n , C a s h D e p a r t m e n t , F r a n k lin E. Vice President Assistant Vice President P eterson , Manager L. A n d e r s o n , Chief Counting, verifying and wrapping of coin Exchange of uncurrent United States coin presented for redemption Payment of coin Receipt of coin Segregation of unfit, foreign and counterfeit coin C o in D iv is io n , J o s e p h P a y in g D iv is io n , W il lia m J. L eon ard , Chief Allotment of new currency to banks Certification of checks drawn on this Bank Payment of currency P ostal D e p o s it S e c t io n R e c e iv in g D iv is io n , P e t e r P . M a lc o lm , Chief Receipt, for immediate credit, of Government checks and checks on member banks’ reserve accounts drawn for amounts of $1,000 and over Receipt of currency Reports of unusual currency transactions on Form TCR-1 pursuant to instruc tions from the Treasury Department 4 DIRECTORY S o r t in g a n d C o u n t in g D iv is io n , C h a r l e s F. Chief Chief B e is le r , W . H a r r y S a m m is , Sorting of currency for fitness, kind and genuineness Verification by piece count of all deposits of paper currency J. C a s h C u s t o d y D e p a r t m e n t , M ic h a e l C a s h C u s t o d y D iv is io n , H a r r y G. M c L a u g h lin , Tappen, Manager Chief (See Cash Department) C h e c k D e p a r t m e n t , A n g u s A . M a c I n n e s , J r ., C h e c k D iv is io n Manager (Day), J o s e p h C. A u c h t e r , Chief E l m e r L. G a d e n , Chief Checks and other cash items collectible through Manhattan, Bronx and Brooklyn collection arrangements New York Clearing House Association, and Northern New Jersey Clearing House Association Checks and other cash items (except Government checks), collection of, pay able in Second Federal Reserve District and other Federal Reserve districts Check Routing Symbol Program Regulation J— Check clearing and collection Settlement of balances due to and due from participants in Nassau County Clearing Bureau ( N i g h t ) , E d w a r d J. M c G u i r e , Chief (Performs same operations as Check Division (Day) except Check Routing Symbol Program and settlement of balances of Nassau County Clearing Bureau) C h e c k D iv is io n E. D i r i n g e r , Chief Adjustments relative to the presentment and collection of checks City and county clearing arrangements, exchanges between participants in Direct routing of checks and other cash items to Federal Reserve Banks and Branches by member and nonmember clearing banks through the Consoli dated Air Transportation Program or other methods Remittances for Second District cash letters Return items R e t u r n I t e 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 C o l l e c t i o n D e p a r t m e n t , G eorge C. S m ith , Manager R. N o e , Chief Collection of notes, drafts and other noncash items payable in any Federal Reserve district Reclamation of United States Government checks Regulation G— Collection of noncash items 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 FEDERAL RESERVE BANK OF NEW YORK C o u p o n C o l l e c t i o n D iv is io n , R Chief J. S teph en s, obert 5 Collection of bonds and coupons payable in any Federal Reserve district Payment of coupons on bonds of United States, its agencies or instrumentalities, and of International Bank for Reconstruction and Development Regulation G— Collection of noncash items W ir e T r a n s f e r D iv is io n , O t to S u s e n , Chief Check books, orders for Mail transfers of funds Officers checks Issuance of Federal Reserve checks in payment of gold purchased from Assay Office by gold dealers Settlements of balances due to and due from participants in city clearing arrangements of banks outside New York City Signature authorities Stop payment orders Telegrams Coding, decoding and authenticating by testword of, involving payments of funds, shipments of currency, coin and securities, or deliveries of securities Receipt and transmittal of Testwords for, furnishing of Telegraphic transfers of funds G o v e r n m e n t C h e c k D e p a r t m e n t , G eorge C. Sm it h , Manager C. L e n z , 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 , J ohn FOREIGN J F o r e ig n A ssets C ohn o n tro l D E xter, Vice President e par tm e n t , N orm an P . D 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 obert a v is , R. T Assistant Vice President o m p k in s , Chief Applications, inquiries and licenses pertaining to Treasury Department freez ing control, as fiscal agent DIRECTORY 6 Assistant Vice President Assistant Vice President Manager F o r e i g n D e p a r t m e n t , N o r m a n P . D a v is , H o r a c e L . S a n fo r d , P e te r P. Lang, C able D iv is io n , E d w in W . C a r r o l l , Acting Chief Cablegrams, radiograms and telegrams relating to foreign business, sending, receiving, coding, decoding, testing and otherwise processing of F o r e ig n O p e r a t io n s D iv is io n , B e rtra n d H . W ebber, Chief Federal Reserve System accounts maintained abroad Foreign central bank and government dollar, gold and security custody accounts Foreign exchange Rates, certification of, under Tariff Act of 1930 Transactions on behalf of United States Treasury and foreign depositors Gold Reserve Act of 1934 Applications, licenses, inquiries, purchases and sales thereunder, as fiscal agent International Bank for Reconstruction and Development accounts International Monetary Fund accounts Silver Purchase Act of 1934, purchases thereunder, as fiscal agent United States Stabilization Fund, as fiscal agent GOVERNMENT BOND, SAFEKEEPING OF SECURITIES, CURRENCY DESTRUCTION AND Vice President Assistant Vice President A r t h u r P h e la n , F e lix T. D a v is , G o v e r n m e n t B o n d D e p a r t m e n t, K en n eth G overnm ent B ond D iv is io n , W a lt o n B ru sh , E. S m a ll, Manager Chief Chief United States Securities (other than Armed Forces Leave Bonds and Savings Bonds) C h a r le s J. K u c h le r , Denominational exchange Exchanges of bearer for registered bonds Exchanges of registered for bearer bonds Exchange subscriptions Forms for subscriptions, exchanges, transfers, etc. Lost, stolen, destroyed or mutilated securities Payment or redemption Receipt of delivery instructions and of payment regarding cash subscriptions Telegraphic transfer of bearer securities from New York to certain other cities Transfer of registered bonds FEDERAL RESERVE BANK OF NEW YORK 7 Bonds of International Bank for Reconstruction and Development Issuance, exchange and redemption Various Securities of the Philippine Government, the Puerto Rican Government and Agencies of the United States Government Issuance, exchange and redemption Treasury Tax and Loan Accounts Calls on Qualification of depositaries Record of accounts Record of collateral S a v in g s B o n d D e p a r t m e n t , W illia m S a v in g s B o n d D i v i s i o n , B u r t i i a l A. A. I I e in l, R oebu ck, Manager Chief Accounts of issuing and paying agents Consignment of unissued Series E bonds Lost, stolen, mutilated or destroyed Savings bonds Redemption of Savings bonds and of Armed Forces Leave Bonds Reissues and corrections Safekeeping of Savings bonds for owners Sales of Series E, I I , J and K bonds S a fe k e e p in g D e p a r t m e n t, K en n eth E. S m a ll, Manager M. O ’ B r i e n , Chief Delivery of bearer Government securities pursuant to telegraphic transfer from other Federal Reserve Banks Delivery of Government securities on original issue over the counter, or by mail, or by telegraphic transfer to other Federal Reserve districts Delivery over the counter, or by mail, of securities of International Bank for Reconstruction and Development and various Government agencies Receipt and delivery of securities purchased or sold for account of member banks Safekeeping of securities for account of member banks Sa f e k e e p in g D iv is io n , Joseph S e c u r i t y C u s t o d y D e p a r t m e n t , W a lt e r S. R u sh m o re , S e c u r it y C u s t o d y D iv is io n , C h a r l e s H . O ls s o n , Manager Chief (See Safekeeping Department) C u r r e n c y D e s t r u c t i o n D e p a r t m e n t , W illia m C u r r e n c y D e s t r u c t i o n D iv is io n , R a lp h V. A. T ilto n , II e in l, Manager Assistant Chief 8 DIRECTORY LEGAL T odd Vice President and General Counsel J o h n J. C l a r k e , Assistant General Counsel H a r d i n g C o w a n , Assistant Counsel C l i f t o n R. G o r d o n , Assistant Counsel E d w a r d G. G u y , Assistant Counsel G r e g o r y O ’K e e f e , J r . , Assistant Counsel G. T ie b o u t , LOANS AND CREDITS A C r e d it D e par tm e n t C r e d it D iv is io n , J rthur , W ohn P il l ia m P. R helan E. in g e n , M , Vice President arple, Manager Chief Commercial Credit File and relative forms, distribution of Credit data, collection and analysis of Farm Credit File and relative forms, distribution of Financial statement forms, distribution of Regulation A— Discounts for and advances to member banks Eligibility and acceptability of paper offered for discount or as collateral to advances, determination of Regulation S— Industrial loans Processing o f applications Servicing of loans or commitments made Regulation V— Loan guarantees for defense production Processing o f applications and issuing guarantees in behalf of the guarantors Servicing of guaranteed loans D is c o u n t D D is c o u n t e pa r tm e n t D iv is io n , H , W enry il l ia m T. E. M arple, C h r is t e n s e n , Manager Chief Regulation A— Discounts for and advances to member banks Processing of applications Servicing of discounts and advances Regulation S— Industrial loans Servicing of loans and collateral Regulation V— Loan guarantees for defense production Billing and collection of guarantee fees Maintaining records of guarantees issued FEDERAL RESERVE BANK OF NEW YORK 9 OPEN MARKET OPERATIONS, TREASURY ISSUES, AND MARGIN REGULATIONS R obert G. R ou se, Vice President Assistant Vice President Manager M a r s h , J r . , Manager S e c u r it ie s D e p a r t m e n t , R o b e rt V . R oosa, J o h n J . L a r k in , S p e n ce r S. B i l l D iv is io n , F r a n k lin . S. D e u e l, Chief Acceptance by member banks of drafts or bills of exchange, inquiries regarding Bankers’ acceptances, open market purchases and sales of Bills of exchange and trade acceptances, open market purchases of Regulations B— Open market purchases of bills of exchange, trade acceptances and bankers’ acceptances under section 14 of the Federal Reserve Act C— Acceptance by member banks of drafts or bills of exchange K. M o u n t , Chief Dividends on Federal Reserve Bank stock Federal Open Market Committee, regulation relating to open market operations of Federal Reserve Banks S e c u r it ie s D iv is io n , C h a r l e s Government securities (other than Savings bonds and Savings notes), cash subscriptions and tenders to new Government securities, purchases and sales for account of member banks Open market operations in United States Government securities Regulation E—Purchase of warrants Warrants, purchase of Margin Regulations, N orm an P. F r a n k lin D a v is , S. Assistant Vice President Chief, Bill Division D e u e l, Regulations, administration of T—Extension and maintenance of credit by brokers, dealers, and members of national securities exchanges U— Loans by banks for the purpose of purchasing or carrying stocks regis tered on a national securities exchange 10 DIRECTORY PERSONNEL Vice President H a r o ld A . B ilb y , P e r s o n n e l D e p a r t m e n t , F r e d e r ic k L. Manager Acting Manager S m e d le y , G e r a ld H . G re e n e , 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 Director B. Post, Chief Employee assignment, rating, counseling, and training Employment Personnel records P e r s o n n e l R e l a t i o n s D iv is io n , E v e r e t t S a la r y R e s e a r c h D iv is io n , F r a n c is H . R o h r b a c h , Chief Job analysis and evaluation Payroll data Salary surveys and salary research 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 , Director PUBLIC INFORMATION W illia m F. T r e ib e r , First Vice President 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, Manager II. M a d d e n , Public Information Assistant Dissemination of information about activities of this Bank, operations of the Federal Reserve System, and current developments in fields of money and banking Films on the Federal Reserve System Guided tours of the Bank Press and public relations Weekly News Review P u b lic I n f o r m a t i o n D iv is io n , C a r l RESEARCH AND STATISTICAL H a r o ld V . R o e ls e , Vice President Manager Senior Economist Senior Economist R e s e a r c h D e p a r t m e n t , C h a r le s A . C oom bs, A rth u r I. B lo o m fie ld , G eorg e G arvy, 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 of data on United States balance of payments Foreign exchange reports on United States Treasury and International Monetary Fund forms 11 FEDERAL RESERVE BANK OF NEW YORK D o m e s t ic R esearch D iv is io n , H o b a rt C. C a rr, Chief Collection and analysis of data on money market and United States Govern ment finance Collection and analysis of data on United States economic conditions Special studies on monetary and credit policy problems F in a n c ia l a n d T rade St a t is t ic s D iv is io n , C l i f t o n H . K r e p s , J r ., Chief Current and special tabulations and analyses of domestic banking and other financial statistics F o r e ig n R esearch D iv is io n , A. M ir o s la v K r iz , Chief Collection and analysis of data on foreign monetary and economic conditions and on activities of international economic organizations R eference L ib r a r y , J a n e t B o g a r d u s , Chief Collection, classification, and circulation of periodicals and publications Preparation of daily Newspaper Review SECRETARY’S OFFICE A rth u r G regory P u b l ic a t io n s D iv is io n , H. W illis , O ’K e e f e , J r ., Secretary Assistant Secretary J o s e p h W is n o v s k y , Chief Bank circulars and other Federal Reserve publications 12 DIRECTORY BUFFALO BRANCH VICE PRESIDENT I nsley B. S mith ASSISTAN T VICE PRESIDENT H arold M. W essel ★ ACCOUNTING, CHECK, COLLECTION, OFFICE SERVICE, AND PROTECTION G eorge A c c o u n t in g J. D o ll, D iv is io n , M i l f o r d A . G r o t e , Cashier Chief Member bank reserve accounts Nonmember bank clearing accounts Regulation D— Reserves of member banks Remittances for cash letters i v i s i o n , K e n n e t h P. M e a d , Chief Collection of checks payable in Second Federal Reserve District and other Federal Reserve districts Collection of Government checks Postal money orders Mail, incoming and outgoing Return items Check D C o l l e c t io n D iv is io n , K e n n e t h P. M ead, Chief Collection of corporate bonds and coupons and payment of United States Government coupons Collection of notes, drafts, and other noncash items Reclamation of United States Government checks O f f i c e S e r v ic e D i v i s i o n , A r t h u r A . R a n d a l l , Chief Employees’ records Employment Job analysis and evaluation Purchasing Telephone and teletype service P r o t e c t io n D iv is io n , R ic h a r d M . K r e lln e r , Captain 13 FEDERAL RESERVE BANK OF NEW YORK BUILDING OPERATING, CASH, CREDIT AND DISCOUNT, AND SECURITIES H a r o ld M . W e s s e l, B u i l d in g Cash D O p e r a t in g D iv is io n , iv is io n , H a r r is o n E. G eorge M a r tin , Assistant Vice President* R. B oss, Building Superintendent Chief Receipt and payment of currency and coin Signature authorities Sorting and counting of currency and coin Telegraphic and mail transfers of funds C r e d it and 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 , Chief Condition reports and earnings and dividends reports of State member banks Discounts for and advances to member banks Financial statement forms, Farm Credit File and Commercial Credit File Regulation V—Loan guarantees for defense production S e c u r it ie s D iv is io n , F ra n k H en d erson , Chief Payment or redemption of United States Government securities Safekeeping of securities for account of member banks Sales of bonds of Series E, H, J and K, and Savings notes * G e r a l d H. G r e e n e , who was formerly an Assistant Cashier in charge of this function, assigned to the Head Office. has been temporarily BANK RELATIONS M . M on roe M yers, Assistant Cashier Bank and public relations activities Visitors at Buffalo Branch Visits to banks P la n n in g , J. B Jr., Administrative Assistant Administrative Assistant F r a n k lin T h om as, H erb ert W . W eber, H. V a n v i c k Information reflected on the Buffalo Branch’s records furnished to those entitled thereto Reconciliation of accounts of member banks and others ranch A u d it o r , C arl Federal Reserve Bank of New York DIRECTORS J a y E. C ra n e (C -1 9 5 6 * ), Vice President, Standard Oil Company (New Jersey), New York, N . Y . Chairman, and Federal R eserve A gen t W il l ia m I. M yers (C -1 9 5 4 ), Dean, New York State College of Agriculture, Cornell University, Ithaca, N . Y . D ep u ty Chairman F . P a lm e r A r m s tr o n g (A -1 9 5 4 ), President, The Keyport Banking Company, Keyport, N . J. (Elected by Group 3 banks) C larence F ra n c is (B -1 9 5 5 ), Director, and member o f Executive Committee, General Foods Corporation, New York, N. Y. (Elected by Group 1 banks) J ohn E . B ier w ir th (B -1 9 5 4 ), President, National Distillers Products Corporation, New York, N . Y. (Elected by Group 3 banks) N. B a x ter J a c k s o n (A -1 9 5 5 ), Chairman of the Board, Chemical Com Exchange Bank, New York, N . Y . (Elected by Group 1 banks) J ohn R. E v a n s (A -1 9 5 6 ), President, The First National Bank of Poughkeepsie, Poughkeepsie, N . Y. (Elected by Group 2 banks) F r a n z S c h n e id e r (C -1955), New York, N . Y . L a n s in g P. S h ie ld (B -19 56 ), President, The Grand Union Company, East Paterson, N. J. (Elected by Group 2 banks) * T h e letter in dica tes th e class o f d ir e c t o r ; te rm expires D e ce m b e r 31 o f the y e a r indicated. 14 OFFICERS A llan W il l ia m E xter, V. V ice President J o h n J . Cl a r k e , H ow ard D . Crosse, F e l ix T . D a v is , J ohn H orace L . S anford, R obert V . R oo sa, G eorge G a rv y, Senior Econom ist D onald A ssistan t Counsel M anager, Service D epartm ent A ssistant Counsel, and M anager, A ccoun ting D epartm ent A ctin g M anager, Personnel E. P e t e r s o n , M anager, Cash D epartm ent F r a n k l in A ssistan t Counsel W M anager, F oreign Departm ent J . L a r k in , E . S m a l l , M anager, Governm ent Bond D epartm ent, and M anager, S a fekeep in g D epartm ent K enneth M anager, Securities D epartm ent A n g u s A . M a c I n n e s , J r ., M anager, Check F r e d e r ic k L . S m e d l e y , D epartm ent M anager, Personnel D epartm ent E . M a r p l e , M anager, Credit D epart m ent, and M anager, D iscount Departm ent W il l ia m S pencer S. M a rsh , E. Q u a c k e n b u s h , M anager, Bank Exam inations D epartm ent a l t e r S. R u s h m o r e , M anager, Security Custody Departm ent L aw rence M anager, Currency D estruc tion D epartm ent, and M anager, Savings Bond D epartm ent John N oa, O ’K e e f e , J r ., W il l ia m F . P a l m e r , A ssistan t Counsel W il l ia m A . H e in l , P eter P . L a n g, M anager, Planning A ssistan t Secretary D epartm ent E dw ard G. Gu y, H. Gregory Senior Econom ist G erald H . Greene, C. N il e s , D epartm ent M anager, Research A rth ur C l if t o n R . G o r d o n , A ssistant V ice President A ssistan t V ice President A ssistant V ice Presid en t D epartm ent H a r d in g C o w a n , A ssistan t V ice President P a u l R . F it c h e n , M a r c u s A . H a r r is , A ssistant V ice President A r t h u r I . B l o o m f ie l d , V ice President V ice Presid en t H . W u rts, Assistant General Counsel A ssistant V ice Presid en t C h a r l e s A . Coo m bs, V ice President R e g in a l d B . W il t s e , A ssistan t V ice President N o r m a n P . D a v is , V ice President R ouse, V a l e n t in e W il l is , V ice President R oelse, G. G. T i e b o u t , V ice P resid en t and General Counsel T odd V ice President A rth ur P h elan , H arold R obert V ice President H e rb er t H . K im b a l l , P resid en t F irst V ice Presid en t V ice President H aro ld A . B il b y , J ohn Sproul, F . T r e ib e r . C . S m i t h , M anager, C ollection D e partm ent, and M anager, Governm ent Check D epartm ent G eorge Jr., M anager, Securities D epartm ent T h o m as O. W aage, J. M c L a u g h l i n , M anager, Cash Custody D epartm ent A . C h ester W alton , M anager, P ublic In form ation D epartm ent M ic h a e l M anager, Bank R elations D epartm ent M anager, Building O perating D epartm ent H erbert A . M u eth er, A rth ur D on ald J . Ca m e r o n , 15 H. W il l is , General A uditor Secretary Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL H e n r y C. A l e x a n d e r , President, J. P . M organ & Co. Incorporated, N ew Y ork, N. Y . INDUSTRIAL ADVISORY COMMITTEE W i l l i a m H . P o u c h , Chairman Chairman o f the B oard, Concrete Steel Company, N ew Y ork, N. Y . G. N e l s o n , V ice Chairman Chairman o f the B oard, A . G. Nelson P aper Company, Inc., N ew Y ork, N . Y . J. N o b l e , Chairman o f the Finance Committee, Am erican Broadcasting-Param ount Theatres, Inc., N ew York, N . Y . A rth ur E dw ard Buffalo Branch of Federal Reserve Bank of New York D IR E C T O R S Clay to n G . W h it e , Chairman D airy Farmer, Stow, N . Y . C. T a i t , President, Strom berg-Carlson Company, Rochester, N . Y . R o b e r t L . D a v is , R obert President, The F irst N ational Bank o f Olean, Olean, N . Y . P. V r e e l a n d , President, Salamanca Trust Company, Salamanca, N. Y . B e r n a r d E . F in u c a n e , E dw ard President, Security Trust Com pany o f Rochester, Rochester, N . Y . F. W end t, President, B u ffalo F orge Company, B uffalo, N . Y . L e w is G . H a r r im a n , E dgar Chairman o f the Board, M anufacturers and Traders Trust Company, B u ffalo, N . Y . OFFICERS I n sley B . S m it h , H arold M . W e sse l , G eorge J. D oll, Cashier V ice President A ssistant V ice President M . M onroe M ye rs, 16 A ssistan t Cashier INDEX H E A D OFFICE Acceptances, open market purchases o f A ccou nt o f Treasurer o f the United States ........................................................ Accounts Mem ber bank r e s e r v e ........................... Nonm em ber bank c l e a r i n g ................ Keconciliation o f member b a n k s’ and oth ers’ ......................................... R e m itt a n c e ............................................... A dju stm en t o f check presen tm ents.. . . Advances to member b a n k s .................. A rm ed F orces Leave B o n d s .................. A u d it surveys fo r member banks . . . . Bank relations a c t iv it ie s ......................... B ills o f exchange, acceptance b y mem ber banks o f, inquiries r e g a r d in g .. . Bonds and coupons, collection o f , pa y able in any Federal Reserve district Branches, applications f o r ..................... Cablegrams, radiogram s, and telegrams relating to foreign transactions. . . . Cash letters, remittances fo r Second D i s t r i c t ...................................................... Check b o o k s .................................................. Check clearing and collection ................ Check operations surveys ....................... Check R ou tin g Sym bol P ro g ra m ......... Checks A d ju s tm e n ts ............................................. Drawn on Government or on member banks in amounts o f $1,000 and over, immediate credit receipts fo r Drawn on this Bank, certification o f Government, paym ent or collection o f Officers, issuance o f Federal Reserve, in paym ent o f gold purchased from A ssay Office by gold dealers......... Return i t e m s ........................................... United States Government, reclam a tion o f .................................................. Checks and other cash items, collection o f (except Government ch e ck s )......... Circulars, Federal Reserve B a n k ......... Coin, receipt and paym ent o f ................ Coupons, paym ent o f, on bonds o f the United States Government, its agen cies or instrumentalities, and o f the International Bank f o r Reconstruc tion and D e v e lo p m e n t......................... P a ge 9 P a ge Credit data, collection and analysis o f Credit file f o r m s ......................................... Credit file in s t a lla tio n s ........................... Currency, receipt and paym ent o f __ _ D iscounts fo r member banks................ D ra fts, acceptance b y member banks, inquiries on ............................................. Exam ination o f State member banks and affiliates ........................................... Expenditures ............................................... Federal Reserve Bank s tock .................. D ividends o n ........................................... Federal Reserve System m em bership. . F oreign accounts ...................................... F oreign Assets C o n t r o l........................... 1 1 1 2 1 4 8 7 3 3 9 F oreign exchange Certification o f rates under T a riff A c t o f 1930 ......................................... Transactions on behalf o f United States Treasury and foreign de positors .................................................. Gold Reserve A ct o f 1934....................... In form ation about this Bank and Federal Reserve S y s t e m ..................... In form ation reflected on B a n k ’ s rec ords, furnishing o f ............................. International Bank fo r Reconstruction and Development .................................. International M onetary Fund, accounts o f ................................................................. L eg al matters ............................................. Loan guarantees fo r defense produc tion ............................................................. Loan operations s u r v e y s ......................... M ail, incom ing and ou tg o in g ................ M argin regulations ......................... Membership in Federal Reserve System, applications fo r .................................... M oney orders, postal, paym ent o f ____ 5 2 6 4 5 4 3 4 4 3 3 5 5 4 4 N ew spaper Review D a i l y .......................................................... W eekly ...................................................... 4 11 3 Notes, drafts, and other noncash items, collection o f ........................................... Open market operations in United States securities .................................... Personnel m a tte r s ...................................... Philippine Government securities......... 5 17 8 8 3 3 8 9 2 1 2 9 3 6 5 6 6 6 10 2 6 6 8 8 3 1 9 3 5 11 10 4 9 10 7 IN D E X (H E A D O FFICE) 18 P a ge Postal deposits ........................................... 3 Press relations ........................................... P rotection , fire and s a fe ty .................... Publications, Federal R e s e r v e .............. P u b lic relations ......................................... Puerto R ican Government securities. . Purchase o f supplies ................................ Regulation A— Discounts fo r and advances to member b a n k s ........................... 10 1 11 10 7 1 8 B— Open m arket 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— A cceptance b y member banks o f drafts or bills o f ex ch a n g e .. 9 D — Reserves o f member banks 1 E— Purchase o f w a r r a n t s .................. 9 F — Trust powers o f national banks G— Collection o f noncash item s 2 4 ,5 H — Mem bership o f State banking institutions in the Federal R e serve S y s t e 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 collection . . . 4 K — B anking corporations authorized to do foreign banking business under the terms o f section 2 5 (a ) o f the Federal Reserve A ct ............................................... L— Interlocking bank directorates under the Clayton A c t ........... M— F oreign branches o f national banks and o f corporations or ganized under the provisions o f section 2 5 (a ) o f the F ed eral Reserve A c t ....................... O— Loans to executive officers o f member b a n k s ........................... 2 2 2 2 P a ge P — H oldin g com pany affiliates— vot in g permits ................................ 2 Q— Paym ent o f interest on deposits R— Relationships with dealers in se curities under section 32 o f the B anking A c t o f 1933____ 2 2 S— Industrial loans ............................. 8 T — Extension and maintenance o f credit b y brokers, dealers, and members o f national securities e x c h a n g e s .................................... 9 TJ— Loans b y banks fo r the purpose o f purchasing or carrying stocks registered on a national securities exchange ................ 9 V — Loan guarantees fo r defense pro duction ......................................... 8 R eports o f condition and earnings o f State member banks............................. 2 R eports o f unusual currency transac tions ........................................................... 3 Reserves o f member banks..................... 1 Return o f unpaid checks......................... 4 Safekeeping o f securities......................... 7 7 Savings b o n d s ............................................. Signature a u t h o r itie s ................................ 5 Silver Purchase A ct o f 1934.................. 6 Statistics, dom estic and fo r e ig n ____ 10,11 Stop paym ent ord ers.................................. 5 Taxes, Federal, deposits o f .................... 1 Telegrams, sending and receiv in g ......... 5 Tours o f Federal Reserve B a n k ........... 10 Transfers o f funds, m ail and telegraph 5 Treasury Tax and Loan A ccou n ts____ 7 U nited States securities........................... 6, 7 Cash subscriptions and tenders (n ot Savings notes) .................................. 9 Purchases and sales fo r account o f member b a n k s .................................... 9 6 United States Stabilization F u n d ......... V isits to D istrict banks............................. 3 W arrants, purchase o f ............................. 9
@FedFRASER