The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK O F NEW YORK Fiscal Agent of the United States /■Circular No. 4 3 6 6 1 L A ugust 28. 1956 J RESULTS OF BIDDING FOR TREASURY BILLS DATED AUGUST 30, 1956 To all Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: A t the time of printing our Circular No. 4365, dated A ugust 28,1956, announcing an offering of 91-day T reasury bills, to be dated Septem ber 6, 1956, the results of bidding fo r the previous week’s issue of 91-day T reasu ry bills, to be dated August 30,1956, and m aturing November 29,1956, were not available. The results, now avail able, a re : Total applied for . . . $2,489,827,000 Total accepted ......... $1,601,425,000 (Includes $251,380,000 entered on a non competitive basis and accepted in full at the average price shown below) Average p r i c e ........... Equivalent rate of discount approx. 2.832% per annum 99.284-f- Range of accepted competitive bids: (Excepting two tenders totaling $350,000) High ..................... 99.300 Equivalent rate of discount approx. 2.769% per annum L o w ........................ 99.282 Equivalent rate of discount approx. 2.840% per annum (40 percent of the amount bid for at the low price was accepted) Federal Reserve District Total Applied fo r Boston .......................................................... New Y o r k ................................................... Philadelphia ............................................... Cleveland ...................................................... Richmond ................................................... Atlanta .......................................................... Chicago ........................................................ St. Louis ..................................................... M in n eapolis................................................. Kansas C i t y ................................................. D a lla s ............................................................ San F ra n c isc o ............................................. Total ....................................... $ 32,321,000 1,827,679,000 38,555,000 62,512,000 32,416,000 28,960,000 290.587.000 17,095,000 10,632,000 32,187,000 37,957,000 78,926,000 $2,489,827,000 Total Accepted $ 21,821,000 1,067,479,000 23,555,000 54,512,000 32,216,000 26,410,000 218,337,000 17,095,000 10,632,000 32,185,000 21,957,000 75,226,000 $1,601,425,000 A lfred H ayes, President. F E D E R A L R E S E R V E BA N K O F NEW YORK DIRECTORY September 1956 SECOND FEDERAL RESERVE DISTRICT DIRECTORY F ederal R eserv e B a n k of N ew Y ork ★ Head Office, 33 Liberty Street, New York, N. Y. Mailing Address F e d e r a l R e s e r v e P. 0 . S t a t i o n N ew Y o rk 45, N . Y . Telephone R Ector 2-5700 Buffalo Branch, 270-276 Main Street, Buffalo, N. Y. Mailing Address u f f a l o 5 , N . Y. B Telephone W Ashington 7562 F E D E R A L R E S E R V E BANK O F N EW YORK September 1, 1956 To Batiks and Trust Companies in the Second Federal Reserve District: This edition of the directory of this Bank follows the design of the directory we sent you in November 1954, which is now superseded. The directory shows the functions, the departm ents and divisions within them, the officers and chiefs in charge, and the principal opera tions perform ed by the divisions. New appointm ents 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.” R egular 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 th at purpose. We will be pleased to furnish additional copies upon request. A lfred H a y es, President. CONTENTS Page Head Office functions, departments, divisions and principal operations, and persons in charge Accounting, Planning, Building Operating, and Service . . 1 A u d i t ..............................................................................................2 Bank Supervision and R elatio n s.................................................. 2 Cash and C o lle c tio n s..................................................................... 3 F o r e i g n ..............................................................................................5 Government Bond and Safekeeping of Securities . . . . 6 L e g a l .............................................................................................. 8 Loans and C re d its ........................................................................... 8 Open Market Operations and Treasury Is s u e s ......................... 9 Personnel ........................................................................................9 Public Inform ation ..................................................................... 10 Research and S ta t is t i c a l ...............................................................10 Secretary’s O ff ic e ........................................................................... 11 Buffalo Branch functions, divisions and principal operations, and persons in c h a r g e ............................................................................1 2 D i r e c t o r s .................................................................................................... 14 O f f ic e r s .......................................................................................................... 15 Member of Federal Advisory C o u n c il......................... ...... In d u strial Advisory C o m m ittee............................................................... 16 Buffalo Branch Directors and O ffic e rs...................................................16 Index (H ead O f f ic e ) ..................................................................................17 (N O TE: The lettered Regulations referred to in this directory are Regulations of the Board of Governors of the Federal Reserve System.) 16 F ed era l R eser v e B ank of N ew Y ork ★ PRESIDENT A H lfred ayes FIRST VICE PRESIDENT W ILLIAM F. TREIBER ★ HEAD OFFICE ACCOUNTING, PLANNING, BUILDING OPERATING, AND SERV ICE Vice President Assistant Vice President H e r b e r t H . K im b a l l , M a r c u s A . H a r r is , A c c o u n t in g D epartm ent P. , J ohn Manager J en sen , A c c o u n t in g D iv is io n , J a m e s F . S u l l i v a n , Chief Accounts, deposits in, except foreign accounts Member bank reserve accounts Nonmember bank clearing accounts Regulation D— Reserves of member banks Remittance accounts T reasu rer’s account, United States D is b u r s in g and T a b u l a t in g D iv is io n , A l o y s iu s J . S t a n t o n , Chief Deposits of Federal taxes Expenditures P l a n n in g D epartm ent C. , D onald N ile s , Manager P l a n n i n g D iv is io n P B u r c h a s in g u il d in g S e r v ic e D O W. F orberg, epartm ent , H erbert D i v i s io n , F r e d e r i c k p e r a t in g epartm ent D , A r th u r P o s t O f f ic e D iv is io n , J o s e p h II. L. N oa, Purchasing Agent A. M u e th e r , Manager Manager T u m in e lli, Chief F ederal Reserve P. O. Station Mail, incoming and outgoing P r o t e c t io n D i v i s io n , G eorge H. T u sv eld , Chief T e l e p h o n e S e c t io n , M r s . M il d r e d M . C a r e w , l Chief Operator 2 DIRECTORY AUDIT A u d it in g D epartm ent , D onald J . C am ero n, General Auditor A u d it in g D iv is io n , K a r l L. E g e , Chief Inform ation reflected on the B ank’s records furnished to those entitled thereto Reconciliation of accounts of member banks and others BANK SU PERV ISIO N AND RELATIONS R e g in a l d H ow ard B a n k Exam R epo rts in a t io n s and D D. B. W C r o s se , Vice President Assistant Vice President il t s e , epartm ent , F red W. P id e r it , A n a l y s is D iv is io n , J o h n F . P ie r c e , Jr., Manager Chief Analysis of reports of examination Branches, applications for Condition reports, State member banks E arnings and dividends reports, State member banks Regulations, adm inistration of F T rust powers of national banks H 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 term s 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 Loans to executive officers of member banks P Holding company affiliates—voting permits Q Paym ent of interest on deposits R Relationships with dealers in securities under section 32 of the Banking Act of 1933 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 Y Bank holding companies Under direct supervision of Manager Exam ination of State member banks and affiliates E x a m in i n g D iv is io n , FEDERAL RESERVE BANK OF NEW YORK B a n k R e la tio n s D e p a rtm e n t, 3 A. Chester W alton, Manager P arke R. E lmer, Senior Representative (Special Representatives: R obert W. B ullock, A dam R. D ick , L aurence E. D ignan, A. H erbert Graue, T homas P. H oward, J. R aymond Murray) Applications for membership in Federal Reserve System Bank relations activities Visits to D istrict banks B a n k R e l a t i o n s D iv is io n , T e c h n i c a l A s s is ta n c e D iv is io n , J o h n J . K n o x , Chief A udit surveys Check operations surveys Credit file installations and loan operations surveys Profit analyses CASH AND COLLECTIONS V alentine W illis, Vice President P aul R. F itchen , A ssistant Vice President A ngus A. MacI nnes , J r., Assistant Vice President C ash D e p a rtm e n t, F ranklin E . P eterson, Manager F rancis H. Rohrbach, Chief Counting, verifying and w rapping of coin Exchange of uncurrent United States coin presented for redemption Paym ent of coin Receipt of coin Segregation of unfit, foreign and counterfeit coin C o in D iv is io n , Charles F . B eisler, Chief Allotment of new currency to banks Certification of checks drawn on this Bank Paym ent of currency P a y in g D iv is io n , S o r t i n g a n d C o u n tin g D iv is io n , J oseph L. A nderson, Chief Postal deposits Receipt of currency Reports of unusual currency transactions on Form TCR-1 pursuant to instruc tions from the Treasury D epartm ent Sorting of currency for fitness, kind and genuineness Verification by piece count of all deposits of paper currency 4 DIRECTORY C a sh C ustody D e p a r t m e n t , W alter C h e c k D e p a r t m e n t , George S. R u sh m o re, C. S m ith , Manager Manager Check D ivision (D ay), Joseph C. A u c h te r, Chief E lmer L. Gaden, Chief Checks and other cash items collectible through M anhattan, Bronx and Brooklyn collection arrangements New York 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 Settlement of balances due to and due from participants in Nassau County Clearing B ureau Check D ivision (N ight), E d w a r d J . M c G u i r e , Chief (Perform s same operations as Check Division (Day) except settlement of bal ances of Nassau County Clearing B ureau) R eturn I tems and A djustment D ivision, C h a r l e s E . D i r i n g e r , Chief A djustm ents relative to the presentm ent and collection of checks Check Routing Symbol Program 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 A ir Transportation Program or other methods Remittances for Second D istrict cash letters R eturn items C o l l e c t io n D e p a r t m e n t , L a w re n c e E . Q u a ck en b u sh , Manager Collection D ivision, H a r r y G . T a p p e n , Chief Collection of notes, drafts and other noncash items payable in any Federal Reserve district Paym ent of drafts drawn under letters of commitment issued by Commodity C redit Corporation Receipt, for immediate credit, of Government checks drawn for amounts of $5,000 and over and cheeks on member banks’ reserve accounts Reclamation of United States Government checks Regulation G— Collection of noncash items Coupon D ivision, W. H a rry S a m m is , Chief Collection of bonds and coupons payable in any Federal Reserve district P aym ent of coupons on bonds of United States, its agencies or instrum entalities, and of International Bank for Reconstruction and Development Regulation G—Collection of noncash items FEDERAL RESERVE BANK OF NEW YORK W ir e T r a n s f e r D iv is io n , 5 O tto S usen , 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 paym ent 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 transm ittal of Testwords for, furnishing of Telegraphic transfers of funds G overnm ent Check D epartm ent , L aw ren ce E. Q uackenbush, Manager W illiam J. L eonard, Chief Government checks, payment or collection of Postal money orders, collection of G o v e r n m e n t C h e c k D iv is io n , FO R EIG N J ohn E xter, Vice President N orman P. D avis, Assistant Vice President H orace L. S anford, Assistant Vice President F o r e ig n D epartm ent C a b le D iv is io n , , P e te r P. Lang, Manager T homas J . R oche, Foreign Exchange Officer E dwin W. Carroll, A cting Chief Cablegrams, radiograms and telegrams relating to foreign business, sending, receiving, coding, decoding, testing and otherwise processing of DIRECTORY 6 B ertrand H . W ebber, Chief Federal Reserve System accounts m aintained abroad Foreign central bank and government dollar, gold and security custody accounts Foreign exchange Rates, certification of, under Tariff A ct of 1930 Transactions on behalf of United States Treasury and foreign depositors Gold Reserve A ct of 1934 Applications, licenses, inquiries, purchases and sales thereunder, as fiscal agent International Bank for Reconstruction and Development accounts International Finance Corporation accounts International Monetary F und accounts Silver Purchase Act of 1934, purchases thereunder, as fiscal agent U nited States Stabilization Fund, as fiscal agent F o r e ig n O p e r a tio n s D iv is io n , • • * • N orman P. D avis, Assistant Vice President F o r e ig n A sse ts C ontrol D epartm ent R o b ert R. Tompkins, Chief Applications, inquiries and licenses pertaining to Treasury Department freez ing control, as fiscal agent F o r e ig n A s s e ts C o n t r o l D iv is io n , GOVERNMENT BOND AND S A F E K E E P IN G OF SEC U R ITIES A rthur P helan , Vice President F elix T. D avis, Assistant Vice President G overnm ent B ond and S a f e k e e p in g D epartm ent , K enneth E. S mall, Manager G o v e r n m e n t B o n d D iv is io n , H arold W. L ewis , Chief United States Securities (other than A rm ed Forces Leave Bonds and Savings Bonds) Denominational exchange Exchanges of bearer for registered bonds Exchanges of registered for bearer bonds Exchange subscriptions Form s for subscriptions, exchanges, transfers, etc. Lost, stolen, destroyed or m utilated securities Paym ent or redemption FEDERAL RESERVE BANK OF NEW YORK 7 Receipt of delivery instructions and of payment regarding cash subscriptions Telegraphic transfer of bearer securities from New York to other Federal Reserve Banks T ransfer of registered bonds Bonds o f International Bank for Reconstruction and Development Issuance, registration, exchange and redemption Various Securities of the Philippine Government, the Puerto Rican Government and Agencies o f the United States Government Issuance, registration, exchange and redemption Treasury Tax and Loan Accounts Calls on Qualification of depositaries Record of accounts Record of collateral S a f e k e e p in g D iv is io n , C h a rle s J. K u c h le r, Chief Delivery of bearer securities of the United States pursuant to telegraphic tran sfer from other Federal Reserve Banks Delivery of securities of the United States (except Savings bonds), its agencies and the International Bank for Reconstruction and Development, on original issue or exchange, over the counter, or by mail Receipt and delivery of securities purchased or sold for account of member banks or others Safekeeping and servicing of securities for account of member banks S a y in g s B ond D epartm ent S a v in g s B o n d D iv is io n , , W illiam A. H e in l, Manager G ustav E h r u a r d t, Chief Accounts of issuing and paying agents Consignment of unissued Series E bonds Lost, stolen, m utilated or destroyed Savings bonds Redemption of Savings bonds and of Armed Forces Leave Bonds Reissues and corrections Sales of Series E, H , J and K bonds. S e c u r it y C u st o d y D epartm ent , W il l ia m F. P alm er, Manager 8 DIRECTORY LEGAL T odd G. T iebout, Vice President and General Counsel J ohn J . Clarke, Assistant General Counsel W illiam H. B raun, J r., Assistant Counsel H arding Cowan, Assistant Counsel Clifton R. Gordon, Assistant Counsel E dward G. Guy , Assistayit Counsel G regory O ’K eefe , J r., Assistant Counsel LOANS AND C RED ITS A rthur P helan , Vice President C re d it a n d D is c o u n t D e p a r tm e n t, W illiam E. Marple, Manager J ohn P. R ingen , Chief Commercial Credit File and relative forms, distribution of C redit data, collection aud analysis of F arm Credit File and relative forms, distribution of Financial statem ent forms, distribution of Regulation A—Advances and discounts by Federal Reserve Banks Acceptability of paper offered for discount or as collateral to advances, determ ination of Regulation S— Industrial loans Processing of applications Servicing of loans or commitments made Regulation V—Loan guarantees for defense production Processing of applications and issuing guarantees in behalf of the guarantors Servicing of guaranteed loans C r e d it D iv is io n , D i s c o u n t D iv is io n , II enry T. C hristensen , Chief Regulation A—Advances and discounts by Federal Reserve Banks E ligibility of paper offered for discount or as collateral to advances, determ ination of 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 M aintaining records of guarantees issued 1 FEDERAL RESERVE BANK OF NEW YORK 9 OPEN M ARKET OPERATIONS AND TREASURY ISSUES R obert G. R ouse, Vice President R obert V. R oosa, Assistant Vice President S e c u r it ie s D epartm ent , T ilfo rd C. Gaines, Manager J ohn J . L arkin , Manager S pencer S. Marsh, J r., Manager B ill D ivision, F ranklin S. D euel , Chief Acceptance by member banks of drafts or bills of exchange, inquiries regarding B ankers’ acceptances, open m arket purchases and sales of Bills of exchange and trade acceptances, open m arket 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 Securities D ivision, Charles K. M ount, Chief Dividends on Federal Reserve Bank stock Federal Open M arket Committee, regulation relating to open market operations of Federal Reserve Banks Government securities (other than Savings bonds and Savings notes), cash subscriptions and tenders to new Government securities, purchases and sales for account of member banks Open m arket operations in United States Government securities Regulation E —Purchase of w arrants W arrants, purchase of PERSON NEL H arold A. B ilby, Vice President W alter H. R ozell, Jr., Assistant Vice President P er so nnel D epartm ent , F re d e ric k L. Smedley, Manager M edical Division, D r. A delaide Romaine, Medical Director DIRECTORY 10 E verett B. P o st, 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 , S a l a r y R e s e a r c h D i v i s i o n , R obert W. S tone, Chief Job analysis and evaluation Payroll data Personnel research Salary surveys and salary research S o c ia l a n d R e c r e a tio n a l A d m in is tra tio n , H arold A. Crane, Director PUBLIC INFORM ATION W illiam F. T reiber, First Vice President P u r l ic Inform a t io n D epartm ent , Thom as 0 . W aage, Manager P u b l i c I n f o r m a t i o n D i v i s i o n , C a rl H. Madden, Chief Dissemination of information about activities of this Bank, operations of the Federal Reserve System, and current developments in fields of money and banking Film s on the Federal Reserve System Guided tours of the Bank Press and public relations W eekly News Review R ESEA RC H AND STA TISTIC A L H arold V. R oelse, Vice President R obert V. Roosa, Assistant Vice President R esear c h D epartm ent , C h a rle s A. Coombs, Manager A rthur I. B loomfield, Senior Economist George G arvy, Senior Economist B a la n c e o f P a y m e n ts D iv is io n , F red H. K lopstock, Chief Collection and analysis of data on U nited States balance of payments and foreign dollar assets Foreign exchange reports on United States Treasury forms FEDERAL RESERVE BANK OF NEW YORK D omestic R esearch D ivision, F ra n k W. S c h iff, 11 Chief Collection and analysis of data on money m arket and United States Govern m ent finance Collection and analysis of data on district and United States economic conditions Special studies 0 1 1 monetary and credit policy problems F inancial and T rade Statistics D ivision, M a d e lin e McW hinney , Chief C urrent and special tabulations and analyses of domestic banking and other financial and retail trade statistics F oreign R esearch D ivision, Miroslav A. Ivriz, Chief Analysis of monetary and economic conditions in foreign countries and of international economic and financial developments R eference L ibrary, J anet B ogardus, Chief Acquisition, processing, and circulation of library materials in fields of bank ing, economics, and finance Preparation of daily Newspaper Review Reference services providing factual information and assembling m aterial on specific subjects SEC R ETA R Y ’S O F F IC E T homas O. W aage, Secretary W illiam II. B raun, J r., Assistant Secretary P ublications D ivision, M artin W. B ergin, Chief Bank circulars and other Federal Reserve publications 12 DIRECTORY BUFFALO BRAN C H VICE PRESIDENT I nsley B. S mith ASSISTANT VICE PRESIDENT H arold M. W essel ★ ACCOUNTING, CHECK, COLLECTION, PERSONNEL, AND PROTECTION George J . D oll, Cashier A ccounting D ivision, J . F ranklin T homas, Jr., Chief Expenditures Member bank reserve accounts Nonmember bank clearing accounts Regulation D—Reserves of member banks Remittances for cash letters C heck D ivision, K enneth P. Mead, Chief Collection of checks payable in Second Federal Reserve D istrict and other Federal Reserve districts Collection of Government checks Postal money orders Mail, incoming and outgoing R eturn items Collection D ivision, K enneth P. Mead, Chief Collection of corporate bonds and coupons Collection of notes, drafts, and other noncash items Reclamation of United States Government checks P ersonnel D ivision, A rthur A. R andall, Chief Employees’ records Employment Job analysis and evaluation P rotection D ivision, R ichard M. K rellner , Captain FEDERAL RESERVE BANK OF NEW YORK 13 BUILDING OPERATING, CASH, CRED IT AND DISCOUNT, SECU RITIES, AND SERV ICE G erald H . G r een e , B u ild in g O p e r a t i n g D iv is io n , G e o r g e C a s h D iv is io n , H a r r is o n E. M a r t in , R, Assistant Cashier B o ss, Building Superintendent Chief Receipt and paym ent of currency and coin Signature authorities Sorting and counting of currency and coin Telegraphic and mail transfers of funds C r e d it a n d D i s c o u n t D iv is io n , F rank H en d erso n , Chief Condition reports and earnings and dividends reports of State member banks Discounts fo r and advances to member banks Financial statem ent forms, F arm Credit File and Commercial Credit File Regulation V—Loan guarantees for defense production S e c u r itie s D iv is io n , F rank H en d erso n , Chief Paym ent of United States Government coupons Paym ent or redemption of United States Government securities Safekeeping of securities for account of member banks Sales of Series E , H, J and K Savings bonds S e rv ic e D iv is io n Purchasing Telephone and teletype service BANK RELATIONS M . M onroe M yers, B a n k a n d P u b lic R e la tio n s , J o h n T. Assistant Cashier K eane, Special Representative Bank and public relations activities Visitors at Buffalo Branch Visits to banks B r a n c h A u d ito r, F r e d e r ic k W . M o rten so n Inform ation reflected on the Buffalo B ranch’s records furnished to those entitled thereto Reconciliation of accounts of member banks and others F e d e r a l R e s e r v e B a n k o f N ew Y o r k DIRECTORS J ay E . C k a n e ( C - 1 9 5 6 * ) , Vice President, Standard Oil Company (New Jersey), New York, N. Y. Chairman, and F ederal Reserve A g en t F o rrest P . H il l (C -1 9 5 7 ) , Viee President, The Ford Foundation, New York, N. Y. D eputy Chairman J o h n E . B i e r w ir t h ( B - 1 9 5 7 ) , (B-1958), Director, General Foods Corporation, New York, N. Y. (Elected by Group 1 banka) C l a r e n c e F r a n c is President, National Distillers Products Corporation, New York, N. Y. (Elected by Group 3 banks) (C-1958), Consultant, Newmont Mining Corporation, New York, N. Y. F r a n z S c h n e id e r F e e d . I . Co l l in s ( A - 1 9 5 7 ) , President and Trust Officer, Bound Brook Trust Company, Bound Brook, N. J. (Elected by Group 3 banks) C. S h e p e r d (A-1958), Chairman of the Board, The First National City Bank of New York, and Chairman of the Board, City Bank Farmers Trust Company, New York, N. Y. (Elected by Group 1 banks) H ow ard J ohn R . E vans (A -1 9 5 6 ), President, The First National Bank of Poughkeepsie, Poughkeepsie, N. Y. (Elected by Group 2 banks) L a n s i n o P. S h i e l d (B-1956), President, The Grand Union Company, East Paterson, N. J. (Elected by Group 2 banks) • T h e letter indicates the class of d ire c to r; term expires December 31 of the year indicated. 14 OFFICERS A l f r e d H a y e s , P resident W il l ia m F . T r e ib e r , F irst Vice P resident H a ro ld A . B il b y , Vice P resident R o b e r t Q . R o u s e , Vice P resident J o h n E x t e r , Vice P resident T odd G . T ie b o u t , Vice P resident and General Counsel H e r b e r t H . K im b a l l , Vice P resident A r t h u r P h e l a n , Vice P resident V a l e n t in e W i l l i s , Vice P resident H a r o l d V . R o e l s e , Vice P resident R e g in a l d B. W i l t b e , Vice P resident J o h n J . Cla rk e A ssista n t General Counsel H o w a r d D . C r o s s e , A ssista n t Vice P resident F e l i x T . D a v is , A ssista n t Vice P resident N o r m a n P . D a v is , A ssista n t Vice P resident A n g u s A . M a c I n n e s , J r ., A ssistant V ice P resident R o b e r t V. R o o s a , A ssista n t Vice P resident W a l t e r H . R o z e l l , J r ., A ssista n t P a u l R. F i t c h e n , A ssista n t Vice P resident Vice P resident M a r c u s A . H a r r is , A ssista n t Vice P resident H o r a c e L. S a n f o r d , A ssista n t Vice P resident A r t h u r I. B l o o m f ie l d , Senior Econom ist D o n a l d C. N i l e s , M anager, P lanning D epartm ent W i l l ia m H . B r a u n , J r . , A ssista n t Counsel, and A r t h u r H. N oa , M anager, Service D epartm ent A ssista n t Secretary C h a r l e s A . C o o m b s , M anager, Research D epartm ent G r e g o r y O ’K e e f e , J r ., A ssista n t Counsel W i l l ia m F . P a l m e r , M anager, Security Custody D epartm ent H a r d in u Co w a n , A ssista n t Counsel F r a n k l i n E . P e t e r s o n , Manager, Cash T il f o r d C . G a i n e s , M anager, Securities D epartm ent D epartm ent G e o r o e G a r v y , Senior E conom ist F r e d W . P i d e r it , J r ., M anager, B a n k E xam ina tions D epartm ent C l if t o n R. G o r d o n , A ssista n t Counsel L a w r e n c e E . Q u a c k e n b u s h , M anager, Collec E d w a r d G . G u y , A ssista n t Counsel tion D epartm ent, and M anager, Government Check D epartm ent W i l l i a m A . H e in l , M anager, Savings Bond D epartm ent T h o m a s J . R o c h e , F oreign Exchange Officer J o h n P . J e n s e n , M anager, A ccounting W a l t e r 8 . R u s h m o r e , M anager, Cash Custody D epartm ent D epartm ent P e t e r P . L a n g , M anager, Foreign D epartm ent K e n n e t h E . S m a l l , M anager, Government B ond and S a fekeeping D epartm ent J o h n J . L a r k in , M anager, Securities D epartm ent F r e d e r ic k D iscount D epartm ent S m edley, M anager, Personnel G e o r g e C. S m i t h , M anager, Check D epartm ent S p e n c e r 8 . M a r s h , J r . , M anager, Securities T h o m a s O. W a a g e , M anager, Public In fo rm a tio n D epartm ent, and Secretary D epartm ent A . C h e s t e r W a l t o n , M anager, B a n k Relations H e r b e r t A . M u e t h e r , M anager, B uilding D epartm ent O perating D epartm ent L. D epartm ent W i l l ia m E . M a r p l e , M anager, Credit and D o n a l d J . C a m e r o n , General A u d ito r IS F ederal R eser v e B a n k o f N ew Y ork MEMBER OF FEDERAL ADVISORY COUNCIL A d r ia n M . M a s s i e , Chairman of the Board, The New York Trust Company, New York, N. Y. INDUSTRIAL ADVISORY COMMITTEE W i l l i a m H . P o u c h , Chairman Chairman of the Board, Concrete Steel Company, New York, N. Y. A rth u r G. N elson, Vice Chairman E dw ard J . N oble, Chairman of the Finance Committee, Chairman of the Board, American Broadcasting-Paramount A. G. Nelson Paper Company, Inc.] Theatres, itdirtSj Inc., int., New York, N. Y. New York, N. Y. B u ffa lo B ranch of F e d e r a l R e s e r v e B ank N ew Y ork of DIRECTORS R o b e r t C. T a it , Chairman President, Stromberg-Carlson Company (a Division of General Dynamics Corporation), Rochester, N. Y. L ela n d B . B r y a n , R a l p h F . P eo, Chairman and President, Houdaille Industries, Inc., Buffalo, N. Y. President, F irst National Bank and Trust Company of Corning, Corning, N. Y. R o b e r t L . D a v is , J o h n W . R e m in g t o n , President, The F irst National Bank of Olean, Olean, N. Y. President, Lincoln Rochester Trust Company, Rochester, N. Y. C h a r l e s H . D ie p e n d o r t , Chairman of the Executive Committee, The Marine Trust Company of Western New York, Buffalo, N. Y. G. W h i t e , Dairy Farmer, Stow, N. Y. Cla y to n OFFICERS I n sley B. H a ro ld M . W e s s e l , G eorge J. D oll, Vice President Assistant Vice President S m it h , Cashier G erald H . G r e en e , M . M onroe M y e r s, 16 Assistant Cashier Assistant Cashier 1 INDEX HEAD OFFICE Page 3 C oin ........................................................ Commodity Credit Corporation, pay ment of drafts drawn under letters of commitment issued b y ................ 4 Coupons, payment of, on bonds of the United States Government, its agen cies or instrumentalities, and of the International Bank for Reconstruc tion and Development...................... 4 Credit data, collection and analysis of 8 Credit file fo rm s................................... 8 Credit file installations........................ 3 Currency ............................................... 3 Discounts for member b a n k s .............. 8 Drafts, acceptance by member banks, inquiries o n ....................................... 9 Drafts drawn under letters of commit ment issued by Commodity Credit Corporation, payment o f .................. 4 Examination of State member banks and affiliates ..................................... 2 Expenditures......................................... 1 Federal Reserve Bank stock .............. 2 Dividends o n ..................................... 9 Federal Reserve System membership.. 3 Foreign accounts ................................. 6 Foreign Assets C ontrol........................ 6 Foreign exchange Certification of rates under Tariff Act of 1 9 3 0 .................. ........................... 6 Transactions on behalf of United States Treasury and foreign de positors ........................................... 6 Gold Reserve Act of 1 9 3 4 ....................... 6 Information about this Bank and Federal Reserve System .................. 10 Information reflected on Bank’s rec ords, furnishing o f ........................... 2 International Bank for Reconstruction and Development Accounts o f ....................................... 6 Securities, issuance, registration, ex change, redemption, delivery___ 7 International Finance Corporation, ac counts of ........................................... 6 International Monetary Fund, accounts o f ......................................................... 6 Legal matters ....................................... 8 Loan guarantees for defense produc tion ..................................................... 8 Loan operations surveys...................... 3 Page Acceptances, open market transactions i n ......................................................... 9 Account of Treasurer of the United States ................................................. 1 Accounts Federal lie serve System, maintained abroad ............................................. 6 Member bank reserve........................ 1 Nonmember bank c lea rin g .............. 1 Reconciliation of member banks’ and others' ................................... 2 R em ittance......................................... 1 Adjustment of check presentments----4 Advances to member b a n k s ................ 8 7 Armed Forces Leave B o n d s................ Audit surveys for member b a n k s........ 3 Bank relations activ ities...................... 3 Bills of exchange Acceptance by member banks of, inquiries regarding........................ 9 Open market purchases o f .............. 9 Bonds and coupons, collection of, pay able in any Federal Reserve district 4 Branches, applications f o r .................. 2 Cablegrams, radiograms, and telegrams relating to foreign transactions----5 Cash letters, remittances for Second D is tric t............................................... 4 Check b o o k s........................................... 5 Check clearing and collection.............. 4 Check operations surveys .................... 3 Check Routing Symbol Program........ 4 Checks A djustm ents....................................... 4 Drawn on Government in amounts of $5,000 and over, or on member banks, immediate credit receipts f o r ................................................... 4 Drawn on this Bank, certification of 3 Government, payment or collection of 5 Officers, issuance of Federal Reserve, in payment of gold purchased from Assay Office by gold dealers........ 5 Return items ..................................... 4 United States Government, reclama tion of ............................................ 4 Checks and other cash items, collection of (except Government checks)........ 4 Circulars, Federal Reserve B a n k ----- 11 17 18 INDEX (HEAD OFFICE) Page Mail, incoming and outgoing.............. 1 Membership in Federal Reserve System, applications for ................................ 3 Money orders, postal, collection o f .. . 5 Newspaper Review D a ily ................................................... 11 Weekly ............................................... 10 Notes, drafts, and other noncash items, collection o f ....................................... 4 Open market operations in United States securities ................................ 9 Personnel m a tte rs................................. 9,10 Philippine Government securities----7 Postal deposits ...................................... 3 Press relations ...................................... 10 Profit analyses ...................................... 3 Protection ............................................. 1 Publications, Federal R eserve............ 11 Public relations .................................... 10 Puerto Rican Government securities. . 7 Purchase of supplies............................ 1 Regulation A Advances and discounts by Fed eral Reserve Banks .............. 8 B Open market purchases of bills of exchange, trade accept ances and bankers ’ accept ances under section 14 of the Federal Reserve A c t.............. 9 0 Acceptance by member banks of drafts or bills of exchange.. 9 D Reserves of member b a n k s ........ 1 E Purchase of w a rra n ts................ 9 F Trust powers of national banks 2 G Collection of noncash items. . . . 4 H Membership of State banking institutions in the Federal Re serve S y stem .......................... 2 1 Increase or decrease of capital stock of Federal Reserve Banks and cancelation of old and issue of new stock certificates 2 J Check clearing and collection. . . 4 K Banking corporations authorized to do foreign banking business under the terms of section 25(a) of the Federal Reserve Act .......................................... 2 L Interlocking bank directorates under the Clayton A c t ........ 2 M Foreign branches of national banka and of corporations or- Page O P Q R S g a n iz e d u n d e r th e p r o v is io n s o f s e c tio n 2 5 ( a ) o f t h e F e d e ra l R e se r v e A c t .......................... L o a n s t o e x e c u tiv e officers o f m em b er b a n k s ............................... H o ld in g c o m p a n y a ffilia te s — v o t in g p e r m its ..................................... P a y m e n t o f in t e r e s t o n d e p o s its R e la tio n s h ip s w ith d e a le r s in s e c u r itie s u n d er s e c tio n 3 2 o f th e B a n k in g A c t o f 1 9 3 3 ____ I n d u s tr ia l lo a n s .................................. E x te n s io n a n d m a in te n a n c e o f c r e d it b y b ro k ers, d e a le r s, a n d m em b ers o f n a t io n a l se c u r itie s e x c h a n g e s ......................................... U L o a n s b y b a n k s f o r th e p u rp o se o f p u r c h a s in g or c a r r y in g sto c k s r e g iste r e d o n a n a tio n a l s e c u r itie s e x c h a n g e ..................... V L o a n g u a r a n te e s f o r d e fe n s e p r o d u c tio n ............................................... Y B a n k h o ld in g c o m p a n i e s ............. R e p o r ts o f c o n d it io n a n d e a r n in g s o f S t a t e m e m b er b a n k s ............................... 2 2 2 2 2 8 T 2 2 8 2 2 R e p o r ts o f u n u s u a l c u r r e n c y tr a n s a c t io n s ................................................................... 3 R e se r v e s o f m em b er b a n k s ........................ 1 R e tu r n o f u n p a id c h e c k s ............................. S a f e k e e p in g o f s e c u r i t i e s .......................... S a v in g s b o n d s .................................................... S e c u r itie s , d e liv e r y a n d r e c e ip t o f . . . . 4 7 7 7 S ettlem ents am ong p a rtic ip a n ts in city clearin g arran g em en ts o f banks o u t 5 side New Y ork C i t y ............................. S ig n atu re a u t h o r i t ie s ............................... 5 6 Silver P u rch ase A ct o f 1934 ................ S ta tistics, dom estic a n d fo r e ig n .. . . 10,11 S top paym ent o r d e r s ................................ 5 Taxes, F ed eral, deposits o f .................. 1 T elegram s, sending a n d receiving . . . . 5 T ours o f F ed eral Reserve B a n k ......... 10 T ra n sfe rs o f funds, m ail and telegraph 5 7 T reasury T ax and L oan A ccounts___ U nited S ta te s securities ......................... 6, 7 Cash subscriptions and ten d ers (n o t S avings notes) .................................. 9 P urchases an d sales fo r account o f m em ber b a n k s .................................... 9 U n ited S ta te s S tab ilizatio n F u n d ___ 6 V isits to D istric t b a n k s ......................... 3 W arra n ts, purchase o f ............................. 9
@FedFRASER