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FED ERAL RESERVE BANK O F N EW YO RK r C ir c u la r N o . 4 5 8 4 L M a r c h 27, 1958 Fiscal Agent of the United States Offering o f $1,700,000,000 of 91-Day Treasury Bills Dated April 3, 1958 Maturing July 3, 1958 To all Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: Following is the text o f a notice published today: TREASU RY DEPARTM ENT FO R R E L E A SE , M O R N IN G N E W SPA P E R S, Washington Thursday, March 27, 1958. The Treasury Department, by this public notice, invites tenders for $1,700,000,000, or 'thereabouts, of 91-day Treasury bills, for cash and in exchange for Treasury bills maturing April 3, 1958, in the amount of $1,700,340,000, to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be dated April 3, 1958, and will mature July 3, 1958, when the face amount will be payable without interest. They will be issued in bearer form only, and in denominations of $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, one-thirty o’clock p.m., Eastern Standard time, Monday, March 31, 1958. Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competitive tenders the price offered must be expressed on the basis of 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 will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will 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 invest ment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of 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, noncompetitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on April 3, 1958, in cash or other immediately available funds or in a like face amount of Treasury bills maturing April 3, 1958. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, does not have any exemption, as such, and loss from the sale or other disposition of Treasury bills does not have any special treat ment, as such, under the Internal Revenue Code of 1954. The bills are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States is considered to be interest. Under Sections 454(b) and 1221(5) of the Internal Revenue Code of 1954 the amount of discount at which bills issued hereunder are sold is not considered to accrue until such bills are sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) 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, Revised, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. This Bank will receive tenders up to 1 :30 p.m., Eastern Standard time, Monday, March 31, 1958, at the Securities Department o f its Head Office and at its Buffalo Branch. Please use the form on the reverse side of this circular to submit a tender, and return it in an envelope marked “ Tender for Treasury Bills.” Tenders may be submitted by telegraph, sub ject to written confirmation; they may not be submitted by telephone. Payment for the Treasury bills cannot be made by credit through the Treasury Tax and Loan Account. Settlement must be made in cash or other immediately available funds or in maturing Treasury bills. . ..................... ... A lfred H ayes, President. Results o f last offering o f Treasury bills (91-day bills dated March 27, 1958, maturing June 26, 1958) Total applied fo r .........$2,479,667,000 Total accepted.............$1,700,800,000 (includes $331,074,000 entered on a noncompetitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: H ig h .................. 99.704 Equivalent rate of discount approx. 1.171% per annum Low .................. 99.696 Equivalent rate of discount approx. 1.203% per annum Average 99.700 Equivalent rate of discount approx. 1.189% per annum (18 percent of the amount bid for at the low price was accepted) Federal Reserve District Total Applied for Total Accepted Boston .......................... New York .................. Philadelphia Cleveland ....... Richmond ....... Atlanta .......... Chicago .......... St. Louis ....... Minneapolis .... Kansas City .... D allas.............. San Francisco $ 39,893,000 1,648,532,000 40.023.000 66.671.000 21.810.000 42.166.000 273.735.000 36.380.000 18.688.000 40.861.000 32.177.000 218.731.000 p 35,067,000 1,031,356,000 24.709.000 59.921.000 20.672.000 30.235.000 221.989.000 34.224.000 18.688.000 36.723.000 21.145.000 166.071.000 .................... $2,479,667,000 $1,700,800,000 T o ta l ( ovek) N o__ TENDER FOR 91 -DAY TREASURY BILLS Dated April 3, 1958 To Maturing July 3, 1958 Dated a t ...................... F ed eral R eserve B a n k o f N e w Y o r k , Fiscal Agent o f the United States. 19... Pursuant to the provisions o f Treasury Department Circular No. 418, Revised, and to the provisions of the public notice issued by the Treasury Department and printed on the reverse side of this tender, the under signed hereby offers to purchase the above described Treasury bills in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below: D o not fill in both Com petitive and N on com petitive tenders on one fo r m j J C $ ........................................................ (maturity value), $ ........................................................ (maturity value). or any lesser amount that may be awarded. (N o t to ex ceed $200,000 f o r one bidder through all sou rces) COMPETITIVE TENDER NONCOMPETITIVE TENDER P r i c e :.................................. per 100. (P rice m ust be exp ressed with n ot m ore than three decimal places, f o r exam ple, 99.925) At the average price of accepted competitive bids. Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below: Picces Denomination Maturity value 1,000 □ □ □ 5,000 10,000 3. Hold in safekeeping (fo r ac count o f member bank only) □ 4. Allotment transfer attached) □ 5. Special instructions: 100,000 500,000 1. Deliver over the counter to the undersigned 2. Ship to the undersigned (see list 1, 000,000 (N o changes in delivery instructions will be accepted) Totals Payment will be made as follows: □ By charge to our reserve account □ By cash or other immediately avail able funds □ By surrender of $ ........................ (maturity value) of maturing Treasury bills. Pay cash adjust ment, if any— □ By check □ By credit to our reserve account (P aym en t cannot be made through T reasury T a x and L oa n A ccou n t) The undersigned (if a bank or trust company) hereby certifies that the Treasury bills which you are hereby instructed to dispose o f in the manner indicated in item 3 above are solely owned by the undersigned. Name of subscriber Insert this tender in special envelope marked “ Tender _ for Treasury Bills” _ (Please print) By ........................................................... By (Official signature(s) required) T it l e ................................................................... . T i t l e .......... Address .......................................................................................... (Banks submitting tenders for customer account must indicate name on line below, or attach a list) (Name of customer) (Address) IN ST R U C T IO N S : * 1. N o tender for less than $1,000 will be considered, and each tender must be for an even multiple of $1,000 (maturity value). 2. Others than banking institutions will not be permitted to submit tenders except for their own account. Banks submitting tenders for customer account may consolidate competitive tenders at the same price and may consolidate noncompetitive tenders, provided a list is attached showing the name o f each bidder, the amount bid for his account, and method of payment. Forms for this purpose will be furnished on request. 3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation authorized to make the tender, and the signing o f the tender by an officer of the corporation will be construed as a representation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a member o f the firm, who should sign in the form “ .................................................................................. f a copartnership, by .................................................................................................... , a member of the firm.” 4. Tenders will 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 of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty o f payment by an incorporated bank or trust company. 5. If the language of this tender is changed in any respect, which, in the opinion of the Secretary o f the Treasury, is material, the tender may be disregarded. ( over) r tf' FEDERAL RESERVE B A N K OF N E W Y O R K DIRECTORY March 1958 S E C O N D FEDERAL RESERVE D IS T R IC T Head Office ♦ 33 Liberty Street Federal Reserve P. 0 . Station New Y ork 45, N .Y . REctor 2-5700 Branch ♦270-276 Main Street Buffalo 5, N .Y . WAshington 7562 *After May 1,1958: 160 Delaware Avenue, Buffalo 5, N.Y. FEDERAL RESERVE BANK OF NEW Y O R K March 24,1958 To Banks and Trust Companies in the Second Federal Reserve District: This Directory shows the functional organization of the Bank, its departments and divisions, and the principal operations they per form. The Directory also shows the officers and chiefs that staff our organization. New appointments of officers and changes in their titles will be announced currently in supplements to, or revisions of, our Operating Circular No. 1, “ Authorized Signatures.” The typographical form of this new edition is different from that of the September 1956 Directory. W e hope you find this new edition more legible and thus a handier tool in directing your communications to the proper officers o f this Bank and to the departments and divisions under their supervision. W e’ll be pleased to furnish additional copies upon request. ALFRED HAYES President CONTENTS Page Head Office Accounting, Planning, Building Operating, and S e r v i c e .........................3 A u d i t ........................................................... 4 Bank Supervision and Relations . . . . 4 Cash and C o lle ctio n s ...................................5 F o r e ig n ........................................................... 8 Government Bond and Safekeeping o f S e c u r it i e s ............................................ 9 L e g a l................................................................ 10 Loans and C r e d it s ....................................... 10 Open Market Operations and Treasury I s s u e s ........................................11 P e r s o n n e l...................................................... 12 P ublic Inform ation....................................... 12 Research and Statistical..............................12 Secretary’s O f f i c e ........................................13 Buffalo B ra n ch ...................................................... 14 D ir e c t o r s ................................................................ 16 M ember of Federal Advisory Council . . . 16 Industrial A dvisory C om m ittee.........................16 O f f i c e r s ................................................................ 17 Index (Head O f f i c e ) ........................................18 note: T h e lettered Regulations referred to in this D irectory are Regulations of the Board o f G ov ern ors o f th e Federal R e serv e S ystem . FEDERAL RESERVE BANK OF N E W YORK A lfred Hayes, President William F. Treiber, First V ice President ★ H E A D OFFICE Accounting, Planning, Building Operating, and Service Herbert H. Kimball, V ice President Lawrence E. Quackenbush, Assistant V ice President A C C O U N T IN G D E P A R T M E N T John P. Jensen, Manager Accounting Division ♦ James F. Sullivan, Ch ief Accounts, deposits in, except foreign accounts M ember bank reserve accounts Nonmember bank clearing accounts Regulation D —Reserves o f member banks Remittance accounts Treasurer’s account, United States Tabulating Division ♦ Aloysius J. Stanton, C h ief Deposits of Federal taxes P L A N N IN G D E P A R T M E N T Donald C. Niles, Manager Planning Division ♦William H. W etendorf, Ch ief Purchasing Division ♦ Frederick W . Forberg, Purchasing A g en t B U IL D IN G O P E R A T IN G D E P A R T M E N T Herbert A. Muether, Manager S E R V IC E D E P A R T M E N T A rthur H. Noa, Manager Post Office Division ♦Joseph L. Tuminelli, Chief Federal Reserve P. O. Station Mail, incoming and outgoing Protection Division ♦ George H. Tusveld, Ch ief Telephone Section ♦ Mrs. M ildred M. Carew, C h ief Operator Audit Donald J. Cameron, General Auditor A U D I T IN G D E P A R T M E N T Auditing Division ♦ Karl L. Ege, Chief Information reflected on the Bank’s records furnished to those entitled thereto Reconciliation of accounts of member banks and others Bank Supervision and Relations Reginald B. Wiltse, V ice President Howard D. Crosse, Assistant V ice President B A N K E X A M IN A T IO N S D E P A R T M E N T Fred W. Piderit, Jr., Manager _ . . . . John F. Pierce, Chief Examiner Reports and Analysis Division ♦ John G. Kauderer, Chief Analysis of reports o f examination Branches, applications for Condition reports, State member banks Earnings and dividends reports, State member banks Regulations, administration of C Acceptance of drafts or bills of exchange F Trust powers of national banks H Membership of State banking institutions in the Fed eral Reserve System I Increase or decrease of capital stock of Federal R e serve Banks and cancelation of old and issue of new’ stock certificates K Corporations doing foreign banking or other foreign financing under the Federal R eserve Act L Interlocking bank directorates under the Clayton Act M Foreign branches of national banks and of corpora tions organized under the provisions of section 25(a) o f the Federal Reserve Act O Loans to executive officers o f member banks P Holding company affiliates—voting permits Q Payment of interest on deposits R Relationships with dealers in securities under section 32 of the Banking A ct o f 1933 T Extension and maintenance o f credit by brokers, deal ers, and members of national securities exchanges 4 U Loans by banks for the purpose of purchasing or carry ing stocks registered on a national securities exchange Y Bank holding companies Examining Division ♦ Under direct supervision o f Chief Examiner Examination of State member banks and affiliates B A N K R E L A T IO N S D E P A R T M E N T A. Chester Walton, Manager Bank Relations Division ♦R obert C. Thoman, Administrative Assistant ♦ Robert W. Bullock, Special R epresentative ♦ Adam R. Dick, Special Representative ♦ Laurence E. Dignan, Special R epresentative ♦ A. Herbert Graue, Special Representative ♦ J. Raymond Murray, Special Representative Applications for membership in Federal Reserve System Bank relations activities Visits to District banks Technical Assistance Division ♦John J. Knox, Chief A udit surveys Check operations surveys Credit file installations and loan operations surveys Profit analyses Cash and Collections Valentine Willis, V ice President Marcus A. Harris, V ice President Angus A . Maclnnes, Jr., Assistant V ice President Thomas O. Waage, Assistant V ice President CASH DEPARTM ENT Franklin E. Peterson, Manager Coin Division ♦ Charles F. Beisler, Chief Counting, verifying and wrapping o f coin Exchange of uncurrent United States coin presented for redemption Payment o f coin Receipt o f coin Segregation of unfit, foreign and counterfeit coin Paying Division ♦W. Harry Sammis, Chief Allotm ent o f new currency to banks Certification o f checks drawn on this Bank Payment of currency 5 C A SH DEPARTM EN T (continued) Sorting and Counting Division ♦Joseph L. Anderson, Chief Postal deposits Receipt o f currency Reports of unusual currency transactions on Form TCR-1 pursuant to instructions from the Treasury Department Sorting o f currency for fitness, kind and genuineness Verification by piece count o f all deposits o f paper currency CASH C U STO D Y DEPARTM ENT CHECK DEPARTM ENT W alter S. Rushmore, Manager George C. Smith, Manager Check Division (Day) ♦Joseph C. Auchter, C h ief ♦ Elmer L. Gaden, Chief Checks and other cash items collectible through Manhat tan, Bronx and Brooklyn collection arrangements, New Y ork Clearing House Association, and Northern New Jersey Clearing House Association C h eck s and o th e r cash item s (e x c e p t G o v e rn m e n t ch eck s), collection of, payable in Second Federal R e serve District and other Federal R eserve districts Regulation J—Check clearing and collection Settlement of balances due to and due from participants in Nassau County Clearing Bureau Check Division (Night) ♦ Edward J. M cGuire, C h ief (Perform s same operations as Check Division (D ay) ex cept settlement of balances of Nassau County Clearing Bureau) Return Items and Adjustment Division ♦ Charles E. Diringer, C h ief Adjustments relative to the presentment and collection of checks Check Routing Sym bol Program City and county clearing arrangements, exchanges be tween participants in Direct routing o f checks and other cash items to Federal Reserve Banks and Branches by member and non mem ber clearing banks through the Consolidated A ir Transportation Program or other methods Remittances for Second District cash letters Return items 6 C O LLE CTIO N DEPARTM ENT Charles R. Pricher, Manager Collection Division ♦ Harry G. Tappen, Chief Collection of notes, drafts and other noncash items pay able in any Federal Reserve district Issuance of checks drawn on Treasurer of the United States to payees designated by Commodity Credit Cor poration in payment of surplus cotton commodities Payment of drafts drawn under letters of commitment is sued b y Commodity Credit Corporation Receipt, for immediate credit, of checks on member banks’ reserve accounts, officers checks of Federal Reserve Banks, and Federal Reserve exchange drafts Reclamation of United States Government checks Regulation G—Collection of noncash items Coupon Division ♦ Martin W. Bergin, Chief 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 R e construction and Development Regulation G —Collection o f noncash items Government Check Division ♦William J. Leonard, Chief Government checks, collection of Postal money orders, collection o f Receipt, fo r immediate credit, of Government checks drawn for amounts o f $5,000 and over W ire Transfer Division ♦Otto Susen, Chief Check books, orders for Mail transfers of funds Officers checks Issuance of Federal Reserve checks in payment o f gold purchased from Assay Office b y gold dealers Settlements o f balances due to and due from participants in city clearing arrangements of banks outside New Y ork City Signature authorities Stop payment orders Telegrams Coding, decoding and authenticating by testword of, in volving payments o f funds, shipments o f currency, coin and securities, or deliveries of securities for safe keeping Receipt and transmittal of Testwords for, furnishing of Telegraphic transfers of funds 7 Foreign John Exter, V ice President Norman P. Davis, Assistant V ice President Horace L. Sanford, Assistant V ice President F O R E IG N D E P A R T M E N T Peter P. Lang, Manager Thomas J. Roche, Foreign Exchange Officer Cable Division ♦Nicholas Abel, Chief Cablegrams, radiograms and telegrams relating to foreign business, sending, receiving, coding, decoding, testing and otherwise processing of Foreign Operations Division ♦ Bertrand H. Webber, 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 A ct of 1930 Transactions on behalf o f United States Treasury and foreign depositors G old Reserve A ct o f 1934 Applications, licenses, inquiries, purchases and sales thereunder, as fiscal agent International Bank for Reconstruction and Development accounts International Finance Corporation accounts International Monetary Fund accounts Silver Purchase A ct of 1934, purchases thereunder, as fiscal agent United States Stabilization Fund, as fiscal agent ♦ ♦ ♦ Norman P. Davis, Assistant V ice President F O R E IG N A S S E T S C O N T R O L D E P A R T M E N T Foreign Assets Control Division ♦ R obert R. Tompkins, Chief Applications, inquiries and licenses, as agent o f the Treas ury Department in connection with the Treasury’s blocking control pertaining to Communist China, North Korea, and Egypt 8 Government Bond and Safekeeping of Securities Harold A. Bilby, V ice President Felix T. Davis, Assistant V ice President 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 D E P A R T M E N T William F. Palmer, Manager Government Bond Division ♦ Charles J. Kuchler, Chief United States securities (other than Savings bonds) Denominational exchange Exchanges o f bearer for registered bonds Exchanges o f 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 regard ing cash subscriptions Telegraphic transfer of bearer securities from New Y ork to other Federal Reserve Banks Transfer o f registered bonds Bonds of International Bank for Reconstruction and De velopment Issuance, registration, exchange and redemption Various securities of the Philippine Government, the Puerto Rican Government and agencies of the United States Government Issuance, registration, exchange and redemption Treasury Tax and Loan Accounts Calls on Qualification of depositaries R ecord of accounts Record of collateral Safekeeping Division ♦ Harold W. Lewis, Chief Delivery o f bearer securities of the United States pursu ant to telegraphic transfer from other Federal Reserve Banks D elivery of securities o f the United States (except Sav ings bon d s), its agencies and the International Bank for Reconstruction and Development, on original issue or exchange, over the counter, or b y mail Receipt and delivery o f securities purchased or sold for account o f member banks or others Safekeeping and servicing o f securities for account of mem ber banks 9 S A V IN G S B O N D D E P A R T M E N T Kenneth E. Small, Manager Savings Bond Division ♦Gustav Ehrhardt, Chief Accounts of issuing and paying agents Consignment of unissued Series E bonds Lost, stolen, mutilated or destroyed Savings bonds Redemption o f Savings bonds and of Arm ed Forces Leave Bonds Reissues and corrections Sales o f Series E and H bonds S E C U R IT Y C U S T O D Y D E P A R T M E N T William A. Heinl, Manager Legal Todd G. Tiebout, V ice President and General Counsel John J. Clarke, Assistant General Counsel William H. Braun, Jr., Assistant Counsel Harding Cowan, Assistant Counsel Clifton R. Gordon, Assistant Counsel Edward G. Guy, Assistant Counsel G regory O ’Keefe, Jr., Assistant Counsel Loans and Credits Harold A. Bilby, V ice President C R E D IT A N D D I S C O U N T D E P A R T M E N T W illiam E. Marple, Manager Credit Division ♦ John P. Ringen, 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 —Advances and discounts by Federal R e serve Banks Acceptability o f paper offered for discount or as col lateral to advances, determination of Regulation S—Industrial loans Processing of applications Servicing of loans or commitments made Regulation V —Loan guarantees for defense production Processing o f applications and issuing guarantees in be half of the guarantors Servicing o f guaranteed loans 10 Discount Division ♦ Henry T. Christensen, Chief Regulation A —Advances and discounts b y Federal Re serve Banks Eligibility of paper offered for discount or as collateral to advances, determination 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 Maintaining records o f guarantees issued Open Market Operations and Treasury Issues R obert G. Rouse, V ice President John J. Larkin, Assistant V ice President Spencer S. Marsh, Jr., Assistant V ice President S E C U R IT IE S D E P A R T M E N T Tilford C. Gaines, Manager R obert W. Stone, Manager Bill Division ♦ Franklin S. Deuel, Chief A cceptance b y member banks of drafts or bills o f ex change, inquiries regarding Bankers’ acceptances, open market purchases and sales of Bills of exchange and trade acceptances, open market pur chases of Regulations B Open market purchases of bills of exchange, trade ac ceptances and bankers’ acceptances under section 14 o f the Federal Reserve A ct C Acceptance b y member banks of drafts or bills of ex change Securities Division ♦ Charles K. Mount, 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 b on ds), cash subscriptions and tenders to new issues of Government securities, purchases and sales fo r account o f member banks and others Open market operations in Government securities Regulation E—Purchase o f warrants Warrants, purchase of 11 Personnel Walter H. Rozell, Jr., V ice President Frederick L. Smedley, Assistant V ice President PERSONNEL D E PARTM EN T Everett B. Post, Manager Medical Division ♦ Dr. Adelaide Romaine, Medical Director Personnel Relations Division ♦ Francis H. Rohrbach, Chief Employee assignment, rating, counseling, and training Employment Personnel records Salary Research Division ♦ John H. Helf, Chief Job analysis and evaluation Payroll data Personnel research Salary surveys and salary research Social and Recreational Administration ♦ Harold A. Crane, D irector Public Information William F. Treiber, First V ice President PU B LIC I N F O R M A T I O N D E P A R T M E N T C arlH .M ad den ,Manager Public Information Division ♦ L eif H. Olsen, Chief Dissemination of information about activities of this Bank, operations of the Federal Reserve System, and current developments in fields of m oney and banking Films on the Federal R eserve System Guided tours of the Bank Press and public relations W eekly News Review Research and Statistical Harold V. Roelse, V ice President and Economic A dviser R obert V. Roosa, V ice President Charles A. Coombs, Assistant V ice President A rthur I. Bloomfield, Senior Economist G eorge Garvy, Senior Economist 12 RESEARCH DEPARTM ENT Balance o f Payments Division ♦ Fred H. Klopstock, Chief Collection and analysis o f data on United States balance o f payments and foreign dollar assets Foreign exchange reports on United States Treasury forms Domestic Research Division ♦ Frank W. Schiff, Chief Collection and analysis of data on money market and United States Government finance Collection and analysis o f data on district and United States economic conditions Special studies on monetary and credit policy problems Financial and Trade Statistics Division ♦Madeline McWhinney, Chief Current and special tabulations and analyses of domestic banking and other financial and retail trade statistics Foreign Research Division ♦Miroslav A. Kriz, Chief Analysis o f monetary and economic conditions in foreign countries and o f international economic and financial developments Reference Library ♦ Janet Bogardus, Chief Acquisition, processing, and circulation of library mate rials in fields o f banking, economics, and finance Preparation of daily Newspaper Review Reference services providing factual information and as sembling material on specific subjects Secretary's Office William H. Braun, Jr., Secretary Carl H. Madden, Assistant Secretary Publications Division ♦ Joseph Wisnovsky, Chief Bank circulars and other Federal Reserve publications 13 FEDERAL RESERVE BANK OF NEW YORK ★ B U FFA LO B R A N C H Insley B. Smith, V ice President Harold M. Wessel, Assistant V ice President Accounting, Check and Collection, Personnel, and Protection George J. Doll, Cashier Accounting Division ♦ Kenneth P. Mead, Chief Expenditures M ember bank reserve accounts Nonmember bank clearing accounts Regulation D —Reserves of member banks Remittances for cash letters Signature authorities Tabulating operations Telegraphic and mail transfers of funds Teletype service Check and Collection Division ♦ Franklin E. Daigler, Assistant Chief ♦ Sydney L. Henning, Assistant Chief ♦ Howard H. Herdle, Assistant Chief ( n i g h t ) Collection of checks payable in Second Federal Reserve District and other Federal R eserve districts Collection o f Government checks Collection o f corporate bonds and coupons Collection o f notes, drafts, and other noncash items Postal m oney orders Mail, incoming and outgoing Reclamation o f United States Government checks Return items Personnel Division ♦ Arthur A. Randall, C hief Employees’ records Employment Job analysis and evaluation Protection Division ♦ Ralph C. Roberts, Captain 14 Building Operating, Cash, Credit and Discount, Securities, and Service Gerald H. Greene, Assistant Cashier Building Operating Division ♦ George R. Boss, Building Superintendent Cash Division ♦ Harrison E. Martin, Chief Receipt and payment of currency and coin Sorting and counting of currency and coin Credit and Discount Division ♦Frank Henderson, Chief Advances to and discounts for member banks Condition reports and earnings and dividends reports of State member banks Financial statement forms, Farm Credit File and Com mercial Credit File Regulation V —Loan guarantees for defense production Securities Division ♦ Frank Henderson, Chief Payment o f United States Government coupons Payment or redemption of United States Government securities Safekeeping of securities fo r account of member banks Sales o f Series E and H Savings bonds Service Division ♦ Allan C. Hines, Chief Purchasing Telephone service Bank Relations M. M onroe Myers, Assistant Cashier Bank and Public Relations ♦ John T. Keane, Special R epresentative Bank and public relations activities Visitors at Buffalo Branch Visits to banks Audit Branch Auditing ♦ Frederick W. Mortenson, Branch Auditor Information reflected on the Buffalo Branch’s records fur nished to those entitled thereto Reconciliation of accounts of member banks and others 15 D IR E C T O R S Term ex p ire s D e c e m b e r 31 Chairman, and Federal Reserve A g e n t .............................................................................. (Appointed by Board o f Governors) J o h n E . B ie r w ir th , 195 9 P residen t, N ation a l D istillers and C h em ical C orporation , N e w Y o rk , N . Y . F o r r e s t P . H i l l , Deputy Chairman (Appointed V ic e President, T h e F o r d F ou n dation , N e w Y ork, N . Y . by Board of G overnors) ................................................ 196 0 C h a r l e s W . B i t z e r (Elected by Group 2 banks) ........................................................................................................ 1959 P residen t, C ity Trust C om p a n y , B ridgeport, C on necticut C l a r e n c e F r a n c i s (Elected by Group 1 banks) ........................................................................................................... 195 8 D irector, G eneral F ood s C orporation , N e w Y ork, N . Y . C y r u s M . H i g l e y ( Elected by Group 3 banks) ............................................................................................................. P residen t an d Trust O fficer, T h e C h enango C o u n ty N ation a l B a n k and T rust C om p a n y o f N orw ich , N orw ich , N . Y . 196 0 A u g u s t u s C . L o n g (Elected by Group 3 banks) ........................................................................................................... 196 0 C h airm an, B o a rd o f D irectors, T h e Texas C om pa n y, N e w Y ork, N . Y . F r a n z S c h n e i d e r (Appointed by Board o f Governors) ........................................................................................... C on sultan t, N e w m o n t M in in g C orp oration , N e w Y ork, N . Y . 195 8 H o w a r d C . S h e p e r d ( Elected by Group 1 banks) ...................................................................................................... 195 8 C h airm an o f th e B o a rd , T h e F irst N ation a l C ity B a n k o f N e w Y ork, N e w Y o rk , N . Y . L a n s i n g P . S h i e l d (Elected by Group 2 banks) ........................................................................................................... 1 9 5 9 P residen t, T h e G rand U n ion C om p a n y, East P a terson , N . J. D I R E C T O R S — BUFFALO B R A N C H R a l p h F . P e o , Chairm an .............................................................................................................................................................. C h airm an and President, H ou d aille Industries, Inc., B u ffa lo , N . Y . 195 8 V e r n o n A l e x a n d e r ........................................................................................................................................................................... 195 9 P residen t, T h e N a tion a l B a n k o f G en eva, G en ev a, N . Y . L e l a n d B . B r y a n ................................................................................................................................................................................ P residen t, F irst N a tion a l B a n k and Trust C o m p a n y o f C orn in g, C orn in g, N . Y . 195 8 D a n i e l M . D a l r y m p l e ................................................................................................................................................................... F ru it grow er, P om on a F ru it Fa rm s, A p p le to n , N . Y . 196 0 R a y m o n d E . O l s o n ........................................................................................................................................................................... P residen t, T i y l o r Instrum ent C om panies, R och ester, N . Y . 1959 J o h n W . R e m i n g t o n ........................................................................................................................................................................ P residen t, L in co ln R och ester Trust C o m p a n y , R o ch e ste r, N . Y . 195 8 E . P e r r y S p i n k ...................................................................................................................................................................................... 196 0 P residen t, L ib e rty B a n k o f B u ffalo, B u ffa lo , N . Y . M E M B E R OF FEDERAL A D V I S O R Y C O U N C I L — 1958 A d r i a n M . M a s s i e .............................................................................................................................................................................. C h airm an o f the B o a rd , T h e N e w Y o rk Trust C om p a n y , N e w Y o rk , N . Y . INDUSTRIAL ADVISORY COMMITTEE W i l l i a m H . P o u c h , Chairman C h airm an o f th e B o a rd , C on crete Steel C om p a n y , N e w Y o rk , N . Y . A r t h u r G . N e l s o n , Vice Chairman C h airm an o f th e B o a rd , A . G . N e ls o n P a p e r C o m p a n y , I n c ., N e w Y o rk , N . Y . E d w ar d J . N oble C h airm an o f thg F in a n ce C om m ittee A m erican B road ca stin g-P aram ou n t T h eatres, In c., N e w Y o rk , N . Y . 16 195 8 OFFICERS A lfr e d H ayes, W illia m F . T r e ib e r , H a r o ld A. B ilb y , J o h n E x te r, M arcu s Vice President Vice President A. H a r r i s , Vice President H e r b e r t H . K im b a ll, H a r o ld V . R o e ls e , President First Vice President R ob e rt V. R oosa, Vice President R ob ert G . R ou se, Vice President W a l t e r H . R o z e l l , J r ., Vice President T od d G . T ie b o u t, Vice President V a le n t in e W i l l i s , and Economic Adviser Vice President R e c in a ld B. W ilt s e , J o h n J. C la r k e , A. C o o m b s Assistant Vice President Vice President Assistant General Counsel J o h n J . L a r k in C h a r le s Vice President Vice President and General Counsel L a w ren ce E. Q u ack en bu sh Assistant Vice President A n gu s A . M a cIn n es, Jr. H o w a r d D . C rosse Assistant Vice President H o r a c e L. S a n fo r d Assistant Vice President Assistant Vice President S p e n ce r S. M a rsh , Jr. F e l i x T . D a v is Assistant Vice President Assistant Vice President F r e d e r ic k L . S m e d le y Assistant Vice President N o r m a n P . D a v is Assistant Vice President T h o m a s O . W a ace Assistant Vice President Assistant Vice President Manager Public Information Department, and Assistant Secretary A r t h u r I. B lo o m fie ld C a rl H . M adden, Senior Economist W illia m H . B ra u n , J r. Secretary, and Assistant Counsel Manager Credit and Discount Departm ent W illia m E. M a r p le , H a r d in g C o w a n Assistant Counsel Manager Securities Department H erb ert A. M u eth er, T i l f o r d C . G a in e s , G eorg e G arvy Senior Economist Assistant Counsel Assistant Counsel i l l i a m A . H e i n l , Manager Security Custody Department Manager Accounting Department Manager Foreign Departm ent P e te r P. Lang, Chief Examiner Manager Personnel Department E v erett B . P ost, Manager Collection Department C h a r le s R . P r ic h e r , Manager Building Operating Department T h o m as J. R oche Manager Planning Department W a lt e r S. R u sh m ore, Manager Service Department K e n n e t h E. S m a ll, Foreign Exchange Officer A r th u r H. N oa, E d w ard G . G u y J o h n P . Jen sen , J o h n F . P ie r c e , D o n a ld C . N ile s , C lift o n R . G ord on W Manager Bank Examinations Department F r e d W . P id e r it , J r ., G r e g o r y O 'K e e f e , J r . Manager Cash Custody Department Manager Savings Bond Department Assistant Counsel G e o r g e C . S m ith , Manager G overnm ent Bond and Safekeeping Department R o b e rt W . S ton e, W i l l i a m F . P a lm e r , F r a n k lin E. P e t e r s o n Manager, Cash Departm ent D o n a ld J. C am eron , Manager Check Department Manager Securities Department Manager Bank Relations Departm ent A. C h e s te r W a lto n , General Auditor OFFICERS • BUFFALO B R A N C H I n s le y B. S m i t h , Vice President H a r o ld M . W e s s e l, J. D Cashier G eorge o ll Assistant Vice President G e r a ld H . G r e e n e Assistant Cashier M . M on roe M yers Assistant Cashier 17 Index ♦ Head Office Page Acceptances, open market transactions in .......................................................... 11 Account of Treasurer of the United States................................................... 3 Accounts Federal Reserve System, maintained abroad ............................................. 8 Member bank reserve....................... 3 Nonmember bank clearing................ 3 Reconciliation of member banks’ and others’ .............................................. 4 Remittance ........................................ 3 6 Adjustment of check presentments___ Advances to member ban k s................10,11 Armed Forces Leave B on d s................. 10 Audit surveys for member banks......... 5 Bank relations activities....................... 5 Bills of exchange Acceptance by member banks of, in quiries regarding............................ 11 Open market purchases o f ................ 11 Bonds and coupons payable in any Fed eral Reserve district, collection o f. . . . 7 Branches, applications f o r ................... Cablegrams, radiograms, and telegrams relating to foreign transactions......... Cash letters, remittances for Second District ............................................... Check books .......................................... Check clearing and collection .............. Check operations su rveys................... Check Routing Symbol Program ......... Checks Adjustments ....................................... Drawn on Government in amounts of $5,000 and over, receipts of, for im mediate credit ................................ Drawn on member banks’ reserve ac counts, receipt of, for immediate credit .............................................. 18 4 8 6 7 6 5 6 6 7 7 Page Drawn on this Bank, certification of 5 Drawn on Treasurer of the United States, issuance of, to payees desig nated by Commodity Credit Cor poration .......................................... 7 Government, collection o f ................ 7 Officers, issuance of Federal Reserve, in payment of gold purchased from Assay Office by gold d ealers......... 7 Officers, receipt of, for immediate c re d it............................................... 7 Return items ..................................... 6 United States Government, reclama tion o f .............................................. 7 Checks and other cash items, collection of (except Government checks) 6 Circulars, Federal Reserve Bank 13 Coin ........................................................ 5 Commodity Credit Corporation Issuance of checks drawn on Treas urer of United States to payees des ignated by ...................................... 7 Payment of drafts drawn under let ters of commitment issued b y ......... 7 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....................... 7 Credit data, collection and analysis of . 10 Credit file form s..................................... 10 Credit file installations ......................... 5 Currency ............................................... 5,6 Discounts for member banks..............10,11 Drafts, acceptance by member banks, inquiries o n ........................................ 11 Drafts drawn under letters of commit ment issued by Commodity Credit Corporation, payment o f ................... 7 Drafts, Federal Reserve exchange, re ceipt of, for immediate cre d it............ 7 Page Examination of State member banks and affiliates ...................................... 5 4 Federal Reserve Bank sto ck ................ Dividends on .................................... 11 Federal Reserve System membership.. 5 Financial statement form s................... 10 Foreign accounts................................... 8 Foreign assets con trol.......................... 8 Foreign exchange Certification of rates under Tariff Act 8 of 1930 ............................................. Transactions on behalf of United States Treasury and foreign depos itors ................................................. 8 Gold Reserve Act of 1934 ....................... 8 Information about this Bank and Federal Reserve System ................... 12 Information reflected on Bank’s rec ords, furnishing of ............................ 4 International Bank for Reconstruction and Development Accounts o f ........................................ 8 Bonds of, issuance, registration, ex change, redemption, delivery......... 9 International Finance Corporation, ac counts of ............................................ 8 International Monetary Fund, accounts o f .......................................................... 8 Legal m atters........................................ 10 Loan guarantees for defense produc tion .................................................. 10,11 Loan operations surveys....................... 5 Mail, incoming and outgoing................ 3 Membership in Federal Reserve Sys tem, applications f o r .......................... 5 Money orders, postal, collection o f ....... Newspaper Review 7 Daily ................................................... Weekly ............................................... 13 12 Notes, drafts, and other noncash items, collection o f ........................................ 7 Open market operations in United States securities................................. 11 Personnel matters ............................... 12 Page Philippine Government securities....... 9 6 Postal deposits...................................... Press relations ...................................... 12 Profit analyses ...................................... 5 Protection D ivision............................... 3 Publications, Federal Reserve ............ 13 Public relations..................................... 12 Puerto Rican Government securities 9 Purchase of supplies............................. 3 Regulation A Advances and discounts by Fed eral Reserve Banks.............. 10,11 B Open market purchases of bills of exchange, trade acceptances and bankers’ acceptances under section 14 of the Federal Re serve A c t ................................. 11 C Acceptance by member banks of drafts or bills of exchange .. . 4,11 3 D Reserves of member banks......... E Purchase of warrants.................. 11 F Trust powers of national banks . 4 G Collection of noncash item s....... 7 H Membership of State banking in stitutions in the Federal Re serve System............................ 4 I Increase or decrease of capital stock of Federal Reserve Banks and cancelation of old and issue of new stock certificates......... 4 J Check clearing and collection 6 K Corporations doing foreign bank ing or other foreign financing under the Federal Reserve Act 4 L Interlocking bank directorates under the Clayton A c t ............ 4 M Foreign branches o f national banks and of corporations or ganized under the provisions of section 25(a) of the Federal Reserve A c t ............................. 4 O Loans to executive officers of member b a n k s........................ 4 P Holding company affiliates—vot ing permits .............................. 4 Q Payment of interest on deposits . 4 19 Page R S T U V Y Relationships with dealers in se curities under section 32 of the Banking Act of 1933 ................ 4 Industrial loa n s........................ 10,11 Extension and maintenance of credit by brokers, dealers, and members of national securities exchanges ................................ Loans by banks for the purpose of purchasing or carrying stocks registered on a national securi ties exchange .......................... 5 Loan guarantees for defense pro duction ................................... 10,11 Bank holding companies............ 5 Reports of condition and earnings of State member banks ........................ Reports of unusual currency transac tions ................................................... 6 Reserves of member ban k s.................. 3 Return of unpaid ch eck s....................... 6 Safekeeping of securities..................... Savings bonds ....................................... 9 10 20 4 Page Securities, delivery and receipt o f 9 Settlements among participants in city clearing arrangements of banks out side New York C ity 7 Signature authorities 7 Silver Purchase Act of 1934 8 Statistics, domestic and foreign 13 Stop payment ord ers 7 Taxes, Federal, deposits o f 3 Telegrams, sending and receiving Foreign transactions, relating to ---8 O th er................................................... 7 Tours of Federal Reserve Bank 12 Transfers of funds, mail and telegraph 7 Treasury Tax and Loan A ccoun ts 9 United States securities .......................9,10 Cash subscriptions and tenders....... 11 Purchases and sales for account of 11 member b a n k s............................... United States Stabilization F u n d 8 Visits to District banks 5 Warrants, purchase o f 11
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