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F E D E R A L R E S E R V E BA N K O F N E W Y O R K Fiscal Agent of the United States C ir c u la r N o. 4 7 4 4 L M a y 21, 1959 J O FFER IN G OF T W O SERIES O F T R E A S U R Y BILLS §1,000,000,000 o f 91-Day Bills, Additional Am ount, Series Dated Feb. 26, 1959, D ue Aug. 27, 1959 (T o B e Issued May 28, 1959) $400,000,000 o f 183-Day Bills, Dated May 28, 1959, D ue N ovem ber 27, 1959 T o A ll Incorporated Banks and Trust Companies, and O thers Concerned, in the Second Federal R eserv e D istrict: Following is the text o f a notice issued by the Treasury Department, released for publication in morning newspapers, Thursday, May 21, 1959: T h e Treasury Department, by this public notice, invites tenders fo r tw o series o f Treasury bills to the aggregate amount o f $1,400,000,000, o r thereabouts, fo r casli and in exchange for Treasury bills maturing M ay 28, 1959, in the amount o f $1,399,930,000, as fo llo w s : 91-day bills (to maturity date) to be issued M ay 28, 1959, in the amount o f $1,000,000,000, or thereabouts, representing an additional amount o f bills dated February 26, 1959, and to mature August 27, 1959, originally issued in the amount o f $395,362,000, the additional and original bills to be freely interchangeable. 183-day bills, fo r $400,000,000, or thereabouts, to be dated M ay 28, 1959, and to mature Novem ber 27, 1959. The bills o f both series will be issued on a discount basis under com petitive and noncompetitive bidding as hereinafter provided, and at maturity their face amount will be payable without interest. T h ey w ill be issued in bearer form only, and in denominations o f $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000 (m aturity value). Tenders w ill be received at Federal Reserve Banks and Branches up to the closing hour, one-thirty o ’clock p.m., Eastern Daylight Saving time, M onday, M ay 25, 1959. Tenders will not be received at the Treasury Department, W ashington. Each tender must be fo r an even multiple o f $1,000, and in the case o f competitive tenders the price offered must be expressed on the basis o f 100, with not more than three decimals, e.g., 99.925. Fractions m ay not be used. It is urged that tenders be made on the printed form s and forw arded in the special envelopes which w ill be supplied b y Federal Reserve Banks or Branches on application therefor. Others than banking institutions w ill not be permitted to submit tenders except fo r their own account. Tenders w ill be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in in vestment securities. Tenders from others must be accompanied by payment o f 2 percent o f the face amount o f Treasury bills applied for, unless the tenders are accompanied by an express guaranty o f payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, follow in g which public announcement w ill be made b y the Treasury Department o f the amount and price range o f accepted bids. T h ose sub mitting tenders will be advised o f the acceptance or rejection thereof. T he Secretary o f the Treasury expressly reserves the right to accept or reject any or all tenders, in w hole or in part, and his action in any such respect shall be final. Subject to these reservations, noncompetitive tenders fo r $200,000 o r less for the additional bills dated February 26, 1959, (91 days re maining until maturity date on August 27, 1959) and noncom petitive tenders fo r $50,000 or less fo r the 183-day bills without stated price from any one bidder will be accepted in fu ll at the average price (in three decimals) o f accepted competitive bids fo r the respective issues. Settlement fo r accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on M ay 28, 1959, in cash o r other immediately available funds or in a like face amount o f Treasury bills maturing M ay 28, 1959. Cash and exchange tenders will receive equal treatment. Cash adjustments w ill be made for differences between the par value o f maturing bills accepted in exchange and the issue price o f the new bills. T h e income derived from Treasury bills, whether interest or gain from the sale o r other disposition o f the bills, does not have any exemption, as such, and loss fro m the sale or other disposition o f Treasury bills does not have any special treat ment, as such, under the Internal Revenue Code o f 1954. The bills are subject to estate, inheritance, g ift o r other excise taxes, whether Federal o r State, but are exem pt from all taxa tion now or hereafter imposed on the principal or interest thereof by any State, or any o f the possessions o f the United States, o r b y any local taxing authority. F o r purposes o f taxa tion the amount o f discount at which Treasury bills are originally sold by the United States is considered to be interest. Under Sections 4 5 4 (b ) and 1221(5) o f the Internal Revenue Code o f 1954 the amount o f discount at w hich 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. A ccordingly, the owner o f Treasury bills (other than life insurance com panies) issued hereunder need include in his income ta x return only the difference between the price paid f o r 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 fo r which the return is made, as ordinary gain o r loss. Treasury Department Circular N o. 418, Revised, and this notice, prescribe the terms o f the Treasury bills and govern the conditions o f their issue. Copies o f the circular m ay be obtained from any Federal Reserve Bank or Branch. This Bank will receive tenders for both series up to 1 :30 p.m., Eastern Daylight Saving time, Monday, May 25, 1959, at the Securities Department o f its Head Office and at its Buffalo Branch. Tender forms for the respective series are enclosed. Please use the appropriate forms to submit tenders and return them in an envelope marked “ Tender for Treasury Bills.” Tenders may be submitted by telegraph, subject to written confirmation; they may not be submitted by telephone. Payment fo r 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. Results o f the last offering o f Treasury bills (91-dav bills to be issued May 21, 1959, representing an addi tional amount o f bills dated February 19, 1959, and maturing August 20, 1959; and 182-day bills dated May 21, 1959, maturing November 19, 1959) are shown on the reverse side o f this circular. A lfred H a y e s , President. Please note th at the Treasury bills m aturing November 27, 1959, will be 183-day bills. ( over) RESULTS OF LAST O FFERING OF TREASU R Y BILLS (TW O SERIES ISSUED M A Y 21, 1959) Range of Accepted Competitive Bids 182-D ay Treasury Bills Maturing N ovem ber 19, 1959 91-Day Treasury Bills Maturing August 20, 1959 P rice A p p ro x . equiv. annual rate P r ice A p p ro x . equiv. annual rate H igh..... 99.282 2.840% 98.310 3.343% Low ..... 99.270 2.888% 98.280 3.402% Average 99.275 2.869% 98.293 3.376% * E xcepting one tender o f $35,000. (34 percent o f the amount o f 91-day bills bid for at the low price was accepted.) (53 percent o f the amount o f 182-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 91-Day Treasury Bills Maturing August 20, 1959 A pplied fo r D istrict Boston ............................ ....... $ 23,089,000 182-Day Treasury Bills Maturing N ovem ber 19, 1959 A pplied f o r A ccep ted $ 11,959,000 $ 4,092,000 A ccepted $ 4,069,000 1,567,441,000 728,741,000 674,422,000 304,962,000 Philadelphia ................. ....... 28,237,000 12,892,000 12,654,000 7,504,000 Cleveland........................ ....... 33,612,000 18,437,000 19,140,000 9,056,000 Richmond ..................... ....... 9,565,000 9,515,000 670,000 670,000 New Y o r k ...................... Atlanta .......................... ....... 24,721,000 16,947,000 1.900,000 1,900,000 Chicago .......................... ....... 180,507,000 99,527,000 66,103,000 29,848,000 St. Louis ........................ 15,003,000 14,903,000 2,992,000 2,942,000 Minneapolis................... 7,619,000 7,019,000 2,913,000 2,819,000 Kansas City ................. 34,654,000 22,654,000 4,891,000 4,544,000 15,860,000 2,237,000 2,037,000 41,924,000 39,930,000 29,766,000 $831,944,000 $400,117,000 Dallas.............................. San Francisco............... Totals............. ........ 55,266,000 $1,995,599,000 $1,000,378,000b b Includes $210,749,000 noncompetitive tenders accepted at the average price o f 99.275. c Includes $21,827,000 noncompetitive tenders accepted at the average price o f 98.293. VI ¥ / FEDERAL RESERVE BANK OF N E W Y O R K D IR EC T O R Y M ay 1959 SECOND FE D E R A L R ESER VE D IS T R IC T Head Office ♦33 L iberty Street Federal Reserve P. O. Station N ew Y o rk 45, N. Y . R E ctor 2-5700 Branch ♦160 D elaw are Avenue Buffalo 5, N. Y. W A shington 7562 F E D E R A L R E S E R V E B A N K OF N E W Y O R K M ay 25,1959 To B anks and T rust C om panies in th e S econ d F ed eral R e s e r v e D istrict: This D irectory show s the functional organization o f the Bank, its departm ents, m ost o f its divisions, and the principal operations they p erform . T he D irectory also show s the officers, division chiefs, and certain senior staff m em bers o f ou r organization. N ew appointm ents o f officers and changes in their titles w ill b e announced curren tly in supplem ents to, o r revisions of, ou r O perating C ircu lar No. 1, “ A u th orized Signatures.” T h e use o f this d irectory w ill enable y o u to direct yo u r com m uni cations to the prop er officers o f this B ank and to the departm ents and divisions un der their supervision. W e w ill be pleased to furnish additional copies upon request. A LFRE D H AYES, President. CONTENTS Page Head Office Administrative S e r v ic e s .............................3 A u d it .............................................................. 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 of S e c u r it ie 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 Public Inform ation...................................... 12 Research and S ta tis tics ............................. 13 Secretary’s O f f i c e ...................................... 13 Buffalo B ranch .....................................................14 D ir e c t o r s .............................................................. 16 Member of Federal Advisory Counci l . . . . 16 Officers................................................................... 17 Index (Head O ffic e )........................................... 18 note: The lettered Regulations referred to in this Directory are Regulations of the Board of Governors of the Federal R eserve System. FEDERAL RESERVE BANK OF NEW YORK A l f r e d H a y e s , P r e s id e n t W il l ia m F. T r e i b e r , F i r s t V i c e P r e s id e n t ★ HEAD OFFICE A d m in istra tiv e Services H erbert H . K im b a l l , V ic e P r e s id e n t E. Q u a c k e n b u s h , A s s is ta n t V i c e P r e s id e n t L aw rence A C C O U N T IN G DEPARTMENT Accounting Division ♦ J a m e s F. S u l l i v a n , C h ie f A ccounts, deposits in, except foreign accounts Check books, orders for M em ber bank reserve accounts N onm em ber bank clearing accounts Regulation D —Reserves o f m em ber banks Rem ittance accounts Signature authorities Stop paym ent orders Treasurer’s account, United States Disbursing Division ♦ L e s t e r E. R o w e , C h ie f Expenditures Tabulating Division ♦ W i l l i a m M. S c h u l t z , C h ie f Deposits o f Federal taxes BUILDING OPERATING DEPARTMENT H erbert EMERGENCY PLANNING DEPARTMENT PLANNING DEPARTMENT Planning Division ♦ W il l ia m u eth er, M an ag er U n d e r d ir e c t s u p e r v i s io n o f A s s is ta n t V i c e P r e s id e n t D onald C. N i l e s , M a n a g e r H . W e t e n d o r f , C h ie f Purchasing Division ♦ F r e d e r i c k A. M W . F o r b e r g , P u r c h a s in g A g e n t 3 SERVICE D E P A R T M E N T A rth u r H. N oa, Manager Post Office Division ♦ J o s e p h L. T u m i n e l l i , C h i e f Mail, incoming and outgoing Protection Division ♦ G e o r g e H . T u s v e l d , C h ie f Telephone Section ♦ M r s . M i l d r e d M . C a r e w , C h ie f O p e r a to r Audit D o n a l d J . C a m e r o n , G e n e r a l A u d ito r A U D ITIN G DEPARTMENT John P. J e n s e n , A s s is ta n t G e n e r a l A u d i t o r Auditing Division ♦ K a r l L. E g e , C h i e f Information reflected on the Bank’s records furnished to those entitled thereto Reconciliation of accounts of member banks and others Bank Supervision and Relations R e g in a ld B. W i l t s e , V i c e P r e s id e n t H o w a r d D . C r o s s e , A s s is ta n t V i c e P r e s i d e n t BANK E X A M IN A TIO N S DEPARTMENT n . , . . , John F. P i e r c e , C h i e f E x a m i n e r J o h n P . R in g e n , M a n ager Reports and Analysis Division ♦ J o h n G . K a u d e r e r , C h ie f Analysis of reports of examination Branches, applications for Condition reports, State member banks Earnings and dividends reports, State member banks Regulations, administration of C Acceptance by member bank of drafts or bills of exchange F Trust powers of national banks H Membership of State banking institutions in the Federal Reserve System I Increase or decrease of capital stock of Federal Re serve Banks and cancelation of old and issue of new stock certificates K Corporations doing foreign banking or other foreign financing under the Federal Reserve Act L Interlocking bank directorates under the Clayton A ct M Foreign branches of national banks and of corpora tions organized under the provisions of section 25 (a) of the Federal Reserve A ct 4 O 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 sec tion 32 of the Banking A ct of 1933 T Extension and maintenance of credit by brokers, deal ers, and members of national securities exchanges U Loans by banks for the purpose of purchasing or carrying stocks registered on a national securities exchange Y Bank holding companies Examining Division ♦ Under direct supervision of Chief Examiner Examination of State member banks and affiliates BANK RELATIONS DEPARTMENT Bank Relations Division ♦ R Manager Senior Representative ( o f f i c e ) Senior Representative ♦ M i c h a e l M . M u l l i g a n , J r . , Senior Representative ♦ J . R a y m o n d M u r r a y , Senior Representative ♦ W i l l i a m A . A n t t i l a , Representative ♦ J o h n W . H y l a n d , Representative ♦ E d w a r d W . W a r d e , Representative Applications for membership in Federal Reserve System Bank relations activities Visits to District banks obert C. T h o m F r e d W . P i d e r i t , J r ., an, ♦ A . H erb ert G rau e, Technical Assistance Division ♦ J o h n J . K n o x , Chief Member bank operations surveys Credit file installation and loan operation Internal audit and control Profit analyses Teller, transit and bookkeeping Cash and Collections M a r c u s A . H a r r is , V ice President Assistant V ice President Assistant V ice President A n g u s A . M a c I n n e s , J r ., T hom as O . W aage, CASH DEPARTMENT F r a n k lin E . P e te rs o n , Manager Coin Division ♦ C h a r l e s F . B e i s l e r , Chief Counting, verifying and wrapping of coin Payment of coin Receipt of coin Redemption of uncurrent United States currency and coin Segregation of unfit, foreign and counterfeit coin 5 CASH DEPARTMENT (continued) Paying Division ♦ W . H a r r y S a m m i s , Chief Allotment of new currency to banks Certification of checks drawn on this Bank Payment of currency Sorting and Counting Division ♦J o s e p h L . A n d e r s o n , Chief Postal deposits Receipt of currency Reports of unusual currency transactions on Form TCR-1 pursuant to instructions from the Treasury Department Sorting of currency for fitness, kind and genuineness Verification by piece count of all deposits of paper currency CASH CU STODY DEPARTMENT W a lte r S. R u sh m ore, CHECK DEPARTMENT Check Division ♦J o s e p h C. A G eorge C. S m ith , Manager Manager Chief Chief ♦ E d w a r d J . M c G u i r e , Chief ( n i g h t ) Checks and other cash items collectible through Manhat tan, Bronx and Brooklyn collection arrangements, New York Clearing House Association, and Northern New Jersey Clearing House Association Collection of checks and other cash items (except Govern ment checks and postal money orders) payable in any Federal Reserve District Regulation J—Check clearing and collection Settlement of balances due to and due from participants in Nassau County Clearing Bureau u ch te r, ♦ E lm e r L . G a d e n , Return Items and Adjustment Division ♦ W i l l i a m J. L e o n a r d , Chief Adjustments relative to the presentment and collection of checks Check Routing Symbol Program City and county clearing arrangements, exchanges be tween participants in Direct routing of checks and other cash items to Federal Reserve Banks and Branches by member and non member clearing banks through the Consolidated A ir Transportation Program or other methods Remittances for Second District cash letters Return items 6 C O L L E C T IO N D E P A R T M E N T C h a r le s R . P r ic h e r , M anager Collection Division ♦ H a r r y G. T a p p e n , 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 by Commodity Credit Corporation Receipt, for immediate credit, of checks on member banks’ reserve accounts Reclamation of United States Government checks Regulation G—Collection of noncash items Coupon Division ♦A l f r e d H . K i r k p a t r i c k , 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 Re construction and Development Regulation G —Collection of noncash items Government Check Division ♦ G e r a l d J. C o n n o l l y , Chief Collection of Government checks and postal money orders Wire Transfer Division ♦ O t t o S u s e n , Chief 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 Telegrams Coding, decoding and authenticating by testword of, in volving payments of funds, shipments of 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 V ice President Vice President P . D a v i s , Assistant V ice President L a n g , Adviser C h a r le s A . C oom b s, H o ra ce L . S a n fo rd , N orm an P eter P . FOREIGN DEPARTMENT T hom as J. R o c h e , Manager Cable Division ♦ N i c h o l a s A b e l , Chief Cablegrams, radiograms and telegrams relating to foreign business, sending, receiving, coding, decoding, testing and otherwise processing of Foreign Assets Control Division ♦ R o b e r t R . T o m p k i n s , Chief Applications, inquiries and licenses, as agent of the Treas ury Department in connection with the Treasury’s foreign assets control under Executive Order No. 9193 Foreign Operations Division ♦ E d w i n S. R o t h m a n , 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 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 Fund accounts Silver Purchase A ct of 1934, purchases thereunder, as fiscal agent United States Stabilization Fund, as fiscal agent 8 Government Bond and Safekeeping of Securities Vice President T. D a v i s , Assistant Vice President H a r o ld A . B ilb y , F e lix G OVER NM EN T BOND A N D SAFEKEEPING DEPARTMENT W illia m F . P a lm e r , Manager Government Bond Division ♦ H a r o l d W . L e w i s , Chief Bonds of International Bank for Reconstruction and De velopment Issuance, registration, exchange and redemption 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 Record of accounts Record of collateral United States securities (other than savings bonds) 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 regard ing cash subscriptions Telegraphic transfer of bearer securities from New York to other Federal Reserve Banks Transfer of registered bonds Safekeeping Division ♦ C h a r l e s J. K u c h l e r , Chief Delivery of bearer securities of the United States pursu ant to telegraphic transfer from other Federal Reserve Banks Delivery of securities of the United States (except sav ings bonds), its agencies and the International Bank for Reconstruction and Development, on original issue or exchange 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 9 S A V IN G S B O N D D E P A R T M E N T K e n n e th E . S m a ll, Manager Savings Bond Division ♦ G u s t a v E h r h a r d t , 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 Sales of Series E and H bonds SECURITY CU STO DY DEPARTMENT W illia m A. H e in l, Manager Legal V ice President and General Counsel Assistant General Counsel E d w a r d G . G u y , Assistant General Counsel W i l l i a m H . B r a u n , J r . , Assistant Counsel H a r d i n g C o w a n , Assistant Counsel C l i f t o n R. G o r d o n , Assistant Counsel G r e g o r y O ’K e e f e , J r . , Assistant Counsel T h o m a s C . S l o a n e , Assistant Counsel T od d G . T ie b o u t, J o h n J . C la r k e , Loans and Credits H a r o ld A. B ilb y , Vice President CREDIT A N D D ISC O U N T DEPARTMENT W illia m E . M a r p le , Manager Credit Division ♦ H e r s c h e l L. H o r n e r , 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 Re serve Banks Acceptability of paper offered for discount or as col lateral to advances, determination of Regulation V—Loan guarantees for defense production Processing of applications and issuing guarantees in be half of the guarantors Servicing of guaranteed loans 10 Discount Division ♦ H e n r y T. C h r i s t e n s e n , Chief Regulation A —Advances and discounts by Federal Re serve Banks Eligibility of paper offered for discount or as collateral to advances, determination of Processing of applications Servicing of advances and discounts Regulation V —Loan guarantees for defense production Billing and collection of guarantee fees Maintaining records of guarantees issued Open Market Operations and Treasury Issues Vice President Assistant Vice President a r s h , J r . , Assistant V ice President R obert G . R ou se, J o h n J. L a r k in , S p en cer S. M SE C U R IT IE S D E P A R T M E N T A la n R . H o lm e s , R obert Bill Division W. S to n e , Manager Manager Chief Acceptance by member banks of drafts or bills of 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 of the Federal Reserve A ct C Acceptance by member banks of drafts or bills of ex change ♦ F r a n k lin S . D e u e l, Securities Division ♦ C h a r l e s 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 Government securities (other than savings bonds), cash subscriptions and tenders to new issues of Government securities, purchases and sales for account of member banks and others Open market operations in Government securities Regulation E—Purchase of warrants 11 Personnel W F H. R alter r e d e r ic k o zell, L. Sm J r ., edley, Vice President Assistant V ice President PERSONNEL DEPARTMENT Medical Division ♦ D r . A E verett d e l a id e R o m a in e , B. P ost, Manager Medical Director Personnel Relations Division ♦ F r a n c i s H . R o h r b a c h , Chief Employee assignment, rating, counseling, and training Employment Personnel records Salary Research Division ♦J o h n H . H e l f , Chief Job analysis and evaluation Payroll data Personnel research Salary surveys and salary research Employees' Activities ♦R uth A n n T yler, Director Public Information W il l ia m F. T r e ib e r , PUBLIC IN F O R M A T IO N DEPARTMENT First Vice President C arl H. M adden, Manager Public Information Division ♦ P a u l M e e k , Chief 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 W eekly News Review 12 Research and Statistics R obert V. G eorge G RESEARCH DEPARTMENT R , Vice President Adviser oosa arvy , T il f o r d R F C. G a i n e s , Manager G. L i n k , Manager W . S c h i f f , Manager obert rank Balance of Payments Division ♦ M a d e l i n e M c W h i n n e y , Special Assistant Collection and analysis of data on United States balance of payments and foreign dollar assets Foreign exchange reports on United States Treasury forms Domestic Research Division ♦ R o b e r t L i n d s a y , Chief Collection and analysis of data on money market and United States Government finance Collection and analysis of data on District and United States economic conditions Special studies on monetary and credit policy problems Financial and Trade Statistics Division ♦ F r e d H. K l o p s t o c k , Chief Current and special tabulations and analyses of domestic banking and other financial and retail trade statistics Foreign Research Division ♦ P e t e r F o u s e k , Chief Analysis of monetary and economic conditions in foreign countries and of international economic and financial developments Reference Library ♦ J a n e t B o g a r d u s , Chief Acquisition, processing, and circulation of library mate rials in fields of banking, economics, and finance Daily Newspaper Review Reference services providing factual information and as sembling material on specific subjects Secretary's Office W C H. B r a u n , J r ., Secretary H. M a d d e n , Assistant Secretary il l ia m arl Publications Division ♦ J o s e p h W i s n o v s k y , Chief Bank circulars and other Federal Reserve publications 13 FEDERAL RESERVE BANK OF NEW YORK ★ BUFFALO BRANCH B. Insley H arold S m it h M . W , V ice President essel, Assistant Vice President Accounting, Check and Collection, Personnel, and Protection G Accounting Division ♦ eorge J. D oll, Cashier K e n n e t h P. M e a d , Chief Expenditures Member 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 ♦ F r a n k l i n E. D a i g l e r , Assistant Chief ♦ S y d n e y L. H e n n i n g , Assistant Chief ♦ H o w a r d H . H e r d l e , Assistant Chief ( n i g h t ) Collection of checks payable in Second Federal Reserve District and other Federal Reserve Districts Collection of Government checks Collection of corporate bonds and coupons Collection of notes, drafts, and other noncash items Postal money orders Mail, incoming and outgoing Reclamation of United States Government checks Return items Personnel Division ♦ A r t h u r A . R a n d a l l , Chief Employees’ records Employment Job analysis and evaluation Protection Division ♦ 14 R alph C. R o b e r t s , Captain Building Operating, Cash, Credit and Discount, Securities, and Service reene, Assistant Cashier G erald H. G Building Operating Division ♦ G eorge R. B o s s , Building Superintendent Cash Division ♦ H a r r i s o n E . M a r t i n , Chief Receipt and payment of currency and coin Sorting and counting of currency and coin Credit and Discount Division ♦ F r a n k H e n d e r s o n , 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 ♦ F r a n k H e n d e r s o n , Chief Payment of United States Government coupons Payment or redemption of United States Government securities Safekeeping of securities for account of member banks Sales of Series E and H savings bonds Service Division ♦ A l l a n C. H i n e s , Chief Purchasing Telephone service Bank and Public Relations M . M onroe M yers, Assistant Cashier Bank and Public Relations ♦ J o h n T. K e a n e , Special Representative Bank and public relations activities Visitors at Buffalo Branch Visits to banks Audit Branch Auditing ♦ F r e d e r i c k W. M o r t e n s o n , 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 DIRECTORS T erm e x p ir e s D e c e m b e r 31 E. B i e r w i r t h , Chairman, and Federal Reserve Agent............................................................. 1959 (Class C director-appointed by Board of Governors) Chairman, National Distillers and Chemical Corporation, New York, N. Y. J ohn F o r r e s t F . H i l l , Deputy Chairman ....................................................................................................... (Class C director-appointed by Board of Governors) Vice President, The Ford Foundation, New York, N. Y. 1960 H e n r y C. A l e x a n d e r (Class A director—elected by Group 1 banks) .............................................. Chairman o f the Board, Morgan Guaranty Trust Company of New York, New York, N. Y. 1961 C h a r l e s W . B it z e r (Class A director-elected by Group 2 banks) .................................................. Chairman, City Trust Company, Bridgeport, Connecticut 1959 C y r u s M. H i g l e y (Class A director—elected by Group 3 banks) .................................................. President and Trust Officer, The Chenango County National Bank and Trust Company o f Norwich, Norwich, N. Y. 1960 A u g u s t u s C . L o n g (Class B director—elected by Group 3 banks) .................................................. Chairman, Board o f Directors, Texaco Inc., New York, N. Y. 1960 (Class B director—elected by Group 1 b a n k s)......................................................... Chairman, Finance Committee, General Electric Company, New York, N. Y. 1961 P h il ip D . R eed (Class B director—elected by Group 2 banks) .................................................. 1959 President, The Grand Union Company, East Paterson, N. J. L a n s in g P . S h ie l d (Class C director-appointed by Board o f Governors) .............................. Chairman o f the Board, Bigelow-Sanford Carpet Company, Inc., New York, N. Y. J a m e s D e C a m p W is e 1961 DIR ECTOR S— BUFFALO BRANCH E. O l s o n , Chairm an.............................................................................................................. 1959 President, Taylor Instrument Companies, Rochester, N. Y. R aym ond ................................................................................................................................. 1959 President, The National Bank o f Geneva, Geneva, N. Y. V ern on A lexander ........................................................................................................................... 1961 President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. W h it w o r t h F erg u son ................................................................................................................................... 1961 President, The Citizens National Bank of Wellsville, Wellsville, N. Y. D enton A . F u ller ............................................................................................................................... 1960 Fruit Grower, Burt, Niagara County, N. Y. C am eron G . G a r m a n ................................................................................................................................ 1961 President, Lincoln Rochester Trust Company, Rochester, N. Y. J o h n W . R e m in g t o n E. P e r r y S p i n k ......................................................................................................................................... 1960 President, Liberty Bank o f Buffalo, Buffalo, N. Y. MEMBER OF FEDERAL AD VISO R Y C O U N C IL — 1959 ....................................................................................................................................... 1959 Chairman o f the Board, The Chase Manhattan Bank, New York, N. Y. J o h n J . M cC l o y 16 OFFICERS A lfred H a y e s , W i l l i a m F . T r e ib e r , H a ro ld A . B i l b y , Vice President C harles A . C o o m bs, M a r c u s A . H a r r is , R ouse, Vice President T odd G. T ie b o u t , Vice President Adviser Assistant Vice President F r e d e r ic k L . S m e d l e y J o h n J . L a r k in Assistant Vice President Assistant Vice President Assistant Vice President N o r m a n P . D a v is A n gu s A . M acI n n e s, J r . Assistant Vice President Assistant General Counsel L aw ren ce E . Q u acken bu sh Adviser P eter P . L an g, F e l i x T . D a v is Vice President and General Counsel E dw ard G . G u y , G eorge G a r v y , Assistant Vice President Vice President Vice President R e g in a l d B . W il t s e , Assistant General Counsel H o w a r d D . C ro sse Vice President H orace L . S a n fo r d , V. R o o s a , Vice President J o h n J. C larke, G. W a l t e r H . R o z e l l , J r ., Vice President H e rb er t H . K im b a l l , R obert R obert Vice President President First Vice President T h o m a s O . W a ag e Assistant Vice President Assistant Vice President S pencer S . M arsh , J r. Assistant Vice President E. M a r p l e , Manager Credit and Discount Department W il l ia m W il l ia m H . B r a u n , J r . Secretary, and Assistant Counsel H erbert A . M u e t h e r , H a r d in g C o w a n Manager Building Operating Department Assistant Counsel Manager Research Department D o n ald C . N il e s , R. G o r d o n Assistant Counsel A r th u r H . N oa, T il f o r d C . G a in e s , Manager Planning Department C l if t o n Manager Service Department Manager Security Custody Department W il l ia m A . H e in l , G r eg o r y O ’K e e fe , J r . Assistant Counsel Manager Government Bond and Safekeeping Department W il l ia m F . P a l m e r , R. H o l m e s , Manager Securities Department A lan Manager Research Department R obert G . L in k , E. P e t e r s o n Manager, Cash Department F r a n k l in Manager Public Information Department, and Assistant Secretary Da r l H . M a d d e n , F r e d W . P i d e r i t , J r ., Manager Bank Relations Department J o h n F . P ie r c e , Manager Bank Examinations Department J o h n P . R in g e n , Manager Foreign Department W a l t e r S . R u s h m o r e , Manager Cash Custody Department F r a n k W . S c h i f f , Manager Research Department T hom as J. R oche, T h o m a s C . S loane Assistant Counsel Manager Savings Bond Department K enn eth E. S m all, Manager Check Department G eorge C . S m it h , Manager Securities Department R obert W . S ton e, Chief Examiner D onald J . C a m eron, J o h n P . J ensen, Manager Personnel Department C h a r l e s R . P r i c h e r , Manager Collection Department E verett B . P o st, General Auditor Assistant General Auditor OFFICERS • BUFFALO BRANCH I n s l e y B . S m it h , H arold M . W e sse l, jeo rg e J. D oll Cashier Vice President Assistant Vice President G e rald H . G r een e Assistant Cashier M . M onroe M yers Assistant Cashier 17 Index ♦ Head Office Page Acceptances, open market transactions i n ..................................................................... Account of Treasurer of the United S ta te s............................................................. 11 7 G overn m en t, co lle ctio n o f ..................... 7 3 Officers, issuance o f F ed eral R eserve, in paym ent o f g old pu rch a sed fro m A ssa y Office b y g old d e a le r s ............. 7 8 R etu rn i t e m s .............................................. 6 U n ited States G overn m en t, reclam a tion o f ....................................................... 7 Accounts Federal Reserve System, maintained abroad ...................................................... Page nated b y C om m od ity C red it C or p oration .................................................. Foreign and international ...................... 8 Member bank reserve............................. 3 Nonmember bank clearin g................... 3 Reconciliation of member banks’ and others’ ....................................................... C h eck s a n d oth er cash item s, collection o f ..................................................................... 6 4 D irect r o u t i n g ............................................ 6 Rem ittance.................................................. 3 Circulars, F ed eral R eserve B a n k ........... 13 Adjustment of check presentm ents___ 6 C learin g arrangem ents ............................. 6 Advances to member b a n k s ...................10,11 C o in ................................................................... 5 Armed Forces Leave Bonds ...................... 10 C om m od ity C red it C orp ora tion Audit surveys for member b a n k s........... 5 Bank relations a ctivities........................... 5 Bills of exchange Acceptance by member banks of, in quiries regarding.................................. 11 Open market purchases o f ................... 11 Issuance o f ch eck s d raw n on T reas u re r o f U nited States to p a y ees des ignated b y ................................................ 7 P a ym en t o f d rafts draw n u n d er let ters o f com m itm en t issued b y ........... 7 Bonds and coupons payable in any Fed eral Reserve District, collection of . . . 7 Bookkeeping su r v e y s.................................. 5 C ou pon s, pa ym en t of, o n b on d s o f the U n ited States G overn m en t, its agen cies o r instrum entalities, a n d o f the International B ank fo r R econ stru ction and D e v e lo p m e n t...................................... Branches, applications f o r ....................... 4 C red it data, co lle ctio n and analysis o f . . 10 Cablegrams, radiograms, and telegrams relating to foreign transactions.......... C red it file f o r m s ............................................ 10 8 C red it file in s ta lla tio n s ................................ 5 Cash letters, remittances for Second District ......................................................... 6 Check b ooks.................................................... 3 C u rren cy ......................................................... Check clearing and collection ................. 6 Check Routing Symbol P rog ram ........... 6 Checks Adjustments .............................................. 6 D iscou n ts fo r m em b er b a n k s .................10,11 D rafts, a cceptance b y m em b er banks, inqu iries o n ................................................ I ll D rafts draw n u n d er letters o f com m it m en t issued b y C om m od ity C redit C orporation , paym ent o f ....................... 71 E xam in a tion o f State m em b er banks and a ffilia t e s .............................................. sfl 3 Drawn on member banks’ reserve ac counts, receipt of, for immediate c r e d it ......................................................... 7 E xp en d itu res Drawn on this Bank, certification of 6 F arm C red it F i l e .......................................... Drawn on Treasurer of the United States, issuance of, to payees desig- 18 7 ................................................ lfll F ed era l R eserve B a n k s t o c k ................... M D ivid en d s o n .............................................. I ll Page Page 5 O p en m a rk et o p e r a t io n s ........................... 11 Films on Federal Reserve S y s te m ........ 12 P erson n el m a t t e r s ........................................ 12 Financial statement f o r m s ....................... 10 P h ilip p in e G overn m en t s e c u r it ie s Federal Reserve System membership . Foreign a ccou n ts.......................................... Foreign assets c o n tr o l................................ 8 6 8 Press r e l a t i o n s .............................................. 12 P rofit a n a l y s e s .............................................. 5 Foreign exchange Certification of rates under Tariff Act of 1930 ....................................................... Reports on, for U . S. T re a su ry ........... P rotection D iv is io n ...................................... 4 8 Pu blications, F ed era l R e s e r v e ................. 13 13 P u b lic r e la t io n s ............................................ 12 Transactions on behalf of United States Treasury and foreign depos itors ........................................................... 8 Gold Reserve A ct of 1934 ......................... 8 P u erto R ica n G overn m en t securities . . 9 P u rch ase o f s u p p lie s .................................... 3 R egu lation A A d v a n ce s and discou nts b y F ed era l R eserve B a n k s ...................10,11 B O pen m ark et purch ases o f bills o f exch a n ge, trade acceptances and bankers’ acceptances u n der section 14 o f the F ed era l R e serv e A c t ........................................ C A cce p ta n ce b y m em ber banks o f drafts or bills o f e x c h a n g e ----- 4,11 Government securities Agencies of United S t a te s ................... 9 Philippine .................................................. 9 Puerto R i c o ................................................ 9 United S ta te s.............................................. 9 Information about this Bank and Federal Reserve S y s te m ....................... 12 Information reflected on Bank’s rec ords, furnishing o f .................................... 9 Postal d e p o s i t s .............................................. 4 International Bank for Reconstruction and Development Accounts o f ................................................ 8 Bonds of, issuance, registration, ex change, redemption, d e liv e ry ........... 9 International Finance Corporation, ac counts o f ....................................................... 8 11 D R eserves o f m em b er b a n k s ........... 3 E P u rch a se o f w a r r a n t s ..................... 11 F T ru st p ow ers o f national banks . 4 G C ollection o f n on ca sh i t e m s ......... 7 H M em bersh ip o f State b a n k in g in stitutions in th e F ed era l R e serv e S y s t e m .................................. 4 I In crease o r d ecrea se o f capital s tock o f F ed era l R eserve B anks a n d ca n cela tion o f o ld a n d issue o f n e w s tock c e r t ific a t e s ........... 4 International Monetary Fund, accounts o f ..................................................................... 8 Legal m a tte r s................................................ 10 L ib r a r y ............................................................. 13 J C h eck clea rin g and c o lle c t io n ----- 6 Loan guarantees for defense produc tion ...............................................................10,11 K C orp ora tion s d o in g foreig n ba n k in g o r oth er foreig n financing u n d er th e F ed era l R eserve A c t 4 L I n t e r lo c k in g b a n k d ir e c to r a t e s u n d er th e C la yton A c t ............... 4 M F oreign b ra n ch es o f national banks and o f corp ora tion s organ ized u n d er the p rovision s o f section 2 5 (a ) o f the F ed eral R eserve A c t ..................................................... 4 O L oan s to e x e cu tiv e officers o f m em b er banks ............................. 5 P H old in g com p a n y affiliates—v o t in g p e r m it s ...................................... 5 Loan operations su rv e y s........................... Mail, incoming and o u tg oin g ................... 5 4 Membership in Federal Reserve Sys tem, applications f o r ................................ 5 Money orders, postal, collection o f ........ 7 Newspaper Review Daily ............................................................. 13 W eekly ......................................................... 12 Noncash items, collection o f ..................... 7 Notes, drafts, and other noncash items, collection o f ................................................ 7 19 Page Page Q P a ym e n t o f in terest on dep osits . R R elationships w ith dealers in se cu rities u n d er section 32 o f the B a n k in g A c t o f 1933 ................... T U 5 Settlem ents a m on g participants in city clea rin g arran gem en ts o f banks ou t side N ew Y o r k C i t y 5 S ign atu re a u t h o r it ie s 3 S ilv e r P u rch a se A c t o f 1934 8 E xten sion and m ain ten ance o f cre d it b y brokers, dealers, and m em b ers o f n ational securities e xch a n ges ...................................... L oa n s b y banks fo r the pu rpose o f pu rch asin g o r ca rryin g stocks registered on a national secu ri ties exch a n g e ................................ Statistics, d om estic and f o r e i g n 5 L o a n guarantees fo r defen se p r o d u ction .......................................... 10,11 Y B ank h old in g c o m p a n ie s ............... R ep orts o f con d ition and earn ings o f State m e m b e r b a n k s ............................... 5 4 R ep orts o f u nu su al cu rre n c y transac tion s ............................................................... 6 R eserves o f m e m b er b a n k s ....................... 3 R eturn o f unpaid c h e c k s ............................ 6 S a fek eepin g o f s e c u r it ie s ......................... 9 S avin gs b o n d s ................................................ 10 S ecurities, d e liv e ry and receip t o f ----- 9 20 13 S top p a y m en t o r d e r s 3 Taxes, F ederal, deposits o f 3 Telegram s, send ing and r e c e i v i n g 7 F oreig n transactions, rela tin g t o ----- V 7 T e lle r s u r v e y s 8 5 T ou rs o f F ed era l R eserve B a n k 12 T rad e accep tan ces, o p en m a rk et p u r ch ases o f ....................................................... 11 T ran sfers o f fun ds, m ail and telegra p h 7 T ran sit su rv eys 5 T reasu ry T a x and L oa n A c c o u n t s 9 U n ited States secu rities ........................... 9,10 C ash su b scrip tion s and t e n d e r s ......... 11 P u rch a ses and sales f o r a cco u n t o f m em b er banks ...................................... 11 U nited States Stabilization F u n d Visits to D istrict b a n k s W arrants, pu rch ase o f 8 5 11
@FedFRASER