1 FEDERAL RESERVE BANK OF NEW YORK F i s c a l A g e n t of t h e U n i t e d S t a t e s [Circular No. 24?0] l August 14, 1942 J Public Notice of Offering of $350,000,000, or thereabouts, of Treasury Bills Dated August 19, 1942 Maturing November 18, 1942 To all Incorporated Banks and Trust Companies in the Second Federal Reserve District and Others Concerned: F o l l o w i n g is t h e t e x t of a n o t i c e t o d a y m a d e p u b l i c b y t h e T r e a s u r y D e p a r t m e n t w i t h r e s p e c t t o a n e w o f f e r i n g of T r e a s u r y bills p a y a b l e a t m a t u r i t y w i t h o u t i n t e r e s t t o b e s o l d o n a d i s c o u n t b a s i s t o t h e h i g h e s t bidders. TREASURY D E P A R T M E N T Washington \ FOR RELEASE, M O R N I N G NEWSPAPERS, Friday, August 14, The Secretary of t h e Treasury, by this public notice, invites tenders for $350,000,000, or thereabouts, of 91-day Treasury bills, to be issued on a discount basis under competitive bidding. The bills of this series will be dated August 19, 1942, and will mature November 18, 1942, when t h e 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, two o'clock p. m., Eastern war time, Monday, August 17, Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and the price offered must be expressed on t h e basis of 100, with not more than three decimals, e. g., 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. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 10 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 a t the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of t h e 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. Payment of accepted tenders a t the prices offered must be made or completed at the Federal Reserve Bank in cash or other immediately available funds on August 19, The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under Federal tax Acts now or hereafter enacted. T h e bills shall be subject t o estate, inheritance, gift, or other excise taxes, whether Federal or State, b u t shall be 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 a t which Treasury bills are originally sold by t h e United States shall be considered to be interest. Under Sections 42 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115 of t h e Revenue Act of 1941, the amount of discount a t which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner 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, as amended, and this notice, prescribe the terms of the Treasury bills a n d govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. I n a c c o r d a n c e w i t h t h e a b o v e a n n o u n c e m e n t t e n d e r s will b e r e c e i v e d a t t h e S e c u r i t i e s D e p a r t m e n t of t h i s b a n k ( 9 t h f l o o r, 3 3 L i b e r t y S t r e e t, N e w Y o r k C i t y ) o r a t t h e B u f f a l o B r a n c h of t h i s b a n k ( M a i n S t r e e t, B u f f a l o, N e w Y o r k ) u p t o t w o o ' c l o c k p. m., E a s t e r n w a r t i m e, o n M o n d a y, A u g u s t 17, I t is r e q u e s t e d t h a t t e n d e r s b e s u b m i t t e d o n s p e c i a l f o r m p r i n t e d o n r e v e r s e s i d e a n d r e t u r n e d i n s p e c i a l envelope enclosed herewith. Attention the War Loan is invited to the fact that payment for the Treasury bills cannot be made by credit through Deposit Account. Payment must be made in cash or other immediately available funds. Digitized for FRASER ALLAN SPROUL, President. (OVER)
2 7T TENDER FOR 91-DAY TREASURY BILLS Dated August 19, Maturing November 18, Dated at.._ To THE FEDERAL RESERVE BANK OF NEW YORK, 1942 v Fiscal Agent of the United States, New York City, N. Y. No ^J Pursuant to the provisions of Treasury Department Circular No. 418, as amended, and to the provisions of the public notice on August 14, 1942, as issued by the Secretary of the Treasury, the undersigned offers to pay * for a total amount (Rate per 100) of $ (maturity value) of the Treasury bills therein described, or for any less amount that may be awarded, payment therefor to be made at your bank in cash or other immediately available funds on the date stated in the public notice. The Treasury bills for which tender is hereby made are to be dated August 19, 1942, anc are to mature on November 18, This tender will be inserted in special envelope entitled "Tender for Treasury bills." IMPORTANT INSTRUCTIONS: 1. No tender for less than $1,000 will be considered, and each tender must be for an even multipl of $1,000 (maturity value). Also, if more than one price is offered, a separate tender must be executed at eac price. 2. If the person making the tender is a corporation, the tender should be signed by an officer of the co poration authorized to make the tender, and the signing of the tender by an officer of the corporation will I construed as a representation by him that he has been so authorized. If the tender is made by a partnership, should be signed by a member of the firm, who should sign in the form " copartnership, by a member of the firm." 3. Tenders will be received without deposit from incorporated banks and trust companies and fro responsible and rccognized dealers in investment securities. Tenders from others must be accompanied 1 payment of 10 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied I an express guaranty of payment by an incorporated bank or trust company. 4. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of tl Treasury, is material, the tender may be disregarded. Payment by credit through War Loan Deposit Account will not be permitted. Fill in all required spaces before signing. Name of Subscriber... By (Official signature required) Street Address City, Town or Village, and State (Please print) (Title) Price must be expressed on the basis of 100, with not more than thru decimal places, e. g., Fractions may not be used. TESTB-633-a
3 UNITED STATES TREASURY VICTORY FUND COMMITTEE Secon d Federal Reserve D istrict A HAND BOOK FOR COMMITTEE MEMBERS AND SPECIAL REPRESENTATIVES Revised AUGUST 10, 1942
4 UNITED STATES TREASURY VICTORY FUND COMMITTEE The Organization Second Federal Reserve D istrict The national Victory Fund Committee consists of the Secretary of the Treasury, as Chairman, and the Presidents of the twelve Federal Reserve Banks. In each Federal Reserve District a district Victory Fund Committee has been organized, with the President of the Federal Reserve Bank of the District as Chairman. An Executive Manager has been appointed by each district committee and he is the chief executive officer of the committee. The Second Federal Reserve District is divided into 15 Regions, each under a Regional Chairman, assisted by a Regional Victory Fund Committee. These Regions may in turn be subdivided into smaller areas to be covered by local committees and sales representatives. The headquarters of the Victory Fund Committee for the Second Federal Reserve District are at the Federal Reserve Bank of New York, 33 Liberty Street, New York City. Duties The Victory Fund Committees and their associates will devote their energies principally to the sale of new Treasury issues such as bills, certificates of indebtedness, notes, "tap issues, and regular market offerings of bonds; and to cooperation with the War Savings Staff in the sale of Series F and G War Savings Bonds. The Victory Fund Committee for the Second Federal Reserve District and the War Savings Staffs within the district are cooperating wholeheartedly to the end Two Digitized for FRASER
5 that all sales representatives (notwithstanding by whom initially appointed) may be informed about all Government offerings, so that any purchaser may have opportunity to buy through the representative who calls upon him that type of Government obligation which best suits his needs. Description of Issues The following summary indicates the general char acteristics of the different types of Government securities. For more complete information, see the appropriate circulars of the Treasury. T r e a s u r y B il l s These are bearer obligations sold each week on a discount basis through competitive bidding open to every one. They are usually sold to mature 91 days after issuance although maturities have been somewhat shorter or longer where they have fallen due near a tax date. They provide a convenient opportunity for employment of funds upon which banks and others wish to obtain some income without sacrifice of liquidity. The existence of an open market in which Treasury Bills may be purchased or sold facilitates the shifting of bank reserves from places where there are large surpluses to points where additional reserves are needed. The liquidity of Treasury Bills is presently assured by the undertaking of the Federal Reserve Banks to purchase all bills offered to them, the current purchase price being on a discount basis at the rate of Ys% per annum. In the event of such a purchase, the seller has the privilege of obtaining an option to repurchase the bills at the same rate of discount provided he notifies the Federal Reserve Bank in writing at the time of the purchase. C e r t if i c a t e s o f I n d e b t e d n e s s These are bearer obligations issued from time to time in limited Digitized for FRASER Three
6 amounts at par on public subscription open for limited periods (usually a day or two) to every one. They bear a fixed rate of interest and have a maturity not in excess of one year. They are freely traded in the open market and afford a short-term investment medium for corporations, banks and others who have temporary funds for investment. T r e a s u r y N o t e s These are bearer obligations issued from time to time in limited amounts on public subscription open for limited periods to every one. They bear a fixed rate of interest and have a maturity not in excess of five years. They are freely traded in the open market and are chiefly attractive to banks and corporations. Treasury Tax Savings N o t e s Both series of these notes are continuously available for purchase. Series A is designed for the smaller taxpayer, and Series B for the larger. When used in the payment of Federal income, estate or gift taxes, the Series A notes yield an income at the rate 1.92% per annum while the income on the Series B notes when so used is.48% per annum. Notes of each series are in registered form and at the option of the owner may be redeemed for cash at the purchase price. The total amount of notes of Series A which may be applied in payment of taxes in any one year is limited to $1200, but there is no limitation on the amount of Series B notes which may be so applied. In view of increased taxes, it is highly desirable that individuals and businesses buy these notes regularly to lessen their burden at tax payment dates. In addition to the convenience rendered the taxpayer, the sale of these notes absorbs spendable funds and helps the Treasury to meet its current requirements. Four Digitized for FRASER
7 W ar Savings Bonds These bonds provide an excellent opportunity for investors of all types (other than commercial banks) to obtain an attractive yield on medium term bonds that have fixed redemption values. Series E bonds are issued at a discount and are payable at their face amount in ten years, thereby yielding a return of 2.9% per annum if held to maturity. They may be purchased by individuals in an amount not exceeding $3750 issue price ($5000 maturity value) in any calendar year, and may be redeemed at the option of the owner after 60 days from the issue date. Series F bonds are also appreciation type bonds, maturing in twelve years and yielding 2.53% per annum if held to maturity. Series G bonds are current income bonds, sold at their face amount. They mature in twelve years and pay interest annually at the rate of 2Vi%. Bonds of Series F and G may be purchased by individuals, corporations (other than commercial banks), associations, fiduciaries and custodians of public funds in an amount not exceeding $100,000 issue value (approximately $135,000 maturity value in the case of Series F) in any calendar year, and may be redeemed at varying prices at the option of the owner after six months from the issue date, on the first day of any calendar month, on one month s notice. Such redemption prices are charted in a leaflet entitled "Facts About War Savings Bonds. In the event that bonds of any of the three series are redeemed before their maturity dates the rate of interest return is less than if the bonds were held to maturity, except that Series G bonds may be redeemed at par on the death of the owner. All three series are continuously available for purchase, are in registered form, are nontransferable and may not be used as collateral for loans. Digitized for FRASER Pip*
8 T r e a s u r y B o n d s M a r k e t I s s u e s These obligations are issued from time to time in fixed amounts at par on public subscription open for limited periods to every one. They bear a fixed rate of interest and have a maturity in excess of five years. They may be in bearer or registered form at the option of the purchaser and are freely traded in the open market. Depending upon their maturity these obligations are attractive for investment by individuals, banks, insurance companies and other corporations. T r e a s u r y B o n d s " T a p I s s u e s In May 1942, the Treasury issued a new type of obligation available to investors other than commercial banks in the form of 2V2% registered bonds sold at par and bearing a fixed rate of interest. It has been referred to as a "tap issue, as the subscription books were held open for ten days, and the bonds could be bought at any time during that period without limitation as to the amount that might be taken by subscribers. On August 3, 1942, the Treasury reopened the issue and on the date of the printing of this booklet the subscription books were open. These bonds may be freely transferred to any person other than a commercial bank and may be exchanged for bearer bonds after ten years. They may be used at any time as collateral for bank loans, and upon the death of the owner may be redeemed at the option of his personal representative at 100% and accrued interest for the purpose of satisfying Federal estate taxes. Sales Policy Chairmen of the Regional Victory Fund Committees will compile lists of prospects from local suggestions, supplemented by names furnished by the Executive Manager. These prospects will include: Six Digitized for FRASER
9 (a) Counties,particularly permanent school funds, pension funds, and other sinking funds; cities, towns and villages; school districts; and other political subdivisions. (b ) Individual investors capable of making substantial purchases (say in excess of $5,000), whether or not they have bought their quotas of War Savings Bonds, who may be prospects for additional forthcoming issues. (c) Savings banks,buildingand loan associations. (d) Insurance companies: life, casualty, fire. (e) Endowed institutions: universities, colleges, hospitals, orphanages, religious institutions. ( f) Labor organizations, service groups, fraternal organizations. (g ) Corporations which may have idle cash available (due perhaps to priorities) which cannot be used for the present in the normal course of business. (h) Small corporations having war contracts which may have produced "new money for investment. Salesmen will be directed by Regional Chairmen and their associates. A personal call is the best way to get results. Calls and sales should be reported through proper channels to the Regional Chairman. Salesmen should use Form V.F.C.-7 for reports and Form V.F.C.-8 for orders. Since subscriptions for many types of obligations (other than Savings Bonds) must be made promptly upon notice of the offering, salesmen should be sure that orders on Form V.F.C-8 are furnished to the banks or securities dealers to which they are addressed on the day they are executed. Digitized for FRASER Seven
10 It is suggested that subscriptions by securities dealers for their own account and for the account of their customers be made through banks in order to minimize the effect which payment for the securities may have on bank reserves. Current Assignment When a forthcoming issue is announced by the Treasury, committeemen and their associates will be sent descriptive circulars containing detailed information regarding the issue. Questions you may be asked Q. Why should 1 buy? A. First, because of your patriotic desire to preserve our country and the ideals for which it stands. Second, because you get a good yield commensurate with the absolute safety of the investment in an obligation of the United States whose credit now, as in 1918, is the strongest in the world. Third, because every bond bought by an individual, corporation or organization, other than a commercial bank, means a lesser use of bank funds in financing the war, and so arrests inflation. Q. Why is the buying of bonds by commercial banks inflationary, while buying by bank depositors is not or is less so? A. When bank depositors (you and I) buy a bond, we pay for it in dollar bills or by our personal check on bank deposits already in existence. No new currency and no new bank deposits are created for the purpose of buying the bond. When commercial banks buy Government bonds, however, new bank deposits are created with Eight Digitized for FRASER
11 which to buy the bonds. The banks do not actually pay out cash they create deposits. These new deposits are acquired in the first instance by the Treasury, and are soon paid out by it for goods and services. Thus these new deposits increase the already large buying power of the American people at a time when the supply of goods available for civilian purchase is rapidly declining. This may increase the upward pressure on prices and costs and may in the end result in economic difficulties of grave proportions. Of course, in this most costly of all wars, there will be some increase in the total supply of money throughout the country but every dollar you and I lend the Government now, particularly out of current income, will help the Government curtail the increase of new money in the form of new bank deposits. Q. If 1 do not buy now, but wait for a later offering, will I get a better proposition? A. That is not likely. The Government plans to finance this war at as reasonable a cost as possible. Its newly acquired powers of price and credit control and monetary control may be used to accomplish this end. Buy bonds now. o' <! o> < Will you call again? I'm busy now. Mr. Man, I m a volunteer, working on my own time at my own expense. Won t you talk to me now as one American to another? We are at war and now is the time to act. Where and how do 1 subscribe? I ll take your subscription, or you can give it to your bank for transmittal to the Federal Digitized for FRASER Nine
12 Reserve Bank in New York City or to its Buffalo Branch. Q. When shall I receive my bond after I ve paid for it? A. It may take in excess of 60 days to make delivery of certain types of bonds. Please be patient. Remember that your interest begins to accrue from the date of your purchase and not from the date o f delivery. Q. Is there a commission charge? A. N o commission is involved for anyone, either at time of purchase or redemption. Q. How can I buy bonds when taxes and the cost of living are going up and taking more money all the time? A. Fighting a war is never easy. Increased taxes are absolutely necessary. Prices go up to some degree when so many of our men are away in the army or engaged in armament manufacture instead of producing food and clothing and the other things we need. Buying Government bonds under present conditions may be a tough job, but it s part of the job that we who are not in the battle line have to do to help win the war. Q. How does the reopened "tap" issue of 21/2% Treasury Bonds of compare in yield, with the highest grade long term corporate bonds? A. A subscriber to the tap issue gets the safest investment an obligation of the United States Digitized Ten for FRASER
13 Government at a yield of only about a quarter of one per cent less than the best corporate issues of similar maturity. Issue New "tap" issue 2 V i% American Tel. & Tel. Co. 3 Va % 1966 Detroit Edison Co. 5% 1970 Standard Oil Co. of N. J. 3% 1961 * When offered by the Treasury at par. A p p rox. market A p prox. 8/10/42 Yield 100* % /g 2.68 Q. How does this yield of 2.50% on the "tap issue of 2V2% Treasury bonds of compare with the yields on other issues of Government securities? A. It compares favorably as shown in the following table of selected issues. Issue U. S. Treasury Bills Ctfs. of Indebtedness Yg% Ctfs. of Indebtedness 7/g% Treasury Tax Savings Notes Treasury Tax Savings Notes Treasury Bonds 2 Yi% War Savings Bonds Series E Treasury Bonds 2 Vi% War Savings Bonds Series F War Savings Bonds Series G Treasury Bonds 2V i% A p p rox. market or offering A p prox. price Yield Term 8/10/42 % 91 days Discount.375(a) Feb. 1, Aug. 1, Scries B (b ) Series A (b ) March 15, 10322/ (about 10 years to call dale) 10 years Discount 2.90 (b ) March 15, (about 14 years to call date) 12 years Discount 2.53 (b ) 12 years (b ) Sept. 15, (about 25 years to call date) (a ) Federal Reserve Banks buying rate. (b ) Non-market issues. Digitized for FRASER Eleven
14 Q. Should investors sell other issues of Government securities to raise funds to buy "tap bonds? A. The purpose of the "tap issue is to raise new money outside the banking system for the war program and thus to assist in doing as much of the war financing as possible in a noninflationary manner. This is not accomplished when investors sell other issues to raise funds to buy "tap bonds. New purchases of such bonds should add to, rather than replace, existing investments. Of course there are bound to be some switches from short to long term issues, such as the "tap issue. In such cases, however, the selling of the other issues may have an adverse effect on the market prices thereof unless the selling is done at a time when there is a demand for such other issues and prices are firm or advancing. The W ar Financing Task o f the United States m y part in it Modern war is a highly organized system directed at the destruction of all resources of the enemy. To wage it with complete success, incredibly large financial resources must be mobilized effectively. During the fiscal year beginning July 1, 1942, the United States Treasury must provide at least $77 billion to meet the vast financial operations of the Government. There are two methods by which the Treasury can get the needed funds: (1 ) taxes and (2 ) borrowings. Only about $24 billion or less is presently expected from taxes. The remainder $53 billion must be borrowed. T tuelve Digitized for FRASER
15 The methods used to borrow this huge sum are of the utmost importance because they will affect the volume of spending power available for the purchase of consumer goods, supplies of which are constantly diminishing, and will likewise have an important bearing upon the effectiveness of price and rationing controls and the cost of living. The way in which funds are obtained by the Treasury for current requirements may affect the state of morale of the people and so may affect the conduct of the war. The first essential is to borrow as much as possible from current income and as little as possible through the expansion of bank credit. How much current income is available for lending to the Government? Estimates indicate that at the present rate of national income the amount of spendable funds in excess of taxes may total as much as $95 billion, while the volume of goods available for purchase at current prices may be $65 billion or less. If the difference of $30 billion is not absorbed through such means as taxation and savings, there is likely to be an upward pressure on prices and costs, a disruption of price controls and a resultant increase in the cost of living. With such an increase in the price of goods the value of money will decline as it did at the time of the last World War, when the buying power of the retail dollar was halved. What will happen if the Treasury borrows all needed funds from commercial banks? If the Treasury borrowed all of the needed funds from commercial banks, a very large amount of bank credit would be created. This would add to the already large buying power that is accumulating at a time Digitized for FRASER Thirteen
16 Fourteen Digitized for FRASER when the supply of goods available for civilian purchase is rapidly declining. This in turn would further increase the upward pressure on prices and costs, and would in the end result in economic difficulties of grave proportions. Every effort must be made to minimize the resort to bank credit for war financing. This is the nature of our task our fight on the home front. Lending to the Government by individuals and institutions other than commercial banks constitutes a vital part in the program of war financing. Borrowing by the Treasury from current savings, along with taxation, is the most effective means of absorbing rapidly expanding consumer income. It also enables individuals, business concerns and institutions to accumulate reserves to store up buying power for the time when drastic adjustments will have to be made in shifting our industry and resources from employment for war to employment for peace.
17 CHAIRMEN OF REGIONAL VICTORY FUND COMMITTEES SECOND FEDERAL RESERVE DISTRICT Region Chairman 1 GEORGE F. R and, President, The Marine Trust Company of Buffalo. 2 Ber n ar d E. Fin u c a n e, President, Security Trust Company of Rochester. 3 THOMAS A. W il s o n, President, Marine Midland Trust Company of Binghamton. 4 A lbert B. M errill, President, First Trust & Deposit Company, Syracuse. 5 Frederick M cd on ald, President, State Bank of Albany. 6 Jo se ph E. H ughes, President, W ashington Irving Trust Company, Port Chester. 7 Edw in P. M ayn ard, Chairman of Board, Brooklyn Trust Company. 8 ALLAN SPROUL, President, Federal Reserve Bank of New York. 9 HORACE K. Co rbin, President, Fidelity Union Trust Company, Newark. 10 WILLIAM J. Fie l d, President, Commercial Trust Company of New Jersey, Jersey City. 11 Ch arle s E. Bl a c k f o r d, Jr., President, Peoples Trust Company of Bergen County, Hackensack. 12 Law rence J. M acg regor, President, The Summit Trust Company. 13 GEORGE K. Large, President, The Hunterdon County National Bank of Flemington. 14. CLARENCE W. Be l l, President, The First-Stamford National Bank and Trust Company. 15 WALTER B. La s h a r, Chairman-President, The First National Bank and Trust Company of Bridgeport.
18 UNITED STATES TREASURY VICTORY FUND COMMITTEE Chairman Secretary of the Treasury Liaison Chairman, Board of Governors of the Federal Reserve System Members Presidents, Federal Reserve Banks VICTORY FUND COMMITTEE FOR THE SECOND FEDERAL RESERVE DISTRICT Chairman ALLAN SPROUL President, Federal Reserve Bank of New York Members H. M. A d d in se ll, Chairman, Executive Committee, Thi First Boston Corporation, New York, N. Y. W lnthrop W. ALDRICH, Chairman, The Chase Nationa Bank of the City of New York, New York, N. Y. H. K. Co r b in, President, Fidelity Union Trust Company Newark, N. J. A l b e r t H. G o r d o n, Partner, Kidder, Peabody & Co. New York, N. Y. G e o r g e L. H a r r is o n, President, New York Life Insurance Company, New York, N. Y. AUGUST Ih lefe ld, President, Savings Banks Trust Com pany, New York, N. Y. R obert Leh m an, Partner, Lehman Brothers, New York, N. Y. WALTER J. M on ro, Vice President, Schoellkopf, Hutton & Pomeroy, Inc., Buffalo, N. Y. WILLIAM C. Po tt e r, Chairman, Executive Committee, Guaranty Trust Company of New York, New York, N. Y. GEORGE F. R a n d, President, The Marine Trust Company of Buffalo, Buffalo, N. Y. (L ew is G. H a r r im a n, President, Manufacturers and Traders Trust Company, Buffalo, N. Y., alternate to Mr. Rand). G o r d o n S. R b n tschler, Chairman, The National City Bank of New York, New York, N. Y. Jo se ph P. Rip l e y, Chairman of Board, Harriman Ripley & Co., Inc., New York, N. Y. Em il SCHRAM, President, New York Stock Exchange, New York, N. Y. J. C TRAPHAGEN, President, Bank of New York, New Y ork, N. Y. Executive Committee Executive Manager PERRY E. HALL 33 Liberty Street, New York, N. Y.