1915_trade Acceptance Frb

8/13/2019 1915_trade Acceptance Frb

1/9

CIRCULAR No. 30.

FEDERAL RESERVE BANK OF NEW YORK

62 CEDAR STREET

NEW YORK, July 24, 1915.

To THE CASHIER,

SIR:

TRADE ACCEPTANCES

With this letter is enclosed Circular No. 16 of the Federal Reserve Board and the accom

panying Regulation "P", relating to "Trade Acceptances" and expressing the attitude of the

Board towards the development of this class of paper, consisting of a draft drawn by the seller

of goods upon the purchaser, accepted by the purchaser payable at a definite date, and covering

an actual purchase and sale of goods.

The Federal Reserve Bank of New York, desiring to cooperate in the development of

such paper, has established, and the Board has approved, a rate of y/2 per cent, for the redis

count by member banks of trade acceptances having a maturity, at the time of discount, of not

more than 90 days. Trade acceptances with not more than 10 days to run will be rediscounted

at the 3 per cent, rate already established for such maturities.

While the promissory note is usually based partly on goods sold (accounts receivable) and

partly on goods unsold (inventories), the trade acceptance represents only a consummated sale

and is therefore, in form, the most liquid class of commercial paper. For this reason and

because such paper necessarily bears two names, the bank has established a preferential rate

for the rediscount of it, without, however, intending to indicate thereby that any less careful

scrutiny should be made of the credit of the names involved than in the case of other commercial

paper.

It is anticipated that trade acceptances will gradually supplement, without superseding, the

cash discount system now so thoroughly established. Such supplemental use will doubtless occur

whenever conditions mutually advantageous are agreed upon between buyer and seller, and will

enable the seller to obtain definite maturities upon accounts otherwise open, as well as readily

to transfer title to his most desirable banking assets, his accounts receivable.

Respectfully,

BENJ. STRONG, JR.,

Governor.


2/9

CIRCULAR No. 16.

Seriesof 1915.

FEDERAL RESERVE BOARD.

WASHINGTON, July 15, 1915.

B ILLS O F EXCH ANGE DRAWN AGAINST SALES OF GOODS AN DACCEPTED BY PURCHASERS, HERE IN

A FTER R EFER R ED TO AS " TRADE ACCEPT ANCES. "

By Regulation B,Series of 1915, the Board hasprescribed the conditions upon whichcommercial paper may be rediscounted with Federal Reserve Banks, and,byRegulation J,Series of 1915,rules have been promulgated covering operations in bankers' acceptances.The attached regulation is to deal with "trade acceptances" as a distinct class of commer

cial paper, forwhich theBoard is ready to approve the establishment of a discount ratesomewhat lower than that applicable to other commercial paper. .

These trade acceptances are more particularly defined in the appended Regulation P,Series of 1915, and in promulgating it the Board expresses the belief that it will con

siderably enlarge thescope of service of Federal Reserve Banks and, incidentally, assist in

developing a class of "double-name" paper, which has shown itself in so many countriesa desirable form of investment and an important factor in modern commercial bankingsystems.

CHARLES S. HAMLIN,Governor.

H. PAR KER WILLIS,Secretary.

V


3/9

REGULATION P.

Seriesof 1915.

FEDERAL RESERVE BOARD.

WASHINGTON, July 15, 1915.

BILLS OF EXCHANGE DRAWN AGAINST SALES OF GOODS AN DACCEPTED BY PURCHASERS; HER EIN

AFTER REFERRED TO AS "TR ADE ACCEPTANCES."

I.

DEFINITION.

In this regulation theterm"trade acceptance" isdefined as abillofexchangeofthe character hereinafter described, drawn to order, having a definite maturity andpayable indollarsinthe United States, theobligation to paywhich has been accepted by an acknowledgment,written or stamped, and signed, across the face of the instrument by the company, firm,

corporation, or person upon whom it is drawn; such agreement to be to theeffect that theacceptor will pay at maturity, according to its tenor, such draft or bill without qualifyingconditions.

II.

CHARACTER OP PAPER ELIGIBLE.

A trade acceptance to beeligible for rediscount, under section 13, with a Federal ReserveBank at therate to beestablished for trade acceptances

(a) Mustbeindorsed by amember bank, accompanied bywaiver ofdemand noticeandprotest.

(b)Must haveamaturity atthe timeofdiscountofnot more than 90 days.(c) Mustbeacceptedby thepurchaser of goods sold to him by thedrawer of thebill,

and thebill must have been drawn against indebtedness expressly incurred bythe acceptor in thepurchase of such goods.

III.

METHOD OP CERTIFYING ELIGIBILI TY.

A trade acceptance must bearon itsface,or beaccompanied by,evidence in form satisfactory tothe Federal Reserve Bank, thatitwas drawn by the sellerofthe goods on the purchaserof such goods. Such evidencemayconsist of acertificateon oraccompanying theacceptance,to thefollowing effect: "T he obligationof theacceptor of this bill arisesout of thepurchaseof goods from thedrawer." Such certificate may be acceptedby the Federal Reserve Bankas sufficient evidence; provided, however, tha t the Federal Reserve Bank,in itsdiscretion, mayinquire into the exact nature of the transaction underlying the acceptance.

CHARLES S. HAMLIN,Governor.

H. PAR KER WILLIS,Secretary.

(3)

WASHINGTON: GOVERNMENT PRINTING OFFICII:1916


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T-:T pmmm

LIST NO. 5 AUGUST 2, 1915

MEMBER BANKS WHICH HAVE JOINED THE COLLECTION SYSTEM OF THE

FE DE RA L RE SER VE BANK OF NE W YORK.

Additions since July 15th marked *

NEW YORK.

Albany, N. Y Fir st National Bank 29-8" " " National Commercial Bank 29-7

" " N. Y. Stat e National Bank 29-1Amste rdam, N. Y First National Bank S 0 " ^Bay Shore, N. Y Fir st Nationa l Bank 50-903Bronxville , N. Y Gra mata n National Bank 50-668Brooklyn, N. Y Fir st Nationa l Bank 1-356

" " Greenpoint Nat iona l Bank 1-389" " " Nassau Nat iona l Bank 1-118

" " National City Bank 1-352" " Peoples Nat iona l Bank 1-385

Buffalo, N. Y Centra l Nat iona l Bank 10-24" " Mar ine National Bank 10-2" " Th ird National Bank 10-6

Cazenovia, N. Y Cazenovia Nat ional Bank 50-685Dundee , N. Y . Dundee Nat iona l Bank 50-607

Elmi ra, N. Y Merc hant s National Bank 50-110" " " Second Nat ional Bank 50-108Fa r Rockaw ay, N. Y Natl . Bank of Fa r Rockaway 1-436Glens Falls , N. Y Fir st National Bank 5- 256

" " " Natl. Bank of Glens Fall s 50-255Granville , N. Y Washing ton Co. Natl . Bank 5-484Greenwich, N. Y Fir st Nationa l Bank 5-748Hud son Falls , N. Y Peoples National Bank 5"435Ithac a, N. Y Fir st National Bank 50-262

" " Tompkins Co. Nat ional Bank 50-261Jamaica, N. Y The Fir st Nationa l Bank 1-431Larchmont , N. Y Larchmont National Bank 50-776Lockport, N. Y National Exchange Bank 50"223Newbu rgh, N. Y Highland National Bank 50~I74

New York, N. Y American Exchange Natl. Bank .f " " " " Atlant ic National Bank

" " Bank of New Yor k, N. B. A" " " " Batt ery Park National Bank

" " Bro nx National Bank" " Chase National Bank" " Chatham & Pheni x Natl. Ban k." " Chemical National Bank" " Citizens Centra l Natl . Bank" " Coal & Iro n Nat l. Bank" " Eas t River National Bank" " Fifth Nationa l Bank" " Fir st Nationa l Bank" " Garfield Nat iona l Bank

" " Gotha m National Bank" " " Han ove r National Bank

" " Importe rs & Tra der s Natl. Ban k." " M " Irv ing Nationa l Bank

" " Liberty National Bank" " Lincoln National Bank" " Market & Fulton Natl. B a nk . . ." " Mechanics & Metals Natl. Ba nk.

" " " Merc hant s Nationa l Bank" " " National Bank of Co mm er ce .. .

" " Natl . Butchers & Drove rs Bank ." " National City Bank" " National Park Bank" " New York County Natl. Ba nk. . .

" " Seaboa rd National Bank" " Second National Bank" " Union Exchange Natl. Bank

-21-13-1

-232-416-74-30-12-36-99-59-82

-65-81

-244-33-53-67-91-80-42

-4-3-23-15-8-54-7i-85-63- 1 0 0

Jj?QT^nerl^_MerchHiits Exchange National Bank. NT. V


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LIST No. 5 AU GU ST 2, 1915


FEDERAL RESERVE BANK OF NEW YORK.

Additions since July 15th marked *

Nyac k, N. Y Nyack Nat ional Bank 50-457Ogdens burg, N. Y Natl. Bank of Ogdensbur g 50-240Ossining, N. Y First Nationa l Bank 50-318

" " " Ossining Nationa l Bank 50-3T9Perry, N. Y Fir st Nat iona l Bank 5.0-463Port Chester, N. Y Firs t National Bank 50-281Port Jefferson, N. Y Firs t National Bank 50-555Ridgewood, N. Y Ridgewood National Bank 1-437Rocheste r, N. Y Tra ders National Bank 50-8Rye, N. Y Rye Nat ional Bank 50-845Schenectady , N. Y The Mohawk Nationa l Bank 50-88

" " " Union Nat iona l Bank 50-90Stapleton, N. Y Richmond Borough Natl. Bank .. 1-454Syracuse, N. Y Firs t National Bank 50-36

" " Salt Spr ings Nat l. Bank 50-34*Tottenville , N. Y Tottenville Nationa l Bank 1-456Troy, N. Y Manu fac turers Natl . Bank 50-64Tuckahoe , N. Y Firs t National Bank 50-941

ffWestfield, N. Y Natl. Bank of Westfield 50-523White Plain s, N. Y Firs t National Bank 50-234

NEW JERSEY.

Allentown, N. J Far mer s National Bank 55-367Arlington, N. J The Firs t Nationa l Bank 55"368

A sbury Par k, N. J Seacoast Nationa l Bank 55-243Bernardsvil le, N. J Bernardsville National Bank 55~374Blairstown, N. J Fir st National Bank 55-365

Boo nton , N. J Boonton National Bank 55"378Bound Brook, N. J Bound Brook National B a n k . . . . .55-335Clinton, N. J Clinton Nat iona l Bank 55-363Edgewat er, N. J .Fir st National Bank 55-351

Engli shtown, N. J Fir st National Bank 55"392

Flemington, N. J Flemington National Bank 55-35

Freehold, N. J . . . The Nat. Freehold Banking Co..55 -340Garfield, N. J1 Fir st National Bank 55"395Hacke nsack, N. J Peoples Nationa l Bank 55-216Hoboke n, N. J Fir st National Bank 55~io8

" " " Second Nationa l Bank 5 5 -n oHope, N. J Firs t National Bank 55~459Lyndhurs t, N . J First National Bank 55-469Manasquan , N. J Manasqu an National Bank 55-411Mataw an, N. J Far mer s & Merchant s Nat'l Bank.55- 412Newa rk, N. J Manuf actur ers Natl. Bank 55-8

" " " National Newar k Banking C o . . . . ' 55-1" " National Stat e Bank 55-2

New Brunsw ick, N. T National Bank of New Jer sey 55-179* ** " " " Peoples Nationa l Bank 55-180

Or an ge , N. J Second Nationa l Bank 55-171Pater son, N . J '. First National Bank 55-55

" " " Pate rson National Bank 55-6o" " Second National Bank 55-56

Plainfield, N. J City National Bank 55-193?


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J H U 1 1VV. 1

LIST NO. 6 AUGUST 16, 1915



Additions since August 2nd marked

NEW YORK.

Albany, N. Y First National Bank 29-8" " " National Commercial Bank 29-7

" " N. Y. State National Bank 29-1Amsterdam, N. Y First National Bank 50-135Bay Shore, N. Y First National Bank 50-903Bronxville, N. Y Gramatan National Bank 50-668Brooklyn, N. Y First National Bank 1-356

" " " Greenpoint National Bank 1-389" "" Nassau National Bank 1-118

" " National City Bank 1-352" " " Peoples National Bank 1-385

Buffalo, N. Y Central National Bank 10-24" " " Marine National Bank 10-2

" Third National Bank 10-6Cazenovia, N. Y Cazenovia National Bank 50-685Dundee, N. Y Dundee National Bank 50-607Elmira, N. Y Merchants National Bank 50-110

" " Second National Bank 50-108Far Rockaway, N. Y Natl. Bank of Far Ro ckaway .. .. 1-436Glens Falls, N. Y First National Bank 50-256

" " " Natl. Bank of Glens Falls 50-255Granville, N. Y Washington Co. Natl. Bank 50-484Greenwich, N. Y First National Bank 50-748Hudson Falls, N. Y Peoples National Bank 50-435Ithaca, N. Y First National Bank 50-262

" " Tompkins Co. National Bank 50-261Jamaica, N. Y The First National Bank 1-431Larchmont, N. Y Larchmont National Bank 50-776Lockport. N. Y : National Exchange Bank 50-223Newburgh, N. Y Highland National Bank 50-174New York, N. Y American Exchange Natl. Bank.

f " " " " Atlantic National Bank" " Bank of New York. N. B. A" " Battery Park National Bank

* " " " " Broadway Trust Co' " " " Bronx National Bank

" " Chase National Bank" " Chatham & Phenix Natl. Bank.." " Chemical National Bank" " .Citizens Central Natl. Bank" " Coal & Iron Natl. Bank" " East River National Bank" " Fifth National Bank" " First National Bank" " Garfield National Bank" " Gotham National Bank

" " ** " Hanover National Bank ," " Importers & Traders Natl. Bank.,

" " " '* Irving National Bank ," " " Liberty National Bank

" " " " Lincoln National Bank" " Market & Fulton Natl. Ba nk. .." " Mechanics & Metals Natl. Bank.

" " " Merchants National Banku " " " National Bank Of Commerce.. .

" " Natl. Butchers & Drovers Bank." " National City Bank" " National Park Bank

" " New York Countv Natl. Ban k.. ." " Seaboard National Bank" " Second National Bank

^M * * " Union Exchange Natl. Bank. .. .

-21

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-232-119-416-74-30-12

-36-99-59-82

-65

-81-244-33-53-67-91-80-42-4-3-23-IS-8-54-7T-8;-63-roo


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SHEET NO. 2

LIST No. 6 AUGUST 16, 1915



Additions since Aug. 2nd marked *

Nyack, N. Y Nyack National Bank 50-457Ogdensburg , N. Y Natl. Bank of Ogdensbur g 50-240Ossining, N. Y Fir st National Bank 50-318

" " " Ossining Nat iona l Bank 50-319Perry , N. Y Firs t National Bank 50-463

Port Cheste r, N. Y First National Bank 50-281Po rt Jefferson, N. Y Firs t National Bank 50-555Ridgewood, N. Y Ridgewood Nationa l Bank T~437Roches ter, N. Y Trade rs National Bank 50-8Rye, N. Y Rye Nat ional Bank 50-845Schenectady, N. Y The Moha wk National Bank 50-88

" " " Union Nat iona l Bank 50-90Stapleton, N. Y Richmond Borough Natl . Ba nk .. 1-454Syracuse, N. Y Fir st National Bank 50-36

" " " Salt Spr ings Nat l. Bank 50-34Tottenv ille, N. Y Tottenville National Bank 1-456Tro y, N. Y Manu fac turers Natl . Bank 50-64Tuck ahoe , N. Y Firs t National Bank 50-941Whi te Plains, N. Y Fir st National Bank 50-234

NEW JERSEY.

Allentown, N. J Farmer s Nationa l Bank 55-367Arlington, N. J The Fir st Nationa l Bank 55"368Asb ury Par k, N. J Seacoast National Bank 55"243Bernardsvi lle, N. J Bernardsvil le Nationa l Bank 55~374Blair stown, N. J Fir st National Bank 55-365Boonton, N. J Boonton National Bank 55"378Bound Brook, N. J Bound Brook Nat iona l Bank 55~335Clinton, N. J Clinton Nationa l Bank. 55-363

*Dunellen, N. J Fir st National Bank 55-388Edge wat er, N. J Fir st National Bank 55"35iEngli shtow n, N. J Fir st National Bank 55~392

Flemington, N. J Flemington National Bank 55

_

350Freehold, N. J The Nat. Freehold Banking Co. .55-340Garfield, N. J Fi rs t National Ban k 55~395Hackensack, N. J Peoples Nationa l Bank 55-216Hoboken, N. J Fir st Nati onal Bank 55-108

" " " Second National Bank 55" 110

Hop e, N. J Firs t National Bank 55"459Lyndhurs t, N . J First National Bank 55-469Manasq uan, N. J Manasqua n National Bank 55- 41 1

Mata wan, N. J Far mer s & Merchants Nat'l Bank.55- 412^New ark, N. J Manufa cture rs Natl. Bank 55-8

" " " National Newark Banking Co 55-1" " National Stat e Bank 55-2

New Brunswick, N. J National Bank of New J e rs e y. . . .55-179

" " " " Peoples Nat iona l Bank 55-180'Orange, N. J Second National Bank 55-171Pate rson, N . J First National Bank 55-55

" " " Paters on National Bank 55"6o" " " Second Nat iona l Bank 55-56

Plainfield, N. T City National Bank 55-193" " The Fir st National Bank 55-191

Ridgefield Pa rk, N . J Fi rs t National Bank 55~433Ridgew ood, N. J Fir st National Bank 55-294Somerville, N. J Fir st National Bank 55"3T2

" " " Second National Bank 55-314Secaucus, N. J The Fir st National Bank 55~440South River, N. J Fir st Nati onal Bank 55-442Spr ing Lake , N. J Fi rs t National Bank 55"443

Tenafly, N. f Fir st Nationa l Bank 55-446Westfield, N. J The Nat iona l Bank of Wes tfi eld .. 55-282West Ora nge , N. J Firs t National Bank 55"450

: Will withdraw August 31st.


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LIST NO. 7 SEPTEMBER 1, 1915

MEM B ER B A N K S WH I C H H A V E JO I N ED T H E C O LL EC T I O N SY STEM O F T H E

FE D E R A L R E SE R V E B A N K O F N E W Y O R K .

Additions since August i6th marked *

NEW YORK.

Albany, N. Y Fir st Nationa l Bank 29-8" " " National Commercial Bank 29-7" " " ,N. Y. Sta te Nationa l Bank 29-1

Amsterd am, N. Y First National Bank 5o-!35Bay Shore , N. Y Firs t Nationa l Bank 50-903Bronxvil le, N. Y Gramatan Nationa l Bank 50-668Brooklyn, N. Y Fir st National Bank !"356

" " " Greenpoin t Nation al Bank I_

389" " " Nass au National Bank 1-118

" " - Nat ional City Bank 1-352" " " Peop les Nati onal Bank 1-385

Buffalo, N. Y Centra l Nati onal Bank 10-24" " " Mar ine Nati onal Bank 10-2" " " Th ird National Bank 10-6

Cazenovia, N. Y Cazenovia National Bank 50-685Dundee, N. Y Dunde e Nationa l Bank 50-607Elmi ra, N. Y Merc han ts Nationa l Bank 50-110

" " " Second Nati onal Bank 50-108Fa r Rockaway , N. Y Nat l. Bank of Fa r Rockaway 1-436Glens Falls, N. Y Fir st Nati onal Bank 50-256

" " " Nat l. Ban k of Glens Fal ls 50-255*Gouverneur, N. Y Fir st National Bank 50-470

Granville, N. Y Was hingto n Co. Natl . Bank 50-484Greenwich, N. Y Fir st National Bank 50-748Hudson Fall s, N. Y Peoples National Bank 50-435Ithaca , N. Y Fir st National Bank 50-262

" " " '. Tompk ins Co. Nat ional Bank 50-261Jamai ca, N. Y Th e Fir st National Bank 1-431Larchmo nt, N. Y Larchm ont National Bank 5

0_776

Lock port , N. Y Natio nal Exchan ge Bank 50-223New bur gh, N. Y High land National Bank 50-174New York, N. Y American Excha nge Natl. Bank.

f " " " " Atlanti c National Bank" " Ban k of New York, N. B. A" " Batt ery Pa rk National Bank" " Broad way Tru st Co ,

" " " Bro nx National Bank" " Chase Nation al Bank" " Chatham & Phen ix Natl. Bank .

" " " Chemica l Nati onal Bank ," " Citizens Centr al Natl . Bank" " Coal & Iro n Nat l. Bank" " Eas t River National Bank" " Fif th National Bank

" " " Firs t Nation al Bank" " Garfield Nation al Bank

" " Gotham National Ban k." " " Hano ver National Bank" " " Import ers & Tra der s Natl. Ban k." " " Irvi ng National Bank

" " Liber ty National Bank" " Lincoln National Bank" " Market & Fulton Natl. Ba n k. . ." " Mechanics & Metals Natl. Ban k." " Mercha nts National Bank

" " " National Bank of Co mme rc e. .." " Natl. Butchers & Drove rs Ban k." " Natio nal City Bank" " National Par k Bank" " New York County Natl. Ba n k. . ." " Seab oard National Bank" " Second National Bank" " Union Exchange Natl. Ba n k .. . .

-21

-13-1

-232-119-416-74-30-12

-36-99-59-82-65

-81-244-33-53-67-91-80-42-4-3-23-15-8-54-7i-85-63-100


9/9

LIS T No. 7 SEP TEM BER 1, 1915



Additions since Aug. 16th marked *

Nyack, N. Y Nyack National Bank 50-457Ogdensburg, N. Y Nat l. Bank of Ogdensburg 50-240Ossining, N. Y Firs t National Bank 50-318

" " Ossining National Bank 5" 3 I9Per ry, N. Y Firs t Nationa l Bank 50-463Port Chester , N. Y Fir st Nationa l Bank 50-281

Po rt Jefferson, N. Y Fir st National Bank 50-555Ridgewood, N. Y Ridgewood National Bank I_ 437Rocheste r, N. Y. Tra der s National Bank 50-8Rye, N. Y Rye Nat iona l Bank 50-845Schenectady, N. Y The Mohawk Nationa l Bank 50-88

" " Union National Bank 50-90Stapleton, N. Y Richmond Borough Natl . Bank .. 1-454Syracuse, N. Y Fir st Nationa l Bank 50-36

" " Salt Spri ngs Natl . Bank 50-34Tottenvil le, N. Y Tottenville Nationa l Bank 1-456Tro y, N. Y Manufa ctu rer s Natl . Bank 50-64Tucka hoe, N. Y Fir st National Bank 50-941Whi te Plains, N. Y Fir st National Bank 50-234

NEW JERSEY.

Allentown, N. J Farmers National Bank 55_367Arling ton, N. J The Fir st National Bank 55"368Asbury Park, N. J Seacoast Nationa l Bank 55_243Bernardsvil le, N. J Bernardsville National Bank 55"374Blairs town, N. J Fir st National Bank 55-365Boonton, N. J Boonton Nationa l Bank 55-37^Bound Brook, N. J Bound Brook Nat iona l Bank 55~335Clinton, N. J Clinton Nat iona l Bank 55-363Dunellen, N. J Fir st National Bank 55"388Edge wat er, N. J Fir st National Bank 55"35iEngli shtow n, N. J Fir st National Bank 55~392Fleming ton, N. T Flemington National Bank 55_35

Freehold, N. J . The Nat . Freehold Banking Co. .55-340Garfield, N. J . . *. Fir st National Bank 55"395Hacke nsack , N. J Peoples Nationa l Bank 55-216Hoboken, N. J Fir st National Bank 55-108

" " " Second National Bank 55 - noHope , N. J Fir st National Bank 55"459Lyndhurst, N. J Fir st National Bank 55-469Manasqua n, N. J Manasquan National Bank 55-4 1 1

Matawa n, N. J Far mer s & Merchants Nat'l Bank.55-412Newar k, N. J National Newa rk Banking C o . . . .55-1

" National State Bank 55-2New Brunswick, N. J National Bank of New Je rs ey .. . .55-179

" " " " Peoples Nat ional Bank 55-180Orang e, N. J Second National Bank 55-171

Paterson, N . J ..First Nat iona l Bank 55-55" " " Pate rson National Bank 55"6o" " " Second Nat iona l Bank 55-56

Plainfield, N. J Citv National Bank 55- J93" " The Fir st National Bank 55-191

Ridgefield Park , N. J Fir st National Bank 55"433Ridgewood, N. J Fir st National Bank 55"294Somerville, N. J Fir st Nationa l Bank 55-312

" " " Second National Bank 55- 3HSecaucus, N. J Th e Fir st National Bank 55"440South River, N. J Fi rs t Nat iona l Bank 55"442Spring Lake , N. J Fi rs t Nati onal Bank 55"443Tenafly, N. J Fir st National Bank 55"446Westfield, N. J Th e National Bank of Westfie ld. .55-282

West Ora nge , N. J Fir st National Bank 55"45o

1915_trade Acceptance Frb

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