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                  DIRECTORS OF THE FEDERAL RESERVE BANK OF NEW
                  YORK
 

                  Directors
 
                                                            Term expires
                                                              Dec. 31
 
                                                                           Class
 
                  ROBERT G. WILMERS
                  Chairman, President, and Chief Executive Officer
                  Manufacturers and Traders Trust Company, Buffalo,
                  N.Y.
                                                                1995
                                                                              A
                  J. WILLIAM JOHNSON
                  Chairman and Chief Executive Officer
                  The First National Bank of Long Island, Glen Head,
                  N.Y.
                                                                1996
                                                                              A
                  J. CARTER BACOT
                  Chairman and Chief Executive Officer
                  The Bank of New York, New York, N.Y.
                                                                1997
                                                                              A
                  WILLIAM C. STEERE, JR.
                  Chairman and Chief Executive Officer
                  Pfizer Inc., New York, N.Y.
                                                                1995
                                                                              B
                  SANDRA FELDMAN (Resigned April 1996)
                  President
                  United Federation of Teachers, New York, N.Y.
                                                                1996
                                                                              B
                  EUGENE R. McGRATH
                  Chairman, President and Chief Executive Officer
                  Consolidated Edison Company of New York, Inc.,
                  New York, N.Y.
                                                                1997
                                                                              B
                  HERBERT L. WASHINGTON
                  Owner
                  HLW Fast Track, Inc., Rochester, N.Y.
                                                                1995
                                                                              C
                  JOHN C. WHITEHEAD, Deputy Chairman
                  Chairman
                  AEA Investors Inc., New York, N.Y.
                                                                1996
                                                                              C
                  MAURICE R. GREENBERG, Chairman and
                  Federal Reserve Agent
                  Chairman and Chief Executive Officer
                  American International Group, Inc., New York, N.Y.
                                                                1997
                                                                              C
 
 
 
                  Directors-Buffalo Branch
 
                  GEORGE W. HAMLIN IV
                  President and Chief Executive Officer
                  The Canandaigua National Bank and Trust Company, Canandaigua,
                  N.Y.
                                                                          1995
                  F.C. RICHARDSON
   &n


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