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CIRCULAR N O . FEDERAL RESERVE BANK OF NEW YORK 220 ยป<r,"*** ( ^ * | N E W Y O R K , N O V E M B E R 6, 1919. ELECTION OF DIRECTORS T o ALL M E M B E R BANKS IN THE SECOND F E D E R A L R E S E R V E D I S T R I C T , DEAR SIRS: On December 31, 1919 the terms of Messrs. William Woodward, Class A director, and H e n r y R. Towne, Class B director of the Federal Reserve Bank of New York will expire. T h e Federal Reserve Board has designated Tuesday, December 2, 1919 as the day for the opening of the polls for the election of their successors, who will serve for terms of three year* each. T h e Federal Reserve Act as amended September 26,1918 provides t h a t the Federal Reserve Board classify the member banks of each district into three groups, each group to consist as nearly as possible of banks of similar capitalization. T h e Board has classified banks in this district as follows: Group 1, Banks having capital and surplus in excess of $1,999,000. Group 2, Banks having capital and surplus not exceeding $1,999,000 and n o t below $201,000. Group 3, Banks having capital and surplus below $201,000. Under the Act t h e terms of three directors, one of each class (A, B and C), expire each year. As t h e directors of Class A a n d Class B w h o s e t e r m s expire t h i s y e a r were elected by G r o u p 1, t h i s will be t h e o n l y g r o u p w h i c h will v o t e a t t h e c o i n i n g e l e c t i o n . A list of the banks comprising this group and the amended section of the Federal Reserve Act prescribing the manner in which directors shall be elected are appended hereto. T h e directors of each member bank in Group 1 may nominate one candidate for director of Class A and one candidate for director of Class B. There are enclosed to all banks in Group 1 blanks upon which the board of directors of each such bank should, by resolution in the form printed on the blanks, certify its nominations for directors and the name and title of t h e officer authorized to cast the vote of the bank, and forward them to me as soon as possible after it has taken action. T h e authority to cast the vote of the bank may be granted by amendment to the bank's by-laws, in which case a copy of such amendment should, be forwarded instead of a resolution of the directors. On November 22 the period in which such nominations of directors m a y be made will terminate and nominations received after twelve o'clock noon of that day will not be listed. On November 24 there will be mailed to all member banks in the district for their information a list of those nominated for Class A and Class B directors, with the names of the banks nominating t h e m . On December 1 the formal list of candidates nominated will be mailed to each member b a n k in Group 1, together with a preferential ballot, providing for the recording of first, second and other choices for each of the directors to be elected. Within fifteen days from the receipt of said list and ballot every member bank in Group 1 wishing to participate in t h e election must, b y its duly authorized officer, record its vote. On or about December 19 announcement of the results of the election will be made. While only banks in Group 1 will nominate and elect directors, this circular is sent to all member banks in the district for their information. Yours very truly, PIERRE JAY, Chairman. 0->O " LevC&uvu^lcL E X T R A C T S FROM SECTION 4 OF T H E FEDERAL RESERVE ACT AS AMENDED Every Federal reserve bank shall be conducted under the supervision and control of a board of directors. * * * * * * * * * * * Such board of directors shall be selected as hereinafter specified and shall consist of nine members, holding office for three years, and divided into three classes, designated as classes A, B, and C. Class A shall consist of three members, who shall be chosen by and be representative of the stock-holding banks. Class B shall consist of three members, who at the time of their election shall be actively engaged in their district in commerce, agriculture or some other industrial pursuit. Class C shall consist of three members, who shall be designated by the Federal Reserve Board. When the necessary subscriptions to the capital stock have been obtained for the organization of any Federal reserve bank, the Federal Reserve Board shall appoint the Class C directors, and shall designate one of such directors as chairman of the board to be selected. Pending the designation of such chairman, the organization committee shall exercise the powers and duties appertaining to the office of chairman in the organization of such Federal reserve bank. No Senator or Representative in Congress shall be a member of the Federal Reserve Board or an officer or a director of a Federal reserve bank. No director of class B shall be an officer, director, or employee of any bank. No director of class C shall be an officer, director, employee, or stockholder of any bank. Directors of Class A and Class B shall be chosen in the following manner: T h e Federal Reserve Board shall classify the member banks of the district into three general groups or divisions designating each group by number. Each group shall consist as nearly as may be of banks of similar capitalization. Each member bank shall be permitted to nominate to the chairman of the board of directors of the Federal reserve bank of the district one candidate for director of Class A and one candidate for director of Class B. The candidates so nominated shall be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen days after its completion, be furnished by the chairman to each member bank. Each member bank by a resolution of the board or by an amendment to its bylaws shall authorize its president, cashier, or some other officer to cast the vote of the member bank in the elections of Class A and Class B directors. Within fifteen days after receipt of the list of candidates the duly authorized officer of a member bank shall certify to the chairman his first, second, and other choices for director of Class A and Class B, respectively, upon a preferential ballot upon a form furnished by the chairman of the board of directors of the Federal reserve bank of the district. Each such officer shall make a cross opposite the name of the first, second, and other choices for a director of Class A and for a director of Class B, b u t shall not vote more than one choice for any one candidate. No officer or director of a member bank shall be eligible to serve as a Class A director unless nominated and elected by banks which are members of the same group as the member bank of which he is an officer or director. Any person who is an officer or director of more than one member bank shall not be eligible for nomination as a Class A director except b y banks in the same group as the bank having the largest aggregate resources of any of those of which such person is an officer or director. Any candidate having a majority of all votes cast in the column of first choice shall be declared elected. If no candidate have a majority of all the votes in the first column, then there shall be added together the votes cast by the electors for such candidates in the second column and the votes cast for the several candidates in the first column. If any candidate then have a majority of the electors voting, by adding together the first and second choices, he shall be declared elected. If no candidate have a majority of electors voting when the first and second choices shall have been added, then the votes cast in the third column for other choices shall be added together in like manner, and the candidate then having the highest number of votes shall be declared elected. An immediate report of election shall be declared. 1919 E L E C T I O N O F D I R E C T O R S L I S T O F 63 B A N K S C O M P O S I N G G R O U P 1, F E D E R A L R E S E R V E D I S T R I C T N O . 2 Capital and Place Name of Bank Surplus Bank NEW Y O R K New York City National City Bank $60,000,000.00 New York City < .ii.iianty Trust Company 50,000,000.00 New York City National Bank of Commerce 50,000,000.00 New York City First National Bank 30,000,000.00 New York City Central Union Trust Company 27,500,000.00 New York City Bankers Trust Company 26,250,000.00 New York City Chase National Bank 20,000,000.00 New York City National Park Bank 20,000,000.00 New York City Equitable Trust Company 18,000,000.00 New York Citv Hanover National Bank 17,000,000.00 New York City F a n n e r s Loan and Trust Company 15,000,000.00 New York City United States Trust Company 14,000,000.00 New York City New York Trust Company 13,000,000.00 New York City C h a t h a m & Phenix National Bank 12,000,000.00 New York City [rving National Bank 12,000,000.00 New York Citv Mechanics & Metals National Bank 12,000,000.00 New York City Columbia Trust Company 11,000,000.00 New York City Corn Exchange Bank 11,000,000.00 New York City American Exchange National Bank 10,000,000.00 New York City Chemical National Bank 10,000,000.00 New York City Bank of M a n h a t t a n Company 8,500,000.00 New York City Importers & Traders National Bank 8,500,000.00 New York City Bank of America 7,500,000.00 New York City Bank of New York, N. B. A. 7,000,000.00 New York City 6,000,000.00 Liberty National Bank New York City 6,000,000.00 Metropolitan Trust Company New York City <>,000,000.00 Mortgage & Trust Company New York City 5,000,000.00 Citizens National Bank New York Citv 5,000,000.00 Merchants National Bank New York City 4,000,000.00 Irving Trust Company New York City 1,000,000.00 Metropolitan Bank New York City 4,000,000.00 Seaboard National Bank Brooklyn 3.073,817.49 Brooklyn Trust Company Buffalo 3,500,000.00 Manufacturers & Traders National Bank Syracuse 3,500,000.00 First Trust & I^eposit Company New York City 3,000,000.00 Second National Bank New York City 2,000,000.00 Battery Park National Bank Albany 2^500,000.00 National Commercial Bank Buffalo 2,500,000.00 Citizens Commercial Trust Company Buffalo 2,500,000.00 Liberty Bank of Buffalo New York City 2,500,000.00 Coal & Iron National Bank New York Citv 2^500,000.00 Fifth Avenue Bank New York City 2,500,000.00 Public National Bank New York City 2,500,000.00 Scandinavian T r u s t Company llica 2,500,000.00 First National Bank Brooklyn 2,400,000.00 Mechanics Bank Brooklyn 2,400,000.00 Peoples T r u s t Company Syracuse 2,250,000.00 Syracuse T r u s t Company Syracuse 2,158,000.00 City Bank T r u s t Company Brooklyn 2,000,000.00 Franklin T r u s t Company Brooklvn 2,000,000.00 Nassau National Bank Buffalo 2,000,000.00 Bank of Buffalo Buffalo 2,000,000.00 Fidelity T r u s t Company New York City 2,000,000.00 Fidelity T r u s t Company New York City 2,000,000.00 Garfield National Bank New York City 2,000,000.00 Lincoln National Bank New Y o i k City 2,000,000.00 Union Exchange National Bank Rochester 2,000,000.00 Lincoln National Bank Newark Newark Jersey City Hoboken & West Hoboken Jersey City NEW JERSEY National Newark & Essex Banking Co. Union National Bank Commercial T r u s t Company Hudson Trust CompanyNew Jersey Title G u a r a n t e e & T r u s t Co. 3,000,000.00 3,000,000.00 2,500,000.00 2,000,000.00 2.000,000.00
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