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CIRCULAR N O .

FEDERAL RESERVE BANK
OF NEW YORK

220

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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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102