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CIRCULAR N O . 239 FEDERAL RESERVE BANK OF N E W YORK December 27, 1919 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 S I R S : On December 17 M r . William Boyce Thompson, whose term as Class B director of the Federal Reserve Bank of New York expires December 3 1 , 1920, wrote me t h a t , having accepted a p p o i n t m e n t as chairman of the W r ays and Means C o m m i t t e e of the Republican National C o m m i t t e e , he resigned as a director of this bank. On December 22 M r . T h o m p s o n ' s letter was presented to the directors of the bank and his resignation was accepted by them with regret. T h e Federal Reserve Act provides as follows: "Vacancies t h a t may occur in the several classes of directors of Federal reserve banks m a y be filled in the manner provided for the original selection of such directors, such appointees to hold office for the unexpired terms of their predecessors." Mr. Thompson was elected a director of the Federal Reserve Bank of New York b y Group 2 of the member banks in this district, which is now composed of banks having more than $201,000 and less t h a n $1,999,000 capital and surplus. Notice will be duly given to the members of this group regarding the election to be held to choose a successor to M r . T h o m p son as soon as t h e d a t e of such election has been fixed by the Federal Reserve Board. Yours very truly, PIERRE JAY, Chairman.