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FEDERAL RESERVE BANK
OF NEW YORK

Circular No. 2 1 2 7
October 1. 1940

Nomination and Election of Directors

To Member Banks in the Second Federal Reserve District:

An election will be held under the provisions of section 4 of the Federal Eeserve Act, as
amended, to choose successors to the following directors of this bank whose terms will expire
December 31, 1940: class A director, WILLIAM C. POTTER, Chairman, Board of Directors,
Guaranty Trust Company of New York, New York, N. Y., and class B director, THOMAS J.
WATSON, President, International Business Machines Corporation, New York, N. Y.
Both directors were elected by member banks in Group 1 and their successors will be
chosen by this group. The member banks in Groups 2 and 3 do not elect directors this year
and will not participate in this election.
The classification of member banks for the purpose of nomination and election of class A
and B directors of the Federal Reserve Bank of New York is as follows:
Group 1 consists of banks with capital and surplus of over $1,999,000 (listed on pages 3 and 4),
Group 2 consists of banks with capital and surplus of $301,000 to $1,999,000, and
Group 3 consists of banks with capital and surplus of less than $301,000.

Except in the case of two or more banks affiliated with the same holding company affiliate*,
each bank in Group 1 is permitted to nominate a candidate for class A director and a candidate

•Section 4 of the Federal Reserve Act, as amended, reads in part as follows:
" . . .
That whenever any two or more member banks within the same Federal reserve district are affiliated with
the same holding company affiliate, participation by such member banks in any such nomination or election shall be
confined to one of such banks, which may be designated for the purpose by such holding company affiliate."
Accordingly, banks in Group 1 affected by the foregoing provision of the law are requested to take prompt
action to have the appropriate holding company affiliate designate, if it has not already designated, one of its affiliated banks to participate in this nomination and election.




for class B director.** The nominations should be made by resolution of the boards of directors
of the nominating banks and certified copies of such resolutions should be sent to me so as to
reach me on or before October 28,1940. The enclosed printed forms show the appropriate forms
of resolution and one copy of each form should be used in sending certified copies of the resolutions to me.
On October 30, 1940, copies of the list of candidates (indicating by whom nominated) and
preferential ballots will be mailed so that, in the normal course of the mails, they will be
received by all banks in Group 1 on October 31, 1940. The law provides that the ballot shall
be cast within 15 days after receipt of this list. The polls will open on October 31, 1940, and
will close at 12 o'clock noon on Friday, November 15, 1940. Upon the closing of the polls
the ballot box will be opened in the board room of this bank, the votes counted and checked
by tellers, and results of the election announced. The candidates will be invited to be present
or represented on that occasion.
In order to be counted as valid, the ballot must be executed by an officer authorized to
cast the vote and must be received by me at or before the time thus fixed for the closing of
the polls (i.e., at or before 12 o'clock noon on Friday, November 15, 1940). The list on
the following pages shows the officers heretofore designated for this purpose by the respective
banks in Group 1.
The banks in Groups 2 and 3 will not participate in this election, and this circular is sent
to them without forms for their information only.
OWEN D. YOUNG,

Chairman of the Board.

••Section 4 of the Federal Reserve Act, as amended, reads in part as follows:
"Class A shall consist of three members, who shall be chosen by and be representative of the stockholding banks.
. . . 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.
" A n y 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 by 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."
"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. . . . No director of class B shall be an officer,
director, or employee of any b a n k . "
" N o Senator or Eepresentative in Congress shall be a member of the Board of Governors of the Federal Reserve
System or an officer or a director of a Federal reserve bank.''

In a resolution adopted December 23, 1915, the Board of Governors of the Federal Reserve System expressed
the opinion "that persons holding political or public office in the service of the United States, or of any State,
territory, county, district, political subdivision, or municipality thereof, or acting as members of political party
committees, cannot consistently with the spirit and underlying principles of the Federal Reserve Act, serve as
directors or officers of Federal Reserve Banks." On December 28, 1915, the Board of Governors of the Federal
Reserve System resolved that "national bank examiners shall not hereafter be elected * * * to directorships in
Federal Reserve Banks." Under date of July 2, 1925, the Board of Governors of the Federal Reserve System
advised it had "reached the conclusion that a person whose sole occupation is that of officer of an insurance company is not eligible for election as a Class B director of a Federal Reserve Bank", and on October 18, 1939, the
Board advised "that a person whose sole occupation is that of president of a Federal savings and loan association
and who has been serving as a class A director is not now eligible for election and service as a class B director".




1940 Election of Directors

List of 52 Member Banks in Group 1
Revised to September 30, 1940

Group 1 consists of member banks with capital and surplus of over $1,999,000.
CONNECTICUT

Bank or Trust Company

Place

Officers Authorized to Cast Vote

The First National Bank and Trust Company of BridgePresident, any Vice President, or Cashier
port
The First-Stainford National Bank and Trust Company President, any Vice President, or Cashier

Bridgeport
Stamford

NEW JEESEY
Jersey City
Jersey City
Jersey City
Newark
Newark
Newark
Newark
Newark
Passaic
Paterson

Commercial Trust Company of New Jersey

President, any Vice President, or Treasurer
The First National Bank of Jersey City .
President, any Vice President, or Cashier
President, any Vice President, or Cashier
Hudson County National Bank
President, or any Vice President
Federal Trust Company
Chairman, President, or any Vice PresiFidelity Union Trust Company
dent
Merchants and Newark Trust Company of Newark, N. J. President, any Vice President, Secretary,
or Treasurer
The National Newark and Essex Banking Company of
President, any Vice President, or Cashier
Newark
President, any Vice President, or Cashier
The National State Bank of Newark .
President, any Vice President, or Cashier
Passaic National Bank and Trust Company
President, any Vice President, or Cashier
The Second National Bank of Paterson

NEW TOEK
Albany
Albany
Albany
Brooklyn
Buffalo
Buffalo
Buffalo
Elmira
New York
New York
New York
New York

First Trust Company of Albany
. . . .
President, or any Vice President
The National Commercial Bank and Trust Company of
Albany
President, any Vice President, or Cashier
State Bank of Albany
President, any Vice President, or Cashier
Brooklyn Trust Company
President, any Vice President, or Secretary
Liberty Bank of Buffalo
President, any Vice President, or Cashier
Manufacturers and Traders Trust Company .
President, any Vice President, or Secretary
The Marine Trust Company of Buffalo .
President, or any Vice President
Chemung Canal Trust Company
. . . .
President, any Vice President, Cashier,
Secretary, or Treasurer
Bank of the Manhattan Company
. . . .
Honorary Chairman, Chairman, ViceChairman, or President
Bank of New York
President, any Vice President, or Treasurer
Bankers Trust Company
President, or any Viee President
Bronx County Trust Company




Place

Officers Authorized to Cast Vote

Bank or Trust Company

New York
New York

Central Hanover Bank and Trust Company
The Chase National Bank of the City of New York.

New York
New York

Chemical Bank & Trust Company
City Bank Farmers Trust Company

New York

The Commercial National Bank and Trust Company of
President, any Vice President, or Cashier
New York
President, any Vice President, or TreasThe Continental Bank & Trust Company of New York
urer
Chairman, Vice Chairman, President, or
Corn Exchange Bank Trust Company
. . . .
any Vice President
President, any Vice President, or Cashier
The Fifth Avenue Bank of New York
President, any Vice President, or Cashier
The First National Bank of the City of NeAV York .
President, any Vice President, or SecreFulton Trust Company of New York
. . . .
tary
Grace National Bank of New York
. . . .
President, any Vice President, or Cashier
President, any Vice President, or SecreGuaranty Trust Company of New York
tary
Chairman of the Board, President, or
Irving Trust Company
any Vice President
Lawyers Trust Company
President, any Vice President, Secretary,
or Treasurer
Manufacturers Trust Company
President, or any Vice President
The Marine Midland Trust Company of New York .
Chairman of the Board, President, any
Vice President, or Chairman of the
Executive Committee
The National City Bank of New York .
President, any Vice President, or Cashier
The New York Trust Company
President, or any Vice President
The Public National Bank and Trust Company of New
President, any Vice President, or Cashier
York
President, any Vice President, or SecreSchroder Trust Company
tary
Sterling National Bank & Trust Company of New York President, any Vice President, or Cashier
President, or any Vice President
United States Trust Company of New York .
President, Executive Vice President, any
Power City Trust Company
Vice President, or Secretary
President, any Vice President, or SecreLincoln-Alliance Bank and Trust Company .
tary
President, any Vice President, or SecreFirst Trust & Deposit Company
tary
Chairman of the Board, President, any
The Syracuse Trust Company
Vice President, or Treasurer
The Manufacturers National Bank of Troy
President, any Vice President, or Cashier
First Bank & Trust Company of Utica

New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
Niagara Falls
Eochester
Syracuse
Syracuse
Troy
Utica




.
.

.
.

.
.

.
.

President, or any Vice President
Chairman of the Governing Board, Chairman of the Executive Committee,
Chairman of the Board of Directors,
Vice Chairman of the Board of Directors, President, any Vice President,
or Cashier
President, or any Vice President
President, any Vice President, or Secretary

FEDERAL RESERVE BANK
OF NEW YORK

Nomination for Class A Director, 1940
DISTRICT NO. 2

GROUP NO. 1

At a meeting of the Board of Directors of the
(Name of Bank)

of

duly called and held on the

day

(City or Town and State)

of

1940, on motion duly made and seconded, it was
"RESOLVED, That

, of

whose occupation is
, be, and he is hereby, nominated by this
bank as a candidate for director of class A of the Federal Reserve Bank of New York, and
the cashier or other officer of this bank is hereby authorized, empowered and directed to
send a certified copy of this resolution to the Chairman of the Board of Directors of the
Federal Reserve Bank of New York."
I hereby certify that the foregoing is a true and correct copy of a resolution of the
Board of Directors of this bank duly adopted on the date specified.

(SEAL OF BANK)

(Official signature)

To MR. OWEN D. YOUNG,
CHAIRMAN OF THE BOARD OF DIRECTORS,
FEDERAL RESERVE BANK OF NEW YORK.




(fitie)

FEDERAL RESERVE BANK
OF NEW YORK

Nomination for Class B Director, 1940
DISTRICT NO. 2

GROUP NO. 1

At a meeting of the Board of Directors of the
(Name of Bank)

of

duly called and held on the

day

(City or Town and State)

of.

1940, on motion duly made and seconded, it was
"RESOLVED, That

, of

whose occupation is
, be, and he is hereby, nominated by this
bank as a candidate for director of class B of the Federal Reserve Bank of New York, and
the cashier or other officer of this bank is hereby authorized, empowered and directed to
send a certified copy of this resolution to the Chairman of the Board of Directors of the
Federal Reserve Bank of New York."
I hereby certify that the foregoing is a true and correct copy of a resolution of the
Board of Directors of this bank duly adopted on the date specified.

(SEAL OF BANK)

(Official signature)

To MR. OWEN D. YOUNG,
CHAIRMAN OP THE BOARD OF DIRECTORS,
FEDERAL RESERVE BANK OF NEW YORK.




(fide)




MR. OWEN D. YOUNG,
Chairman, Board of Directors,

Federal Reserve Bank of New York,
New York, N. Y.

FEDERAL RESERVE BANK
OF NEW YORK

October 1, 1940.

To all Banking Institutions in the
Second Federal Reserve District:

We are pleased to announce that the Peoples State Bank
of Baldwin, Baldwin, New York, has become a member of the
Federal Reserve System effective October 1, 1940.




GEORGE L. HARRISON,

President.

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