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FEDERAL RESERVE BANK
OF NEW YORK

Circular No. 2137
October 30, 1940

Nomination and Election of Directors
(By member banks in Group 1 only, that is, member banks with capital
and surplus of over $1,999,000).

To Member Banks in the Second Federal Reserve District:

In accordance with the provisions of section 4 of the Federal Reserve Act, as amended, and
circular No. 2127, dated October 1, 1940, in regard to election of directors of this bank for terms of
office from January 1, 1941, to December 31, 1943, to succeed WILLIAM C. POTTER, class A director, and
THOMAS J. WATSON, class B director, whose terms expire December 31, 1940, there are given on pages 3 and
4 the names of the candidates nominated for such directors, indicating by whom nominated.
To each bank in Group 1, except banks affiliated with holding company affiliates which have designated another bank to participate in this election*, the following are being sent with this circular:
(a)
(b)
(c)
(d)

Preferential ballot for use in voting for candidates for class A director and class B director.
Colored ballot envelope in which the ballot is to be sealed.
Certificate envelope bearing on its face the certificate in regard to the vote.
Addressed envelope in which all of the foregoing should be returned to me.

The ballot and certificate on the certificate envelope must be executed by an officer who has been
authorized to cast the vote. A list showing the officers designated for this purpose by the respective
member banks in Group 1 was attached to the above mentioned circular dated October 1, 1940, and a
similar list amended to October 28, 1940, is attached to this circular beginning at page 5. In order that the
ballot may be secret, the name of the bank and the name and title of the voting officer should not be
written on the ballot, but should be written only on the certificate envelope.
(1) After the preferential ballot has been marked,
(2) It should be placed in the colored ballot envelope and that envelope sealed.
(3) Then the sealed colored ballot envelope should be placed within the certificate envelope,
and the certificate envelope should be sealed and the certificate thereon executed.
(4) Then the certificate envelope containing the sealed colored ballot envelope should be
returned to me in the enclosed addressed envelope.
• As indicated in circular No. 2127, dated October 1, 1940, section 4 of the Federal Beserve Act, as amended, provides 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 the election of directors of Federal reserve banks shall
be confined to one of such banks, and the holding company affiliate may designate the bank to participate in such election.
Consequently, the ballot of any bank in Group 1 so affiliated cannot be counted as valid unless there is on file with me
evidence that such bank has been so designated.




The law provides that the ballot shall be cast within 15 days after receipt of the list of candidates
transmitted herewith. The polls will open on October 31, 1940, and will close at 12 o'clock noon on Friday, November 15, 1940, and in order to be counted as valid the ballot must be received by me at or before
the latter time. Upon the closing of the polls the ballot box will be opened in the board room of this bank,
the sealed envelopes containing the ballots will be opened, the votes counted and checked by tellers and the
results of the election announced. The candidates are invited to be present or represented on this occasion.
The banks in Groups 2 and 3 will not vote in this election, and this circular is sent to them without
forms for their information only.




OWEN D. YOUNG,

Chairman of the Board.

Candidate for Class A Director
LEON FRASER, NEW YORK, N. Y.
President, The First National Bank of the City of New York, New York, N. Y.
LEON FRASER was born in Boston, Massachusetts, in 1889, and was graduated from Columbia College
with the degree of A.B. and from Columbia University with the degree of Ph.D. In 1914 he was admitted
to the bar of the State of New York and thereafter practised in Paris, France, with the law firm of Coudert
Brothers, and in New York City with the firm of Ropes, Gray, Boyden and Perkins. During the World
War Mr. Fraser served in the American Expeditionary Forces and later became assistant general counsel
and acting director of the United States Veterans' Bureau in Washington. He was general counsel for
the "Dawes P l a n " for reparation payments and adviser in connection with the "Young Plan". He was
elected vice president and director of the Bank for International Settlements, Basle, Switzerland, upon
its formation in 1930, and later became president and chairman of the board.
Since 1935 Mr. Fraser has been an officer and is now president and a director of The First National
Bank of the City of New York. He was a member of the New York Clearing House Committee in 1938
and 1939, was chairman of Group VIII of the New York State Bankers Association in 1939 and was selected
from the Second Federal Reserve District as a member of the Federal Advisory Council for the years
1939 and 1940.
Mr. Fraser is a trustee of the Mutual Life Insurance Company of New York and is a director of
several other corporations. He is also interested in educational matters and is a trustee of Columbia
University, of Union College, Schenectady, of Trinity School, New York, of the American Academy in
Rome, of the Carnegie Endowment for International Peace, and the Academy of Political Science.

Nominated by the following member banks in Group 1
CONNECTICUT
Place
Bridgeport

Bank or Trust Company
The First National Bank and Trust Company of Bridgeport
NEW JERSEY

Jersey City
Newark
Newark

The First National Bank of Jersey City
Merchants and Newark Trust Company of Newark, N. J.
The National Newark and Essex Banking Company of Newark
NEW YORK

Albany
Albany
Buffalo
Buffalo
Elmira
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
Rochester
Syracuse
Syracuse
Utica




First Trust Company of Albany
The National Commercial Bank and Trust Company of Albany
Liberty Bank of Buffalo
Manufacturers and Traders Trust Company
Chemung Canal Trust Company
Bank of the Manhattan Company
Bank of New York
Bankers Trust Company
Bronx County Trust Company
The Chase National Bank of the City of New York
Chemical Bank & Trust Company
City Bank Farmers Trust Company
The Commercial National Bank and Trust Company of New York
Corn Exchange Bank Trust Company
Grace National Bank of New York
Guaranty Trust Company of New York
Irving Trust Company
Lawyers Trust Company
Manufacturers Trust Company
The National City Bank of New York
The Public National Bank and Trust Company of New York
Lincoln-Alliance Bank and Trust Company
First Trust & Deposit Company
The Syracuse Trust Company
First Bank & Trust Company of Utica

Candidate for Class B Director
DONALDSON BROWN, NEW YORK, N. Y.
Vice Chairman of the Board and Vice President of General Motors Corporation, New York, N. Y.
DONALDSON BROWN was born in Baltimore, Maryland, on February 1, 1885, and was graduated from
Virginia Polytechnic Institute with the degree of Bachelor of Science. In 1903 he attended Cornell University and completed his studies there in a course in electrical engineering.
Mr. Brown was engaged in the sale of electrical machinery for five years and in 1908 was employed
by E. I. du Pont de Nemours & Company as a salesman of commercial explosives. He was assigned to special
analytical work in 1912, was transferred to the treasurer's office in 1914 and soon after was elected assistant
treasurer. In 1918 he was elected treasurer of the company and also became a member of its board of
directors and executive committee, and in 1919 a member of its finance committee.
In 1921 Mr. Brown became vice president, in charge of finance, of General Motors Corporation, and
was elected to its board of directors and finance committee. In 1929 he became chairman of the finance
committee of General Motors Corporation and in 1937 was elected vice chairman of the board and a member
of the policy committee.
Mr. Brown continues as a director of E. I. du Pont de Nemours & Company and a member of its
finance committee, and also is a director of Ethyl Gasoline Corporation and General Motors Acceptance
Corporation. He has been a trustee of Johns Hopkins University since 1937.




Nominated by the following member banks in Group 1
CONNECTICUT
Place
Bridgeport

Bank or Trust Company
The First National Bank and Trust Company of Bridgeport
NEW JEESEY

Jersey City
Newark
Newark

The First National Bank of Jersey City
Merchants and Newark Trust Company of Newark, N. J.
The National Newark and Essex Banking Company of Newark
NEW YORK

Albany
Albany
Buffalo
Buffalo
Elmira
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
Rochester
Syracuse
Syracuse
Utica

First Trust Company of Albany
The National Commercial Bank and Trust Company of Albany
Liberty Bank of Buffalo
Manufacturers and Traders Trust Company
Chemung Canal Trust Company
Bank of the Manhattan Company
Bank of New York
Bankers Trust Company
Bronx County Trust Company
The Chase National Bank of the City of New York
Chemical Bank & Trust Company
City Bank Farmers Trust Company
The Commercial National Bank and Trust Company of New York
Corn Exchange Bank Trust Company
Grace National Bank of New York
Guaranty Trust Company of New York
Irving Trust Company
Lawyers Trust Company
Manufacturers Trust Company
The National City Bank of New York
The Public National Bank and Trust Company of New York
Lincoln-Alliance Bank and Trust Company
First Trust & Deposit Company
The Syracuse Trust Company
First Bank & Trust Company of Utica

1940 Election of Directors

List of 52 Member Banks in Group 1
Revised to October 28, 1940

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

Place
Bridgeport
Stamford

Officers Authorized to Cast Vote

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

NEW JERSEY
Jersey City
Jersey City
Jersey City
Newark
Newark
Newark
Newark
Newark
Paasaic
Paterson

President, any Vice President, or Treasurer
President, any Vice President, or Cashier
The First National Bank of Jersey City .
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
Commercial Trust Company of New Jersey

NEW YORK
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 Vice President
Bronx County Trust Company
President, or any Vice President




NEW YORK

Place

(Continued)

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

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
Rochester
Syracuse
Syracuse
Troy
Utica




.
.

.
.

.
.

.
.

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

President, any Vice President, or Cashier
The Continental Bank & Trust Company of New York President, any Vice President, or Treasurer
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 New York .
Fulton Trust Company of New York
. . . .
President, any Vice President, or Secretary
Grace National Bank of New York
. . . .
President, any Vice President, or Cashier
Guaranty Trust Company of New York
President, any Vice President, or Secretary
Irving Trust Company
President, or First Vice President
President, any Vice President, Secretary,
Lawyers Trust Company
or Treasurer
Manufacturers Trust Company
Chairman of the Board, President, Vice
Chairman of the Board, Chairman of
the Trust Committee, 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
York
President, any Vice President, or Cashier
Schroder Trust Company
President, any Vice President, or Secretary
Sterling National Bank & Trust Company of New York President, any Vice President, or Cashier
United States Trust Company of New York
President, or any Vice President
Power City Trust Company
President, Executive Vice President, any
Vice President, or Secretary
Lincoln-Alliance Bank and Trust Company .
President, any Vice President, or Secretary
First Trust & Deposit Company
President, any Vice President, or Secretary
Chairman of the Board, President, any
Vice President, or Treasurer
The Manufacturers National Bank of Troy
President, any Vice President, or Cashier
First Bank & Trust Company of Utica
President, any Vice President or Secretary

FEDERAL RESERVE BANK
OF NEW YORK

Preferential Ballot
October 30,1940.
Group No. 1

This ballot and the certificate on the certificate envelope must be executed by an officer
who has been authorized to cast the vote and whose appointment has been certified to me.
The polls will open on October 31, 1940, and will close at 12 o'clock noon on Friday,
November 15,1940. This ballot must be returned so as to reach me before the latter time.
Failure to observe instructions will invalidate this ballot.
OWEN D. YOUNG,

Chairman of the Board.

VOTE FOR CLASS A DIRECTOR OF FEDERAL RESERVE BANK OF NEW YORK
for term of office from January 1, 1941 to December 31, 1943

CANDIDATE

LEON FRASER,

New York, N. Y.

President, The First National Bank
of the City of New York,
New York, N. Y.

(Indicate choice by X
below)

o

VOTE FOR CLASS B DIRECTOR OF FEDERAL RESERVE BANK OF NEW YORK
for term of office from January 1, 1941 to December 31, 1943

CANDIDATE

DONALDSON BROWN,

New York, N. Y.

1.
2.
3.
4.

Vice Chairman of the Board and
Vice President of General Motors
Corporation, New York, N. Y.

(Indicate choice by X
below)

o

DIRECTIONS FOE VOTING
Mark this preferential ballot to indicate choices.
Place preferential ballot so marked in the colored ballot envelope and seal that envelope.
Place sealed colored ballot envelope in certificate envelope and seal certificate envelope and execute certificate thereon.
Return sealed and executed certificate envelope (with sealed colored ballot envelope enclosed therein) in envelope addressed
to Mr. Owen D. Young, Chairman, Board of Directors, Federal Reserve Bank of New York, New York, N. Y.




CERTIFICATE ENVELOPE
This Envelope Should Contain Only Ballot in Sealed Colored Envelope
It Will Not Be Opened Until Polls Close
Group No. I

f

1940.

To MB. OWEN D. YOUNG,

Chairman of the Board,
Federal Reserve Bank of New York.
In accordance with section 4 of the Federal Reserve Act, as amended, I hereby certify that
my choices for a class A director and a class B director of the Federal Reserve Bank of New
York for terms of office from January 1, 1941 to December 31, 1943, are as indicated thus (X)
in the columns of the ballot sealed herein.
For
(Name of Bank)
Signature of officer designated to vote
(Location of Bank)




TITLE of Voting Officer

BALLOT ENVELOPE
ELECTION OF DIRECTORS
of Federal Reserve Bank of New York
The marked preferential ballot should be placed in this
envelope, and this envelope should then be sealed and
placed in the certificate envelope.






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

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

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